Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2020

Real Estate And Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation

PROLOGIS, INC. AND PROLOGIS, L.P.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2020

(In thousands of U.S. dollars, as applicable)

				Initial Cost to Prologis				Costs Capitalized		Gross Amounts at Which Carried at December 31, 2020
Description	No. of Bldgs.		Encum- brances	Land		Building & Improvements		Subsequent to Acquisition		Land		Building & Improvements		Total (a,b)		Accumulated Depreciation (c)			Date of Construction/ Acquisition
Operating Properties (d)
U.S. Markets
Atlanta	116		(d)		261,566		1,016,540		317,849		281,825		1,314,130		1,595,955		(252,437	)	1994-2020
Austin	10				12,783		52,335		9,009		12,837		61,290		74,127		(25,055	)	1994-2015
Baltimore/Washington D.C.	75		(d)		300,564		722,249		186,875		312,814		896,874		1,209,688		(129,013	)	1995-2020
Central PA	33				240,657		955,273		113,300		253,737		1,055,493		1,309,230		(175,222	)	2002-2020
Central Valley	33		(d)		160,963		386,853		758,043		178,444		1,127,415		1,305,859		(184,917	)	1999-2020
Charlotte	37		(d)		93,695		273,544		81,523		104,768		343,994		448,762		(51,437	)	1994-2020
Chicago	193		(d)		718,152		2,073,268		454,347		747,058		2,498,709		3,245,767		(578,271	)	1995-2020
Cincinnati	35		(d)		62,241		280,877		123,422		69,743		396,797		466,540		(60,109	)	1996-2020
Columbus	26		(d)		31,733		161,881		60,539		34,683		219,470		254,153		(84,430	)	1996-2020
Dallas/Fort Worth	164		(d)		353,302		1,472,061		379,898		377,457		1,827,804		2,205,261		(389,041	)	1994-2020
Denver	36				103,427		295,412		128,095		101,834		425,100		526,934		(121,543	)	1993-2019
Houston	179		(d)		366,568		1,873,268		237,476		409,365		2,067,947		2,477,312		(227,974	)	1993-2020
Indianapolis	22				22,798		148,741		59,603		26,164		204,978		231,142		(56,037	)	1995-2020
Jacksonville	1				-		2,892		273		-		3,165		3,165		(2,494	)	2011
Las Vegas	52				125,176		261,616		217,118		120,839		483,071		603,910		(93,472	)	1996-2019
Lehigh Valley	55				852,286		1,902,902		253,954		924,487		2,084,655		3,009,142		(121,431	)	2004-2020
Louisville	12				48,237		258,025		46,183		50,633		301,812		352,445		(73,870	)	2005-2020
Nashville	21				61,126		236,777		62,631		62,717		297,817		360,534		(51,601	)	1995-2019
New Jersey/New York City	128		(d)		1,469,070		1,865,445		565,329		1,478,901		2,420,943		3,899,844		(585,688	)	1996-2020
Orlando	74				138,215		513,462		98,991		147,199		603,469		750,668		(97,255	)	1994-2020
Phoenix	46				135,243		394,219		254,259		148,027		635,694		783,721		(72,123	)	1992-2020
Portland	39		(e)		118,738		276,956		77,107		134,824		337,977		472,801		(43,667	)	2006-2020
Reno	16		(d)		23,918		142,279		89,701		25,393		230,505		255,898		(76,740	)	1994-2015
San Antonio	20		(d)		25,735		95,828		42,620		25,958		138,225		164,183		(57,852	)	1994-2016
San Francisco Bay Area	225		(d)		977,606		1,615,008		445,972		987,471		2,051,115		3,038,586		(686,136	)	1993-2020
Seattle	98		(e)		629,092		1,107,409		279,649		648,115		1,368,035		2,016,150		(205,279	)	2008-2020
South Florida	110		(d)		511,731		917,668		249,439		525,570		1,153,268		1,678,838		(247,745	)	1994-2020
Southern California	350		(d)(e)		3,230,864		4,726,603		1,298,305		3,406,330		5,849,442		9,255,772		(1,380,360	)	2005-2020
Subtotal U.S. Markets:		2,206			11,075,486		24,029,391		6,891,510		11,597,193		30,399,194		41,996,387		(6,131,199	)
Other Americas Markets
Canada	33		(d)		260,142		389,451		269,044		288,184		630,453		918,637		(132,351	)	2008-2020
Mexico		1			730		2,287		3,132		1,942		4,207		6,149		(1,767	)	2011
Subtotal Other Americas Markets:		34			260,872		391,738		272,176		290,126		634,660		924,786		(134,118	)
Europe Markets
France	4				11,560		5,248		44,161		10,071		50,898		60,969		(1,937	)	2018-2020
Germany	2				11,401		5,918		854		11,401		6,772		18,173		(4,474	)	2011
Spain	6				13,446		39,696		22,948		12,723		63,367		76,090		(17,339	)	2011-2018
U.K.	2				60,218		28,711		3,113		60,226		31,816		92,042		(3,557	)	2018-2019
Subtotal Europe Markets:		14			96,625		79,573		71,076		94,421		152,853		247,274		(27,307	)
Asia Markets
Japan	2		(d)		35,667		-		159,733		35,936		159,464		195,400		(15,293	)	2016-2019
Singapore	5				-		139,576		4,196		-		143,772		143,772		(62,424	)	2011
Subtotal Asia Markets:		7			35,667		139,576		163,929		35,936		303,236		339,172		(77,717	)
Total Operating Properties		2,261			11,468,650		24,640,278		7,398,691		12,017,676		31,489,943		43,507,619		(6,370,341	)

PROLOGIS, INC. AND PROLOGIS, L.P.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2020

(In thousands of U.S. dollars, as applicable)

				Initial Cost to Prologis				Costs Capitalized		Gross Amounts at Which Carried at December 31, 2020									Date of
Description	No. of Bldgs.		Encum- brances	Land		Building & Improvements		Subsequent to Acquisition		Land		Building & Improvements		Total (a,b)		Accumulated Depreciation (c)			Construction/ Acquisition (f)
Development Portfolio
U.S. Markets
Atlanta	1				3,407		-		6,699		3,407		6,699		10,106
Baltimore/Washington	4				40,230		-		4,580		40,230		4,580		44,810
Central Valley	2				2,459		-		20,969		2,459		20,969		23,428				2020
Chicago	1				7,004		-		21,373		7,004		21,373		28,377				2020
Cincinnati	1				1,272		-		-		1,272		-		1,272
Dallas/Ft. Worth	5				8,799		-		59,543		8,799		59,543		68,342				2020
Denver	1				2,661		-		16,186		2,661		16,186		18,847				2020
Houston	1				2,212		-		9,430		2,212		9,430		11,642				2020
Indianapolis	1				2,153		-		623		2,153		623		2,776
Las Vegas	2				38,395		-		7,578		38,395		7,578		45,973
Lehigh Valley	2				62,916		-		39,375		62,916		39,375		102,291
Louisville	2				7,910		-		10,831		7,910		10,831		18,741				2020
Nashville	2				5,281		-		492		5,281		492		5,773
New Jersey/New York City	1				3,350		-		6,377		3,350		6,377		9,727
Orlando	2				11,693		-		12,668		11,693		12,668		24,361
Phoenix	5				19,482		10,742		19,434		19,482		30,176		49,658				2020
Portland	2				11,298		-		28,741		11,298		28,741		40,039
Reno	1				1,471		-		13,201		1,471		13,201		14,672
San Francisco Bay Area	4				15,841		-		40,765		15,841		40,765		56,606				2020
Seattle	2				27,130		-		13,349		27,130		13,349		40,479				2020
South Florida	1				8,886		2,637		8,100		8,886		10,737		19,623				2020
Southern California	3				21,242		-		13,777		21,242		13,777		35,019
Subtotal U.S. Markets:		46			305,092		13,379		354,091		305,092		367,470		672,562
Other Americas Markets
Canada	2				22,775		-		30,653		22,775		30,653		53,428
Mexico	2				13,228		-		6,696		13,228		6,696		19,924
Subtotal Other Americas Markets:		4			36,003		-		37,349		36,003		37,349		73,352
Europe Markets
Czech Republic	2				3,709		-		13,242		3,709		13,242		16,951				2020
France	2				14,754		-		30,611		14,754		30,611		45,365				2020
Germany	3				15,184		-		47,035		15,184		47,035		62,219				2020
Italy	6				38,445		-		43,873		38,445		43,873		82,318				2020
Netherlands	3				15,343		-		39,003		15,343		39,003		54,346				2020
Poland	2				10,481		-		37,720		10,481		37,720		48,201
Slovakia	2				5,146		-		12,461		5,146		12,461		17,607				2020
U.K.	6				139,243		-		92,829		139,243		92,829		232,072
Subtotal Europe Markets:		26			242,305		-		316,774		242,305		316,774		559,079
Asia Markets
Japan	9		(d)		210,925		-		366,693		210,925		366,693		577,618				2020
Subtotal Asia Markets:		9			210,925		-		366,693		210,925		366,693		577,618
Total Development Portfolio		85			794,325		13,379		1,074,907		794,325		1,088,286		1,882,611
GRAND TOTAL		2,346			12,262,975		24,653,657		8,473,598		12,812,001		32,578,229		45,390,230		(6,370,341	)

Schedule III – Footnotes

(a) The following table reconciles real estate assets per Schedule III to the Consolidated Balance Sheets in Item 8. Financial Statements and Supplementary Data at December 31, 2020 (in thousands):

Total operating properties and development portfolio per Schedule III	$	45,390,230	(g)
Land		1,606,358
Other real estate investments (i)		3,387,740
Total per Consolidated Balance Sheets	$	50,384,328

(i) Other real estate investments includes non-strategic assets acquired in the Liberty Transaction that are not held for long-term investment and the net book value of such assets as of December 31, 2020.

(b) The aggregate cost for federal tax purposes at December 31, 2020, of our real estate assets was approximately $36 billion (unaudited).

(c) Real estate assets (excluding land balances) are depreciated over their estimated useful lives. These useful lives are generally 5 to 7 years for capital improvements, 10 years for standard tenant improvements, 15 to 25 years for depreciable land improvements, 25 to 35 years for operating properties acquired based on the age of the building and 40 years for operating properties we develop.

The following table reconciles accumulated depreciation per Schedule III to the Consolidated Balance Sheets in Item 8. Financial Statements and Supplementary Data at December 31, 2020 (in thousands):

Total accumulated depreciation per Schedule III	$	6,370,341	(g)
Accumulated depreciation on other real estate investments		168,815
Total per Consolidated Balance Sheets	$	6,539,156

(d) Properties with an aggregate undepreciated cost of $1.6 billion secure $639.0 million of mortgage notes. See Note 8 to the Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data for more information related to our secured mortgage debt.

(e) Assessment bonds of $10.3 million are secured by assessments (similar to property taxes) on various underlying real estate properties with an aggregate undepreciated cost of $622.5 million. The assessment bonds are included in term loans and unsecured other debt in Note 8 to the Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data.

(f) Date of construction is provided for properties in the development portfolio that were completed but not yet stabilized.

(g) The following table summarizes our real estate assets and accumulated depreciation per Schedule III for the years ended December 31 (in thousands):

	2020			2019			2018
Real estate assets:
Balance at beginning of year	$	33,157,100		$	32,774,956		$	24,178,816
Acquisitions of and improvements to operating properties, development      activity and net effect of changes in foreign exchange rates and other		13,985,898			2,821,919			10,106,651
Basis of operating properties disposed of		(1,045,128	)		(1,471,764	)		(1,461,458	)
Change in the development portfolio balance, including the acquisition of      properties		13,345			(273,534	)		549,312
Assets transferred to held for sale and contribution		(720,985	)		(694,477	)		(598,365	)
Balance at end year	$	45,390,230		$	33,157,100		$	32,774,956
Accumulated depreciation:
Balance at beginning of year	$	5,294,212		$	4,550,958		$	3,971,501
Depreciation expense		1,112,075			843,872			703,215
Balances retired upon disposition of operating properties and net effect of      changes in foreign exchange rates and other		(35,083	)		(77,583	)		(119,029	)
Assets transferred to held for sale and contribution		(863	)		(23,035	)		(4,729	)
Balance at end of year	$	6,370,341		$	5,294,212		$	4,550,958