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Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2020

Schedule Of Equity Method Investments [Line Items]

Summary of Investments in and Advances to our Unconsolidated Entities

The following table summarizes our investments in and advances to unconsolidated entities at December 31 (in thousands):

	2020		2019
Unconsolidated co-investment ventures	$	6,685,567	$	5,873,784
Other ventures⁽¹⁾		916,447		363,587
Total unconsolidated entities	$	7,602,014	$	6,237,371

(1)	In 2020, we completed the Liberty Transaction and acquired an equity method investment in eight ventures.

Unconsolidated Co-Investment Ventures [Member]

Schedule Of Equity Method Investments [Line Items]

Summary of Investments in and Advances to our Unconsolidated Entities

The following table summarizes the key property information, financial position and operating information of our unconsolidated co-investment ventures (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to our unconsolidated co-investment ventures at December 31 and for the years ended December 31 (dollars and square feet in millions):

	U.S.						Other Americas ⁽²⁾						Europe						Asia						Total
As of:	2020 ⁽¹⁾			2019			2020			2019			2020			2019			2020			2019			2020			2019
Key property information:
Ventures		1			1			2			2			3			3			3			3			9			9
Operating properties		706			605			229			214			768			731			167			144			1,870			1,694
Square feet		117			99			51			44			185			176			67			59			420			378

Financial position:
Total assets ($)		10,840			8,408			3,023			2,707			16,918			14,677			10,209			8,758			40,990			34,550
Third-party debt ($)		3,129			2,130			854			769			4,002			3,213			3,831			3,296			11,816			9,408
Total liabilities ($)		3,722			2,514			898			801			5,607			4,575			4,389			3,751			14,616			11,641

Our investment balance ($)⁽³⁾		1,886			1,728			811			658			3,152			2,800			837			688			6,686			5,874
Our weighted average ownership⁽⁴⁾		25.6	%		27.3	%		40.8	%		39.1	%		30.0	%		30.2	%		15.2	%		15.1	%		26.1	%		27.1	%

	U.S.						Other Americas						Europe						Asia						Total
Operating Information:	2020 ⁽¹⁾		2019		2018		2020 ⁽²⁾		2019 ⁽²⁾		2018		2020		2019		2018		2020		2019		2018		2020		2019		2018
For the years ended:
Total revenues ($)		946		738		676		278		266		217		1,208		1,099		1,101		584		514		457		3,016		2,617		2,451
Net earnings ($)		169		128		150		91		91		63		390		311		509		255		49		88		905		579		810

Our earnings from unconsolidated co-investment ventures, net ($)		46		38		45		34		32		26		121		102		193		39		10		15		240		182		279

(1)	In 2020, USLF acquired a portfolio of 108 operating properties, aggregating 18.3 million square feet, in the IPT Transaction for cash consideration of $2.0 billion, including transaction costs and the assumption and repayment of debt.

(2)	PBLV and our other Brazilian joint ventures are combined as one venture for the purpose of this table.

(3)

Prologis’ investment balance is presented at our adjusted basis derived from the ventures’ U.S. GAAP information. The difference between our ownership interest of a venture’s equity and our investment balance at December 31, 2020 and 2019, results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018 ($589.3 million and $611.5 million, respectively); (ii) recording additional costs associated with our investment in the venture ($101.5 million and $87.2 million, respectively); (iii) receivables, principally for fees and promotes ($165.6 million and $152.0 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to NPR, as discussed above.

(4)	Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets before depreciation, net of other liabilities.

Information About Investments in Co-investment Ventures by Property Funds

The following table summarizes our investments in the individual co-investment ventures at December 31 (dollars in thousands):

	Ownership Percentage						Investment in and Advances to
Co-Investment Venture	2020			2019			2020		2019
Prologis Targeted U.S. Logistics Fund, L.P. (“USLF”)		25.6	%		27.3	%	$	1,885,467	$	1,728,043
FIBRA Prologis ⁽¹⁾		46.8	%		47.1	%		691,204		517,347
Prologis European Logistics Partners Sàrl (“PELP”) ⁽²⁾		50.0	%		50.0	%		1,687,749		1,595,331
Prologis European Logistics Fund (“PELF”)		24.3	%		24.1	%		1,401,355		1,144,831
Prologis UK Logistics Venture (“UKLV”) ⁽²⁾		15.0	%		15.0	%		63,228		59,937
Nippon Prologis REIT, Inc. (“NPR”) ⁽³⁾		15.1	%		15.1	%		643,663		544,333
Prologis China Core Logistics Fund, LP (“PCCLF”)		15.8	%		15.6	%		81,581		59,984
Prologis China Logistics Venture I, LP, II, LP and III, LP (“Prologis China Logistics Venture”) ⁽²⁾		15.0	%		15.0	%		111,406		83,285
Prologis Brazil Logistics Venture (“PBLV”) and other joint ventures ⁽²⁾		20.0	%		20.0	%		119,914		140,693
Total							$	6,685,567	$	5,873,784

(1)	At December 31, 2020, we owned 397.4 million units of FIBRA Prologis that had a closing price of Ps 44.64 ($2.24) per unit on the Mexican Stock Exchange. We have granted FIBRA Prologis a right of first refusal with respect to stabilized properties that we plan to sell in Mexico.

(2)	We have one partner in each of these co-investment ventures.

(3)

At December 31, 2020, we owned 0.4 million units of NPR that had a closing price of ¥322,000 ($3,124) per share on the Tokyo Stock Exchange. For any properties we develop and plan to sell in Japan, we have committed to offer those properties to NPR if we determine the properties meet NPR’s investment objectives.

At December 31, 2020 and 2019, we had receivables from NPR of $160.3 million and $136.3 million, respectively, related to customer security deposits that originated through a leasing company owned by us that pertain to properties previously contributed to NPR. We have a corresponding payable to NPR’s customers in Other Liabilities. These amounts are repaid to us as the leases turn over.

Summary of Strategic Capital Revenues Recognized in Consolidated Statements of Income Related to Co-Investment Ventures

The following table summarizes the Strategic Capital Revenues we recognized in the Consolidated Statements of Income related to our unconsolidated co-investment ventures (in thousands):

	2020		2019		2018
Recurring fees	$	318,423	$	266,615	$	230,746
Transactional fees		65,804		57,334		55,816
Promote revenue ⁽¹⁾		239,268		165,635		116,290
Total strategic capital revenues from unconsolidated co-investment ventures ⁽²⁾	$	623,495	$	489,584	$	402,852

(1)	Includes promote revenue earned primarily from our unconsolidated co-investment venture in the U.S. in 2020, Europe in 2019 and China and Europe in 2018.

(2)	These amounts exclude strategic capital revenues from other ventures.