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Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2021

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):

	2021		2020
Unconsolidated co-investment ventures	$	7,825,455	$	6,685,567
Other ventures ⁽¹⁾		785,503		916,447
Total	$	8,610,958	$	7,602,014

(1)	In 2021, we acquired additional ownership interest in unconsolidated other ventures from our partners and began consolidating the real estate assets. We also sold our ownership interest in an unconsolidated other venture.

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 on a U.S. GAAP basis (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to these ventures at December 31 and for the years ended December 31 (dollars and square feet in millions):

	U.S.						Other Americas ⁽¹⁾						Europe						Asia						Total
At:	2021			2020			2021			2020			2021			2020			2021			2020			2021			2020
Key property information:
Ventures		1			1			2			2			2			3			3			3			8			9
Operating properties		732			706			254			229			818			768			203			167			2,007			1,870
Square feet		122			117			56			51			198			185			82			67			458			420

Financial position:
Total assets ($)		11,619			10,840			3,349			3,023			18,373			16,918			10,746			10,209			44,087			40,990
Third-party debt ($)		3,069			3,129			1,052			854			3,737			4,002			4,157			3,831			12,015			11,816
Total liabilities ($)		3,717			3,722			1,116			898			5,619			5,607			4,685			4,389			15,137			14,616

Our investment balance ($)⁽²⁾		2,393			1,886			840			811			3,712			3,152			880			837			7,825			6,686
Our weighted average ownership⁽³⁾		27.0	%		25.6	%		40.8	%		40.8	%		30.9	%		30.0	%		15.1	%		15.2	%		26.9	%		26.1	%

	U.S.						Other Americas⁽¹⁾						Europe						Asia						Total
Operating Information:	2021		2020		2019		2021		2020		2019		2021		2020		2019		2021		2020		2019		2021		2020		2019
For the years ended:
Total revenues ($)		1,039		946		738		321		278		266		1,387		1,208		1,099		653		584		514		3,400		3,016		2,617
Net earnings ($)		312		169		128		120		91		91		1,070		390		311		160		255		49		1,662		905		579

Our earnings from unconsolidated co-investment ventures, net ($)		82		46		38		43		34		32		214		121		102		27		39		10		366		240		182

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

(2)

Prologis’ investment balance is presented at our adjusted basis. The difference between our ownership interest of a venture’s equity and our investment balance at December 31, 2021 and 2020, results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018 ($559.7 million and $589.3 million, respectively); (ii) recording additional costs associated with our investment in the venture ($96.6 million and $101.5 million, respectively); (iii) receivables, principally for fees and promotes ($149.5 million and $165.6 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to NPR, as discussed above.

(3)	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	2021			2020			2021		2020
Prologis Targeted U.S. Logistics Fund, L.P. (“USLF”)		27.0	%		25.6	%	$	2,393,232	$	1,885,467
FIBRA Prologis ⁽¹⁾		47.3	%		46.8	%		694,590		691,204
Prologis European Logistics Partners Holding Sàrl (“PELP”) ^{(2) (3)}		50.0	%		50.0	%		2,097,332		1,687,749
Prologis European Logistics Fund (“PELF”) ⁽³⁾		23.8	%		24.3	%		1,605,253		1,401,355
Prologis UK Logistics Venture (“UKLV”)^{(2) (3)}		15.0	%		15.0	%		9,243		63,228
Nippon Prologis REIT, Inc. (“NPR”) ⁽⁴⁾		15.1	%		15.1	%		684,029		643,663
Prologis China Core Logistics Fund, LP (“PCCLF”)		15.3	%		15.8	%		75,922		81,581
Prologis China Logistics Venture I, LP, II, LP and III, LP (“Prologis China Logistics Venture”) ⁽²⁾		15.0	%		15.0	%		120,283		111,406
Prologis Brazil Logistics Venture (“PBLV”) and other joint ventures ⁽²⁾		20.0	%		20.0	%		145,571		119,914
Total							$	7,825,455	$	6,685,567

(1)	At December 31, 2021, we owned 404.6 million units of FIBRA Prologis that had a closing price of Ps 56.83 ($2.77) 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)

In December 2021, UKLV sold its operating properties to our unconsolidated co-investment ventures, PELF and PELP, and its land to us and recognized the related gains upon disposition. At December 31, 2021, there is a $9.2 million outstanding receivable balance anticipated to be paid in the first quarter of 2022.

(4)

At December 31, 2021, we owned 0.4 million units of NPR that had a closing price of ¥407,000 ($3,536) 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, 2021 and 2020, we had receivables from NPR of $175.2 million and $160.3 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 for the years ended December 31 (in thousands):

	2021		2020		2019
Recurring fees	$	395,765	$	318,423	$	266,615
Transactional fees		78,552		65,804		57,334
Promote revenue		77,199		239,268		165,635
Total strategic capital revenues from unconsolidated co-investment ventures ⁽¹⁾	$	551,516	$	623,495	$	489,584

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