Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

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, 2022

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

				Initial Cost to Prologis				Costs Capitalized		Gross Amounts at Which Carried at December 31, 2022
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
U.S. Markets
Atlanta		165			704,450		2,108,059		498,688		725,711		2,585,486		3,311,197		(363,505	)	1994-2022
Austin		10			12,783		52,335		10,061		12,837		62,342		75,179		(29,336	)	1994-2015
Baltimore/Washington D.C.		99	(d)		481,309		980,954		275,881		494,517		1,243,627		1,738,144		(215,077	)	1995-2022
Central PA		34			289,391		1,043,676		155,465		306,976		1,181,556		1,488,532		(241,811	)	2002-2022
Central Valley		39			244,099		530,993		941,345		264,445		1,451,992		1,716,437		(265,716	)	1999-2022
Charlotte		45			112,232		346,000		102,031		124,965		435,298		560,263		(84,744	)	1994-2020
Chicago		237			1,093,201		3,153,363		627,377		1,119,733		3,754,208		4,873,941		(784,152	)	1995-2022
Cincinnati		60			157,634		830,881		137,309		165,844		959,980		1,125,824		(93,837	)	1996-2022
Columbus		33			65,940		369,748		77,539		68,889		444,338		513,227		(104,224	)	1996-2022
Dallas/Ft. Worth		185			645,832		2,281,203		558,842		668,061		2,817,816		3,485,877		(536,780	)	1994-2022
Denver		38			115,979		295,412		178,682		115,515		474,558		590,073		(154,568	)	1993-2022
Houston		194			506,818		2,226,942		391,161		551,473		2,573,448		3,124,921		(358,694	)	1993-2022
Indianapolis		37			91,337		600,850		77,308		92,575		676,920		769,495		(75,423	)	1995-2022
Jacksonville		1			-		2,892		273		-		3,165		3,165		(3,015	)	2011
Las Vegas		57			175,201		345,091		297,766		159,801		658,257		818,058		(129,319	)	1996-2021
Lehigh Valley		65			1,205,621		2,279,491		398,406		1,282,491		2,601,027		3,883,518		(272,175	)	2004-2022
Louisville		12			48,140		188,696		94,624		50,392		281,068		331,460		(80,928	)	2005-2022
Nashville		45			202,495		595,616		198,166		204,864		791,413		996,277		(79,036	)	1995-2022
New Jersey/New York City		156	(d)		2,724,856		3,808,098		783,582		2,759,509		4,557,027		7,316,536		(784,219	)	1996-2022
Orlando		98	(d)		284,646		880,549		180,716		299,608		1,046,303		1,345,911		(156,640	)	1994-2022
Phoenix		51			154,063		394,219		375,847		184,342		739,787		924,129		(121,859	)	1992-2022
Portland		41	(e)		130,433		276,956		221,257		183,932		444,714		628,646		(75,642	)	2006-2022
Raleigh Durham		37			107,899		407,505		20,028		111,839		423,593		535,432		(15,973	)	2020-2022
Reno		17			25,389		142,279		119,361		26,762		260,267		287,029		(94,815	)	1994-2021
San Antonio		20	(d)		25,735		95,828		47,052		25,957		142,658		168,615		(69,678	)	1994-2016
San Francisco Bay Area		233			1,071,018		1,670,174		577,839		1,082,106		2,236,925		3,319,031		(875,417	)	1993-2022
Savannah		23			204,408		473,995		32,404		204,408		506,399		710,807		(5,312	)	2022
Seattle		109			850,208		1,434,654		377,278		876,132		1,786,008		2,662,140		(306,484	)	2008-2022
South Florida		174	(d)		1,329,156		2,117,967		344,476		1,342,860		2,448,739		3,791,599		(328,733	)	1994-2022
Southern California		416	(d)(e)		6,127,705		8,115,196		1,842,050		6,373,646		9,711,305		16,084,951		(1,828,182	)	2005-2022
Tampa		26			92,357		244,738		25,477		98,472		264,100		362,572		(10,963	)	2020-2022
Subtotal U.S. Markets:		2,757			19,280,335		38,294,360		9,968,291		19,978,662		47,564,324		67,542,986		(8,546,257	)
Other Americas Markets
Brazil		5			-		53,276		17		-		53,293		53,293		(779	)	2022
Canada		34	(d)		248,162		373,220		223,615		255,888		589,109		844,997		(160,947	)	2008-2022
Mexico		1			730		2,287		3,224		736		5,505		6,241		(1,865	)	2011
Subtotal Other Americas Markets:		40			248,892		428,783		226,856		256,624		647,907		904,531		(163,591	)
Europe Markets
Belgium		3			16,011		4,776		-		16,011		4,776		20,787		(204	)	2022
Germany		4			47,837		7,068		35,479		52,812		37,572		90,384		(5,903	)	2011-2022
Hungary		1			1,845		-		5,983		1,845		5,983		7,828		(106	)	2022
Slovakia		2			2,926		-		12,652		3,239		12,339		15,578		(391	)	2021
Spain		5			10,862		34,504		13,340		9,969		48,737		58,706		(17,990	)	2011-2019
United Kingdom		2			48,510		3,291		10,347		48,919		13,229		62,148		(3,412	)	2019-2021
Subtotal Europe Markets:		17			127,991		49,639		77,801		132,795		122,636		255,431		(28,006	)
Asia Markets
Japan		6			20,380		152,367		20,618		20,380		172,985		193,365		(3,024	)	2019-2022
Singapore		5			-		137,592		4,890		-		142,482		142,482		(74,846	)	2011
Subtotal Asia Markets:		11			20,380		289,959		25,508		20,380		315,467		335,847		(77,870	)
Total Operating Properties		2,825			19,677,598		39,062,741		10,298,456		20,388,461		48,650,334		69,038,795		(8,815,724	)

PROLOGIS, INC. AND PROLOGIS, L.P.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2022

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

				Initial Cost to Prologis				Costs Capitalized		Gross Amounts at Which Carried at December 31, 2022									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		2			21,712		-		59,023		21,712		59,023		80,735
Austin		1			6,721		-		46,522		6,721		46,522		53,243
Baltimore/Washington D.C.		1			14,784		-		22,364		14,784		22,364		37,148
Central PA		1			7,810		-		25,226		7,810		25,226		33,036
Central Valley		2			10,174		-		44,198		10,174		44,198		54,372				2022
Charlotte		1			8,841		-		14,848		8,841		14,848		23,689
Chicago		9			116,955		967		163,188		116,955		164,155		281,110				2022
Cincinnati		1			2,536		-		11,861		2,536		11,861		14,397
Dallas/Ft. Worth		11			83,061		-		97,625		83,061		97,625		180,686
Houston		1			17,165		-		57,237		17,165		57,237		74,402
Indianapolis		2			8,440		17,058		32,671		8,440		49,729		58,169
Las Vegas		3			23,262		-		60,375		23,262		60,375		83,637				2022
Lehigh Valley		2			48,636		-		76,923		48,636		76,923		125,559
Nashville		3			10,264		-		22,670		10,264		22,670		32,934
New Jersey/New York City		2			51,603		-		8,216		51,603		8,216		59,819
Orlando		5			19,490		-		71,228		19,490		71,228		90,718				2022
Phoenix		5			23,600		-		26,774		23,600		26,774		50,374
Reno		3			19,126		-		64,128		19,126		64,128		83,254				2022
San Francisco Bay Area		5			37,507		20,605		52,718		37,507		73,323		110,830				2022
Seattle		3			62,649		14,746		30,980		62,649		45,726		108,375
South Florida		6			63,291		-		59,613		63,291		59,613		122,904				2022
Southern California		11			623,788		70,248		168,087		623,788		238,335		862,123				2022
Subtotal U.S. Markets:		80			1,281,415		123,624		1,216,475		1,281,415		1,340,099		2,621,514
Other Americas Markets
Canada		5			65,936		-		16,302		65,936		16,302		82,238
Mexico		13			64,308		-		137,871		64,308		137,871		202,179				2022
Subtotal Other Americas Markets:		18			130,244		-		154,173		130,244		154,173		284,417
Europe Markets
Belgium		1			9,096		-		11,063		9,096		11,063		20,159
Czech Republic		2			5,338		-		11,574		5,338		11,574		16,912
France		2			5,260		-		21,730		5,260		21,730		26,990
Germany		3			20,134		-		49,748		20,134		49,748		69,882
Hungary		2			5,708		-		18,138		5,708		18,138		23,846				2022
Italy		2			3,637		-		17,549		3,637		17,549		21,186				2022
Netherlands		3			13,052		-		50,091		13,052		50,091		63,143
Poland		2			8,312		-		21,206		8,312		21,206		29,518
Slovakia		2			4,490		-		26,313		4,490		26,313		30,803				2022
Spain		2			17,535		-		12,198		17,535		12,198		29,733
Sweden		3			45,796		-		22,794		45,796		22,794		68,590
U.K.		7			198,265		-		126,289		198,265		126,289		324,554
Subtotal Europe Markets:		31			336,623		-		388,693		336,623		388,693		725,316
Asia Markets
Japan		7			162,644		-		418,263		162,644		418,263		580,907				2022
Subtotal Asia Markets:		7			162,644		-		418,263		162,644		418,263		580,907
Total Development Portfolio		136			1,910,926		123,624		2,177,604		1,910,926		2,301,228		4,212,154
GRAND TOTAL		2,961			21,588,524		39,186,365		12,476,060		22,299,387		50,951,562		73,250,949		(8,815,724	)

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, 2022 (in thousands):

Total operating properties and development portfolio per Schedule III	$	73,250,949	(g)
Land		3,338,121
Other real estate investments (i)		5,034,326
Total per Consolidated Balance Sheets	$	81,623,396

(i) Other real estate investments includes non-strategic real estate assets, primarily acquired from the Duke Transaction, that we do not intend to operate long-term at December 31, 2022.

(b) The aggregate cost for federal tax purposes at December 31, 2022, of our real estate assets was approximately $60 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 40 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, 2022 (in thousands):

Total accumulated depreciation per Schedule III	$	8,815,724	(g)
Accumulated depreciation on other real estate investments		220,361
Total per Consolidated Balance Sheets	$	9,036,085

(d) Properties with an aggregate undepreciated cost of $631.3 million secure $249.3 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 $8.9 million are secured by assessments (similar to property taxes) on various underlying real estate properties with an aggregate undepreciated cost of $580.3 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):

	2022			2021			2020
Real estate assets:
Balance at beginning of year	$	47,183,100		$	45,390,230		$	33,157,100
Acquisitions of and improvements to operating properties, development      activity and net effect of changes in foreign exchange rates and other		25,281,173			3,351,730			13,985,898
Basis of operating properties disposed of		(445,558	)		(1,589,527	)		(1,045,128	)
Change in the development portfolio balance, including the acquisition of      properties		1,482,814			846,729			13,345
Assets transferred to held for sale and contribution		(250,580	)		(816,062	)		(720,985	)
Balance at end year	$	73,250,949		$	47,183,100		$	45,390,230
Accumulated depreciation:
Balance at beginning of year	$	7,451,382		$	6,370,341		$	5,294,212
Depreciation expense		1,357,180			1,143,758			1,112,075
Balances retired upon disposition of operating properties and net effect of      changes in foreign exchange rates and other		9,090			(42,483	)		(35,083	)
Assets transferred to held for sale and contribution		(1,928	)		(20,234	)		(863	)
Balance at end of year	$	8,815,724		$	7,451,382		$	6,370,341