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Real Estate | 9 Months Ended
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Sep. 30, 2014
Real Estate [Abstract] |
Real Estate |
3. | Real Estate
Investments in real estate properties are presented at cost, and consisted of the following (square feet and dollars in thousands):
|  | Square Feet / Acres (1) |  |  | No. of Buildings (1) |  |  | Investment Balance |
|  | September 30, 2014 |  |  | December 31, 2013 |  |  | September 30, 2014 |  |  | December 31, 2013 |  |  | September 30, 2014 |  |  | December 31, 2013 |
Industrial operating properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Improved land |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  | $ | 3,641,571 |  |  | $ | 4,074,647 |
Buildings and improvements |  |  | 241,104 |  |  |  | 267,097 |  |  |  | 1,415 |  |  |  | 1,610 |  |  |  | 12,514,097 |  |  |  | 13,726,417 |
Development portfolio, including land costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-stabilized |  |  | 5,105 |  |  |  | 4,491 |  |  |  | 15 |  |  |  | 11 |  |  |  | 391,055 |  |  |  | 204,022 |
Properties under development |  |  | 21,158 |  |  |  | 18,587 |  |  |  | 51 |  |  |  | 46 |  |  |  | 925,415 |  |  |  | 816,995 |
Land |  |  | 9,226 |  |  |  | 9,747 |  |  |  | -- |  |  |  | -- |  |  |  | 1,533,590 |  |  |  | 1,516,166 |
Other real estate investments (2) |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | 460,854 |  |  |  | 486,230 |
Total investments in real estate properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 19,466,582 |  |  |  | 20,824,477 |
Less accumulated depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,695,745 |  |  |  | 2,568,998 |
Net investments in real estate properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 16,770,837 |  |  | $ | 18,255,479 |
(1) | Items indicated by ‘--‘ are not applicable.
(2) | Included in other real estate investments are: (i) certain non-industrial real estate; (ii) our corporate office buildings; (iii) land parcels that are ground leased to third parties; (iv) certain infrastructure costs related to projects we are developing on behalf of others; (v) costs related to future development projects, including purchase options on land; and (vi) earnest money deposits associated with potential acquisitions.
At September 30, 2014, we owned real estate assets in the Americas (Canada, Mexico and the United States), Europe (Austria, Belgium, the Czech Republic, France, Germany, Hungary, Italy, the Netherlands, Poland, Romania, Slovakia, Spain, Sweden and the United Kingdom) and Asia (China, Japan and Singapore). Real estate acquisition activity for the nine months ended September 30, was as follows (square feet and dollars in thousands):
|  | 2014 |  |  | 2013 |
Acquisitions of properties from unconsolidated co-investment ventures |  |  |  |  |  |  |  |
Number of properties |  |  | — |  |  |  | 32 |
Square feet |  |  | — |  |  |  | 9,958 |
Real estate acquisition value |  | $ | — |  |  | $ | 731,644 |
Net gains |  | $ | — |  |  | $ | 35,886 |
Building acquisitions from third parties |  |  |  |  |  |  |  |
Number of properties |  |  | 8 |  |  |  | 4 |
Square feet |  |  | 1,004 |  |  |  | 1,134 |
Real estate acquisition value |  | $ | 78,314 |  |  | $ | 48,922 |
Dispositions Real estate disposition activity for the nine months ended September 30, was as follows (square feet and dollars in thousands):
|  | 2014 |  |  | 2013 |
Continuing Operations |  |  |  |  |  |  |  |
Contributions to co-investment ventures |  |  |  |  |  |  |  |
Number of properties |  |  | 115 |  |  |  | 221 |
Square feet |  |  | 22,806 |  |  |  | 62,213 |
Net proceeds |  | $ | 1,627,424 |  |  | $ | 5,205,322 |
Net gains on contributions |  | $ | 156,746 |  |  | $ | 407,788 |
Dispositions to third parties |  |  |  |  |  |  |  |
Number of properties |  |  | 106 |  |  |  | — |
Square feet |  |  | 14,663 |  |  |  | — |
Net proceeds (1) |  | $ | 955,240 |  |  | $ | 84,518 |
Net gains on dispositions (1) |  | $ | 180,949 |  |  | $ | 2,280 |
Discontinued Operations |  |  |  |  |  |  |  |
Number of properties |  |  | — |  |  |  | 39 |
Square feet |  |  | — |  |  |  | 4,802 |
Net proceeds from dispositions |  | $ | — |  |  | $ | 297,465 |
Net gains from dispositions, including taxes |  | $ | — |  |  | $ | 59,598 |
(1) | Dispositions to third parties include land sales.
In June 2014, we launched the initial public offering for FIBRA Prologis (“FIBRA”), a Mexican real estate investment trust, on the Mexican Stock Exchange. In connection with the offering, FIBRA purchased 177 properties aggregating 29.7 million square feet (12.6 million square feet from our wholly-owned portfolio, 7.6 million square feet from our consolidated co-investment venture Mexico Fondo Logistico (“AFORES”) and 9.5 million square feet from our unconsolidated co-investment venture Prologis Mexico Industrial Fund). We received 287.3 million equity units of FIBRA (priced at Ps 27.00 ($2.09)) in exchange for our combined investments and have a 45% ownership interest that we account for under the equity method. The closing price of the equity units on the Mexican Stock Exchange was Ps 28.10 ($2.08) per unit on September 30, 2014. Based on this transaction, we recognized a gain on disposition of investments in real estate of $52.5 million; current tax expense of $32.4 million; deferred tax benefit of $55.5 million; and earnings attributable to noncontrolling interest of $61.0 million, which represented the third party investors’ portion of this transaction.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 + Details
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