v2.4.1.9

Unconsolidated Investments (Tables) | 12 Months Ended
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Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract] |
Summary of Investments in and Advances Unconsolidated Entities | Our investments in and advances to our unconsolidated entities at December 31 are summarized below (in thousands):
|  | 2014 |  |  | 2013 |
Unconsolidated co-investment ventures |  | $ | 4,665,918 |  |  | $ | 4,250,015 |
Other ventures |  |  | 158,806 |  |  |  | 180,224 |
Totals |  | $ | 4,824,724 |  |  | $ | 4,430,239 |
Summary of Unconsolidated Co-investment Ventures | The following tables are summarized information of the unconsolidated co-investment ventures at December 31, and for the three years ended December 31.
(dollars and square feet in millions) |  | 2014 |  |  | 2013 |  |  | 2012 |
Americas: |  |  |  |  |  |  |  |  |  |  |  |
Number of ventures |  |  | 3 |  |  |  | 4 |  |  |  | 6 |
Number of properties owned |  |  | 590 |  |  |  | 709 |  |  |  | 801 |
Square feet |  |  | 87.1 |  |  |  | 108.5 |  |  |  | 127.5 |
Total assets |  | $ | 7,063 |  |  | $ | 8,014 |  |  | $ | 9,070 |
Third-party debt |  | $ | 2,280 |  |  | $ | 2,999 |  |  | $ | 3,836 |
Total liabilities |  | $ | 2,421 |  |  | $ | 3,177 |  |  | $ | 4,170 |
Our investment balance (1) |  | $ | 1,537 |  |  | $ | 1,194 |  |  | $ | 1,112 |
Our weighted average ownership (2) |  |  | 31.0% |  |  |  | 22.7% |  |  |  | 23.2% |
Europe: |  |  |  |  |  |  |  |  |  |  |  |
Number of ventures |  |  | 4 |  |  |  | 4 |  |  |  | 3 |
Number of properties owned |  |  | 636 |  |  |  | 571 |  |  |  | 312 |
Square feet |  |  | 147.4 |  |  |  | 132.9 |  |  |  | 70.3 |
Total assets |  | $ | 11,463 |  |  | $ | 11,819 |  |  | $ | 6,605 |
Third-party debt |  | $ | 2,644 |  |  | $ | 2,998 |  |  | $ | 2,384 |
Total liabilities |  | $ | 3,524 |  |  | $ | 4,114 |  |  | $ | 2,954 |
Our investment balance (1) |  | $ | 2,773 |  |  | $ | 2,703 |  |  | $ | 723 |
Our weighted average ownership (2) |  |  | 38.8% |  |  |  | 39.0% |  |  |  | 29.7% |
Asia: |  |  |  |  |  |  |  |  |  |  |  |
Number of ventures |  |  | 2 |  |  |  | 2 |  |  |  | 2 |
Number of properties owned |  |  | 52 |  |  |  | 43 |  |  |  | 44 |
Square feet |  |  | 26.2 |  |  |  | 22.9 |  |  |  | 11.0 |
Total assets |  | $ | 4,135 |  |  | $ | 4,032 |  |  | $ | 1,937 |
Third-party debt |  | $ | 1,652 |  |  | $ | 1,715 |  |  | $ | 973 |
Total liabilities |  | $ | 1,749 |  |  | $ | 1,899 |  |  | $ | 1,063 |
Our investment balance (1) |  | $ | 356 |  |  | $ | 353 |  |  | $ | 179 |
Our weighted average ownership (2) |  |  | 15.0% |  |  |  | 15.0% |  |  |  | 19.2% |
Total: |  |  |  |  |  |  |  |  |  |  |  |
Number of ventures |  |  | 9 |  |  |  | 10 |  |  |  | 11 |
Number of properties owned |  |  | 1,278 |  |  |  | 1,323 |  |  |  | 1,157 |
Square feet |  |  | 260.7 |  |  |  | 264.3 |  |  |  | 208.8 |
Total assets |  | $ | 22,661 |  |  | $ | 23,865 |  |  | $ | 17,612 |
Third-party debt |  | $ | 6,576 |  |  | $ | 7,712 |  |  | $ | 7,193 |
Total liabilities |  | $ | 7,694 |  |  | $ | 9,190 |  |  | $ | 8,187 |
Our investment balance (1) |  | $ | 4,666 |  |  | $ | 4,250 |  |  | $ | 2,014 |
Our weighted average ownership (2) |  |  | 32.0% |  |  |  | 29.2% |  |  |  | 25.1% |
(in millions) |  | 2014 (3) |  |  | 2013 (3) |  |  | 2012 |
Americas: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 711 |  |  | $ | 702 |  |  | $ | 759 |
Net operating income |  | $ | 527 |  |  | $ | 513 |  |  | $ | 561 |
Net earnings (loss) |  | $ | 54 |  |  | $ | 58 |  |  | $ | (88) |
Europe: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 1,001 |  |  | $ | 801 |  |  | $ | 490 |
Net operating income |  | $ | 787 |  |  | $ | 621 |  |  | $ | 380 |
Net earnings |  | $ | 268 |  |  | $ | 131 |  |  | $ | 86 |
Asia: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 280 |  |  | $ | 224 |  |  | $ | 141 |
Net operating income |  | $ | 219 |  |  | $ | 175 |  |  | $ | 109 |
Net earnings |  | $ | 86 |  |  | $ | 48 |  |  | $ | 8 |
Total: |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 1,992 |  |  | $ | 1,727 |  |  | $ | 1,390 |
Net operating income |  | $ | 1,533 |  |  | $ | 1,309 |  |  | $ | 1,050 |
Net earnings |  | $ | 408 |  |  | $ | 237 |  |  | $ | 6 |
(1) | The difference between our ownership interest of the venture’s equity and our investment balance results principally from three types of transactions: (i) deferring a portion of the gains we recognize from a contribution of a property to the venture ($322.9 million, $139.6 million and $147.9 million at December 31, 2014, 2013 and 2012, respectively); (ii) recording additional costs associated with our investment in the venture; and (iii) advances to the venture.
(2) | Represents our weighted average ownership interest in all co-investment ventures based on each entity’s contribution to total assets, before depreciation, net of other liabilities.
(3) | We had significant activity with our unconsolidated co-investment ventures in 2014 and 2013. As described above, we formed and invested in FIBRA Prologis in June 2014. In connection with this transaction, we concluded our unconsolidated co-investment venture in Mexico. During 2013, we concluded three co-investment ventures and we started two new co-investment ventures.
Earnings on Investment in Co-Investment Ventures | Summarized information regarding the amounts we recognized in the Consolidated Statements of Operations as our share of the earnings from our investments in unconsolidated co-investment ventures for the years ended December 31 was as follows (in thousands):
|  | 2014 |  |  | 2013 |  |  | 2012 |
Earnings (loss) from unconsolidated co-investment ventures: |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 8,596 |  |  | $ | 21,724 |  |  | $ | (7,843) |
Europe |  |  | 108,430 |  |  |  | 63,839 |  |  |  | 31,174 |
Asia |  |  | 14,022 |  |  |  | 9,091 |  |  |  | 2,372 |
Total earnings from unconsolidated co-investment ventures, net |  | $ | 131,048 |  |  | $ | 94,654 |  |  | $ | 25,703 |
Strategic capital and other income: |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 94,354 |  |  | $ | 70,642 |  |  | $ | 68,142 |
Europe |  |  | 86,487 |  |  |  | 63,794 |  |  |  | 37,173 |
Asia |  |  | 37,509 |  |  |  | 42,749 |  |  |  | 19,870 |
Total strategic capital income |  |  | 218,350 |  |  |  | 177,185 |  |  |  | 125,185 |
Development management and other income |  |  | 5,424 |  |  |  | 4,007 |  |  |  | 535 |
Total strategic capital and other income |  | $ | 223,774 |  |  | $ | 181,192 |  |  | $ | 125,720 |
Information About Investments in Co-investment Ventures by Property Funds | Information about our investments in the individual co-investment ventures at December 31 was as follows (dollars in thousands):
|  | Ownership Percentage |  |  | Investment in and Advances to |
Co-Investment Venture |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Prologis Targeted U.S. Logistics Fund, L.P. |  |  | 24.3% |  |  |  | 25.9% |  |  | $ | 712,044 |  |  | $ | 743,454 |
Prologis North American Industrial Fund, LP (NAIF) (1) |  |  | - |  |  |  | 23.1% |  |  |  | - |  |  |  | 201,482 |
FIBRA Prologis (2) (3) |  |  | 45.9% |  |  |  | - |  |  |  | 589,627 |  |  |  | - |
Prologis MX Fund LP (Prologis Mexico Industrial Fund) (2) |  |  | - |  |  |  | 20.0% |  |  |  | - |  |  |  | 49,684 |
Prologis Brazil Logistics Partners Fund I, L.P. (“Brazil Fund”) and related joint ventures (“Brazil Ventures”) (4) |  |  | 50.0% |  |  |  | 50.0% |  |  |  | 235,496 |  |  |  | 199,392 |
Prologis Targeted Europe Logistics Fund, FCP-FIS |  |  | 43.2% |  |  |  | 43.1% |  |  |  | 458,702 |  |  |  | 471,896 |
Prologis European Properties Fund II, FCP-FIS |  |  | 31.1% |  |  |  | 32.5% |  |  |  | 488,503 |  |  |  | 582,828 |
Europe Logistics Venture 1, FCP-FIS (5) |  |  | 15.0% |  |  |  | 15.0% |  |  |  | 56,127 |  |  |  | 62,654 |
Prologis European Logistics Partners Sàrl (PELP) (5) |  |  | 50.0% |  |  |  | 50.0% |  |  |  | 1,769,720 |  |  |  | 1,585,923 |
Nippon Prologis REIT (NPR) (6)(7) |  |  | 15.1% |  |  |  | 15.1% |  |  |  | 303,178 |  |  |  | 309,715 |
Prologis China Logistics Venture I, LP & II, LP (Prologis China Logistics Venture) (5) |  |  | 15.0% |  |  |  | 15.0% |  |  |  | 52,521 |  |  |  | 42,987 |
Totals |  |  |  |  |  |  |  |  |  | $ | 4,665,918 |  |  | $ | 4,250,015 |
(1) | As discussed in Note 3, we began consolidating NAIF in October 2014.
(2) | As discussed in Note 4, we completed the initial public offering of FIBRA Prologis in June 2014 and concluded the Prologis Mexico Industrial Fund. At December 31, 2014, we owned 291.1 million units of FIBRA Prologis, which had a closing price of Ps 27.29 ($1.86) per unit on the Mexican Stock Exchange.
(3) | We have granted FIBRA Prologis a right of first refusal with respect to stabilized properties that we plan to sell in Mexico.
(4) | We have a 50% ownership interest in and consolidate an entity that in turn owns 50% of several entities that we account for on the equity method. Also, we have additional investments in other unconsolidated entities in Brazil that we account for on the equity method with various ownership interests ranging from 5-50%. We refer to the Brazil Fund and the other unconsolidated entities collectively as the “Brazil Ventures.”
(5) | We have one partner in each of these co-investment ventures.
(6) | At December 31, 2014, we owned 261,310 units of NPR, which had a closing price of ¥260,600 ($2,179) per share on the Tokyo Stock Exchange. At December 31, 2014 and 2013, we had receivables from NPR of $85.9 million and $88.5 million, respectively, related to customer security deposits that originated through a leasing company owned by us that pertain to properties owned by NPR. We have a corresponding payable to NPR’s customers in Other Liabilities in the Consolidated Balance Sheets.
(7) | For any properties we develop and plan to sell in Japan, we are committed to offer those properties to NPR.
Summary of Remaining Equity Commitments | The following table is a summary of remaining equity commitments at December 31, 2014 (in millions):
|  | Equity commitments |  |  | Expiration date for remaining commitments |
|  | Prologis |  |  | Venture Partners |  |  | Total |  |
Prologis Targeted U.S. Logistics Fund |  | $ | - |  |  | $ | 376 |  |  | $ | 376 |  |  |  | 2015-2017 |
Prologis Targeted Europe Logistics Fund (1) |  |  | 117 |  |  |  | 197 |  |  |  | 314 |  |  |  | June 2015 |
Prologis European Properties Fund II (1) |  |  | 46 |  |  |  | 106 |  |  |  | 152 |  |  |  | September 2015 |
Europe Logistics Venture 1 (1) |  |  | 4 |  |  |  | 21 |  |  |  | 25 |  |  |  | June 2015 |
Prologis European Logistics Partners Sàrl (2) |  |  | 104 |  |  |  | 104 |  |  |  | 208 |  |  |  | February 2016 |
Prologis China Logistics Venture (3) |  |  | 225 |  |  |  | 1,277 |  |  |  | 1,502 |  |  |  | 2015 and 2017 |
Total |  | $ | 496 |  |  | $ | 2,081 |  |  | $ | 2,577 |  |  |  |  |
(1) | Equity commitments are denominated in euro and reported above in U.S. dollars based on an exchange rate of 1.21 U.S. dollars to the euro.
(2) | The equity commitments for this venture are expected to fund the future repayment of debt that is denominated in British pounds sterling. The commitments will be called in euros and are reported above in U.S. dollars using an exchange rate of 1.56 U.S. dollars to the British pounds sterling.
(3) | In July 2014, we secured a $500 million increase in committed third-party equity for this venture.

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