v3.8.0.1

Real Estate | 9 Months Ended
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Sep. 30, 2017
Real Estate [Abstract] |
Real Estate | NOTE 2. REAL ESTATE Investments in real estate properties consisted of the following (dollars and square feet in thousands):
| Square Feet |  |  | Number of Buildings |  |  |  |
| September 30, |  |  | December 31, |  |  | September 30, |  |  | December 31, |  |  | September 30, |  |  | December 31, |
| 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Operating properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Buildings and improvements |  | 298,240 |  |  |  | 331,210 |  |  |  | 1,566 |  |  |  | 1,776 |  |  | $ | 16,829,500 |  |  | $ | 17,905,914 |
Improved land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,826,773 |  |  |  | 6,037,543 |
Development portfolio, including land costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prestabilized |  | 7,394 |  |  |  | 8,256 |  |  |  | 24 |  |  |  | 29 |  |  |  | 441,235 |  |  |  | 798,233 |
Properties under development |  | 22,189 |  |  |  | 19,539 |  |  |  | 55 |  |  |  | 60 |  |  |  | 1,059,764 |  |  |  | 633,849 |
Land (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,313,268 |  |  |  | 1,218,904 |
Other real estate investments (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 506,617 |  |  |  | 524,887 |
Total investments in real estate properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,977,157 |  |  |  | 27,119,330 |
Less accumulated depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,977,667 |  |  |  | 3,758,372 |
Net investments in real estate properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 21,999,490 |  |  | $ | 23,360,958 |
(1) | Included in our investments in real estate at September 30, 2017, and December 31, 2016, were 5,871 and 5,892 acres of land, respectively.
(2) | Included in other real estate investments are: (i) non-logistics real estate; (ii) land parcels that are ground leased to third parties; (iii) our corporate office buildings; (iv) costs related to future development projects, including purchase options on land; (v) infrastructure costs related to projects we are developing on behalf of others; and (vi) earnest money deposits associated with potential acquisitions.
Acquisitions The following table summarizes our real estate acquisition activity for the three and nine months ended September 30 (dollars and square feet in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Acquisitions of operating properties from third parties and a controlling interest in an unconsolidated venture |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of operating properties |  |  | 12 |  |  |  | 1 |  |  |  | 14 |  |  |  | 7 |
Square feet |  |  | 6,328 |  |  |  | 42 |  |  |  | 6,478 |  |  |  | 931 |
Acquisition value of net investments in real estate properties (1) |  | $ | 703,686 |  |  | $ | 16,795 |  |  | $ | 744,581 |  |  | $ | 86,840 |
(1) | In August 2017, we acquired our partner’s interest in certain joint ventures in Brazil for an aggregate price of R$1.2 billion ($381.7 million). As a result of this transaction, we began consolidating total real estate that included the operating properties above, two prestabilized properties and 531.4 acres of undeveloped land. We accounted for the acquisition as a business combination and the results of operations for these real estate properties were not significant in 2017. The current allocation of the purchase price is preliminary and the valuation of the real estate properties and other assets acquired is still being finalized.
Dispositions The following table summarizes our real estate disposition activity for the three and nine months ended September 30 (dollars and square feet in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Contributions to unconsolidated co-investment ventures (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of properties |  |  | 201 |  |  |  | 11 |  |  |  | 211 |  |  |  | 21 |
Square feet |  |  | 41,776 |  |  |  | 2,657 |  |  |  | 45,420 |  |  |  | 6,676 |
Net proceeds (2) |  | $ | 2,356,322 |  |  | $ | 185,811 |  |  | $ | 2,869,428 |  |  | $ | 649,511 |
Gains on contributions, net (2) |  | $ | 647,647 |  |  | $ | 29,197 |  |  | $ | 773,715 |  |  | $ | 132,787 |
Dispositions to third parties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of properties |  |  | 7 |  |  |  | 48 |  |  |  | 45 |  |  |  | 147 |
Square feet |  |  | 2,179 |  |  |  | 5,041 |  |  |  | 8,217 |  |  |  | 15,606 |
Net proceeds (2) (3) |  | $ | 155,227 |  |  | $ | 410,602 |  |  | $ | 614,906 |  |  | $ | 1,300,209 |
Gains on dispositions, net (2) (3) |  | $ | 50,259 |  |  | $ | 88,099 |  |  | $ | 104,522 |  |  | $ | 242,561 |
Total gains on contributions and dispositions, net |  | $ | 697,906 |  |  | $ | 117,296 |  |  | $ | 878,237 |  |  | $ | 375,348 |
Gains on revaluation of equity investments upon acquisition of a controlling interest and redemption of investment in co-investment ventures |  |  | 81,147 |  |  |  | - |  |  |  | 81,147 |  |  |  | 86,615 |
Total gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net |  | $ | 779,053 |  |  | $ | 117,296 |  |  | $ | 959,384 |  |  | $ | 461,963 |
(1) | In July 2017, we contributed 190 operating properties totaling 37.1 million square feet owned by Prologis North American Industrial Fund (“NAIF”), which was wholly-owned beginning March 2017, to Prologis Targeted U.S. Logistics Fund (“USLF”), our unconsolidated co-investment venture, for an aggregate price of $2.8 billion. We received cash proceeds and additional units, which increased our ownership interest in USLF to 27.1% and USLF assumed $956.0 million of secured debt.
(2) | Also includes the contribution and disposition of land parcels.
(3) | Also includes the sale of our investment in Europe Logistics Venture 1 (“ELV”) in January 2017. See Note 3 for more information on 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 FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 + Details
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