Unconsolidated Entities (Tables)

The following table summarizes our investments in and advances to our unconsolidated entities (in thousands):

	September 30,		December 31,
	2017		2016
Unconsolidated co-investment ventures	$	5,118,553	$	4,057,524
Other ventures		253,205		172,905
Totals	$	5,371,758	$	4,230,429

The following table summarizes the amounts we recognized in the Consolidated Statements of Income related to the unconsolidated co-investment ventures (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Strategic capital revenues from unconsolidated co-investment ventures, net:
U.S.	$	16,841	$	9,565	$	158,064	$	27,739
Other Americas		6,216		5,806		22,131		16,885
Europe		26,323		113,489		78,450		161,257
Asia		18,271		13,174		44,990		39,429
Total	$	67,651	$	142,034	$	303,635	$	245,310

Earnings from unconsolidated co-investment ventures, net:
U.S.	$	18,307	$	1,763	$	25,216	$	9,140
Other Americas		6,570		8,077		22,073		20,885
Europe		23,848		29,802		89,622		90,395
Asia		5,050		4,905		23,489		12,253
Total	$	53,775	$	44,547	$	160,400	$	132,673

The following table summarizes the promotes earned and recognized in Strategic Capital Revenues (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Total promote (1)	$	-	$	99,766	$	150,898	$	99,766
Less: Prologis' share		-		11,222		23,806		11,222
Net promote recognized (third-party share) in strategic capital revenues	$	-	$	88,544	$	127,092	$	88,544

(1)	We earned promotes from ELV, FIBRA Prologis and USLF in 2017 and Prologis European Properties Fund II and Prologis Targeted Europe Logistics Fund (“PTELF”) in 2016. Promotes are based on the venture’s cumulative returns to investors over a certain time-period, generally three years.

The following table summarizes the remaining equity commitments at September 30, 2017 (in millions):

	Equity Commitments						Expiration Date for Remaining Commitments
	Prologis		Venture Partners		Total
Prologis Targeted U.S. Logistics Fund	$	-	$	195	$	195	2019
Prologis Targeted Europe Logistics Fund (1)		-		623		623	2018 – 2019
Prologis United Kingdom Logistics Venture (2)		37		207		244	2021
Prologis China Logistics Venture		294		1,665		1,959	2020 – 2024
Totals	$	331	$	2,690	$	3,021

(1)	Equity commitments are denominated in euro and reported in U.S. dollars based on an exchange rate of $1.18 U.S. dollars to the euro.

(2)	Equity commitments are denominated in British pounds sterling and reported in U.S. dollars based on an exchange rate of $1.34 U.S. dollars to the British pound sterling.

The following tables summarize the operating information and financial position of our unconsolidated co-investment ventures (not our proportionate share), as presented at our adjusted basis derived from the ventures’ U.S. GAAP information:

	September 30,			December 31,			September 30,
(dollars and square feet in millions)	2017			2016			2016
U.S. (1):
Number of ventures		1			1			1
Number of operating properties owned		552			369			366
Square feet		88			50			49
Total assets	$	7,311		$	4,238		$	4,167
Third-party debt	$	2,270		$	1,414		$	1,421
Total liabilities	$	2,473		$	1,540		$	1,509
Our investment balance (2) (3)	$	1,393		$	435		$	514
Our weighted average ownership (3) (4)		27.1	%		14.9	%		17.8	%
Other Americas (5):
Number of ventures		1			2			2
Number of operating properties owned		203			213			209
Square feet		37			42			41
Total assets	$	2,107		$	2,793		$	2,679
Third-party debt	$	727		$	739		$	671
Total liabilities	$	761		$	814		$	754
Our investment balance (2)	$	564		$	845		$	851
Our weighted average ownership (4)		42.9	%		43.9	%		43.7	%
Europe (6) (7):
Number of ventures		4			4			4
Number of operating properties owned		709			700			694
Square feet		167			163			160
Total assets	$	12,767		$	10,853		$	11,291
Third-party debt	$	2,742		$	2,446		$	2,628
Total liabilities	$	3,748		$	3,283		$	3,620
Our investment balance (2) (3)	$	2,649		$	2,327		$	2,565
Our weighted average ownership (3) (4)		33.2	%		35.1	%		36.3	%
Asia:
Number of ventures		2			2			2
Number of operating properties owned		93			85			79
Square feet		40			36			34
Total assets	$	5,907		$	5,173		$	5,439
Third-party debt	$	2,186		$	1,947		$	2,004
Total liabilities	$	2,504		$	2,239		$	2,313
Our investment balance (2)	$	513		$	451		$	493
Our weighted average ownership (4)		15.1	%		15.1	%		15.0	%
Total:
Number of ventures		8			9			9
Number of operating properties owned		1,557			1,367			1,348
Square feet		332			291			284
Total assets	$	28,092		$	23,057		$	23,576
Third-party debt	$	7,925		$	6,546		$	6,724
Total liabilities	$	9,486		$	7,876		$	8,196
Our investment balance (2)	$	5,119		$	4,058		$	4,423
Our weighted average ownership (4)		28.7	%		27.9	%		28.9	%

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2017		2016		2017		2016
Revenues:
U.S.	$	160	$	100	$	369	$	296
Other Americas		60		63		190		179
Europe		266		232		758		724
Asia		95		91		272		253
Total revenues	$	581	$	486	$	1,589	$	1,452

Net earnings:
U.S.	$	64	$	11	$	115	$	47
Other Americas		19		20		58		53
Europe		63		77		229		218
Asia		30		30		147		74
Total net earnings	$	176	$	138	$	549	$	392

(1)	In July 2017, we contributed operating properties to USLF. We received cash proceeds and additional units, which increased our ownership interest in USLF to 27.1%. See Note 2 for more information on this transaction.

(2)

The difference between our ownership interest of a venture’s equity and our investment balance at September 30, 2017, and December 31, 2016, results principally from three types of transactions: (i) deferring a portion of the gains we recognize from a contribution of a real estate property to a venture ($667.7 million and $469.9 million, respectively); (ii) recording additional costs associated with our investment in a venture ($106.3 million and $124.1 million, respectively); and (iii) advances to a venture ($195.2 million and $166.1 million, respectively).

(3)

In April 2016, we redeemed a portion of our investment in PTELF and USLF for €185.0 million ($210.6 million) and $200.0 million, respectively. The amounts received for the redemptions were included in Return of Investment from Unconsolidated Entities in the Consolidated Financial Statements of Cash Flows.

(4)	Represents our weighted average ownership interest in all co-investment ventures based on each entity’s contribution of total assets, before depreciation, net of other liabilities.

(5)	In August 2017, we acquired our partner’s interest in certain joint ventures in Brazil. See Note 2 for more information on this acquisition. Included in the Other Americas’ balances are nine properties aggregating 2.8 million square feet associated with the remaining Brazil joint ventures.

(6)	In January 2017, we sold our investment in ELV to our fund partner for $84.3 million and ELV contributed its properties to PTELF in exchange for equity interests.

(7)

In February 2017, we formed the Prologis UK Logistics Venture (“UKLV”), an unconsolidated co-investment venture in which we have a 15.0% ownership interest. UKLV will acquire land, develop buildings and operate and hold logistics real estate assets in the United Kingdom. Upon formation, we, along with our venture partner, committed £380.0 million ($508.9 million at September 30, 2017), of which our share is £57.0 million ($76.0 million at September 30, 2017). During the nine months ended September 30, 2017, we contributed 1.4 million square feet of stabilized properties, 0.6 million square feet of properties under development and 144.8 acres of land for an aggregate price of £269.5 million ($336.4 million). We expect to continue to contribute properties and land into UKLV.