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Unconsolidated Entities | 3 Months Ended
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Mar. 31, 2019
Equity Method Investments And Joint Ventures [Abstract] |
Unconsolidated Entities | NOTE 4. UNCONSOLIDATED ENTITIES Summary of Investments We have investments in entities through a variety of ventures. We co-invest in entities that own multiple properties with partners and investors and we provide asset and property management services to these entities, which we refer to as co-investment ventures. These entities may be consolidated or unconsolidated, depending on the structure, our partner’s participation and other rights and our level of control of the entity. This note details our investments in unconsolidated co-investment ventures that are related parties, which are accounted for using the equity method of accounting. See Note 7 for more detail regarding our consolidated investments that are not wholly owned. We also have other ventures, generally with one partner and that we do not manage, which we account for using the equity method. We refer to our investments in all entities accounted for using the equity method, both unconsolidated co-investment ventures and other ventures, collectively, as unconsolidated entities. The following table summarizes our investments in and advances to our unconsolidated entities (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2019 |  |  | 2018 |
Unconsolidated co-investment ventures |  | $ | 5,272,073 |  |  | $ | 5,407,838 |
Other ventures |  |  | 340,987 |  |  |  | 337,456 |
Total |  | $ | 5,613,060 |  |  | $ | 5,745,294 |
Unconsolidated Co-Investment Ventures The following table summarizes the Strategic Capital Revenues we recognized in the Consolidated Statements of Income related to our unconsolidated co-investment ventures (in thousands):
|  | Three Months Ended March 31, |
|  | 2019 |  |  | 2018 |
Recurring fees |  | $ | 62,117 |  |  | $ | 54,644 |
Transactional fees |  |  | 11,348 |  |  |  | 15,624 |
Promote revenues |  |  | - |  |  |  | 62,544 |
Total strategic capital revenues from unconsolidated co-investment ventures (1) |  | $ | 73,465 |  |  | $ | 132,812 |
(1) | These amounts exclude strategic capital revenues from other ventures.
The following table summarizes the key property information, financial position and operating information of our unconsolidated co-investment ventures (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to our unconsolidated co-investment ventures (dollars and square feet in millions):
| U.S. |  |  | Other Americas |  |  | Europe |  |  | Asia |  |  | Total |
As of: | Mar 31, 2019 |  |  | Dec 31, 2018 |  |  | Mar 31, 2019 (1) |  |  | Dec 31, 2018 |  |  | Mar 31, 2019 |  |  | Dec 31, 2018 |  |  | Mar 31, 2019 |  |  | Dec 31, 2018 |  |  | Mar 31, 2019 |  |  | Dec 31, 2018 |
Key property information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ventures |  | 1 |  |  |  | 1 |  |  |  | 2 |  |  |  | 2 |  |  |  | 3 |  |  |  | 3 |  |  |  | 2 |  |  |  | 2 |  |  |  | 8 |  |  |  | 8 |
Operating properties |  | 566 |  |  |  | 566 |  |  |  | 215 |  |  |  | 209 |  |  |  | 679 |  |  |  | 669 |  |  |  | 131 |  |  |  | 125 |  |  |  | 1,591 |  |  |  | 1,569 |
Square feet |  | 91 |  |  |  | 91 |  |  |  | 45 |  |  |  | 39 |  |  |  | 161 |  |  |  | 159 |  |  |  | 53 |  |  |  | 51 |  |  |  | 350 |  |  |  | 340 |
Financial position: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated co-investment ventures: |
Total assets ($) |  | 7,376 |  |  |  | 7,303 |  |  |  | 2,791 |  |  |  | 2,137 |  |  |  | 13,615 |  |  |  | 13,028 |  |  |  | 7,119 |  |  |  | 7,089 |  |  |  | 30,901 |  |  |  | 29,557 |
Third-party debt ($) |  | 2,090 |  |  |  | 2,094 |  |  |  | 775 |  |  |  | 838 |  |  |  | 2,993 |  |  |  | 2,548 |  |  |  | 2,835 |  |  |  | 2,668 |  |  |  | 8,693 |  |  |  | 8,148 |
Total liabilities ($) |  | 2,411 |  |  |  | 2,350 |  |  |  | 816 |  |  |  | 862 |  |  |  | 4,226 |  |  |  | 3,615 |  |  |  | 3,174 |  |  |  | 3,006 |  |  |  | 10,627 |  |  |  | 9,833 |
Our investment balance ($) (2) |  | 1,441 |  |  |  | 1,457 |  |  |  | 669 |  |  |  | 554 |  |  |  | 2,574 |  |  |  | 2,784 |  |  |  | 588 |  |  |  | 613 |  |  |  | 5,272 |  |  |  | 5,408 |
Our weighted average ownership (3) (4) |  | 27.2 | % |  |  | 27.4 | % |  |  | 38.5 | % |  |  | 44.4 | % |  |  | 30.6 | % |  |  | 33.2 | % |  |  | 15.1 | % |  |  | 15.1 | % |  |  | 27.0 | % |  |  | 28.3 | %
| U.S. |  |  | Other Americas |  |  | Europe |  |  | Asia |  |  | Total |
Operating Information: | Mar 31, 2019 |  |  | Mar 31, 2018 |  |  | Mar 31, 2019 |  |  | Mar 31, 2018 |  |  | Mar 31, 2019 |  |  | Mar 31, 2018 |  |  | Mar 31, 2019 |  |  | Mar 31, 2018 |  |  | Mar 31, 2019 |  |  | Mar 31, 2018 |
For the three months ended: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unconsolidated co-investment ventures: |
Total revenues ($) |  | 179 |  |  |  | 168 |  |  |  | 67 |  |  |  | 53 |  |  |  | 271 |  |  |  | 288 |  |  |  | 120 |  |  |  | 108 |  |  |  | 637 |  |  |  | 617 |
Net earnings ($) |  | 29 |  |  |  | 13 |  |  |  | 34 |  |  |  | 14 |  |  |  | 71 |  |  |  | 93 |  |  |  | 37 |  |  |  | 42 |  |  |  | 171 |  |  |  | 162 |
Our earnings from unconsolidated co-investment ventures, net ($) |  | 9 |  |  |  | 5 |  |  |  | 13 |  |  |  | 6 |  |  |  | 25 |  |  |  | 37 |  |  |  | 6 |  |  |  | 7 |  |  |  | 53 |  |  |  | 55 |
(1) | PBLV and our other Brazilian joint ventures are combined and accounted for as one venture for the purpose of this table.
(2) | Prologis’ investment balance is presented at our adjusted basis derived from the ventures’ U.S. GAAP information. The difference between our ownership interest of a venture’s equity and our investment balance at March 31, 2019 and December 31, 2018, results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018 ($627.4 million and $635.9 million, respectively); (ii) recording additional costs associated with our investment in the venture ($88.4 million and $94.4 million, respectively); (iii) receivables, principally for fees and promotes ($100.9 million and $166.7 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. ($122.0 million for both periods).
(3) | Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets, before depreciation, net of other liabilities.
(4) | In February 2019, we redeemed a portion of our investment in Prologis European Logistics Fund (“PELF”) for €278.2 million ($313.3 million). At March 31, 2019 our ownership in PELF was 24.3%.
Equity Commitments Related to Certain Unconsolidated Co-Investment Ventures At March 31, 2019, our remaining equity commitments were $283.2 million, principally for Prologis China Logistics Venture and PBLV. The equity commitments expire from 2020 to 2026.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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