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DCT Transaction | 3 Months Ended
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Mar. 31, 2019
Business Combinations [Abstract] |
DCT Transaction | NOTE 2. DCT TRANSACTION We acquired DCT Industrial Trust Inc. and DCT Industrial Operating Partnership LP (collectively “DCT”) on August 22, 2018 (“DCT Transaction”). The DCT Transaction was completed for $8.5 billion through the issuance of equity based on the closing price of Prologis’ common stock on August 21, 2018 and the assumption of debt. In connection with the transaction, each issued and outstanding share or unit held by a DCT stockholder or unitholder was converted automatically into 1.02 shares of Prologis common stock or common units of Prologis, L.P., respectively, including shares and units under DCT’s equity incentive plan that became fully vested at closing. Through the DCT Transaction, we acquired a portfolio of logistics real estate assets that consisted of 408 operating properties, aggregating 68.0 million square feet, 10 properties under development, aggregating 2.8 million square feet and 305 acres of land with build-out potential of 4.5 million square feet. The aggregate equity consideration of approximately $6.6 billion is calculated below (in millions, except price per share):
Number of Prologis shares and units issued upon conversion of DCT shares and units at August 21, 2018 |  | 99.73 |
Multiplied by price of Prologis' common stock on August 21, 2018 | $ | 65.75 |
Fair value of Prologis shares and units issued | $ | 6,557 |
We accounted for the DCT Transaction as an asset acquisition and as a result the transaction costs of $50.0 million were capitalized to the basis of the acquired properties. Transaction costs include investment banker advisory fees, legal fees and other costs. Under acquisition accounting, the total purchase price was allocated to the DCT net tangible and identifiable intangible assets acquired and liabilities assumed based on their relative fair values as follows (in millions):
Net investments in real estate | $ | 8,362 |
Intangible assets, net of intangible liabilities |  | 292 |
Cash and other assets |  | 24 |
Debt |  | (1,863 | )
Accounts payable, accrued expenses and other liabilities |  | (143 | )
Noncontrolling interests |  | (65 | )
Total purchase price, including transaction costs | $ | 6,607 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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