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Real Estate (Tables) | 3 Months Ended
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Mar. 31, 2019
Real Estate [Abstract] |
Investments in Real Estate Properties | Investments in real estate properties consisted of the following (dollars and square feet in thousands):
| Square Feet |  |  | Number of Buildings |  |  |  |
| March 31, |  |  | December 31, |  |  | March 31, |  |  | December 31, |  |  | March 31, |  | December 31, |
| 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |  | 2019 |  | 2018 |
Operating properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Buildings and improvements |  | 351,159 |  |  |  | 354,762 |  |  |  | 1,869 |  |  |  | 1,858 |  |  | $ | 22,560,379 |  | $ | 22,587,267 |
Improved land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,106,848 |  |  | 8,044,888 |
Development portfolio, including land costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prestabilized |  | 7,562 |  |  |  | 8,709 |  |  |  | 34 |  |  |  | 30 |  |  |  | 623,569 |  |  | 828,064 |
Properties under development |  | 25,899 |  |  |  | 27,715 |  |  |  | 65 |  |  |  | 70 |  |  |  | 1,316,068 |  |  | 1,314,737 |
Land (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,143,294 |  |  | 1,192,220 |
Other real estate investments (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 645,540 |  |  | 619,811 |
Total investments in real estate properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34,395,698 |  |  | 34,586,987 |
Less accumulated depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,868,611 |  |  | 4,656,680 |
Net investments in real estate properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 29,527,087 |  | $ | 29,930,307 |
(1) | At March 31, 2019 and December 31, 2018, our land is comprised of 4,582 and 4,929 acres, respectively.
(2) | Included in other real estate investments were: (i) land parcels that are ground leased to third parties; (ii) non-logistics real estate; (iii) our corporate headquarters; (iv) earnest money deposits associated with potential acquisitions; (v) costs related to future development projects, including purchase options on land; and (vi) infrastructure costs related to projects we are developing on behalf of others.
Summary of Properties Acquired | The following table summarizes our real estate acquisition activity (dollars and square feet in thousands):
|  | Three Months Ended March 31, |
|  | 2019 |  |  | 2018 |
Number of operating properties (1) |  |  | 12 |  |  |  | - |
Square feet (1) |  |  | 967 |  |  |  | - |
Acquisition value of net investments in real estate properties (2) |  | $ | 312,252 |  |  | $ | 134,941 |
(1) | During the three months ended March 31, 2018, we did not acquire operating properties.
(2) | Value includes the acquisition of 188 and 379 acres of land during the three months ended March 31, 2019 and 2018, respectively.
Number Of Properties Disposed | The following table summarizes our gains on real estate transactions, net (dollars and square feet in thousands):
|  | Three Months Ended March 31, |
|  | 2019 |  |  | 2018 |
Contributions to unconsolidated entities |  |  |  |  |  |  |  |
Number of properties |  |  | 19 |  |  |  | 8 |
Square feet |  |  | 8,149 |  |  |  | 3,078 |
Net proceeds (1) (2) |  | $ | 744,165 |  |  | $ | 539,822 |
Gains on contributions, net (1) (2) |  | $ | 37,138 |  |  | $ | 167,726 |
Dispositions to third parties |  |  |  |  |  |  |  |
Number of properties |  |  | 2 |  |  |  | 11 |
Square feet |  |  | 670 |  |  |  | 1,303 |
Net proceeds (1) |  | $ | 52,024 |  |  | $ | 87,981 |
Gains on dispositions, net (1) |  | $ | 16,048 |  |  | $ | 27,385 |
Total gains on contributions and dispositions, net |  | $ | 53,186 |  |  | $ | 195,111 |
Gain on partial redemption of investment in a co-investment venture (3) |  |  | 135,022 |  |  |  | - |
Total gains on real estate transactions, net |  | $ | 188,208 |  |  | $ | 195,111 |
(1) | Includes the contribution and disposition of land parcels.
(2) | In January 2019, we formed Prologis Brazil Logistics Venture (“PBLV”), a Brazilian unconsolidated co-investment venture, with one partner. We contributed an initial portfolio of real estate properties to PBLV consisting of 14 operating properties totaling 6.9 million square feet and 371 acres of land. We received cash proceeds and units for our 20% equity interest.
(3) | See Note 4 for more information on this transaction.
Summary of Minimum Lease Payments Due from Our Customers on Leases | The following table summarizes the minimum lease payments due from our customers on leases with lease periods greater than one year for space in our operating properties, prestabilized development properties and leases of land subject to ground leases at March 31, 2019 (in thousands):
2019 |  | $ | 1,518,699 |
2020 |  |  | 1,950,122 |
2021 |  |  | 1,679,801 |
2022 |  |  | 1,360,816 |
2023 |  |  | 1,076,401 |
Thereafter |  |  | 3,550,169 |
Total |  | $ | 11,136,008 |
Fixed, Future Minimum Rental Payments, Excluding Variable Costs Under Non-Cancelable Operating Leases | The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by our incremental borrowing rates to calculate the lease liabilities for our operating leases in which we are the lessee (in thousands):
|  | March 31, 2019 |  |  | December 31, 2018 |
2019 |  | $ | 32,091 |  |  | $ | 38,769 |
2020 |  |  | 42,062 |  |  |  | 38,267 |
2021 |  |  | 38,032 |  |  |  | 34,307 |
2022 |  |  | 36,057 |  |  |  | 32,312 |
2023 |  |  | 31,029 |  |  |  | 30,180 |
Thereafter |  |  | 681,381 |  |  |  | 670,147 |
Total undiscounted rental payments |  |  | 860,652 |  |  | $ | 843,982 |
Less imputed interest |  |  | 468,311 |  |  |  |  |
Total lease liabilities |  | $ | 392,341 |  |  |  |  |

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