XML 36 R13.htm IDEA: XBRL DOCUMENT
v3.21.1

Real Estate | 3 Months Ended
--- | ---
Mar. 31, 2021
Real Estate [Abstract] |
Real Estate | NOTE 3. REAL ESTATE Investments in real estate properties consisted of the following (dollars and square feet in thousands):
| Square Feet |  |  | Number of Buildings |  |  |  |
| Mar 31, |  |  | Dec 31, |  |  | Mar 31, |  |  | Dec 31, |  |  | Mar 31, |  | Dec 31, |
| 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |  |  | 2021 |  | 2020 |
Operating properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Buildings and improvements |  | 441,737 |  |  |  | 441,336 |  |  |  | 2,265 |  |  |  | 2,261 |  |  | $ | 31,520,177 |  | $ | 31,489,943 |
Improved land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,025,439 |  |  | 12,017,676 |
Development portfolio, including land costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prestabilized |  | 5,572 |  |  |  | 6,076 |  |  |  | 18 |  |  |  | 24 |  |  |  | 480,918 |  |  | 553,266 |
Properties under development |  | 22,990 |  |  |  | 22,004 |  |  |  | 62 |  |  |  | 61 |  |  |  | 1,550,798 |  |  | 1,329,345 |
Land (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,699,738 |  |  | 1,606,358 |
Other real estate investments (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,182,295 |  |  | 3,387,740 |
Total investments in real estate properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 50,459,365 |  |  | 50,384,328 |
Less accumulated depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,823,824 |  |  | 6,539,156 |
Net investments in real estate properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 43,635,541 |  | $ | 43,845,172 |
(1) | At March 31, 2021 and December 31, 2020, our land was comprised of 5,113 and 5,304 acres, respectively.
(2) | Included in other real estate investments were: (i) non-strategic real estate assets acquired in the Liberty Transaction that we do not intend to operate long-term; (ii) land parcels we own and lease to third parties; (iii) real estate assets that we intend to redevelop into industrial properties; and (iv) costs associated with potential acquisitions and future development projects, including purchase options on land.
Acquisitions The following table summarizes our real estate acquisition activity, excluding the Liberty Transaction as discussed in Note 2 (dollars and square feet in thousands):
|  | Three Months Ended March 31, |
|  | 2021 |  |  | 2020 (1) |
Number of operating properties |  |  | 1 |  |  |  | 137 |
Square feet |  |  | 25 |  |  |  | 20,256 |
Acres of land |  |  | 261 |  |  |  | 267 |
Acquisition cost of net investments in real estate |  | $ | 229,050 |  |  | $ | 2,393,767 |
(1) | On January 8, 2020, our two U.S. co-investment ventures, Prologis Targeted U.S. Logistics Fund, L.P. (“USLF”) and Prologis U.S. Logistics Venture, LLC (“USLV”), acquired the wholly-owned real estate assets of Industrial Property Trust Inc. (“IPT”) for $2.0 billion each in a cash transaction, including transaction costs and the assumption and repayment of debt (the “IPT Transaction”). As USLV is a consolidated co-investment venture, the number of operating properties, square feet and acquisition cost are included in the consolidated acquisition activity.
Dispositions The following table summarizes our dispositions of net investments in real estate which include contributions to unconsolidated co-investment ventures and dispositions to third parties (dollars and square feet in thousands):
|  | Three Months Ended March 31, |
|  | 2021 |  |  | 2020 |
Dispositions of development properties and land, net (1) |  |  |  |  |  |  |  |
Number of properties |  |  | 8 |  |  |  | 11 |
Square feet |  |  | 4,287 |  |  |  | 4,636 |
Net proceeds |  | $ | 769,813 |  |  | $ | 633,563 |
Gains on dispositions of development properties and land, net |  | $ | 173,643 |  |  | $ | 162,750 |
Other dispositions of investments in real estate, net |  |  |  |  |  |  |  |
Number of properties |  |  | 1 |  |  |  | 18 |
Square feet |  |  | 476 |  |  |  | 2,305 |
Net proceeds |  | $ | 23,342 |  |  | $ | 160,557 |
Gains on other dispositions of investments in real estate, net |  | $ | 16,623 |  |  | $ | 31,491 |
(1) | The gains we recognize in Gains on Dispositions of Development Properties and Land, Net are primarily driven by the contribution of newly developed properties to our unconsolidated co-investment ventures.
Leases We recognized lease right-of-use assets of $462.8 million and $492.8 million within Other Assets and lease liabilities of $458.7 million and $487.0 million within Other Liabilities, for land and office space leases in which we are the lessee, on the Consolidated Balance Sheets at March 31, 2021 and December 31, 2020, respectively.

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
Name: | us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration