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v3.26.1

Unconsolidated Entities (Tables) | 3 Months Ended
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Mar. 31, 2026
Schedule Of Equity Method Investments [Line Items] |
Summary of Investments in and Advances to our Unconsolidated Entities | The following table summarizes our investments in and advances to unconsolidated entities (in thousands):
|  | March 31, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
Unconsolidated co-investment ventures |  | $ | 10,397,182 |  |  | $ | 10,263,233 |
Other ventures |  |  | 844,541 |  |  |  | 830,703 |
Total |  | $ | 11,241,723 |  |  | $ | 11,093,936 |
Unconsolidated Co-Investment Ventures [Member] |
Schedule Of Equity Method Investments [Line Items] |
Summary of Investments in and Advances to our Unconsolidated Entities | The following table summarizes the key property information, financial position and operating information of our unconsolidated co-investment ventures on a U.S. GAAP basis (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to these ventures (dollars and square feet in millions):
| U.S. (1) |  |  | Other Americas (2) |  |  | Europe |  |  | Asia (1) |  |  | Total |
At: | Mar 31, 2026 |  |  | Dec 31, 2025 |  |  | Mar 31, 2026 |  |  | Dec 31, 2025 |  |  | Mar 31, 2026 |  |  | Dec 31, 2025 |  |  | Mar 31, 2026 |  |  | Dec 31, 2025 |  |  | Mar 31, 2026 |  |  | Dec 31, 2025 |
Key property information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ventures |  | 3 |  |  |  | 1 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |  |  |  | 6 |  |  |  | 5 |  |  |  | 13 |  |  |  | 10 |
Operating properties |  | 785 |  |  |  | 784 |  |  |  | 389 |  |  |  | 393 |  |  |  | 1,058 |  |  |  | 1,058 |  |  |  | 245 |  |  |  | 245 |  |  |  | 2,477 |  |  |  | 2,480 |
Square feet |  | 140 |  |  |  | 139 |  |  |  | 84 |  |  |  | 86 |  |  |  | 238 |  |  |  | 238 |  |  |  | 101 |  |  |  | 101 |  |  |  | 563 |  |  |  | 564 |
Financial position: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets ($) |  | 15,813 |  |  |  | 14,711 |  |  |  | 7,231 |  |  |  | 7,308 |  |  |  | 26,036 |  |  |  | 26,764 |  |  |  | 9,332 |  |  |  | 9,470 |  |  |  | 58,412 |  |  |  | 58,253 |
Third-party debt ($) |  | 6,861 |  |  |  | 6,386 |  |  |  | 2,443 |  |  |  | 2,429 |  |  |  | 6,991 |  |  |  | 7,101 |  |  |  | 3,555 |  |  |  | 3,758 |  |  |  | 19,850 |  |  |  | 19,674 |
Total liabilities ($) |  | 7,890 |  |  |  | 7,383 |  |  |  | 2,723 |  |  |  | 2,753 |  |  |  | 9,144 |  |  |  | 9,310 |  |  |  | 3,963 |  |  |  | 4,192 |  |  |  | 23,720 |  |  |  | 23,638 |
Our investment balance ($) (3) |  | 3,643 |  |  |  | 3,283 |  |  |  | 1,171 |  |  |  | 1,181 |  |  |  | 4,787 |  |  |  | 5,010 |  |  |  | 796 |  |  |  | 789 |  |  |  | 10,397 |  |  |  | 10,263 |
Our weighted average ownership (4) |  | 32.7 | % |  |  | 31.9 | % |  |  | 32.2 | % |  |  | 32.3 | % |  |  | 32.9 | % |  |  | 33.1 | % |  |  | 15.7 | % |  |  | 15.6 | % |  |  | 30.1 | % |  |  | 29.9 | %
| U.S. (1) |  |  | Other Americas (2) |  |  | Europe |  |  | Asia (1) |  |  | Total |
Operating Information: | Mar 31, 2026 |  |  | Mar 31, 2025 |  |  | Mar 31, 2026 |  |  | Mar 31, 2025 |  |  | Mar 31, 2026 |  |  | Mar 31, 2025 |  |  | Mar 31, 2026 |  |  | Mar 31, 2025 |  |  | Mar 31, 2026 |  |  | Mar 31, 2025 |
For the three months ended: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues ($) |  | 447 |  |  |  | 407 |  |  |  | 222 |  |  |  | 214 |  |  |  | 537 |  |  |  | 470 |  |  |  | 155 |  |  |  | 160 |  |  |  | 1,361 |  |  |  | 1,251 |
Net earnings ($) |  | 102 |  |  |  | 98 |  |  |  | 64 |  |  |  | 45 |  |  |  | 91 |  |  |  | 65 |  |  |  | 38 |  |  |  | 21 |  |  |  | 295 |  |  |  | 229 |
Our earnings from unconsolidated co-investment ventures, net ($) |  | 33 |  |  |  | 31 |  |  |  | 18 |  |  |  | 11 |  |  |  | 30 |  |  |  | 23 |  |  |  | 7 |  |  |  | 4 |  |  |  | 88 |  |  |  | 69 |
(1) During the three months ended March 31, 2026, we formed three new co-investment ventures with third-party investors: two development vehicles in the U.S. and one acquisition vehicle in Asia. We contributed real estate properties, cash or a combination of both in exchange for equity ownership interests in these ventures. We account for our investment in these ventures under the equity method of accounting. (2) Prologis Brazil Logistics Venture and our other Brazilian joint ventures are combined as one venture for the purpose of this table. (3) Prologis’ investment balance is presented at our adjusted basis. The difference between our ownership interest of a venture’s equity and our investment balance at March 31, 2026 and December 31, 2025, results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018; (ii) recording additional costs associated with our investment in the venture; (iii) receivables, principally for fees and promotes; and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. and Prologis Japan Core Logistics Fund. (4) 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.
Summary of Strategic Capital Revenues Recognized in Consolidated Statements of Income Related to 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, |
|  | 2026 |  |  | 2025 |
Recurring fees |  | $ | 136,635 |  |  | $ | 122,684 |
Transactional fees |  |  | 22,599 |  |  |  | 16,398 |
Promote revenue |  |  | 60 |  |  |  | - |
Total strategic capital revenues from unconsolidated co-investment ventures (1) |  | $ | 159,294 |  |  | $ | 139,082 |
(1) These amounts exclude strategic capital revenues from other ventures.

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