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Unconsolidated Entities | 3 Months Ended
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Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract] |
Unconsolidated Entities | NOTE 3. 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 management 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, which are related parties and accounted for using the equity method of accounting. See Note 6 for more detail regarding our consolidated investments that are not wholly owned. We also have investments in other ventures, generally with one partner, which we primarily account for using the equity method. We refer to our investments in both unconsolidated co-investment ventures and other ventures, collectively, as 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 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. 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. Equity Commitments Related to Certain Unconsolidated Co-Investment Ventures At March 31, 2026, our outstanding equity commitments were $909 million, principally for our U.S. co-investment ventures. The equity commitments expire from 2026 to 2034 if they have not been previously called.

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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://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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