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Unconsolidated Entities (Tables)
 3 Months Ended
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.