10-Q 1 pld-10q_20210930.htm PLD-Q310-Q pld-10q_20210930.htm
false false 2021-09-30 2021 Q3 Q3 0001045609 0001045610 --12-31 --12-31 http://fasb.org/us-gaap/2021-01-31#OtherAssets http://fasb.org/us-gaap/2021-01-31#OtherAssets http://fasb.org/us-gaap/2021-01-31#OtherLiabilities http://fasb.org/us-gaap/2021-01-31#OtherLiabilities P3Y P7Y P3Y P3Y P2Y6M P2Y P11Y8M12D P11Y2M12D P5Y8M12D P5Y7M6D P3Y2M12D P3Y P10Y9M18D P10Y2M12D P14Y3M19D 2032-02 P10Y1M6D 2031-03 P15Y4M24D 2028-06 P13Y10M24D P3Y 2024-02 P4Y8M12D 2025-11 P3Y9M18D 2041-02 2061-06 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0001045609 2021-01-01 2021-09-30 0001045609 pld:PrologisLimitedPartnershipMember 2021-01-01 2021-09-30 xbrli:shares 0001045609 2021-10-22 0001045609 us-gaap:CommonStockMember 2021-01-01 2021-09-30 0001045609 pld:PrologisLimitedPartnershipMember pld:ThreePointZeroZeroZeroPercentNotesDueTwoThousandTwentySixMember 2021-01-01 2021-09-30 0001045609 pld:PrologisLimitedPartnershipMember pld:TwoPointTwoFiveZeroPercentNotesDueTwoThousandTwentyNineMember 2021-01-01 2021-09-30 iso4217:USD 0001045609 2021-09-30 0001045609 2020-12-31 iso4217:USD xbrli:shares 0001045609 2021-07-01 2021-09-30 0001045609 2020-07-01 2020-09-30 0001045609 2020-01-01 2020-09-30 0001045609 us-gaap:PreferredStockMember 2021-06-30 0001045609 us-gaap:CommonStockMember 2021-06-30 0001045609 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0001045609 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0001045609 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2021-06-30 0001045609 us-gaap:NoncontrollingInterestMember 2021-06-30 0001045609 2021-06-30 0001045609 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2021-07-01 2021-09-30 0001045609 us-gaap:NoncontrollingInterestMember 2021-07-01 2021-09-30 0001045609 us-gaap:CommonStockMember 2021-07-01 2021-09-30 0001045609 us-gaap:AdditionalPaidInCapitalMember 2021-07-01 2021-09-30 0001045609 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-07-01 2021-09-30 0001045609 us-gaap:PreferredStockMember 2021-09-30 0001045609 us-gaap:CommonStockMember 2021-09-30 0001045609 us-gaap:AdditionalPaidInCapitalMember 2021-09-30 0001045609 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-09-30 0001045609 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2021-09-30 0001045609 us-gaap:NoncontrollingInterestMember 2021-09-30 0001045609 us-gaap:PreferredStockMember 2020-06-30 0001045609 us-gaap:CommonStockMember 2020-06-30 0001045609 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001045609 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001045609 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-06-30 0001045609 us-gaap:NoncontrollingInterestMember 2020-06-30 0001045609 2020-06-30 0001045609 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-07-01 2020-09-30 0001045609 us-gaap:NoncontrollingInterestMember 2020-07-01 2020-09-30 0001045609 us-gaap:CommonStockMember 2020-07-01 2020-09-30 0001045609 us-gaap:AdditionalPaidInCapitalMember 2020-07-01 2020-09-30 0001045609 us-gaap:PreferredStockMember 2020-07-01 2020-09-30 0001045609 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-07-01 2020-09-30 0001045609 us-gaap:PreferredStockMember 2020-09-30 0001045609 us-gaap:CommonStockMember 2020-09-30 0001045609 us-gaap:AdditionalPaidInCapitalMember 2020-09-30 0001045609 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-09-30 0001045609 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-09-30 0001045609 us-gaap:NoncontrollingInterestMember 2020-09-30 0001045609 2020-09-30 0001045609 us-gaap:PreferredStockMember 2020-12-31 0001045609 us-gaap:CommonStockMember 2020-12-31 0001045609 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001045609 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001045609 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-12-31 0001045609 us-gaap:NoncontrollingInterestMember 2020-12-31 0001045609 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2021-01-01 2021-09-30 0001045609 us-gaap:NoncontrollingInterestMember 2021-01-01 2021-09-30 0001045609 us-gaap:CommonStockMember 2021-01-01 2021-09-30 0001045609 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-09-30 0001045609 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-09-30 0001045609 us-gaap:PreferredStockMember 2019-12-31 0001045609 us-gaap:CommonStockMember 2019-12-31 0001045609 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001045609 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001045609 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-12-31 0001045609 us-gaap:NoncontrollingInterestMember 2019-12-31 0001045609 2019-12-31 0001045609 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-01-01 2020-09-30 0001045609 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-09-30 0001045609 us-gaap:CommonStockMember 2020-01-01 2020-09-30 0001045609 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-09-30 0001045609 us-gaap:PreferredStockMember 2020-01-01 2020-09-30 0001045609 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-09-30 0001045609 pld:LibertyPropertyTrustAndLibertyPropertyLimitedPartnershipMember 2021-01-01 2021-09-30 0001045609 pld:LibertyPropertyTrustAndLibertyPropertyLimitedPartnershipMember 2020-01-01 2020-09-30 0001045609 pld:IndustrialPropertyTrustIncMember 2021-01-01 2021-09-30 0001045609 pld:IndustrialPropertyTrustIncMember 2020-01-01 2020-09-30 0001045609 srt:PartnershipInterestMember 2021-09-30 0001045609 srt:PartnershipInterestMember 2020-12-31 0001045609 pld:PreferredCapitalMember srt:PartnershipInterestMember 2021-09-30 0001045609 pld:PreferredCapitalMember srt:PartnershipInterestMember 2020-12-31 0001045609 pld:CommonCapitalMember srt:PartnershipInterestMember 2021-09-30 0001045609 pld:CommonCapitalMember srt:PartnershipInterestMember 2020-12-31 0001045609 pld:ClassACapitalMember srt:PartnershipInterestMember 2021-09-30 0001045609 pld:ClassACapitalMember srt:PartnershipInterestMember 2020-12-31 0001045609 srt:PartnershipInterestMember 2021-07-01 2021-09-30 0001045609 srt:PartnershipInterestMember 2020-07-01 2020-09-30 0001045609 srt:PartnershipInterestMember 2021-01-01 2021-09-30 0001045609 srt:PartnershipInterestMember 2020-01-01 2020-09-30 0001045609 pld:PreferredCapitalMember us-gaap:GeneralPartnerMember srt:PartnershipInterestMember 2021-06-30 0001045609 pld:CommonCapitalMember us-gaap:GeneralPartnerMember srt:PartnershipInterestMember 2021-06-30 0001045609 pld:CommonCapitalMember us-gaap:LimitedPartnerMember srt:PartnershipInterestMember 2021-06-30 0001045609 pld:ClassACapitalMember us-gaap:LimitedPartnerMember srt:PartnershipInterestMember 2021-06-30 0001045609 us-gaap:NoncontrollingInterestMember srt:PartnershipInterestMember 2021-06-30 0001045609 srt:PartnershipInterestMember 2021-06-30 0001045609 pld:CommonCapitalMember us-gaap:GeneralPartnerMember srt:PartnershipInterestMember 2021-07-01 2021-09-30 0001045609 pld:CommonCapitalMember us-gaap:LimitedPartnerMember srt:PartnershipInterestMember 2021-07-01 2021-09-30 0001045609 pld:ClassACapitalMember us-gaap:LimitedPartnerMember srt:PartnershipInterestMember 2021-07-01 2021-09-30 0001045609 us-gaap:NoncontrollingInterestMember srt:PartnershipInterestMember 2021-07-01 2021-09-30 0001045609 pld:PreferredCapitalMember us-gaap:GeneralPartnerMember srt:PartnershipInterestMember 2021-09-30 0001045609 pld:CommonCapitalMember us-gaap:GeneralPartnerMember srt:PartnershipInterestMember 2021-09-30 0001045609 pld:CommonCapitalMember us-gaap:LimitedPartnerMember srt:PartnershipInterestMember 2021-09-30 0001045609 pld:ClassACapitalMember us-gaap:LimitedPartnerMember srt:PartnershipInterestMember 2021-09-30 0001045609 us-gaap:NoncontrollingInterestMember srt:PartnershipInterestMember 2021-09-30 0001045609 srt:PartnershipInterestMember pld:PreferredCapitalMember us-gaap:GeneralPartnerMember 2020-06-30 0001045609 srt:PartnershipInterestMember pld:CommonCapitalMember us-gaap:GeneralPartnerMember 2020-06-30 0001045609 srt:PartnershipInterestMember pld:CommonCapitalMember us-gaap:LimitedPartnerMember 2020-06-30 0001045609 srt:PartnershipInterestMember pld:ClassACapitalMember us-gaap:LimitedPartnerMember 2020-06-30 0001045609 srt:PartnershipInterestMember us-gaap:NoncontrollingInterestMember 2020-06-30 0001045609 srt:PartnershipInterestMember 2020-06-30 0001045609 srt:PartnershipInterestMember pld:CommonCapitalMember us-gaap:GeneralPartnerMember 2020-07-01 2020-09-30 0001045609 srt:PartnershipInterestMember pld:CommonCapitalMember us-gaap:LimitedPartnerMember 2020-07-01 2020-09-30 0001045609 srt:PartnershipInterestMember pld:ClassACapitalMember us-gaap:LimitedPartnerMember 2020-07-01 2020-09-30 0001045609 srt:PartnershipInterestMember us-gaap:NoncontrollingInterestMember 2020-07-01 2020-09-30 0001045609 srt:PartnershipInterestMember pld:PreferredCapitalMember us-gaap:GeneralPartnerMember 2020-07-01 2020-09-30 0001045609 srt:PartnershipInterestMember pld:PreferredCapitalMember us-gaap:GeneralPartnerMember 2020-09-30 0001045609 srt:PartnershipInterestMember pld:CommonCapitalMember us-gaap:GeneralPartnerMember 2020-09-30 0001045609 srt:PartnershipInterestMember pld:CommonCapitalMember us-gaap:LimitedPartnerMember 2020-09-30 0001045609 srt:PartnershipInterestMember pld:ClassACapitalMember us-gaap:LimitedPartnerMember 2020-09-30 0001045609 srt:PartnershipInterestMember us-gaap:NoncontrollingInterestMember 2020-09-30 0001045609 srt:PartnershipInterestMember 2020-09-30 0001045609 pld:PreferredCapitalMember us-gaap:GeneralPartnerMember srt:PartnershipInterestMember 2020-12-31 0001045609 pld:CommonCapitalMember us-gaap:GeneralPartnerMember srt:PartnershipInterestMember 2020-12-31 0001045609 pld:CommonCapitalMember us-gaap:LimitedPartnerMember srt:PartnershipInterestMember 2020-12-31 0001045609 pld:ClassACapitalMember us-gaap:LimitedPartnerMember srt:PartnershipInterestMember 2020-12-31 0001045609 us-gaap:NoncontrollingInterestMember srt:PartnershipInterestMember 2020-12-31 0001045609 pld:CommonCapitalMember us-gaap:GeneralPartnerMember srt:PartnershipInterestMember 2021-01-01 2021-09-30 0001045609 pld:CommonCapitalMember us-gaap:LimitedPartnerMember srt:PartnershipInterestMember 2021-01-01 2021-09-30 0001045609 pld:ClassACapitalMember us-gaap:LimitedPartnerMember srt:PartnershipInterestMember 2021-01-01 2021-09-30 0001045609 us-gaap:NoncontrollingInterestMember srt:PartnershipInterestMember 2021-01-01 2021-09-30 0001045609 srt:PartnershipInterestMember pld:PreferredCapitalMember us-gaap:GeneralPartnerMember 2019-12-31 0001045609 srt:PartnershipInterestMember pld:CommonCapitalMember us-gaap:GeneralPartnerMember 2019-12-31 0001045609 srt:PartnershipInterestMember pld:CommonCapitalMember us-gaap:LimitedPartnerMember 2019-12-31 0001045609 srt:PartnershipInterestMember pld:ClassACapitalMember us-gaap:LimitedPartnerMember 2019-12-31 0001045609 srt:PartnershipInterestMember us-gaap:NoncontrollingInterestMember 2019-12-31 0001045609 srt:PartnershipInterestMember 2019-12-31 0001045609 srt:PartnershipInterestMember pld:CommonCapitalMember us-gaap:GeneralPartnerMember 2020-01-01 2020-09-30 0001045609 srt:PartnershipInterestMember pld:CommonCapitalMember us-gaap:LimitedPartnerMember 2020-01-01 2020-09-30 0001045609 srt:PartnershipInterestMember pld:ClassACapitalMember us-gaap:LimitedPartnerMember 2020-01-01 2020-09-30 0001045609 srt:PartnershipInterestMember us-gaap:NoncontrollingInterestMember 2020-01-01 2020-09-30 0001045609 srt:PartnershipInterestMember pld:PreferredCapitalMember us-gaap:GeneralPartnerMember 2020-01-01 2020-09-30 0001045609 srt:PartnershipInterestMember pld:LibertyPropertyTrustAndLibertyPropertyLimitedPartnershipMember 2021-01-01 2021-09-30 0001045609 srt:PartnershipInterestMember pld:LibertyPropertyTrustAndLibertyPropertyLimitedPartnershipMember 2020-01-01 2020-09-30 0001045609 srt:PartnershipInterestMember pld:IndustrialPropertyTrustIncMember 2021-01-01 2021-09-30 0001045609 srt:PartnershipInterestMember pld:IndustrialPropertyTrustIncMember 2020-01-01 2020-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember 2021-01-01 2021-09-30 0001045609 us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-09-30 0001045609 pld:LongTermIncentivePlanUnitsMember 2021-01-01 2021-09-30 0001045609 us-gaap:NondesignatedMember 2021-01-01 2021-09-30 0001045609 us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 pld:Segment xbrli:pure 0001045609 us-gaap:GeneralPartnerMember pld:PrologisLimitedPartnershipMember 2021-01-01 2021-09-30 0001045609 pld:UnaffiliatedInvestorsAndCertainCurrentAndFormerDirectorsAndOfficersMember 2021-01-01 2021-09-30 0001045609 pld:LibertyPropertyTrustAndLibertyPropertyLimitedPartnershipMemberMember 2020-02-03 2020-02-04 pld:Property 0001045609 pld:LibertyPropertyTrustAndLibertyPropertyLimitedPartnershipMemberMember 2020-02-04 utr:sqft 0001045609 pld:LibertyPropertyTrustAndLibertyPropertyLimitedPartnershipMemberMember pld:OtherVenturesMemberMember 2020-02-04 0001045609 us-gaap:BuildingAndBuildingImprovementsMember 2021-09-30 0001045609 pld:DevelopmentPortfolioIncludingCostOfLandPrestabilizedMember 2021-09-30 0001045609 pld:PropertiesUnderDevelopmentMember 2021-09-30 0001045609 us-gaap:BuildingAndBuildingImprovementsMember 2020-12-31 0001045609 pld:DevelopmentPortfolioIncludingCostOfLandPrestabilizedMember 2020-12-31 0001045609 pld:PropertiesUnderDevelopmentMember 2020-12-31 pld:Building 0001045609 us-gaap:LandImprovementsMember 2021-09-30 0001045609 us-gaap:LandMember 2021-09-30 0001045609 us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember 2021-09-30 0001045609 us-gaap:LandImprovementsMember 2020-12-31 0001045609 us-gaap:LandMember 2020-12-31 0001045609 us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember 2020-12-31 utr:acre 0001045609 us-gaap:LandMember pld:AcquisitionsFromThirdPartiesMember 2021-07-01 2021-09-30 0001045609 us-gaap:LandMember pld:AcquisitionsFromThirdPartiesMember 2020-07-01 2020-09-30 0001045609 us-gaap:LandMember pld:AcquisitionsFromThirdPartiesMember 2021-01-01 2021-09-30 0001045609 us-gaap:LandMember pld:AcquisitionsFromThirdPartiesMember 2020-01-01 2020-09-30 0001045609 pld:PrologisTargetedUSLogisticsFundMember 2020-01-08 2020-01-08 0001045609 us-gaap:SegmentDiscontinuedOperationsMember 2021-07-01 2021-09-30 0001045609 us-gaap:SegmentDiscontinuedOperationsMember 2020-07-01 2020-09-30 0001045609 us-gaap:SegmentDiscontinuedOperationsMember 2021-01-01 2021-09-30 0001045609 us-gaap:SegmentDiscontinuedOperationsMember 2020-01-01 2020-09-30 0001045609 us-gaap:SegmentContinuingOperationsMember 2021-07-01 2021-09-30 0001045609 us-gaap:SegmentContinuingOperationsMember 2020-07-01 2020-09-30 0001045609 us-gaap:SegmentContinuingOperationsMember 2021-01-01 2021-09-30 0001045609 us-gaap:SegmentContinuingOperationsMember 2020-01-01 2020-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember 2021-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember 2020-12-31 0001045609 pld:OtherVenturesMember 2021-09-30 0001045609 pld:OtherVenturesMember 2020-12-31 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember 2021-07-01 2021-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember 2020-07-01 2020-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember 2021-01-01 2021-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember 2020-01-01 2020-09-30 pld:Venture 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember country:US 2021-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember country:US 2020-12-31 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember pld:OtherAmericasMember 2021-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember pld:OtherAmericasMember 2020-12-31 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember srt:EuropeMember 2021-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember srt:EuropeMember 2020-12-31 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember srt:AsiaMember 2021-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember srt:AsiaMember 2020-12-31 0001045609 srt:WeightedAverageMember pld:UnconsolidatedCoInvestmentVenturesMember country:US 2021-09-30 0001045609 srt:WeightedAverageMember pld:UnconsolidatedCoInvestmentVenturesMember country:US 2020-12-31 0001045609 srt:WeightedAverageMember pld:UnconsolidatedCoInvestmentVenturesMember pld:OtherAmericasMember 2021-09-30 0001045609 srt:WeightedAverageMember pld:UnconsolidatedCoInvestmentVenturesMember pld:OtherAmericasMember 2020-12-31 0001045609 srt:WeightedAverageMember pld:UnconsolidatedCoInvestmentVenturesMember srt:EuropeMember 2021-09-30 0001045609 srt:WeightedAverageMember pld:UnconsolidatedCoInvestmentVenturesMember srt:EuropeMember 2020-12-31 0001045609 srt:WeightedAverageMember pld:UnconsolidatedCoInvestmentVenturesMember srt:AsiaMember 2021-09-30 0001045609 srt:WeightedAverageMember pld:UnconsolidatedCoInvestmentVenturesMember srt:AsiaMember 2020-12-31 0001045609 srt:WeightedAverageMember pld:UnconsolidatedCoInvestmentVenturesMember 2021-09-30 0001045609 srt:WeightedAverageMember pld:UnconsolidatedCoInvestmentVenturesMember 2020-12-31 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember country:US 2021-07-01 2021-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember country:US 2020-07-01 2020-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember pld:OtherAmericasMember 2021-07-01 2021-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember pld:OtherAmericasMember 2020-07-01 2020-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember srt:EuropeMember 2021-07-01 2021-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember srt:EuropeMember 2020-07-01 2020-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember srt:AsiaMember 2021-07-01 2021-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember srt:AsiaMember 2020-07-01 2020-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember country:US 2021-01-01 2021-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember country:US 2020-01-01 2020-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember pld:OtherAmericasMember 2021-01-01 2021-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember pld:OtherAmericasMember 2020-01-01 2020-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember srt:EuropeMember 2021-01-01 2021-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember srt:EuropeMember 2020-01-01 2020-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember srt:AsiaMember 2021-01-01 2021-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember srt:AsiaMember 2020-01-01 2020-09-30 0001045609 pld:PrologisIncMember 2021-09-30 0001045609 pld:PrologisIncMember 2021-01-01 2021-09-30 0001045609 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember 2021-09-30 0001045609 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember 2020-12-31 0001045609 us-gaap:LineOfCreditMember 2021-09-30 0001045609 us-gaap:SeniorNotesMember 2021-09-30 0001045609 pld:TermLoansAndOtherDebtMember 2021-09-30 0001045609 us-gaap:SecuredDebtMember 2021-09-30 0001045609 us-gaap:LineOfCreditMember 2021-01-01 2021-09-30 0001045609 us-gaap:SeniorNotesMember 2021-01-01 2021-09-30 0001045609 pld:TermLoansAndOtherDebtMember 2021-01-01 2021-09-30 0001045609 us-gaap:SecuredDebtMember 2021-01-01 2021-09-30 0001045609 us-gaap:LineOfCreditMember 2020-12-31 0001045609 us-gaap:SeniorNotesMember 2020-12-31 0001045609 pld:TermLoansAndOtherDebtMember 2020-12-31 0001045609 us-gaap:SecuredDebtMember 2020-12-31 0001045609 us-gaap:LineOfCreditMember 2020-01-01 2020-12-31 0001045609 us-gaap:SeniorNotesMember 2020-01-01 2020-12-31 0001045609 pld:TermLoansAndOtherDebtMember 2020-01-01 2020-12-31 0001045609 us-gaap:SecuredDebtMember 2020-01-01 2020-12-31 0001045609 2020-01-01 2020-12-31 0001045609 currency:GBP 2021-09-30 0001045609 currency:CAD 2021-09-30 0001045609 currency:EUR 2021-09-30 0001045609 currency:JPY 2021-09-30 0001045609 currency:USD 2021-09-30 0001045609 currency:GBP 2020-12-31 0001045609 currency:CAD 2020-12-31 0001045609 currency:EUR 2020-12-31 0001045609 currency:JPY 2020-12-31 0001045609 currency:USD 2020-12-31 0001045609 pld:GlobalCreditFacility2019Member 2021-01-01 2021-09-30 0001045609 pld:GlobalCreditFacility2019Member 2021-09-30 0001045609 pld:GlobalCreditFacility2021Member 2021-01-01 2021-09-30 0001045609 pld:GlobalCreditFacility2021Member 2021-04-30 0001045609 pld:GlobalCreditFacility2019Member 2021-04-30 iso4217:JPY 0001045609 pld:YenCreditFacilityMember 2021-09-30 0001045609 pld:YenCreditFacilityMember 2020-01-01 2020-12-31 0001045609 pld:FebruaryTwoThousandThirtyTwoSeniorNotesMember currency:EUR pld:IssuanceOfSeniorNotesMember 2021-01-01 2021-09-30 0001045609 pld:FebruaryTwoThousandFortyOneSeniorNotesMember currency:EUR pld:IssuanceOfSeniorNotesMember 2021-01-01 2021-09-30 0001045609 pld:MarchTwoThousandAndThirtyOneSeniorNotesMember currency:USD pld:IssuanceOfSeniorNotesMember 2021-01-01 2021-09-30 0001045609 pld:JuneTwoThousandTwentyEightSeniorNotesMember currency:JPY pld:IssuanceOfSeniorNotesMember 2021-01-01 2021-09-30 0001045609 pld:JuneTwoThousandSixtyOneSeniorNotesMember currency:JPY pld:RedemptionOfSeniorNotesMember 2021-01-01 2021-09-30 0001045609 pld:FebruaryTwoThousandAndTwentyFourSeniorNotesMember currency:EUR pld:RedemptionOfSeniorNotesMember 2021-01-01 2021-09-30 0001045609 pld:NovemberTwoThousandAndTwentyFiveSeniorNotesMember currency:USD pld:RedemptionOfSeniorNotesMember 2021-01-01 2021-09-30 0001045609 pld:FebruaryTwoThousandThirtyTwoSeniorNotesMember currency:EUR srt:WeightedAverageMember pld:IssuanceOfSeniorNotesMember 2021-01-01 2021-09-30 0001045609 pld:MarchTwoThousandAndThirtyOneSeniorNotesMember currency:USD srt:WeightedAverageMember pld:IssuanceOfSeniorNotesMember 2021-01-01 2021-09-30 0001045609 pld:JuneTwoThousandTwentyEightSeniorNotesMember currency:JPY srt:WeightedAverageMember pld:IssuanceOfSeniorNotesMember 2021-01-01 2021-09-30 0001045609 pld:IssuanceOfSeniorNotesMember 2021-01-01 2021-09-30 0001045609 pld:FebruaryTwoThousandAndTwentyFourSeniorNotesMember currency:EUR srt:WeightedAverageMember pld:RedemptionOfSeniorNotesMember 2021-01-01 2021-09-30 0001045609 pld:NovemberTwoThousandAndTwentyFiveSeniorNotesMember currency:USD srt:WeightedAverageMember pld:RedemptionOfSeniorNotesMember 2021-01-01 2021-09-30 0001045609 pld:RedemptionOfSeniorNotesMember 2021-01-01 2021-09-30 iso4217:EUR 0001045609 pld:FebruaryTwoThousandThirtyTwoSeniorNotesMember currency:EUR srt:WeightedAverageMember pld:IssuanceOfSeniorNotesMember 2021-09-30 0001045609 pld:MarchTwoThousandAndThirtyOneSeniorNotesMember currency:USD srt:WeightedAverageMember pld:IssuanceOfSeniorNotesMember 2021-09-30 0001045609 pld:JuneTwoThousandTwentyEightSeniorNotesMember currency:JPY srt:WeightedAverageMember pld:IssuanceOfSeniorNotesMember 2021-09-30 0001045609 pld:FebruaryTwoThousandAndTwentyFourSeniorNotesMember currency:EUR srt:WeightedAverageMember pld:RedemptionOfSeniorNotesMember 2021-09-30 0001045609 pld:NovemberTwoThousandAndTwentyFiveSeniorNotesMember currency:USD srt:WeightedAverageMember pld:RedemptionOfSeniorNotesMember 2021-09-30 0001045609 pld:IssuanceOfSeniorNotesMember 2021-09-30 0001045609 pld:RedemptionOfSeniorNotesMember 2021-09-30 0001045609 currency:EUR pld:MayTwoThousandTwentyFourAndFiveSeniorNotesMember 2021-01-01 2021-09-30 0001045609 currency:EUR pld:MayTwoThousandTwentyOneSeniorNotesMember 2020-01-01 2020-09-30 0001045609 pld:TwoThousandSeventeenTermLoanMember 2021-01-01 2021-09-30 0001045609 pld:SecuredMortgageDebtMember 2021-09-30 0001045609 pld:PrologisEuroFinanceLLCMember 2018-07-01 2018-07-31 0001045609 pld:PrologisYenFinanceLLCMember 2018-08-01 2018-08-31 0001045609 pld:PrologisSterlingFinanceLLCMember 2018-10-01 2018-10-31 0001045609 pld:PrologisUSLogisticsVentureMember 2021-09-30 0001045609 pld:PrologisUSLogisticsVentureMember 2020-12-31 0001045609 pld:OtherConsolidatedEntitiesMember 2021-01-01 2021-09-30 0001045609 pld:OtherConsolidatedEntitiesMember 2020-01-01 2020-12-31 0001045609 pld:OtherConsolidatedEntitiesMember 2021-09-30 0001045609 pld:OtherConsolidatedEntitiesMember 2020-12-31 0001045609 pld:PrologisIncMember us-gaap:NoncontrollingInterestMember 2021-09-30 0001045609 pld:PrologisIncMember us-gaap:NoncontrollingInterestMember 2020-12-31 0001045609 pld:PrologisIncMember 2020-12-31 0001045609 pld:OtherConsolidatedEntitiesMember us-gaap:CommonStockMember 2021-09-30 0001045609 pld:OtherConsolidatedEntitiesMember us-gaap:CommonStockMember 2020-12-31 0001045609 pld:ClassACapitalMember 2021-09-30 0001045609 pld:ClassACapitalMember 2020-12-31 0001045609 pld:ClassACapitalMember 2021-01-01 2021-09-30 0001045609 pld:ClassACapitalMember 2020-01-01 2020-12-31 0001045609 pld:CommonUnitsMember 2021-01-01 2021-09-30 0001045609 pld:CommonUnitsMember 2020-01-01 2020-12-31 0001045609 pld:LongTermIncentivePlanUnitsMember 2020-01-01 2020-12-31 0001045609 pld:OutperformancePlanMember 2021-01-01 2021-09-30 0001045609 pld:OutperformancePlanMember srt:MinimumMember 2021-01-01 2021-09-30 0001045609 pld:OutperformancePlanMember srt:MaximumMember 2021-01-01 2021-09-30 0001045609 pld:OutperformancePlanMember pld:TwoThousandTwentyOneToTwoThousandTwentyThreePerformancePeriodsMember 2021-01-01 2021-01-31 0001045609 pld:OutperformancePlanMember us-gaap:ShareBasedCompensationAwardTrancheOneMember pld:TwoThousandTwentyOneToTwoThousandTwentyThreePerformancePeriodsMember 2021-01-01 2021-09-30 0001045609 pld:OutperformancePlanMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember pld:TwoThousandTwentyOneToTwoThousandTwentyThreePerformancePeriodsMember 2021-01-01 2021-09-30 0001045609 pld:OutperformancePlanMember pld:PrologisIncMember pld:TwoThousandTwentyOneToTwoThousandTwentyThreePerformancePeriodsMember 2021-01-01 2021-01-31 0001045609 pld:OutperformancePlanMember pld:MsciUsReitIndexMember pld:TwoThousandTwentyOneToTwoThousandTwentyThreePerformancePeriodsMember 2021-01-01 2021-01-31 0001045609 pld:TwoThousandEighteenToTwoThousandTwentyPerformancePeriodsMember pld:OutperformancePlanMember 2021-01-01 2021-09-30 0001045609 pld:TwoThousandSixteenToTwoThousandEighteenMember pld:OutperformancePlanMember 2021-01-01 2021-01-31 0001045609 pld:TwentySeventeenToTwentyNineteenPerformancePeriodsMember pld:OutperformancePlanMember 2021-01-01 2021-01-31 0001045609 us-gaap:RestrictedStockUnitsRSUMember 2020-12-31 0001045609 us-gaap:RestrictedStockUnitsRSUMember 2021-09-30 0001045609 pld:LongTermIncentivePlanUnitsMember 2020-12-31 0001045609 pld:LongTermIncentivePlanUnitsMember 2021-09-30 0001045609 srt:PartnershipInterestMember pld:ClassACapitalMember 2021-07-01 2021-09-30 0001045609 srt:PartnershipInterestMember pld:ClassACapitalMember 2020-07-01 2020-09-30 0001045609 srt:PartnershipInterestMember pld:ClassACapitalMember 2021-01-01 2021-09-30 0001045609 srt:PartnershipInterestMember pld:ClassACapitalMember 2020-01-01 2020-09-30 0001045609 srt:PartnershipInterestMember pld:CommonUnitsMember 2021-07-01 2021-09-30 0001045609 srt:PartnershipInterestMember pld:CommonUnitsMember 2020-07-01 2020-09-30 0001045609 srt:PartnershipInterestMember pld:CommonUnitsMember 2021-01-01 2021-09-30 0001045609 srt:PartnershipInterestMember pld:CommonUnitsMember 2020-01-01 2020-09-30 0001045609 us-gaap:ForeignExchangeContractMember currency:BRL us-gaap:NondesignatedMember 2021-09-30 0001045609 us-gaap:ForeignExchangeContractMember currency:GBP us-gaap:NondesignatedMember 2021-09-30 0001045609 us-gaap:ForeignExchangeContractMember currency:CAD us-gaap:NondesignatedMember 2021-09-30 0001045609 us-gaap:ForeignExchangeContractMember currency:CNY us-gaap:NondesignatedMember 2021-09-30 0001045609 us-gaap:ForeignExchangeContractMember currency:EUR us-gaap:NondesignatedMember 2021-09-30 0001045609 us-gaap:ForeignExchangeContractMember currency:JPY us-gaap:NondesignatedMember 2021-09-30 0001045609 us-gaap:ForeignExchangeContractMember currency:SEK us-gaap:NondesignatedMember 2021-09-30 0001045609 us-gaap:ForeignExchangeContractMember currency:BRL us-gaap:NondesignatedMember 2020-12-31 0001045609 us-gaap:ForeignExchangeContractMember currency:GBP us-gaap:NondesignatedMember 2020-12-31 0001045609 us-gaap:ForeignExchangeContractMember currency:CAD us-gaap:NondesignatedMember 2020-12-31 0001045609 us-gaap:ForeignExchangeContractMember currency:CNY us-gaap:NondesignatedMember 2020-12-31 0001045609 us-gaap:ForeignExchangeContractMember currency:EUR us-gaap:NondesignatedMember 2020-12-31 0001045609 us-gaap:ForeignExchangeContractMember currency:JPY us-gaap:NondesignatedMember 2020-12-31 0001045609 us-gaap:ForeignExchangeContractMember currency:SEK us-gaap:NondesignatedMember 2020-12-31 0001045609 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember currency:GBP 2021-09-30 0001045609 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember currency:CAD 2021-09-30 0001045609 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember currency:EUR 2021-09-30 0001045609 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember currency:USD 2021-09-30 0001045609 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember currency:GBP 2020-12-31 0001045609 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember currency:CAD 2020-12-31 0001045609 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember currency:EUR 2020-12-31 0001045609 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember currency:USD 2020-12-31 0001045609 us-gaap:NondesignatedMember pld:OtherCurrencyMember us-gaap:ForeignExchangeContractMember 2020-12-31 0001045609 us-gaap:NondesignatedMember us-gaap:ForeignExchangeContractMember 2020-12-31 0001045609 us-gaap:NondesignatedMember currency:CAD us-gaap:ForeignExchangeContractMember 2021-01-01 2021-09-30 0001045609 us-gaap:NondesignatedMember currency:EUR us-gaap:ForeignExchangeContractMember 2021-01-01 2021-09-30 0001045609 us-gaap:NondesignatedMember currency:GBP us-gaap:ForeignExchangeContractMember 2021-01-01 2021-09-30 0001045609 us-gaap:NondesignatedMember currency:JPY us-gaap:ForeignExchangeContractMember 2021-01-01 2021-09-30 0001045609 us-gaap:NondesignatedMember currency:SEK us-gaap:ForeignExchangeContractMember 2021-01-01 2021-09-30 0001045609 us-gaap:NondesignatedMember pld:OtherCurrencyMember us-gaap:ForeignExchangeContractMember 2021-01-01 2021-09-30 0001045609 us-gaap:NondesignatedMember us-gaap:ForeignExchangeContractMember 2021-01-01 2021-09-30 0001045609 us-gaap:NondesignatedMember pld:OtherCurrencyMember us-gaap:ForeignExchangeContractMember 2021-09-30 0001045609 us-gaap:NondesignatedMember us-gaap:ForeignExchangeContractMember 2021-09-30 pld:Derivative 0001045609 us-gaap:NondesignatedMember currency:CAD us-gaap:ForeignExchangeContractMember 2019-12-31 0001045609 us-gaap:NondesignatedMember currency:EUR us-gaap:ForeignExchangeContractMember 2019-12-31 0001045609 us-gaap:NondesignatedMember currency:GBP us-gaap:ForeignExchangeContractMember 2019-12-31 0001045609 us-gaap:NondesignatedMember currency:JPY us-gaap:ForeignExchangeContractMember 2019-12-31 0001045609 us-gaap:NondesignatedMember currency:SEK us-gaap:ForeignExchangeContractMember 2019-12-31 0001045609 us-gaap:NondesignatedMember pld:OtherCurrencyMember us-gaap:ForeignExchangeContractMember 2019-12-31 0001045609 us-gaap:NondesignatedMember us-gaap:ForeignExchangeContractMember 2019-12-31 0001045609 us-gaap:NondesignatedMember currency:CAD us-gaap:ForeignExchangeContractMember 2020-01-01 2020-09-30 0001045609 us-gaap:NondesignatedMember currency:EUR us-gaap:ForeignExchangeContractMember 2020-01-01 2020-09-30 0001045609 us-gaap:NondesignatedMember currency:GBP us-gaap:ForeignExchangeContractMember 2020-01-01 2020-09-30 0001045609 us-gaap:NondesignatedMember currency:JPY us-gaap:ForeignExchangeContractMember 2020-01-01 2020-09-30 0001045609 us-gaap:NondesignatedMember currency:SEK us-gaap:ForeignExchangeContractMember 2020-01-01 2020-09-30 0001045609 us-gaap:NondesignatedMember pld:OtherCurrencyMember us-gaap:ForeignExchangeContractMember 2020-01-01 2020-09-30 0001045609 us-gaap:NondesignatedMember us-gaap:ForeignExchangeContractMember 2020-01-01 2020-09-30 0001045609 us-gaap:NondesignatedMember currency:CAD us-gaap:ForeignExchangeContractMember 2020-09-30 0001045609 us-gaap:NondesignatedMember currency:EUR us-gaap:ForeignExchangeContractMember 2020-09-30 0001045609 us-gaap:NondesignatedMember currency:GBP us-gaap:ForeignExchangeContractMember 2020-09-30 0001045609 us-gaap:NondesignatedMember currency:JPY us-gaap:ForeignExchangeContractMember 2020-09-30 0001045609 us-gaap:NondesignatedMember currency:SEK us-gaap:ForeignExchangeContractMember 2020-09-30 0001045609 us-gaap:NondesignatedMember pld:OtherCurrencyMember us-gaap:ForeignExchangeContractMember 2020-09-30 0001045609 us-gaap:NondesignatedMember us-gaap:ForeignExchangeContractMember 2020-09-30 pld:Contract 0001045609 us-gaap:ForeignExchangeContractMember currency:CAD us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001045609 us-gaap:ForeignExchangeContractMember currency:GBP us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001045609 us-gaap:ForeignExchangeContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001045609 us-gaap:ForeignExchangeContractMember currency:CAD us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001045609 us-gaap:ForeignExchangeContractMember currency:GBP us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001045609 us-gaap:ForeignExchangeContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001045609 us-gaap:ForeignExchangeContractMember currency:CAD us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001045609 us-gaap:ForeignExchangeContractMember currency:GBP us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001045609 us-gaap:ForeignExchangeContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001045609 us-gaap:ForeignExchangeContractMember currency:CAD us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-09-30 0001045609 us-gaap:ForeignExchangeContractMember currency:GBP us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-09-30 0001045609 us-gaap:ForeignExchangeContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-09-30 0001045609 us-gaap:ForeignExchangeContractMember currency:CAD us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001045609 us-gaap:ForeignExchangeContractMember currency:GBP us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001045609 us-gaap:ForeignExchangeContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001045609 us-gaap:ForeignExchangeContractMember currency:CAD us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-09-30 0001045609 us-gaap:ForeignExchangeContractMember currency:GBP us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-09-30 0001045609 us-gaap:ForeignExchangeContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-09-30 0001045609 us-gaap:InterestRateSwapMember currency:EUR us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001045609 us-gaap:InterestRateSwapMember currency:USD us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001045609 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-12-31 0001045609 us-gaap:InterestRateSwapMember currency:EUR us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001045609 us-gaap:InterestRateSwapMember currency:USD us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001045609 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001045609 us-gaap:InterestRateSwapMember currency:EUR us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001045609 us-gaap:InterestRateSwapMember currency:USD us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001045609 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001045609 us-gaap:InterestRateSwapMember currency:EUR us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-09-30 0001045609 us-gaap:InterestRateSwapMember currency:USD us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-09-30 0001045609 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-09-30 0001045609 us-gaap:InterestRateSwapMember currency:EUR us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001045609 us-gaap:InterestRateSwapMember currency:USD us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001045609 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-09-30 0001045609 us-gaap:InterestRateSwapMember currency:EUR us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-09-30 0001045609 us-gaap:InterestRateSwapMember currency:USD us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-09-30 0001045609 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-09-30 0001045609 us-gaap:DesignatedAsHedgingInstrumentMember pld:BritishPoundSterlingSeniorNotesMember 2021-09-30 0001045609 us-gaap:DesignatedAsHedgingInstrumentMember pld:BritishPoundSterlingSeniorNotesMember 2020-12-31 0001045609 us-gaap:ForwardContractsMember 2021-07-01 2021-09-30 0001045609 us-gaap:ForwardContractsMember 2020-07-01 2020-09-30 0001045609 us-gaap:ForwardContractsMember 2021-01-01 2021-09-30 0001045609 us-gaap:ForwardContractsMember 2020-01-01 2020-09-30 0001045609 us-gaap:DesignatedAsHedgingInstrumentMember 2021-07-01 2021-09-30 0001045609 us-gaap:DesignatedAsHedgingInstrumentMember 2020-07-01 2020-09-30 0001045609 us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-09-30 0001045609 pld:NonDerivativeNetInvestmentHedgeMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-07-01 2021-09-30 0001045609 pld:NonDerivativeNetInvestmentHedgeMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-07-01 2020-09-30 0001045609 pld:NonDerivativeNetInvestmentHedgeMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001045609 pld:NonDerivativeNetInvestmentHedgeMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-09-30 0001045609 pld:CashFlowHedgesMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-07-01 2021-09-30 0001045609 pld:CashFlowHedgesMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-07-01 2020-09-30 0001045609 pld:CashFlowHedgesMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001045609 pld:CashFlowHedgesMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-07-01 2021-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-07-01 2020-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember us-gaap:DesignatedAsHedgingInstrumentMember 2021-01-01 2021-09-30 0001045609 pld:UnconsolidatedCoInvestmentVenturesMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-09-30 0001045609 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-09-30 0001045609 us-gaap:TreasuryLockMember us-gaap:SeniorNotesMember currency:USD 2020-01-01 2020-09-30 0001045609 pld:SecuredMortgageDebtMember 2020-12-31 0001045609 us-gaap:OperatingSegmentsMember country:US pld:RealEstateOperationsSegmentMember 2021-07-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember country:US pld:RealEstateOperationsSegmentMember 2020-07-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember country:US pld:RealEstateOperationsSegmentMember 2021-01-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember country:US pld:RealEstateOperationsSegmentMember 2020-01-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember pld:OtherAmericasMember pld:RealEstateOperationsSegmentMember 2021-07-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember pld:OtherAmericasMember pld:RealEstateOperationsSegmentMember 2020-07-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember pld:OtherAmericasMember pld:RealEstateOperationsSegmentMember 2021-01-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember pld:OtherAmericasMember pld:RealEstateOperationsSegmentMember 2020-01-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember srt:EuropeMember pld:RealEstateOperationsSegmentMember 2021-07-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember srt:EuropeMember pld:RealEstateOperationsSegmentMember 2020-07-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember srt:EuropeMember pld:RealEstateOperationsSegmentMember 2021-01-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember srt:EuropeMember pld:RealEstateOperationsSegmentMember 2020-01-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember srt:AsiaMember pld:RealEstateOperationsSegmentMember 2021-07-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember srt:AsiaMember pld:RealEstateOperationsSegmentMember 2020-07-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember srt:AsiaMember pld:RealEstateOperationsSegmentMember 2021-01-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember srt:AsiaMember pld:RealEstateOperationsSegmentMember 2020-01-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember pld:RealEstateOperationsSegmentMember 2021-07-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember pld:RealEstateOperationsSegmentMember 2020-07-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember pld:RealEstateOperationsSegmentMember 2021-01-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember pld:RealEstateOperationsSegmentMember 2020-01-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember country:US pld:StrategicCapitalSegmentMember 2021-07-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember country:US pld:StrategicCapitalSegmentMember 2020-07-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember country:US pld:StrategicCapitalSegmentMember 2021-01-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember country:US pld:StrategicCapitalSegmentMember 2020-01-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember pld:OtherAmericasMember pld:StrategicCapitalSegmentMember 2021-07-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember pld:OtherAmericasMember pld:StrategicCapitalSegmentMember 2020-07-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember pld:OtherAmericasMember pld:StrategicCapitalSegmentMember 2021-01-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember pld:OtherAmericasMember pld:StrategicCapitalSegmentMember 2020-01-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember srt:EuropeMember pld:StrategicCapitalSegmentMember 2021-07-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember srt:EuropeMember pld:StrategicCapitalSegmentMember 2020-07-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember srt:EuropeMember pld:StrategicCapitalSegmentMember 2021-01-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember srt:EuropeMember pld:StrategicCapitalSegmentMember 2020-01-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember srt:AsiaMember pld:StrategicCapitalSegmentMember 2021-07-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember srt:AsiaMember pld:StrategicCapitalSegmentMember 2020-07-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember srt:AsiaMember pld:StrategicCapitalSegmentMember 2021-01-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember srt:AsiaMember pld:StrategicCapitalSegmentMember 2020-01-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember pld:StrategicCapitalSegmentMember 2021-07-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember pld:StrategicCapitalSegmentMember 2020-07-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember pld:StrategicCapitalSegmentMember 2021-01-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember pld:StrategicCapitalSegmentMember 2020-01-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember 2021-07-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember 2020-07-01 2020-09-30 0001045609 us-gaap:OperatingSegmentsMember 2021-01-01 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember 2020-01-01 2020-09-30 0001045609 us-gaap:MaterialReconcilingItemsMember 2021-07-01 2021-09-30 0001045609 us-gaap:MaterialReconcilingItemsMember 2020-07-01 2020-09-30 0001045609 us-gaap:MaterialReconcilingItemsMember 2021-01-01 2021-09-30 0001045609 us-gaap:MaterialReconcilingItemsMember 2020-01-01 2020-09-30 0001045609 pld:RealEstateOperationsSegmentMember country:US us-gaap:OperatingSegmentsMember 2021-09-30 0001045609 pld:RealEstateOperationsSegmentMember country:US us-gaap:OperatingSegmentsMember 2020-12-31 0001045609 pld:RealEstateOperationsSegmentMember pld:OtherAmericasMember us-gaap:OperatingSegmentsMember 2021-09-30 0001045609 pld:RealEstateOperationsSegmentMember pld:OtherAmericasMember us-gaap:OperatingSegmentsMember 2020-12-31 0001045609 pld:RealEstateOperationsSegmentMember srt:EuropeMember us-gaap:OperatingSegmentsMember 2021-09-30 0001045609 pld:RealEstateOperationsSegmentMember srt:EuropeMember us-gaap:OperatingSegmentsMember 2020-12-31 0001045609 pld:RealEstateOperationsSegmentMember srt:AsiaMember us-gaap:OperatingSegmentsMember 2021-09-30 0001045609 pld:RealEstateOperationsSegmentMember srt:AsiaMember us-gaap:OperatingSegmentsMember 2020-12-31 0001045609 pld:RealEstateOperationsSegmentMember 2021-09-30 0001045609 pld:RealEstateOperationsSegmentMember 2020-12-31 0001045609 pld:StrategicCapitalSegmentMember country:US us-gaap:OperatingSegmentsMember 2021-09-30 0001045609 pld:StrategicCapitalSegmentMember country:US us-gaap:OperatingSegmentsMember 2020-12-31 0001045609 pld:StrategicCapitalSegmentMember srt:EuropeMember us-gaap:OperatingSegmentsMember 2021-09-30 0001045609 pld:StrategicCapitalSegmentMember srt:EuropeMember us-gaap:OperatingSegmentsMember 2020-12-31 0001045609 pld:StrategicCapitalSegmentMember srt:AsiaMember us-gaap:OperatingSegmentsMember 2021-09-30 0001045609 pld:StrategicCapitalSegmentMember srt:AsiaMember us-gaap:OperatingSegmentsMember 2020-12-31 0001045609 pld:StrategicCapitalSegmentMember us-gaap:OperatingSegmentsMember 2021-09-30 0001045609 pld:StrategicCapitalSegmentMember us-gaap:OperatingSegmentsMember 2020-12-31 0001045609 us-gaap:OperatingSegmentsMember 2021-09-30 0001045609 us-gaap:OperatingSegmentsMember 2020-12-31 0001045609 us-gaap:MaterialReconcilingItemsMember 2021-09-30 0001045609 us-gaap:MaterialReconcilingItemsMember 2020-12-31 0001045609 pld:StrategicCapitalSegmentMember srt:EuropeMember 2021-09-30 0001045609 pld:StrategicCapitalSegmentMember srt:EuropeMember 2020-12-31 0001045609 pld:UnconsolidatedVentureMember 2021-09-30 0001045609 pld:UnconsolidatedEntitiesMember 2021-01-01 2021-09-30 0001045609 pld:UnconsolidatedEntitiesMember 2020-01-01 2020-09-30 0001045609 us-gaap:LimitedPartnerMember srt:PartnershipInterestMember 2021-01-01 2021-09-30 0001045609 pld:UnconsolidatedOtherVentureMember 2021-09-30 0001045609 pld:PrologisChinaLogisticsVentureIILPMember 2020-01-01 2020-09-30 0001045609 pld:CommonUnitsMember 2020-01-01 2020-09-30 0001045609 pld:LibertyPropertyTrustAndLibertyPropertyLimitedPartnershipMember 2020-02-03 2020-02-04

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2021

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______________ to ______________

 

Commission File Number:  001-13545 (Prologis, Inc.)  001-14245 (Prologis, L.P.)

 

Prologis, Inc.

Prologis, L.P.

(Exact name of registrant as specified in its charter)

 

Maryland (Prologis, Inc.)

Delaware (Prologis, L.P.)

 

94-3281941 (Prologis, Inc.)

94-3285362 (Prologis, L.P.)

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

Pier 1, Bay 1, San Francisco, California

 

94111

(Address or principal executive offices)

 

(Zip Code)

 

(415) 394-9000

(Registrants’ telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Each Exchange on Which Registered

Prologis, Inc.

 

Common Stock, $0.01 par value

 

PLD

 

New York Stock Exchange

Prologis, L.P.

 

3.000% Notes due 2026

 

PLD/26

 

New York Stock Exchange

Prologis, L.P.

 

2.250% Notes due 2029

 

PLD/29

 

New York Stock Exchange

 

 

 

 

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing for the past 90 days.

Prologis, Inc.

Yes

No

Prologis, L.P.

Yes

No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter periods that the registrant was required to submit such files).

Prologis, Inc.

Yes

No

Prologis, L.P.

Yes

No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Prologis, Inc.:

 

 

 

 

Large accelerated filer   

Accelerated filer   

Non-accelerated filer   

Smaller reporting company   

Emerging growth company    

 

Prologis, L.P.:

 

 

 

 

Large accelerated filer   

Accelerated filer   

Non-accelerated filer   

Smaller reporting company   

Emerging growth company    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).

Prologis, Inc.

Yes

No

Prologis, L.P.

Yes

No

 

The number of shares of Prologis, Inc.’s common stock outstanding at October 22, 2021, was approximately 739,327,000.

 

 

 

 


 

 

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2021, of Prologis, Inc. and Prologis, L.P. Unless stated otherwise or the context otherwise requires, references to “Prologis, Inc.” or the “Parent” mean Prologis, Inc. and its consolidated subsidiaries; and references to “Prologis, L.P.” or the “Operating Partnership” or the “OP” mean Prologis, L.P., and its consolidated subsidiaries. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and the OP collectively.

 

The Parent is a real estate investment trust (a “REIT”) and the general partner of the OP. At September 30, 2021, the Parent owned 97.26% common general partnership interest in the OP and substantially all of the preferred units in the OP. The remaining 2.74% common limited partnership interests are owned by unaffiliated investors and certain current and former directors and officers of the Parent.

 

We operate the Parent and the OP as one enterprise. The management of the Parent consists of the same members as the management of the OP. These members are officers of the Parent and employees of the OP or one of its subsidiaries. As sole general partner, the Parent has control of the OP through complete responsibility and discretion in the day-to-day management and therefore, consolidates the OP for financial reporting purposes. Because the only significant asset of the Parent is its investment in the OP, the assets and liabilities of the Parent and the OP are the same on their respective financial statements.

We believe combining the quarterly reports on Form 10-Q of the Parent and the OP into this single report results in the following benefits:

enhances investors’ understanding of the Parent and the OP by enabling investors to view the business as a whole in the same manner as management views and operates the business;

eliminates duplicative disclosure and provides a more streamlined and readable presentation as a substantial portion of the Company’s disclosure applies to both the Parent and the OP; and

creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

 

It is important to understand the few differences between the Parent and the OP in the context of how we operate the Company. The Parent does not conduct business itself, other than acting as the sole general partner of the OP and issuing public equity from time to time. The OP holds substantially all the assets of the business, directly or indirectly. The OP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent, which are contributed to the OP in exchange for partnership units, the OP generates capital required by the business through the OP’s operations, incurrence of indebtedness and issuance of partnership units to third parties.

 

The presentation of noncontrolling interests, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of the Parent and those of the OP. The differences in the presentations between stockholders’ equity and partners’ capital result from the differences in the equity and capital issuances in the Parent and in the OP.

                

The preferred stock, common stock, additional paid-in capital, accumulated other comprehensive income (loss) and distributions in excess of net earnings of the Parent are presented as stockholders’ equity in the Parent’s consolidated financial statements. These items represent the common and preferred general partnership interests held by the Parent in the OP and are presented as general partner’s capital within partners’ capital in the OP’s consolidated financial statements. The common limited partnership interests held by the limited partners in the OP are presented as noncontrolling interest within equity in the Parent’s consolidated financial statements and as limited partners’ capital within partners’ capital in the OP’s consolidated financial statements.

                

To highlight the differences between the Parent and the OP, separate sections in this report, as applicable, individually discuss the Parent and the OP, including separate financial statements and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure of the Parent and the OP, this report refers to actions or holdings as being actions or holdings of Prologis.

 

 

 


 

 

PROLOGIS

INDEX

 

 

 

 

 

Page

Number

 

PART I.

 

Financial Information

 

 

 

 

 

Item 1.

Financial Statements

 

1

 

 

 

            Prologis, Inc.:

 

 

 

 

 

 

Consolidated Balance Sheets – September 30, 2021 and December 31, 2020

 

1

 

 

 

 

Consolidated Statements of Income – Three and Nine Months Ended September 30, 2021 and 2020

 

2

 

 

 

 

Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2021 and 2020

 

3

 

 

 

 

Consolidated Statements of Equity – Three and Nine Months Ended September 30, 2021 and 2020

 

4

 

 

 

 

Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2021 and 2020

 

5

 

 

 

            Prologis, L.P.:

 

 

 

 

 

 

Consolidated Balance Sheets – September 30, 2021 and December 31, 2020

 

6

 

 

 

 

Consolidated Statements of Income – Three and Nine Months Ended September 30, 2021 and 2020

 

7

 

 

 

 

Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2021 and 2020

 

8

 

 

 

 

Consolidated Statements of Capital – Three and Nine Months Ended September 30, 2021 and 2020

 

9

 

 

 

 

Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2021 and 2020

 

10

 

 

 

            Prologis, Inc. and Prologis, L.P.:

 

 

 

 

 

 

Notes to the Consolidated Financial Statements

 

11

 

 

 

 

Note 1. General

 

11

 

 

 

 

Note 2. Liberty Transaction

 

12

 

 

 

 

Note 3. Real Estate

 

12

 

 

 

 

Note 4. Unconsolidated Entities

 

14

 

 

 

 

Note 5. Assets Held for Sale or Contribution

 

15

 

 

 

 

Note 6. Debt

 

16

 

 

 

 

Note 7. Noncontrolling Interests

 

18

 

 

 

 

Note 8. Long-Term Compensation

 

19

 

 

 

 

Note 9. Earnings Per Common Share or Unit

 

20

 

 

 

 

Note 10. Financial Instruments and Fair Value Measurements

 

22

 

 

 

 

Note 11. Business Segments

 

25

 

 

 

 

Note 12. Supplemental Cash Flow Information

 

27

 

 

 

 

Reports of Independent Registered Public Accounting Firm

 

29

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

31

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

50

 

 

 

Item 4.

Controls and Procedures

 

52

 

PART II.

 

Other Information

 

 

 

 

 

Item 1.

Legal Proceedings

 

52

 

 

 

Item 1A.

Risk Factors

 

52

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

52

 

 

 

Item 3.

Defaults Upon Senior Securities

 

52

 

 

 

Item 4.

Mine Safety Disclosures

 

52

 

 

 

Item 5.

Other Information

 

53

 

 

 

Item 6.

Exhibits

 

53

 

 

 

 

 

 


Index

 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. Financial Statements

 

PROLOGIS, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

September 30, 2021

 

 

December 31, 2020

 

ASSETS

 

 

 

 

 

 

 

Investments in real estate properties

$

52,458,694

 

 

$

50,384,328

 

Less accumulated depreciation

 

7,404,304

 

 

 

6,539,156

 

Net investments in real estate properties

 

45,054,390

 

 

 

43,845,172

 

Investments in and advances to unconsolidated entities

 

7,652,323

 

 

 

7,602,014

 

Assets held for sale or contribution

 

571,671

 

 

 

1,070,724

 

Net investments in real estate

 

53,278,384

 

 

 

52,517,910

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

585,071

 

 

 

598,086

 

Other assets

 

3,153,215

 

 

 

2,949,009

 

Total assets

$

57,016,670

 

 

$

56,065,005

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Debt

$

17,135,668

 

 

$

16,849,076

 

Accounts payable and accrued expenses

 

1,441,776

 

 

 

1,143,372

 

Other liabilities

 

1,681,752

 

 

 

1,747,977

 

Total liabilities

 

20,259,196

 

 

 

19,740,425

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

Prologis, Inc. stockholders’ equity:

 

 

 

 

 

 

 

Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value;

   1,279 shares issued and outstanding and 100,000 preferred shares authorized at

         September 30, 2021 and December 31, 2020

 

63,948

 

 

 

63,948

 

Common stock; $0.01 par value; 739,323 shares and 739,381 shares issued and outstanding at

     September 30, 2021 and December 31, 2020, respectively

 

7,393

 

 

 

7,394

 

Additional paid-in capital

 

35,526,671

 

 

 

35,488,634

 

Accumulated other comprehensive loss

 

(983,906

)

 

 

(1,193,739

)

Distributions in excess of net earnings

 

(2,107,989

)

 

 

(2,394,690

)

Total Prologis, Inc. stockholders’ equity

 

32,506,117

 

 

 

31,971,547

 

Noncontrolling interests

 

4,251,357

 

 

 

4,353,033

 

Total equity

 

36,757,474

 

 

 

36,324,580

 

Total liabilities and equity

$

57,016,670

 

 

$

56,065,005

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

1

 


Index

 

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

1,037,281

 

 

$

980,148

 

 

$

3,073,700

 

 

$

2,803,321

 

Strategic capital

 

 

141,448

 

 

 

98,993

 

 

 

390,796

 

 

 

516,242

 

Development management and other

 

 

4,320

 

 

 

3,632

 

 

 

17,711

 

 

 

7,575

 

Total revenues

 

 

1,183,049

 

 

 

1,082,773

 

 

 

3,482,207

 

 

 

3,327,138

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

256,607

 

 

 

245,490

 

 

 

779,624

 

 

 

705,217

 

Strategic capital

 

 

52,389

 

 

 

45,791

 

 

 

146,938

 

 

 

173,910

 

General and administrative

 

 

66,970

 

 

 

74,348

 

 

 

219,344

 

 

 

208,701

 

Depreciation and amortization

 

 

390,806

 

 

 

400,738

 

 

 

1,181,117

 

 

 

1,144,903

 

Other

 

 

4,413

 

 

 

3,020

 

 

 

15,051

 

 

 

25,573

 

Total expenses

 

 

771,185

 

 

 

769,387

 

 

 

2,342,074

 

 

 

2,258,304

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income before gains on real estate transactions, net

 

 

411,864

 

 

 

313,386

 

 

 

1,140,133

 

 

 

1,068,834

 

Gains on dispositions of development properties and land, net

 

 

139,406

 

 

 

134,207

 

 

 

500,410

 

 

 

383,373

 

Gains on other dispositions of investments in real estate, net

 

 

214,390

 

 

 

108,927

 

 

 

358,180

 

 

 

184,357

 

Operating income

 

 

765,660

 

 

 

556,520

 

 

 

1,998,723

 

 

 

1,636,564

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from unconsolidated entities, net

 

 

91,818

 

 

 

73,972

 

 

 

231,286

 

 

 

216,844

 

Interest expense

 

 

(63,638

)

 

 

(80,711

)

 

 

(203,331

)

 

 

(237,651

)

Interest and other income (expense), net

 

 

(846

)

 

 

(5,866

)

 

 

4,615

 

 

 

(4,469

)

Foreign currency and derivative gains (losses), net

 

 

64,172

 

 

 

(100,974

)

 

 

138,244

 

 

 

(48,481

)

Losses on early extinguishment of debt, net

 

 

-

 

 

 

(98,266

)

 

 

(187,453

)

 

 

(164,606

)

Total other income (expense)

 

 

91,506

 

 

 

(211,845

)

 

 

(16,639

)

 

 

(238,363

)

Earnings before income taxes

 

 

857,166

 

 

 

344,675

 

 

 

1,982,084

 

 

 

1,398,201

 

Total income tax expense

 

 

(59,435

)

 

 

(12,154

)

 

 

(134,347

)

 

 

(89,578

)

Consolidated net earnings

 

 

797,731

 

 

 

332,521

 

 

 

1,847,737

 

 

 

1,308,623

 

Less net earnings attributable to noncontrolling interests

 

 

74,193

 

 

 

29,827

 

 

 

156,676

 

 

 

108,703

 

Net earnings attributable to controlling interests

 

 

723,538

 

 

 

302,694

 

 

 

1,691,061

 

 

 

1,199,920

 

Less preferred stock dividends

 

 

1,531

 

 

 

1,652

 

 

 

4,614

 

 

 

4,921

 

Loss on preferred stock repurchase

 

 

-

 

 

 

2,347

 

 

 

-

 

 

 

2,347

 

Net earnings attributable to common stockholders

 

$

722,007

 

 

$

298,695

 

 

$

1,686,447

 

 

$

1,192,652

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

739,439

 

 

 

738,194

 

 

 

739,217

 

 

 

724,876

 

Weighted average common shares outstanding – Diluted

 

 

764,945

 

 

 

764,619

 

 

 

764,644

 

 

 

750,971

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to common stockholders – Basic

 

$

0.98

 

 

$

0.40

 

 

$

2.28

 

 

$

1.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to common stockholders – Diluted

 

$

0.97

 

 

$

0.40

 

 

$

2.27

 

 

$

1.63

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

2

 


Index

 

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Consolidated net earnings

 

$

797,731

 

 

$

332,521

 

 

$

1,847,737

 

 

$

1,308,623

 

Other comprehensive income (loss):