v3.26.3
Unconsolidated Entities (Tables)
 9 Months Ended
Sep. 30, 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):

 

 

 

September 30,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Unconsolidated co-investment ventures

 

$

10,716,099

 

 

$

10,263,233

 

Other ventures

 

 

789,449

 

 

 

830,703

 

Total

 

$

11,505,548

 

 

$

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

 

 

Europe (1)

 

 

Asia (1)(2)

 

 

Total

 

At:

Sep 30,
2026

 

 

Dec 31,
2025

 

 

Sep 30,
2026

 

 

Dec 31,
2025

 

 

Sep 30,
2026

 

 

Dec 31,
2025

 

 

Sep 30,
2026

 

 

Dec 31,
2025

 

 

Sep 30,
2026

 

 

Dec 31,
2025

 

Key property information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ventures

 

3

 

 

 

1

 

 

 

2

 

 

 

2

 

 

 

3

 

 

 

2

 

 

 

5

 

 

 

5

 

 

 

13

 

 

 

10

 

Operating properties

 

782

 

 

 

784

 

 

 

390

 

 

 

393

 

 

 

1,105

 

 

 

1,058

 

 

 

172

 

 

 

245

 

 

 

2,449

 

 

 

2,480

 

Square feet

 

140

 

 

 

139

 

 

 

85

 

 

 

86

 

 

 

248

 

 

 

238

 

 

 

78

 

 

 

101

 

 

 

551

 

 

 

564

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial position:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets ($)

 

15,639

 

 

 

14,711

 

 

 

7,341

 

 

 

7,308

 

 

 

26,961

 

 

 

26,764

 

 

 

8,541

 

 

 

9,470

 

 

 

58,482

 

 

 

58,253

 

Third-party debt ($)

 

7,469

 

 

 

6,386

 

 

 

2,513

 

 

 

2,429

 

 

 

7,140

 

 

 

7,101

 

 

 

3,374

 

 

 

3,758

 

 

 

20,496

 

 

 

19,674

 

Total liabilities ($)

 

8,495

 

 

 

7,383

 

 

 

2,882

 

 

 

2,753

 

 

 

10,035

 

 

 

9,310

 

 

 

3,724

 

 

 

4,192

 

 

 

25,136

 

 

 

23,638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Our investment balance ($) (3)

 

3,628

 

 

 

3,283

 

 

 

1,260

 

 

 

1,181

 

 

 

5,111

 

 

 

5,010

 

 

 

717

 

 

 

789

 

 

 

10,716

 

 

 

10,263

 

Our weighted average ownership (4)

 

33.9

%

 

 

31.9

%

 

 

32.2

%

 

 

32.3

%

 

 

33.3

%

 

 

33.1

%

 

 

15.8

%

 

 

15.6

%

 

 

30.8

%

 

 

29.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. (1)

 

 

Other Americas

 

 

Europe (1)

 

 

Asia (1)(2)

 

 

Total

 

Operating Information:

Sep 30,
2026

 

 

Sep 30,
2025

 

 

Sep 30,
2026

 

 

Sep 30,
2025

 

 

Sep 30,
2026

 

 

Sep 30,
2025

 

 

Sep 30,
2026

 

 

Sep 30,
2025

 

 

Sep 30,
2026

 

 

Sep 30,
2025

 

For the three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues ($)

 

458

 

 

 

411

 

 

 

219

 

 

 

206

 

 

 

569

 

 

 

527

 

 

 

145

 

 

 

164

 

 

 

1,391

 

 

 

1,308

 

Net earnings ($)

 

150

 

 

 

102

 

 

 

70

 

 

 

41

 

 

 

107

 

 

 

89

 

 

 

43

 

 

 

46

 

 

 

370

 

 

 

278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Our earnings from unconsolidated
     co-investment ventures, net ($)

 

52

 

 

 

32

 

 

 

21

 

 

 

17

 

 

 

38

 

 

 

31

 

 

 

7

 

 

 

8

 

 

 

118

 

 

 

88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues ($)

 

1,356

 

 

 

1,224

 

 

 

667

 

 

 

620

 

 

 

1,647

 

 

 

1,504

 

 

 

442

 

 

 

490

 

 

 

4,112

 

 

 

3,838

 

Net earnings ($)

 

363

 

 

 

304

 

 

 

211

 

 

 

172

 

 

 

394

 

 

 

258

 

 

 

105

 

 

 

100

 

 

 

1,073

 

 

 

834

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Our earnings from unconsolidated
     co-investment ventures, net ($)

 

123

 

 

 

96

 

 

 

62

 

 

 

54

 

 

 

130

 

 

 

90

 

 

 

18

 

 

 

17

 

 

 

333

 

 

 

257

 

 

(1)
During the nine months ended September 30, 2026, we formed four new co-investment ventures with third-party investors: two development vehicles in the U.S., one stabilized vehicle in Europe 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)
During 2026, we acquired our partner's interest in an unconsolidated co-investment venture in Asia and consolidated 74 operating properties aggregating 23 million square feet.

 

(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 September 30, 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 our co-investment ventures in Japan.

 

(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
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Recurring fees

 

$

137,585

 

 

$

130,425

 

 

$

411,946

 

 

$

383,914

 

Transactional fees

 

 

24,150

 

 

 

16,577

 

 

 

66,053

 

 

 

47,096

 

Promote revenue

 

 

723

 

 

 

1,245

 

 

 

83,870

 

 

 

1,245

 

Total strategic capital revenues from unconsolidated
      co-investment ventures (1)

 

$

162,458

 

 

$

148,247

 

 

$

561,869

 

 

$

432,255

 

 

(1)
These amounts exclude strategic capital revenues from other ventures.