Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2021

Real Estate And Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation

PROLOGIS, INC. AND PROLOGIS, L.P.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2021

(In thousands of U.S. dollars, as applicable)

				Initial Cost to Prologis				Costs Capitalized		Gross Amounts at Which Carried at December 31, 2021
Description	No. of Bldgs.		Encum- brances	Land		Building & Improvements		Subsequent to Acquisition		Land		Building & Improvements		Total (a,b)		Accumulated Depreciation (c)			Date of Construction/ Acquisition
Operating Properties (d)
U.S. Markets
Atlanta		117	(d)		264,973		1,016,540		347,824		285,290		1,344,047		1,629,337		(300,774	)	1994-2021
Austin		10			12,783		52,335		9,567		12,837		61,848		74,685		(27,202	)	1994-2015
Baltimore/Washington D.C.		75	(d)		300,564		722,249		196,973		312,915		906,871		1,219,786		(161,553	)	1995-2020
Central PA		32			240,657		943,307		124,148		253,737		1,054,375		1,308,112		(197,801	)	2002-2020
Central Valley		34	(d)		163,294		386,853		776,157		181,008		1,145,296		1,326,304		(221,738	)	1999-2020
Charlotte		44	(d)		104,747		333,992		93,011		118,553		413,197		531,750		(67,326	)	1994-2020
Chicago		193	(d)		715,951		2,073,268		495,652		741,301		2,543,570		3,284,871		(672,820	)	1995-2020
Cincinnati		38	(d)		59,573		294,976		99,029		67,783		385,795		453,578		(73,309	)	1996-2020
Columbus		26	(d)		31,733		161,881		62,815		34,683		221,746		256,429		(93,376	)	1996-2020
Dallas/Ft. Worth		167	(d)		355,277		1,472,061		453,509		377,989		1,902,858		2,280,847		(457,367	)	1994-2020
Denver		37			106,088		295,412		153,217		104,495		450,222		554,717		(137,632	)	1993-2020
Houston		180	(d)		368,780		1,873,268		276,456		411,046		2,107,458		2,518,504		(296,712	)	1993-2020
Indianapolis		21			19,337		135,609		58,710		20,575		193,081		213,656		(63,341	)	1995-2020
Jacksonville		1			-		2,892		273		-		3,165		3,165		(2,758	)	2011
Las Vegas		56			139,227		345,348		179,899		132,895		531,579		664,474		(107,515	)	1996-2021
Lehigh Valley		56			886,276		1,902,902		317,508		958,783		2,147,903		3,106,686		(192,292	)	2004-2021
Louisville		11			41,944		188,696		60,895		44,196		247,339		291,535		(71,601	)	2005-2020
Nashville		22			66,590		236,777		125,256		68,809		359,814		428,623		(62,723	)	1995-2021
New Jersey/New York City		131	(d)		1,498,825		1,869,356		618,259		1,506,727		2,479,713		3,986,440		(675,959	)	1996-2021
Orlando		84	(d)		191,754		699,537		131,196		206,702		815,785		1,022,487		(123,996	)	1994-2021
Phoenix		49			146,888		394,219		305,641		175,268		671,480		846,748		(95,664	)	1992-2021
Portland		39	(e)		111,263		276,956		147,090		156,345		378,964		535,309		(58,904	)	2006-2021
Reno		17	(d)		25,389		142,279		111,695		26,761		252,602		279,363		(85,685	)	1994-2021
San Antonio		20	(d)		25,735		95,828		45,308		25,958		140,913		166,871		(63,820	)	1994-2016
San Francisco Bay Area		229	(d)		1,009,632		1,612,507		494,115		1,020,132		2,096,122		3,116,254		(777,530	)	1993-2021
Seattle		99			643,665		1,107,085		315,415		664,887		1,401,278		2,066,165		(252,838	)	2008-2021
South Florida		107	(d)		500,373		889,481		224,399		506,262		1,107,991		1,614,253		(275,170	)	1994-2021
Southern California		351	(d)(e)		3,270,727		4,753,548		1,381,334		3,542,081		5,863,528		9,405,609		(1,581,543	)	2005-2021
Tampa		12			22,028		69,520		12,429		28,143		75,834		103,977		(5,694	)	2020
Subtotal U.S. Markets:		2,258			11,324,073		24,348,682		7,617,780		11,986,161		31,304,374		43,290,535		(7,204,643	)
Other Americas Markets
Canada		32	(d)		223,831		389,604		219,429		232,036		600,828		832,864		(150,693	)	2008-2021
Mexico		1			730		2,287		3,249		1,708		4,558		6,266		(1,823	)	2011
Subtotal Other Americas Markets:		33			224,561		391,891		222,678		233,744		605,386		839,130		(152,516	)
Europe Markets
France		2			2,831		4,844		192		2,832		5,035		7,867		(418	)	2019
Germany		1			7,737		5,032		601		7,737		5,633		13,370		(3,992	)	2011
Poland		1			588		-		6,804		648		6,744		7,392		-		2021
Slovakia		2			2,743		-		13,844		-		16,587		16,587		-		2021
Spain		6			17,496		36,639		22,543		15,626		61,052		76,678		(17,856	)	2011-2019
United Kingdom		1			47,208		3,689		-		47,341		3,556		50,897		(2,605	)	2019
Subtotal Europe Markets:		13			78,603		50,204		43,984		74,184		98,607		172,791		(24,871	)
Asia Markets
Japan		1			-		-		10,198		157		10,041		10,198		(1,547	)	2019
Singapore		5			-		136,744		4,362		-		141,106		141,106		(67,805	)	2011
Subtotal Asia Markets:		6			-		136,744		14,560		157		151,147		151,304		(69,352	)
Total Operating Properties		2,310			11,627,237		24,927,521		7,899,002		12,294,246		32,159,514		44,453,760		(7,451,382	)

PROLOGIS, INC. AND PROLOGIS, L.P.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2021

(In thousands of U.S. dollars, as applicable)

				Initial Cost to Prologis				Costs Capitalized		Gross Amounts at Which Carried at December 31, 2021									Date of
Description	No. of Bldgs.		Encum- brances	Land		Building & Improvements		Subsequent to Acquisition		Land		Building & Improvements		Total (a,b)		Accumulated Depreciation (c)			Construction/ Acquisition (f)
Development Portfolio
U.S. Markets
Atlanta		3			31,458		-		75,873		31,458		75,873		107,331
Baltimore/Washington D.C.		1			3,621		-		7,135		3,621		7,135		10,756
Central Valley		3			60,124		-		139,469		60,124		139,469		199,593				2021
Charlotte		1			6,667		-		8,079		6,667		8,079		14,746
Chicago		6			101,797		-		55,358		101,797		55,358		157,155				2021
Cincinnati		1			1,155		-		10,430		1,155		10,430		11,585				2021
Dallas/Ft. Worth		6			27,481		-		28,128		27,481		28,128		55,609
Denver		1			9,892		-		6,133		9,892		6,133		16,025
Houston		1			14,059		-		56,429		14,059		56,429		70,488
Las Vegas		1			12,502		-		3,896		12,502		3,896		16,398
Lehigh Valley		1			31,694		-		38,657		31,694		38,657		70,351
Louisville		1			6,195		-		25,092		6,195		25,092		31,287
Nashville		3			6,829		-		43,440		6,829		43,440		50,269				2021
New Jersey/New York City		2			68,476		-		25,922		68,476		25,922		94,398
Orlando		3			22,494		-		26,036		22,494		26,036		48,530				2021
Phoenix		1			2,067		-		12,283		2,067		12,283		14,350
Portland		1			9,989		-		13,121		9,989		13,121		23,110
Reno		1			4,461		-		7,779		4,461		7,779		12,240
San Francisco Bay Area		2			13,566		-		3,083		13,566		3,083		16,649
Seattle		2			28,392		-		18,543		28,392		18,543		46,935				2021
South Florida		5			55,768		-		50,450		55,768		50,450		106,218				2021
Southern California		6			124,327		-		72,831		124,327		72,831		197,158
Subtotal U.S. Markets:		52			643,014		-		728,167		643,014		728,167		1,371,181
Other Americas Markets
Canada	2				19,030		-		17,143		19,030		17,143		36,173
Mexico	5				24,106		-		29,951		24,106		29,951		54,057				2021
Subtotal Other Americas Markets:		7			43,136		-		47,094		43,136		47,094		90,230
Europe Markets
Czech Republic	3				11,762		-		10,894		11,762		10,894		22,656
France	1				2,988		-		3,156		2,988		3,156		6,144
Germany	3				23,389		-		32,405		23,389		32,405		55,794
Hungary	2				4,389		-		5,993		4,389		5,993		10,382
Italy	5				14,830		-		23,948		14,830		23,948		38,778
Netherlands	4				23,989		-		67,407		23,989		67,407		91,396				2021
Poland	1				1,985		-		7,149		1,985		7,149		9,134
Sweden	1				1,857		-		229		1,857		229		2,086
U.K.	12				240,561		-		74,203		240,561		74,203		314,764				2021
Subtotal Europe Markets:		32			325,750		-		225,384		325,750		225,384		551,134
Asia Markets
Japan		8			179,710		-		537,085		179,710		537,085		716,795				2021
Subtotal Asia Markets:		8			179,710		-		537,085		179,710		537,085		716,795
Total Development Portfolio		99			1,191,610		-		1,537,730		1,191,610		1,537,730		2,729,340
GRAND TOTAL		2,409			12,818,847		24,927,521		9,436,732		13,485,856		33,697,244		47,183,100		(7,451,382	)

Schedule III – Footnotes

(a) The following table reconciles real estate assets per Schedule III to the Consolidated Balance Sheets in Item 8. Financial Statements and Supplementary Data at December 31, 2021 (in thousands):

Total operating properties and development portfolio per Schedule III	$	47,183,100	(g)
Land		2,519,590
Other real estate investments (i)		3,302,500
Total per Consolidated Balance Sheets	$	53,005,190

(i) Other real estate investments includes non-strategic real estate assets acquired that we do not intend to operate long-term at December 31, 2021.

(b) The aggregate cost for federal tax purposes at December 31, 2021, of our real estate assets was approximately $40 billion (unaudited).

(c) Real estate assets (excluding land balances) are depreciated over their estimated useful lives. These useful lives are generally 5 to 7 years for capital improvements, 10 years for standard tenant improvements, 15 to 25 years for depreciable land improvements, 25 to 35 years for operating properties acquired based on the age of the building and 40 years for operating properties we develop.

The following table reconciles accumulated depreciation per Schedule III to the Consolidated Balance Sheets in Item 8. Financial Statements and Supplementary Data at December 31, 2021 (in thousands):

Total accumulated depreciation per Schedule III	$	7,451,382	(g)
Accumulated depreciation on other real estate investments		216,805
Total per Consolidated Balance Sheets	$	7,668,187

(d) Properties with an aggregate undepreciated cost of $1.3 billion secure $397.2 million of mortgage notes. See Note 8 to the Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data for more information related to our secured mortgage debt.

(e) Assessment bonds of $9.6 million are secured by assessments (similar to property taxes) on various underlying real estate properties with an aggregate undepreciated cost of $638.7 million. The assessment bonds are included in term loans and unsecured other debt in Note 8 to the Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data.

(f) Date of construction is provided for properties in the development portfolio that were completed but not yet stabilized.

(g) The following table summarizes our real estate assets and accumulated depreciation per Schedule III for the years ended December 31 (in thousands):

	2021			2020			2019
Real estate assets:
Balance at beginning of year	$	45,390,230		$	33,157,100		$	32,774,956
Acquisitions of and improvements to operating properties, development      activity and net effect of changes in foreign exchange rates and other		3,351,730			13,985,898			2,821,919
Basis of operating properties disposed of		(1,589,527	)		(1,045,128	)		(1,471,764	)
Change in the development portfolio balance, including the acquisition of      properties		846,729			13,345			(273,534	)
Assets transferred to held for sale and contribution		(816,062	)		(720,985	)		(694,477	)
Balance at end year	$	47,183,100		$	45,390,230		$	33,157,100
Accumulated depreciation:
Balance at beginning of year	$	6,370,341		$	5,294,212		$	4,550,958
Depreciation expense		1,143,758			1,112,075			843,872
Balances retired upon disposition of operating properties and net effect of      changes in foreign exchange rates and other		(42,483	)		(35,083	)		(77,583	)
Assets transferred to held for sale and contribution		(20,234	)		(863	)		(23,035	)
Balance at end of year	$	7,451,382		$	6,370,341		$	5,294,212