Company: PLDGP
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000950170-25-021272
Chunk: 42

Company: Prologis, Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 16
Chunk 42
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Under acquisition accounting, the total cost or total consideration exchanged is allocated to the real estate properties and related lease intangibles on a relative fair value basis. As the fair value of the properties acquired exceeded the purchase price, we allocated the bargain consideration at a property-level based on the relative fair value of the property in comparison to the total portfolio. All other 

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assets acquired and liabilities assumed, including debt, and real estate assets that we intend to sell in the next twelve months were recorded at fair value. The total purchase price, including transaction costs, was allocated as follows (in millions): 

        Net investments in real estate
        $
        24,915

        Cash and other assets
         
        441

        Debt
         
        (4,162
        )

        Intangible liabilities, net of intangible assets (1)
         
        (1,457
        )

        Accounts payable, accrued expenses and other liabilities
         
        (719
        )

        Noncontrolling interests
         
        (2
        )

        Total purchase price, including transaction costs
        $
        19,016

       (1)Intangible assets of $836.6 million and intangible liabilities of $2.3 billion were included within Other Assets and Other Liabilities, respectively, in the Consolidated Balance Sheets. The acquired lease intangibles from the Duke Transaction will be amortized over the terms of the respective leases with a weighted average remaining lease term of 64 months at acquisition.

NOTE 4. REAL ESTATE Investments in real estate properties consisted of the following at December 31 (dollars and square feet in thousands): 

        Square Feet

        Number of Buildings

        2024

        2023

        2024

        2023

        2024

        2023

        Operating properties:

        Buildings and improvements
         
        643,929

        630,955

        2,987

        2,960

        $
        54,840,666

        $
        52,626,191

        Improved land

        23,438,687

        22,809,306

        Development portfolio, including land costs:

        Prestabilized
         
        5,387

        13,369

        19

        45

        813,029

        1,838,805

        Properties under development