Company: PLDGP
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000950170-25-021272
Chunk: 437

Company: Prologis, Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 1
Chunk 437
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753

    Third parties' share of Property NOI from properties included in same store portfolio (1)(2)
     
    (641
    )

    (612
    )

    Prologis Share of Same Store Property NOI – Net Effective (2)
    $
    1,402

    $
    1,315

    6.6
    %

    Consolidated properties straight-line rent and fair value lease amortization     included in same store portfolio (3)
     
    (116
    )

    (113
    )

    Unconsolidated co-investment ventures straight-line rent and fair value lease      amortization included in same store portfolio (3)
     
    (17
    )

    (11
    )

    Third parties' share of straight-line rent and fair value lease amortization included     in same store portfolio (2)(3)
     
    11

    9

    Prologis Share of Same Store Property NOI – Cash (2)(3)
    $
    1,280

    $
    1,200

    6.7
    %

(1)We exclude properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the period and properties acquired or disposed of to third parties during the period. We also exclude net termination and renegotiation fees and write-offs of fair value lease assets or liabilities to allow us to evaluate the growth or decline in each property’s rental revenues without regard to one-time items that are not indicative of the property’s recurring operating performance. Net termination and renegotiation fees represent the gross fee negotiated to allow a customer to terminate or renegotiate their lease, offset by the write-off of the asset recorded due to the adjustment to straight-line rents over the lease term. Same Store Property NOI is adjusted to include an allocation of property management expenses for our consolidated properties based on the property management services provided to each property (generally, based on a percentage of revenues). On consolidation, these amounts are eliminated and the actual costs of providing property management and leasing services are recognized as part of our consolidated rental expense.

36

(2)We include the Property NOI for the same store portfolio for both consolidated properties and properties owned by the co-investment ventures based on our investment in the underlying properties. In order to calculate our share of Same Store Property NOI from the co-investment ventures in which we own less than 100%, we use the co-investment