Prologis (PLD) 10-K 14 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 12, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Registrant Name	Prologis, Inc.
Entity Central Index Key	0001045609
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		926,860,000
Entity Interactive Data Current	Yes
Entity File Number	001-13545
ICFR Auditor Attestation Flag	true
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	94-3281941
Entity Address, Address Line One	Pier 1, Bay 1
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
City Area Code	415
Local Phone Number	394-9000
Document Annual Report	true
Document Transition Report	false
Entity Public Float			$ 103,726,874,356
Document Financial Statement Error Correction [Flag]	false
Auditor Name	KPMG LLP
Auditor Location	Denver, CO
Auditor Firm ID	185
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of Part III of this report are incorporated by reference to the registrant’s definitive proxy statement for the 2025 annual meeting of its stockholders or will be provided in an amendment filed on Form 10-K/A.
Auditor Opinion	Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Prologis, Inc. and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes and financial statement schedule III (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 14, 2025 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	PLD
Security Exchange Name	NYSE
Prologis LP [Member]
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Registrant Name	Prologis, L.P.
Entity Central Index Key	0001045610
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity File Number	001-14245
ICFR Auditor Attestation Flag	true
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3285362
Entity Address, Address Line One	Pier 1, Bay 1
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
City Area Code	415
Local Phone Number	394-9000
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Auditor Name	KPMG LLP
Auditor Location	Denver, CO
Auditor Firm ID	185
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of Part III of this report are incorporated by reference to the registrant’s definitive proxy statement for the 2025 annual meeting of its stockholders or will be provided in an amendment filed on Form 10-K/A.
Auditor Opinion	Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Prologis, L.P. and subsidiaries (the Operating Partnership) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, capital, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes and financial statement schedule III (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Operating Partnership as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024 , in conformity with U.S. generally accepted accounting principles.
Prologis LP [Member] | Notes 3.000 Percent Due 2026 [Member]
Document Information [Line Items]
Title of 12(b) Security	3.000% Notes due 2026
Trading Symbol	PLD/26
Security Exchange Name	NYSE
Prologis LP [Member] | Notes 2.250 Percent Due 2029 [Member]
Document Information [Line Items]
Title of 12(b) Security	2.250% Notes due 2029
Trading Symbol	PLD/29
Security Exchange Name	NYSE
Prologis LP [Member] | Notes 5.625 Percent Due 2040 [Member]
Document Information [Line Items]
Title of 12(b) Security	5.625% Notes due 2040
Trading Symbol	PLD/40
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Investments in real estate properties	$ 91,246,176	$ 88,666,575
Less accumulated depreciation	12,758,159	10,931,485
Net investments in real estate properties	78,488,017	77,735,090
Investments in and advances to unconsolidated entities	10,079,448	9,543,970
Assets held for sale or contribution	248,511	461,657
Net investments in real estate	88,815,976	87,740,717
Cash and cash equivalents	1,318,591	530,388
Other assets	5,194,342	4,749,735
Total assets	95,328,909	93,020,840
Liabilities:
Debt	30,879,263	29,000,501
Accounts payable and accrued expenses	1,769,327	1,766,018
Other liabilities	4,063,549	4,430,601
Total liabilities	36,712,139	35,197,120
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 December 31, 2024 and 2023.	63,948	63,948
Common stock; $0.01 par value; 926,283 and 924,391 shares issued and outstanding at December 31, 2024 and 2023, respectively	9,263	9,244
Additional paid-in capital	54,464,055	54,249,801
Accumulated other comprehensive loss	(120,215)	(514,201)
Distributions in excess of net earnings	(465,913)	(627,068)
Total Prologis, Inc. stockholders’ equity	53,951,138	53,181,724
Noncontrolling interests	4,665,632	4,641,996
Total equity	58,616,770	57,823,720
Total liabilities and equity	95,328,909	93,020,840
Prologis, L.P. [Member]
ASSETS
Investments in real estate properties	91,246,176	88,666,575
Less accumulated depreciation	12,758,159	10,931,485
Net investments in real estate properties	78,488,017	77,735,090
Investments in and advances to unconsolidated entities	10,079,448	9,543,970
Assets held for sale or contribution	248,511	461,657
Net investments in real estate	88,815,976	87,740,717
Cash and cash equivalents	1,318,591	530,388
Other assets	5,194,342	4,749,735
Total assets	95,328,909	93,020,840
Liabilities:
Debt	30,879,263	29,000,501
Accounts payable and accrued expenses	1,769,327	1,766,018
Other liabilities	4,063,549	4,430,601
Total liabilities	36,712,139	35,197,120
Prologis, Inc. stockholders’ equity:
Noncontrolling interests	3,323,047	3,324,275
Total capital	58,616,770	57,823,720
Total liabilities and equity	95,328,909	93,020,840
Partners’ capital:
Total partners’ capital	55,293,723	54,499,445
Prologis, L.P. [Member] | Preferred [Member]
Partners’ capital:
General partner	63,948	63,948
Prologis, L.P. [Member] | Common [Member]
Partners’ capital:
General partner	53,887,190	53,117,776
Limited partners	913,227	848,160
Prologis, L.P. [Member] | Class A Common [Member]
Partners’ capital:
Limited partners	$ 429,358	$ 469,561

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, liquidation preference per share	$ 50	$ 50
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares issued	1,279	1,279
Preferred stock, shares outstanding	1,279	1,279
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	926,283	924,391
Common stock, shares outstanding	926,283	924,391

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Rental		$ 7,514,705	$ 6,818,542	$ 4,913,171
Strategic capital		671,907	1,200,232	1,039,585
Development management and other		14,998	4,695	20,936
Total revenues		8,201,610	8,023,469	5,973,692
Expenses:
Rental		1,765,385	1,624,793	1,205,738
Strategic capital		291,856	385,542	303,356
General and administrative		418,765	390,406	331,083
Depreciation and amortization		2,580,519	2,484,891	1,812,777
Other		47,044	53,354	40,336
Total expenses		5,103,569	4,938,986	3,693,290
Operating income before gains on real estate transactions, net		3,098,041	3,084,483	2,280,402
Gains on dispositions of development properties and land, net		413,743	462,270	597,745
Gains on other dispositions of investments in real estate, net	[1]	904,136	161,039	589,391
Operating income		4,415,920	3,707,792	3,467,538
Other income (expense):
Earnings from unconsolidated entities, net		353,623	307,227	310,872
Interest expense		(863,932)	(641,332)	(309,037)
Foreign currency, derivative and other gains (losses) and other income (expense), net		208,731	87,221	241,621
Gains (losses) on early extinguishment of debt		536	3,275	(20,184)
Total other income (expense)		(301,042)	(243,609)	223,272
Earnings before income taxes		4,114,878	3,464,183	3,690,810
Total income tax expense		(166,943)	(211,038)	(135,412)
Consolidated net earnings		3,947,935	3,253,145	3,555,398
Less net earnings attributable to noncontrolling interests		216,300	193,931	190,542
Net earnings attributable to controlling interests		3,731,635	3,059,214	3,364,856
Less preferred stock/unit dividends/distributions		5,881	5,841	6,060
Net earnings attributable to common stockholders/unitholders		$ 3,725,754	$ 3,053,373	$ 3,358,796
Weighted average common shares/units outstanding - Basic		926,172	924,351	785,675
Weighted average common shares/units outstanding - Diluted	[2]	953,590	951,791	811,608
Net earnings per share/unit attributable to common stockholders/unitholders - Basic		$ 4.02	$ 3.30	$ 4.28
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted		$ 4.01	$ 3.29	$ 4.25
Prologis, L.P. [Member]
Revenues:
Rental		$ 7,514,705	$ 6,818,542	$ 4,913,171
Strategic capital		671,907	1,200,232	1,039,585
Development management and other		14,998	4,695	20,936
Total revenues		8,201,610	8,023,469	5,973,692
Expenses:
Rental		1,765,385	1,624,793	1,205,738
Strategic capital		291,856	385,542	303,356
General and administrative		418,765	390,406	331,083
Depreciation and amortization		2,580,519	2,484,891	1,812,777
Other		47,044	53,354	40,336
Total expenses		5,103,569	4,938,986	3,693,290
Operating income before gains on real estate transactions, net		3,098,041	3,084,483	2,280,402
Gains on dispositions of development properties and land, net		413,743	462,270	597,745
Gains on other dispositions of investments in real estate, net		904,136	161,039	589,391
Operating income		4,415,920	3,707,792	3,467,538
Other income (expense):
Earnings from unconsolidated entities, net		353,623	307,227	310,872
Interest expense		(863,932)	(641,332)	(309,037)
Foreign currency, derivative and other gains (losses) and other income (expense), net		208,731	87,221	241,621
Gains (losses) on early extinguishment of debt		536	3,275	(20,184)
Total other income (expense)		(301,042)	(243,609)	223,272
Earnings before income taxes		4,114,878	3,464,183	3,690,810
Total income tax expense		(166,943)	(211,038)	(135,412)
Consolidated net earnings		3,947,935	3,253,145	3,555,398
Less net earnings attributable to noncontrolling interests		123,192	116,657	98,611
Net earnings attributable to controlling interests		3,824,743	3,136,488	3,456,787
Less preferred stock/unit dividends/distributions		5,881	5,841	6,060
Net earnings attributable to common stockholders/unitholders		$ 3,818,862	$ 3,130,647	$ 3,450,727
Weighted average common shares/units outstanding - Basic		941,782	939,635	799,153
Weighted average common shares/units outstanding - Diluted	[2]	953,590	951,791	811,608
Net earnings per share/unit attributable to common stockholders/unitholders - Basic		$ 4.02	$ 3.30	$ 4.28
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted		$ 4.01	$ 3.29	$ 4.25
[1] In 2024, we had a significant contribution of operating properties to our unconsolidated co-investment venture in the U.S. Our total weighted average potentially dilutive shares and units outstanding for the years ended December 31 consisted of the following

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Consolidated net earnings	$ 3,947,935	$ 3,253,145	$ 3,555,398
Other comprehensive income:
Foreign currency translation gains (losses), net	360,874	20,763	373,405
Unrealized gains (losses) on derivative contracts, net	39,279	(92,703)	71,639
Comprehensive income	4,348,088	3,181,205	4,000,442
Net earnings attributable to noncontrolling interests	(216,300)	(193,931)	(190,542)
Other comprehensive loss (income) attributable to noncontrolling interests	(6,167)	1,348	(10,400)
Comprehensive income attributable to common stockholders/unitholders	4,125,621	2,988,622	3,799,500
Prologis, L.P. [Member]
Consolidated net earnings	3,947,935	3,253,145	3,555,398
Other comprehensive income:
Foreign currency translation gains (losses), net	360,874	20,763	373,405
Unrealized gains (losses) on derivative contracts, net	39,279	(92,703)	71,639
Comprehensive income	4,348,088	3,181,205	4,000,442
Net earnings attributable to noncontrolling interests	(123,192)	(116,657)	(98,611)
Other comprehensive loss (income) attributable to noncontrolling interests	3,651	(404)	292
Comprehensive income attributable to common stockholders/unitholders	$ 4,228,547	$ 3,064,144	$ 3,902,123

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Duke Transaction [Member]	Preferred Stock [Member]	Common Stock [Member]	Common Stock [Member] Duke Transaction [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Duke Transaction [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Distributions in Excess of Net Earnings [Member]	Noncontrolling Interests [Member]	Noncontrolling Interests [Member] Duke Transaction [Member]
Balance at Dec. 31, 2021	$ 37,742,210		$ 63,948	$ 7,398		$ 35,561,608		$ (878,253)	$ (1,327,828)	$ 4,315,337
Balance, shares at Dec. 31, 2021				739,827
Consolidated net earnings	3,555,398								3,364,856	190,542
Effect of equity compensation plans	187,725			$ 4		66,647				121,074
Effect of equity compensation plans, shares				393
Duke Transaction, net of issuance costs, shares					182,661
Capital contributions	13,295									13,295
Redemption of noncontrolling interests	(88,980)			$ 2		12,445				(101,427)
Redemption of noncontrolling interests, shares				261
Acquisitions by noncontrolling interests		$ 18,773,244			$ 1,827		$ 18,551,852				$ 219,565
Foreign currency translation gains (losses), net	373,405							364,725		8,680
Unrealized gains (losses) on derivative contracts, net	71,639							69,919		1,720
Reallocation of equity						(127,134)				127,134
Dividends and other distributions	(2,764,843)					(11)			(2,494,723)	(270,109)
Balance at Dec. 31, 2022	57,863,093		63,948	$ 9,231		54,065,407		(443,609)	(457,695)	4,625,811
Balance, shares at Dec. 31, 2022				923,142
Consolidated net earnings	3,253,145								3,059,214	193,931
Effect of equity compensation plans	280,711			$ 5		84,719				195,987
Effect of equity compensation plans, shares				410
Capital contributions	32,157									32,157
Redemption of noncontrolling interests	(69,807)			$ 8		48,349				(118,164)
Redemption of noncontrolling interests, shares				839
Foreign currency translation gains (losses), net	20,763							19,867		896
Unrealized gains (losses) on derivative contracts, net	(92,703)							(90,459)		(2,244)
Reallocation of equity						51,328				(51,328)
Dividends and other distributions	(3,463,639)					(2)			(3,228,587)	(235,050)
Balance at Dec. 31, 2023	$ 57,823,720		63,948	$ 9,244		54,249,801		(514,201)	(627,068)	4,641,996
Balance, shares at Dec. 31, 2023	924,391			924,391
Consolidated net earnings	$ 3,947,935								3,731,635	216,300
Effect of equity compensation plans	239,431			$ 5		69,239				170,187
Effect of equity compensation plans, shares				487
Capital contributions	73,094									73,094
Redemption of noncontrolling interests	(1,650)			$ 14		80,677				(82,341)
Redemption of noncontrolling interests, shares				1,405
Foreign currency translation gains (losses), net	360,874							355,663		5,211
Unrealized gains (losses) on derivative contracts, net	39,279							38,323		956
Reallocation of equity						64,070				(64,070)
Dividends and other distributions	(3,865,913)					268			(3,570,480)	(295,701)
Balance at Dec. 31, 2024	$ 58,616,770		$ 63,948	$ 9,263		$ 54,464,055		$ (120,215)	$ (465,913)	$ 4,665,632
Balance, shares at Dec. 31, 2024	926,283			926,283

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends per common share	$ 3.84	$ 3.48	$ 3.16

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Consolidated net earnings		$ 3,947,935	$ 3,253,145	$ 3,555,398
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Straight-lined rents and amortization of above and below market leases		(644,606)	(613,005)	(267,709)
Equity-based compensation awards		231,747	267,648	175,356
Depreciation and amortization		2,580,519	2,484,891	1,812,777
Earnings from unconsolidated entities, net		(353,623)	(307,227)	(310,872)
Operating distributions from unconsolidated entities		562,475	680,192	410,483
Decrease (increase) in operating receivables from unconsolidated entities		20,532	(82,375)	(63,947)
Amortization of debt discounts and debt issuance costs, net		78,885	74,589	23,736
Gains on dispositions of development properties and land, net		(413,743)	(462,270)	(597,745)
Gains on other dispositions of investments in real estate, net	[1]	(904,136)	(161,039)	(589,391)
Unrealized foreign currency and derivative losses (gains), net		(67,335)	71,627	(92,201)
Losses (gains) on early extinguishment of debt, net		(536)	(3,275)	20,184
Deferred income tax expense (benefit)		21,161	17,708	12,638
Decrease (increase) in other assets		(341,614)	(102,610)	(71,307)
Increase (decrease) in accounts payable and accrued expenses and other liabilities		194,548	255,059	109,030
Net cash provided by (used in) operating activities		4,912,209	5,373,058	4,126,430
Investing activities:
Real estate development		(3,206,231)	(3,399,114)	(3,118,379)
Real estate acquisitions		(2,327,605)	(4,195,714)	(2,492,108)
Duke Transaction, net of cash acquired		0	(33,009)	(92,052)
Tenant improvements and lease commissions on previously leased space		(499,927)	(388,814)	(339,234)
Property improvements		(386,481)	(303,042)	(211,358)
Proceeds from dispositions and contributions of real estate		3,790,388	1,764,322	2,063,623
Investments in and advances to unconsolidated entities		(540,559)	(284,185)	(442,366)
Return of investment from unconsolidated entities		58,339	348,276	76,994
Proceeds from the settlement of net investment hedges		16,021	37,113	59,281
Payments on the settlement of net investment hedges		(3,002)	(2,230)	(3,458)
Proceeds from repayment of notes receivable backed by real estate		0	37,000	0
Net cash provided by (used in) investing activities		(3,099,057)	(6,419,397)	(4,499,057)
Financing activities:
Dividends/distributions paid on common and preferred stock/units		(3,570,480)	(3,228,589)	(2,494,723)
Noncontrolling interests contributions		73,094	21,107	13,295
Noncontrolling interests distributions		(295,701)	(235,050)	(270,109)
Settlement of noncontrolling interests		(1,650)	(69,807)	(88,980)
Tax paid with shares of the Parent withheld		(30,526)	(24,536)	(27,688)
Debt and equity issuance costs paid		(30,966)	(58,660)	(45,654)
Net proceeds from (payments on) credit facilities and commercial paper		(730,077)	(567,076)	294,164
Repurchase of and payments on debt		(919,481)	(272,203)	(1,381,005)
Proceeds from the issuance of debt		4,505,830	5,755,096	4,116,489
Net cash provided by (used in) financing activities		(999,957)	1,320,282	115,789
Effect of foreign currency exchange rate changes on cash		(24,992)	(22,038)	(20,796)
Net increase (decrease) in cash and cash equivalents		788,203	251,905	(277,634)
Cash and cash equivalents, beginning of year		530,388	278,483	556,117
Cash and cash equivalents, end of year		1,318,591	530,388	278,483
Prologis, L.P. [Member]
Operating activities:
Consolidated net earnings		3,947,935	3,253,145	3,555,398
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Straight-lined rents and amortization of above and below market leases		(644,606)	(613,005)	(267,709)
Equity-based compensation awards		231,747	267,648	175,356
Depreciation and amortization		2,580,519	2,484,891	1,812,777
Earnings from unconsolidated entities, net		(353,623)	(307,227)	(310,872)
Operating distributions from unconsolidated entities		562,475	680,192	410,483
Decrease (increase) in operating receivables from unconsolidated entities		20,532	(82,375)	(63,947)
Amortization of debt discounts and debt issuance costs, net		78,885	74,589	23,736
Gains on dispositions of development properties and land, net		(413,743)	(462,270)	(597,745)
Gains on other dispositions of investments in real estate, net		(904,136)	(161,039)	(589,391)
Unrealized foreign currency and derivative losses (gains), net		(67,335)	71,627	(92,201)
Losses (gains) on early extinguishment of debt, net		(536)	(3,275)	20,184
Deferred income tax expense (benefit)		21,161	17,708	12,638
Decrease (increase) in other assets		(341,614)	(102,610)	(71,307)
Increase (decrease) in accounts payable and accrued expenses and other liabilities		194,548	255,059	109,030
Net cash provided by (used in) operating activities		4,912,209	5,373,058	4,126,430
Investing activities:
Real estate development		(3,206,231)	(3,399,114)	(3,118,379)
Real estate acquisitions		(2,327,605)	(4,195,714)	(2,492,108)
Duke Transaction, net of cash acquired		0	(33,009)	(92,052)
Tenant improvements and lease commissions on previously leased space		(499,927)	(388,814)	(339,234)
Property improvements		(386,481)	(303,042)	(211,358)
Proceeds from dispositions and contributions of real estate		3,790,388	1,764,322	2,063,623
Investments in and advances to unconsolidated entities		(540,559)	(284,185)	(442,366)
Return of investment from unconsolidated entities		58,339	348,276	76,994
Proceeds from the settlement of net investment hedges		16,021	37,113	59,281
Payments on the settlement of net investment hedges		(3,002)	(2,230)	(3,458)
Proceeds from repayment of notes receivable backed by real estate		0	37,000	0
Net cash provided by (used in) investing activities		(3,099,057)	(6,419,397)	(4,499,057)
Financing activities:
Dividends/distributions paid on common and preferred stock/units		(3,672,318)	(3,320,929)	(2,571,267)
Noncontrolling interests contributions		73,094	21,107	13,295
Noncontrolling interests distributions		(193,863)	(142,710)	(193,565)
Redemption of common limited partnership units		(1,650)	(69,807)	(88,980)
Tax paid with shares of the Parent withheld		(30,526)	(24,536)	(27,688)
Debt and equity issuance costs paid		(30,966)	(58,660)	(45,654)
Net proceeds from (payments on) credit facilities and commercial paper		(730,077)	(567,076)	294,164
Repurchase of and payments on debt		(919,481)	(272,203)	(1,381,005)
Proceeds from the issuance of debt		4,505,830	5,755,096	4,116,489
Net cash provided by (used in) financing activities		(999,957)	1,320,282	115,789
Effect of foreign currency exchange rate changes on cash		(24,992)	(22,038)	(20,796)
Net increase (decrease) in cash and cash equivalents		788,203	251,905	(277,634)
Cash and cash equivalents, beginning of year		530,388	278,483	556,117
Cash and cash equivalents, end of year		$ 1,318,591	$ 530,388	$ 278,483
[1] In 2024, we had a significant contribution of operating properties to our unconsolidated co-investment venture in the U.S.

Consolidated Statements of Capi

Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Consolidated net earnings	$ 1,342,176	$ 630,807	$ 675,884	$ 498,629	$ 3,947,935	$ 3,253,145	$ 3,555,398
Effect of equity compensation plans					239,431	280,711	187,725
Capital contributions					73,094	32,157	13,295
Unrealized gains (losses) on derivative contracts, net					39,279	(92,703)	71,639
Noncontrolling Interests [Member]
Consolidated net earnings					216,300	193,931	190,542
Effect of equity compensation plans					170,187	195,987	121,074
Capital contributions					73,094	32,157	13,295
Unrealized gains (losses) on derivative contracts, net					956	(2,244)	1,720
Reallocation of capital					$ (64,070)	$ (51,328)	127,134
Limited Partners [Member]
Consolidated net earnings	$ 1,342,176	$ 630,807	$ 675,884	498,629
Class A Common [Member]
Beginning balance, Units		8,600			8,600
Ending balance, Units	7,700		8,600		7,700	8,600
Prologis, L.P. [Member]
Beginning balance		$ 57,823,720		57,863,093	$ 57,823,720	$ 57,863,093	37,742,210
Consolidated net earnings					3,947,935	3,253,145	3,555,398
Effect of equity compensation plans					239,431	280,711	187,725
Capital contributions					73,094	32,157	13,295
Redemption of limited partnership units					(1,650)	(69,807)	(88,980)
Foreign currency translation gains (losses), net					360,874	20,763	373,405
Unrealized gains (losses) on derivative contracts, net					39,279	(92,703)	71,639
Distributions and other					(3,865,913)	(3,463,639)	(2,764,843)
Ending balance	$ 58,616,770		$ 57,823,720		58,616,770	57,823,720	57,863,093
Prologis, L.P. [Member] | Noncontrolling Interests [Member]
Beginning balance		3,324,275		3,317,767	3,324,275	3,317,767	3,397,538
Consolidated net earnings					123,192	116,657	98,611
Capital contributions					73,094	32,157	13,295
Foreign currency translation gains (losses), net					(3,651)	404	(292)
Distributions and other					(193,863)	(142,710)	(193,565)
Ending balance	3,323,047		3,324,275		3,323,047	3,324,275	3,317,767
Prologis, L.P. [Member] | Duke Transaction [Member]
Acquisitions, net of issuance costs							18,773,244
Prologis, L.P. [Member] | Duke Transaction [Member] | Noncontrolling Interests [Member]
Acquisitions, net of issuance costs							2,180
Prologis, L.P. [Member] | Preferred [Member] | General Partner [Member]
Beginning balance		$ 63,948		$ 63,948	$ 63,948	$ 63,948	$ 63,948
Beginning balance, Units		1,279		1,279	1,279	1,279	1,279
Ending balance	$ 63,948		$ 63,948		$ 63,948	$ 63,948	$ 63,948
Ending balance, Units	1,279		1,279		1,279	1,279	1,279
Prologis, L.P. [Member] | Common [Member] | General Partner [Member]
Beginning balance		$ 53,117,776		$ 53,173,334	$ 53,117,776	$ 53,173,334	$ 33,362,925
Beginning balance, Units		924,391		923,142	924,391	923,142	739,827
Consolidated net earnings					$ 3,731,635	$ 3,059,214	$ 3,364,856
Effect of equity compensation plans					$ 69,244	$ 84,724	$ 66,651
Effect of equity compensation plans, units					487	410	393
Redemption of limited partnership units					$ 80,691	$ 48,357	$ 12,447
Redemption of limited partners units, units					1,405	839	261
Foreign currency translation gains (losses), net					$ 355,663	$ 19,867	$ 364,725
Unrealized gains (losses) on derivative contracts, net					38,323	(90,459)	69,919
Reallocation of capital					64,070	51,328	(127,134)
Distributions and other					(3,570,212)	(3,228,589)	(2,494,734)
Ending balance	$ 53,887,190		$ 53,117,776		$ 53,887,190	$ 53,117,776	$ 53,173,334
Ending balance, Units	926,283		924,391		926,283	924,391	923,142
Prologis, L.P. [Member] | Common [Member] | General Partner [Member] | Duke Transaction [Member]
Acquisitions, net of issuance costs							$ 18,553,679
Acquisitions, net of issuance costs, units							182,661
Prologis, L.P. [Member] | Common [Member] | Limited Partners [Member]
Beginning balance		$ 848,160		$ 843,263	$ 848,160	$ 843,263	$ 557,097
Beginning balance, Units		14,760		14,640	14,760	14,640	12,354
Consolidated net earnings					$ 62,800	$ 50,490	$ 57,620
Effect of equity compensation plans					$ 170,187	$ 195,987	$ 121,074
Effect of equity compensation plans, units					1,465	1,536	1,064
Redemption of limited partnership units					$ (30,503)	$ (118,164)	$ (101,427)
Redemption of limited partners units, units					(526)	(1,416)	(918)
Foreign currency translation gains (losses), net					$ 6,028	$ 316	$ 5,785
Unrealized gains (losses) on derivative contracts, net					650	(1,444)	1,109
Reallocation of capital					(62,654)	(52,180)	38,931
Distributions and other					(81,441)	(70,108)	(54,311)
Ending balance	$ 913,227		$ 848,160		$ 913,227	$ 848,160	$ 843,263
Ending balance, Units	15,699		14,760		15,699	14,760	14,640
Prologis, L.P. [Member] | Common [Member] | Limited Partners [Member] | Duke Transaction [Member]
Acquisitions, net of issuance costs							$ 217,385
Acquisitions, net of issuance costs, units							2,140
Prologis, L.P. [Member] | Class A Common [Member] | Limited Partners [Member]
Beginning balance		$ 469,561		$ 464,781	$ 469,561	$ 464,781	$ 360,702
Beginning balance, Units		8,595		8,595	8,595	8,595	8,595
Consolidated net earnings					$ 30,308	$ 26,784	$ 34,311
Redemption of limited partnership units					$ (51,838)
Redemption of limited partners units, units					(945)
Foreign currency translation gains (losses), net					$ 2,834	176	3,187
Unrealized gains (losses) on derivative contracts, net					306	(800)	611
Reallocation of capital					(1,416)	852	88,203
Distributions and other					(20,397)	(22,232)	(22,233)
Ending balance	$ 429,358		$ 469,561		$ 429,358	$ 469,561	$ 464,781
Ending balance, Units	7,650		8,595		7,650	8,595	8,595

Consolidated Statements of Ca_2

Consolidated Statements of Capital (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Partners' Capital [Abstract]
Distributions per common unit	$ 3.84	$ 3.48	$ 3.16

Cybersecurity Risk Management,

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Due to our reliance on digital technology and electronic communications to run our business, cybersecurity threats and incidents pose an ongoing and escalating risk to our internal and third-party provided information systems and data, reputation and shareholder value, results of operations and financial condition. Our Chief Technology Officer, who reports directly to our Chief Executive Officer, holds over 25 years of experience in information technology, specifically infrastructure, information security and fraud, and identity solutions at large global companies, and our Vice President of Information Technology (“IT”) Governance, who reports to our Chief Technology Officer, holds over 20 years of experience in various information security roles. Together, our Chief Technology Officer and Vice President of IT Governance ("IT leadership") oversee and lead our information security program and our business strategy, financial planning and capital allocation around our cybersecurity risk management and governance practices. We also have an established Incident Response Team (“IRT”) to respond to and manage cybersecurity events. This team includes our IT leadership as well as senior leadership from our accounting, legal, corporate communications and risk management departments with subject-matter expertise and established tenure at Prologis in their respective areas. The IRT is tasked with taking appropriate action to safeguard the integrity of our information systems, data and network resources, investigate whether a breach occurred, define disclosures, communicate effectively with key audiences, including the Board as necessary, mitigate cybersecurity incident risks and provide a resolution through our cybersecurity incident communication protocols. Additionally, on an annual basis the IRT is involved and engaged in security initiatives, including tabletop exercises facilitated both internally and externally, to stay relevant on current practices in the areas of cybersecurity. The processes implemented by our IT leadership and IRT to oversee and identify cybersecurity risks are based on the Prologis Information Security Policy governed by the United States National Institute of Standards and Technology Cybersecurity Framework. The framework focuses on five key categories of cybersecurity risk management and governance: (i) identify: develop an organizational understanding to manage cybersecurity risk to systems, people, assets, data and capabilities; (ii) protect: develop and implement appropriate safeguards to ensure delivery of critical services; (iii) detect: develop and implement appropriate activities to identify the occurrence of a cybersecurity event; (iv) respond: develop and implement appropriate activities to take actions regarding a detected cybersecurity incident; and (v) recover: develop and implement appropriate activities to maintain plans for resilience and to restore any capabilities or service that were impaired due to a cybersecurity incident. This framework is utilized within our organization as part of an integrated risk management program that involves participation from employees, to our Board and third-party service providers, with whom we have protocols in place to mitigate cybersecurity incident risks within our supply chain through the products and services we provide and use. Additionally, all employees and contractors are required to attend mandatory cybersecurity training on an annual basis.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	This framework is utilized within our organization as part of an integrated risk management program that involves participation from employees, to our Board and third-party service providers, with whom we have protocols in place to mitigate cybersecurity incident risks within our supply chain through the products and services we provide and use. Additionally, all employees and contractors are required to attend mandatory cybersecurity training on an annual basis.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board, specifically our Audit Committee, oversees cybersecurity risks and we believe contains the necessary expertise to perform those duties, including specific industry experience within information technology .
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board, specifically our Audit Committee, oversees cybersecurity risks and we believe contains the necessary expertise to perform those duties, including specific industry experience within information technology
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our IT leadership reports to the Board on an annual basis on cybersecurity matters and, as necessary, when incidents arise in accordance with our cybersecurity incident communication protocols.
Cybersecurity Risk Role of Management [Text Block]	We also have an established Incident Response Team (“IRT”) to respond to and manage cybersecurity events. This team includes our IT leadership as well as senior leadership from our accounting, legal, corporate communications and risk management departments with subject-matter expertise and established tenure at Prologis in their respective areas. The IRT is tasked with taking appropriate action to safeguard the integrity of our information systems, data and network resources, investigate whether a breach occurred, define disclosures, communicate effectively with key audiences, including the Board as necessary, mitigate cybersecurity incident risks and provide a resolution through our cybersecurity incident communication protocols. Additionally, on an annual basis the IRT is involved and engaged in security initiatives, including tabletop exercises facilitated both internally and externally, to stay relevant on current practices in the areas of cybersecurity.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	our Chief Technology Officer and Vice President of IT Governance ("IT leadership") oversee and lead our information security program and our business strategy, financial planning and capital allocation around our cybersecurity risk management and governance practices.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Technology Officer, who reports directly to our Chief Executive Officer, holds over 25 years of experience in information technology, specifically infrastructure, information security and fraud, and identity solutions at large global companies, and our Vice President of Information Technology (“IT”) Governance, who reports to our Chief Technology Officer, holds over 20 years of experience in various information security roles.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The processes implemented by our IT leadership and IRT to oversee and identify cybersecurity risks are based on the Prologis Information Security Policy governed by the United States National Institute of Standards and Technology Cybersecurity Framework. The framework focuses on five key categories of cybersecurity risk management and governance: (i) identify: develop an organizational understanding to manage cybersecurity risk to systems, people, assets, data and capabilities; (ii) protect: develop and implement appropriate safeguards to ensure delivery of critical services; (iii) detect: develop and implement appropriate activities to identify the occurrence of a cybersecurity event; (iv) respond: develop and implement appropriate activities to take actions regarding a detected cybersecurity incident; and (v) recover: develop and implement appropriate activities to maintain plans for resilience and to restore any capabilities or service that were impaired due to a cybersecurity incident. This framework is utilized within our organization as part of an integrated risk management program that involves participation from employees, to our Board and third-party service providers, with whom we have protocols in place to mitigate cybersecurity incident risks within our supply chain through the products and services we provide and use.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 3,731,635	$ 3,059,214	$ 3,364,856

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of the Business

Description of the Business	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Description of the Business	NO TE 1. DESCRIPTION OF THE BUSINESS Prologis, Inc. (or the “Parent”) commenced operations as a fully integrated real estate company in 1997, elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”), and believes the current organization and method of operation will enable it to maintain its status as a REIT. The Parent is the general partner of Prologis, L.P. (or the “Operating Partnership” or “OP”). Through the OP, we are engaged in the ownership, acquisition, development and management of logistics facilities with a focus on key markets in 20 countries on four continents. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors. We maintain a significant level of ownership in these co-investment ventures, which may be consolidated or unconsolidated based on our level of control of the entity. Our current business strategy consists of two reportable segments: Real Estate (Rental Operations and Development) and Strategic Capital. Our Real Estate Segment represents the ownership, leasing and development of logistics properties. Our Strategic Capital Segment represents the management of properties owned by our unconsolidated co-investment ventures and other ventures. See Note 17 for further discussion of our business segments. Unless otherwise indicated, the Notes to the Consolidated Financial Statements apply to both the Parent and the OP. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and OP collectively. For each share of preferred or common stock the Parent issues, the OP issues a corresponding preferred or common partnership unit, as applicable, to the Parent in exchange for the contribution of the proceeds from the stock issuance. At December 31, 2024, the Parent owned a 97.57 % common general partnership interest in the OP and substantially all of the preferred units in the OP. The remaining 2.43 % common limited partnership interests, which include Class A common limited partnership units (“Class A Units”) in the OP, are owned by unaffiliated investors and certain current and former directors and officers of the Parent. Each partner’s percentage interest in the OP is determined based on the number of OP units held, including the number of OP units into which Class A Units are convertible, compared to total OP units outstanding at each period end and is used as the basis for the allocation of net income or loss to each partner. At the end of each reporting period, a capital adjustment is made in the OP to reflect the appropriate ownership interest for each of the common unitholders. These adjustments are reflected in the line items Reallocation of Equity in the Consolidated Statements of Equity of the Parent and Reallocation of Capital in the Consolidated Statements of Capital of the OP. As the sole general partner of the OP, the Parent has complete responsibility and discretion in the day-to-day management and control of the OP, and 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 general partner with control of the OP, the Parent is the primary beneficiary and therefore consolidates the OP. Because the Parent’s only significant asset is its investment in the OP, the assets and liabilities of the Parent and the OP are the same on their respective financial statements. Information with respect to the square footage, number of buildings and acres of land is unaudited.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2. SUMMA RY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation. The accompanying Consolidated Financial Statements are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and are presented in our reporting currency, the U.S. dollar. Intercompany transactions with consolidated entities have been eliminated. Consolidation. We consolidate all entities that are wholly owned and those in which we own less than 100% of the equity but control the entity, as well as any variable interest entities (“VIEs”) in which we are the primary beneficiary. We evaluate our ability to control an entity and whether the entity is a VIE and we are the primary beneficiary through consideration of substantive terms of the arrangement to identify which enterprise has the power to direct the activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses and the right to receive benefits from the entity. For entities that are not defined as VIEs, we first consider whether we are the general partner or the limited partner (or the equivalent in such investments that are not structured as partnerships). We consolidate entities in which we are the general partner and the limited partners in such entities that do not have rights that would preclude control. For entities in which we are the general partner but do not control the entity as the other partners hold substantive participating or kick-out rights, we apply the equity method of accounting since, as the general partner, we have the ability to exercise significant influence over the operating and financial policies of the venture. For ventures for which we are a limited partner, or our investment is in an entity that is not structured similar to a partnership, we consider factors such as ownership interest, voting control, authority to make decisions and contractual and substantive participating rights of the partners. In instances where the factors indicate that we have a controlling financial interest in the venture, we consolidate the entity. In instances where we do not have a controlling interest in the venture, we apply the equity method of accounting when the factors indicate we have the ability to exercise significant influence over the venture. Use of Estimates. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Although we believe the assumptions and estimates we made are reasonable and appropriate, as discussed in the applicable sections throughout the Consolidated Financial Statements, different assumptions and estimates could materially impact our reported results. Foreign Operations. The U.S. dollar is the functional currency for our consolidated subsidiaries and unconsolidated entities operating in the U.S. and Mexico. The functional currency for our consolidated subsidiaries and unconsolidated entities operating in other countries is the principal currency in which the entity’s assets, liabilities, income and expenses are denominated, which may be different from the local currency of the country of incorporation or where the entity conducts its operations. The functional currencies of entities outside of the U.S. and Mexico generally include the Brazilian real, British pound sterling, Canadian dollar, Chinese renminbi, euro, Indian rupee, Japanese yen, Singapore dollar and Swedish krona. We take part in business transactions denominated in these and other local currencies where we operate. For our consolidated subsidiaries whose functional currency is not the U.S. dollar, we translate their financial statements into U.S. dollars at the time we consolidate those subsidiaries’ financial statements. Generally, assets and liabilities are translated at the exchange rate in effect at the balance sheet date. The resulting translation adjustments are included in Accumulated Other Comprehensive Income (Loss) (“ AOCI/L ”) in the Consolidated Balance Sheets. Certain balance sheet items, principally equity and capital-related accounts, are reflected at the historical exchange rate. Income statement accounts are translated using the average exchange rate for the period; income statement accounts that represent significant nonrecurring transactions are translated at the rate in effect at the date of the transaction. We translate our share of the net income or loss of our unconsolidated entities at the average exchange rate for the period other than significant nonrecurring transactions of the unconsolidated entities which are translated at the rate in effect at the date of the transaction. We and certain of our consolidated subsidiaries have intercompany and third-party debt that is not denominated in the entity’s functional currency. When the debt is remeasured against the functional currency of the entity, a gain or loss can result. The resulting adjustment is reflected in Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net in the Consolidated Statements of Income, unless it is intercompany debt that is deemed to be long-term in nature or third-party debt that has been designated as a nonderivative net investment hedge and then the adjustment is recorded as a cumulative translation adjustment in AOCI/L . Acquisitions. We apply a screen test to evaluate if substantially all the fair value of the acquired property is concentrated in a single identifiable asset or group of similar identifiable assets to determine whether a transaction is accounted for as an asset acquisition or business combination. As the fair value of most of our real estate acquisitions is concentrated in either a single identifiable asset or a group of similar identifiable assets, our real estate transactions are generally accounted for as asset acquisitions, which permits the capitalization of transaction costs to the basis of the acquired property. We measure the real estate assets acquired through an asset acquisition based on their cost or total consideration exchanged. The difference between the cost and the estimated fair value (excess or bargain consideration) is allocated to the real estate properties and certain related lease intangibles on a relative fair value basis. All other assets and liabilities assumed, including debt, and real estate assets that we intend to sell in the next twelve months are recorded at fair value. At a property level, we allocate the fair value to the components which include building, land, improvements and intangible assets or liabilities related to acquired leases. Purchase price allocations for a business combination are recorded at fair value. When we obtain control of an unconsolidated entity and the acquisition qualifies as a business combination, we account for the acquisition in accordance with the guidance for a business combination achieved in stages. We remeasure our previously held interest in the unconsolidated entity at its acquisition-date fair value and recognize any resulting gain or loss in earnings. We allocate the purchase price using principally Level 2 and Level 3 inputs (further defined in Fair Value Measurements below) as follows: Investments in Real Estate Properties. We value operating properties as if vacant. We estimate fair value by applying an income approach methodology using either a discounted cash flow analysis or applying a capitalization rate to the estimated net operating income, defined as rental revenues less rental expenses, of a property. Key assumptions include market rents and rent growth, and discount and capitalization rates. Estimates of future cash flows are based on a number of factors including historical operating results, known trends and market and economic conditions. We determine the discount or capitalization rate by market, based on recent transactions and other market data, and adjust if necessary based on the property characteristics. The fair value of land is generally based on relevant market data, such as a comparison of the subject site to similar parcels that have recently been sold or are currently being offered on the market for sale. At a property level, we allocate the fair value to building, land and improvements. Lease Intangibles . We determine the portion of the purchase price related to acquired in-place leases as intangible assets and liabilities as follows: • Above and Below Market Leases . We recognize an asset or liability for acquired leases with in-place rents that are higher or lower than our estimate of current market rents in each of the applicable markets. The above or below market lease intangibles are valued using a discounted cash flow approach through which we recognize the present value of the difference in cash flows between in-place and market rents. The value is recorded in either Other Assets or Other Liabilities , as appropriate, and is amortized over the remaining term of the respective leases, including any bargain renewal options, to rental revenues. • Foregone Rent . We calculate the value of the revenue and recovery of costs which would be foregone during a reasonable lease-up period, if the space was vacant, in each of the applicable markets. The values are recorded in Other Assets and amortized over the remaining life of the respective leases to amortization expense. • Leasing Commissions. We recognize an asset for leasing commissions based on our estimate of the cost to lease space in the applicable markets. The value is recorded in Other Assets and amortized over the remaining life of the respective leases to amortization expense. Investments in Unconsolidated Entities. We estimate the fair value of the entity by using similar valuation methods as those used for the consolidated real estate properties and debt. We apply our ownership percentage to the estimated net asset value of the entity to determine the fair value of our investment. Debt . We estimate the fair value of debt based on contractual future cash flows discounted using borrowing spreads and market interest rates that would be available to us for the issuance of debt with similar terms and remaining maturities. In the case of publicly traded debt, we estimate the fair value based on available market data. Any discount or premium to the principal amount is included in the carrying value and amortized to interest expense over the remaining term of the related debt using the effective interest method. Noncontrolling Interests . We estimate the portion of the fair value of the net assets owned by third parties based on the fair value of the consolidated net assets, principally real estate properties and debt. Working Capital . We estimate the fair value of other acquired assets and assumed liabilities using the best information available. Fair Value Measurements. The objective of fair value is to determine the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). We estimate fair value using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that we would realize on disposition. The fair value hierarchy consists of three broad levels: • Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. • Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 — Unobservable inputs for the asset or liability. Fair Value Measurements on a Recurring Basis. We estimate the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate for these purposes. We determine the fair value of our derivative financial instruments using widely accepted valuation techniques. The technique utilized depends on the type of derivative financial instrument being valued, principally foreign currency contracts and interest rate contracts, and involves the contractual term of the derivative, observable market-based inputs and implied volatilities. We determine the fair values of our interest rate contracts using a market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments through a discounted cash flow analysis. We base the variable cash payments on an expectation of future interest rates, or forward curves, derived from observable market interest rate curves through the contractual term of the debt. We determine the fair values of our foreign currency contracts by comparing the contracted forward exchange rate to the current market exchange rate. We build a foreign exchange forward curve to determine the foreign exchange forward rate that pertains to the specific maturity date. Using this foreign exchange forward rate, spot rates and the interest rate curve of the domestic currency as inputs, we calculate the mark-to-market value of the foreign currency contract. We incorporate credit valuation adjustments to appropriately reflect nonperformance risk for us and the respective counterparty in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we consider the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. We have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy. Although the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties, we assess the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. Fair Value Measurements on a Nonrecurring Basis. Assets measured at fair value on a nonrecurring basis generally consist of real estate assets and investments in unconsolidated entities that were subject to impairment charges due to our evaluation of recoverability whenever events or changes in circumstances indicate the carrying amount may not be recoverable. As discussed below, our analysis of recoverability is primarily triggered based on the shortening of the expected hold period due to our change in intent to sell a property in the near term. We estimate the fair value of our investments based on expected sales prices in the market (Level 2) or by applying an income approach methodology using a discounted cash flow analysis (Level 3). Fair Value of Financial Instruments. We estimate the fair value of our senior notes for disclosure purposes based on quoted market prices for the same (Level 1) or similar (Level 2) issues when current quoted market prices are available. We estimate the fair value of our credit facilities, term loans, secured mortgage debt and other debt by discounting the future cash flows using rates and borrowing spreads currently available to us (Level 3). Real Estate Assets. Real estate assets are carried at depreciated cost. We capitalize costs incurred in developing, redeveloping and improving real estate assets as part of the investment basis. We expense costs for repairs and maintenance as incurred. Depreciation and Amortization. We charge the depreciable portions of real estate assets to depreciation expense on a straight-line basis over the respective estimated useful lives. Depreciation on development buildings commences when the asset is ready for its intended use, which we define as the earlier of when a property that was developed has been completed for one year , or is 90 % occupied. We generally use the following useful lives: 5 to 7 years for capital improvements, 10 years for standard tenant improvements, 15 to 25 years for depreciable land improvements, 25 to 40 years for operating properties acquired based on the age of the building and 40 years for operating properties we develop. We depreciate building improvements on land parcels subject to land leases over the shorter of the estimated life of the building improvement or the contractual term of the underlying land lease. Capitalized leasing costs are amortized over the estimated remaining lease term. The weighted average lease term for leases that commenced during 2024, including new leases and renewals, was 64 months based on square feet. Capitalization of Costs. During the land development and construction periods of qualifying projects, we capitalize interest costs, insurance, real estate taxes and general and administrative costs of the personnel performing the development; if such costs are incremental and identifiable to a specific activity to ready the asset for its intended use. We capitalize transaction costs related to the acquisition of land for future development and operating properties that qualify as asset acquisitions. We capitalize incremental, third-party costs incurred to successfully originate a lease that result directly from obtaining a lease and would not have been incurred if the lease had not been obtained. Leasing costs that meet the requirements for capitalization are presented as a component of Other Assets and all other capitalized costs are included in the investment basis of the real estate assets. Recoverability of Real Estate Assets. We assess the carrying values of our respective long-lived assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. This assessment is primarily triggered based on the shortening of the expected hold period due to a change in our intent to sell a property in the near term. We have processes to monitor our intent with regard to our investments and the estimated disposition value in comparison to the current carrying value. If our assessment of potential triggering events indicates that the carrying value of a property that we expect to sell in the near term is not recoverable, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the property. We determine the fair value of the property based on the estimated proceeds from disposition that are based on quoted market values, third-party appraisals or discounted cash flow models that utilize the future net operating income from the property and expected market capitalization rates. The use of projected future cash flows is based on assumptions that are consistent with our estimates of future expectations and the strategic plan we use to manage our underlying business. Changes in economic and operating conditions could impact our intent and the assumptions used in determining the fair value that could result in future impairment. At least annually or more frequently given the presence of a triggering event, we assess the recoverability of our assets based on our intent as follows: • for real estate properties that we intend to hold long-term; including land held for development, properties currently under development and operating properties; recoverability is assessed based on the estimated undiscounted future net operating income from the property, the terminal value and anticipated costs to develop; • for real estate properties we intend to sell, including properties currently under development and operating properties; recoverability is assessed based on estimated proceeds from disposition that are based on the future net operating income from the property, expected market capitalization rates and anticipated costs to develop; • for land parcels we intend to sell, recoverability is assessed based on the estimated proceeds from disposition; and • for costs incurred related to the potential acquisition of land and operating properties and future development projects, recoverability is assessed based on the probability that the acquisition or development is likely to occur at the measurement date. Assets Held for Sale or Contribution . We classify a property as held for sale or contribution when certain criteria are met in accordance with GAAP. Assets classified as held for sale are expected to be sold to a third party and assets classified as held for contribution are generally newly developed assets we intend to contribute to an unconsolidated co-investment venture within twelve months. When the criteria are met, the respective assets and liabilities are presented separately in the Consolidated Balance Sheets and depreciation is not recognized. Assets held for sale or contribution are reported at the lower of carrying amount or estimated fair value less costs to sell. Investments in Unconsolidated Entities . We present our investments in certain entities generally under the equity method. We use the equity method when we have the ability to exercise significant influence over operating and financial policies of the venture but do not have control of the entity. Under the equity method, we initially recognize these investments (including advances) in the balance sheet at our cost, including formation costs and net of deferred gains from the contribution of properties (recognized prior to January 1, 2018), if applicable. The transaction costs related to the formation of equity method investments are also capitalized. We subsequently adjust the accounts to reflect our proportionate share of net earnings or losses recognized and accumulated other comprehensive income or loss, distributions received, contributions made, sales and redemptions of our investments and certain other adjustments, as appropriate. When circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss in value is other than temporary. If we conclude it is other than temporary, we recognize an impairment charge to reflect the equity investment at fair value. With regard to distributions from unconsolidated entities, we have elected the nature of distribution approach as the information is available to us to determine the nature of the underlying activity that generated the distributions. In accordance with the nature of distribution approach, cash flows generated from the operations of an unconsolidated entity are classified as a return on investment (cash inflow from operating activities) and cash flows that are generated from property sales, debt refinancing or sales and redemptions of our investments are classified as a return of investment (cash inflow from investing activities). Cash and Cash Equivalents . We consider all cash on hand, demand deposits with financial institutions and short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Our cash and cash equivalents are financial instruments that are exposed to concentrations of credit risk. We invest our cash with high-credit quality institutions both domestically and internationally. Cash balances may be invested in money market accounts that are not insured. We have not realized any losses of such cash investments or accounts and believe that we are not exposed to any significant credit risk. Derivative Financial Instruments. We primarily hedge our foreign currency risk by borrowing in the currencies in which we invest. We may use derivative financial instruments, primarily foreign currency contracts to manage foreign currency exchange rate risk related to both our foreign investments and the related earnings. In addition, we occasionally use interest rate contracts to manage interest rate risk and limit the impact of future interest rate changes on earnings and cash flows, principally related to variable-rate debt and in anticipation of fixed-rate debt issuances. We do not use derivative financial instruments for trading or speculative purposes. Each derivative transaction is customized and not exchange-traded. We recognize all derivatives at fair value within the line items Other Assets or Other Liabilities . We do not net our derivative position by counterparty for purposes of balance sheet presentation and disclosure. Management reviews our derivative positions, overall risk management strategy and hedging program, on a regular basis. We only enter into transactions that we believe will be highly effective at offsetting the underlying risk. Our use of derivatives involves the risk that counterparties may default on a derivative contract; therefore we: (i) establish exposure limits for each counterparty to minimize this risk and provide counterparty diversification; (ii) contract with counterparties that have long-term credit ratings of single-A or better; (iii) enter into master agreements that generally allow for netting of certain exposures; thereby significantly reducing the actual loss that would be incurred should a counterparty fail to perform its contractual obligations; and (iv) set minimum credit standards that become more stringent as the duration of the derivative financial instrument increases. Based on these factors, we consider the risk of counterparty default to be minimal. Designated Derivatives. We may choose to designate our derivative financial instruments, generally foreign currency contracts to hedge our net investment in foreign operations or generally interest rate contracts to hedge future interest payments on variable debt and anticipated fixed-rate debt issuances. At inception of the transaction, we formally designate and document the derivative financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. We formally assess both at inception and at least quarterly thereafter, the effectiveness of our hedging transactions. Due to the high degree of effectiveness between the hedging instruments and the underlying exposures hedged, fluctuations in the value of the derivative financial instruments will generally be offset by changes in the cash flows or fair values of the underlying exposures being hedged. Changes in the fair value of derivatives that are designated and qualify as net investment hedges of our foreign operations or cash flow hedges are recorded in AOCI/L . For net investment hedges, these amounts offset the translation adjustments on the underlying net assets of our foreign investments and are recorded in AOCI/L . This includes debt issued in a currency that is not the same functional currency of the borrowing entity that we may designate as a nonderivative net investment hedge. We compare the net equity available from our foreign investments first to the derivative financial instruments designated as net investment hedges followed by any nonderivative net investment hedges. If the total notional amount of the derivative and nonderivative financial instruments exceeds the net equity available, that excess portion is considered unhedged and the translation of that excess portion is recognized in Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net . For cash flow hedges, we hedge exposure to the variability of existing cash flows and future cash flows related to variable-rate debt and anticipated fixed-rate debt issuances, respectively, typically over a period of 10 years, with a range of 5 to 30 years . We report the effective portion of the gain or loss as a component of AOCI/L and reclassify it to the applicable line item in the Consolidated Statements of Income, generally Interest Expense , over the corresponding period of the underlying hedged item. The ineffective portion of the change in fair value of a derivative financial instrument is recognized in earnings, generally Interest Expense , at the time the ineffectiveness occurred. To the extent the hedged forecasted interest payments on debt related to our interest rate contracts are paid off, the remaining balance in AOCI/L is recognized in Interest Expense in the Consolidated Statements of Income. Undesignated Derivatives. We also use derivatives, such as foreign currency forwards and option contracts, that are not designated as hedges to manage foreign currency exchange rate risk related to the translation of our results of operations. The changes in fair values of these derivatives that were not designated as hedging instruments are immediately recognized in earnings within the line item Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net . These gains or losses are generally offset by lower or higher earnings due to the translation at exchange rates that were different than our expectations. In addition, we may choose to not designate our interest rate contracts. If an interest rate contract is not designated as a hedge, the changes in fair value of this instrument is immediately recognized in earnings within the line item Interest Expense in the Consolidated Statements of Income . Noncontrolling Interests. Noncontrolling interests represent the share of consolidated entities owned by third parties. We recognize each noncontrolling holder’s respective share of the estimated fair value of the net assets at the date of formation or acquisition. Noncontrolling interests are subsequently adjusted for the noncontrolling holder’s share of additional contributions, distributions and their share of the net earnings or losses of each respective consolidated entity. We allocate net income to noncontrolling interests based on the weighted average ownership interest during the period. The net income that is not attributable to us is reflected in the line item Net Earnings Attributable to Noncontrolling Interests . We do not recognize a gain or loss on ownership transactions with a consolidated entity that do not result in a change in control and recognize the difference between the carrying amount of the noncontrolling interest and the consideration paid or received as additional paid-in-capital. Certain limited partnership interests, including OP units, are exchangeable into our common stock. Common stock issued upon exchange of a holder’s noncontrolling interest is accounted for at the carrying value of the surrendered limited partnership interest and the difference between the carrying value and the fair value of the common stock issued is recorded to additional paid-in-capital. Revenue Recognition. Rental Revenues and Recoveries. We lease our operating properties to customers under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses are recovered from our customers, including common area maintenance, real estate taxes and insurance. Rental expenses recovered through reimbursements received from customers are recognized in Rental Revenues in the Consolidated Statements of Income. We generally record amounts reimbursed by our customers (“rental recoveries”) as revenues in the period that the applicable expenses are incurred. We account for and present rental revenue and rental recoveries as a single component under Rental Revenues as the timing of recognition is the same, the pattern with which we transfer the right of use of the property and related services to the lessee are both on a straight-line basis and our leases qualify as operating leases. We perform credit analyses of our customers prior to the execution of our leases and continue these analyses for each individual lease on an ongoing basis in order to ensure the collectability of rental revenue. We recognize revenue to the extent that amounts are determined to be collectible. Strategic Capital Revenues. Strategic capital revenues include revenues or fees we earn from the management services we provide to unconsolidated entities. These fees are determined in accordance with the terms specific to each arrangement and may include recurring fees such as asset management and property management fees or transactional fees for leasing, acquisition, dev

Duke Transaction

Duke Transaction	12 Months Ended
	Dec. 31, 2024
Business Combinations [Abstract]
Duke Transaction	NOTE 3. D UKE TRANSACTION On October 3, 2022 , we acquired Duke Realty Corporation and Duke Realty Limited Partnership (collectively “Duke” or the “Duke Transaction”). Through the Duke Transaction, we acquired a portfolio primarily comprised of logistics real estate assets, including 494 industrial operating properties, aggregating 144.4 million square feet, which are highly complementary to our U.S. portfolio in terms of product quality, location and growth potential in our key markets. There was approximately 15 million square feet of non-strategic operating industrial properties acquired in the Duke Transaction for which our intent is not to operate these properties long-term. These assets are classified as Other Real Estate Investments in the Consolidated Balance Sheets. The portfolio also included properties under development, land for future development and investments in other ventures. The Duke Transaction was completed for $ 23.2 billion through the issuance of equity based on the value of the Prologis common stock and units issued of $ 18.8 billion, the assumption of debt of $ 4.2 billion and transaction costs. In connection with the transaction, each issued and outstanding share or unit held by a Duke shareholder or unitholder was converted automatically into 0.475 shares of Prologis common stock or common units of Prologis, L.P., respectively, including shares and units under Duke’s equity incentive plan that became fully vested at closing. The aggregate equity consideration is calculated below (in millions, except price per share): Number of Prologis shares and units issued upon conversion of 184.80 Multiplied by price of Prologis' common stock on September 30, 2022 $ 101.60 Fair value of Prologis shares and units issued $ 18,776 We accounted for the Duke Transaction as an asset acquisition and as a result, the transaction costs of $ 239.8 million were capitalized to the basis of the acquired properties. Transaction costs included the direct costs incurred to acquire the real estate assets. 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 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 .

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Real Estate	NOTE 4. REAL EST ATE 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 18,306 26,438 66 85 2,016,584 2,528,650 Land (1) 4,453,522 3,775,553 Other real estate investments (2) 5,683,688 5,088,070 Total investments in real estate properties 91,246,176 88,666,575 Less accumulated depreciation 12,758,159 10,931,485 Net investments in real estate properties $ 78,488,017 $ 77,735,090 (1) At December 31, 2024, and 2023 , our land was comprised of 8,708 and 8,197 acres, respectively. (2) Included in other real estate investments were principally: (i) land parcels we own and lease to third parties; (ii) renewable energy assets, including solar panels and electric vehicle chargers, and energy storage systems; (iii) non-strategic real estate assets that we do not intend to operate long term; and (iv) non-industrial real estate assets that we intend to redevelop as industrial properties or data centers. At December 31, 2024, we had investments in real estate assets in the U.S. and other Americas (Brazil, Canada and Mexico), Europe (Belgium, the Czech Republic, France, Germany, Hungary, Italy, the Netherlands, Poland, Slovakia, Spain, Sweden and the United Kingdom (“U.K.”)) and Asia (China, India, Japan and Singapore). Acquisitions The following table summarizes our real estate acquisition activity, excluding the Duke Transaction as discussed in Note 3, for the years ended December 31 (dollars and square feet in thousands): 2024 (1) 2023 (2) 2022 Number of operating properties 54 85 23 Square feet 11,047 17,503 5,169 Acres of land 889 1,620 2,218 Acquisition cost of net investments in real estate, excluding other real estate $ 2,144,303 $ 4,194,468 $ 1,828,256 Acquisition cost of other real estate investments $ 596,607 $ 101,382 $ 641,168 (1) In 2024, we acquired our partners' interest in an unconsolidated venture and began consolidating the properties, including 30 operating properties aggregating 6.0 million square feet. In addition, we entered a new market in India and acquired 225 acres of land. (2) On June 29, 2023, we acquired a real estate portfolio comprised of 70 operating properties in the U.S., aggregating 13.8 million square feet, for cash consideration of $ 3.1 billion. Dispositions The following table summarizes our dispositions of net investments in real estate which include contributions to unconsolidated co-investment ventures and dispositions to third parties for the years ended December 31 (dollars and square feet in thousands): 2024 2023 2022 Dispositions of development properties and land, net (1) Number of properties 29 22 21 Square feet 8,243 8,437 7,676 Net proceeds $ 1,479,217 $ 1,449,644 $ 1,398,585 Gains on dispositions of development properties and land, net $ 413,743 $ 462,270 $ 597,745 Other dispositions of investments in real estate, net (2) Number of properties 104 25 103 Square feet 22,799 2,794 8,718 Net proceeds $ 3,326,124 $ 641,214 $ 1,271,639 Gains on other dispositions of investments in real estate, net $ 904,136 $ 161,039 $ 589,391 (1) The gains we recognize in Gains on Dispositions of Development Properties and Land, Net in the Consolidated Statements of Income are principally driven by the contribution of newly developed properties to our unconsolidated co-investment ventures and occasionally sales to a third party. (2) In 2024, we had a significant contribution of operating properties to our unconsolidated co-investment venture in the U.S. Leases As a Lessor We lease our real estate properties to customers under agreements that are classified primarily as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Our weighted average lease term remaining was 52 months based on square feet for all leases in effect at December 31, 2024. The following table summarizes the minimum lease payments due from our customers on leases for space in our operating properties, prestabilized and under development properties, other real estate investments and assets held for sale or contribution at December 31, 2024 (in thousands): 2025 $ 5,397,546 2026 5,086,934 2027 4,377,403 2028 3,575,743 2029 2,761,495 Thereafter 10,190,560 Total $ 31,389,681 These amounts do not reflect future rental revenue from the renewal or replacement of existing leases and exclude reimbursements of rental expenses. These amounts also exclude rental increases that are not fixed. As a Lessee We had approximately 190 and 135 leases, principally land and office space leases, in which we were the lessee at December 31, 2024 and 2023 , respectively, which primarily qualify as operating leases with remaining lease terms of 1 to 79 years at December 31, 2024 . Our lease liabilities were $ 615.3 million and $ 597.6 million at December 31, 2024, and 2023, respectively. The following table summarizes the fixed, future minimum rental payments, excluding variable costs, for leases that had commenced at December 31, 2024, with amounts discounted at lease commencement by our incremental borrowing rates to calculate the lease liabilities of our leases (in thousands): 2025 $ 65,202 2026 56,694 2027 51,578 2028 49,818 2029 38,504 Thereafter 1,218,764 Total undiscounted rental payments 1,480,560 Less imputed interest 865,255 Total lease liabilities $ 615,305 The weighted average remaining lease term for these leases was 32 years and 30 years at December 31, 2024, and 2023 , respectively. We do not include renewal options in the lease term for calculating the lease liability unless we are reasonably certain we will exercise the option or the lessor has the sole ability to exercise the option. We assigned a collateralized interest rate to each lease based on the term of the lease and the currency in which the lease was denominated. The weighted average discount rate was 3.9 % and 3.6 % at December 31, 2024, and 2023 , respectively.

Unconsolidated Entities

Unconsolidated Entities	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Unconsolidated Entities	NOTE 5. UNCONSO LIDATED ENTITIES Summary of Investments We have investments in entities through a variety of ventures. We co-invest in entities that own multiple properties with partners and investors and we provide asset management and property management services to these entities, which we refer to as co-investment ventures. These entities may be consolidated or unconsolidated depending on the structure, our partner’s participation and other rights and our level of control of the entity. This note details our investments in unconsolidated co-investment ventures, which are related parties and accounted for using the equity method of accounting. See Note 11 for more detail regarding our consolidated investments that are not wholly owned. We also have investments in other ventures, generally with one partner, which we primarily account for using the equity method. We refer to our investments in both unconsolidated co-investment ventures and other ventures, collectively, as unconsolidated entities. The following table summarizes our investments in and advances to unconsolidated entities at December 31 (in thousands): 2024 2023 Unconsolidated co-investment ventures $ 9,274,762 $ 8,379,265 Other ventures (1) 804,686 1,164,705 Total $ 10,079,448 $ 9,543,970 (1) In 2024, we acquired our partners' interest in an unconsolidated venture and began consolidating the properties. Unconsolidated Co-Investment Ventures The following table summarizes our investments in the individual co-investment ventures at December 31 (dollars in thousands): Ownership Investment in Co-Investment Venture 2024 2023 2024 2023 Prologis Targeted U.S. Logistics Fund, L.P. (“USLF”) 30.5 % 27.3 % $ 3,022,568 $ 2,256,939 FIBRA Prologis (1) (2) 34.6 % 45.1 % 1,009,357 959,421 Prologis Brazil Logistics Venture (“PBLV”) and other joint ventures (3) 20.0 % 20.0 % 158,676 192,987 Prologis European Logistics Fund (“PELF”) 26.3 % 25.1 % 2,196,180 2,098,180 Prologis European Logistics Partners (“PELP”) (3) 50.0 % 50.0 % 2,174,590 2,027,299 Nippon Prologis REIT, Inc. (“NPR”) (4) (5) 15.1 % 15.1 % 523,204 595,920 Prologis Japan Core Logistics Fund ("PJLF") (5) 16.3 % 16.3 % 45,976 45,736 Prologis China Core Logistics Fund, LP (“PCCLF”) 15.5 % 15.5 % 89,551 80,229 Prologis China Logistics Venture I, LP, II, LP and III, LP (3) 15.0 % 15.0 % 54,660 122,554 Total $ 9,274,762 $ 8,379,265 (1) At December 31, 2024 , we owned 555.2 million units of FIBRA Prologis that had a closing price of Ps 57.91 ($ 2.82 ) per unit on the Mexican Stock Exchange. We have granted FIBRA Prologis a right of first refusal with respect to stabilized properties that we plan to sell in Mexico. (2) In 2024, FIBRA Prologis completed tender offers to acquire 89.9 % of Terrafina, a Mexican FIBRA, through a combination of stock and cash, and began consolidating Terrafina, which owned a portfolio of 40.8 million square feet of industrial real estate properties at December 31, 2024. As a result, our ownership interest in FIBRA Prologis decreased to 34.6 % at December 31, 2024. (3) We have one partner in each of these co-investment ventures. (4) At December 31, 2024 , we owned 0.4 million units of NPR that had a closing price of ¥ 222,900 ($ 1,420 ) per share on the Tokyo Stock Exchange. For any properties we develop and plan to sell in Japan, we have committed to offer those properties to NPR if we determine the properties meet NPR’s investment objectives. (5) At December 31, 2024, and 2023 , we had receivables from NPR and PJLF of $ 146.1 million and $ 161.2 million, respectively, related to customer security deposits that originated through a leasing company owned by us that pertain to properties we owned previously and contributed to NPR and PJLF. We have a corresponding payable to NPR’s and PJLF's customers in Other Liabilities . These amounts are repaid to us as the leases turn over. The amounts recognized in Strategic Capital Revenues and Earnings from Unconsolidated Entities, Net depend on the size, real estate valuations, operations and transactions of the unconsolidated co-investment ventures, the timing of revenues earned through promotes and transactional fees, as well as fluctuations in foreign currency exchange rates and our ownership interest. We recognized Strategic Capital Expenses for direct costs associated with the asset management of these ventures, allocated property-level management and leasing costs for the properties owned by the ventures and compensation expenses under the PPP. For additional discussion on the PPP, see Note 12. The following table summarizes the Strategic Capital Revenues we recognized in the Consolidated Statements of Income related to our unconsolidated co-investment ventures for the years ended December 31 (in thousands): 2024 2023 2022 Recurring fees $ 464,292 $ 450,682 $ 455,385 Transactional fees 58,511 60,467 67,048 Promote revenue (1) 139,329 674,629 503,779 Total strategic capital revenues from unconsolidated co-investment ventures (2) $ 662,132 $ 1,185,778 $ 1,026,212 (1) Includes promote revenue primarily earned in the U.S. in 2024 and 2023 and Europe in 2022. (2) These amounts exclude strategic capital revenues from other ventures. 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 at and for the years ended December 31 (dollars and square feet in millions): U.S. Other Americas (1) Europe Asia Total At: 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Key property information: Ventures 1 1 2 2 2 2 4 4 9 9 Operating properties 767 745 391 275 1,037 1,007 241 228 2,436 2,255 Square feet 134 126 85 65 232 223 100 94 551 508 Financial position: Total assets ($) 13,903 11,884 7,112 4,106 23,873 23,504 9,404 10,226 54,292 49,720 Third-party debt ($) 5,399 4,185 2,242 915 6,343 5,804 3,942 3,983 17,926 14,887 Total liabilities ($) 6,466 4,930 2,422 997 8,375 7,849 4,362 4,429 21,625 18,205 Our investment balance ($) (2) (3) 3,023 2,257 1,168 1,152 4,371 4,126 713 844 9,275 8,379 Our weighted average ownership (4) 30.5 % 27.3 % 30.9 % 39.3 % 33.0 % 31.9 % 15.2 % 15.2 % 29.0 % 28.1 % U.S. Other Americas (1) Europe Asia Total Operating Information: 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 For the years ended: Total revenues ($) 1,452 1,315 1,182 525 427 383 1,817 1,695 1,424 638 654 629 4,432 4,091 3,618 Net earnings ($) (3) 665 344 292 217 191 137 352 341 493 ( 355 ) 74 114 879 950 1,036 Our earnings from (3) 201 95 79 68 67 47 125 112 150 ( 57 ) 13 19 337 287 295 (1) PBLV and our other Brazilian joint ventures are combined as one venture for the purpose of this table. (2) 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 December 31, 2024, and 2023 , results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018 ($ 520.0 million and $ 534.9 million, respectively); (ii) recording additional costs associated with our investment in the venture ($ 80.2 million and $ 91.7 million, respectively); (iii) receivables, principally for fees and promotes ($ 186.2 million and $ 199.9 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to NPR and PJLF, as discussed above. (3) During the fourth quarter of 2024, we recognized an impairment charge against our investment balance in Prologis China Logistics Venture. (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. Equity Commitments Related to Certain Unconsolidated Co-Investment Ventures Certain unconsolidated co-investment ventures have equity commitments from us and our venture partners. Our venture partners fulfill their equity commitment with cash. We may fulfill our equity commitment through contributions of properties or cash. The commitments are generally used for the acquisition or development of properties but may be used for the repayment of debt or other general uses. The venture may obtain financing for the acquisition of properties and therefore the acquisition price of additional investments that the venture could make may be more than the equity commitment. Depending on market conditions, the investment objectives of the ventures, our liquidity needs and other factors, we may make additional contributions of properties or additional cash investments in these ventures. At December 31, 2024 , our outstanding equity commitments were $ 303.2 million, primarily for Prologis China Logistics Venture. The equity commitments expire from 2025 to 2033 if they have not been previously called.

Assets Held for Sale or Contrib

Assets Held for Sale or Contribution	12 Months Ended
	Dec. 31, 2024
Real Estate Assets Held for Development and Sale [Abstract]
Assets Held for Sale or Contribution	NOTE 6. ASSETS HEL D FOR SALE OR CONTRIBUTION We had investments in certain real estate properties that met the criteria to be classified as held for sale or contribution at December 31, 2024, and 2023. At the time of classification, these properties were expected to be sold to third parties or were recently stabilized and expected to be contributed to unconsolidated co-investment ventures within twelve months. The amounts included in Assets Held for Sale or Contribution in the Consolidated Balance Sheets represented real estate investment balances and the related assets and liabilities. Assets held for sale or contribution consisted of the following at December 31 (dollars and square feet in thousands): 2024 2023 Number of operating properties 8 12 Square feet 2,229 3,469 Total assets held for sale or contribution $ 248,511 $ 461,657 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 1,951 $ 14,182

Other Assets and Other Liabilit

Other Assets and Other Liabilities	12 Months Ended
	Dec. 31, 2024
Text Block [Abstract]
Other Assets and Other Liabilities	NOTE 7. OTHER ASSETS AND OTHER LIABILITIES The following table summarizes our other assets and liabilities, net of amortization and depreciation, if applicable, at December 31 (in thousands): 2024 2023 Rent leveling $ 1,218,483 $ 914,480 Leasing commissions 860,556 749,773 Acquired lease intangibles, net of $ 1.6 billion and $ 1.4 billion of accumulated amortization 764,546 1,010,615 Lease right-of-use assets (1) 707,814 683,707 Accounts receivable 407,464 325,698 Prepaid assets 231,299 248,597 Fixed assets 212,318 208,030 Value added taxes receivable 142,420 155,909 Derivative assets 137,429 87,319 Other notes receivable 74,594 72,730 Management contracts 10,666 10,702 Deferred income taxes 3,257 1,231 Other 423,496 280,944 Total other assets $ 5,194,342 $ 4,749,735 Acquired lease intangibles, net of $ 1.1 billion and $ 720.1 million of accumulated amortization $ 1,778,832 $ 2,206,906 Lease liabilities (1) 615,305 597,563 Tenant security deposits 403,707 438,100 Unearned rents 400,538 319,946 Environmental liabilities 176,154 178,201 Deferred income taxes 141,126 118,682 Deferred revenue and fees 74,754 57,116 Value added taxes payable 29,636 33,805 Liabilities associated with assets held for sale or contribution 1,951 14,182 Derivative liabilities 638 94,161 Other 440,908 371,939 Total other liabilities $ 4,063,549 $ 4,430,601 (1) For the amortization of the future minimum rental payments into rental expense and G&A expense on our land and office leases, respectively, refer to Note 4. The following table summarizes the expected future amortization of leasing commissions and forgone rent (included in acquired lease intangibles above) into amortization expense and above and below market leases (included in acquired lease intangibles above) and rent leveling net assets into rental revenues, all based on the balances at December 31, 2024 (in thousands): Amortization Expense Net Increase (Decrease) 2025 $ 360,031 $ 458,681 2026 298,640 227,003 2027 239,106 117,305 2028 183,023 36,431 2029 134,339 4,207 Thereafter 347,445 ( 345,796 ) Total $ 1,562,584 $ 497,831

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	NOTE 8. DEBT All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt at December 31 (dollars in thousands): 2024 2023 Weighted Average Amount Weighted Average Amount Interest Rate (1) Years (2) Outstanding (3) Interest Rate (1) Years (2) Outstanding (3) Credit facilities and 4.1 % 1.8 $ 224,966 5.9 % 3.1 $ 979,313 Senior notes (4) 3.2 % 9.8 28,322,163 2.9 % 10.1 25,311,647 Term loans and 2.0 % 4.4 2,013,317 2.8 % 3.7 2,330,520 Secured mortgage (5) 4.3 % 3.2 318,817 3.9 % 3.4 379,021 Total 3.1 % 9.4 $ 30,879,263 3.0 % 9.3 $ 29,000,501 (1) The weighted average interest rates presented represent the effective interest rates (including amortization of debt issuance costs and noncash premiums or discounts) at the end of the period for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rate on certain variable rate debt. (2) The weighted average years represents the remaining maturity in years on the debt outstanding at period end. (3) We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances at December 31 were borrowings denominated in the following currencies: 2024 2023 Weighted Average Interest Rate Amount Outstanding % of Total Weighted Average Interest Rate Amount Outstanding % of Total British pound sterling 3.1 % $ 1,714,653 5.6 % 2.1 % $ 1,299,628 4.5 % Canadian dollar 4.7 % 1,262,508 4.1 % 5.0 % 829,886 2.9 % Chinese renminbi 3.6 % 632,873 2.0 % 3.7 % 241,820 0.8 % Euro 2.1 % 9,900,602 32.1 % 2.0 % 10,083,601 34.8 % Japanese yen 1.1 % 2,910,755 9.4 % 1.0 % 3,085,970 10.6 % U.S. dollar 4.1 % 14,457,872 46.8 % 4.1 % 13,459,596 46.4 % Total 3.1 % $ 30,879,263 100.0 % 3.0 % $ 29,000,501 100.0 % (4) Senior notes are due from September 2025 to June 2061 with effective interest rates ranging from 0.3 % to 5.7 % at December 31, 2024. (5) Secured mortgage debt is due from May 2025 to September 2033 with effective interest rates ranging from 3.3 % to 8.7 % at December 31, 2024 . The debt was principally secured by 23 operating properties and 1 land parcel with an aggregate undepreciated cost of $ 754.7 million at December 31, 2024 . Credit Facilities We have two global senior credit facilities (the “2022 Global Facility” and "2023 Global Facility") each with a borrowing capacity of $ 3.0 billion (subject to currency fluctuations). We may draw on both facilities in British pounds sterling, Canadian dollars, euro, Japanese yen, Mexican pesos and U.S. dollars on a revolving basis. The 2022 Global Facility is scheduled to initially mature in June 2026 and the 2023 Global Facility in June 2027 ; however, we can extend the maturity date for each facility by six months on two occasions, subject to the payment of extension fees. We also have the ability to increase each credit facility to $ 4.0 billion, subject to currency fluctuations and obtaining additional lender commitments. We also have a Japanese yen revolver (the "Yen Credit Facility") with a borrowing capacity of ¥ 58.5 billion ($ 372.7 million at December 31, 2024 ). We have the ability to increase the borrowing capacity of the Yen Credit Facility to ¥ 75.0 billion ($ 477.8 million at December 31, 2024 ), subject to obtaining additional lender commitments. The Yen Credit Facility is scheduled to initially mature in August 2027 ; however, we may extend the maturity date for one year, subject to the payment of extension fees. We refer to the 2022 Global Facility, the 2023 Global Facility and the Yen Credit Facility, collectively, as our “Credit Facilities.” Pricing for the Credit Facilities, including the spread over the applicable benchmark and the rates applicable to facility fees and letter of credit fees, varies based on the public debt ratings of the OP. Our Credit Facilities are utilized to support our cash needs for development and acquisition activities on a short-term basis. The maturities of the borrowings under the Credit Facilities generally range from overnight to three months. The following table summarizes information about our Credit Facility activity and available liquidity (dollars in millions): 2024 2023 2022 Credit Facility activity for the years ended December 31: Weighted average daily interest rate 4.4 % 4.3 % 1.7 % Weighted average daily borrowings $ 519 $ 411 $ 519 Maximum borrowings outstanding at any month-end $ 1,031 $ 1,587 $ 1,538 Available liquidity at December 31: Aggregate lender commitments Credit Facilities $ 6,313 $ 6,477 $ 5,441 Less: Credit facility borrowings outstanding 225 979 1,538 Commercial paper borrowings outstanding (1) - - - Outstanding letters of credit 25 24 38 Current availability $ 6,063 $ 5,474 $ 3,865 Cash and cash equivalents 1,319 530 278 Total liquidity $ 7,382 $ 6,004 $ 4,143 (1) We are required to maintain available commitments under our Credit Facilities in an amount at least equal to the commercial paper borrowings outstanding. Commercial Paper In March 2024, we established a program under which we may issue, repay and re-issue short-term unsecured commercial paper notes denominated in U.S. dollars. The aggregate principal amount of notes outstanding under the commercial paper program at any time cannot exceed $ 1.0 billion and the net proceeds of the notes are expected to be used for general corporate purposes. The maturities of the notes generally range from overnight to three months. The notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. At any point in time, we are required to maintain available commitments under our Credit Facilities in an amount at least equal to the amount of the notes outstanding. Senior Notes The senior notes are unsecured and our obligations are effectively subordinated in certain respects to any of our debt that is secured by a lien on real property, to the extent of the value of such real property. The senior notes require interest payments be made quarterly, semi-annually or annually. The majority of the senior notes are redeemable at any time at our option, subject to certain prepayment penalties. Such repurchase and other terms are governed by the provisions of indenture agreements, various note purchase agreements or trust deeds. The following table summarizes the issuances of senior notes during 2024 (principal in thousands): Aggregate Principal Issuance Date Weighted Average Issuance Date Borrowing Currency USD (1) Interest Rate Years Maturity Dates January $ 1,250,000 $ 1,250,000 5.1 % 17.3 March 2034 – 2054 February CN¥ 1,500,000 $ 211,024 3.5 % 3.0 February 2027 March C$ 550,000 $ 405,147 4.7 % 5.0 March 2029 May € 550,000 $ 592,130 4.0 % 10.0 May 2034 May £ 350,000 $ 439,147 5.6 % 16.0 May 2040 July $ 1,100,000 $ 1,100,000 5.1 % 17.5 January 2035 – March 2054 September CN¥ 1,350,000 $ 189,655 3.3 % 5.0 September 2029 Total $ 4,187,103 4.8 % 13.7 (1) The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date of each issuance. Term Loans The following table summarizes our outstanding term loans at December 31 (dollars and borrowing currency in thousands): Term Loan Borrowing Currency Issuance Date Lender Commitment at 2024 Amount Outstanding at 2024 Amount Outstanding at 2023 Interest Rate Maturity Date Borrowing Currency USD USD USD March 2017 Yen (1) JPY March 2017 ¥ 12,000,000 $ 76,455 $ 76,455 $ 84,820 0.9 % and 1.0 % March 2027 – 2028 October 2017 Yen JPY October 2017 ¥ 10,000,000 $ 63,713 63,713 70,684 0.9 % October 2032 December 2018 Yen (1) JPY December 2018 ¥ 20,000,000 $ 127,426 127,426 141,368 1.2 % and TIBOR + 0.7 % December 2031 – June 2033 January 2019 Yen (1) JPY January 2019 ¥ 15,000,000 $ 95,569 95,569 106,026 TIBOR + 0.5 % to 0.6 % January 2028 – 2030 March 2019 Yen JPY March 2019 ¥ 85,000,000 $ 541,558 541,558 600,812 TIBOR + 0.4 % March 2026 June 2022 Yen (1) JPY June 2022 ¥ 25,000,000 $ 159,281 159,281 176,710 1.1 % and 1.2 % June 2032 – 2034 2022 Canadian (2) CAD August 2022 C$ 300,000 $ 208,503 208,503 226,403 CORRA August 2025 2022 U.S. Dollar (3) USD October 2022 $ 500,000 $ 500,000 - 500,000 SOFR + 0.8 % March 2025 December 2022 Yen JPY December 2022 ¥ 15,000,000 $ 95,569 95,569 106,026 1.4 % December 2033 2023 Yen JPY April 2023 ¥ 10,000,000 $ 63,713 63,713 70,684 1.5 % April 2031 2023 Chinese (1) (4) CNH September 2023 CN¥ 1,720,000 $ 239,274 239,274 242,845 3.5 % and 3.6 % September 2025 – 2026 2024 Yen JPY April 2024 ¥ 20,000,000 $ 127,425 127,425 - 1.5 % April 2034 2024 Euro (1) EUR November 2024 € 202,500 $ 210,377 210,377 - 3.0 % and Euribor + 0.7% November 2034 Subtotal 2,008,863 2,326,378 Debt issuance costs, net ( 3,117 ) ( 4,683 ) Total term loans $ 2,005,746 $ 2,321,695 (1) This term loan includes more than one lender commitment each bearing a different interest rate and maturity date. (2) In May 2022, Refinitive Benchmark Services (UK) Ltd. ("RBSL"), the administrator of the Canadian Dollar Offered Rate ("CDOR") formally announced that it would cease the calculation and publication of all tenors of CDOR effective June 28, 2024. In June 2024, we modified the interest rates on our Canadian term loan from 2022 ("2022 Canadian Term Loan") and our credit facility agreements that bore interest at the CDOR plus a spread over the applicable benchmark to the Canadian Overnight Repo Rate Average ("CORRA"). The modification did not have a material impact on our Consolidated Financial Statements. (3) In February 2024, we extinguished a $ 500.0 million U.S. dollar term loan. (4) In July 2024, we extended the maturity of the Chinese renminbi term loan ("2023 Chinese Term Loan") by one year until September 2025. We may extend the maturity for one additional year, subject to the payment of an extension fee. Long-Term Debt Maturities Scheduled principal payments due on our debt for each year through the period ended December 31, 2029, and thereafter were as follows at December 31, 2024 (in thousands): Unsecured Credit Facilities and Senior Term Loans Secured Maturity Commercial Paper Notes and Other Mortgage Total 2025 (1) (2) $ - $ 31,856 $ 308,978 $ 173,389 $ 514,223 2026 (3) 162,632 1,284,618 680,700 45,542 2,173,492 2027 (4) 62,334 1,898,055 45,873 4,156 2,010,418 2028 - 2,518,708 94,295 3,041 2,616,044 2029 - 3,193,130 - 3,191 3,196,321 Thereafter - 19,969,920 886,588 82,903 20,939,411 Subtotal 224,966 28,896,287 2,016,434 312,222 31,449,909 Unamortized premiums - ( 447,874 ) - 7,163 ( 440,711 ) Unamortized debt issuance - ( 126,250 ) ( 3,117 ) ( 568 ) ( 129,935 ) Total $ 224,966 $ 28,322,163 $ 2,013,317 $ 318,817 $ 30,879,263 (1) We expect to repay the amounts maturing in the next twelve months with cash generated from operations, proceeds from dispositions of real estate properties, or as necessary, with additional borrowings. (2) Included in the 2025 maturities were the 2022 Canadian Term Loan ($ 208.5 million at December 31, 2024), which can be extended until 2027, subject to the payment of extension fees, and the 2023 Chinese Term Loan ($ 100.2 million at December 31, 2024 ), which can be extended until 2026, subject to the prevailing interest rate at the time of extension. (3) Included in the 2026 maturities was the 2022 Global Facility ($ 162.6 million at December 31, 2024 ) which can be extended until 2027. (4) Included in the 2027 maturities was the 2023 Global Facility ($ 62.3 million at December 31, 2024 ), which can be extended until 2028. Interest Expense The following table summarizes the components of interest expense for the years ended December 31 (in thousands): 2024 (1) 2023 2022 Gross interest expense $ 892,612 $ 683,363 $ 345,398 Amortization of debt discounts (premiums), net 52,249 51,980 6,602 Amortization of debt issuance costs, net 26,636 22,609 17,134 Interest expense before capitalization $ 971,497 $ 757,952 $ 369,134 Capitalized amounts ( 107,565 ) ( 116,620 ) ( 60,097 ) Net interest expense $ 863,932 $ 641,332 $ 309,037 Total cash paid for interest, net of amounts capitalized $ 710,754 $ 457,021 $ 234,131 (1) Interest expense increased in 2024, as compared to 2023 , principally due to the issuance of senior notes to finance acquisition and development activities with higher interest rates on new issuances in both years. We issued $ 4.2 billion of senior notes during 2024 and $ 5.4 billion during 2023, with a weighted average interest rate of 4.8 % and 4.7 %, respectively, at the issuance date. Financial Debt Covenants Our Credit Facilities, senior notes and term loans outstanding at December 31, 2024 were subject to certain financial covenants under their related documents. At December 31, 2024, we were in compliance with all of our financial debt covenants. Guarantee of Finance Subsidiary Debt We have finance subsidiaries as part of our operations in Europe (Prologis Euro Finance LLC), Japan (Prologis Yen Finance LLC) and the U.K. (Prologis Sterling Finance LLC) in order to mitigate our foreign currency risk by borrowing in the currencies in which we invest. These entities are 100 % indirectly owned by the OP and all unsecured debt issued or to be issued by each entity is or will be fully and unconditionally guaranteed by the OP. There are no restrictions or limits on the OP’s ability to obtain funds from its subsidiaries by dividend or loan. In reliance on Rule 13-01 of Regulation S-X, the separate financial statements of Prologis Euro Finance LLC, Prologis Yen Finance LLC and Prologis Sterling Finance LLC are not provided.

Stockholders' Equity of Prologi

Stockholders' Equity of Prologis, Inc.	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Stockholders' Equity of Prologis, Inc.	NOTE 9. STOCKHOLD ERS’ EQUITY OF PROLOGIS, INC. Shares Authorized At December 31, 2024 , 2.1 billion shares were authorized to be issued by the Parent, of which 2.0 billion shares represent common stock and 0.1 billion shares represent preferred stock. Our board of directors (the “Board”) may, without stockholder approval, classify or reclassify any unissued shares of our stock from time to time by setting or changing the preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms or conditions of redemption of such shares. Common Stock Our at-the-market program allows us to sell up to $ 1.5 billion in aggregate gross sales proceeds of shares of common stock through twenty designated agents. These agents earn a fee of up to 2 % of the gross sales price per share of common stock as agreed to on a transaction-by-transaction basis. We have no t issued any shares of common stock under this program. On October 3, 2022, we issued 182.7 million common shares in the Duke Transaction. See Note 3 for more detail on these transactions. Under the 2020 Long-Term Incentive Plan, certain of our employees and outside directors are able to participate in equity-based compensation plans. See Note 12 for additional information on equity-based compensation plans. We may also issue common stock upon redemption of common limited partnership units in the OP. Share Purchase Program We have a share purchase program for the repurchase of outstanding shares of our common stock on the open market or in privately negotiated transactions for an aggregate purchase price of up to $ 1.0 billion. During 2022, 2023 and 2024 , we did no t purchase any common stock of Prologis, Inc. in connection with our share purchase program. Preferred Stock At December 31, 2024 and 2023 our Series Q preferred stock outstanding had a dividend rate of 8.54 % and will be redeemable at our option on or after November 13, 2026. Holders have, subject to certain conditions, limited voting rights and all holders are entitled to receive cumulative preferential dividends based on liquidation preference. The dividends are payable quarterly when, and if, they have been declared by the Board, out of funds legally available for the payment of dividends. Ownership Restrictions For us to qualify as a REIT, five or fewer individuals may not own more than 50 % of the value of our outstanding stock at any time during the last half of our taxable year. Therefore, our charter restricts beneficial ownership (or ownership generally attributed to a person under the REIT rules), by a person, or persons acting as a group, of issued and outstanding common and preferred stock that would cause that person to own or be deemed to own more than 9.8 % (by value or number of shares, whichever is more restrictive) of our issued and outstanding common stock. Furthermore, subject to certain exceptions, no person shall at any time directly or indirectly acquire ownership of more than 25 % of any of the preferred stock. These provisions assist us in protecting and preserving our REIT status and protect the interests of stockholders in takeover transactions by preventing the acquisition of a substantial block of outstanding shares of stock. Shares of stock owned by a person or group of people in excess of these limits are subject to redemption by us. The provision does not apply where a majority of the Board, in its sole and absolute discretion, waives such limit after determining that our status as a REIT for federal income tax purposes will not be jeopardized. Dividends To comply with the REIT requirements of the IRC, we are generally required to make common and preferred stock dividends (other than capital gain distributions) to our stockholders in amounts that together at least equal: (i) the sum of (a) 90 % of our “REIT taxable income” computed without regard to the dividends paid deduction and net capital gains and (b) 90% of the net income (after tax), if any, from foreclosure property; minus (ii) certain excess noncash income. Our common stock distribution policy is to distribute a percentage of our cash flow that ensures that we will meet the distribution requirements of the IRC and that allows us to also retain cash to meet other needs, such as capital improvements and other investment activities. The taxability of our dividends for the years ended December 31, 2024, 2023 and 2022 are presented below. The taxability of dividends paid in 2024 was based on management’s estimates as our tax return for the year ended December 31, 2024 has not been filed. As the statute of limitations is generally three years, our tax returns for certain years remain subject to examination and consequently the taxability of the dividends is subject to change. In 2024, 2023 and 2022, we paid all of our dividends in cash. The following summarizes the taxability of our common and preferred stock dividends for the years ended December 31: 2024 2023 2022 Common Stock: Ordinary income $ 3.50 $ 3.29 $ 3.08 Qualified dividend 0.01 0.00 0.02 Capital gains 0.33 0.19 0.06 Total dividend $ 3.84 $ 3.48 $ 3.16 Preferred Stock – Series Q: Ordinary income $ 3.90 $ 4.05 $ 4.16 Qualified dividend 0.02 0.00 0.02 Capital gains 0.35 0.22 0.09 Total dividend $ 4.27 $ 4.27 $ 4.27 Common stock dividends are characterized for federal income tax purposes as ordinary income, qualified dividend, capital gains, non-taxable return of capital or a combination of the four. Common stock dividends that exceed our current and accumulated earnings and profits (calculated for tax purposes) constitute a return of capital rather than a dividend and generally reduce the stockholder’s basis in the common stock. To the extent that a dividend exceeds both current and accumulated earnings and profits and the stockholder’s basis in the common stock, it will generally be treated as a gain from the sale or exchange of that stockholder’s common stock. At the beginning of each year, we notify our stockholders of the taxability of the common stock dividends paid during the preceding year. Pursuant to the terms of our preferred stock, we are restricted from declaring or paying any dividend with respect to our common stock unless and until all cumulative dividends with respect to the preferred stock have been paid and sufficient funds have been set aside for dividends that have been declared for the relevant dividend period with respect to the preferred stock.

Partners' Capital of Prologis,

Partners' Capital of Prologis, L.P.	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Partners' Capital of Prologis, L.P.	NOTE 10. PARTNERS’ CAPI TAL OF PROLOGIS, L.P. Distributions paid on the common limited partnership units, and the taxability of those distributions, are similar to dividends paid on the Parent’s common stock disclosed above. On October 3, 2022, we issued 2.1 million common limited partnership units in the OP in the Duke Transaction. We issued Class A Units in the OP through an acquisition of a portfolio of properties in 2015. The Class A Units generally have the same rights as the existing common limited partnership units of the OP, except that the Class A Units are entitled to a quarterly distribution equal to $ 0.64665 per unit so long as the common limited partnership units receive a quarterly distribution of at least $ 0.40 per unit (in the event the common limited partnership units receive a quarterly distribution of less than $ 0.40 per unit, the Class A Unit distribution would be reduced by a proportionate amount). Class A Units are convertible into common limited partnership units at an initial conversion rate of one-for-one. The conversion rate will be increased or decreased to the extent that, at the time of conversion, the net present value of the distributions paid with respect to the Class A Units are less or more than the distributions paid on common limited partnership units from the time of issuance of the Class A Units until the time of conversion. At December 31, 2024 and 2023 , the Class A Units were convertible into 7.4 million common limited partnership units and 8.2 million common limited partnership units, respectively. The OP may redeem the Class A Units at any time after October 7, 2025, for an amount in cash equal to the then-current number of the common limited partnership units into which the Class A Units are convertible, multiplied by $ 43.11 , subject to the holders’ right to convert the Class A Units into common limited partnership units. Distributions paid to the Class A Units were $ 2.58660 annually during the years ended December 31, 2024, 2023 and 2022.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests	NOTE 11. NONCO NTROLLING INTERESTS Prologis, L.P. We report noncontrolling interests related to several entities we consolidate but of which we do not own 100% of the equity. These entities include two real estate partnerships that have issued limited partnership units to third parties. Depending on the specific partnership agreements, these limited partnership units are redeemable for cash or, at our option, shares of the Parent’s common stock, generally at a rate of one share of common stock to one limited partnership unit . We also consolidate certain entities in which we do not own 100% of the equity but the equity of these entities is not exchangeable into our common stock. As discussed in Note 1, the Parent has complete responsibility, power and discretion in the day-to-day management of the OP. The Parent, through its majority interest, has the right to receive benefits from and incur losses of the OP. In addition, the OP does not have either substantive liquidation rights or substantive kick-out rights without cause or substantive participating rights that could be exercised by a simple majority of noncontrolling interests. The absence of such rights renders the OP as a VIE. Accordingly, the Parent is the primary beneficiary and therefore consolidates the OP. Prologis, Inc. The noncontrolling interests of the Parent include the noncontrolling interests described above for the OP, as well as the limited partnership units in the OP that are not owned by the Parent. The outstanding limited partnership units receive quarterly cash distributions equal to the quarterly dividends paid on our common stock pursuant to the terms of the applicable partnership agreements. The following table summarizes these entities at December 31 (dollars in thousands): Our Ownership Noncontrolling Total Assets Total Liabilities 2024 2023 2024 2023 2024 2023 2024 2023 Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 3,091,941 $ 3,147,790 $ 7,014,774 $ 7,142,889 $ 149,823 $ 156,303 Other consolidated entities (1) various various 231,106 176,485 3,031,608 2,369,959 399,277 333,114 Prologis, L.P. 3,323,047 3,324,275 10,046,382 9,512,848 549,100 489,417 Limited partners in Prologis, L.P. (2)(3) 1,342,585 1,317,721 - - - - Prologis, Inc. $ 4,665,632 $ 4,641,996 $ 10,046,382 $ 9,512,848 $ 549,100 $ 489,417 (1) Includes two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. The limited partnership units outstanding at December 31, 2024 and 2023 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. (2) We had 7.7 million and 8.6 million Class A Units at December 31, 2024 and 2023 , respectively, that were convertible into 7.4 million and 8.2 million, respectively, limited partnership units of the OP at the end of each year. See Note 10 for further discussion of our Class A Units. (3) There were limited partnership units in the OP, excluding the Class A Units, that were exchangeable into cash or, at our option, 9.0 million and 9.1 million shares of the Parent’s common stock, at December 31, 2024 and 2023 , respectively. Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans of 6.7 million and 5.7 million shares of the Parent’s common stock at December 31, 2024 and 2023, respectively. See further discussion of LTIP Units in Note 12 .

Long-Term Compensation

Long-Term Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Long-Term Compensation	NOTE 12. LON G-TERM COMPENSATION 2020 Long-Term Incentive Plan The 2020 Long-Term Incentive Plan ("2020 LTIP") provides for grants of awards to officers, directors, employees and consultants of the Parent or its subsidiaries. Awards can be in the form of: full value awards, stock appreciation rights and stock options (non-qualified options and incentive stock options). Full value awards generally consist of: (i) common stock; (ii) restricted stock units (“RSUs”); (iii) OP LTIP units (“LTIP Units”) and (iv) performance stock units ("PSUs”). Awards may be made under the 2020 LTIP until it is terminated by the Board or until the ten-year anniversary of the effective date of the plan. The awards have been issued under the following components of our equity-based compensation programs at December 31, 2024: (i) Performance Stock Unit Program; (ii) Prologis Outperformance Plan ("POP"); (iii) Prologis Promote Plan (“PPP”); (iv) annual long-term incentive (“LTI”) equity award program (“Annual LTI Award”); and (v) annual bonus exchange program. At December 31, 2024 , we had 15.9 million shares of common stock remaining available for future issuance under equity compensation plans. Equity-Based Compensation Programs Performance Stock Unit ("PSU") Program On January 16, 2024, PSUs were granted under the Company's 2020 Long-Term Incentive Plan and will be settled in equity at the end of a three-year performance period, if applicable market-based performance hurdles are met. Such hurdles are based on a performance scale of Prologis’ percentile ranking in the Morgan Stanley Capital International US REIT Index (the “Index”) for a three-year performance period. Prologis must perform at the 55 th percentile to earn a target award of 100.0 %. The award is capped at 200.0 % of the target for performance at or above the 85 th percentile, and there is no payout in the event Prologis’ performance is below the 35 th percentile. There is a proportional scaling between the 35 th and the 85 th percentiles, starting with 50.0 % of the target being earned at the 35 th percentile. The fair value of the awards is measured at the grant date and amortized over the period from the grant date to the date at which the awards vest, regardless of whether the market condition has been satisfied, which ranges from three to five years . We granted PSUs for the 2024 – 2026 performance period in January 2024, with a fair value of $ 31.5 million using a Monte Carlo valuation model that assumed a risk-free interest rate of 4.2 % and an expected volatility of 27.0 % for Prologis and 30.5 % for the peer group companies. We apply a discount to the fair value of the awards to reflect the illiquidity imposed by post-vesting holding periods, utilizing a weighted discount of 10 % from valuation models that consider the length of the restriction, and the illiquidity associated with the awards. If an award is earned at the end of the initial three-year performance period, one-third of the award vests at the end of the performance period and the remaining award vests equally one and two years after the award is earned. The award is subject to an additional three-year holding requirement. Awards are in the form of common stock, RSUs and LTIP Units. Prologis Outperformance Plan ("POP") We have allocated participation points or a percentage of the compensation pool to participants under our POP corresponding to three-year performance periods beginning every January 1. The fair value of the awards is measured at the grant date and amortized over the period from the grant date to the date at which the awards vest, which ranges from three to ten years . The performance hurdle (“Outperformance Hurdle”) at the end of the initial three-year performance period requires our three-year compound annualized total stockholder return (“TSR”) to exceed a threshold set at the three-year compound annualized TSR for the Index for the same period plus 100 basis points. If the Outperformance Hurdle is met, a compensation pool will be formed equal to 3.0 % of the excess value created, subject to a maximum as defined by each performance period. POP awards cannot be paid at a time when we meet the outperformance hurdle, yet our absolute TSR is negative. If after seven years our absolute TSR has not been positive, the awards will be forfeited. Commencing in 2024, the named executive officers ("NEOs") and certain select employees received PSUs, discussed above, and no new awards will be made to these individuals under the POP. We granted participation points for the 2024 – 2026 performance period in January 2024 to other employees, as discussed in the table below. The 2024 – 2026 performance period has an absolute maximum cap of $ 60 million. If an award is earned at the end of the initial three-year performance period, then 20.0 % of the POP award is paid at the end of the initial performance period and the remaining 80.0 % is subject to additional seven-year cliff vesting. The 20.0 % that is paid at the end of the initial three-year performance period is subject to an additional three-year holding requirement. Each participant is eligible to receive a percentage of the total compensation pool based on the number of participation points allocated to the participant, or in the case of certain executive officers for previous POP awards, a set percentage of the compensation pool. If the performance criteria are met, the participants’ points or compensation pool percentage will be paid in the form of common stock, RSUs, POP LTIP Units or LTIP Units, as elected by the participant. At December 31, 2024, all awards were equity classified. The grant date fair value was calculated using a Monte Carlo valuation model. The following table details the assumptions used for each POP grant based on the year it was granted (dollars in thousands): 2024 2023 2022 Risk free interest rate 4.2 % 4.2 % 1.0 % Prologis expected volatility 27.0 % 35.0 % 31.0 % Index expected volatility 20.0 % 31.0 % 29.0 % Grant date fair value $ 19,000 $ 28,300 $ 30,400 Total remaining compensation cost at December 31, 2024 , was $ 52.5 million, prior to adjustments for capitalized amounts due to our development activities. The remaining compensation cost will be recognized through 2033, with a weighted average period of 2.8 years. The performance criteria were met for the performance periods ended 2022 and 2023. The absolute maximum cap was earned and awarded in January of the following year for each respective performance period. The performance criteria was not met for the performance period ended 2024. The tables below include POP awards that were earned but are unvested while any vested awards are reflected within the Consolidated Statements of Equity and Capital. Prologis Promote Plan (“PPP”) Under the PPP, for promotes earned after January 2024, we award up to 25 % of the third-party portion of promotes earned by Prologis from co-investment ventures to employees through a compensation pool. The awards may be settled in some combination of cash and full value awards, at our election. For promotes earned prior to January 2024, up to 40 % of the third-party portion of promotes was awarded to certain employees. Annual LTI Equity Award Program (“Annual LTI Award”) The Annual LTI Award provides for grants to certain employees related to the most recent performance period. Annual Bonus Exchange Program Under our bonus exchange program, generally all our employees may elect to receive all or a portion of their annual cash bonus in equity. Equity awards granted through the bonus exchange are valued at a premium to the cash bonus exchanged and vest over three years, excluding certain executive officers. As certain executive officers do not receive a bonus exchange premium for participating in the bonus exchange program, the equity they receive upon exchange for their cash bonuses does not have a vesting period. Under the PPP, Annual LTI Award and Annual Bonus Exchange Program, awards may be issued in the form of RSUs or LTIP Units at the participants’ elections. RSUs and LTIP Units are valued based on the market price of the Parent’s common stock on the date the award is granted, and the grant date value is charged to compensation expense over the service period. The service period is generally four years , except for awards under the annual bonus exchange program. Dividends and distributions are paid with respect to both RSUs and LTIP Units during the vesting period, and therefore they are considered participating securities. We do not allocate undistributed earnings to participating securities as our net earnings per share or unit would not be materially different. The value of the dividend is charged to retained earnings for RSUs and the distribution is charged to Net Earnings Attributable to Noncontrolling Interests in the OP for LTIP Units in the Consolidated Financial Statements of the Parent. Summary of Award Activity PSUs The following table summarizes the activity for PSUs for the year ended December 31, 2024 (units in thousands): Unvested PSUs Weighted Average Grant Date Fair Value Balance at January 1, 2024 - $ - Granted 244 129.10 Vested and distributed - - Forfeited - - Balance at December 31, 2024 244 $ 129.10 No PSUs vested during the year ended December 31, 2024. Total remaining compensation cost related to the PSUs at December 31, 2024, was $ 20.0 million, prior to adjustments for capitalized amounts due to our development activities. The remaining compensation cost will be recognized through 2028, with a weighted average period of 1.5 years. RSUs Each RSU represents the right to receive one share of common stock of the Parent. The following table summarizes the activity for RSUs for the year ended December 31, 2024 (units in thousands): Unvested RSUs Weighted Average Grant Date Fair Value Balance at January 1, 2024 2,097 $ 98.23 Granted 820 111.00 Vested and distributed ( 757 ) 108.04 Forfeited ( 97 ) 104.73 Balance at December 31, 2024 2,063 $ 99.39 The fair value of stock awards granted and vested was $ 91.0 million and $ 81.7 million for 2024 , $ 122.1 million and $ 65.0 million for 2023 and $ 98.9 million and $ 48.6 million for 2022, respectively, based on the weighted average grant date fair value per unit. Total remaining compensation cost related to RSUs outstanding, excluding POP awards, at December 31, 2024 , was $ 109.4 million, prior to adjustments for capitalized amounts due to our development activities. The remaining compensation cost will be recognized through 2028, with a weighted average period of 1.2 years. LTIP Units An LTIP Unit represents a partnership interest in the OP. After vesting and the satisfaction of certain conditions, an LTIP Unit may be exchangeable for a common limited partnership unit in the OP and then redeemable for a share of common stock or cash at our option. Once LTIP Units are vested and converted into common stock, they reduce the total share reserve under the equity compensation plan but do not count as available shares for future awards. At December 31, 2024, 6.7 million LTIP Units were vested but not yet converted, and therefore, they remain excluded from the available share pool but included in fully diluted share calculations. The following table summarizes the activity for LTIP Units for the year ended December 31, 2024 (units in thousands): Unvested LTIP Units Weighted Average Grant Date Fair Value Balance at January 1, 2024 5,379 $ 76.72 Granted 1,274 98.19 Vested LTIP Units ( 1,357 ) 113.19 Forfeited ( 46 ) 117.59 Balance at December 31, 2024 5,250 $ 72.15 The fair value of unit awards granted and vested was $ 125.1 million and $ 153.6 million for 2024 , $ 259.0 million and $ 151.1 million for 2023 and $ 188.8 million and $ 84.3 million for 2022, respectively, based on the weighted average grant date fair value per unit. Total remaining compensation cost related to LTIP Units, excluding POP awards, at December 31, 2024 , was $ 156.6 million, prior to adjustments for capitalized amounts due to our development activities. The remaining compensation cost will be recognized through 2030, with a weighted average period of 1.3 years. Other Plans The Prologis 401(k) Plan (the “401(k) Plan”) includes a matching employer contribution of $ 0.50 for every dollar contributed by an employee, up to 12 % of the employee’s annual compensation (within the statutory compensation limit). In the 401(k) Plan, vesting in the matching employer contributions is based on the employee's years of service, with 100 % vesting at the completion of one year of service. Our contributions under the matching provisions were $ 10.2 million, $ 8.9 million and $ 8.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. We have a non-qualified savings plan that allows highly compensated employees the opportunity to defer the receipt and income taxation of a certain portion of their compensation in excess of the amount permitted under the 401(k) Plan. There has been no employer matching within this plan in the three-year period ended December 31, 2024 .

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	NOT E 13. INCOME TAXES Components of Earnings Before Income Taxes The following table summarizes the components of earnings before income taxes for the years ended December 31 (in thousands): 2024 2023 2022 Domestic $ 3,595,449 $ 2,891,644 $ 2,423,809 International 519,429 572,539 1,267,001 Earnings before income taxes $ 4,114,878 $ 3,464,183 $ 3,690,810 Summary of Current and Deferred Income Taxes The following table summarizes the components of the provision for income taxes for the years ended December 31 (in thousands): 2024 2023 2022 Current income tax expense (benefit): U.S. federal $ ( 17,082 ) $ ( 953 ) $ ( 6,645 ) International 152,891 175,121 112,489 State and local 9,973 19,162 16,930 Total current income tax expense 145,782 193,330 122,774 Deferred income tax expense: U.S. federal 18,222 12,936 3,359 International 2,939 4,772 9,279 Total deferred income tax expense 21,161 17,708 12,638 Total income tax expense $ 166,943 $ 211,038 $ 135,412 Current Income Taxes We recognize current income tax expense for the federal and state income taxes incurred by our TRSs and taxes incurred in certain states and foreign jurisdictions. Current income tax expense fluctuates from period to period based primarily on the timing of our taxable income. Taxable income incurred over the last three years was principally due to the following: (i) the contribution of real estate properties to our unconsolidated co-investment ventures and sales to third parties; (ii) recurring and transactional strategic capital fees earned; (iii) taxable earnings from unconsolidated co-investment ventures; and (iv) adjustments to acquired tax liabilities. During the years ended December 31, 2024, 2023 and 2022 , cash paid for income taxes, net of refunds, was $ 129.9 million, $ 149.1 million and $ 130.0 million, respectively. Deferred Income Taxes The deferred income tax expense recognized in 2024, 2023 and 2022 was principally due to changes in temporary differences and utilization of NOLs. The following table summarizes the deferred income tax assets and liabilities at December 31 (in thousands): 2024 2023 Gross deferred income tax assets: NOL carryforwards $ 263,597 $ 246,768 Basis difference – real estate properties 43,226 48,460 Basis difference – equity investments 18,434 18,051 Section 163(j) interest limitation 2,105 1,689 Capital loss carryforward 6,096 7,161 Other – temporary differences 29,908 9,142 Total gross deferred income tax assets 363,366 331,271 Valuation allowance ( 312,348 ) ( 305,063 ) Gross deferred income tax assets, net of valuation allowance 51,018 26,208 Gross deferred income tax liabilities: Basis difference – real estate properties 128,803 98,529 Basis difference – equity investments 57,763 43,457 Other – temporary differences 2,321 1,673 Total gross deferred income tax liabilities 188,887 143,659 Net deferred income tax liabilities $ 137,869 $ 117,451 At December 31, 2024, we had NOL carryforwards as follows (in thousands): U.S. Europe Mexico Japan Other Gross NOL carryforward $ 81,637 $ 559,070 $ 240,939 $ 54,200 $ 34,157 Tax-effected NOL carryforward 21,093 150,434 75,429 8,036 8,605 Valuation allowance 21,093 140,453 75,429 8,036 8,605 Net deferred tax asset – NOL carryforward $ - $ 9,981 $ - $ - $ - Expiration periods 2025 – 2044 2025 – indefinite 2025 – 2034 2025 – 2034 2025 – indefinite The deferred tax asset valuation allowance at December 31, 2024, was adequate to reduce the total deferred tax asset to an amount that we estimate will more likely than not be realized. Liability for Uncertain Tax Positions During the years ended December 31, 2024, 2023 and 2022, we believe that we had complied with the REIT requirements of the IRC. The statute of limitations for our global tax returns is generally three to five years. As such, our tax returns that remain subject to examination would be primarily from 2019 and thereafter. During the year ended December 31, 2024 , we recognized a $ 20.7 million liability for uncertain tax positions related to proposed settlements. Liabilities or any related settlements for uncertain tax positions for the years ended December 31, 2023 and 2022 were not material to our Consolidated Financial Statements.

Earnings Per Common Share or Un

Earnings Per Common Share or Unit	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Common Share or Unit	NOTE 14. EARNINGS PER CO MMON SHARE OR UNIT We determine basic earnings per share or unit based on the weighted average number of shares of common stock or units outstanding during the period. We compute diluted earnings per share or unit based on the weighted average number of shares or units outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments. The computation of our basic and diluted earnings per share and unit for the years ended December 31 was as follows (in thousands, except per share and unit amounts): Prologis, Inc. 2024 2023 2022 Net earnings attributable to common stockholders – Basic $ 3,725,754 $ 3,053,373 $ 3,358,796 Net earnings attributable to exchangeable limited partnership units (1) 94,052 77,806 92,236 Adjusted net earnings attributable to common stockholders – Diluted $ 3,819,806 $ 3,131,179 $ 3,451,032 Weighted average common shares outstanding – Basic 926,172 924,351 785,675 Incremental weighted average effect on exchange of limited partnership units (1) 23,445 23,693 21,803 Incremental weighted average effect of equity awards 3,973 3,747 4,130 Weighted average common shares outstanding – Diluted (2) 953,590 951,791 811,608 Net earnings per share attributable to common stockholders: Basic $ 4.02 $ 3.30 $ 4.28 Diluted $ 4.01 $ 3.29 $ 4.25 Prologis, L.P. 2024 2023 2022 Net earnings attributable to common unitholders $ 3,818,862 $ 3,130,647 $ 3,450,727 Net earnings attributable to Class A Units ( 30,308 ) ( 26,784 ) ( 34,311 ) Net earnings attributable to common unitholders – Basic 3,788,554 3,103,863 3,416,416 Net earnings attributable to Class A Units 30,308 26,784 34,311 Net earnings attributable to exchangeable other limited partnership units 944 532 305 Adjusted net earnings attributable to common unitholders – Diluted $ 3,819,806 $ 3,131,179 $ 3,451,032 Weighted average common partnership units outstanding – Basic 941,782 939,635 799,153 Incremental weighted average effect on exchange of Class A Units 7,536 8,110 8,026 Incremental weighted average effect on exchange of other limited partnership units 299 299 299 Incremental weighted average effect of equity awards of Prologis, Inc. 3,973 3,747 4,130 Weighted average common units outstanding – Diluted (2) 953,590 951,791 811,608 Net earnings per unit attributable to common unitholders: Basic $ 4.02 $ 3.30 $ 4.28 Diluted $ 4.01 $ 3.29 $ 4.25 (1) Earnings allocated to the exchangeable OP units not held by the Parent have been included in the numerator and exchangeable common units have been included in the denominator for the purpose of computing diluted earnings per share for all periods as the per share and unit amount is the same. (2) Our total weighted average potentially dilutive shares and units outstanding for the years ended December 31 consisted of the following : 2024 2023 2022 Class A Units 7,536 8,110 8,026 Other limited partnership units 299 299 299 Equity awards 7,688 7,455 6,298 Prologis, L.P. 15,523 15,864 14,623 Common limited partnership units 15,610 15,284 13,478 Prologis, Inc. 31,133 31,148 28,101

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments and Fair Value Measurements	NOTE 15. FINANCIAL INSTRUMENTS AND FAIR VALU E MEASUREMENTS Derivative Financial Instruments In the normal course of business, our operations are exposed to market risks, including the effect of changes in foreign currency exchange rates and interest rates. We may enter into derivative financial instruments to offset these underlying market risks. See Note 2 for our derivative financial instruments policy. The following table presents the fair value of our derivative financial instruments recognized within Other Assets and Other Liabilities in the Consolidated Balance Sheets at December 31 (in thousands): 2024 2023 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards Brazilian real $ - $ - $ - $ 291 British pound sterling 8,785 422 9,608 9,862 Canadian dollar 15,503 - 4,480 1,225 Chinese renminbi - - 1,630 50 Euro 32,989 - 19,252 8,229 Japanese yen 55,818 - 45,149 589 Swedish krona 4,642 108 3,304 2,279 Options Mexican peso 1,814 - 1,263 - Designated derivatives Foreign currency contracts Net investment hedges British pound sterling 2,837 108 1,759 7,030 Canadian dollar 5,454 - 756 5,608 Interest rate contracts Cash flow hedges Euro - - 118 27,034 U.S. dollar 9,587 - - 31,964 Total fair value of derivatives $ 137,429 $ 638 $ 87,319 $ 94,161 Undesignated Derivative Financial Instruments Foreign Currency Contracts The following table summarizes the activity of our undesignated foreign currency contracts for the years ended December 31 (in millions, except for weighted average forward rates and number of active contracts): 2024 2023 2022 CAD EUR GBP JPY Other Total CAD EUR GBP JPY Other Total CAD EUR GBP JPY Other Total Notional amounts at January 1 ($) 213 524 442 384 56 1,619 283 601 349 331 81 1,645 175 749 383 250 105 1,662 New contracts ($) 102 165 334 107 ( 74 ) 634 15 173 192 140 ( 10 ) 510 172 658 264 181 92 1,367 Matured, expired or settled ( 61 ) ( 163 ) ( 390 ) ( 179 ) ( 9 ) ( 802 ) ( 85 ) ( 250 ) ( 99 ) ( 87 ) ( 15 ) ( 536 ) ( 64 ) ( 806 ) ( 298 ) ( 100 ) ( 116 ) ( 1,384 ) Notional amounts at 254 526 386 312 ( 27 ) 1,451 213 524 442 384 56 1,619 283 601 349 331 81 1,645 Weighted average forward rate at 1.31 1.15 1.28 120.37 1.30 1.16 1.27 115.40 1.29 1.18 1.31 109.79 Active contracts at December 31 101 86 82 77 74 72 96 96 103 97 90 96 The following table summarizes the undesignated derivative financial instruments exercised and associated realized and unrealized gains (losses), respectively, in Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net in the Consolidated Statements of Income for the years ended December 31 (in millions, except for number of exercised contracts): 2024 2023 2022 Exercised contracts 254 218 158 Realized gains on the matured, expired or settled contracts $ 53 $ 60 $ 145 Unrealized gains (losses) on the change in fair value of outstanding contracts $ 53 $ ( 58 ) $ 39 Designated Derivative Financial Instruments Changes in the fair value of derivatives that are designated as net investment hedges ("NIHs") of our foreign operations and cash flow hedges ("CFHs") are recorded in Accumulated Other Comprehensive Income (Loss) (" AOCI/L") in the Consolidated Balance Sheets and reflected within the AOCI/L table below. Foreign Currency Contracts The following table summarizes the activity of our foreign currency contracts designated as NIHs for the years ended December 31 (in millions, except for weighted average forward rates and number of active contracts): 2024 2023 2022 CAD GBP Total CAD CNH GBP Total CAD GBP Total Notional amounts at January 1 ($) 516 432 948 534 - 440 974 535 432 967 New contracts ($) 163 523 686 467 100 343 910 964 440 1,404 Matured, expired or settled contracts ($) ( 516 ) ( 523 ) ( 1,039 ) ( 485 ) ( 100 ) ( 351 ) ( 936 ) ( 965 ) ( 432 ) ( 1,397 ) Notional amounts at December 31 ($) 163 432 595 516 - 432 948 534 440 974 Weighted average forward rate at December 31 1.37 1.26 1.33 - 1.26 1.29 1.28 Active contracts at December 31 2 4 6 - 4 6 4 Interest Rate Contracts The following table summarizes the activity of our interest rate contracts designated as CFHs for the years ended December 31 (in millions): 2024 2023 2022 EUR USD GBP Total EUR USD Total EUR USD CAD JPY Total Notional amounts at January 1 ($) 700 550 - 1,250 447 150 597 165 - - - 165 New contracts ($) - 780 246 1,026 1,113 2,300 3,413 1,004 400 184 104 1,692 Matured, expired or settled ( 700 ) ( 1,050 ) ( 246 ) ( 1,996 ) ( 860 ) ( 1,900 ) ( 2,760 ) ( 722 ) ( 250 ) ( 184 ) ( 104 ) ( 1,260 ) Notional amounts at - 280 - 280 700 550 1,250 447 150 - - 597 Designated Nonderivative Financial Instruments The following table summarizes our debt and accrued interest, designated as a hedge of our net investment in international subsidiaries at December 31 (in millions): 2024 2023 2022 British pound sterling $ 1,763 $ 1,305 $ 1,237 Canadian dollar $ 758 $ 373 $ 370 The following table summarizes the unrealized gains (losses) in Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net in the Consolidated Statements of Income on the remeasurement of the unhedged portion of our euro-denominated and Chinese renminbi-denominated debt and accrued interest, for the years ended December 31 (in millions): 2024 2023 2022 Unrealized gains (losses) on the unhedged portion $ 34 $ ( 23 ) $ 44 Accumulated Other Comprehensive Income (Loss) ("AOCI/L") The change in AOCI/L in the Consolidated Statements of Equity during the periods presented was due to the following: i) the currency translation adjustments ("CTA") that we recognize due to the translation of the financial statements of our consolidated subsidiaries, whose functional currency is not the U.S. dollar, into U.S. dollars; and ii) the change in the fair value of the effective portion of our derivative financial instruments that have been designated as NIHs and CFHs and the translation of the hedged portion of our debt. The following table presents these changes in AOCI/L for the years ended December 31 (in thousands): Unrealized gains (losses) on CFHs (1) Our share of derivatives from unconsolidated ventures Derivative NIHs Debt designated as nonderivative NIHs (2) CTA Total AOCI/L Balance at $ ( 14,042 ) $ ( 2,748 ) $ 237,961 $ 194,563 $ ( 1,293,987 ) $ ( 878,253 ) Other comprehensive 44,587 25,332 95,012 135,420 134,293 434,644 Balance at $ 30,545 $ 22,584 $ 332,973 $ 329,983 $ ( 1,159,694 ) $ ( 443,609 ) Other comprehensive ( 76,289 ) ( 14,170 ) ( 22,447 ) ( 75,881 ) 118,195 ( 70,592 ) Balance at $ ( 45,744 ) $ 8,414 $ 310,526 $ 254,102 $ ( 1,041,499 ) $ ( 514,201 ) Other comprehensive 34,085 4,238 31,326 73,795 250,542 393,986 Balance at $ ( 11,659 ) $ 12,652 $ 341,852 $ 327,897 $ ( 790,957 ) $ ( 120,215 ) (1) We estimate an additional expense of $ 2.7 million will be reclassified to Interest Expense in the Consolidated Statements of Income over the next 12 months from December 31, 2024, due to the amortization of settled derivatives designated as cash flow hedges. (2) Reclassification of amounts out of AOCI/L due to the remeasurement of the unhedged portion of our euro denominated and Chinese renminbi-denominated debt and accrued interest is included within other comprehensive income (loss), net. Fair Value Measurements We have estimated the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that we would realize on disposition. See Note 2 for more information on our fair value measurements policy. Fair Value Measurements on a Recurring Basis At December 31, 2024 and 2023, other than the derivatives discussed previously, we had no significant financial assets or financial liabilities that were measured at fair value on a recurring basis in the Consolidated Financial Statements. All of our derivatives held at December 31, 2024 and 2023 were classified as Level 2 of the fair value hierarchy. Fair Value Measurements on Nonrecurring Basis Acquired properties and assets we expect to sell or contribute are significant nonfinancial assets that met the criteria to be measured at fair value on a nonrecurring basis, as detailed in our accounting policy in Note 2. At December 31, 2024 and 2023, we estimated the fair value of our properties using Level 2 or Level 3 inputs from the fair value hierarchy. See more information on our acquired properties in Notes 3 and 4 and assets held for sale or contribution in Note 6. Fair Value of Financial Instruments At December 31, 2024 and 2023, the carrying amounts of certain financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts payable and accrued expenses were representative of their fair values. The differences in the fair value of our debt from the carrying value in the table below were the result of differences in interest rates or borrowing spreads that were available to us at December 31, 2024 and 2023, as compared with those in effect when the debt was issued or assumed, including lower borrowing spreads due to our credit ratings. See Note 8 for more information on our debt activity. The following table reflects the carrying amounts and estimated fair values of our debt at December 31 (in thousands): 2024 2023 Carrying Value Fair Value Carrying Value Fair Value Credit facilities and commercial paper $ 224,966 $ 224,966 $ 979,313 $ 979,313 Senior notes 28,322,163 26,095,901 25,311,647 23,121,936 Term loans and unsecured other 2,013,317 1,991,934 2,330,520 2,322,827 Secured mortgage 318,817 298,452 379,021 357,731 Total $ 30,879,263 $ 28,611,253 $ 29,000,501 $ 26,781,807

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 16. COMMITMENTS AND CONTINGENCIES Environmental Matters A majority of the properties we acquire, including land, are subjected to environmental reviews either by us or the previous owners. In addition, we may incur environmental remediation costs associated with certain land parcels we acquire in connection with the development of the land. We have acquired certain properties that may have been leased to or previously owned by companies that discharged hazardous materials. We establish a liability at the time of acquisition to cover such costs and adjust the liabilities as appropriate when additional information becomes available. We record our environmental liabilities in Other Liabilities in the Consolidated Balance Sheets. We purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. We are not aware of any environmental liabilities that would have a material adverse effect on our business, financial condition or results of operations. Off-Balance Sheet Liabilities We have entered into agreements, principally performance and surety bonds and standby letters of credit in connection with certain development and renewable energy projects. These agreements are commonly required by public agencies, including utilities, from real estate and renewable energy asset developers. They are renewable and expire on the completion of the improvements and infrastructure. We typically enter into performance and surety bonds that have terms of four years and standby letters of credit that have terms of a year to an indefinite period of time . At December 31, 2024 and 2023 , we had $ 684.1 million and $ 498.5 million, respectively, outstanding under such arrangements. We may be required under capital commitments or may choose to make additional capital contributions to certain of our unconsolidated entities, representing our proportionate ownership interest, if needed to fund development or acquisition costs, repayment of debt or operational shortfalls. See Note 5 for further discussion related to equity commitments to our unconsolidated co-investment ventures. Litigation From time to time, we are party to a variety of legal proceedings arising in the ordinary course of business. We believe that, with respect to any such matters that we are currently a party to, the ultimate disposition of any such matter will not have material adverse effect on our business, financial position or results of operations.

Reportable Segments

Reportable Segments	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Reportable Segments	NOTE 17. R EPORTABLE SEGMENTS Our current business strategy includes two reportable segments: Real Estate (Rental Operations and Development) and Strategic Capital. We generate revenues, earnings, net operating income and cash flows through our segments, as follows: • Real Estate Segment. This reportable segment represents the ownership and development of operating properties and is the largest component of our revenue and earnings. We collect rent from our customers through operating leases, including reimbursements for the majority of our property operating costs. The Real Estate Segment also includes development activities that lead to rental operations, including land held for development and properties currently under development, and other real estate investments, including renewable energy assets. Within this line of business, we utilize the following: (i) our land bank; (ii) the development and leasing expertise of our local teams; and (iii) our customer relationships. • Strategic Capital Segment. This reportable segment represents the management of unconsolidated co-investment ventures. We generate strategic capital revenues primarily from our unconsolidated co-investment ventures through asset management and property management services and we earn additional revenues by providing leasing, acquisition, construction, development, financing and disposition services. Depending on the structure of the venture and the returns provided to our partners, we also earn revenues through promotes periodically during the life of a venture or upon liquidation. Our management Executive Committee (“EC”) is our Chief Operating Decision Maker (“CODM”) and regularly reviews operating results and makes strategic and operating decisions with regards to assessing performance and allocating resources based on our two reportable segments. The EC consists of the Chief Executive Officer; Chief Operating Officer; Chief Financial Officer; Chief Investment Officer; Managing Director, Global Strategic Capital; President; Chief Human Resources Officer; Chief Legal Officer and Chief Energy and Sustainability Officer. The operating results reviewed by the EC include net operating income (“NOI”), the measure most consistent with U.S. GAAP. NOI from the Real Estate Segment is calculated directly from the Consolidated Statements of Income as Rental Revenues and Development Management and Other Revenues less Rental Expenses and Other Expenses. NOI from the Strategic Capital Segment is calculated directly from the Consolidated Statements of Income as Strategic Capital Revenues less Strategic Capital Expenses. Our EC analyzes the NOI of each reportable segment on a quarterly basis comparing actuals to prior period actuals, along with forecasted future amounts and utilizes operating metrics to understand and evaluate the performance of our operations and to allocate resources. Below we present: (i) each reportable segment’s revenues from external customers to Total Revenues ; (ii) each reportable segment’s expenses to Total Expenses ; (iii) each reportable segment’s net operating income from external customers, calculated as each reportable segment's revenues less segment expenses, to Operating Income and Earnings Before Income Taxes ; and (iv) each reportable segment’s assets to Total Assets . The applicable components of Total Revenues, Total Expenses, Operating Income, Earnings Before Income Taxes and Total Assets in the Consolidated Financial Statements are allocated to each reportable segment’s revenues, expenses, net operating income and assets. Items that are not directly assignable to a reportable segment, are not allocated but reflected as non-segment items (G&A expenses and real estate adjustments for depreciation and gains and losses on contributions and sales) due to how our CODM utilizes segment information for planning and execution of our business strategy. The following reportable segment net operating income and assets are presented in thousands: Years Ended December 31, 2024 2023 2022 Revenues: Real estate segment: U.S. $ 7,216,817 $ 6,558,051 $ 4,726,072 Other Americas 137,893 110,305 92,751 Europe 115,103 95,915 56,731 Asia 59,890 58,966 58,553 Total real estate segment 7,529,703 6,823,237 4,934,107 Strategic capital segment: U.S. 296,995 833,402 215,416 Other Americas 92,307 89,783 82,462 Europe 194,530 181,651 644,832 Asia 88,075 95,396 96,875 Total strategic capital segment 671,907 1,200,232 1,039,585 Total revenues 8,201,610 8,023,469 5,973,692 Expenses: Real estate segment: U.S. (1) ( 1,714,071 ) ( 1,603,486 ) ( 1,170,445 ) Other Americas ( 28,953 ) ( 25,383 ) ( 25,199 ) Europe ( 46,759 ) ( 27,715 ) ( 31,993 ) Asia ( 22,646 ) ( 21,563 ) ( 18,437 ) Total real estate segment ( 1,812,429 ) ( 1,678,147 ) ( 1,246,074 ) Strategic capital segment: U.S. (1) ( 154,654 ) ( 204,066 ) ( 155,855 ) Other Americas ( 21,833 ) ( 27,018 ) ( 18,998 ) Europe ( 75,500 ) ( 103,025 ) ( 87,156 ) Asia ( 39,869 ) ( 51,433 ) ( 41,347 ) Total strategic capital segment ( 291,856 ) ( 385,542 ) ( 303,356 ) Total expenses ( 2,104,285 ) ( 2,063,689 ) ( 1,549,430 ) Segment net operating income: Real estate segment: U.S. (1) 5,502,746 4,954,565 3,555,627 Other Americas 108,940 84,922 67,552 Europe 68,344 68,200 24,738 Asia 37,244 37,403 40,116 Total real estate segment 5,717,274 5,145,090 3,688,033 Strategic capital segment: U.S. (1) 142,341 629,336 59,561 Other Americas 70,474 62,765 63,464 Europe 119,030 78,626 557,676 Asia 48,206 43,963 55,528 Total strategic capital segment 380,051 814,690 736,229 Total segment net operating income 6,097,325 5,959,780 4,424,262 Non-segment items: General and administrative expenses ( 418,765 ) ( 390,406 ) ( 331,083 ) Depreciation and amortization expenses ( 2,580,519 ) ( 2,484,891 ) ( 1,812,777 ) Gains on dispositions of development properties and land, net 413,743 462,270 597,745 Gains on other dispositions of investments in real estate, net 904,136 161,039 589,391 Operating income 4,415,920 3,707,792 3,467,538 Earnings from unconsolidated entities, net 353,623 307,227 310,872 Interest expense ( 863,932 ) ( 641,332 ) ( 309,037 ) Foreign currency, derivative and other gains (losses) and other 208,731 87,221 241,621 Gains (losses) on early extinguishment of debt, net 536 3,275 ( 20,184 ) Earnings before income taxes $ 4,114,878 $ 3,464,183 $ 3,690,810 December 31, 2024 2023 Segment assets: Real estate segment: U.S. $ 76,857,293 $ 76,633,566 Other Americas 2,814,141 2,029,438 Europe 2,554,514 2,366,539 Asia 719,810 793,916 Total real estate segment 82,945,758 81,823,459 Strategic capital segment: (2) U.S. 10,499 10,499 Europe 25,280 25,280 Asia 167 203 Total strategic capital segment 35,946 35,982 Total segment assets 82,981,704 81,859,441 Non-segment items: Investments in and advances to unconsolidated entities 10,079,448 9,543,970 Assets held for sale or contribution 248,511 461,657 Cash and cash equivalents 1,318,591 530,388 Other assets 700,655 625,384 Total non-segment items 12,347,205 11,161,399 Total assets $ 95,328,909 $ 93,020,840 (1) This includes compensation and personnel costs for employees who were located in the U.S. but also support other geographies. (2) Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital Segment. Goodwill was $ 25.3 million at December 31, 2024, and 2023 .

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	NOTE 18. SUPPLEM ENTAL CASH FLOW INFORMATION Our significant noncash investing and financing activities for the years ended December 31, 2024, 2023 and 2022 included the following: • We recognized lease right-of-use assets and lease liabilities related to leases in which we are the lessee within Other Assets and Other Liabilities on the Consolidated Balance Sheets, including any new leases, re newals and modifications of $ 67.7 million in 2024 , $ 43.0 million in 2023 and $ 162.5 million in 2022 for both assets and liabilities. • We capitalized $ 42.9 million, $ 38.6 million and $ 34.9 million in 2024, 2023 and 2022, respectively, of equity-based compensation expense. • We received $ 1.0 billion, $ 379.1 million and $ 695.7 million of ownership interests in certain unconsolidated co-investment ventures, primarily as a portion of our proceeds from the contribution of properties to these entities during 2024, 2023 and 2022, respectively. • We issued 1.4 million, 0.8 million and 0.3 million shares in 2024, 2023 and 2022, respectively, of the Parent’s common stock upon redemption of an equal number of common limited partnership units in the OP. • We acquired the ownership interest of our partner in an unconsolidated venture in 2024 and began consolidating the properties. • We reinvested a distribution from an unconsolidated co-investment venture of $ 51.1 million in 2024. • We completed the Duke Transaction on October 3, 2022 for $ 23.2 billion through the issuance of equity and the assumption of debt. See Note 3 for more information on this transaction.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	NOTE 19. SELECTED QUARTER LY FINANCIAL DATA (UNAUDITED) The following table details our selected quarterly financial data (in thousands, except per share and unit data): Three Months Ended Prologis, Inc. March 31, June 30, September 30, December 31, 2024: Rental revenues $ 1,827,658 $ 1,852,376 $ 1,897,164 $ 1,937,507 Total revenues $ 1,956,621 $ 2,007,954 $ 2,036,389 $ 2,200,646 Rental expenses $ ( 454,257 ) $ ( 445,235 ) $ ( 427,425 ) $ ( 438,468 ) Gains on dispositions of development properties and land, net $ 40,308 $ 87,174 $ 32,005 $ 254,256 Gains on other dispositions of investments in real estate, net $ 17,534 $ 199,326 $ 434,446 $ 252,830 Operating income $ 720,355 $ 1,023,338 $ 1,250,971 $ 1,421,256 Consolidated net earnings $ 630,807 $ 911,501 $ 1,063,451 $ 1,342,176 Net earnings attributable to common stockholders $ 584,263 $ 859,845 $ 1,004,267 $ 1,277,379 Net earnings per share attributable to common (1) $ 0.63 $ 0.93 $ 1.08 $ 1.38 Net earnings per share attributable to common (1)(2) $ 0.63 $ 0.92 $ 1.08 $ 1.37 2023: Rental revenues $ 1,633,770 $ 1,651,454 $ 1,777,359 $ 1,755,959 Total revenues $ 1,768,587 $ 2,450,971 $ 1,914,664 $ 1,889,247 Rental expenses $ ( 412,554 ) $ ( 387,938 ) $ ( 416,076 ) $ ( 408,225 ) Gains on dispositions of development properties and land, net $ - $ 184,877 $ 89,030 $ 188,363 Gains on other dispositions of investments in real estate, net $ 4,047 $ 24,761 $ 129,584 $ 2,647 Operating income $ 579,043 $ 1,411,790 $ 882,108 $ 834,851 Consolidated net earnings $ 498,629 $ 1,279,491 $ 799,141 $ 675,884 Net earnings attributable to common stockholders $ 463,170 $ 1,214,553 $ 746,174 $ 629,476 Net earnings per share attributable to common (1) $ 0.50 $ 1.31 $ 0.81 $ 0.68 Net earnings per share attributable to common (1)(2) $ 0.50 $ 1.31 $ 0.80 $ 0.68 Prologis, L.P. 2024: Rental revenues $ 1,827,658 $ 1,852,376 $ 1,897,164 $ 1,937,507 Total revenues $ 1,956,621 $ 2,007,954 $ 2,036,389 $ 2,200,646 Rental expenses $ ( 454,257 ) $ ( 445,235 ) $ ( 427,425 ) $ ( 438,468 ) Gains on dispositions of development properties and land, net $ 40,308 $ 87,174 $ 32,005 $ 254,256 Gains on other dispositions of investments in real estate, net $ 17,534 $ 199,326 $ 434,446 $ 252,830 Operating income $ 720,355 $ 1,023,338 $ 1,250,971 $ 1,421,256 Consolidated net earnings $ 630,807 $ 911,501 $ 1,063,451 $ 1,342,176 Net earnings attributable to common unitholders $ 599,047 $ 881,196 $ 1,029,271 $ 1,309,348 Net earnings per unit attributable to common unitholders – (1) $ 0.63 $ 0.93 $ 1.08 $ 1.38 Net earnings per unit attributable to common unitholders – (1) $ 0.63 $ 0.92 $ 1.08 $ 1.37 2023: Rental revenues $ 1,633,770 $ 1,651,454 $ 1,777,359 $ 1,755,959 Total revenues $ 1,768,587 $ 2,450,971 $ 1,914,664 $ 1,889,247 Rental expenses $ ( 412,554 ) $ ( 387,938 ) $ ( 416,076 ) $ ( 408,225 ) Gains on dispositions of development properties and land, net $ - $ 184,877 $ 89,030 $ 188,363 Gains on other dispositions of investments in real estate, net $ 4,047 $ 24,761 $ 129,584 $ 2,647 Operating income $ 579,043 $ 1,411,790 $ 882,108 $ 834,851 Consolidated net earnings $ 498,629 $ 1,279,491 $ 799,141 $ 675,884 Net earnings attributable to common unitholders $ 474,819 $ 1,245,153 $ 765,075 $ 645,600 Net earnings per unit attributable to common unitholders – (1) $ 0.50 $ 1.31 $ 0.81 $ 0.68 Net earnings per unit attributable to common unitholders – (1) $ 0.50 $ 1.31 $ 0.80 $ 0.68 (1) Quarterly earnings per common share or unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted average common shares or units outstanding included in the calculation of basic and diluted shares or units. (2) Income allocated to the exchangeable OP units not held by the Parent has been included in the numerator and exchangeable OP units have been included in the denominator for the purpose of computing diluted earnings per share for all periods since the per share and unit is the same.

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation	PROLOGIS, INC. AND PROLOGIS, L.P. SCHEDULE III – REAL ESTATE A ND ACCUMULATED DEPRECIATION DECEMBER 31, 2024 (In thousands of U.S. dollars, as applicable) Initial Cost to Costs Gross Amounts at Which Carried Description No. of Bldgs. Encum- Land Building & Subsequent Land Building & Total Accumulated Date of Operating Properties U.S. Markets Atlanta 179 813,718 2,332,278 645,540 839,564 2,951,972 3,791,536 ( 581,128 ) 1994-2023 Austin 10 12,783 52,335 12,071 12,837 64,352 77,189 ( 33,469 ) 1994-2015 Baltimore/Washington 100 560,092 1,074,578 353,379 576,599 1,411,450 1,988,049 ( 298,387 ) 1995-2023 Central PA 33 287,499 1,003,135 198,234 305,262 1,183,606 1,488,868 ( 313,112 ) 2004-2023 Central Valley 41 262,046 555,484 1,023,740 283,095 1,558,175 1,841,270 ( 373,377 ) 1999-2023 Charlotte 46 121,073 346,000 133,948 135,201 465,820 601,021 ( 120,019 ) 1994-2023 Chicago 240 1,165,264 3,119,959 881,151 1,192,776 3,973,598 5,166,374 ( 1,064,495 ) 1995-2024 Cincinnati 62 158,195 848,262 183,964 167,258 1,023,163 1,190,421 ( 170,097 ) 1996-2023 Columbus 34 78,965 429,338 105,610 82,215 531,698 613,913 ( 144,677 ) 1996-2022 Dallas/Ft. Worth 222 1,031,385 2,873,762 789,748 1,052,417 3,642,478 4,694,895 ( 741,755 ) 1994-2024 Denver 35 97,827 295,412 151,957 97,928 447,268 545,196 ( 182,500 ) 1993-2022 Houston 197 535,339 2,247,572 544,218 581,704 2,745,425 3,327,129 ( 538,599 ) 1993-2024 Indianapolis 45 121,482 744,088 166,432 132,593 899,409 1,032,002 ( 138,284 ) 1995-2023 Las Vegas 61 218,529 422,687 375,940 212,317 804,839 1,017,156 ( 176,768 ) 1996-2024 Lehigh Valley 67 1,254,531 2,279,491 548,286 1,333,324 2,748,984 4,082,308 ( 471,350 ) 2004-2023 Louisville 13 51,659 203,002 99,616 53,911 300,366 354,277 ( 101,924 ) 2005-2024 Nashville 51 252,598 712,194 334,403 257,372 1,041,823 1,299,195 ( 142,301 ) 1995-2024 New Jersey/New York City 161 (d) 2,951,128 3,972,239 873,256 3,008,971 4,787,652 7,796,623 ( 1,111,959 ) 1996-2023 Orlando 100 (d) 293,548 838,595 292,951 297,592 1,127,502 1,425,094 ( 235,964 ) 1994-2023 Phoenix 54 240,591 589,464 611,395 275,906 1,165,544 1,441,450 ( 189,145 ) 1992-2024 Portland 42 (e) 131,886 302,981 239,338 189,388 484,817 674,205 ( 110,474 ) 2006-2023 Raleigh Durham 40 125,129 469,010 50,320 129,869 514,590 644,459 ( 49,869 ) 2020-2024 Reno 20 45,324 142,279 251,159 46,578 392,184 438,762 ( 118,712 ) 1994-2024 San Antonio 15 (d) 22,758 81,350 44,908 22,981 126,035 149,016 ( 66,362 ) 1994-2016 San Francisco Bay Area 240 (d) 1,244,103 1,736,829 911,140 1,254,061 2,638,011 3,892,072 ( 1,063,924 ) 1993-2024 Savannah 27 225,576 522,311 43,808 227,478 564,217 791,695 ( 50,837 ) 2022-2023 Seattle 111 911,333 1,429,809 506,709 939,750 1,908,101 2,847,851 ( 437,289 ) 2008-2024 South Florida 177 (d) 1,380,890 2,118,394 503,532 1,400,314 2,602,502 4,002,816 ( 509,845 ) 1994-2023 Southern California 440 (e) 7,195,931 8,435,505 2,716,241 7,458,614 10,889,063 18,347,677 ( 2,541,272 ) 2005-2024 Tampa 26 92,357 244,738 36,048 99,091 274,052 373,143 ( 34,914 ) 2020-2022 Subtotal U.S. Markets: 2,889 21,883,539 40,423,081 13,629,042 22,666,966 53,268,696 75,935,662 ( 12,112,808 ) Other Americas Markets Brazil 5 - 44,890 200 - 45,090 45,090 ( 3,649 ) 2022 Canada 37 (d) 342,100 522,680 337,621 353,899 848,502 1,202,401 ( 192,320 ) 2008-2024 Mexico 2 2,423 2,287 18,132 3,513 19,329 22,842 ( 2,187 ) 2011-2023 Subtotal Other Americas Markets: 44 344,523 569,857 355,953 357,412 912,921 1,270,333 ( 198,156 ) Europe Markets Belgium 3 15,595 4,651 19 15,595 4,670 20,265 ( 801 ) 2022 Czech Republic 1 3,264 - 19,946 3,264 19,946 23,210 ( 453 ) 2023 France 2 5,187 - 52,179 4,454 52,912 57,366 ( 1,595 ) 2023 Germany 3 35,108 6,885 1,437 35,108 8,322 43,430 ( 7,215 ) 2011-2022 Hungary 3 7,357 - 26,760 7,357 26,760 34,117 ( 903 ) 2022-2023 Italy 1 3,468 - 8,395 3,474 8,389 11,863 ( 385 ) 2023 Netherlands 3 22,641 3,436 230 22,641 3,666 26,307 ( 1,081 ) 2023 Poland 1 7,515 - 30,163 6,938 30,740 37,678 ( 546 ) 2023 Slovakia 2 2,850 - 11,289 2,096 12,043 14,139 ( 981 ) 2021 Spain 6 16,469 33,608 39,989 15,697 74,369 90,066 ( 21,639 ) 2011-2023 Sweden 1 2,438 - 12,753 2,438 12,753 15,191 ( 305 ) 2023 United Kingdom 15 251,702 25,004 124,807 266,381 135,132 401,513 ( 7,029 ) 2019-2024 Subtotal Europe Markets: 41 373,594 73,584 327,967 385,443 389,702 775,145 ( 42,933 ) Asia Markets Japan 8 29,980 8,091 119,260 28,866 128,465 157,331 ( 10,303 ) 2019-2024 Singapore 5 - 135,306 5,576 - 140,882 140,882 ( 86,345 ) 2011 Subtotal Asia Markets: 13 29,980 143,397 124,836 28,866 269,347 298,213 ( 96,648 ) Total Operating Properties 2,987 22,631,636 41,209,919 14,437,798 23,438,687 54,840,666 78,279,353 ( 12,450,545 ) PROLOGIS, INC. AND PROLOGIS, L.P. SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2024 (In thousands of U.S. dollars, as applicable) Initial Cost to Costs Gross Amounts at Which Carried Date of Description No. of Bldgs. Encum- Land Building & Subsequent Land Building & Total Accumulated Construction/ Development Portfolio U.S. Markets Atlanta 3 35,883 - 44,088 35,883 44,088 79,971 Austin 4 101,412 - 274,419 101,412 274,419 375,831 Central PA 1 13,549 - 55,476 13,549 55,476 69,025 2024 Central Valley 1 5,678 - 13,687 5,678 13,687 19,365 Chicago 1 13,710 - 38,772 13,710 38,772 52,482 2024 Dallas/Ft. Worth 4 34,324 - 8,410 34,324 8,410 42,734 Las Vegas 3 35,768 - 62,437 35,768 62,437 98,205 2024 Nashville 3 33,584 - 57,828 33,583 57,829 91,412 New Jersey/New York City 3 98,505 - 130,008 98,505 130,008 228,513 2024 Orlando 2 4,697 - 18,112 4,697 18,112 22,809 Portland 1 1,840 - 29,946 1,840 29,946 31,786 Phoenix 2 11,563 - 61,827 11,563 61,827 73,390 2024 San Francisco Bay Area 3 59,741 - 119,611 59,741 119,611 179,352 2024 Seattle 1 21,350 - 44,435 21,350 44,435 65,785 2024 South Florida 4 55,054 13,679 68,639 56,457 80,915 137,372 2024 Southern California 1 38,979 - 86,359 38,979 86,359 125,338 Subtotal U.S. Markets: 37 565,637 13,679 1,114,054 567,039 1,126,331 1,693,370 Other Americas Markets Canada 5 85,018 - 148,192 85,018 148,192 233,210 2024 Mexico 10 104,509 - 126,592 104,509 126,592 231,101 2024 Subtotal Other Americas Markets: 15 189,527 - 274,784 189,527 274,784 464,311 Europe Markets Belgium 1 8,953 - 37,524 8,953 37,524 46,477 2024 Czech Republic 1 64 - 5,574 64 5,574 5,638 2024 France 1 1,764 - 14,100 1,764 14,100 15,864 Germany 2 18,267 - 24,113 18,267 24,113 42,380 Italy 2 15,251 - 30,603 15,251 30,603 45,854 Netherlands 4 31,722 - 70,875 31,722 70,875 102,597 2024 Poland 2 7,132 - 15,042 7,132 15,042 22,174 Slovakia 1 2,597 - 14,533 2,597 14,533 17,130 2024 United Kingdom 9 75,016 - 60,488 75,016 60,488 135,504 Subtotal Europe Markets: 23 160,766 - 272,852 160,766 272,852 433,618 Asia Markets Japan 8 41,548 - 185,654 41,548 185,654 227,202 India 2 10,700 - 412 10,700 412 11,112 Subtotal Asia Markets: 10 52,248 - 186,066 52,248 186,066 238,314 Total Development Portfolio 85 968,178 13,679 1,847,756 969,580 1,860,033 2,829,613 GRAND TOTAL 3,072 23,599,814 41,223,598 16,285,554 24,408,267 56,700,699 81,108,966 ( 12,450,545 ) 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, 2024 (in thousands): Total operating properties and development portfolio per Schedule III $ 81,108,966 (g) Land 4,453,522 Other real estate investments (i) 5,683,688 Total per Consolidated Balance Sheets $ 91,246,176 (i) Included in other real estate investments were principally: (i) land parcels we own and lease to third parties; (ii) renewable energy assets, including solar panels and electric vehicle chargers, and energy storage systems; (iii) non-strategic real estate assets that we do not intend to operate long term; and (iv) non-industrial real estate assets that we intend to redevelop as industrial properties or data centers. (b) The aggregate cost for federal tax purposes at December 31, 2024 , of our real estate assets was approximately $ 68 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 40 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, 2024 (in thousands): Total accumulated depreciation per Schedule III $ 12,450,545 (g) Accumulated depreciation on other real estate investments (i) 307,614 Total per Consolidated Balance Sheets $ 12,758,159 (i) Accumulated depreciation in other real estate investments includes renewable energy assets. (d) Properties with an aggregate undepreciated cost of $ 687.4 million secure $ 270.7 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 $ 7.6 million are secured by assessments (similar to property taxes) on various underlying real estate properties with an aggregate undepreciated cost of $ 507.5 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): 2024 2023 2022 Real estate assets: Balance at beginning of year $ 79,802,952 $ 73,250,949 $ 47,183,100 Acquisitions of and improvements to operating properties, development 5,627,171 7,138,283 25,281,173 Basis of operating properties disposed of ( 2,481,169 ) ( 404,914 ) ( 445,558 ) Change in the development portfolio balance, including the acquisition of ( 1,537,842 ) 155,301 1,482,814 Assets transferred to held for sale and contribution ( 302,146 ) ( 336,667 ) ( 250,580 ) Balance at end year $ 81,108,966 $ 79,802,952 $ 73,250,949 Accumulated depreciation: Balance at beginning of year $ 10,654,290 $ 8,815,724 $ 7,451,382 Depreciation expense 1,925,386 1,837,145 1,357,180 Balances retired upon disposition of operating properties and net effect of ( 120,513 ) 7,697 9,090 Assets transferred to held for sale and contribution ( 8,618 ) ( 6,276 ) ( 1,928 ) Balance at end of year $ 12,450,545 $ 10,654,290 $ 8,815,724

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The accompanying Consolidated Financial Statements are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and are presented in our reporting currency, the U.S. dollar. Intercompany transactions with consolidated entities have been eliminated.
Consolidation	Consolidation. We consolidate all entities that are wholly owned and those in which we own less than 100% of the equity but control the entity, as well as any variable interest entities (“VIEs”) in which we are the primary beneficiary. We evaluate our ability to control an entity and whether the entity is a VIE and we are the primary beneficiary through consideration of substantive terms of the arrangement to identify which enterprise has the power to direct the activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses and the right to receive benefits from the entity. For entities that are not defined as VIEs, we first consider whether we are the general partner or the limited partner (or the equivalent in such investments that are not structured as partnerships). We consolidate entities in which we are the general partner and the limited partners in such entities that do not have rights that would preclude control. For entities in which we are the general partner but do not control the entity as the other partners hold substantive participating or kick-out rights, we apply the equity method of accounting since, as the general partner, we have the ability to exercise significant influence over the operating and financial policies of the venture. For ventures for which we are a limited partner, or our investment is in an entity that is not structured similar to a partnership, we consider factors such as ownership interest, voting control, authority to make decisions and contractual and substantive participating rights of the partners. In instances where the factors indicate that we have a controlling financial interest in the venture, we consolidate the entity. In instances where we do not have a controlling interest in the venture, we apply the equity method of accounting when the factors indicate we have the ability to exercise significant influence over the venture.
Use of Estimates	Use of Estimates. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Although we believe the assumptions and estimates we made are reasonable and appropriate, as discussed in the applicable sections throughout the Consolidated Financial Statements, different assumptions and estimates could materially impact our reported results.
Foreign Operations	Foreign Operations. The U.S. dollar is the functional currency for our consolidated subsidiaries and unconsolidated entities operating in the U.S. and Mexico. The functional currency for our consolidated subsidiaries and unconsolidated entities operating in other countries is the principal currency in which the entity’s assets, liabilities, income and expenses are denominated, which may be different from the local currency of the country of incorporation or where the entity conducts its operations. The functional currencies of entities outside of the U.S. and Mexico generally include the Brazilian real, British pound sterling, Canadian dollar, Chinese renminbi, euro, Indian rupee, Japanese yen, Singapore dollar and Swedish krona. We take part in business transactions denominated in these and other local currencies where we operate. For our consolidated subsidiaries whose functional currency is not the U.S. dollar, we translate their financial statements into U.S. dollars at the time we consolidate those subsidiaries’ financial statements. Generally, assets and liabilities are translated at the exchange rate in effect at the balance sheet date. The resulting translation adjustments are included in Accumulated Other Comprehensive Income (Loss) (“ AOCI/L ”) in the Consolidated Balance Sheets. Certain balance sheet items, principally equity and capital-related accounts, are reflected at the historical exchange rate. Income statement accounts are translated using the average exchange rate for the period; income statement accounts that represent significant nonrecurring transactions are translated at the rate in effect at the date of the transaction. We translate our share of the net income or loss of our unconsolidated entities at the average exchange rate for the period other than significant nonrecurring transactions of the unconsolidated entities which are translated at the rate in effect at the date of the transaction. We and certain of our consolidated subsidiaries have intercompany and third-party debt that is not denominated in the entity’s functional currency. When the debt is remeasured against the functional currency of the entity, a gain or loss can result. The resulting adjustment is reflected in Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net in the Consolidated Statements of Income, unless it is intercompany debt that is deemed to be long-term in nature or third-party debt that has been designated as a nonderivative net investment hedge and then the adjustment is recorded as a cumulative translation adjustment in AOCI/L .
Acquisitions	Acquisitions. We apply a screen test to evaluate if substantially all the fair value of the acquired property is concentrated in a single identifiable asset or group of similar identifiable assets to determine whether a transaction is accounted for as an asset acquisition or business combination. As the fair value of most of our real estate acquisitions is concentrated in either a single identifiable asset or a group of similar identifiable assets, our real estate transactions are generally accounted for as asset acquisitions, which permits the capitalization of transaction costs to the basis of the acquired property. We measure the real estate assets acquired through an asset acquisition based on their cost or total consideration exchanged. The difference between the cost and the estimated fair value (excess or bargain consideration) is allocated to the real estate properties and certain related lease intangibles on a relative fair value basis. All other assets and liabilities assumed, including debt, and real estate assets that we intend to sell in the next twelve months are recorded at fair value. At a property level, we allocate the fair value to the components which include building, land, improvements and intangible assets or liabilities related to acquired leases. Purchase price allocations for a business combination are recorded at fair value. When we obtain control of an unconsolidated entity and the acquisition qualifies as a business combination, we account for the acquisition in accordance with the guidance for a business combination achieved in stages. We remeasure our previously held interest in the unconsolidated entity at its acquisition-date fair value and recognize any resulting gain or loss in earnings. We allocate the purchase price using principally Level 2 and Level 3 inputs (further defined in Fair Value Measurements below) as follows: Investments in Real Estate Properties. We value operating properties as if vacant. We estimate fair value by applying an income approach methodology using either a discounted cash flow analysis or applying a capitalization rate to the estimated net operating income, defined as rental revenues less rental expenses, of a property. Key assumptions include market rents and rent growth, and discount and capitalization rates. Estimates of future cash flows are based on a number of factors including historical operating results, known trends and market and economic conditions. We determine the discount or capitalization rate by market, based on recent transactions and other market data, and adjust if necessary based on the property characteristics. The fair value of land is generally based on relevant market data, such as a comparison of the subject site to similar parcels that have recently been sold or are currently being offered on the market for sale. At a property level, we allocate the fair value to building, land and improvements. Lease Intangibles . We determine the portion of the purchase price related to acquired in-place leases as intangible assets and liabilities as follows: • Above and Below Market Leases . We recognize an asset or liability for acquired leases with in-place rents that are higher or lower than our estimate of current market rents in each of the applicable markets. The above or below market lease intangibles are valued using a discounted cash flow approach through which we recognize the present value of the difference in cash flows between in-place and market rents. The value is recorded in either Other Assets or Other Liabilities , as appropriate, and is amortized over the remaining term of the respective leases, including any bargain renewal options, to rental revenues. • Foregone Rent . We calculate the value of the revenue and recovery of costs which would be foregone during a reasonable lease-up period, if the space was vacant, in each of the applicable markets. The values are recorded in Other Assets and amortized over the remaining life of the respective leases to amortization expense. • Leasing Commissions. We recognize an asset for leasing commissions based on our estimate of the cost to lease space in the applicable markets. The value is recorded in Other Assets and amortized over the remaining life of the respective leases to amortization expense. Investments in Unconsolidated Entities. We estimate the fair value of the entity by using similar valuation methods as those used for the consolidated real estate properties and debt. We apply our ownership percentage to the estimated net asset value of the entity to determine the fair value of our investment. Debt . We estimate the fair value of debt based on contractual future cash flows discounted using borrowing spreads and market interest rates that would be available to us for the issuance of debt with similar terms and remaining maturities. In the case of publicly traded debt, we estimate the fair value based on available market data. Any discount or premium to the principal amount is included in the carrying value and amortized to interest expense over the remaining term of the related debt using the effective interest method. Noncontrolling Interests . We estimate the portion of the fair value of the net assets owned by third parties based on the fair value of the consolidated net assets, principally real estate properties and debt. Working Capital . We estimate the fair value of other acquired assets and assumed liabilities using the best information available.
Fair Value Measurements	Fair Value Measurements. The objective of fair value is to determine the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). We estimate fair value using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that we would realize on disposition. The fair value hierarchy consists of three broad levels: • Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. • Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3 — Unobservable inputs for the asset or liability. Fair Value Measurements on a Recurring Basis. We estimate the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate for these purposes. We determine the fair value of our derivative financial instruments using widely accepted valuation techniques. The technique utilized depends on the type of derivative financial instrument being valued, principally foreign currency contracts and interest rate contracts, and involves the contractual term of the derivative, observable market-based inputs and implied volatilities. We determine the fair values of our interest rate contracts using a market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments through a discounted cash flow analysis. We base the variable cash payments on an expectation of future interest rates, or forward curves, derived from observable market interest rate curves through the contractual term of the debt. We determine the fair values of our foreign currency contracts by comparing the contracted forward exchange rate to the current market exchange rate. We build a foreign exchange forward curve to determine the foreign exchange forward rate that pertains to the specific maturity date. Using this foreign exchange forward rate, spot rates and the interest rate curve of the domestic currency as inputs, we calculate the mark-to-market value of the foreign currency contract. We incorporate credit valuation adjustments to appropriately reflect nonperformance risk for us and the respective counterparty in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we consider the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. We have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy. Although the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties, we assess the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. Fair Value Measurements on a Nonrecurring Basis. Assets measured at fair value on a nonrecurring basis generally consist of real estate assets and investments in unconsolidated entities that were subject to impairment charges due to our evaluation of recoverability whenever events or changes in circumstances indicate the carrying amount may not be recoverable. As discussed below, our analysis of recoverability is primarily triggered based on the shortening of the expected hold period due to our change in intent to sell a property in the near term. We estimate the fair value of our investments based on expected sales prices in the market (Level 2) or by applying an income approach methodology using a discounted cash flow analysis (Level 3). Fair Value of Financial Instruments. We estimate the fair value of our senior notes for disclosure purposes based on quoted market prices for the same (Level 1) or similar (Level 2) issues when current quoted market prices are available. We estimate the fair value of our credit facilities, term loans, secured mortgage debt and other debt by discounting the future cash flows using rates and borrowing spreads currently available to us (Level 3).
Real Estate Assets	Real Estate Assets. Real estate assets are carried at depreciated cost. We capitalize costs incurred in developing, redeveloping and improving real estate assets as part of the investment basis. We expense costs for repairs and maintenance as incurred. Depreciation and Amortization. We charge the depreciable portions of real estate assets to depreciation expense on a straight-line basis over the respective estimated useful lives. Depreciation on development buildings commences when the asset is ready for its intended use, which we define as the earlier of when a property that was developed has been completed for one year , or is 90 % occupied. We generally use the following useful lives: 5 to 7 years for capital improvements, 10 years for standard tenant improvements, 15 to 25 years for depreciable land improvements, 25 to 40 years for operating properties acquired based on the age of the building and 40 years for operating properties we develop. We depreciate building improvements on land parcels subject to land leases over the shorter of the estimated life of the building improvement or the contractual term of the underlying land lease. Capitalized leasing costs are amortized over the estimated remaining lease term. The weighted average lease term for leases that commenced during 2024, including new leases and renewals, was 64 months based on square feet. Capitalization of Costs. During the land development and construction periods of qualifying projects, we capitalize interest costs, insurance, real estate taxes and general and administrative costs of the personnel performing the development; if such costs are incremental and identifiable to a specific activity to ready the asset for its intended use. We capitalize transaction costs related to the acquisition of land for future development and operating properties that qualify as asset acquisitions. We capitalize incremental, third-party costs incurred to successfully originate a lease that result directly from obtaining a lease and would not have been incurred if the lease had not been obtained. Leasing costs that meet the requirements for capitalization are presented as a component of Other Assets and all other capitalized costs are included in the investment basis of the real estate assets. Recoverability of Real Estate Assets. We assess the carrying values of our respective long-lived assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. This assessment is primarily triggered based on the shortening of the expected hold period due to a change in our intent to sell a property in the near term. We have processes to monitor our intent with regard to our investments and the estimated disposition value in comparison to the current carrying value. If our assessment of potential triggering events indicates that the carrying value of a property that we expect to sell in the near term is not recoverable, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the property. We determine the fair value of the property based on the estimated proceeds from disposition that are based on quoted market values, third-party appraisals or discounted cash flow models that utilize the future net operating income from the property and expected market capitalization rates. The use of projected future cash flows is based on assumptions that are consistent with our estimates of future expectations and the strategic plan we use to manage our underlying business. Changes in economic and operating conditions could impact our intent and the assumptions used in determining the fair value that could result in future impairment. At least annually or more frequently given the presence of a triggering event, we assess the recoverability of our assets based on our intent as follows: • for real estate properties that we intend to hold long-term; including land held for development, properties currently under development and operating properties; recoverability is assessed based on the estimated undiscounted future net operating income from the property, the terminal value and anticipated costs to develop; • for real estate properties we intend to sell, including properties currently under development and operating properties; recoverability is assessed based on estimated proceeds from disposition that are based on the future net operating income from the property, expected market capitalization rates and anticipated costs to develop; • for land parcels we intend to sell, recoverability is assessed based on the estimated proceeds from disposition; and • for costs incurred related to the potential acquisition of land and operating properties and future development projects, recoverability is assessed based on the probability that the acquisition or development is likely to occur at the measurement date.
Assets Held for Sale or Contribution	. We classify a property as held for sale or contribution when certain criteria are met in accordance with GAAP. Assets classified as held for sale are expected to be sold to a third party and assets classified as held for contribution are generally newly developed assets we intend to contribute to an unconsolidated co-investment venture within twelve months. When the criteria are met, the respective assets and liabilities are presented separately in the Consolidated Balance Sheets and depreciation is not recognized. Assets held for sale or contribution are reported at the lower of carrying amount or estimated fair value less costs to sell.
Investments in Unconsolidated Entities	. We present our investments in certain entities generally under the equity method. We use the equity method when we have the ability to exercise significant influence over operating and financial policies of the venture but do not have control of the entity. Under the equity method, we initially recognize these investments (including advances) in the balance sheet at our cost, including formation costs and net of deferred gains from the contribution of properties (recognized prior to January 1, 2018), if applicable. The transaction costs related to the formation of equity method investments are also capitalized. We subsequently adjust the accounts to reflect our proportionate share of net earnings or losses recognized and accumulated other comprehensive income or loss, distributions received, contributions made, sales and redemptions of our investments and certain other adjustments, as appropriate. When circumstances indicate there may have been a reduction in the value of an equity investment, we evaluate whether the loss in value is other than temporary. If we conclude it is other than temporary, we recognize an impairment charge to reflect the equity investment at fair value. With regard to distributions from unconsolidated entities, we have elected the nature of distribution approach as the information is available to us to determine the nature of the underlying activity that generated the distributions. In accordance with the nature of distribution approach, cash flows generated from the operations of an unconsolidated entity are classified as a return on investment (cash inflow from operating activities) and cash flows that are generated from property sales, debt refinancing or sales and redemptions of our investments are classified as a return of investment (cash inflow from investing activities).
Cash and Cash Equivalents	. We consider all cash on hand, demand deposits with financial institutions and short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Our cash and cash equivalents are financial instruments that are exposed to concentrations of credit risk. We invest our cash with high-credit quality institutions both domestically and internationally. Cash balances may be invested in money market accounts that are not insured. We have not realized any losses of such cash investments or accounts and believe that we are not exposed to any significant credit risk.
Derivative Financial Instruments	Derivative Financial Instruments. We primarily hedge our foreign currency risk by borrowing in the currencies in which we invest. We may use derivative financial instruments, primarily foreign currency contracts to manage foreign currency exchange rate risk related to both our foreign investments and the related earnings. In addition, we occasionally use interest rate contracts to manage interest rate risk and limit the impact of future interest rate changes on earnings and cash flows, principally related to variable-rate debt and in anticipation of fixed-rate debt issuances. We do not use derivative financial instruments for trading or speculative purposes. Each derivative transaction is customized and not exchange-traded. We recognize all derivatives at fair value within the line items Other Assets or Other Liabilities . We do not net our derivative position by counterparty for purposes of balance sheet presentation and disclosure. Management reviews our derivative positions, overall risk management strategy and hedging program, on a regular basis. We only enter into transactions that we believe will be highly effective at offsetting the underlying risk. Our use of derivatives involves the risk that counterparties may default on a derivative contract; therefore we: (i) establish exposure limits for each counterparty to minimize this risk and provide counterparty diversification; (ii) contract with counterparties that have long-term credit ratings of single-A or better; (iii) enter into master agreements that generally allow for netting of certain exposures; thereby significantly reducing the actual loss that would be incurred should a counterparty fail to perform its contractual obligations; and (iv) set minimum credit standards that become more stringent as the duration of the derivative financial instrument increases. Based on these factors, we consider the risk of counterparty default to be minimal. Designated Derivatives. We may choose to designate our derivative financial instruments, generally foreign currency contracts to hedge our net investment in foreign operations or generally interest rate contracts to hedge future interest payments on variable debt and anticipated fixed-rate debt issuances. At inception of the transaction, we formally designate and document the derivative financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. We formally assess both at inception and at least quarterly thereafter, the effectiveness of our hedging transactions. Due to the high degree of effectiveness between the hedging instruments and the underlying exposures hedged, fluctuations in the value of the derivative financial instruments will generally be offset by changes in the cash flows or fair values of the underlying exposures being hedged. Changes in the fair value of derivatives that are designated and qualify as net investment hedges of our foreign operations or cash flow hedges are recorded in AOCI/L . For net investment hedges, these amounts offset the translation adjustments on the underlying net assets of our foreign investments and are recorded in AOCI/L . This includes debt issued in a currency that is not the same functional currency of the borrowing entity that we may designate as a nonderivative net investment hedge. We compare the net equity available from our foreign investments first to the derivative financial instruments designated as net investment hedges followed by any nonderivative net investment hedges. If the total notional amount of the derivative and nonderivative financial instruments exceeds the net equity available, that excess portion is considered unhedged and the translation of that excess portion is recognized in Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net . For cash flow hedges, we hedge exposure to the variability of existing cash flows and future cash flows related to variable-rate debt and anticipated fixed-rate debt issuances, respectively, typically over a period of 10 years, with a range of 5 to 30 years . We report the effective portion of the gain or loss as a component of AOCI/L and reclassify it to the applicable line item in the Consolidated Statements of Income, generally Interest Expense , over the corresponding period of the underlying hedged item. The ineffective portion of the change in fair value of a derivative financial instrument is recognized in earnings, generally Interest Expense , at the time the ineffectiveness occurred. To the extent the hedged forecasted interest payments on debt related to our interest rate contracts are paid off, the remaining balance in AOCI/L is recognized in Interest Expense in the Consolidated Statements of Income. Undesignated Derivatives. We also use derivatives, such as foreign currency forwards and option contracts, that are not designated as hedges to manage foreign currency exchange rate risk related to the translation of our results of operations. The changes in fair values of these derivatives that were not designated as hedging instruments are immediately recognized in earnings within the line item Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net . These gains or losses are generally offset by lower or higher earnings due to the translation at exchange rates that were different than our expectations. In addition, we may choose to not designate our interest rate contracts. If an interest rate contract is not designated as a hedge, the changes in fair value of this instrument is immediately recognized in earnings within the line item Interest Expense in the Consolidated Statements of Income .
Noncontrolling Interests	Noncontrolling Interests. Noncontrolling interests represent the share of consolidated entities owned by third parties. We recognize each noncontrolling holder’s respective share of the estimated fair value of the net assets at the date of formation or acquisition. Noncontrolling interests are subsequently adjusted for the noncontrolling holder’s share of additional contributions, distributions and their share of the net earnings or losses of each respective consolidated entity. We allocate net income to noncontrolling interests based on the weighted average ownership interest during the period. The net income that is not attributable to us is reflected in the line item Net Earnings Attributable to Noncontrolling Interests . We do not recognize a gain or loss on ownership transactions with a consolidated entity that do not result in a change in control and recognize the difference between the carrying amount of the noncontrolling interest and the consideration paid or received as additional paid-in-capital. Certain limited partnership interests, including OP units, are exchangeable into our common stock. Common stock issued upon exchange of a holder’s noncontrolling interest is accounted for at the carrying value of the surrendered limited partnership interest and the difference between the carrying value and the fair value of the common stock issued is recorded to additional paid-in-capital.
Revenue Recognition	Revenue Recognition. Rental Revenues and Recoveries. We lease our operating properties to customers under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses are recovered from our customers, including common area maintenance, real estate taxes and insurance. Rental expenses recovered through reimbursements received from customers are recognized in Rental Revenues in the Consolidated Statements of Income. We generally record amounts reimbursed by our customers (“rental recoveries”) as revenues in the period that the applicable expenses are incurred. We account for and present rental revenue and rental recoveries as a single component under Rental Revenues as the timing of recognition is the same, the pattern with which we transfer the right of use of the property and related services to the lessee are both on a straight-line basis and our leases qualify as operating leases. We perform credit analyses of our customers prior to the execution of our leases and continue these analyses for each individual lease on an ongoing basis in order to ensure the collectability of rental revenue. We recognize revenue to the extent that amounts are determined to be collectible. Strategic Capital Revenues. Strategic capital revenues include revenues or fees we earn from the management services we provide to unconsolidated entities. These fees are determined in accordance with the terms specific to each arrangement and may include recurring fees such as asset management and property management fees or transactional fees for leasing, acquisition, development, construction, financing and tax services provided. We recognize these fees as we provide the services or on a cost basis for development fees. We may also earn incentive returns (“promotes” or “promote revenues”) directly from third-party investors in the co-investment ventures based on the cumulative returns of the venture over a three-year period or the stabilization of individual development projects owned by the venture. The returns are determined by both the operating performance and real estate valuation of the venture, including highly variable inputs such as capitalization rates, market rents, interest rates and foreign currency exchange rates. As these key inputs are highly volatile and out of our control, and such volatility can materially impact our promotes period over period, we recognize promote revenues at the end of the performance period. We include the third-party investors’ share of promotes in Strategic Capital Revenues. We also earn fees from ventures that we consolidate. Upon consolidation, these fees are eliminated from our earnings and the third-party investors’ share of these fees are recognized as a reduction of Net Earnings Attributable to Noncontrolling Interests. Development Management and Other Revenues. Development management and other revenues principally include development and construction management fees from third parties and are recognized as we provide the services or on a cost basis.
Gains on Real Estate Transactions, Net	Gains on Real Estate Transactions, Net. Throughout the Notes to the Consolidated Financial Statements, Gains on Real Estate Transactions, Net collectively refers to Gains on Dispositions of Development Properties and Land, Net and Gains on Other Dispositions of Investments in Real Estate, Net . We recognize gains on the disposition of real estate when control transfers to the buyer, generally when consideration and title are exchanged and the risks and rewards of ownership transfer. We recognize losses from the disposition of real estate when known. We recognize the entire gain attributed to contributions of real estate properties to unconsolidated entities. Prior to January 1, 2018, we recognized a gain only to the extent of third-party ownership and deferred the portion related to our ownership. Deferred gains recorded prior to adoption continue to be recognized: (i) over the useful lives of the contributed properties, aligning with the entities' recorded depreciation expense as if based on our lower carrying value; (ii) upon disposition to a third party; or (iii) if our ownership interest in an unconsolidated entity permanently decreases. Gains on Dispositions of Development Properties and Land, Net. We present gains separately based on the type of real estate sold or contributed. We present gains on sales to third parties or contributions to our unconsolidated co-investment ventures as Gains on Dispositions of Development Properties and Land, Net when the property was included in our land portfolio or when we developed the property with the intent to sell or contribute. Gains on Other Dispositions of Investments in Real Estate, Net. We present all other gains on sales to third parties or contributions to our unconsolidated entities of primarily operating properties and other real estate transactions as Gains on Other Dispositions of Investments in Real Estate, Net . We also include gains or losses on the remeasurement of equity investments to fair value upon acquisition of a controlling interest if the transaction is considered the acquisition of a business and gains or losses upon the partial redemption or sale of our investment in an unconsolidated entity.
Rental Expense	. Rental expenses principally include the cost of our property management and leasing personnel, utilities, repairs and maintenance, property insurance, real estate taxes and the other costs of managing our properties. We are also a lessee of land under leases which generally meet the criteria to be accounted for as operating leases.
Strategic Capital Expenses	. Strategic capital expenses generally include the direct expenses associated with the asset management of the co-investment ventures provided by our employees who are assigned to our Strategic Capital Segment and the costs of our Prologis Promote Plan (“PPP”) based on earned promotes. For further discussion on the PPP, see Note 12. In addition, in order to achieve efficiencies and economies of scale, all of our property management and leasing functions are provided by property management and leasing personnel who are assigned to our Real Estate Segment. These individuals perform the property-level management and leasing of the properties in our owned and managed portfolio, which includes properties we consolidate and those we manage that are owned by the unconsolidated co-investment ventures. We allocate the costs of our property management and leasing teams to the properties we consolidate (included in Rental Expenses ) and the properties owned by the unconsolidated co-investment ventures (included in Strategic Capital Expenses ) by using the square feet owned by the respective portfolios.
Equity-Based Compensation	Equity-Based Compensation. We account for equity-based compensation by measuring the cost of employee services received in exchange for an award of an equity instrument based on the fair value of the award on the grant date. We recognize the cost of the award on a straight-line basis over the period during which an employee is required to provide service in exchange for the award, generally the vesting period.
Income Taxes	Income Taxes. Under the IRC, to qualify as a REIT, we are required to distribute at least 90 % of our taxable income, and meet certain income, asset and stockholder tests. REITs which meet these certain income, asset and stockholder tests are generally not required to pay federal income taxes if they distribute 100 % of their taxable income. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years. Even as a REIT, we may be subject to certain foreign, state and local taxes on our own income and property, and to federal income and excise taxes on our undistributed taxable income. We have elected taxable REIT subsidiary (“TRS”) status for some of our consolidated subsidiaries. This allows us to provide services that would otherwise be considered impermissible for REITs. Many of the foreign countries in which we have operations do not recognize REITs or do not accord REIT status under their respective tax laws to our entities that operate in their jurisdiction. In the U.S., the REIT and TRS entities are subject to taxes in certain states in which we operate. Accordingly, we recognize income tax expense for the: (i) federal and state income taxes incurred by our TRSs; (ii) taxes incurred by the REIT in certain states; (iii) taxes incurred in foreign jurisdictions; and (iv) unrecognized tax benefit liabilities, including related interest and penalties. We evaluate tax positions taken in the Consolidated Financial Statements under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, we may recognize a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities. We recognize deferred income taxes in certain taxable entities. For federal income tax purposes, certain acquisitions have been treated as tax-free transactions resulting in a carry-over tax basis in assets and liabilities. For financial reporting purposes and in accordance with purchase accounting, we record all of the acquired assets and assumed liabilities based on their relative fair value at date of acquisition, as discussed above. For our taxable subsidiaries, including certain international jurisdictions, we recognize the deferred income tax liabilities that represent the tax effect of the difference between the tax basis carried over and the relative fair value of the tangible and intangible assets at date of acquisition. Any subsequent increases or decreases to the deferred income tax liability recorded in connection with these acquisitions, are reflected in earnings. If taxable income is generated in these subsidiaries, we recognize a benefit in earnings as a result of the reversal of the deferred income tax liability previously recorded at the acquisition date and we record current income tax expense representing the entire current income tax liability. If the reversal of the deferred income tax liability results from a sale or contribution of assets, the classification of the reversal to the Consolidated Statements of Income is based on the taxability of the transaction. If the sale or contribution is of the real estate asset and results in a taxable transaction, the reversal is recorded to deferred income tax benefit. If the sale or contribution is the disposition of the entity that owns the asset, the reversal is recorded through gains. Deferred income tax expense is generally a function of the period’s temporary differences (items that are treated differently for tax purposes than for financial reporting purposes) and the utilization of tax net operating losses (“NOL”) generated in prior years that had been previously recognized as deferred income tax assets. We provide for a valuation allowance for deferred income tax assets if we believe all or some portion of the deferred income tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred income tax asset is included in deferred tax expense.
Environmental Costs	Environmental Costs. We incur certain environmental remediation costs, including cleanup costs, consulting fees for environmental studies and investigations, monitoring costs, and legal costs relating to cleanup, litigation defense, and the pursuit of responsible third parties. We expense costs incurred in connection with operating properties and properties previously sold. We capitalize costs related to undeveloped land as development costs and record any expected future environmental liabilities at the time of acquisition. We maintain a liability for the estimated costs of environmental remediation expected to be incurred in connection with undeveloped land, acquired operating properties and properties previously sold that we adjust as appropriate as information becomes available.
Accounting Pronouncements	Accounting Pronouncements. New Accounting Standards Adopted Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update (“ASU”) to improve reportable segments disclosure requirements. The ASU requires existing annual segment disclosures to also be disclosed on an interim basis and requires additional disclosures around significant segment expenses and disclosures to identify the title and position of the Chief Operating Decision Maker ("CODM"). The standard is effective for the fiscal year ended December 31, 2024, and interim periods thereafter. We adopted this standard for the fiscal year ended December 31, 2024 . The additional required disclosures were included in Note 17 and we will include these disclosures going forward on an interim basis as well. New Accounting Standards Issued but not yet Adopted Income Taxes. In December 2023, the FASB issued an ASU to enhance the transparency and decision usefulness of income tax disclosures on an annual basis. The ASU requires additional disclosures around income tax categories and further disaggregation of federal, state and foreign tax information and eliminates certain existing requirements. The standard is effective for the fiscal year ended December 31, 2025, on a prospective or retrospective basis. We do not expect the standard to have a material impact on our Consolidated Financial Statements as we anticipate the primary change will be additional disclosure in Note 13. Disaggregation of Income Statement Expenses. In November 2024, the FASB issued an ASU to enhance disclosures about certain expense types in commonly presented expense captions on the Consolidated Statements of Income. The ASU requires additional disclosures that disaggregate expense captions into specific components with qualitative descriptions. This standard is effective for the fiscal year ended December 31, 2027, and interim periods thereafter, on a prospective or retrospective basis. We do not expect the standard to have a material impact on our Consolidated Financial Statements as we anticipate the primary change will be additional disclosures in our Consolidated Financial Statements.

Duke Transaction (Tables)

Duke Transaction (Tables)	12 Months Ended
	Dec. 31, 2024
Schedule of Aggregate Equity Consideration	The aggregate equity consideration is calculated below (in millions, except price per share): Number of Prologis shares and units issued upon conversion of 184.80 Multiplied by price of Prologis' common stock on September 30, 2022 $ 101.60 Fair value of Prologis shares and units issued $ 18,776
Schedule of Purchase Price including Transaction Costs Allocated to Assets Acquired and Liabilities Assumed	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 .

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Investments in Real Estate Properties	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 18,306 26,438 66 85 2,016,584 2,528,650 Land (1) 4,453,522 3,775,553 Other real estate investments (2) 5,683,688 5,088,070 Total investments in real estate properties 91,246,176 88,666,575 Less accumulated depreciation 12,758,159 10,931,485 Net investments in real estate properties $ 78,488,017 $ 77,735,090 (1) At December 31, 2024, and 2023 , our land was comprised of 8,708 and 8,197 acres, respectively. (2) Included in other real estate investments were principally: (i) land parcels we own and lease to third parties; (ii) renewable energy assets, including solar panels and electric vehicle chargers, and energy storage systems; (iii) non-strategic real estate assets that we do not intend to operate long term; and (iv) non-industrial real estate assets that we intend to redevelop as industrial properties or data centers.
Schedule of Acquisitions of Properties Excluding Duck Transaction	The following table summarizes our real estate acquisition activity, excluding the Duke Transaction as discussed in Note 3, for the years ended December 31 (dollars and square feet in thousands): 2024 (1) 2023 (2) 2022 Number of operating properties 54 85 23 Square feet 11,047 17,503 5,169 Acres of land 889 1,620 2,218 Acquisition cost of net investments in real estate, excluding other real estate $ 2,144,303 $ 4,194,468 $ 1,828,256 Acquisition cost of other real estate investments $ 596,607 $ 101,382 $ 641,168 (1) In 2024, we acquired our partners' interest in an unconsolidated venture and began consolidating the properties, including 30 operating properties aggregating 6.0 million square feet. In addition, we entered a new market in India and acquired 225 acres of land. (2) On June 29, 2023, we acquired a real estate portfolio comprised of 70 operating properties in the U.S., aggregating 13.8 million square feet, for cash consideration of $ 3.1 billion.
Number of Properties Disposed Including Minor Adjustments	The following table summarizes our dispositions of net investments in real estate which include contributions to unconsolidated co-investment ventures and dispositions to third parties for the years ended December 31 (dollars and square feet in thousands): 2024 2023 2022 Dispositions of development properties and land, net (1) Number of properties 29 22 21 Square feet 8,243 8,437 7,676 Net proceeds $ 1,479,217 $ 1,449,644 $ 1,398,585 Gains on dispositions of development properties and land, net $ 413,743 $ 462,270 $ 597,745 Other dispositions of investments in real estate, net (2) Number of properties 104 25 103 Square feet 22,799 2,794 8,718 Net proceeds $ 3,326,124 $ 641,214 $ 1,271,639 Gains on other dispositions of investments in real estate, net $ 904,136 $ 161,039 $ 589,391 (1) The gains we recognize in Gains on Dispositions of Development Properties and Land, Net in the Consolidated Statements of Income are principally driven by the contribution of newly developed properties to our unconsolidated co-investment ventures and occasionally sales to a third party. (2) In 2024, we had a significant contribution of operating properties to our unconsolidated co-investment venture in the U.S.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Summary of Minimum Lease Payments on Leases	The following table summarizes the minimum lease payments due from our customers on leases for space in our operating properties, prestabilized and under development properties, other real estate investments and assets held for sale or contribution at December 31, 2024 (in thousands): 2025 $ 5,397,546 2026 5,086,934 2027 4,377,403 2028 3,575,743 2029 2,761,495 Thereafter 10,190,560 Total $ 31,389,681
Future Minimum Rental Payments under Non-Cancelable Operating Leases	The following table summarizes the fixed, future minimum rental payments, excluding variable costs, for leases that had commenced at December 31, 2024, with amounts discounted at lease commencement by our incremental borrowing rates to calculate the lease liabilities of our leases (in thousands): 2025 $ 65,202 2026 56,694 2027 51,578 2028 49,818 2029 38,504 Thereafter 1,218,764 Total undiscounted rental payments 1,480,560 Less imputed interest 865,255 Total lease liabilities $ 615,305

Unconsolidated Entities (Tables

Unconsolidated Entities (Tables)	12 Months Ended
	Dec. 31, 2024
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 at December 31 (in thousands): 2024 2023 Unconsolidated co-investment ventures $ 9,274,762 $ 8,379,265 Other ventures (1) 804,686 1,164,705 Total $ 10,079,448 $ 9,543,970 (1) In 2024, we acquired our partners' interest in an unconsolidated venture and began consolidating the properties.
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 at and for the years ended December 31 (dollars and square feet in millions): U.S. Other Americas (1) Europe Asia Total At: 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Key property information: Ventures 1 1 2 2 2 2 4 4 9 9 Operating properties 767 745 391 275 1,037 1,007 241 228 2,436 2,255 Square feet 134 126 85 65 232 223 100 94 551 508 Financial position: Total assets ($) 13,903 11,884 7,112 4,106 23,873 23,504 9,404 10,226 54,292 49,720 Third-party debt ($) 5,399 4,185 2,242 915 6,343 5,804 3,942 3,983 17,926 14,887 Total liabilities ($) 6,466 4,930 2,422 997 8,375 7,849 4,362 4,429 21,625 18,205 Our investment balance ($) (2) (3) 3,023 2,257 1,168 1,152 4,371 4,126 713 844 9,275 8,379 Our weighted average ownership (4) 30.5 % 27.3 % 30.9 % 39.3 % 33.0 % 31.9 % 15.2 % 15.2 % 29.0 % 28.1 % U.S. Other Americas (1) Europe Asia Total Operating Information: 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 For the years ended: Total revenues ($) 1,452 1,315 1,182 525 427 383 1,817 1,695 1,424 638 654 629 4,432 4,091 3,618 Net earnings ($) (3) 665 344 292 217 191 137 352 341 493 ( 355 ) 74 114 879 950 1,036 Our earnings from (3) 201 95 79 68 67 47 125 112 150 ( 57 ) 13 19 337 287 295 (1) PBLV and our other Brazilian joint ventures are combined as one venture for the purpose of this table. (2) 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 December 31, 2024, and 2023 , results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018 ($ 520.0 million and $ 534.9 million, respectively); (ii) recording additional costs associated with our investment in the venture ($ 80.2 million and $ 91.7 million, respectively); (iii) receivables, principally for fees and promotes ($ 186.2 million and $ 199.9 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to NPR and PJLF, as discussed above. (3) During the fourth quarter of 2024, we recognized an impairment charge against our investment balance in Prologis China Logistics Venture. (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.
Information About Investments in Co-investment Ventures by Property Funds	The following table summarizes our investments in the individual co-investment ventures at December 31 (dollars in thousands): Ownership Investment in Co-Investment Venture 2024 2023 2024 2023 Prologis Targeted U.S. Logistics Fund, L.P. (“USLF”) 30.5 % 27.3 % $ 3,022,568 $ 2,256,939 FIBRA Prologis (1) (2) 34.6 % 45.1 % 1,009,357 959,421 Prologis Brazil Logistics Venture (“PBLV”) and other joint ventures (3) 20.0 % 20.0 % 158,676 192,987 Prologis European Logistics Fund (“PELF”) 26.3 % 25.1 % 2,196,180 2,098,180 Prologis European Logistics Partners (“PELP”) (3) 50.0 % 50.0 % 2,174,590 2,027,299 Nippon Prologis REIT, Inc. (“NPR”) (4) (5) 15.1 % 15.1 % 523,204 595,920 Prologis Japan Core Logistics Fund ("PJLF") (5) 16.3 % 16.3 % 45,976 45,736 Prologis China Core Logistics Fund, LP (“PCCLF”) 15.5 % 15.5 % 89,551 80,229 Prologis China Logistics Venture I, LP, II, LP and III, LP (3) 15.0 % 15.0 % 54,660 122,554 Total $ 9,274,762 $ 8,379,265 (1) At December 31, 2024 , we owned 555.2 million units of FIBRA Prologis that had a closing price of Ps 57.91 ($ 2.82 ) per unit on the Mexican Stock Exchange. We have granted FIBRA Prologis a right of first refusal with respect to stabilized properties that we plan to sell in Mexico. (2) In 2024, FIBRA Prologis completed tender offers to acquire 89.9 % of Terrafina, a Mexican FIBRA, through a combination of stock and cash, and began consolidating Terrafina, which owned a portfolio of 40.8 million square feet of industrial real estate properties at December 31, 2024. As a result, our ownership interest in FIBRA Prologis decreased to 34.6 % at December 31, 2024. (3) We have one partner in each of these co-investment ventures. (4) At December 31, 2024 , we owned 0.4 million units of NPR that had a closing price of ¥ 222,900 ($ 1,420 ) per share on the Tokyo Stock Exchange. For any properties we develop and plan to sell in Japan, we have committed to offer those properties to NPR if we determine the properties meet NPR’s investment objectives. (5) At December 31, 2024, and 2023 , we had receivables from NPR and PJLF of $ 146.1 million and $ 161.2 million, respectively, related to customer security deposits that originated through a leasing company owned by us that pertain to properties we owned previously and contributed to NPR and PJLF. We have a corresponding payable to NPR’s and PJLF's customers in Other Liabilities . These amounts are repaid to us as the leases turn over.
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 for the years ended December 31 (in thousands): 2024 2023 2022 Recurring fees $ 464,292 $ 450,682 $ 455,385 Transactional fees 58,511 60,467 67,048 Promote revenue (1) 139,329 674,629 503,779 Total strategic capital revenues from unconsolidated co-investment ventures (2) $ 662,132 $ 1,185,778 $ 1,026,212 (1) Includes promote revenue primarily earned in the U.S. in 2024 and 2023 and Europe in 2022. (2) These amounts exclude strategic capital revenues from other ventures.

Assets Held for Sale or Contr_2

Assets Held for Sale or Contribution (Tables)	12 Months Ended
	Dec. 31, 2024
Real Estate Assets Held for Development and Sale [Abstract]
Summary of Assets Held for Sale or Contribution	Assets held for sale or contribution consisted of the following at December 31 (dollars and square feet in thousands): 2024 2023 Number of operating properties 8 12 Square feet 2,229 3,469 Total assets held for sale or contribution $ 248,511 $ 461,657 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 1,951 $ 14,182

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Text Block [Abstract]
Schedule of Other Assets and Liabilities	The following table summarizes our other assets and liabilities, net of amortization and depreciation, if applicable, at December 31 (in thousands): 2024 2023 Rent leveling $ 1,218,483 $ 914,480 Leasing commissions 860,556 749,773 Acquired lease intangibles, net of $ 1.6 billion and $ 1.4 billion of accumulated amortization 764,546 1,010,615 Lease right-of-use assets (1) 707,814 683,707 Accounts receivable 407,464 325,698 Prepaid assets 231,299 248,597 Fixed assets 212,318 208,030 Value added taxes receivable 142,420 155,909 Derivative assets 137,429 87,319 Other notes receivable 74,594 72,730 Management contracts 10,666 10,702 Deferred income taxes 3,257 1,231 Other 423,496 280,944 Total other assets $ 5,194,342 $ 4,749,735 Acquired lease intangibles, net of $ 1.1 billion and $ 720.1 million of accumulated amortization $ 1,778,832 $ 2,206,906 Lease liabilities (1) 615,305 597,563 Tenant security deposits 403,707 438,100 Unearned rents 400,538 319,946 Environmental liabilities 176,154 178,201 Deferred income taxes 141,126 118,682 Deferred revenue and fees 74,754 57,116 Value added taxes payable 29,636 33,805 Liabilities associated with assets held for sale or contribution 1,951 14,182 Derivative liabilities 638 94,161 Other 440,908 371,939 Total other liabilities $ 4,063,549 $ 4,430,601 (1) For the amortization of the future minimum rental payments into rental expense and G&A expense on our land and office leases, respectively, refer to Note 4.
Schedule Of Future Amortized Expense And Benefit Charge To Rental Revenue Table Text Block	The following table summarizes the expected future amortization of leasing commissions and forgone rent (included in acquired lease intangibles above) into amortization expense and above and below market leases (included in acquired lease intangibles above) and rent leveling net assets into rental revenues, all based on the balances at December 31, 2024 (in thousands): Amortization Expense Net Increase (Decrease) 2025 $ 360,031 $ 458,681 2026 298,640 227,003 2027 239,106 117,305 2028 183,023 36,431 2029 134,339 4,207 Thereafter 347,445 ( 345,796 ) Total $ 1,562,584 $ 497,831

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt Summary	All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt at December 31 (dollars in thousands): 2024 2023 Weighted Average Amount Weighted Average Amount Interest Rate (1) Years (2) Outstanding (3) Interest Rate (1) Years (2) Outstanding (3) Credit facilities and 4.1 % 1.8 $ 224,966 5.9 % 3.1 $ 979,313 Senior notes (4) 3.2 % 9.8 28,322,163 2.9 % 10.1 25,311,647 Term loans and 2.0 % 4.4 2,013,317 2.8 % 3.7 2,330,520 Secured mortgage (5) 4.3 % 3.2 318,817 3.9 % 3.4 379,021 Total 3.1 % 9.4 $ 30,879,263 3.0 % 9.3 $ 29,000,501 (1) The weighted average interest rates presented represent the effective interest rates (including amortization of debt issuance costs and noncash premiums or discounts) at the end of the period for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rate on certain variable rate debt. (2) The weighted average years represents the remaining maturity in years on the debt outstanding at period end. (3) We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances at December 31 were borrowings denominated in the following currencies: 2024 2023 Weighted Average Interest Rate Amount Outstanding % of Total Weighted Average Interest Rate Amount Outstanding % of Total British pound sterling 3.1 % $ 1,714,653 5.6 % 2.1 % $ 1,299,628 4.5 % Canadian dollar 4.7 % 1,262,508 4.1 % 5.0 % 829,886 2.9 % Chinese renminbi 3.6 % 632,873 2.0 % 3.7 % 241,820 0.8 % Euro 2.1 % 9,900,602 32.1 % 2.0 % 10,083,601 34.8 % Japanese yen 1.1 % 2,910,755 9.4 % 1.0 % 3,085,970 10.6 % U.S. dollar 4.1 % 14,457,872 46.8 % 4.1 % 13,459,596 46.4 % Total 3.1 % $ 30,879,263 100.0 % 3.0 % $ 29,000,501 100.0 % (4) Senior notes are due from September 2025 to June 2061 with effective interest rates ranging from 0.3 % to 5.7 % at December 31, 2024. (5) Secured mortgage debt is due from May 2025 to September 2033 with effective interest rates ranging from 3.3 % to 8.7 % at December 31, 2024 . The debt was principally secured by 23 operating properties and 1 land parcel with an aggregate undepreciated cost of $ 754.7 million at December 31, 2024 .
Schedule Of Credit Facility Activity and Current Availability on Debt And Cash	The following table summarizes information about our Credit Facility activity and available liquidity (dollars in millions): 2024 2023 2022 Credit Facility activity for the years ended December 31: Weighted average daily interest rate 4.4 % 4.3 % 1.7 % Weighted average daily borrowings $ 519 $ 411 $ 519 Maximum borrowings outstanding at any month-end $ 1,031 $ 1,587 $ 1,538 Available liquidity at December 31: Aggregate lender commitments Credit Facilities $ 6,313 $ 6,477 $ 5,441 Less: Credit facility borrowings outstanding 225 979 1,538 Commercial paper borrowings outstanding (1) - - - Outstanding letters of credit 25 24 38 Current availability $ 6,063 $ 5,474 $ 3,865 Cash and cash equivalents 1,319 530 278 Total liquidity $ 7,382 $ 6,004 $ 4,143 (1) We are required to maintain available commitments under our Credit Facilities in an amount at least equal to the commercial paper borrowings outstanding.
Summary of Issuances of Senior Notes	The senior notes are unsecured and our obligations are effectively subordinated in certain respects to any of our debt that is secured by a lien on real property, to the extent of the value of such real property. The senior notes require interest payments be made quarterly, semi-annually or annually. The majority of the senior notes are redeemable at any time at our option, subject to certain prepayment penalties. Such repurchase and other terms are governed by the provisions of indenture agreements, various note purchase agreements or trust deeds. The following table summarizes the issuances of senior notes during 2024 (principal in thousands): Aggregate Principal Issuance Date Weighted Average Issuance Date Borrowing Currency USD (1) Interest Rate Years Maturity Dates January $ 1,250,000 $ 1,250,000 5.1 % 17.3 March 2034 – 2054 February CN¥ 1,500,000 $ 211,024 3.5 % 3.0 February 2027 March C$ 550,000 $ 405,147 4.7 % 5.0 March 2029 May € 550,000 $ 592,130 4.0 % 10.0 May 2034 May £ 350,000 $ 439,147 5.6 % 16.0 May 2040 July $ 1,100,000 $ 1,100,000 5.1 % 17.5 January 2035 – March 2054 September CN¥ 1,350,000 $ 189,655 3.3 % 5.0 September 2029 Total $ 4,187,103 4.8 % 13.7 (1) The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date of each issuance.
Summary of Outstanding Term Loans	The following table summarizes our outstanding term loans at December 31 (dollars and borrowing currency in thousands): Term Loan Borrowing Currency Issuance Date Lender Commitment at 2024 Amount Outstanding at 2024 Amount Outstanding at 2023 Interest Rate Maturity Date Borrowing Currency USD USD USD March 2017 Yen (1) JPY March 2017 ¥ 12,000,000 $ 76,455 $ 76,455 $ 84,820 0.9 % and 1.0 % March 2027 – 2028 October 2017 Yen JPY October 2017 ¥ 10,000,000 $ 63,713 63,713 70,684 0.9 % October 2032 December 2018 Yen (1) JPY December 2018 ¥ 20,000,000 $ 127,426 127,426 141,368 1.2 % and TIBOR + 0.7 % December 2031 – June 2033 January 2019 Yen (1) JPY January 2019 ¥ 15,000,000 $ 95,569 95,569 106,026 TIBOR + 0.5 % to 0.6 % January 2028 – 2030 March 2019 Yen JPY March 2019 ¥ 85,000,000 $ 541,558 541,558 600,812 TIBOR + 0.4 % March 2026 June 2022 Yen (1) JPY June 2022 ¥ 25,000,000 $ 159,281 159,281 176,710 1.1 % and 1.2 % June 2032 – 2034 2022 Canadian (2) CAD August 2022 C$ 300,000 $ 208,503 208,503 226,403 CORRA August 2025 2022 U.S. Dollar (3) USD October 2022 $ 500,000 $ 500,000 - 500,000 SOFR + 0.8 % March 2025 December 2022 Yen JPY December 2022 ¥ 15,000,000 $ 95,569 95,569 106,026 1.4 % December 2033 2023 Yen JPY April 2023 ¥ 10,000,000 $ 63,713 63,713 70,684 1.5 % April 2031 2023 Chinese (1) (4) CNH September 2023 CN¥ 1,720,000 $ 239,274 239,274 242,845 3.5 % and 3.6 % September 2025 – 2026 2024 Yen JPY April 2024 ¥ 20,000,000 $ 127,425 127,425 - 1.5 % April 2034 2024 Euro (1) EUR November 2024 € 202,500 $ 210,377 210,377 - 3.0 % and Euribor + 0.7% November 2034 Subtotal 2,008,863 2,326,378 Debt issuance costs, net ( 3,117 ) ( 4,683 ) Total term loans $ 2,005,746 $ 2,321,695 (1) This term loan includes more than one lender commitment each bearing a different interest rate and maturity date. (2) In May 2022, Refinitive Benchmark Services (UK) Ltd. ("RBSL"), the administrator of the Canadian Dollar Offered Rate ("CDOR") formally announced that it would cease the calculation and publication of all tenors of CDOR effective June 28, 2024. In June 2024, we modified the interest rates on our Canadian term loan from 2022 ("2022 Canadian Term Loan") and our credit facility agreements that bore interest at the CDOR plus a spread over the applicable benchmark to the Canadian Overnight Repo Rate Average ("CORRA"). The modification did not have a material impact on our Consolidated Financial Statements. (3) In February 2024, we extinguished a $ 500.0 million U.S. dollar term loan. (4) In July 2024, we extended the maturity of the Chinese renminbi term loan ("2023 Chinese Term Loan") by one year until September 2025. We may extend the maturity for one additional year, subject to the payment of an extension fee.
Long-Term Debt Maturities	Scheduled principal payments due on our debt for each year through the period ended December 31, 2029, and thereafter were as follows at December 31, 2024 (in thousands): Unsecured Credit Facilities and Senior Term Loans Secured Maturity Commercial Paper Notes and Other Mortgage Total 2025 (1) (2) $ - $ 31,856 $ 308,978 $ 173,389 $ 514,223 2026 (3) 162,632 1,284,618 680,700 45,542 2,173,492 2027 (4) 62,334 1,898,055 45,873 4,156 2,010,418 2028 - 2,518,708 94,295 3,041 2,616,044 2029 - 3,193,130 - 3,191 3,196,321 Thereafter - 19,969,920 886,588 82,903 20,939,411 Subtotal 224,966 28,896,287 2,016,434 312,222 31,449,909 Unamortized premiums - ( 447,874 ) - 7,163 ( 440,711 ) Unamortized debt issuance - ( 126,250 ) ( 3,117 ) ( 568 ) ( 129,935 ) Total $ 224,966 $ 28,322,163 $ 2,013,317 $ 318,817 $ 30,879,263 (1) We expect to repay the amounts maturing in the next twelve months with cash generated from operations, proceeds from dispositions of real estate properties, or as necessary, with additional borrowings. (2) Included in the 2025 maturities were the 2022 Canadian Term Loan ($ 208.5 million at December 31, 2024), which can be extended until 2027, subject to the payment of extension fees, and the 2023 Chinese Term Loan ($ 100.2 million at December 31, 2024 ), which can be extended until 2026, subject to the prevailing interest rate at the time of extension. (3) Included in the 2026 maturities was the 2022 Global Facility ($ 162.6 million at December 31, 2024 ) which can be extended until 2027. (4) Included in the 2027 maturities was the 2023 Global Facility ($ 62.3 million at December 31, 2024 ), which can be extended until 2028.
Interest Expense	The following table summarizes the components of interest expense for the years ended December 31 (in thousands): 2024 (1) 2023 2022 Gross interest expense $ 892,612 $ 683,363 $ 345,398 Amortization of debt discounts (premiums), net 52,249 51,980 6,602 Amortization of debt issuance costs, net 26,636 22,609 17,134 Interest expense before capitalization $ 971,497 $ 757,952 $ 369,134 Capitalized amounts ( 107,565 ) ( 116,620 ) ( 60,097 ) Net interest expense $ 863,932 $ 641,332 $ 309,037 Total cash paid for interest, net of amounts capitalized $ 710,754 $ 457,021 $ 234,131 (1) Interest expense increased in 2024, as compared to 2023 , principally due to the issuance of senior notes to finance acquisition and development activities with higher interest rates on new issuances in both years. We issued $ 4.2 billion of senior notes during 2024 and $ 5.4 billion during 2023, with a weighted average interest rate of 4.8 % and 4.7 %, respectively, at the issuance date.

Stockholders' Equity of Prolo_2

Stockholders' Equity of Prologis, Inc. (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Summary of Taxability of Common and Preferred Stock Dividends	The following summarizes the taxability of our common and preferred stock dividends for the years ended December 31: 2024 2023 2022 Common Stock: Ordinary income $ 3.50 $ 3.29 $ 3.08 Qualified dividend 0.01 0.00 0.02 Capital gains 0.33 0.19 0.06 Total dividend $ 3.84 $ 3.48 $ 3.16 Preferred Stock – Series Q: Ordinary income $ 3.90 $ 4.05 $ 4.16 Qualified dividend 0.02 0.00 0.02 Capital gains 0.35 0.22 0.09 Total dividend $ 4.27 $ 4.27 $ 4.27

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Summary of Ownership Percentages and Noncontrolling Interests	The following table summarizes these entities at December 31 (dollars in thousands): Our Ownership Noncontrolling Total Assets Total Liabilities 2024 2023 2024 2023 2024 2023 2024 2023 Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 3,091,941 $ 3,147,790 $ 7,014,774 $ 7,142,889 $ 149,823 $ 156,303 Other consolidated entities (1) various various 231,106 176,485 3,031,608 2,369,959 399,277 333,114 Prologis, L.P. 3,323,047 3,324,275 10,046,382 9,512,848 549,100 489,417 Limited partners in Prologis, L.P. (2)(3) 1,342,585 1,317,721 - - - - Prologis, Inc. $ 4,665,632 $ 4,641,996 $ 10,046,382 $ 9,512,848 $ 549,100 $ 489,417 (1) Includes two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. The limited partnership units outstanding at December 31, 2024 and 2023 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. (2) We had 7.7 million and 8.6 million Class A Units at December 31, 2024 and 2023 , respectively, that were convertible into 7.4 million and 8.2 million, respectively, limited partnership units of the OP at the end of each year. See Note 10 for further discussion of our Class A Units. (3) There were limited partnership units in the OP, excluding the Class A Units, that were exchangeable into cash or, at our option, 9.0 million and 9.1 million shares of the Parent’s common stock, at December 31, 2024 and 2023 , respectively. Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans of 6.7 million and 5.7 million shares of the Parent’s common stock at December 31, 2024 and 2023, respectively. See further discussion of LTIP Units in Note 12 .

Long-Term Compensation (Tables)

Long-Term Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Prologis Out-Performance Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Assumptions Used for Each POP Grant	The following table details the assumptions used for each POP grant based on the year it was granted (dollars in thousands): 2024 2023 2022 Risk free interest rate 4.2 % 4.2 % 1.0 % Prologis expected volatility 27.0 % 35.0 % 31.0 % Index expected volatility 20.0 % 31.0 % 29.0 % Grant date fair value $ 19,000 $ 28,300 $ 30,400
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Options, RSU and Performance Share Awards	The following table summarizes the activity for RSUs for the year ended December 31, 2024 (units in thousands): Unvested RSUs Weighted Average Grant Date Fair Value Balance at January 1, 2024 2,097 $ 98.23 Granted 820 111.00 Vested and distributed ( 757 ) 108.04 Forfeited ( 97 ) 104.73 Balance at December 31, 2024 2,063 $ 99.39
Performance Stock Units (PSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Options, RSU and Performance Share Awards	The following table summarizes the activity for PSUs for the year ended December 31, 2024 (units in thousands): Unvested PSUs Weighted Average Grant Date Fair Value Balance at January 1, 2024 - $ - Granted 244 129.10 Vested and distributed - - Forfeited - - Balance at December 31, 2024 244 $ 129.10
Long Term Incentive Plan Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Options, RSU and Performance Share Awards	The following table summarizes the activity for LTIP Units for the year ended December 31, 2024 (units in thousands): Unvested LTIP Units Weighted Average Grant Date Fair Value Balance at January 1, 2024 5,379 $ 76.72 Granted 1,274 98.19 Vested LTIP Units ( 1,357 ) 113.19 Forfeited ( 46 ) 117.59 Balance at December 31, 2024 5,250 $ 72.15

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Components of Earnings Before Income Taxes	The following table summarizes the components of earnings before income taxes for the years ended December 31 (in thousands): 2024 2023 2022 Domestic $ 3,595,449 $ 2,891,644 $ 2,423,809 International 519,429 572,539 1,267,001 Earnings before income taxes $ 4,114,878 $ 3,464,183 $ 3,690,810
Components of Provision for Income Tax	The following table summarizes the components of the provision for income taxes for the years ended December 31 (in thousands): 2024 2023 2022 Current income tax expense (benefit): U.S. federal $ ( 17,082 ) $ ( 953 ) $ ( 6,645 ) International 152,891 175,121 112,489 State and local 9,973 19,162 16,930 Total current income tax expense 145,782 193,330 122,774 Deferred income tax expense: U.S. federal 18,222 12,936 3,359 International 2,939 4,772 9,279 Total deferred income tax expense 21,161 17,708 12,638 Total income tax expense $ 166,943 $ 211,038 $ 135,412
Deferred Income Tax Assets and Liabilities	The following table summarizes the deferred income tax assets and liabilities at December 31 (in thousands): 2024 2023 Gross deferred income tax assets: NOL carryforwards $ 263,597 $ 246,768 Basis difference – real estate properties 43,226 48,460 Basis difference – equity investments 18,434 18,051 Section 163(j) interest limitation 2,105 1,689 Capital loss carryforward 6,096 7,161 Other – temporary differences 29,908 9,142 Total gross deferred income tax assets 363,366 331,271 Valuation allowance ( 312,348 ) ( 305,063 ) Gross deferred income tax assets, net of valuation allowance 51,018 26,208 Gross deferred income tax liabilities: Basis difference – real estate properties 128,803 98,529 Basis difference – equity investments 57,763 43,457 Other – temporary differences 2,321 1,673 Total gross deferred income tax liabilities 188,887 143,659 Net deferred income tax liabilities $ 137,869 $ 117,451
Summary of Operating Loss Carryforwards	At December 31, 2024, we had NOL carryforwards as follows (in thousands): U.S. Europe Mexico Japan Other Gross NOL carryforward $ 81,637 $ 559,070 $ 240,939 $ 54,200 $ 34,157 Tax-effected NOL carryforward 21,093 150,434 75,429 8,036 8,605 Valuation allowance 21,093 140,453 75,429 8,036 8,605 Net deferred tax asset – NOL carryforward $ - $ 9,981 $ - $ - $ - Expiration periods 2025 – 2044 2025 – indefinite 2025 – 2034 2025 – 2034 2025 – indefinite

Earnings Per Common Share or _2

Earnings Per Common Share or Unit (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share Unit	The computation of our basic and diluted earnings per share and unit for the years ended December 31 was as follows (in thousands, except per share and unit amounts): Prologis, Inc. 2024 2023 2022 Net earnings attributable to common stockholders – Basic $ 3,725,754 $ 3,053,373 $ 3,358,796 Net earnings attributable to exchangeable limited partnership units (1) 94,052 77,806 92,236 Adjusted net earnings attributable to common stockholders – Diluted $ 3,819,806 $ 3,131,179 $ 3,451,032 Weighted average common shares outstanding – Basic 926,172 924,351 785,675 Incremental weighted average effect on exchange of limited partnership units (1) 23,445 23,693 21,803 Incremental weighted average effect of equity awards 3,973 3,747 4,130 Weighted average common shares outstanding – Diluted (2) 953,590 951,791 811,608 Net earnings per share attributable to common stockholders: Basic $ 4.02 $ 3.30 $ 4.28 Diluted $ 4.01 $ 3.29 $ 4.25 Prologis, L.P. 2024 2023 2022 Net earnings attributable to common unitholders $ 3,818,862 $ 3,130,647 $ 3,450,727 Net earnings attributable to Class A Units ( 30,308 ) ( 26,784 ) ( 34,311 ) Net earnings attributable to common unitholders – Basic 3,788,554 3,103,863 3,416,416 Net earnings attributable to Class A Units 30,308 26,784 34,311 Net earnings attributable to exchangeable other limited partnership units 944 532 305 Adjusted net earnings attributable to common unitholders – Diluted $ 3,819,806 $ 3,131,179 $ 3,451,032 Weighted average common partnership units outstanding – Basic 941,782 939,635 799,153 Incremental weighted average effect on exchange of Class A Units 7,536 8,110 8,026 Incremental weighted average effect on exchange of other limited partnership units 299 299 299 Incremental weighted average effect of equity awards of Prologis, Inc. 3,973 3,747 4,130 Weighted average common units outstanding – Diluted (2) 953,590 951,791 811,608 Net earnings per unit attributable to common unitholders: Basic $ 4.02 $ 3.30 $ 4.28 Diluted $ 4.01 $ 3.29 $ 4.25 (1) Earnings allocated to the exchangeable OP units not held by the Parent have been included in the numerator and exchangeable common units have been included in the denominator for the purpose of computing diluted earnings per share for all periods as the per share and unit amount is the same. (2) Our total weighted average potentially dilutive shares and units outstanding for the years ended December 31 consisted of the following : 2024 2023 2022 Class A Units 7,536 8,110 8,026 Other limited partnership units 299 299 299 Equity awards 7,688 7,455 6,298 Prologis, L.P. 15,523 15,864 14,623 Common limited partnership units 15,610 15,284 13,478 Prologis, Inc. 31,133 31,148 28,101

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Schedule of Fair Value of Derivative Financial Instruments	The following table presents the fair value of our derivative financial instruments recognized within Other Assets and Other Liabilities in the Consolidated Balance Sheets at December 31 (in thousands): 2024 2023 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards Brazilian real $ - $ - $ - $ 291 British pound sterling 8,785 422 9,608 9,862 Canadian dollar 15,503 - 4,480 1,225 Chinese renminbi - - 1,630 50 Euro 32,989 - 19,252 8,229 Japanese yen 55,818 - 45,149 589 Swedish krona 4,642 108 3,304 2,279 Options Mexican peso 1,814 - 1,263 - Designated derivatives Foreign currency contracts Net investment hedges British pound sterling 2,837 108 1,759 7,030 Canadian dollar 5,454 - 756 5,608 Interest rate contracts Cash flow hedges Euro - - 118 27,034 U.S. dollar 9,587 - - 31,964 Total fair value of derivatives $ 137,429 $ 638 $ 87,319 $ 94,161
Summary of Undesignated Financial Instruments Exercised and Realized and Unrealized Gains (Losses) in Foreign Currency, Derivative and Other Gains and Other Income, Net	The following table summarizes the undesignated derivative financial instruments exercised and associated realized and unrealized gains (losses), respectively, in Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net in the Consolidated Statements of Income for the years ended December 31 (in millions, except for number of exercised contracts): 2024 2023 2022 Exercised contracts 254 218 158 Realized gains on the matured, expired or settled contracts $ 53 $ 60 $ 145 Unrealized gains (losses) on the change in fair value of outstanding contracts $ 53 $ ( 58 ) $ 39
Summary of Activity in Interest Rate Contracts	The following table summarizes the activity of our interest rate contracts designated as CFHs for the years ended December 31 (in millions): 2024 2023 2022 EUR USD GBP Total EUR USD Total EUR USD CAD JPY Total Notional amounts at January 1 ($) 700 550 - 1,250 447 150 597 165 - - - 165 New contracts ($) - 780 246 1,026 1,113 2,300 3,413 1,004 400 184 104 1,692 Matured, expired or settled ( 700 ) ( 1,050 ) ( 246 ) ( 1,996 ) ( 860 ) ( 1,900 ) ( 2,760 ) ( 722 ) ( 250 ) ( 184 ) ( 104 ) ( 1,260 ) Notional amounts at - 280 - 280 700 550 1,250 447 150 - - 597
Summary of Debt and Accrued Interest, Designated as Nonderivative Financial Instrument	The following table summarizes our debt and accrued interest, designated as a hedge of our net investment in international subsidiaries at December 31 (in millions): 2024 2023 2022 British pound sterling $ 1,763 $ 1,305 $ 1,237 Canadian dollar $ 758 $ 373 $ 370
Summary of Recognized Unrealized Gains (Losses) in Foreign Currency and Derivative and Other Gains and Other Income, Net on Remeasurement of Unhedged Portion of Debt and Accrued Interest	The following table summarizes the unrealized gains (losses) in Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net in the Consolidated Statements of Income on the remeasurement of the unhedged portion of our euro-denominated and Chinese renminbi-denominated debt and accrued interest, for the years ended December 31 (in millions): 2024 2023 2022 Unrealized gains (losses) on the unhedged portion $ 34 $ ( 23 ) $ 44 Accumulated Other Comprehensive Income (Loss)
Summary of Changes in AOCI/L	The following table presents these changes in AOCI/L for the years ended December 31 (in thousands): Unrealized gains (losses) on CFHs (1) Our share of derivatives from unconsolidated ventures Derivative NIHs Debt designated as nonderivative NIHs (2) CTA Total AOCI/L Balance at $ ( 14,042 ) $ ( 2,748 ) $ 237,961 $ 194,563 $ ( 1,293,987 ) $ ( 878,253 ) Other comprehensive 44,587 25,332 95,012 135,420 134,293 434,644 Balance at $ 30,545 $ 22,584 $ 332,973 $ 329,983 $ ( 1,159,694 ) $ ( 443,609 ) Other comprehensive ( 76,289 ) ( 14,170 ) ( 22,447 ) ( 75,881 ) 118,195 ( 70,592 ) Balance at $ ( 45,744 ) $ 8,414 $ 310,526 $ 254,102 $ ( 1,041,499 ) $ ( 514,201 ) Other comprehensive 34,085 4,238 31,326 73,795 250,542 393,986 Balance at $ ( 11,659 ) $ 12,652 $ 341,852 $ 327,897 $ ( 790,957 ) $ ( 120,215 ) (1) We estimate an additional expense of $ 2.7 million will be reclassified to Interest Expense in the Consolidated Statements of Income over the next 12 months from December 31, 2024, due to the amortization of settled derivatives designated as cash flow hedges. (2) Reclassification of amounts out of AOCI/L due to the remeasurement of the unhedged portion of our euro denominated and Chinese renminbi-denominated debt and accrued interest is included within other comprehensive income (loss), net.
Carrying Amounts and Estimated Fair Values of Debt	The following table reflects the carrying amounts and estimated fair values of our debt at December 31 (in thousands): 2024 2023 Carrying Value Fair Value Carrying Value Fair Value Credit facilities and commercial paper $ 224,966 $ 224,966 $ 979,313 $ 979,313 Senior notes 28,322,163 26,095,901 25,311,647 23,121,936 Term loans and unsecured other 2,013,317 1,991,934 2,330,520 2,322,827 Secured mortgage 318,817 298,452 379,021 357,731 Total $ 30,879,263 $ 28,611,253 $ 29,000,501 $ 26,781,807
Undesignated Derivatives [Member]
Foreign Currency Contracts Activity	The following table summarizes the activity of our undesignated foreign currency contracts for the years ended December 31 (in millions, except for weighted average forward rates and number of active contracts): 2024 2023 2022 CAD EUR GBP JPY Other Total CAD EUR GBP JPY Other Total CAD EUR GBP JPY Other Total Notional amounts at January 1 ($) 213 524 442 384 56 1,619 283 601 349 331 81 1,645 175 749 383 250 105 1,662 New contracts ($) 102 165 334 107 ( 74 ) 634 15 173 192 140 ( 10 ) 510 172 658 264 181 92 1,367 Matured, expired or settled ( 61 ) ( 163 ) ( 390 ) ( 179 ) ( 9 ) ( 802 ) ( 85 ) ( 250 ) ( 99 ) ( 87 ) ( 15 ) ( 536 ) ( 64 ) ( 806 ) ( 298 ) ( 100 ) ( 116 ) ( 1,384 ) Notional amounts at 254 526 386 312 ( 27 ) 1,451 213 524 442 384 56 1,619 283 601 349 331 81 1,645 Weighted average forward rate at 1.31 1.15 1.28 120.37 1.30 1.16 1.27 115.40 1.29 1.18 1.31 109.79 Active contracts at December 31 101 86 82 77 74 72 96 96 103 97 90 96
Designated As Hedging Instrument [Member]
Foreign Currency Contracts Activity	The following table summarizes the activity of our foreign currency contracts designated as NIHs for the years ended December 31 (in millions, except for weighted average forward rates and number of active contracts): 2024 2023 2022 CAD GBP Total CAD CNH GBP Total CAD GBP Total Notional amounts at January 1 ($) 516 432 948 534 - 440 974 535 432 967 New contracts ($) 163 523 686 467 100 343 910 964 440 1,404 Matured, expired or settled contracts ($) ( 516 ) ( 523 ) ( 1,039 ) ( 485 ) ( 100 ) ( 351 ) ( 936 ) ( 965 ) ( 432 ) ( 1,397 ) Notional amounts at December 31 ($) 163 432 595 516 - 432 948 534 440 974 Weighted average forward rate at December 31 1.37 1.26 1.33 - 1.26 1.29 1.28 Active contracts at December 31 2 4 6 - 4 6 4

Reportable Segments (Tables)

Reportable Segments (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Reportable Segment Net Operating Income and Assets (Detail)	The following reportable segment net operating income and assets are presented in thousands: Years Ended December 31, 2024 2023 2022 Revenues: Real estate segment: U.S. $ 7,216,817 $ 6,558,051 $ 4,726,072 Other Americas 137,893 110,305 92,751 Europe 115,103 95,915 56,731 Asia 59,890 58,966 58,553 Total real estate segment 7,529,703 6,823,237 4,934,107 Strategic capital segment: U.S. 296,995 833,402 215,416 Other Americas 92,307 89,783 82,462 Europe 194,530 181,651 644,832 Asia 88,075 95,396 96,875 Total strategic capital segment 671,907 1,200,232 1,039,585 Total revenues 8,201,610 8,023,469 5,973,692 Expenses: Real estate segment: U.S. (1) ( 1,714,071 ) ( 1,603,486 ) ( 1,170,445 ) Other Americas ( 28,953 ) ( 25,383 ) ( 25,199 ) Europe ( 46,759 ) ( 27,715 ) ( 31,993 ) Asia ( 22,646 ) ( 21,563 ) ( 18,437 ) Total real estate segment ( 1,812,429 ) ( 1,678,147 ) ( 1,246,074 ) Strategic capital segment: U.S. (1) ( 154,654 ) ( 204,066 ) ( 155,855 ) Other Americas ( 21,833 ) ( 27,018 ) ( 18,998 ) Europe ( 75,500 ) ( 103,025 ) ( 87,156 ) Asia ( 39,869 ) ( 51,433 ) ( 41,347 ) Total strategic capital segment ( 291,856 ) ( 385,542 ) ( 303,356 ) Total expenses ( 2,104,285 ) ( 2,063,689 ) ( 1,549,430 ) Segment net operating income: Real estate segment: U.S. (1) 5,502,746 4,954,565 3,555,627 Other Americas 108,940 84,922 67,552 Europe 68,344 68,200 24,738 Asia 37,244 37,403 40,116 Total real estate segment 5,717,274 5,145,090 3,688,033 Strategic capital segment: U.S. (1) 142,341 629,336 59,561 Other Americas 70,474 62,765 63,464 Europe 119,030 78,626 557,676 Asia 48,206 43,963 55,528 Total strategic capital segment 380,051 814,690 736,229 Total segment net operating income 6,097,325 5,959,780 4,424,262 Non-segment items: General and administrative expenses ( 418,765 ) ( 390,406 ) ( 331,083 ) Depreciation and amortization expenses ( 2,580,519 ) ( 2,484,891 ) ( 1,812,777 ) Gains on dispositions of development properties and land, net 413,743 462,270 597,745 Gains on other dispositions of investments in real estate, net 904,136 161,039 589,391 Operating income 4,415,920 3,707,792 3,467,538 Earnings from unconsolidated entities, net 353,623 307,227 310,872 Interest expense ( 863,932 ) ( 641,332 ) ( 309,037 ) Foreign currency, derivative and other gains (losses) and other 208,731 87,221 241,621 Gains (losses) on early extinguishment of debt, net 536 3,275 ( 20,184 ) Earnings before income taxes $ 4,114,878 $ 3,464,183 $ 3,690,810 December 31, 2024 2023 Segment assets: Real estate segment: U.S. $ 76,857,293 $ 76,633,566 Other Americas 2,814,141 2,029,438 Europe 2,554,514 2,366,539 Asia 719,810 793,916 Total real estate segment 82,945,758 81,823,459 Strategic capital segment: (2) U.S. 10,499 10,499 Europe 25,280 25,280 Asia 167 203 Total strategic capital segment 35,946 35,982 Total segment assets 82,981,704 81,859,441 Non-segment items: Investments in and advances to unconsolidated entities 10,079,448 9,543,970 Assets held for sale or contribution 248,511 461,657 Cash and cash equivalents 1,318,591 530,388 Other assets 700,655 625,384 Total non-segment items 12,347,205 11,161,399 Total assets $ 95,328,909 $ 93,020,840 (1) This includes compensation and personnel costs for employees who were located in the U.S. but also support other geographies. (2) Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital Segment. Goodwill was $ 25.3 million at December 31, 2024, and 2023 .

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data	The following table details our selected quarterly financial data (in thousands, except per share and unit data): Three Months Ended Prologis, Inc. March 31, June 30, September 30, December 31, 2024: Rental revenues $ 1,827,658 $ 1,852,376 $ 1,897,164 $ 1,937,507 Total revenues $ 1,956,621 $ 2,007,954 $ 2,036,389 $ 2,200,646 Rental expenses $ ( 454,257 ) $ ( 445,235 ) $ ( 427,425 ) $ ( 438,468 ) Gains on dispositions of development properties and land, net $ 40,308 $ 87,174 $ 32,005 $ 254,256 Gains on other dispositions of investments in real estate, net $ 17,534 $ 199,326 $ 434,446 $ 252,830 Operating income $ 720,355 $ 1,023,338 $ 1,250,971 $ 1,421,256 Consolidated net earnings $ 630,807 $ 911,501 $ 1,063,451 $ 1,342,176 Net earnings attributable to common stockholders $ 584,263 $ 859,845 $ 1,004,267 $ 1,277,379 Net earnings per share attributable to common (1) $ 0.63 $ 0.93 $ 1.08 $ 1.38 Net earnings per share attributable to common (1)(2) $ 0.63 $ 0.92 $ 1.08 $ 1.37 2023: Rental revenues $ 1,633,770 $ 1,651,454 $ 1,777,359 $ 1,755,959 Total revenues $ 1,768,587 $ 2,450,971 $ 1,914,664 $ 1,889,247 Rental expenses $ ( 412,554 ) $ ( 387,938 ) $ ( 416,076 ) $ ( 408,225 ) Gains on dispositions of development properties and land, net $ - $ 184,877 $ 89,030 $ 188,363 Gains on other dispositions of investments in real estate, net $ 4,047 $ 24,761 $ 129,584 $ 2,647 Operating income $ 579,043 $ 1,411,790 $ 882,108 $ 834,851 Consolidated net earnings $ 498,629 $ 1,279,491 $ 799,141 $ 675,884 Net earnings attributable to common stockholders $ 463,170 $ 1,214,553 $ 746,174 $ 629,476 Net earnings per share attributable to common (1) $ 0.50 $ 1.31 $ 0.81 $ 0.68 Net earnings per share attributable to common (1)(2) $ 0.50 $ 1.31 $ 0.80 $ 0.68 Prologis, L.P. 2024: Rental revenues $ 1,827,658 $ 1,852,376 $ 1,897,164 $ 1,937,507 Total revenues $ 1,956,621 $ 2,007,954 $ 2,036,389 $ 2,200,646 Rental expenses $ ( 454,257 ) $ ( 445,235 ) $ ( 427,425 ) $ ( 438,468 ) Gains on dispositions of development properties and land, net $ 40,308 $ 87,174 $ 32,005 $ 254,256 Gains on other dispositions of investments in real estate, net $ 17,534 $ 199,326 $ 434,446 $ 252,830 Operating income $ 720,355 $ 1,023,338 $ 1,250,971 $ 1,421,256 Consolidated net earnings $ 630,807 $ 911,501 $ 1,063,451 $ 1,342,176 Net earnings attributable to common unitholders $ 599,047 $ 881,196 $ 1,029,271 $ 1,309,348 Net earnings per unit attributable to common unitholders – (1) $ 0.63 $ 0.93 $ 1.08 $ 1.38 Net earnings per unit attributable to common unitholders – (1) $ 0.63 $ 0.92 $ 1.08 $ 1.37 2023: Rental revenues $ 1,633,770 $ 1,651,454 $ 1,777,359 $ 1,755,959 Total revenues $ 1,768,587 $ 2,450,971 $ 1,914,664 $ 1,889,247 Rental expenses $ ( 412,554 ) $ ( 387,938 ) $ ( 416,076 ) $ ( 408,225 ) Gains on dispositions of development properties and land, net $ - $ 184,877 $ 89,030 $ 188,363 Gains on other dispositions of investments in real estate, net $ 4,047 $ 24,761 $ 129,584 $ 2,647 Operating income $ 579,043 $ 1,411,790 $ 882,108 $ 834,851 Consolidated net earnings $ 498,629 $ 1,279,491 $ 799,141 $ 675,884 Net earnings attributable to common unitholders $ 474,819 $ 1,245,153 $ 765,075 $ 645,600 Net earnings per unit attributable to common unitholders – (1) $ 0.50 $ 1.31 $ 0.81 $ 0.68 Net earnings per unit attributable to common unitholders – (1) $ 0.50 $ 1.31 $ 0.80 $ 0.68 (1) Quarterly earnings per common share or unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted average common shares or units outstanding included in the calculation of basic and diluted shares or units. (2) Income allocated to the exchangeable OP units not held by the Parent has been included in the numerator and exchangeable OP units have been included in the denominator for the purpose of computing diluted earnings per share for all periods since the per share and unit is the same.

Description of the Business - A

Description of the Business - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 Segment Continent Country
Description Of Business And Basis Of Presentation [Line Items]
Number of countries, entity operates | Country	20
Number of continents, entity operates | Continent	4
Number of reportable segments | Segment	2
Unaffiliated Investors and Certain Current and Former Directors and Officers [Member]
Description Of Business And Basis Of Presentation [Line Items]
Percentage of common limited partnership interest	2.43%
General Partner [Member] | Prologis LP [Member]
Description Of Business And Basis Of Presentation [Line Items]
Percentage of ownership in operating partnership	97.57%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024
Schedule Of Significant Accounting Policies [Line Items]
Consolidation percentage if not wholly owned but controlled	less than 100% of the equity
Percentage of occupancy for stabilization	90%
Property development completed period	1 year
Depreciation on development buildings description	Depreciation on development buildings commences when the asset is ready for its intended use, which we define as the earlier of when a property that was developed has been completed for one year, or is 90% occupied.
Contributed to a co-investment venture following completion period	1 year
Estimated useful lives	40 years
Weighted average lease term period including new leases and renewals	64 months
Depreciation commencement description	Depreciation on development buildings commences when the asset is ready for its intended use, which we define as the earlier of when a property that was developed has been completed for one year, or is 90% occupied.
Typical length of time hedged in cash flow hedge	10 years
Description of cash flow hedge activity	typically over a period of 10 years, with a range of 5 to 30 years
Minimum percentage for distribute taxable income	90%
Percentage of taxable income distribute	100%
Future cash flow hedge relating to forcasted debt minimum range	5 years
Future cash flow hedge relating to forcasted debt maximum range	30 years
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate202307Member
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Dec. 31, 2024
Capital Improvements [Member] | Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives	5 years
Capital Improvements [Member] | Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives	7 years
Standard Tenant Improvements [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives	10 years
Depreciable and Land Improvements [Member] | Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives	15 years
Depreciable and Land Improvements [Member] | Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives	25 years
Operating Properties [Member] | Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives	25 years
Operating Properties [Member] | Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives	40 years

Duke Transaction - Additional I

Duke Transaction - Additional Information (Detail) - Duke Transaction [Member] ft² in Millions, $ in Millions	Oct. 03, 2022 USD ($) ft² Property
Business Acquisition [Line Items]
Business acquisition, date of acquisition agreement	Oct. 03, 2022
Number of industrial properties | Property	494
Square feet | ft²	144.4
Business acquisition consideration transferred	$ 23,200
Fair value of Prologis shares and units issued	18,776
Business acquisition, assumption of debt	$ 4,162
Business acquisition stock conversion ratio	0.00475
Transaction costs	$ 239.8

Duke Transaction - Schedule of

Duke Transaction - Schedule of Aggregate Equity Consideration (Detail) - Duke Transaction [Member] - USD ($) $ / shares in Units, $ in Millions	Oct. 03, 2022	Sep. 30, 2022
Business Acquisition [Line Items]
Number of Prologis shares and units issued upon conversion of Duke's shares and units at October 3, 2022	184.80
Multiplied by price of Prologis' common stock on September 30, 2022		$ 101.60
Fair value of Prologis shares and units issued	$ 18,776

Duke Transaction - Schedule o_2

Duke Transaction - Schedule of Purchase Price including Transaction Costs Allocated to Assets Acquired and Liabilities Assumed (Detail) - Duke Transaction [Member] $ in Millions	Oct. 03, 2022 USD ($)
Business Acquisition [Line Items]
Net investments in real estate	$ 24,915
Cash and other assets	441
Debt	(4,162)
Intangible liabilities, net of intangible assets	(1,457)	[1]
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 .

Duke Transaction - Schedule o_3

Duke Transaction - Schedule of Purchase Price including Transaction Costs Allocated to Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) - Duke Transaction [Member] - Lessor [Member] $ in Millions	Oct. 03, 2022 USD ($)
Business Acquisition [Line Items]
Weighted average remaining lease term	64 months
Other Assets [Member]
Business Acquisition [Line Items]
Intangible assets	$ 836.6
Other Liabilities [Member]
Business Acquisition [Line Items]
Intangible liabilities	$ 2,300

Real Estate - Investments in Re

Real Estate - Investments in Real Estate Properties (Detail) ft² in Thousands, $ in Thousands		Dec. 31, 2024 USD ($) ft² a Building	Dec. 31, 2023 USD ($) ft² a Building
Real Estate Properties [Line Items]
Total investments in real estate properties		$ 91,246,176	$ 88,666,575
Less accumulated depreciation		12,758,159	10,931,485
Net investments in real estate properties		$ 78,488,017	$ 77,735,090
Building and Improvements [Member]
Real Estate Properties [Line Items]
Square Feet | ft²		643,929	630,955
Number of buildings | Building		2,987	2,960
Total investments in real estate properties		$ 54,840,666	$ 52,626,191
Improved Land [Member]
Real Estate Properties [Line Items]
Total investments in real estate properties		$ 23,438,687	$ 22,809,306
Development Portfolio, Including Cost of Land: Pre-stabilized [Member]
Real Estate Properties [Line Items]
Square Feet | ft²		5,387	13,369
Number of buildings | Building		19	45
Total investments in real estate properties		$ 813,029	$ 1,838,805
Properties Under Development [Member]
Real Estate Properties [Line Items]
Square Feet | ft²		18,306	26,438
Number of buildings | Building		66	85
Total investments in real estate properties		$ 2,016,584	$ 2,528,650
Land [Member]
Real Estate Properties [Line Items]
Square Feet | a		8,708	8,197
Total investments in real estate properties	[1]	$ 4,453,522	$ 3,775,553
Other Real Estate Investments [Member]
Real Estate Properties [Line Items]
Total investments in real estate properties		$ 5,683,688	$ 5,088,070
[1] At December 31, 2024, and 2023 , our land was comprised of 8,708 and 8,197 acres, respectively.

Real Estate - Investments in _2

Real Estate - Investments in Real Estate Properties (Parenthetical) (Detail) - a	Dec. 31, 2024	Dec. 31, 2023
Land [Member]
Real Estate Properties [Line Items]
Square Feet	8,708	8,197

Real Estate - Schedule of Acqui

Real Estate - Schedule of Acquisitions of Properties Excluding Duck Transaction (Detail) ft² in Thousands, $ in Thousands		12 Months Ended
	Jun. 29, 2023 USD ($) ft² Property	Dec. 31, 2024 USD ($) ft² a Property	[1]	Dec. 31, 2023 USD ($) a ft² Property	[2]	Dec. 31, 2022 USD ($) a ft² Property
Real Estate [Abstract]
Number of operating properties | Property	70	54		85		23
Square feet | ft²	13,800	11,047		17,503		5,169
Acres of land | a		889		1,620		2,218
Acquisition cost of net investments in real estate, excluding other real estate investments	$ 3,100,000	$ 2,144,303		$ 4,194,468		$ 1,828,256
Acquisition cost of other real estate investments		$ 596,607		$ 101,382		$ 641,168
[1] In 2024, we acquired our partners' interest in an unconsolidated venture and began consolidating the properties, including 30 operating properties aggregating 6.0 million square feet. In addition, we entered a new market in India and acquired 225 acres of land. On June 29, 2023, we acquired a real estate portfolio comprised of 70 operating properties in the U.S., aggregating 13.8 million square feet, for cash consideration of $ 3.1 billion.

Real Estate - Schedule of Acq_2

Real Estate - Schedule of Acquisitions of Properties Including Renewable Energy Assets (Parenthetical) (Detail) ft² in Thousands, $ in Thousands		12 Months Ended
	Jun. 29, 2023 USD ($) ft² Property	Dec. 31, 2024 USD ($) ft² a Property		Dec. 31, 2023 USD ($) ft² Property	[2]	Dec. 31, 2022 USD ($) ft² Property
Real Estate Properties [Line Items]
Acquisition cost of net investments in real estate, excluding other real estate investments | $	$ 3,100,000	$ 2,144,303	[1]	$ 4,194,468		$ 1,828,256
Square feet | ft²	13,800	11,047	[1]	17,503		5,169
Area of land | a		225
Number of operating properties | Property	70	54	[1]	85		23
Consolidated Properties [Member]
Real Estate Properties [Line Items]
Number of operating properties purchased | Property		30
Consolidated Venture [Member]
Real Estate Properties [Line Items]
Square feet | ft²		6,000
[1] In 2024, we acquired our partners' interest in an unconsolidated venture and began consolidating the properties, including 30 operating properties aggregating 6.0 million square feet. In addition, we entered a new market in India and acquired 225 acres of land. On June 29, 2023, we acquired a real estate portfolio comprised of 70 operating properties in the U.S., aggregating 13.8 million square feet, for cash consideration of $ 3.1 billion.

Real Estate - Summary of Dispos

Real Estate - Summary of Dispositions of Net Investments in Real Estate (Detail) ft² in Thousands, $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) ft² Property		Dec. 31, 2023 USD ($) ft² Property		Dec. 31, 2022 USD ($) ft² Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gains on dispositions of development properties and land, net	[1]									$ 413,743		$ 462,270		$ 597,745
Gains on other dispositions of investments in real estate, net		$ 252,830	$ 434,446	$ 199,326	$ 17,534	$ 2,647	$ 129,584	$ 24,761	$ 4,047	$ 904,136	[2]	$ 161,039	[2]	$ 589,391	[2]
Discontinuing Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of buildings | Property	[2]									104		25		103
Square feet | ft²	[2]									22,799		2,794		8,718
Net proceeds	[1]									$ 3,326,124		$ 641,214		$ 1,271,639
Continuing Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of buildings | Property	[1]									29		22		21
Square feet | ft²	[1]									8,243		8,437		7,676
Net proceeds	[2]									$ 1,479,217		$ 1,449,644		$ 1,398,585
[1] The gains we recognize in Gains on Dispositions of Development Properties and Land, Net in the Consolidated Statements of Income are principally driven by the contribution of newly developed properties to our unconsolidated co-investment ventures and occasionally sales to a third party. In 2024, we had a significant contribution of operating properties to our unconsolidated co-investment venture in the U.S.

Real Estate - Summary of Disp_2

Real Estate - Summary of Dispositions of Net Investments in Real Estate (Parenthetical) (Details) - Discontinued Operations [Member] ft² in Thousands		12 Months Ended
		Dec. 31, 2024 ft² Property	Dec. 31, 2023 ft² Property	Dec. 31, 2022 ft² Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of buildings | Property	[1]	104	25	103
Square feet | ft²	[1]	22,799	2,794	8,718
[1] In 2024, we had a significant contribution of operating properties to our unconsolidated co-investment venture in the U.S.

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands		Dec. 31, 2024 USD ($) Land	Dec. 31, 2023 USD ($) Land
Lessor Lessee Lease Description [Line Items]
Weighted average lease term remaining		52 months
Number of land and office space leases | Land		190	135
Lease liabilities | $	[1]	$ 615,305	$ 597,563
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]		us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Operating Lease, Weighted Average Remaining Lease Term		32 years	30 years
Weighted average incremental borrowing rate percentage		3.90%	3.60%
Minimum [Member]
Lessor Lessee Lease Description [Line Items]
Operating leases lease term		1 year
Maximum [Member]
Lessor Lessee Lease Description [Line Items]
Operating leases lease term		79 years
[1] For the amortization of the future minimum rental payments into rental expense and G&A expense on our land and office leases, respectively, refer to Note 4.

Leases - Summary of Minimum Lea

Leases - Summary of Minimum Lease Payments on Leases (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 5,397,546
2026	5,086,934
2027	4,377,403
2028	3,575,743
2029	2,761,495
Thereafter	10,190,560
Total	$ 31,389,681

Leases - Future Minimum Rental

Leases - Future Minimum Rental Payments under Non-Cancelable Operating Leases (Detail) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025		$ 65,202
2026		56,694
2027		51,578
2028		49,818
2029		38,504
Thereafter		1,218,764
Total undiscounted rental payments		1,480,560
Less imputed interest		865,255
Total lease liabilities	[1]	$ 615,305	$ 597,563
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]		us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
[1] For the amortization of the future minimum rental payments into rental expense and G&A expense on our land and office leases, respectively, refer to Note 4.

Unconsolidated Entities - Summa

Unconsolidated Entities - Summary of Investments in and Advances to our Unconsolidated Entities (Detail) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated entities		$ 10,079,448	$ 9,543,970
Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated entities		9,274,762	8,379,265
Other Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated entities	[1]	$ 804,686	$ 1,164,705
[1] In 2024, we acquired our partners' interest in an unconsolidated venture and began consolidating the properties.

Unconsolidated Entities - Infor

Unconsolidated Entities - Information About Investments in Co-investment Ventures by Property Funds (Detail) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage in property fund		$ 10,079,448	$ 9,543,970
Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage in property fund		$ 9,274,762	$ 8,379,265
Prologis Targeted U.S. Logistics Fund, L.P. [Member] | Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage		30.50%	27.30%
Ownership Percentage in property fund		$ 3,022,568	$ 2,256,939
FIBRA Prologis [Member] | Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage	[1],[2]	34.60%	45.10%
Ownership Percentage in property fund	[1],[2]	$ 1,009,357	$ 959,421
Prologis Brazil Logistics Venture and other joint ventures [Member] | Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage	[3]	20%	20%
Ownership Percentage in property fund	[3]	$ 158,676	$ 192,987
Prologis European Logistics Fund [Member] | Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage		26.30%	25.10%
Ownership Percentage in property fund		$ 2,196,180	$ 2,098,180
Prologis European Logistics Partners Holding [Member] | Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage	[3]	50%	50%
Ownership Percentage in property fund	[3]	$ 2,174,590	$ 2,027,299
Nippon Prologis REIT Inc [Member] | Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage	[4],[5]	15.10%	15.10%
Ownership Percentage in property fund	[4],[5]	$ 523,204	$ 595,920
Prologis Japan Core Logistics Fund [Member] | Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage	[4]	16.30%	16.30%
Ownership Percentage in property fund	[4]	$ 45,976	$ 45,736
Prologis China Core Logistics Fund, LP [Member] | Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage		15.50%	15.50%
Ownership Percentage in property fund		$ 89,551	$ 80,229
Prologis China Logistics Venture [Member] | Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage	[3]	15%	15%
Ownership Percentage in property fund	[3]	$ 54,660	$ 122,554
[1] At December 31, 2024 , we owned 555.2 million units of FIBRA Prologis that had a closing price of Ps 57.91 ($ 2.82 ) per unit on the Mexican Stock Exchange. We have granted FIBRA Prologis a right of first refusal with respect to stabilized properties that we plan to sell in Mexico. In 2024, FIBRA Prologis completed tender offers to acquire 89.9 % of Terrafina, a Mexican FIBRA, through a combination of stock and cash, and began consolidating Terrafina, which owned a portfolio of 40.8 million square feet of industrial real estate properties at December 31, 2024. As a result, our ownership interest in FIBRA Prologis decreased to 34.6 % at December 31, 2024. We have one partner in each of these co-investment ventures. At December 31, 2024, and 2023 , we had receivables from NPR and PJLF of $ 146.1 million and $ 161.2 million, respectively, related to customer security deposits that originated through a leasing company owned by us that pertain to properties we owned previously and contributed to NPR and PJLF. We have a corresponding payable to NPR’s and PJLF's customers in Other Liabilities . These amounts are repaid to us as the leases turn over. At December 31, 2024 , we owned 0.4 million units of NPR that had a closing price of ¥ 222,900 ($ 1,420 ) per share on the Tokyo Stock Exchange. For any properties we develop and plan to sell in Japan, we have committed to offer those properties to NPR if we determine the properties meet NPR’s investment objectives.

Unconsolidated Entities - Inf_2

Unconsolidated Entities - Information About Investments in Co-investment Ventures by Property Funds (Parenthetical) (Detail) $ / shares in Units, shares in Millions, $ in Millions	Dec. 31, 2024 $ / shares	Dec. 31, 2024 ¥ / shares	Dec. 31, 2024 USD ($) ft² $ / shares shares	Aug. 31, 2024	Dec. 31, 2023 USD ($)
FIBRA Prologis [Member]
Schedule Of Equity Method Investments [Line Items]
Units outstanding			555.2
Closing price of common stock | (per share)	$ 57.91		$ 2.82
FIBRA Prologis [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership acquired percentage				89.90%
Square footage of industrial real estate | ft²			40,800,000
FIBRA Prologis [Member] | Prologis, Inc. [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage			34.60%
Nippon Prologis REIT Inc [Member]
Schedule Of Equity Method Investments [Line Items]
Units outstanding			0.4
Closing price of common stock | (per share)		¥ 222,900	$ 1,420
Receivables from unconsolidated co-investment ventures | $			$ 146.1		$ 161.2

Unconsolidated Entities - Sum_2

Unconsolidated Entities - Summary of Strategic Capital Revenues Recognized in Consolidated Statements of Income Related to Co-Investment Ventures (Detail) - Unconsolidated Co-Investment Ventures [Member] - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Equity Method Investments [Line Items]
Recurring fees		$ 464,292	$ 450,682	$ 455,385
Transactional fees		58,511	60,467	67,048
Promote revenue	[1]	139,329	674,629	503,779
Total strategic capital revenues from unconsolidated co-investment ventures	[2]	$ 662,132	$ 1,185,778	$ 1,026,212
[1] Includes promote revenue primarily earned in the U.S. in 2024 and 2023 and Europe in 2022. These amounts exclude strategic capital revenues from other ventures.

Unconsolidated Entities - Sum_3

Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Detail) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2024 USD ($) ft² Property Venture	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) ft² Venture Property	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) ft² Property Venture	Dec. 31, 2023 USD ($) ft² Venture Property	Dec. 31, 2022 USD ($)
Schedule Of Equity Method Investments [Line Items]
Total assets		$ 95,328,909				$ 93,020,840				$ 95,328,909	$ 93,020,840
Total liabilities		36,712,139				35,197,120				36,712,139	35,197,120
Total revenues		2,200,646	$ 2,036,389	$ 2,007,954	$ 1,956,621	1,889,247	$ 1,914,664	$ 2,450,971	$ 1,768,587	8,201,610	8,023,469	$ 5,973,692
Consolidated net earnings		$ 1,342,176	$ 1,063,451	$ 911,501	$ 630,807	$ 675,884	$ 799,141	$ 1,279,491	$ 498,629	3,947,935	3,253,145	3,555,398
Our earnings from unconsolidated co-investment ventures, net										$ 353,623	$ 307,227	310,872
Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		9				9				9	9
Operating properties | Property		2,436				2,255				2,436	2,255
Square feet | ft²		551,000,000				508,000,000				551,000,000	508,000,000
Total assets		$ 54,292,000				$ 49,720,000				$ 54,292,000	$ 49,720,000
Third-party debt		17,926,000				14,887,000				17,926,000	14,887,000
Total liabilities		21,625,000				18,205,000				21,625,000	18,205,000
Our investment balance	[1],[2]	$ 9,275,000				$ 8,379,000				9,275,000	8,379,000
Total revenues										4,432,000	4,091,000	3,618,000
Consolidated net earnings	[1]									879,000	950,000	1,036,000
Our earnings from unconsolidated co-investment ventures, net	[1]									$ 337,000	$ 287,000	295,000
U.S. [Member] | Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		1				1				1	1
Operating properties | Property		767				745				767	745
Square feet | ft²		134,000,000				126,000,000				134,000,000	126,000,000
Total assets		$ 13,903,000				$ 11,884,000				$ 13,903,000	$ 11,884,000
Third-party debt		5,399,000				4,185,000				5,399,000	4,185,000
Total liabilities		6,466,000				4,930,000				6,466,000	4,930,000
Our investment balance	[1],[2]	$ 3,023,000				$ 2,257,000				3,023,000	2,257,000
Total revenues										1,452,000	1,315,000	1,182,000
Consolidated net earnings	[1]									665,000	344,000	292,000
Our earnings from unconsolidated co-investment ventures, net	[1]									$ 201,000	$ 95,000	79,000
Other Americas [Member] | Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture	[3]	2				2				2	2
Operating properties | Property	[3]	391				275				391	275
Square feet | ft²	[3]	85,000,000				65,000,000				85,000,000	65,000,000
Total assets	[3]	$ 7,112,000				$ 4,106,000				$ 7,112,000	$ 4,106,000
Third-party debt	[3]	2,242,000				915,000				2,242,000	915,000
Total liabilities	[3]	2,422,000				997,000				2,422,000	997,000
Our investment balance	[1],[2],[3]	$ 1,168,000				$ 1,152,000				1,168,000	1,152,000
Total revenues	[3]									525,000	427,000	383,000
Consolidated net earnings	[1],[3]									217,000	191,000	137,000
Our earnings from unconsolidated co-investment ventures, net	[1],[3]									$ 68,000	$ 67,000	47,000
Europe [Member] | Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		2				2				2	2
Operating properties | Property		1,037				1,007				1,037	1,007
Square feet | ft²		232,000,000				223,000,000				232,000,000	223,000,000
Total assets		$ 23,873,000				$ 23,504,000				$ 23,873,000	$ 23,504,000
Third-party debt		6,343,000				5,804,000				6,343,000	5,804,000
Total liabilities		8,375,000				7,849,000				8,375,000	7,849,000
Our investment balance	[1],[2]	$ 4,371,000				$ 4,126,000				4,371,000	4,126,000
Total revenues										1,817,000	1,695,000	1,424,000
Consolidated net earnings	[1]									352,000	341,000	493,000
Our earnings from unconsolidated co-investment ventures, net	[1]									$ 125,000	$ 112,000	150,000
Asia [Member] | Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		4				4				4	4
Operating properties | Property		241				228				241	228
Square feet | ft²		100,000,000				94,000,000				100,000,000	94,000,000
Total assets		$ 9,404,000				$ 10,226,000				$ 9,404,000	$ 10,226,000
Third-party debt		3,942,000				3,983,000				3,942,000	3,983,000
Total liabilities		4,362,000				4,429,000				4,362,000	4,429,000
Our investment balance	[1],[2]	$ 713,000				$ 844,000				713,000	844,000
Total revenues										638,000	654,000	629,000
Consolidated net earnings	[1]									(355,000)	74,000	114,000
Our earnings from unconsolidated co-investment ventures, net	[1]									$ (57,000)	$ 13,000	$ 19,000
Weighted Average [Member] | Unconsolidated Co-Investment Ventures [Member] | Other Investees [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[4]	29%				28.10%				29%	28.10%
Weighted Average [Member] | U.S. [Member] | Unconsolidated Co-Investment Ventures [Member] | Other Investees [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[4]	30.50%				27.30%				30.50%	27.30%
Weighted Average [Member] | Other Americas [Member] | Unconsolidated Co-Investment Ventures [Member] | Other Investees [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[3],[4]	30.90%				39.30%				30.90%	39.30%
Weighted Average [Member] | Europe [Member] | Unconsolidated Co-Investment Ventures [Member] | Other Investees [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[4]	33%				31.90%				33%	31.90%
Weighted Average [Member] | Asia [Member] | Unconsolidated Co-Investment Ventures [Member] | Other Investees [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[4]	15.20%				15.20%				15.20%	15.20%
[1] During the fourth quarter of 2024, we recognized an impairment charge against our investment balance in Prologis China Logistics Venture. 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 December 31, 2024, and 2023 , results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018 ($ 520.0 million and $ 534.9 million, respectively); (ii) recording additional costs associated with our investment in the venture ($ 80.2 million and $ 91.7 million, respectively); (iii) receivables, principally for fees and promotes ($ 186.2 million and $ 199.9 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to NPR and PJLF, as discussed above. PBLV and our other Brazilian joint ventures are combined as one venture for the purpose of this table. 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.

Unconsolidated Entities - Sum_4

Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Deferred gain recognized from contribution of property to a venture	$ 520	$ 534.9
Additional costs associated with investment in a venture	80.2	91.7
Related Party [Member]
Schedule of Equity Method Investments [Line Items]
Receivables from unconsolidated co-investment ventures	$ 186.2	$ 199.9

Unconsolidated Entities - Addit

Unconsolidated Entities - Additional Information (Detail) - Prologis, Inc. [Member] $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	$ 303.2
Expiration date for remaining commitments range start	2025
Expiration date for remaining commitments range end	2033

Assets Held for Sale or Contr_3

Assets Held for Sale or Contribution - Summary of Assets Held for Sale or Contribution (Detail) ft² in Thousands, $ in Thousands	Dec. 31, 2024 USD ($) ft² Property	Dec. 31, 2023 USD ($) ft² Property
Long Lived Assets Held For Sale [Line Items]
Total assets held for sale or contribution	$ 248,511	$ 461,657
Total liabilities associated with assets held for sale or contribution – included in Other Liabilities	$ 1,951	$ 14,182
Disposal Group Held for Sale Not Discontinued Operations [Member]
Long Lived Assets Held For Sale [Line Items]
Number of operating properties | Property	8	12
Square feet | ft²	2,229	3,469

Other Assets and Other Liabil_3

Other Assets and Other Liabilities - Schedule of Other Assets and Liabilities (Detail) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Other Assets And Other Liabilities Disclosure [Abstract]
Rent leveling		$ 1,218,483	$ 914,480
Leasing commissions		860,556	749,773
Acquired lease intangibles		764,546	1,010,615
Lease right-of-use assets	[1]	$ 707,814	$ 683,707
Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List		Total other assets	Total other assets
Accounts receivable		$ 407,464	$ 325,698
Prepaid assets		231,299	248,597
Fixed assets		212,318	208,030
Value added taxes receivable		142,420	155,909
Derivative assets		137,429	87,319
Other notes receivable		74,594	72,730
Management contracts		10,666	10,702
Deferred income taxes		3,257	1,231
Other		423,496	280,944
Total other assets		5,194,342	4,749,735
Acquired lease intangibles		1,778,832	2,206,906
Lease liabilities	[1]	615,305	597,563
Tenant security deposits		403,707	438,100
Unearned rents		400,538	319,946
Environmental liabilities		176,154	178,201
Deferred income taxes		141,126	118,682
Deferred revenue and fees		74,754	57,116
Value added taxes payable		29,636	33,805
Total liabilities associated with assets held for sale or contribution – included in Other Liabilities		1,951	14,182
Derivative liabilities		638	94,161
Other		440,908	371,939
Total other liabilities		$ 4,063,549	$ 4,430,601
[1] For the amortization of the future minimum rental payments into rental expense and G&A expense on our land and office leases, respectively, refer to Note 4.

Other Assets and Other Liabil_4

Other Assets and Other Liabilities - Schedule of Other Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Other Assets And Other Liabilities Disclosure [Abstract]
Accumulated amortization of acquired intangible lease assets	$ 1,600	$ 1,400
Accumulated amortization of acquired intangible lease liabilities	$ 1,100	$ 720.1

Other Assets and Other Liabil_5

Other Assets and Other Liabilities - Schedule of Amortization Expense and Rental Revenues (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization Expense 2025	$ 360,031
Amortization Expense 2026	298,640
Amortization Expense 2027	239,106
Amortization Expense 2028	183,023
Amortization Expense 2029	134,339
Amortization Expense Thereafter	347,445
Amortization Expense Totals	1,562,584
2025	458,681
2026	227,003
2027	117,305
2028	36,431
2029	4,207
Thereafter	(345,796)
Total	$ 497,831

Debt - Debt Summary (Detail)

Debt - Debt Summary (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.10%	3%
Weighted Average Year	9 years 4 months 24 days	9 years 3 months 18 days
Debt	$ 30,879,263	$ 29,000,501
Credit Facilities and Commercial Paper [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.10%	5.90%
Weighted Average Year	1 year 9 months 18 days	3 years 1 month 6 days
Debt	$ 224,966	$ 979,313
Senior Notes [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.20%	2.90%
Weighted Average Year	9 years 9 months 18 days	10 years 1 month 6 days
Debt	$ 28,322,163	$ 25,311,647
Term Loans and Unsecured Other [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	2%	2.80%
Weighted Average Year	4 years 4 months 24 days	3 years 8 months 12 days
Debt	$ 2,013,317	$ 2,330,520
Secured Mortgage [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.30%	3.90%
Weighted Average Year	3 years 2 months 12 days	3 years 4 months 24 days
Debt	$ 318,817	$ 379,021

Debt - Debt Summary (Parentheti

Debt - Debt Summary (Parenthetical) (Detail) $ in Thousands	Dec. 31, 2024 USD ($) Property	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.10%	3%
Debt	$ 30,879,263	$ 29,000,501
Percentage of outstanding debt	100%	100%
Number of operating properties securing mortgage debt of consolidated entities | Property	23
Number of land parcel securing mortgage debt of consolidated entities | Property	1
Mortgage notes, aggregate cost of secured properties	$ 754,700
Senior Notes [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.20%	2.90%
Debt	$ 28,322,163	$ 25,311,647
Senior Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Effective Interest Rate	0.30%
Senior Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Effective Interest Rate	5.70%
Secured Mortgage [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.30%	3.90%
Debt	$ 318,817	$ 379,021
Secured Mortgage [Member] | Minimum [Member]
Debt Instrument [Line Items]
Effective Interest Rate	3.30%
Secured Mortgage [Member] | Maximum [Member]
Debt Instrument [Line Items]
Effective Interest Rate	8.70%
GBP
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.10%	2.10%
Debt	$ 1,714,653	$ 1,299,628
Percentage of outstanding debt	5.60%	4.50%
CAD
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.70%	5%
Debt	$ 1,262,508	$ 829,886
Percentage of outstanding debt	4.10%	2.90%
CNH
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.60%	3.70%
Debt	$ 632,873	$ 241,820
Percentage of outstanding debt	2%	0.80%
EUR
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.10%	2%
Debt	$ 9,900,602	$ 10,083,601
Percentage of outstanding debt	32.10%	34.80%
JPY
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.10%	1%
Debt	$ 2,910,755	$ 3,085,970
Percentage of outstanding debt	9.40%	10.60%
USD
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.10%	4.10%
Debt	$ 14,457,872	$ 13,459,596
Percentage of outstanding debt	46.80%	46.40%

Debt - Additional Information (

Debt - Additional Information (Detail) $ in Thousands, ¥ in Billions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 JPY (¥)
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 6,313,000	$ 6,477,000	$ 5,441,000
Commercial paper, Maximum borrowing capacity	1,000,000
Losses (gains) on early extinguishment of debt, net	$ (536)	$ (3,275)	$ 20,184
Prologis Euro Finance L L C [Member]
Debt Instrument [Line Items]
Percentage of ownership in operating partnership			100%
Prologis Yen Finance LLC [Member]
Debt Instrument [Line Items]
Percentage of ownership in operating partnership		100%
Prologis Sterling Finance LLC [Member]
Debt Instrument [Line Items]
Percentage of ownership in operating partnership	100%
Global Credit Facility 2022 [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 3,000,000
Debt Instrument maturity date	2026-06
Global Credit Facility 2023 [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 3,000,000
Debt Instrument maturity date	2027-06
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments	$ 4,000,000
Yen Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 372,700			¥ 58.5
Debt Instrument maturity date	2027-08
Credit facility current borrowing capacity	$ 477,800			¥ 75

Debt - Schedule of Credit Facil

Debt - Schedule of Credit Facility Activity and Current Availability on Debt and Cash (Detail) - USD ($)		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Weighted average daily interest rate		4.40%	4.30%	1.70%
Weighted average daily borrowings		$ 519,000,000	$ 411,000,000	$ 519,000,000
Maximum borrowings outstanding at any month-end		1,031,000,000	1,587,000,000	1,538,000,000
Credit facility maximum borrowing capacity		6,313,000,000	6,477,000,000	5,441,000,000
Outstanding letters of credit		25,000,000	24,000,000	38,000,000
Current availability		6,063,000,000	5,474,000,000	3,865,000,000
Cash and cash equivalents		1,318,591,000	530,388,000	278,000,000
Total liquidity		7,382,000,000	6,004,000,000	4,143,000,000
Credit Facilities [Member]
Debt Instrument [Line Items]
Borrowings outstanding		225,000,000	979,000,000	1,538,000,000
Commercial Paper [Member]
Debt Instrument [Line Items]
Borrowings outstanding	[1]	$ 0	$ 0	$ 0
[1] We are required to maintain available commitments under our Credit Facilities in an amount at least equal to the commercial paper borrowings outstanding.

Debt - Summary of Issuances of

Debt - Summary of Issuances of Senior Notes (Detail) - Issuance of Senior Notes € in Thousands, £ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 CAD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 GBP (£)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Aggregate Principal	$ 4,187,103,000					$ 5,400,000,000
Interest Rate	4.80%	4.80%	4.80%	4.80%	4.80%	4.70%
Weighted Average [Member]
Debt Instrument [Line Items]
Years	13 years 8 months 12 days
March 2034 Senior Notes [Member] | USD
Debt Instrument [Line Items]
Aggregate Principal	$ 1,250,000,000
Interest Rate	5.10%	5.10%	5.10%	5.10%	5.10%
March 2034 Senior Notes [Member] | USD | Weighted Average [Member]
Debt Instrument [Line Items]
Years	17 years 3 months 18 days
March 2034 Senior Notes [Member] | USD | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument maturity month	2034-03
March 2034 Senior Notes [Member] | USD | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument maturity month	2054-03
February 2027 Senior Notes [Member] | CNY
Debt Instrument [Line Items]
Debt Instrument maturity month	2027-02
Aggregate Principal	$ 211,024,000	¥ 1,500,000,000
Interest Rate	3.50%	3.50%	3.50%	3.50%	3.50%
February 2027 Senior Notes [Member] | CNY | Weighted Average [Member]
Debt Instrument [Line Items]
Years	3 years
March 2029 Senior Notes [Member] | CAD
Debt Instrument [Line Items]
Debt Instrument maturity month	2029-03
Aggregate Principal	$ 405,147,000		$ 550,000
Interest Rate	4.70%	4.70%	4.70%	4.70%	4.70%
March 2029 Senior Notes [Member] | CAD | Weighted Average [Member]
Debt Instrument [Line Items]
Years	5 years
May 2034 Senior Notes [Member] | EUR
Debt Instrument [Line Items]
Debt Instrument maturity month	2034-05
Aggregate Principal	$ 592,130,000			€ 550,000
Interest Rate	4%	4%	4%	4%	4%
May 2034 Senior Notes [Member] | EUR | Weighted Average [Member]
Debt Instrument [Line Items]
Years	10 years
May 2040 Senior Notes [Member] | GBP
Debt Instrument [Line Items]
Debt Instrument maturity month	2040-05
Aggregate Principal	$ 439,147,000				£ 350,000
Interest Rate	5.60%	5.60%	5.60%	5.60%	5.60%
May 2040 Senior Notes [Member] | GBP | Weighted Average [Member]
Debt Instrument [Line Items]
Years	16 years
January 2035 Senior Notes [Member] | USD
Debt Instrument [Line Items]
Aggregate Principal	$ 1,100,000
Interest Rate	5.10%	5.10%	5.10%	5.10%	5.10%
January 2035 Senior Notes [Member] | USD | Weighted Average [Member]
Debt Instrument [Line Items]
Years	17 years 6 months
January 2035 Senior Notes [Member] | USD | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument maturity month	2035-01
January 2035 Senior Notes [Member] | USD | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument maturity month	2054-03
September 2029 Senior Notes [Member] | CNY
Debt Instrument [Line Items]
Debt Instrument maturity month	2029-09
Aggregate Principal	$ 189,655	¥ 1,350,000
Interest Rate	3.30%	3.30%	3.30%	3.30%	3.30%
September 2029 Senior Notes [Member] | CNY | Weighted Average [Member]
Debt Instrument [Line Items]
Years	5 years

Debt - Summary of Outstanding T

Debt - Summary of Outstanding Term Loans (Detail) € in Thousands, ¥ in Thousands		12 Months Ended
		Dec. 31, 2024 USD ($)	Dec. 31, 2024 JPY (¥)	Dec. 31, 2024 CAD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity		$ 6,313,000,000					$ 6,477,000,000	$ 5,441,000,000
Subtotal		31,449,909,000
Debt issuance costs, net		(129,935,000)
Term Loan [Member]
Debt Instrument [Line Items]
Subtotal		2,008,863,000					2,326,378,000
Debt issuance costs, net		(3,117,000)					(4,683,000)
Total term loans		$ 2,005,746,000					2,321,695,000
March 2017 Yen Term Loan [Member] | JPY
Debt Instrument [Line Items]
Issuance Date		Mar. 31, 2017
Credit facility maximum borrowing capacity	[1]	$ 76,455,000	¥ 12,000,000,000
Subtotal	[1]	$ 76,455,000					84,820,000
October 2017 Yen Term Loan [Member] | JPY
Debt Instrument [Line Items]
Issuance Date		Oct. 31, 2017
Credit facility maximum borrowing capacity		$ 63,713,000	¥ 10,000,000,000
Subtotal		$ 63,713,000					70,684,000
Interest rate, fixed		0.90%	0.90%	0.90%	0.90%	0.90%
Debt Instrument maturity date		2032-10
December 2018 Yen Term Loan [Member] | JPY
Debt Instrument [Line Items]
Issuance Date		Dec. 31, 2018
Credit facility maximum borrowing capacity	[1]	$ 127,426,000	¥ 20,000,000,000
Subtotal	[1]	$ 127,426,000					141,368,000
Interest Rate, Description		1.2% and Yen LIBOR + 0.7%
Interest rate	[1]	0.70%
Interest rate, fixed	[1]	1.20%	1.20%	1.20%	1.20%	1.20%
January 2019 Yen Term [Member] | JPY
Debt Instrument [Line Items]
Issuance Date		Jan. 31, 2019
Credit facility maximum borrowing capacity	[1]	$ 95,569,000	¥ 15,000,000,000
Subtotal	[1]	$ 95,569,000					106,026,000
Interest Rate, Description		Yen LIBOR + 0.5% to 0.6%
March 2019 Yen Term Loan [Member] | JPY
Debt Instrument [Line Items]
Issuance Date		Mar. 31, 2019
Credit facility maximum borrowing capacity		$ 541,558,000	85,000,000,000
Subtotal		$ 541,558,000					600,812,000
Interest Rate, Description		Yen LIBOR + 0.4%
Interest rate		0.40%
Debt Instrument maturity date		2026-03
June 2022 Yen Term Loan [Member] | JPY
Debt Instrument [Line Items]
Issuance Date		Jun. 30, 2022
Credit facility maximum borrowing capacity	[1]	$ 159,281,000	25,000,000,000
Subtotal	[1]	$ 159,281,000					176,710,000
2022 Canadian Term Loan [Member] | CAD
Debt Instrument [Line Items]
Issuance Date		Aug. 31, 2022
Credit facility maximum borrowing capacity	[2]	$ 208,503,000		$ 300,000,000
Subtotal	[2]	$ 208,503,000					226,403,000
Interest Rate, Description	[2]	CORRA
Debt Instrument maturity date	[2]	2025-08
2022 U.S. Dollar Term Loan [Member] | USD
Debt Instrument [Line Items]
Issuance Date		Oct. 31, 2022
Credit facility maximum borrowing capacity	[3]	$ 500,000,000		$ 500,000,000
Subtotal	[3]	$ 0					500,000,000
Interest Rate, Description	[3]	SOFR + 0.8%
Interest rate	[3]	0.80%
Debt Instrument maturity date	[3]	2025-03
December 2022 Yen Term [Member] | JPY
Debt Instrument [Line Items]
Issuance Date		Dec. 31, 2022
Credit facility maximum borrowing capacity		$ 95,569,000	15,000,000,000
Subtotal		$ 95,569,000					106,026,000
Interest Rate, Description		1.4
Debt Instrument maturity date		2033-12
2023 Yen Term Loan [Member] | JPY
Debt Instrument [Line Items]
Issuance Date		Apr. 30, 2023
Credit facility maximum borrowing capacity		$ 63,713,000	¥ 10,000,000,000
Subtotal		$ 63,713,000					70,684,000
Interest Rate, Description		1.5
Debt Instrument maturity date		2031-04
2023 Chinese Term Loan [Member] | CNH
Debt Instrument [Line Items]
Issuance Date		Sep. 30, 2023
Credit facility maximum borrowing capacity	[1],[4]	$ 239,274,000			¥ 1,720,000
Subtotal	[1],[4]	$ 239,274,000					242,845,000
March 2017 Yen Term Loan Tranche One [Member] | JPY
Debt Instrument [Line Items]
Interest rate, fixed	[1]	0.90%	0.90%	0.90%	0.90%	0.90%
Debt Instrument maturity date	[1]	2027-03
March 2017 Yen Term Loan Tranche Two [Member] | JPY
Debt Instrument [Line Items]
Interest rate, fixed	[1]	1%	1%	1%	1%	1%
Debt Instrument maturity date		2028-03
December 2018 Yen Term Loan Tranche One [Member] | JPY
Debt Instrument [Line Items]
Debt Instrument maturity date	[1]	2031-12
December 2018 Yen Term Loan Tranche Two [Member] | JPY
Debt Instrument [Line Items]
Debt Instrument maturity date		2033-06
January 2019 Yen Term Loan Tranche One [Member] | JPY
Debt Instrument [Line Items]
Interest rate	[1]	0.50%
Debt Instrument maturity date	[1]	2028-01
January 2019 Yen Term Loan Tranche Two [Member] | JPY
Debt Instrument [Line Items]
Interest rate	[1]	0.60%
Debt Instrument maturity date		2030-01
June 2022 Yen Term Loan Tranche One [Member] | JPY
Debt Instrument [Line Items]
Interest rate, fixed	[1]	1.10%	1.10%	1.10%	1.10%	1.10%
Debt Instrument maturity date	[1]	2032-06
June 2022 Yen Term Loan Tranche Two [Member] | JPY
Debt Instrument [Line Items]
Interest rate, fixed	[1]	1.20%	1.20%	1.20%	1.20%	1.20%
Debt Instrument maturity date		2034-06
2023 Chinese Term Loan Tranche One [Member] | CNH
Debt Instrument [Line Items]
Interest rate, fixed	[1],[4]	3.50%	3.50%	3.50%	3.50%	3.50%
Debt Instrument maturity date	[1],[4]	2025-09
2023 Chinese Term Loan Tranche Two [Member] | CNH
Debt Instrument [Line Items]
Interest rate, fixed	[1],[4]	3.60%	3.60%	3.60%	3.60%	3.60%
Debt Instrument maturity date		2026-09
2024 Yen Term Loan [Member] | JPY
Debt Instrument [Line Items]
Issuance Date		Apr. 30, 2024
Credit facility maximum borrowing capacity		$ 127,425,000	¥ 20,000,000,000
Subtotal		$ 127,425,000					0
Interest Rate, Description		1.5
Debt Instrument maturity date		2034-04
2024 Euro Term Loan [Member] | EUR
Debt Instrument [Line Items]
Issuance Date		Nov. 30, 2024
Credit facility maximum borrowing capacity	[1]	$ 210,377,000				€ 202,500
Subtotal	[1]	$ 210,377,000					$ 0
Interest Rate, Description	[1]	3.0% and Euribor + 0.7%
Interest rate	[1]	3%
Debt Instrument maturity date	[1]	2034-11
[1] This term loan includes more than one lender commitment each bearing a different interest rate and maturity date. In May 2022, Refinitive Benchmark Services (UK) Ltd. ("RBSL"), the administrator of the Canadian Dollar Offered Rate ("CDOR") formally announced that it would cease the calculation and publication of all tenors of CDOR effective June 28, 2024. In June 2024, we modified the interest rates on our Canadian term loan from 2022 ("2022 Canadian Term Loan") and our credit facility agreements that bore interest at the CDOR plus a spread over the applicable benchmark to the Canadian Overnight Repo Rate Average ("CORRA"). The modification did not have a material impact on our Consolidated Financial Statements. In February 2024, we extinguished a $ 500.0 million U.S. dollar term loan. In July 2024, we extended the maturity of the Chinese renminbi term loan ("2023 Chinese Term Loan") by one year until September 2025. We may extend the maturity for one additional year, subject to the payment of an extension fee.

Debt - Summary of Outstanding_2

Debt - Summary of Outstanding Term Loans (Parenthetical) (Detail) $ in Millions	1 Months Ended
	Feb. 29, 2024 USD ($)
2022 U.S. Dollar Term Loan [Member] | USD
Debt Instrument [Line Items]
Extinguishment of term loan	$ 500

Debt - Long-Term Debt Maturitie

Debt - Long-Term Debt Maturities (Detail) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2025	[1],[2]	$ 514,223
2026	[3]	2,173,492
2027	[4]	2,010,418
2028		2,616,044
2029		3,196,321
Thereafter		20,939,411
Subtotal		31,449,909
Unamortized premiums (discounts), net		(440,711)
Unamortized debt issuance costs, net		(129,935)
Total		30,879,263	$ 29,000,501
Credit Facilities and Commercial Paper [Member]
Debt Instrument [Line Items]
2025	[1],[2]	0
2026	[3]	162,632
2027	[4]	62,334
2028		0
2029		0
Thereafter		0
Subtotal		224,966
Unamortized premiums (discounts), net		0
Unamortized debt issuance costs, net		0
Total		224,966	979,313
Senior Notes [Member]
Debt Instrument [Line Items]
2025	[1],[2]	31,856
2026	[3]	1,284,618
2027	[4]	1,898,055
2028		2,518,708
2029		3,193,130
Thereafter		19,969,920
Subtotal		28,896,287
Unamortized premiums (discounts), net		(447,874)
Unamortized debt issuance costs, net		(126,250)
Total		28,322,163	25,311,647
Term Loans and Unsecured Other [Member]
Debt Instrument [Line Items]
2025	[1],[2]	308,978
2026	[3]	680,700
2027	[4]	45,873
2028		94,295
2029		0
Thereafter		886,588
Subtotal		2,016,434
Unamortized premiums (discounts), net		0
Unamortized debt issuance costs, net		(3,117)
Total		2,013,317	2,330,520
Secured Mortgage [Member]
Debt Instrument [Line Items]
2025	[1],[2]	173,389
2026	[3]	45,542
2027	[4]	4,156
2028		3,041
2029		3,191
Thereafter		82,903
Subtotal		312,222
Unamortized premiums (discounts), net		7,163
Unamortized debt issuance costs, net		(568)
Total		$ 318,817	$ 379,021
[1] Included in the 2025 maturities were the 2022 Canadian Term Loan ($ 208.5 million at December 31, 2024), which can be extended until 2027, subject to the payment of extension fees, and the 2023 Chinese Term Loan ($ 100.2 million at December 31, 2024 ), which can be extended until 2026, subject to the prevailing interest rate at the time of extension. We expect to repay the amounts maturing in the next twelve months with cash generated from operations, proceeds from dispositions of real estate properties, or as necessary, with additional borrowings. Included in the 2026 maturities was the 2022 Global Facility ($ 162.6 million at December 31, 2024 ) which can be extended until 2027. Included in the 2027 maturities was the 2023 Global Facility ($ 62.3 million at December 31, 2024 ), which can be extended until 2028.

Debt - Long-Term Debt Maturit_2

Debt - Long-Term Debt Maturities (Parenthetical) (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Debt instruments expected maturing period	next twelve months
2025	$ 514,223	[1],[2]
2026	2,173,492	[3]
2027	2,010,418	[4]
2028	2,616,044
Chinese Term Loan [Member]
Debt Instrument [Line Items]
2025	100,200
Canadian term loan [Member]
Debt Instrument [Line Items]
2025	208,500
Global Credit Facility 2022 [Member]
Debt Instrument [Line Items]
2026	162,600
Global Credit Facility 2023 [Member]
Debt Instrument [Line Items]
2027	$ 62,300
[1] Included in the 2025 maturities were the 2022 Canadian Term Loan ($ 208.5 million at December 31, 2024), which can be extended until 2027, subject to the payment of extension fees, and the 2023 Chinese Term Loan ($ 100.2 million at December 31, 2024 ), which can be extended until 2026, subject to the prevailing interest rate at the time of extension. We expect to repay the amounts maturing in the next twelve months with cash generated from operations, proceeds from dispositions of real estate properties, or as necessary, with additional borrowings. Included in the 2026 maturities was the 2022 Global Facility ($ 162.6 million at December 31, 2024 ) which can be extended until 2027. Included in the 2027 maturities was the 2023 Global Facility ($ 62.3 million at December 31, 2024 ), which can be extended until 2028.

Debt - Interest Expense (Detail

Debt - Interest Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Gross interest expense	$ 892,612	$ 683,363	$ 345,398
Amortization of debt discounts (premiums), net	52,249	51,980	6,602
Amortization of debt issuance costs, net	26,636	22,609	17,134
Interest expense before capitalization	971,497	757,952	369,134
Capitalized amounts	(107,565)	(116,620)	(60,097)
Net interest expense	863,932	641,332	309,037
Total cash paid for interest, net of amounts capitalized	$ 710,754	$ 457,021	$ 234,131

Debt - Interest Expense (Parent

Debt - Interest Expense (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Oct. 03, 2022
Duke Transaction [Member]
Debt Instrument [Line Items]
Assumptions of debt			$ 4,162,000
Issuance of Senior Notes
Debt Instrument [Line Items]
Issuance of senior notes	$ 4,187,103	$ 5,400,000
Interest Rate	4.80%	4.70%

Stockholders' Equity of Prolo_3

Stockholders' Equity of Prologis Inc. - Additional Information (Detail) $ in Billions		12 Months Ended
	Oct. 03, 2022 shares	Dec. 31, 2024 shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares	Dec. 31, 2020 USD ($) Agent shares
Shareholders Equity [Line Items]
Preferred stock, shares authorized		100,000,000	100,000,000
Beneficial interest of outstanding shares		50%
Beneficial interest of outstanding shares by single person or persons acting as group		9.80%
Percentage of ownership restrictions		25%
Percentage of REIT taxable income computed without regard to the dividends paid deduction and net capital gains		90%
Series Q Preferred Stock [Member]
Shareholders Equity [Line Items]
Preferred stock dividend rate percentage		8.54%	8.54%
At the Market Offering [Member]
Shareholders Equity [Line Items]
Maximum proceeds from sale of stock | $					$ 1.5
Number of designated agents | Agent					20
Agents fee percentage					2%
Equity issued					0
Parent [Member]
Shareholders Equity [Line Items]
Common stock shares authorized to be issued		2,100,000,000
Common stock, shares authorized		2,000,000,000
Preferred stock, shares authorized		100,000,000
Common Stock [Member]
Shareholders Equity [Line Items]
Repurchased shares		0	0	0
Common Stock [Member] | Maximum [Member]
Shareholders Equity [Line Items]
Aggregate purchase price of common stock		1
Common Stock [Member] | Duke Transaction [Member]
Shareholders Equity [Line Items]
Issuance of units related to acquisitions, units	182,700,000			182,661,000

Stockholders' Equity of Prolo_4

Stockholders' Equity of Prologis, Inc - Summary of Taxability of Common and Preferred Stock Dividends (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Ordinary income	$ 3.5	$ 3.29	$ 3.08
Qualified dividend	0.01	0	0.02
Capital gains	0.33	0.19	0.06
Total dividend	3.84	3.48	3.16
Series Q Preferred Stock [Member]
Class of Stock [Line Items]
Ordinary income	3.9	4.05	4.16
Qualified dividend	0.02	0	0.02
Capital gains	0.35	0.22	0.09
Total dividend	$ 4.27	$ 4.27	$ 4.27

Partners' Capital of Prologis_2

Partners' Capital of Prologis, L.P. - Additional Information (Detail) - $ / shares shares in Millions		12 Months Ended
	Oct. 03, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2015
Shareholders Equity [Line Items]
Distributions paid		$ 3.84	$ 3.48	$ 3.16
Common Units [Member]
Shareholders Equity [Line Items]
Dividends per share entitled, issued in acquisition					$ 0.4
Common Units [Member] | Duke Transaction [Member]
Shareholders Equity [Line Items]
Issuance of units related to acquisitions, units	2.1
Class A Common [Member]
Shareholders Equity [Line Items]
Dividends per share entitled, issued in acquisition					$ 0.64665
Distributions paid		$ 2.5866	$ 2.5866	$ 2.5866
Class A units convertible into common limited partnership units		7.4	8.2
Limited partnership unit, redemption price per share		$ 43.11

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024
Prologis, L.P. [Member]
Minority Interest [Line Items]
Description of conversion rate	one share of common stock to one limited partnership unit

Noncontrolling Interests - Nonc

Noncontrolling Interests - Noncontrolling Interest Summary (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Minority Interest [Line Items]
Total Assets		$ 95,328,909	$ 93,020,840
Operating Partnership noncontrolling interest		3,323,047	3,324,275
Operating Partnership noncontrolling interest		4,665,632	4,641,996
Total Liabilities		36,712,139	35,197,120
Noncontrolling Interests [Member]
Minority Interest [Line Items]
Total Assets		10,046,382	9,512,848
Total Liabilities		$ 549,100	$ 489,417
Prologis U S Logistics Venture [Member]
Minority Interest [Line Items]
Parent Company's Ownership Percentage		55%	55%
Total Assets		$ 7,014,774	$ 7,142,889
Operating Partnership noncontrolling interest		3,091,941	3,147,790
Total Liabilities		$ 149,823	$ 156,303
Other Consolidated Entities [Member]
Minority Interest [Line Items]
Parent Company's Ownership	[1]	various	various
Total Assets	[1]	$ 3,031,608	$ 2,369,959
Operating Partnership noncontrolling interest	[1]	231,106	176,485
Total Liabilities	[1]	399,277	333,114
Prologis, L.P. [Member]
Minority Interest [Line Items]
Total Assets		95,328,909	93,020,840
Operating Partnership noncontrolling interest		3,323,047	3,324,275
Total Liabilities		36,712,139	35,197,120
Prologis, L.P. [Member] | Noncontrolling Interests [Member]
Minority Interest [Line Items]
Limited partners in Prologis, L.P.	[2],[3]	1,342,585	1,317,721
Total Assets	[2],[3]	0	0
Total Liabilities	[2],[3]	0	0
Prologis, Inc. [Member]
Minority Interest [Line Items]
Total Assets		10,046,382	9,512,848
Total Liabilities		549,100	489,417
Prologis, Inc. [Member] | Noncontrolling Interests [Member]
Minority Interest [Line Items]
Operating Partnership noncontrolling interest		$ 4,665,632	$ 4,641,996
[1] Includes two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. The limited partnership units outstanding at December 31, 2024 and 2023 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. There were limited partnership units in the OP, excluding the Class A Units, that were exchangeable into cash or, at our option, 9.0 million and 9.1 million shares of the Parent’s common stock, at December 31, 2024 and 2023 , respectively. Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans of 6.7 million and 5.7 million shares of the Parent’s common stock at December 31, 2024 and 2023, respectively. See further discussion of LTIP Units in Note 12 . We had 7.7 million and 8.6 million Class A Units at December 31, 2024 and 2023 , respectively, that were convertible into 7.4 million and 8.2 million, respectively, limited partnership units of the OP at the end of each year. See Note 10 for further discussion of our Class A Units.

Noncontrolling Interests - No_2

Noncontrolling Interests - Noncontrolling Interest Summary (Parenthetical) (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Long Term Incentive Plan Units [Member]
Minority Interest [Line Items]
Vested LTIP Units	6.7	5.7
Class A Common [Member]
Minority Interest [Line Items]
Outstanding limited partnership units, exchanged	7.4	8.2
Units outstanding	7.7	8.6
Common Unit [Member]
Minority Interest [Line Items]
Outstanding limited partnership units, exchanged	9	9.1
Other Consolidated Entities [Member]
Minority Interest [Line Items]
Outstanding limited partnership units, exchanged	0.3	0.3
Other Consolidated Entities [Member] | Common Stock [Member]
Minority Interest [Line Items]
Outstanding limited partnership units	2	2

Long-Term Compensation - Additi

Long-Term Compensation - Additional Information (Detail) - USD ($) shares in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of employees annual compensation within the statutory compensation limit						12%
Vesting percentage on defined contribution plan			100%
Compensation cost related to employees contribution plans			$ 10,200,000	$ 8,900,000	$ 8,100,000
Defined Contribution Plan Employer Matching Contribution Percent Of Match			0.50%
Performance Stock Units (PSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining compensation cost weighted average period			1 year 6 months
Compensation cost			$ 20,000,000
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate fair value			$ 81,700,000	65,000,000	48,600,000
Remaining compensation cost weighted average period			1 year 2 months 12 days
Grant date fair value of stock awards granted			$ 91,000,000	122,100,000	98,900,000
Compensation cost			109,400,000
Long Term Incentive Plan Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate fair value			$ 153,600,000	151,100,000	84,300,000
Remaining compensation cost weighted average period			1 year 3 months 18 days
LTIP Units vested, not yet converted			6.7
Grant date fair value of stock awards granted			$ 125,100,000	259,000,000	188,800,000
Compensation cost			$ 156,600,000
Minimum [Member] | Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			4 years
2012 Long Term Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock available for future issuance			15.9
Prologis Out-Performance Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance Period			3 years
Outperformance hurdle, above MSCI U.S. REIT Index			1%
Performance pool as percentage of excess value, if outperformance hurdle is met			3%
Forfeited awards after seven years			7 years
Aggregate fair value			$ 19,000,000	$ 28,300,000	$ 30,400,000
Assumed risk free interest rate			4.20%	4.20%	1%
Expected volatility rate			27%	35%	31%
Total remaining compensation cost related to the POP			$ 52,500,000
Remaining compensation cost weighted average period			2 years 9 months 18 days
Prologis Out-Performance Plan [Member] | 2024 - 2026 Performance Period [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance Period	3 years
Cash incentive award maximum		$ 60,000,000
Vesting rights, percentage			20%
Holding period	3 years
Prologis Out-Performance Plan [Member] | 2024 - 2026 Performance Period [Member] | Tranche 1 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights, percentage	20%
Prologis Out-Performance Plan [Member] | 2024 - 2026 Performance Period [Member] | Tranche 2 (After Seven Year Cliff) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	7 years
Vesting rights, percentage	80%
Prologis Out-Performance Plan [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			3 years
Prologis Out-Performance Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			10 years
Prologis Promote Plan [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total compensation pool			25%
Prologis Promote Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total compensation pool			40%
Performance Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award granted description			Such hurdles are based on a performance scale of Prologis’ percentile ranking in the Morgan Stanley Capital International US REIT Index (the “Index”) for a three-year performance period.
Performance Stock Units [Member] | Msci Us Reit Index
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility rate			30.50%
Performance Stock Units [Member] | 2024 - 2026 Performance Period [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance Period			3 years
Award granted description			If an award is earned at the end of the initial three-year performance period, one-third of the award vests at the end of the performance period and the remaining award vests equally one and two years after the award is earned.
Aggregate fair value			$ 31,500,000
Assumed risk free interest rate			4.20%
Expected volatility rate			27%
Weighted discount from valuation models			10%
Performance Stock Units [Member] | 2024 - 2026 Performance Period [Member] | Fifty Fifth Percentile Index [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target performance earned percentage			100%
Performance Stock Units [Member] | 2024 - 2026 Performance Period [Member] | Eighty Fifth Percentile Index [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award capped target for performance percentage			200%
Performance Stock Units [Member] | 2024 - 2026 Performance Period [Member] | Thirty Fifth Percentile Index [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target performance earned percentage			50%
Performance Stock Units [Member] | Minimum [Member] | 2024 - 2026 Performance Period [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			3 years
Performance Stock Units [Member] | Maximum [Member] | 2024 - 2026 Performance Period [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			5 years

Long-Term Compensation - Assump

Long-Term Compensation - Assumptions Used for Each POP Grant Based on Year Granted (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Prologis Out-Performance Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk free interest rate	4.20%	4.20%	1%
Expected volatility rate	27%	35%	31%
Grant date fair value	$ 19,000	$ 28,300	$ 30,400
MSCI US REIT [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility rate	20%	31%	29%

Long-Term Compensation - PSU Aw

Long-Term Compensation - PSU Awards (Details) - Performance Stock Units (PSUs) [Member] shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Unvested Awards, Beginning Balance | shares	0
Granted | shares	244
Vested and distributed | shares	0
Forfeited | shares	0
Number of Unvested Awards, Ending Balance | shares	244
Weighted Average Grant Date Fair Value | $ / shares	$ 0
Weighted Average Grant Date Fair Value, Granted | $ / shares	129.1
Weighted Average Grant Date Fair Value, Vested and distributed | $ / shares	0
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	0
Weighted Average Grant Date Fair Value | $ / shares	$ 129.1

Long-Term Compensation - RSU Aw

Long-Term Compensation - RSU Awards (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Unvested Awards, Beginning Balance | shares	2,097
Granted | shares	820
Vested and distributed | shares	(757)
Forfeited | shares	(97)
Number of Unvested Awards, Ending Balance | shares	2,063
Weighted Average Grant Date Fair Value | $ / shares	$ 98.23
Weighted Average Grant Date Fair Value, Granted | $ / shares	111
Weighted Average Grant Date Fair Value, Vested and distributed | $ / shares	108.04
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	104.73
Weighted Average Grant Date Fair Value | $ / shares	$ 99.39

Long-Term Compensation - LTIP U

Long-Term Compensation - LTIP Units Awards (Detail) - Long Term Incentive Plan Units [Member] shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Unvested Awards, Beginning Balance | shares	5,379
Granted | shares	1,274
Vested LTIP Units | shares	(1,357)
Forfeited | shares	(46)
Number of Unvested Awards, Ending Balance | shares	5,250
Weighted Average Grant Date Fair Value | $ / shares	$ 76.72
Weighted Average Grant Date Fair Value, Granted | $ / shares	98.19
Weighted Average Grant Date Fair Value, Vested LTIP Units | $ / shares	113.19
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	117.59
Weighted Average Grant Date Fair Value | $ / shares	$ 72.15

Income Taxes - Components of Ea

Income Taxes - Components of Earnings Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ 3,595,449	$ 2,891,644	$ 2,423,809
International	519,429	572,539	1,267,001
Earnings before income taxes	$ 4,114,878	$ 3,464,183	$ 3,690,810

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current income tax expense (benefit):
U.S. federal	$ (17,082)	$ (953)	$ (6,645)
International	152,891	175,121	112,489
State and local	9,973	19,162	16,930
Total current income tax expense	145,782	193,330	122,774
Deferred income tax expense:
U.S. federal	18,222	12,936	3,359
International	2,939	4,772	9,279
Total deferred income tax expense	21,161	17,708	12,638
Total income tax expense	$ 166,943	$ 211,038	$ 135,412

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Cash paid for income taxes, net of refunds	$ 129.9	$ 149.1	$ 130
Liability for uncertain tax positions	$ 20.7

Income Taxes - Deferred Income

Income Taxes - Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Gross deferred income tax assets:
NOL carryforwards	$ 263,597	$ 246,768
Basis difference – real estate properties	43,226	48,460
Basis difference – equity investments	18,434	18,051
Section 163(j) interest limitation	2,105	1,689
Capital loss carryforward	6,096	7,161
Other – temporary differences	29,908	9,142
Total gross deferred income tax assets	363,366	331,271
Valuation allowance	(312,348)	(305,063)
Gross deferred income tax assets, net of valuation allowance	51,018	26,208
Gross deferred income tax liabilities:
Basis difference – real estate properties	128,803	98,529
Basis difference – equity investments	57,763	43,457
Other – temporary differences	2,321	1,673
Total gross deferred income tax liabilities	188,887	143,659
Net deferred income tax liabilities	$ 137,869	$ 117,451

Income Taxes - Summary of Opera

Income Taxes - Summary of Operating Loss Carryforwards (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Tax-effected NOL carryforward	$ 263,597	$ 246,768
U.S. [Member]
Operating Loss Carryforwards [Line Items]
Gross NOL carryforward	81,637
Tax-effected NOL carryforward	21,093
Valuation allowance	21,093
Net deferred tax asset – NOL carryforward	$ 0
Expiration periods	2025 – 2044
Europe [Member]
Operating Loss Carryforwards [Line Items]
Gross NOL carryforward	$ 559,070
Tax-effected NOL carryforward	150,434
Valuation allowance	140,453
Net deferred tax asset – NOL carryforward	$ 9,981
Expiration periods	2025 – indefinite
Mexico [Member]
Operating Loss Carryforwards [Line Items]
Gross NOL carryforward	$ 240,939
Tax-effected NOL carryforward	75,429
Valuation allowance	75,429
Net deferred tax asset – NOL carryforward	$ 0
Expiration periods	2025 – 2034
Japan [Member]
Operating Loss Carryforwards [Line Items]
Gross NOL carryforward	$ 54,200
Tax-effected NOL carryforward	8,036
Valuation allowance	8,036
Net deferred tax asset – NOL carryforward	$ 0
Expiration periods	2025 – 2034
Other [Member]
Operating Loss Carryforwards [Line Items]
Gross NOL carryforward	$ 34,157
Tax-effected NOL carryforward	8,605
Valuation allowance	8,605
Net deferred tax asset – NOL carryforward	$ 0
Expiration periods	2025 – indefinite

Earnings Per Common Share or _3

Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share or Unit (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Net earnings attributable to common stockholders/unit holders - Basic		$ 1,277,379	$ 1,004,267	$ 859,845	$ 584,263	$ 629,476	$ 746,174	$ 1,214,553	$ 463,170	$ 3,725,754	$ 3,053,373	$ 3,358,796
Net earnings attributable to exchangeable limited partnership units	[1]									94,052	77,806	92,236
Adjusted net earnings attributable to common stockholders – Diluted										$ 3,819,806	$ 3,131,179	$ 3,451,032
Weighted average common shares/units outstanding - Basic										926,172	924,351	785,675
Incremental weighted average effect on exchange of limited partnership units	[1]									23,445	23,693	21,803
Incremental weighted average effect of equity awards										3,973	3,747	4,130
Weighted average common shares/partnership units outstanding - Diluted	[2]									953,590	951,791	811,608
Net earnings per share/unit attributable to common stockholders/unitholders -
Basic		$ 1.38	$ 1.08	$ 0.93	$ 0.63	$ 0.68	$ 0.81	$ 1.31	$ 0.50	$ 4.02	$ 3.30	$ 4.28
Diluted		$ 1.37	$ 1.08	$ 0.92	$ 0.63	$ 0.68	$ 0.80	$ 1.31	$ 0.50	$ 4.01	$ 3.29	$ 4.25
Prologis, L.P. [Member]
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Net earnings attributable to common stockholders/unit holders - Basic										$ 3,818,862	$ 3,130,647	$ 3,450,727
Net earnings attributable to exchangeable limited partnership units										944	532	305
Adjusted net earnings attributable to common stockholders – Diluted										$ 3,819,806	$ 3,131,179	$ 3,451,032
Weighted average common shares/units outstanding - Basic										941,782	939,635	799,153
Incremental weighted average effect on exchange of Class A convertible units										7,536	8,110	8,026
Incremental weighted average effect on exchange of limited partnership units										299	299	299
Incremental weighted average effect of equity awards										3,973	3,747	4,130
Weighted average common shares/partnership units outstanding - Diluted	[2]									953,590	951,791	811,608
Net earnings per share/unit attributable to common stockholders/unitholders -
Basic										$ 4.02	$ 3.30	$ 4.28
Diluted										$ 4.01	$ 3.29	$ 4.25
Prologis, L.P. [Member] | Class A Common [Member]
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Net earnings attributable to common stockholders/unit holders - Basic										$ (30,308)	$ (26,784)	$ (34,311)
Adjusted net earnings attributable to common stockholders – Diluted										30,308	26,784	34,311
Prologis, L.P. [Member] | Common Unit [Member]
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Net earnings attributable to common stockholders/unit holders - Basic										$ 3,788,554	$ 3,103,863	$ 3,416,416
[1] Earnings allocated to the exchangeable OP units not held by the Parent have been included in the numerator and exchangeable common units have been included in the denominator for the purpose of computing diluted earnings per share for all periods as the per share and unit amount is the same. Our total weighted average potentially dilutive shares and units outstanding for the years ended December 31 consisted of the following

Earnings Per Common Share or _4

Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share or Unit (Parenthetical) (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Total weighted average potential dilutive shares and units outstanding	31,133	31,148	28,101
Prologis, L.P. [Member]
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Total weighted average potentially dilutive Class A Units	7,536	8,110	8,026
Total weighted average potentially dilutive other limited partnership units	299	299	299
Total weighted average potentially dilutive equity awards	7,688	7,455	6,298
Total weighted average potential dilutive shares and units outstanding	15,523	15,864	14,623
Total weighted average potential dilutive common limited partnership units	15,610	15,284	13,478

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Schedule of Fair Value of Derivative Financial Instruments (Detail) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Derivatives Fair Value [Line Items]
Asset	$ 137,429,000	$ 87,319,000
Liability	638,000	94,161,000
Undesignated Derivatives [Member] | Forwards [Member] | BRL
Derivatives Fair Value [Line Items]
Asset	0	0
Liability	0	291,000
Undesignated Derivatives [Member] | Forwards [Member] | GBP
Derivatives Fair Value [Line Items]
Asset	8,785,000	9,608,000
Liability	422,000	9,862,000
Undesignated Derivatives [Member] | Forwards [Member] | CAD
Derivatives Fair Value [Line Items]
Asset	15,503,000	4,480,000
Liability	0	1,225,000
Undesignated Derivatives [Member] | Forwards [Member] | CNY
Derivatives Fair Value [Line Items]
Asset	0	1,630,000
Liability	0	50,000
Undesignated Derivatives [Member] | Forwards [Member] | JPY
Derivatives Fair Value [Line Items]
Asset	55,818,000	45,149,000
Liability	0	589,000
Undesignated Derivatives [Member] | Forwards [Member] | SEK
Derivatives Fair Value [Line Items]
Asset	4,642,000	3,304,000
Liability	108,000	2,279,000
Undesignated Derivatives [Member] | Options [Member] | MXN
Derivatives Fair Value [Line Items]
Asset	1,814,000	1,263,000
Liability	0	0
Undesignated Derivatives [Member] | Cash Flow Hedges [Member] | Forwards [Member] | EUR
Derivatives Fair Value [Line Items]
Asset	0	118,000
Liability		27,034,000
Liability	0
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | Forwards [Member] | GBP
Derivatives Fair Value [Line Items]
Asset	2,837,000	1,759,000
Liability	108,000	7,030,000
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | Forwards [Member] | CAD
Derivatives Fair Value [Line Items]
Asset	5,454,000	756,000
Liability	0	5,608,000
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | EUR
Derivatives Fair Value [Line Items]
Asset	32,989,000	19,252,000
Liability	0	8,229,000
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | USD
Derivatives Fair Value [Line Items]
Asset	9,587	0
Liability	$ 0	$ 31,964,000

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Summary of Undesignated Foreign Currency Forwards Activity (Detail) - Forwards [Member] - Undesignated Derivatives [Member]	12 Months Ended
	Dec. 31, 2024 USD ($) Derivative	Dec. 31, 2023 USD ($) Derivative	Dec. 31, 2022 USD ($) Derivative
Derivative [Line Items]
Notional amounts at January 1	$ 1,619,000,000	$ 1,645,000,000	$ 1,662,000,000
New contracts	634,000,000	510,000,000	1,367,000,000
Matured, expired or settled contracts	(802,000,000)	(536,000,000)	(1,384,000,000)
Notional amounts at December 31	1,451,000,000	1,619,000,000	1,645,000,000
CAD
Derivative [Line Items]
Notional amounts at January 1	213,000,000	283,000,000	175,000,000
New contracts	102,000,000	15,000,000	172,000,000
Matured, expired or settled contracts	(61,000,000)	(85,000,000)	(64,000,000)
Notional amounts at December 31	$ 254,000,000	$ 213,000,000	$ 283,000,000
Weighted average forward rate at December 31	1.31	1.3	1.29
Active contracts at December 31 | Derivative	101	74	103
EUR
Derivative [Line Items]
Notional amounts at January 1	$ 524,000,000	$ 601,000,000	$ 749,000,000
New contracts	165,000,000	173,000,000	658,000,000
Matured, expired or settled contracts	(163,000,000)	(250,000,000)	(806,000,000)
Notional amounts at December 31	$ 526,000,000	$ 524,000,000	$ 601,000,000
Weighted average forward rate at December 31	1.15	1.16	1.18
Active contracts at December 31 | Derivative	86	72	97
GBP
Derivative [Line Items]
Notional amounts at January 1	$ 442,000,000	$ 349,000,000	$ 383,000,000
New contracts	334,000,000	192,000,000	264,000,000
Matured, expired or settled contracts	(390,000,000)	(99,000,000)	(298,000,000)
Notional amounts at December 31	$ 386,000,000	$ 442,000,000	$ 349,000,000
Weighted average forward rate at December 31	1.28	1.27	1.31
Active contracts at December 31 | Derivative	82	96	90
JPY
Derivative [Line Items]
Notional amounts at January 1	$ 384,000,000	$ 331,000,000	$ 250,000,000
New contracts	107,000,000	140,000,000	181,000,000
Matured, expired or settled contracts	(179,000,000)	(87,000,000)	(100,000,000)
Notional amounts at December 31	$ 312,000,000	$ 384,000,000	$ 331,000,000
Weighted average forward rate at December 31	120.37	115.4	109.79
Active contracts at December 31 | Derivative	77	96	96
Other
Derivative [Line Items]
Notional amounts at January 1	$ 56,000,000	$ 81,000,000	$ 105,000,000
New contracts	(74,000,000)	(10,000,000)	92,000,000
Matured, expired or settled contracts	(9,000,000)	(15,000,000)	(116,000,000)
Notional amounts at December 31		$ 56,000,000	$ 81,000,000
Notional amounts at December 31	$ (27,000,000)

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Summary of Undesignated Financial Instruments Exercised and Realized and Unrealized Gains (Losses) in Foreign Currency, Derivative and Other Gains and Other Income, Net (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) Contract	Dec. 31, 2023 USD ($) Contract	Dec. 31, 2022 USD ($) Contract
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Exercised contracts | Contract	254	218	158
Realized gains on the matured, expired or settled contracts	$ 53	$ 60	$ 145
Unrealized gains (losses) on the change in fair value of outstanding contracts	$ 53	$ (58)	$ 39

Financial Instruments and Fai_6

Financial Instruments and Fair Value Measurements - Foreign Currency Contracts Activity (Detail) - Forwards [Member] - Net Investment Hedges [Member] - Designated As Hedging Instrument [Member]	12 Months Ended
	Dec. 31, 2024 USD ($) Derivative	Dec. 31, 2023 USD ($) Derivative	Dec. 31, 2022 USD ($) Derivative
Derivative [Line Items]
Notional amounts at January 1	$ 948,000,000	$ 974,000,000	$ 967,000,000
New contracts	686,000,000	910,000,000	1,404,000,000
Matured, expired or settled contracts	(1,039,000,000)	(936,000,000)	(1,397,000,000)
Notional amounts at December 31	595,000,000	948,000,000	974,000,000
CAD
Derivative [Line Items]
Notional amounts at January 1	516,000,000	534,000,000	535,000,000
New contracts	163,000,000	467,000,000	964,000,000
Matured, expired or settled contracts	(516,000,000)	(485,000,000)	(965,000,000)
Notional amounts at December 31	$ 163,000,000	$ 516,000,000	$ 534,000,000
Weighted average forward rate at December 31	0.0137	1.33	1.29
Active contracts at December 31 | Derivative	2	6	6
GBP
Derivative [Line Items]
Notional amounts at January 1	$ 432,000,000	$ 440,000,000	$ 432,000,000
New contracts	523,000,000	343,000,000	440,000,000
Matured, expired or settled contracts	(523,000,000)	(351,000,000)	(432,000,000)
Notional amounts at December 31	$ 432,000,000	$ 432,000,000	$ 440,000,000
Weighted average forward rate at December 31	0.0126	1.26	1.28
Active contracts at December 31 | Derivative	4	4	4
CNH
Derivative [Line Items]
Notional amounts at January 1	$ 0	$ 0
New contracts		100,000,000
Matured, expired or settled contracts		(100,000,000)
Notional amounts at December 31		$ 0	$ 0
Weighted average forward rate at December 31		0
Active contracts at December 31 | Derivative		0

Financial Instruments and Fai_7

Financial Instruments and Fair Value Measurements - Summary of Activity in Interest Rate Contracts (Detail) - Interest Rate Contracts [Member] - Cash Flow Hedges [Member] - Designated As Hedging Instrument [Member] - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional amounts at January 1	$ 1,250,000,000	$ 597,000,000	$ 165,000,000
New contracts	1,026,000,000	3,413,000,000	1,692,000,000
Matured, expired or settled contracts	(1,996,000,000)	(2,760,000,000)	(1,260,000,000)
Notional amounts at December 31	280,000,000	1,250,000,000	597,000,000
EUR
Derivative [Line Items]
Notional amounts at January 1	700,000,000	447,000,000	165,000,000
New contracts	0	1,113,000,000	1,004,000,000
Matured, expired or settled contracts	(700,000,000)	(860,000,000)	(722,000,000)
Notional amounts at December 31	0	700,000,000	447,000,000
USD
Derivative [Line Items]
Notional amounts at January 1	550,000,000	150,000,000	0
New contracts	780,000,000	2,300,000,000	400,000,000
Matured, expired or settled contracts	(1,050,000,000)	(1,900,000,000)	(250,000,000)
Notional amounts at December 31	280,000,000	550,000,000	150,000,000
GBP
Derivative [Line Items]
Notional amounts at January 1	0
New contracts	246,000,000
Matured, expired or settled contracts	(246,000,000)
Notional amounts at December 31	$ 0	0
CAD
Derivative [Line Items]
Notional amounts at January 1		0	0
New contracts			184,000,000
Matured, expired or settled contracts			(184,000,000)
Notional amounts at December 31			0
JPY
Derivative [Line Items]
Notional amounts at January 1		$ 0	0
New contracts			104,000,000
Matured, expired or settled contracts			(104,000,000)
Notional amounts at December 31			$ 0

Financial Instruments and Fai_8

Financial Instruments and Fair Value Measurements - Summary of Debt and Accrued Interest, Designated as Hedge (Detail) - Designated As Hedging Instrument [Member] - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
British Pound Sterling Senior Notes [Member]
Derivatives Fair Value [Line Items]
Senior Notes Outstanding	$ 1,763	$ 1,305	$ 1,237
Canadian Dollar Senior Notes [Member]
Derivatives Fair Value [Line Items]
Senior Notes Outstanding	$ 758	$ 373	$ 370

Financial Instruments and Fai_9

Financial Instruments and Fair Value Measurements - Summary of Recognized Unrealized Gains (Losses) in Foreign Currency and Derivative and Other Gains and Other Income, Net on Remeasurement of Unhedged Portion of Debt and Accrued Interest (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivatives Fair Value [Line Items]
Unrealized gains (losses) on the unhedged portion	$ 360,874	$ 20,763	$ 373,405
Forward Contracts [Member]
Derivatives Fair Value [Line Items]
Unrealized gains (losses) on the unhedged portion	$ 34,000	$ (23,000)	$ 44,000

Financial Instruments and Fa_10

Financial Instruments and Fair Value Measurements - Summary of Changes in AOCI/L (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 57,823,720	$ 57,863,093	$ 37,742,210
Balance	58,616,770	57,823,720	57,863,093
Unrealized Gains (Losses) on Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(45,744)	30,545	(14,042)
Other comprehensive income (loss), net	34,085	(76,289)	44,587
Balance	(11,659)	(45,744)	30,545
Our Share of Derivatives From Unconsolidated Co-investment Ventures [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	8,414	22,584	(2,748)
Other comprehensive income (loss), net	4,238	(14,170)	25,332
Balance	12,652	8,414	22,584
Derivative Net Investment Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	310,526	332,973	237,961
Other comprehensive income (loss), net	31,326	(22,447)	95,012
Balance	341,852	310,526	332,973
Debt Designated as Non-derivative Net Investment Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	254,102	329,983	194,563
Other comprehensive income (loss), net	73,795	(75,881)	135,420
Balance	327,897	254,102	329,983
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(1,041,499)	(1,159,694)	(1,293,987)
Other comprehensive income (loss), net	250,542	118,195	134,293
Balance	(790,957)	(1,041,499)	(1,159,694)
Total Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(514,201)	(443,609)	(878,253)
Other comprehensive income (loss), net	393,986	(70,592)	434,644
Balance	$ (120,215)	$ (514,201)	$ (443,609)

Financial Instruments and Fa_11

Financial Instruments and Fair Value Measurements - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) $ in Millions	Dec. 31, 2024 USD ($)
Accumulated Gain (Loss) Net Cash Flow Hedge Parent [Member]
Derivative Instruments Gain Loss [Line Items]
Amount to be reclassified to interest expense, next 12 months	$ 2.7

Financial Instruments and Fa_12

Financial Instruments and Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	$ 30,879,263	$ 29,000,501
Fair Value of Debt	28,611,253	26,781,807
Credit Facilities and Commercial Paper [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	224,966	979,313
Fair Value of Debt	224,966	979,313
Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	28,322,163	25,311,647
Fair Value of Debt	26,095,901	23,121,936
Term Loans and Unsecured Other [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	2,013,317	2,330,520
Fair Value of Debt	1,991,934	2,322,827
Secured Mortgage [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	318,817	379,021
Fair Value of Debt	$ 298,452	$ 357,731

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Commitments And Contingencies Disclosure [Abstract]
Outstanding performance and surety bonds	$ 684.1	$ 498.5
Performance and surety bonds term	4 years
Standby letters of credit terms	standby letters of credit that have terms of a year to an indefinite period of time

Reportable Segments - Additiona

Reportable Segments - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Reportable Segments - Reportabl

Reportable Segments - Reportable Segment Net Operating Income and Assets (Detail) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenues		$ 2,200,646	$ 2,036,389	$ 2,007,954	$ 1,956,621	$ 1,889,247	$ 1,914,664	$ 2,450,971	$ 1,768,587	$ 8,201,610		$ 8,023,469		$ 5,973,692
Total Expenses										(2,104,285)		(2,063,689)		(1,549,430)
Operating income		1,421,256	1,250,971	1,023,338	720,355	834,851	882,108	1,411,790	579,043	4,415,920		3,707,792		3,467,538
General and administrative expenses										(418,765)		(390,406)		(331,083)
Depreciation and amortization expenses										(2,580,519)		(2,484,891)		(1,812,777)
Gains on dispositions of development properties and land, net		254,256	32,005	87,174	40,308	188,363	89,030	184,877	0	413,743		462,270		597,745
Gains on other dispositions of investments in real estate, net		252,830	$ 434,446	$ 199,326	$ 17,534	2,647	$ 129,584	$ 24,761	$ 4,047	904,136	[1]	161,039	[1]	589,391	[1]
Earnings from unconsolidated entities, net										353,623		307,227		310,872
Interest expense										(863,932)		(641,332)		(309,037)
Gains (losses) on early extinguishment of debt, net										536		3,275		(20,184)
Earnings before income taxes										4,114,878		3,464,183		3,690,810
Total assets		95,328,909				93,020,840				95,328,909		93,020,840
Investments in and advances to unconsolidated entities		10,079,448				9,543,970				10,079,448		9,543,970
Assets held for sale or contribution		248,511				461,657				248,511		461,657
Cash and cash equivalents		1,318,591				530,388				1,318,591		530,388		278,000
Other assets		5,194,342				4,749,735				5,194,342		4,749,735
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating income										6,097,325		5,959,780		4,424,262
Total assets	[2]	82,981,704				81,859,441				82,981,704		81,859,441
Operating Segments [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues										7,529,703		6,823,237		4,934,107
Total Expenses										(1,812,429)		(1,678,147)		(1,246,074)
Operating income										5,717,274		5,145,090		3,688,033
Total assets		82,945,758				81,823,459				82,945,758		81,823,459
Operating Segments [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues										671,907		1,200,232		1,039,585
Total Expenses										(291,856)		(385,542)		(303,356)
Operating income										380,051		814,690		736,229
Total assets	[2]	35,946				35,982				35,946		35,982
Operating Segments [Member] | U.S. [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues										7,216,817		6,558,051		4,726,072
Total Expenses	[3]									(1,714,071)		(1,603,486)		(1,170,445)
Operating income	[3]									5,502,746		4,954,565		3,555,627
Total assets		76,857,293				76,633,566				76,857,293		76,633,566
Operating Segments [Member] | U.S. [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues										296,995		833,402		215,416
Total Expenses	[3]									(154,654)		(204,066)		(155,855)
Operating income	[3]									142,341		629,336		59,561
Total assets	[2]	10,499				10,499				10,499		10,499
Operating Segments [Member] | Other Americas [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues										137,893		110,305		92,751
Total Expenses										(21,833)		(27,018)		(18,998)
Operating income										108,940		84,922		67,552
Total assets		2,814,141				2,029,438				2,814,141		2,029,438
Operating Segments [Member] | Other Americas [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues										92,307		89,783		82,462
Total Expenses										(28,953)		(25,383)		(25,199)
Operating income										70,474		62,765		63,464
Operating Segments [Member] | Europe [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues										115,103		95,915		56,731
Total Expenses										(46,759)		(27,715)		(31,993)
Operating income										68,344		68,200		24,738
Total assets		25,280				25,280				25,280		25,280
Operating Segments [Member] | Europe [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues										194,530		181,651		644,832
Total Expenses										(75,500)		(103,025)		(87,156)
Operating income										119,030		78,626		557,676
Total assets	[2]	2,554,514				2,366,539				2,554,514		2,366,539
Operating Segments [Member] | Asia [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues										59,890		58,966		58,553
Total Expenses										(39,869)		(51,433)		(41,347)
Operating income										37,244		37,403		40,116
Total assets		719,810				793,916				719,810		793,916
Operating Segments [Member] | Asia [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues										88,075		95,396		96,875
Total Expenses										(22,646)		(21,563)		(18,437)
Operating income										48,206		43,963		55,528
Total assets	[2]	167				203				167		203
Non Segment Items [Member]
Segment Reporting Information [Line Items]
Operating income										4,415,920		3,707,792		3,467,538
General and administrative expenses										(418,765)		(390,406)		(331,083)
Depreciation and amortization expenses										(2,580,519)		(2,484,891)		(1,812,777)
Gains on dispositions of development properties and land, net										413,743		462,270		597,745
Gains on other dispositions of investments in real estate, net										904,136		161,039		589,391
Earnings from unconsolidated entities, net										353,623		307,227		310,872
Interest expense										(863,932)		(641,332)		(309,037)
Foreign currency, derivative and other gains (losses) and other income (expense), net										208,731		87,221		241,621
Gains (losses) on early extinguishment of debt, net										536		3,275		(20,184)
Earnings before income taxes										4,114,878		3,464,183		$ 3,690,810
Total assets		12,347,205				11,161,399				12,347,205		11,161,399
Investments in and advances to unconsolidated entities		10,079,448				9,543,970				10,079,448		9,543,970
Assets held for sale or contribution		248,511				461,657				248,511		461,657
Cash and cash equivalents		1,318,591				530,388				1,318,591		530,388
Other assets		$ 700,655				$ 625,384				$ 700,655		$ 625,384
[1] In 2024, we had a significant contribution of operating properties to our unconsolidated co-investment venture in the U.S. Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital Segment. Goodwill was $ 25.3 million at December 31, 2024, and 2023 . This includes compensation and personnel costs for employees who were located in the U.S. but also support other geographies.

Reportable Segments - Reporta_2

Reportable Segments - Reportable Segment Net Operating Income and Assets (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Strategic Capital [Member] | Europe [Member]
Segment Reporting Information [Line Items]
Goodwill	$ 25.3	$ 25.3

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions		12 Months Ended
	Oct. 03, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Information [Line Items]
Lease Right-of-Use assets		$ 67,700	$ 43,000	$ 162,500
Capitalization for equity based compensation expense		42,900	38,600	34,900
Debt		30,879,263	29,000,501
Proceeds from repayment of notes receivable backed by real estate		0	37,000	0
Non cash dividend		51,100
Prologis, L.P. [Member]
Supplemental Cash Flow Information [Line Items]
Debt		30,879,263	29,000,501
Proceeds from repayment of notes receivable backed by real estate		$ 0	$ 37,000	$ 0
Limited Partners [Member] | Prologis, L.P. [Member] | Common [Member]
Supplemental Cash Flow Information [Line Items]
PLD units redeemed for common shares		1.4	0.8	0.3
Unconsolidated Entities [Member]
Supplemental Cash Flow Information [Line Items]
Equity ownership interest received		$ 1,000,000	$ 379,100	$ 695,700
Duke Transaction [Member]
Supplemental Cash Flow Information [Line Items]
Business acquisition consideration transferred	$ 23,200,000
Duke Transaction [Member] | Common Units [Member]
Supplemental Cash Flow Information [Line Items]
Common limited partnership units, shares	2.1

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) - Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Selected Quarterly Financial Data [Line Items]
Rental revenues	$ 1,937,507	$ 1,897,164	$ 1,852,376	$ 1,827,658	$ 1,755,959	$ 1,777,359	$ 1,651,454	$ 1,633,770	$ 7,514,705		$ 6,818,542		$ 4,913,171
Total revenues	2,200,646	2,036,389	2,007,954	1,956,621	1,889,247	1,914,664	2,450,971	1,768,587	8,201,610		8,023,469		5,973,692
Rental expenses	(438,468)	(427,425)	(445,235)	(454,257)	(408,225)	(416,076)	(387,938)	(412,554)	(1,765,385)		(1,624,793)		(1,205,738)
Gains on dispositions of development properties and land, net	254,256	32,005	87,174	40,308	188,363	89,030	184,877	0	413,743		462,270		597,745
Gains on other dispositions of investments in real estate, net	252,830	434,446	199,326	17,534	2,647	129,584	24,761	4,047	904,136	[1]	161,039	[1]	589,391	[1]
Operating income	1,421,256	1,250,971	1,023,338	720,355	834,851	882,108	1,411,790	579,043	4,415,920		3,707,792		3,467,538
Consolidated net earnings	1,342,176	1,063,451	911,501	630,807	675,884	799,141	1,279,491	498,629	3,947,935		3,253,145		3,555,398
Net earnings attributable to common stockholders/unit holders	$ 1,277,379	$ 1,004,267	$ 859,845	$ 584,263	$ 629,476	$ 746,174	$ 1,214,553	$ 463,170	$ 3,725,754		$ 3,053,373		$ 3,358,796
Net earnings per share/unit attributable to common stockholders/unitholders - Basic	$ 1.38	$ 1.08	$ 0.93	$ 0.63	$ 0.68	$ 0.81	$ 1.31	$ 0.50	$ 4.02		$ 3.30		$ 4.28
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted	$ 1.37	$ 1.08	$ 0.92	$ 0.63	$ 0.68	$ 0.80	$ 1.31	$ 0.50	$ 4.01		$ 3.29		$ 4.25
Prologis, L.P. [Member]
Selected Quarterly Financial Data [Line Items]
Rental revenues	$ 1,937,507	$ 1,897,164	$ 1,852,376	$ 1,827,658	$ 1,755,959	$ 1,777,359	$ 1,651,454	$ 1,633,770
Total revenues	2,200,646	2,036,389	2,007,954	1,956,621	1,889,247	1,914,664	2,450,971	1,768,587
Rental expenses	(438,468)	(427,425)	(445,235)	(454,257)	(408,225)	(416,076)	(387,938)	(412,554)
Gains on dispositions of development properties and land, net	254,256	32,005	87,174	40,308	188,363	89,030	184,877	0
Gains on other dispositions of investments in real estate, net	252,830	434,446	199,326	17,534	2,647	129,584	24,761	4,047
Operating income	1,421,256	1,250,971	1,023,338	720,355	834,851	882,108	1,411,790	579,043
Consolidated net earnings	1,342,176	1,063,451	911,501	630,807	675,884	799,141	1,279,491	498,629
Net earnings attributable to common stockholders/unit holders	$ 1,309,348	$ 1,029,271	$ 881,196	$ 599,047	$ 645,600	$ 765,075	$ 1,245,153	$ 474,819
Net earnings per share/unit attributable to common stockholders/unitholders - Basic	$ 1.38	$ 1.08	$ 0.93	$ 0.63	$ 0.68	$ 0.81	$ 1.31	$ 0.50
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted	$ 1.37	$ 1.08	$ 0.92	$ 0.63	$ 0.68	$ 0.80	$ 1.31	$ 0.50
[1] In 2024, we had a significant contribution of operating properties to our unconsolidated co-investment venture in the U.S.

Real Estate and Accumulated D_2

Real Estate and Accumulated Depreciation (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	3,072
Land	$ 23,599,814
Building and Improvements	41,223,598
Costs capitalized subsequent to acquisition	16,285,554
Carrying amount of land	24,408,267
Carrying amount of buildings and improvements	56,700,699
Carrying amount of land and buildings and improvements, Total	81,108,966	$ 79,802,952	$ 73,250,949	$ 47,183,100
Accumulated Depreciation	$ (12,450,545)	$ (10,654,290)	$ (8,815,724)	$ (7,451,382)
Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	85
Land	$ 968,178
Building and Improvements	13,679
Costs capitalized subsequent to acquisition	1,847,756
Carrying amount of land	969,580
Carrying amount of buildings and improvements	1,860,033
Carrying amount of land and buildings and improvements, Total	$ 2,829,613
United States: Markets [Member] | U.S. [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	37
Land	$ 565,637
Building and Improvements	13,679
Costs capitalized subsequent to acquisition	1,114,054
Carrying amount of land	567,039
Carrying amount of buildings and improvements	1,126,331
Carrying amount of land and buildings and improvements, Total	$ 1,693,370
United States: Markets [Member] | U.S. [Member] | Atlanta [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	3
Land	$ 35,883
Building and Improvements	0
Costs capitalized subsequent to acquisition	44,088
Carrying amount of land	35,883
Carrying amount of buildings and improvements	44,088
Carrying amount of land and buildings and improvements, Total	$ 79,971
United States: Markets [Member] | U.S. [Member] | Austin [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	4
Land	$ 101,412
Building and Improvements	0
Costs capitalized subsequent to acquisition	274,419
Carrying amount of land	101,412
Carrying amount of buildings and improvements	274,419
Carrying amount of land and buildings and improvements, Total	$ 375,831
United States: Markets [Member] | U.S. [Member] | Central PA [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	1
Land	$ 13,549
Building and Improvements	0
Costs capitalized subsequent to acquisition	55,476
Carrying amount of land	13,549
Carrying amount of buildings and improvements	55,476
Carrying amount of land and buildings and improvements, Total	$ 69,025
Date of Construction/ Acquisition	2024
United States: Markets [Member] | U.S. [Member] | Central Valley [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	1
Land	$ 5,678
Building and Improvements	0
Costs capitalized subsequent to acquisition	13,687
Carrying amount of land	5,678
Carrying amount of buildings and improvements	13,687
Carrying amount of land and buildings and improvements, Total	$ 19,365
United States: Markets [Member] | U.S. [Member] | Chicago [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	1
Land	$ 13,710
Building and Improvements	0
Costs capitalized subsequent to acquisition	38,772
Carrying amount of land	13,710
Carrying amount of buildings and improvements	38,772
Carrying amount of land and buildings and improvements, Total	$ 52,482
Date of Construction/ Acquisition	2024
United States: Markets [Member] | U.S. [Member] | Dallas Ft. Worth [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	4
Land	$ 34,324
Building and Improvements	0
Costs capitalized subsequent to acquisition	8,410
Carrying amount of land	34,324
Carrying amount of buildings and improvements	8,410
Carrying amount of land and buildings and improvements, Total	$ 42,734
United States: Markets [Member] | U.S. [Member] | Las Vegas [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	3
Land	$ 35,768
Building and Improvements	0
Costs capitalized subsequent to acquisition	62,437
Carrying amount of land	35,768
Carrying amount of buildings and improvements	62,437
Carrying amount of land and buildings and improvements, Total	$ 98,205
Date of Construction/ Acquisition	2024
United States: Markets [Member] | U.S. [Member] | Nashville [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	3
Land	$ 33,584
Building and Improvements	0
Costs capitalized subsequent to acquisition	57,828
Carrying amount of land	33,583
Carrying amount of buildings and improvements	57,829
Carrying amount of land and buildings and improvements, Total	$ 91,412
United States: Markets [Member] | U.S. [Member] | New Jersey/New York City [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	3
Land	$ 98,505
Building and Improvements	0
Costs capitalized subsequent to acquisition	130,008
Carrying amount of land	98,505
Carrying amount of buildings and improvements	130,008
Carrying amount of land and buildings and improvements, Total	$ 228,513
Date of Construction/ Acquisition	2024
United States: Markets [Member] | U.S. [Member] | Orlando [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	2
Land	$ 4,697
Building and Improvements	0
Costs capitalized subsequent to acquisition	18,112
Carrying amount of land	4,697
Carrying amount of buildings and improvements	18,112
Carrying amount of land and buildings and improvements, Total	$ 22,809
United States: Markets [Member] | U.S. [Member] | Phoenix [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	2
Land	$ 11,563
Building and Improvements	0
Costs capitalized subsequent to acquisition	61,827
Carrying amount of land	11,563
Carrying amount of buildings and improvements	61,827
Carrying amount of land and buildings and improvements, Total	$ 73,390
Date of Construction/ Acquisition	2024
United States: Markets [Member] | U.S. [Member] | Portland [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	1
Land	$ 1,840
Building and Improvements	0
Costs capitalized subsequent to acquisition	29,946
Carrying amount of land	1,840
Carrying amount of buildings and improvements	29,946
Carrying amount of land and buildings and improvements, Total	$ 31,786
United States: Markets [Member] | U.S. [Member] | San Francisco Bay Area [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	3
Land	$ 59,741
Building and Improvements	0
Costs capitalized subsequent to acquisition	119,611
Carrying amount of land	59,741
Carrying amount of buildings and improvements	119,611
Carrying amount of land and buildings and improvements, Total	$ 179,352
Date of Construction/ Acquisition	2024
United States: Markets [Member] | U.S. [Member] | Seattle [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	1
Land	$ 21,350
Building and Improvements	0
Costs capitalized subsequent to acquisition	44,435
Carrying amount of land	21,350
Carrying amount of buildings and improvements	44,435
Carrying amount of land and buildings and improvements, Total	$ 65,785
Date of Construction/ Acquisition	2024
United States: Markets [Member] | U.S. [Member] | South Florida [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	4
Land	$ 55,054
Building and Improvements	13,679
Costs capitalized subsequent to acquisition	68,639
Carrying amount of land	56,457
Carrying amount of buildings and improvements	80,915
Carrying amount of land and buildings and improvements, Total	$ 137,372
Date of Construction/ Acquisition	2024
United States: Markets [Member] | U.S. [Member] | Southern California [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	1
Land	$ 38,979
Building and Improvements	0
Costs capitalized subsequent to acquisition	86,359
Carrying amount of land	38,979
Carrying amount of buildings and improvements	86,359
Carrying amount of land and buildings and improvements, Total	$ 125,338
Other Americas Markets [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	15
Land	$ 189,527
Building and Improvements	0
Costs capitalized subsequent to acquisition	274,784
Carrying amount of land	189,527
Carrying amount of buildings and improvements	274,784
Carrying amount of land and buildings and improvements, Total	$ 464,311
Other Americas Markets [Member] | Canada [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	5
Land	$ 85,018
Building and Improvements	0
Costs capitalized subsequent to acquisition	148,192
Carrying amount of land	85,018
Carrying amount of buildings and improvements	148,192
Carrying amount of land and buildings and improvements, Total	$ 233,210
Date of Construction/ Acquisition	2024
Other Americas Markets [Member] | Mexico [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	10
Land	$ 104,509
Building and Improvements	0
Costs capitalized subsequent to acquisition	126,592
Carrying amount of land	104,509
Carrying amount of buildings and improvements	126,592
Carrying amount of land and buildings and improvements, Total	$ 231,101
Date of Construction/ Acquisition	2024
Europe Markets | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	23
Land	$ 160,766
Building and Improvements	0
Costs capitalized subsequent to acquisition	272,852
Carrying amount of land	160,766
Carrying amount of buildings and improvements	272,852
Carrying amount of land and buildings and improvements, Total	$ 433,618
Europe Markets | Germany [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	2
Land	$ 18,267
Building and Improvements	0
Costs capitalized subsequent to acquisition	24,113
Carrying amount of land	18,267
Carrying amount of buildings and improvements	24,113
Carrying amount of land and buildings and improvements, Total	$ 42,380
Europe Markets | Slovakia [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	1
Land	$ 2,597
Building and Improvements	0
Costs capitalized subsequent to acquisition	14,533
Carrying amount of land	2,597
Carrying amount of buildings and improvements	14,533
Carrying amount of land and buildings and improvements, Total	$ 17,130
Date of Construction/ Acquisition	2024
Europe Markets | Belgium [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	1
Land	$ 8,953
Building and Improvements	0
Costs capitalized subsequent to acquisition	37,524
Carrying amount of land	8,953
Carrying amount of buildings and improvements	37,524
Carrying amount of land and buildings and improvements, Total	$ 46,477
Date of Construction/ Acquisition	2024
Europe Markets | United Kingdom [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	9
Land	$ 75,016
Building and Improvements	0
Costs capitalized subsequent to acquisition	60,488
Carrying amount of land	75,016
Carrying amount of buildings and improvements	60,488
Carrying amount of land and buildings and improvements, Total	$ 135,504
Europe Markets | Czech Republic | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	1
Land	$ 64
Building and Improvements	0
Costs capitalized subsequent to acquisition	5,574
Carrying amount of land	64
Carrying amount of buildings and improvements	5,574
Carrying amount of land and buildings and improvements, Total	$ 5,638
Date of Construction/ Acquisition	2024
Europe Markets | France [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	1
Land	$ 1,764
Building and Improvements	0
Costs capitalized subsequent to acquisition	14,100
Carrying amount of land	1,764
Carrying amount of buildings and improvements	14,100
Carrying amount of land and buildings and improvements, Total	$ 15,864
Europe Markets | Italy [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	2
Land	$ 15,251
Building and Improvements	0
Costs capitalized subsequent to acquisition	30,603
Carrying amount of land	15,251
Carrying amount of buildings and improvements	30,603
Carrying amount of land and buildings and improvements, Total	$ 45,854
Europe Markets | Netherlands [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	4
Land	$ 31,722
Building and Improvements	0
Costs capitalized subsequent to acquisition	70,875
Carrying amount of land	31,722
Carrying amount of buildings and improvements	70,875
Carrying amount of land and buildings and improvements, Total	$ 102,597
Date of Construction/ Acquisition	2024
Europe Markets | Poland [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	2
Land	$ 7,132
Building and Improvements	0
Costs capitalized subsequent to acquisition	15,042
Carrying amount of land	7,132
Carrying amount of buildings and improvements	15,042
Carrying amount of land and buildings and improvements, Total	$ 22,174
Asia Markets [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	10
Land	$ 52,248
Building and Improvements	0
Costs capitalized subsequent to acquisition	186,066
Carrying amount of land	52,248
Carrying amount of buildings and improvements	186,066
Carrying amount of land and buildings and improvements, Total	$ 238,314
Asia Markets [Member] | Japan [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	8
Land	$ 41,548
Building and Improvements	0
Costs capitalized subsequent to acquisition	185,654
Carrying amount of land	41,548
Carrying amount of buildings and improvements	185,654
Carrying amount of land and buildings and improvements, Total	$ 227,202
Asia Markets [Member] | India [Member] | Development Portfolio
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	2
Land	$ 10,700
Building and Improvements	0
Costs capitalized subsequent to acquisition	412
Carrying amount of land	10,700
Carrying amount of buildings and improvements	412
Carrying amount of land and buildings and improvements, Total	$ 11,112
Operating Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	2,987
Land	$ 22,631,636
Building and Improvements	41,209,919
Costs capitalized subsequent to acquisition	14,437,798
Carrying amount of land	23,438,687
Carrying amount of buildings and improvements	54,840,666
Carrying amount of land and buildings and improvements, Total	78,279,353
Accumulated Depreciation	$ (12,450,545)
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	2,889
Land	$ 21,883,539
Building and Improvements	40,423,081
Costs capitalized subsequent to acquisition	13,629,042
Carrying amount of land	22,666,966
Carrying amount of buildings and improvements	53,268,696
Carrying amount of land and buildings and improvements, Total	75,935,662
Accumulated Depreciation	$ (12,112,808)
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Atlanta [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	179
Land	$ 813,718
Building and Improvements	2,332,278
Costs capitalized subsequent to acquisition	645,540
Carrying amount of land	839,564
Carrying amount of buildings and improvements	2,951,972
Carrying amount of land and buildings and improvements, Total	3,791,536
Accumulated Depreciation	$ (581,128)
Date of Construction/ Acquisition	1994-2023
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Austin [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	10
Land	$ 12,783
Building and Improvements	52,335
Costs capitalized subsequent to acquisition	12,071
Carrying amount of land	12,837
Carrying amount of buildings and improvements	64,352
Carrying amount of land and buildings and improvements, Total	77,189
Accumulated Depreciation	$ (33,469)
Date of Construction/ Acquisition	1994-2015
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Baltimore/Washington D.C. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	100
Land	$ 560,092
Building and Improvements	1,074,578
Costs capitalized subsequent to acquisition	353,379
Carrying amount of land	576,599
Carrying amount of buildings and improvements	1,411,450
Carrying amount of land and buildings and improvements, Total	1,988,049
Accumulated Depreciation	$ (298,387)
Date of Construction/ Acquisition	1995-2023
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Central PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	33
Land	$ 287,499
Building and Improvements	1,003,135
Costs capitalized subsequent to acquisition	198,234
Carrying amount of land	305,262
Carrying amount of buildings and improvements	1,183,606
Carrying amount of land and buildings and improvements, Total	1,488,868
Accumulated Depreciation	$ (313,112)
Date of Construction/ Acquisition	2004-2023
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Central Valley [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	41
Land	$ 262,046
Building and Improvements	555,484
Costs capitalized subsequent to acquisition	1,023,740
Carrying amount of land	283,095
Carrying amount of buildings and improvements	1,558,175
Carrying amount of land and buildings and improvements, Total	1,841,270
Accumulated Depreciation	$ (373,377)
Date of Construction/ Acquisition	1999-2023
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Charlotte [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	46
Land	$ 121,073
Building and Improvements	346,000
Costs capitalized subsequent to acquisition	133,948
Carrying amount of land	135,201
Carrying amount of buildings and improvements	465,820
Carrying amount of land and buildings and improvements, Total	601,021
Accumulated Depreciation	$ (120,019)
Date of Construction/ Acquisition	1994-2023
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Chicago [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	240
Land	$ 1,165,264
Building and Improvements	3,119,959
Costs capitalized subsequent to acquisition	881,151
Carrying amount of land	1,192,776
Carrying amount of buildings and improvements	3,973,598
Carrying amount of land and buildings and improvements, Total	5,166,374
Accumulated Depreciation	$ (1,064,495)
Date of Construction/ Acquisition	1995-2024
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Cincinnati [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	62
Land	$ 158,195
Building and Improvements	848,262
Costs capitalized subsequent to acquisition	183,964
Carrying amount of land	167,258
Carrying amount of buildings and improvements	1,023,163
Carrying amount of land and buildings and improvements, Total	1,190,421
Accumulated Depreciation	$ (170,097)
Date of Construction/ Acquisition	1996-2023
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Columbus [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	34
Land	$ 78,965
Building and Improvements	429,338
Costs capitalized subsequent to acquisition	105,610
Carrying amount of land	82,215
Carrying amount of buildings and improvements	531,698
Carrying amount of land and buildings and improvements, Total	613,913
Accumulated Depreciation	$ (144,677)
Date of Construction/ Acquisition	1996-2022
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Dallas Ft. Worth [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	222
Land	$ 1,031,385
Building and Improvements	2,873,762
Costs capitalized subsequent to acquisition	789,748
Carrying amount of land	1,052,417
Carrying amount of buildings and improvements	3,642,478
Carrying amount of land and buildings and improvements, Total	4,694,895
Accumulated Depreciation	$ (741,755)
Date of Construction/ Acquisition	1994-2024
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Denver [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	35
Land	$ 97,827
Building and Improvements	295,412
Costs capitalized subsequent to acquisition	151,957
Carrying amount of land	97,928
Carrying amount of buildings and improvements	447,268
Carrying amount of land and buildings and improvements, Total	545,196
Accumulated Depreciation	$ (182,500)
Date of Construction/ Acquisition	1993-2022
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Houston [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	197
Land	$ 535,339
Building and Improvements	2,247,572
Costs capitalized subsequent to acquisition	544,218
Carrying amount of land	581,704
Carrying amount of buildings and improvements	2,745,425
Carrying amount of land and buildings and improvements, Total	3,327,129
Accumulated Depreciation	$ (538,599)
Date of Construction/ Acquisition	1993-2024
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Indianapolis [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	45
Land	$ 121,482
Building and Improvements	744,088
Costs capitalized subsequent to acquisition	166,432
Carrying amount of land	132,593
Carrying amount of buildings and improvements	899,409
Carrying amount of land and buildings and improvements, Total	1,032,002
Accumulated Depreciation	$ (138,284)
Date of Construction/ Acquisition	1995-2023
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Las Vegas [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	61
Land	$ 218,529
Building and Improvements	422,687
Costs capitalized subsequent to acquisition	375,940
Carrying amount of land	212,317
Carrying amount of buildings and improvements	804,839
Carrying amount of land and buildings and improvements, Total	1,017,156
Accumulated Depreciation	$ (176,768)
Date of Construction/ Acquisition	1996-2024
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Lehigh Valley [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	67
Land	$ 1,254,531
Building and Improvements	2,279,491
Costs capitalized subsequent to acquisition	548,286
Carrying amount of land	1,333,324
Carrying amount of buildings and improvements	2,748,984
Carrying amount of land and buildings and improvements, Total	4,082,308
Accumulated Depreciation	$ (471,350)
Date of Construction/ Acquisition	2004-2023
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Louisville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	13
Land	$ 51,659
Building and Improvements	203,002
Costs capitalized subsequent to acquisition	99,616
Carrying amount of land	53,911
Carrying amount of buildings and improvements	300,366
Carrying amount of land and buildings and improvements, Total	354,277
Accumulated Depreciation	$ (101,924)
Date of Construction/ Acquisition	2005-2024
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Nashville [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	51
Land	$ 252,598
Building and Improvements	712,194
Costs capitalized subsequent to acquisition	334,403
Carrying amount of land	257,372
Carrying amount of buildings and improvements	1,041,823
Carrying amount of land and buildings and improvements, Total	1,299,195
Accumulated Depreciation	$ (142,301)
Date of Construction/ Acquisition	1995-2024
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | New Jersey/New York City [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	161
Land	$ 2,951,128
Building and Improvements	3,972,239
Costs capitalized subsequent to acquisition	873,256
Carrying amount of land	3,008,971
Carrying amount of buildings and improvements	4,787,652
Carrying amount of land and buildings and improvements, Total	7,796,623
Accumulated Depreciation	$ (1,111,959)
Date of Construction/ Acquisition	1996-2023
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Orlando [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	100
Land	$ 293,548
Building and Improvements	838,595
Costs capitalized subsequent to acquisition	292,951
Carrying amount of land	297,592
Carrying amount of buildings and improvements	1,127,502
Carrying amount of land and buildings and improvements, Total	1,425,094
Accumulated Depreciation	$ (235,964)
Date of Construction/ Acquisition	1994-2023
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Phoenix [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	54
Land	$ 240,591
Building and Improvements	589,464
Costs capitalized subsequent to acquisition	611,395
Carrying amount of land	275,906
Carrying amount of buildings and improvements	1,165,544
Carrying amount of land and buildings and improvements, Total	1,441,450
Accumulated Depreciation	$ (189,145)
Date of Construction/ Acquisition	1992-2024
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Portland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	42
Land	$ 131,886
Building and Improvements	302,981
Costs capitalized subsequent to acquisition	239,338
Carrying amount of land	189,388
Carrying amount of buildings and improvements	484,817
Carrying amount of land and buildings and improvements, Total	674,205
Accumulated Depreciation	$ (110,474)
Date of Construction/ Acquisition	2006-2023
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Raleigh Durham [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	40
Land	$ 125,129
Building and Improvements	469,010
Costs capitalized subsequent to acquisition	50,320
Carrying amount of land	129,869
Carrying amount of buildings and improvements	514,590
Carrying amount of land and buildings and improvements, Total	644,459
Accumulated Depreciation	$ (49,869)
Date of Construction/ Acquisition	2020-2024
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Reno [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	20
Land	$ 45,324
Building and Improvements	142,279
Costs capitalized subsequent to acquisition	251,159
Carrying amount of land	46,578
Carrying amount of buildings and improvements	392,184
Carrying amount of land and buildings and improvements, Total	438,762
Accumulated Depreciation	$ (118,712)
Date of Construction/ Acquisition	1994-2024
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | San Antonio [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	15
Land	$ 22,758
Building and Improvements	81,350
Costs capitalized subsequent to acquisition	44,908
Carrying amount of land	22,981
Carrying amount of buildings and improvements	126,035
Carrying amount of land and buildings and improvements, Total	149,016
Accumulated Depreciation	$ (66,362)
Date of Construction/ Acquisition	1994-2016
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | San Francisco Bay Area [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	240
Land	$ 1,244,103
Building and Improvements	1,736,829
Costs capitalized subsequent to acquisition	911,140
Carrying amount of land	1,254,061
Carrying amount of buildings and improvements	2,638,011
Carrying amount of land and buildings and improvements, Total	3,892,072
Accumulated Depreciation	$ (1,063,924)
Date of Construction/ Acquisition	1993-2024
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Savannah [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	27
Land	$ 225,576
Building and Improvements	522,311
Costs capitalized subsequent to acquisition	43,808
Carrying amount of land	227,478
Carrying amount of buildings and improvements	564,217
Carrying amount of land and buildings and improvements, Total	791,695
Accumulated Depreciation	$ (50,837)
Date of Construction/ Acquisition	2022-2023
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Seattle [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	111
Land	$ 911,333
Building and Improvements	1,429,809
Costs capitalized subsequent to acquisition	506,709
Carrying amount of land	939,750
Carrying amount of buildings and improvements	1,908,101
Carrying amount of land and buildings and improvements, Total	2,847,851
Accumulated Depreciation	$ (437,289)
Date of Construction/ Acquisition	2008-2024
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | South Florida [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	177
Land	$ 1,380,890
Building and Improvements	2,118,394
Costs capitalized subsequent to acquisition	503,532
Carrying amount of land	1,400,314
Carrying amount of buildings and improvements	2,602,502
Carrying amount of land and buildings and improvements, Total	4,002,816
Accumulated Depreciation	$ (509,845)
Date of Construction/ Acquisition	1994-2023
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Southern California [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	440
Land	$ 7,195,931
Building and Improvements	8,435,505
Costs capitalized subsequent to acquisition	2,716,241
Carrying amount of land	7,458,614
Carrying amount of buildings and improvements	10,889,063
Carrying amount of land and buildings and improvements, Total	18,347,677
Accumulated Depreciation	$ (2,541,272)
Date of Construction/ Acquisition	2005-2024
Operating Properties [Member] | United States: Markets [Member] | U.S. [Member] | Tampa [Member
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	26
Land	$ 92,357
Building and Improvements	244,738
Costs capitalized subsequent to acquisition	36,048
Carrying amount of land	99,091
Carrying amount of buildings and improvements	274,052
Carrying amount of land and buildings and improvements, Total	373,143
Accumulated Depreciation	$ (34,914)
Date of Construction/ Acquisition	2020-2022
Operating Properties [Member] | Other Americas Markets [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	44
Land	$ 344,523
Building and Improvements	569,857
Costs capitalized subsequent to acquisition	355,953
Carrying amount of land	357,412
Carrying amount of buildings and improvements	912,921
Carrying amount of land and buildings and improvements, Total	1,270,333
Accumulated Depreciation	$ (198,156)
Operating Properties [Member] | Other Americas Markets [Member] | Canada [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	37
Land	$ 342,100
Building and Improvements	522,680
Costs capitalized subsequent to acquisition	337,621
Carrying amount of land	353,899
Carrying amount of buildings and improvements	848,502
Carrying amount of land and buildings and improvements, Total	1,202,401
Accumulated Depreciation	$ (192,320)
Date of Construction/ Acquisition	2008-2024
Operating Properties [Member] | Other Americas Markets [Member] | Mexico [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	2
Land	$ 2,423
Building and Improvements	2,287
Costs capitalized subsequent to acquisition	18,132
Carrying amount of land	3,513
Carrying amount of buildings and improvements	19,329
Carrying amount of land and buildings and improvements, Total	22,842
Accumulated Depreciation	$ (2,187)
Date of Construction/ Acquisition	2011-2023
Operating Properties [Member] | Other Americas Markets [Member] | Brazil [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	5
Land	$ 0
Building and Improvements	44,890
Costs capitalized subsequent to acquisition	200
Carrying amount of land	0
Carrying amount of buildings and improvements	45,090
Carrying amount of land and buildings and improvements, Total	45,090
Accumulated Depreciation	$ (3,649)
Date of Construction/ Acquisition	2022
Operating Properties [Member] | Europe Markets
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	41
Land	$ 373,594
Building and Improvements	73,584
Costs capitalized subsequent to acquisition	327,967
Carrying amount of land	385,443
Carrying amount of buildings and improvements	389,702
Carrying amount of land and buildings and improvements, Total	775,145
Accumulated Depreciation	$ (42,933)
Operating Properties [Member] | Europe Markets | Germany [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	3
Land	$ 35,108
Building and Improvements	6,885
Costs capitalized subsequent to acquisition	1,437
Carrying amount of land	35,108
Carrying amount of buildings and improvements	8,322
Carrying amount of land and buildings and improvements, Total	43,430
Accumulated Depreciation	$ (7,215)
Date of Construction/ Acquisition	2011-2022
Operating Properties [Member] | Europe Markets | Slovakia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	2
Land	$ 2,850
Building and Improvements	0
Costs capitalized subsequent to acquisition	11,289
Carrying amount of land	2,096
Carrying amount of buildings and improvements	12,043
Carrying amount of land and buildings and improvements, Total	14,139
Accumulated Depreciation	$ (981)
Date of Construction/ Acquisition	2021
Operating Properties [Member] | Europe Markets | Belgium [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	3
Land	$ 15,595
Building and Improvements	4,651
Costs capitalized subsequent to acquisition	19
Carrying amount of land	15,595
Carrying amount of buildings and improvements	4,670
Carrying amount of land and buildings and improvements, Total	20,265
Accumulated Depreciation	$ (801)
Date of Construction/ Acquisition	2022
Operating Properties [Member] | Europe Markets | Hungary [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	3
Land	$ 7,357
Building and Improvements	0
Costs capitalized subsequent to acquisition	26,760
Carrying amount of land	7,357
Carrying amount of buildings and improvements	26,760
Carrying amount of land and buildings and improvements, Total	34,117
Accumulated Depreciation	$ (903)
Date of Construction/ Acquisition	2022-2023
Operating Properties [Member] | Europe Markets | Spain [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	6
Land	$ 16,469
Building and Improvements	33,608
Costs capitalized subsequent to acquisition	39,989
Carrying amount of land	15,697
Carrying amount of buildings and improvements	74,369
Carrying amount of land and buildings and improvements, Total	90,066
Accumulated Depreciation	$ (21,639)
Date of Construction/ Acquisition	2011-2023
Operating Properties [Member] | Europe Markets | United Kingdom [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	15
Land	$ 251,702
Building and Improvements	25,004
Costs capitalized subsequent to acquisition	124,807
Carrying amount of land	266,381
Carrying amount of buildings and improvements	135,132
Carrying amount of land and buildings and improvements, Total	401,513
Accumulated Depreciation	$ (7,029)
Date of Construction/ Acquisition	2019-2024
Operating Properties [Member] | Europe Markets | Czech Republic
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	1
Land	$ 3,264
Building and Improvements	0
Costs capitalized subsequent to acquisition	19,946
Carrying amount of land	3,264
Carrying amount of buildings and improvements	19,946
Carrying amount of land and buildings and improvements, Total	23,210
Accumulated Depreciation	$ (453)
Date of Construction/ Acquisition	2023
Operating Properties [Member] | Europe Markets | France [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	2
Land	$ 5,187
Building and Improvements	0
Costs capitalized subsequent to acquisition	52,179
Carrying amount of land	4,454
Carrying amount of buildings and improvements	52,912
Carrying amount of land and buildings and improvements, Total	57,366
Accumulated Depreciation	$ (1,595)
Date of Construction/ Acquisition	2023
Operating Properties [Member] | Europe Markets | Italy [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	1
Land	$ 3,468
Building and Improvements	0
Costs capitalized subsequent to acquisition	8,395
Carrying amount of land	3,474
Carrying amount of buildings and improvements	8,389
Carrying amount of land and buildings and improvements, Total	11,863
Accumulated Depreciation	$ (385)
Date of Construction/ Acquisition	2023
Operating Properties [Member] | Europe Markets | Netherlands [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	3
Land	$ 22,641
Building and Improvements	3,436
Costs capitalized subsequent to acquisition	230
Carrying amount of land	22,641
Carrying amount of buildings and improvements	3,666
Carrying amount of land and buildings and improvements, Total	26,307
Accumulated Depreciation	$ (1,081)
Date of Construction/ Acquisition	2023
Operating Properties [Member] | Europe Markets | Poland [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	1
Land	$ 7,515
Building and Improvements	0
Costs capitalized subsequent to acquisition	30,163
Carrying amount of land	6,938
Carrying amount of buildings and improvements	30,740
Carrying amount of land and buildings and improvements, Total	37,678
Accumulated Depreciation	$ (546)
Date of Construction/ Acquisition	2023
Operating Properties [Member] | Europe Markets | Sweden [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	1
Land	$ 2,438
Building and Improvements	0
Costs capitalized subsequent to acquisition	12,753
Carrying amount of land	2,438
Carrying amount of buildings and improvements	12,753
Carrying amount of land and buildings and improvements, Total	15,191
Accumulated Depreciation	$ (305)
Date of Construction/ Acquisition	2023
Operating Properties [Member] | Asia Markets [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	13
Land	$ 29,980
Building and Improvements	143,397
Costs capitalized subsequent to acquisition	124,836
Carrying amount of land	28,866
Carrying amount of buildings and improvements	269,347
Carrying amount of land and buildings and improvements, Total	298,213
Accumulated Depreciation	$ (96,648)
Operating Properties [Member] | Asia Markets [Member] | Japan [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	8
Land	$ 29,980
Building and Improvements	8,091
Costs capitalized subsequent to acquisition	119,260
Carrying amount of land	28,866
Carrying amount of buildings and improvements	128,465
Carrying amount of land and buildings and improvements, Total	157,331
Accumulated Depreciation	$ (10,303)
Date of Construction/ Acquisition	2019-2024
Operating Properties [Member] | Asia Markets [Member] | Singapore [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of buildings | Property	5
Land	$ 0
Building and Improvements	135,306
Costs capitalized subsequent to acquisition	5,576
Carrying amount of land	0
Carrying amount of buildings and improvements	140,882
Carrying amount of land and buildings and improvements, Total	140,882
Accumulated Depreciation	$ (86,345)
Date of Construction/ Acquisition	2011

Real Estate and Accumulated D_3

Real Estate and Accumulated Depreciation (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Total operating properties and development portfolio per Schedule III	$ 81,108,966	$ 79,802,952	$ 73,250,949
Land	4,453,522
Other real estate investments (i)	5,683,688
Total per Consolidated Balance Sheets	91,246,176	88,666,575
Aggregate cost for Federal tax purposes	68,000,000
Total accumulated depreciation per Schedule III	12,450,545	10,654,290	8,815,724
Accumulated depreciation on other real estate investments	307,614
Total per Consolidated Balance Sheets	12,758,159	10,931,485
Cost of operating properties excluding land	687,400
Mortgage notes	270,700
Assessment bonds	7,600
Assessment bonds, aggregate undepreciated cost	507,500
Real estate assets:
Balance at beginning of year	79,802,952	73,250,949	47,183,100
Acquisitions of and improvements to operating properties, development activity and net effect of changes in foreign exchange rates and other	5,627,171	7,138,283	25,281,173
Basis of operating properties disposed of	(2,481,169)	(404,914)	(445,558)
Change in the development portfolio balance, including the acquisition of properties	(1,537,842)	155,301	1,482,814
Assets transferred to held for sale and contribution	(302,146)	(336,667)	(250,580)
Balance at end year	81,108,966	79,802,952	73,250,949
Accumulated depreciation:
Balance at beginning of year	10,654,290	8,815,724	7,451,382
Depreciation expense	1,925,386	1,837,145	1,357,180
Balances retired upon disposition of operating properties and net effect of changes in foreign exchange rates and other	(120,513)	7,697	9,090
Assets transferred to held for sale and contribution	(8,618)	(6,276)	(1,928)
Balance at end of year	$ 12,450,545	$ 10,654,290	$ 8,815,724
Standard Tenant Improvements [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful lives for real estate assets	10 years
Properties Developed [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful lives for real estate assets	40 years
Minimum [Member] | Capital Improvements [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful lives for real estate assets	5 years
Minimum [Member] | Land improvements on developed buildings [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful lives for real estate assets	15 years
Minimum [Member] | Acquired Industrial Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful lives for real estate assets	25 years
Maximum [Member] | Capital Improvements [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful lives for real estate assets	7 years
Maximum [Member] | Land improvements on developed buildings [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful lives for real estate assets	25 years
Maximum [Member] | Acquired Industrial Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful lives for real estate assets	40 years