Prologis 10-Q 27 Oct 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 25, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Registrant Name	Prologis, Inc.
Entity Central Index Key	0001045609
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		923,971,000
Entity Shell Company	false
Entity File Number	001-13545
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 Quarterly Report	true
Document Transition Report	false
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-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Registrant Name	Prologis, L.P.
Entity Central Index Key	0001045610
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-14245
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 Quarterly Report	true
Document Transition Report	false
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

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Investments in real estate properties	$ 87,021,585	$ 81,623,396
Less accumulated depreciation	10,439,374	9,036,085
Net investments in real estate properties	76,582,211	72,587,311
Investments in and advances to unconsolidated entities	9,091,824	9,698,898
Assets held for sale or contribution	797,758	531,257
Net investments in real estate	86,471,793	82,817,466
Cash and cash equivalents	740,841	278,483
Other assets	4,736,775	4,801,499
Total assets	91,949,409	87,897,448
Liabilities:
Debt	27,578,197	23,875,961
Accounts payable and accrued expenses	1,721,108	1,711,885
Other liabilities	4,389,242	4,446,509
Total liabilities	33,688,547	30,034,355
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 September 30, 2023 and December 31, 2022	63,948	63,948
Common stock; $0.01 par value; __ shares and 923,142 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	9,240	9,231
Additional paid-in capital	54,197,865	54,065,407
Accumulated other comprehensive loss	(185,783)	(443,609)
Distributions in excess of net earnings	(449,439)	(457,695)
Total Prologis, Inc. stockholders’ equity	53,635,831	53,237,282
Noncontrolling interests	4,625,031	4,625,811
Total equity	58,260,862	57,863,093
Total liabilities and equity	91,949,409	87,897,448
Prologis, L.P. [Member]
ASSETS
Investments in real estate properties	87,021,585	81,623,396
Less accumulated depreciation	10,439,374	9,036,085
Net investments in real estate properties	76,582,211	72,587,311
Investments in and advances to unconsolidated entities	9,091,824	9,698,898
Assets held for sale or contribution	797,758	531,257
Net investments in real estate	86,471,793	82,817,466
Cash and cash equivalents	740,841	278,483
Other assets	4,736,775	4,801,499
Total assets	91,949,409	87,897,448
Liabilities:
Debt	27,578,197	23,875,961
Accounts payable and accrued expenses	1,721,108	1,711,885
Other liabilities	4,389,242	4,446,509
Total liabilities	33,688,547	30,034,355
Prologis, Inc. stockholders’ equity:
Noncontrolling interests	3,298,296	3,317,767
Total capital	58,260,862	57,863,093
Total liabilities and equity	91,949,409	87,897,448
Partners’ capital:
Total partners’ capital	54,962,566	54,545,326
Prologis, L.P. [Member] | Preferred [Member]
Partners’ capital:
General partner	63,948	63,948
Prologis, L.P. [Member] | Common [Member]
Partners’ capital:
General partner	53,571,883	53,173,334
Limited partners	854,388	843,263
Prologis, L.P. [Member] | Class A Common [Member]
Partners’ capital:
Limited partners	$ 472,347	$ 464,781

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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	100,000,000	100,000,000
Preferred stock, shares issued	1,279,000	1,279,000
Preferred stock, shares outstanding	1,279,000	1,279,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	923,974,000	923,142,000
Common stock, shares outstanding	923,974,000	923,142,000

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Rental		$ 1,777,359	$ 1,151,846	$ 5,062,583	$ 3,322,159
Strategic capital		136,848	594,752	1,070,584	884,916
Development management and other		457	4,294	1,055	15,025
Total revenues		1,914,664	1,750,892	6,134,222	4,222,100
Expenses:
Rental		416,076	284,707	1,216,568	830,846
Strategic capital		84,069	130,555	306,684	239,418
General and administrative		96,673	87,903	292,097	245,663
Depreciation and amortization		642,010	401,450	1,846,545	1,200,410
Other		12,342	7,004	31,686	28,214
Total expenses		1,251,170	911,619	3,693,580	2,544,551
Operating income before gains on real estate transactions, net		663,494	839,273	2,440,642	1,677,549
Gains on dispositions of development properties and land, net		89,030	74,678	273,907	390,686
Gains on other dispositions of investments in real estate, net	[1]	129,584	1,019	158,392	585,854
Operating income		882,108	914,970	2,872,941	2,654,089
Other income (expense):
Earnings from unconsolidated entities, net		71,365	84,925	217,786	241,481
Interest expense		(181,053)	(63,884)	(466,882)	(188,241)
Foreign currency and derivative gains and other income, net		67,964	171,832	102,682	364,623
Gains (losses) on early extinguishment of debt, net		0	0	3,275	(18,895)
Total other income (expense)		(41,724)	192,873	(143,139)	398,968
Earnings before income taxes		840,384	1,107,843	2,729,802	3,053,057
Income tax expense		(41,243)	(38,669)	(152,541)	(117,725)
Consolidated net earnings		799,141	1,069,174	2,577,261	2,935,332
Less net earnings attributable to noncontrolling interests		51,514	53,710	148,983	157,690
Net earnings attributable to controlling interests		747,627	1,015,464	2,428,278	2,777,642
Less preferred stock/unit dividends/distributions		1,453	1,531	4,381	4,600
Net earnings attributable to common stockholders/unitholders		$ 746,174	$ 1,013,933	$ 2,423,897	$ 2,773,042
Weighted average common shares/units outstanding - Basic		924,395	740,719	924,228	740,585
Weighted average common shares/units outstanding - Diluted	[2]	951,908	766,372	951,643	766,019
Net earnings per share/unit attributable to common stockholders/unitholders - Basic		$ 0.81	$ 1.37	$ 2.62	$ 3.74
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted		$ 0.8	$ 1.36	$ 2.61	$ 3.72
Prologis, L.P. [Member]
Revenues:
Rental		$ 1,777,359	$ 1,151,846	$ 5,062,583	$ 3,322,159
Strategic capital		136,848	594,752	1,070,584	884,916
Development management and other		457	4,294	1,055	15,025
Total revenues		1,914,664	1,750,892	6,134,222	4,222,100
Expenses:
Rental		416,076	284,707	1,216,568	830,846
Strategic capital		84,069	130,555	306,684	239,418
General and administrative		96,673	87,903	292,097	245,663
Depreciation and amortization		642,010	401,450	1,846,545	1,200,410
Other		12,342	7,004	31,686	28,214
Total expenses		1,251,170	911,619	3,693,580	2,544,551
Operating income before gains on real estate transactions, net		663,494	839,273	2,440,642	1,677,549
Gains on dispositions of development properties and land, net		89,030	74,678	273,907	390,686
Gains on other dispositions of investments in real estate, net		129,584	1,019	158,392	585,854
Operating income		882,108	914,970	2,872,941	2,654,089
Other income (expense):
Earnings from unconsolidated entities, net		71,365	84,925	217,786	241,481
Interest expense		(181,053)	(63,884)	(466,882)	(188,241)
Foreign currency and derivative gains and other income, net		67,964	171,832	102,682	364,623
Gains (losses) on early extinguishment of debt, net		0	0	3,275	(18,895)
Total other income (expense)		(41,724)	192,873	(143,139)	398,968
Earnings before income taxes		840,384	1,107,843	2,729,802	3,053,057
Income tax expense		(41,243)	(38,669)	(152,541)	(117,725)
Consolidated net earnings		799,141	1,069,174	2,577,261	2,935,332
Less net earnings attributable to noncontrolling interests		32,613	24,979	87,833	79,257
Net earnings attributable to controlling interests		766,528	1,044,195	2,489,428	2,856,075
Less preferred stock/unit dividends/distributions		1,453	1,531	4,381	4,600
Net earnings attributable to common stockholders/unitholders		$ 765,075	$ 1,042,664	$ 2,485,047	$ 2,851,475
Weighted average common shares/units outstanding - Basic		939,602	753,616	939,448	753,515
Weighted average common shares/units outstanding - Diluted	[2]	951,908	766,372	951,643	766,019
Net earnings per share/unit attributable to common stockholders/unitholders - Basic		$ 0.81	$ 1.37	$ 2.62	$ 3.74
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted		$ 0.8	$ 1.36	$ 2.61	$ 3.72
[1] During the nine months ended September 30, 2023 , we sold our ownership interest in an unconsolidated office joint venture. Our total weighted average potentially dilutive shares and units outstanding consisted of the following:

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Consolidated net earnings	$ 799,141	$ 1,069,174	$ 2,577,261	$ 2,935,332
Other comprehensive income:
Foreign currency translation gains, net	146,281	239,062	284,229	761,102
Unrealized gains on derivative contracts, net	3,702	24,902	(19,998)	67,230
Comprehensive income	949,124	1,333,138	2,841,492	3,763,664
Net earnings attributable to noncontrolling interests	(51,514)	(53,710)	(148,983)	(157,690)
Other comprehensive loss (income) attributable to noncontrolling interests	(3,396)	(6,829)	(6,405)	(21,705)
Comprehensive income attributable to common stockholders	894,214	1,272,599	2,686,104	3,584,269
Prologis, L.P. [Member]
Consolidated net earnings	799,141	1,069,174	2,577,261	2,935,332
Other comprehensive income:
Foreign currency translation gains, net	146,281	239,062	284,229	761,102
Unrealized gains on derivative contracts, net	3,702	24,902	(19,998)	67,230
Comprehensive income	949,124	1,333,138	2,841,492	3,763,664
Net earnings attributable to noncontrolling interests	(32,613)	(24,979)	(87,833)	(79,257)
Other comprehensive loss (income) attributable to noncontrolling interests	260	470	(20)	955
Comprehensive income attributable to common stockholders	$ 916,771	$ 1,308,629	$ 2,753,639	$ 3,685,362

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Distributions in Excess of Net Earnings [Member]	Noncontrolling Interests [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	2,935,332					2,777,642	157,690
Effect of equity compensation plans	123,770		$ 4	36,613			87,153
Effect of equity compensation plans, shares			349
Capital contributions	11,921						11,921
Redemption of noncontrolling interests	(52,505)		$ 2	10,929			(63,436)
Redemption of noncontrolling interests, shares			235
Foreign currency translation gains, net	761,102				741,234		19,868
Unrealized gains on derivative contracts, net	67,230				65,393		1,837
Reallocation of equity				(2,821)			2,821
Dividends and other distributions	(1,982,739)			(10)		(1,762,759)	(219,970)
Balance at Sep. 30, 2022	39,606,321	63,948	$ 7,404	35,606,319	(71,626)	(312,945)	4,313,221
Balance, shares at Sep. 30, 2022			740,411
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
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		923,142
Balance at Jun. 30, 2022	$ 38,873,938	63,948	$ 7,404	35,573,940	(328,761)	(740,764)	4,298,171
Balance, shares at Jun. 30, 2022			740,360
Consolidated net earnings	1,069,174					1,015,464	53,710
Effect of equity compensation plans	42,250			15,496			26,754
Effect of equity compensation plans, shares			23
Capital contributions	838						838
Redemption of noncontrolling interests	(2,517)			1,357			(3,874)
Redemption of noncontrolling interests, shares			28
Foreign currency translation gains, net	239,062				232,919		6,143
Unrealized gains on derivative contracts, net	24,902				24,216		686
Reallocation of equity				15,526			(15,526)
Dividends and other distributions	(641,326)					(587,645)	(53,681)
Balance at Sep. 30, 2022	39,606,321	63,948	$ 7,404	35,606,319	(71,626)	(312,945)	4,313,221
Balance, shares at Sep. 30, 2022			740,411
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		923,142
Consolidated net earnings	$ 2,577,261					2,428,278	148,983
Effect of equity compensation plans	222,356		$ 4	70,176			152,176
Effect of equity compensation plans, shares			330
Capital contributions	1,760						1,760
Redemption of noncontrolling interests	(69,759)		$ 5	29,004			(98,768)
Redemption of noncontrolling interests, shares			502
Foreign currency translation gains, net	284,229				277,341		6,888
Unrealized gains on derivative contracts, net	(19,998)				(19,515)		(483)
Reallocation of equity				33,281			(33,281)
Dividends and other distributions	(2,598,080)			(3)		(2,420,022)	(178,055)
Balance at Sep. 30, 2023	$ 58,260,862	63,948	$ 9,240	54,197,865	(185,783)	(449,439)	4,625,031
Balance, shares at Sep. 30, 2023	923,974		923,974
Balance at Jun. 30, 2023	$ 58,077,824	63,948	$ 9,239	54,115,592	(332,370)	(390,779)	4,612,194
Balance, shares at Jun. 30, 2023			923,861
Consolidated net earnings	799,141					747,627	51,514
Effect of equity compensation plans	103,371			35,021			68,350
Effect of equity compensation plans, shares			6
Capital contributions	62						62
Redemption of noncontrolling interests	(3,290)		$ 1	6,206			(9,497)
Redemption of noncontrolling interests, shares			107
Foreign currency translation gains, net	146,281				142,969		3,312
Unrealized gains on derivative contracts, net	3,702				3,618		84
Reallocation of equity				41,046			(41,046)
Dividends and other distributions	(866,229)					(806,287)	(59,942)
Balance at Sep. 30, 2023	$ 58,260,862	$ 63,948	$ 9,240	$ 54,197,865	$ (185,783)	$ (449,439)	$ 4,625,031
Balance, shares at Sep. 30, 2023	923,974		923,974

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends per common share	$ 0.87	$ 0.79	$ 2.61	$ 2.37

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Consolidated net earnings		$ 2,577,261	$ 2,935,332
Adjustments to reconcile net earnings to net cash provided by operating activities:
Straight-lined rents and amortization of above and below market leases		(466,686)	(107,565)
Equity-based compensation awards		210,022	140,022
Depreciation and amortization		1,846,545	1,200,410
Earnings from unconsolidated entities, net		(217,786)	(241,481)
Operating distributions from unconsolidated entities		536,104	316,299
Increase in operating receivables from unconsolidated entities		(98,227)	(480,588)
Amortization of debt discounts and debt issuance costs, net		55,526	6,875
Gains on dispositions of development properties and land, net		(273,907)	(390,686)
Gains on other dispositions of investments in real estate, net	[1]	(158,392)	(585,854)
Unrealized foreign currency and derivative gains, net		(22,006)	(239,645)
Losses (gains) on early extinguishment of debt, net		(3,275)	18,895
Deferred income tax expense		9,836	23,714
Decrease in other assets		66,281	143,333
Increase in accounts payable and accrued expenses and other liabilities		237,340	109,752
Net cash provided by operating activities		4,298,636	2,848,813
Investing activities:
Real estate development		(2,507,664)	(2,231,821)
Real estate acquisitions		(3,648,920)	(2,232,354)
Duke Transaction, net of cash acquired		(28,111)	0
Tenant improvements and lease commissions on previously leased space		(271,011)	(262,177)
Property improvements		(156,520)	(117,563)
Proceeds from dispositions and contributions of real estate		1,310,442	1,721,993
Investments in and advances to unconsolidated entities		(246,135)	(192,335)
Return of investment from unconsolidated entities		304,901	58,528
Proceeds from the settlement of net investment hedges		31,045	45,033
Payments on the settlement of net investment hedges		(161)	(771)
Net cash used in investing activities		(5,212,134)	(3,211,467)
Financing activities:
Dividends/distributions paid on common and preferred stock/units		(2,420,022)	(1,762,759)
Noncontrolling interests contributions		1,760	11,921
Noncontrolling interests distributions		(178,055)	(219,970)
Settlement of noncontrolling interests		(69,759)	(52,505)
Tax paid with shares withheld		(19,814)	(25,427)
Debt and equity issuance costs paid		(58,320)	(31,912)
Net proceeds from (payments on) credit facilities		(1,328,136)	60,357
Repurchase of and payments on debt		(270,344)	(886,746)
Proceeds from the issuance of debt		5,746,977	3,394,353
Net cash provided by financing activities		1,404,287	487,312
Effect of foreign currency exchange rate changes on cash		(28,431)	(44,493)
Net increase in cash and cash equivalents		462,358	80,165
Cash and cash equivalents, beginning of period		278,483	556,117
Cash and cash equivalents, end of period		740,841	636,282
Prologis, L.P. [Member]
Operating activities:
Consolidated net earnings		2,577,261	2,935,332
Adjustments to reconcile net earnings to net cash provided by operating activities:
Straight-lined rents and amortization of above and below market leases		(466,686)	(107,565)
Equity-based compensation awards		210,022	140,022
Depreciation and amortization		1,846,545	1,200,410
Earnings from unconsolidated entities, net		(217,786)	(241,481)
Operating distributions from unconsolidated entities		536,104	316,299
Increase in operating receivables from unconsolidated entities		(98,227)	(480,588)
Amortization of debt discounts and debt issuance costs, net		55,526	6,875
Gains on dispositions of development properties and land, net		(273,907)	(390,686)
Gains on other dispositions of investments in real estate, net		(158,392)	(585,854)
Unrealized foreign currency and derivative gains, net		(22,006)	(239,645)
Losses (gains) on early extinguishment of debt, net		(3,275)	18,895
Deferred income tax expense		9,836	23,714
Decrease in other assets		66,281	143,333
Increase in accounts payable and accrued expenses and other liabilities		237,340	109,752
Net cash provided by operating activities		4,298,636	2,848,813
Investing activities:
Real estate development		(2,507,664)	(2,231,821)
Real estate acquisitions		(3,648,920)	(2,232,354)
Duke Transaction, net of cash acquired		(28,111)	0
Tenant improvements and lease commissions on previously leased space		(271,011)	(262,177)
Property improvements		(156,520)	(117,563)
Proceeds from dispositions and contributions of real estate		1,310,442	1,721,993
Investments in and advances to unconsolidated entities		(246,135)	(192,335)
Return of investment from unconsolidated entities		304,901	58,528
Proceeds from the settlement of net investment hedges		31,045	45,033
Payments on the settlement of net investment hedges		(161)	(771)
Net cash used in investing activities		(5,212,134)	(3,211,467)
Financing activities:
Dividends/distributions paid on common and preferred stock/units		(2,488,993)	(1,818,509)
Noncontrolling interests contributions		1,760	11,921
Noncontrolling interests distributions		(109,084)	(164,220)
Redemption of common limited partnership units		(69,759)	(52,505)
Tax paid with shares withheld		(19,814)	(25,427)
Debt and equity issuance costs paid		(58,320)	(31,912)
Net proceeds from (payments on) credit facilities		(1,328,136)	60,357
Repurchase of and payments on debt		(270,344)	(886,746)
Proceeds from the issuance of debt		5,746,977	3,394,353
Net cash provided by financing activities		1,404,287	487,312
Effect of foreign currency exchange rate changes on cash		(28,431)	(44,493)
Net increase in cash and cash equivalents		462,358	80,165
Cash and cash equivalents, beginning of period		278,483	556,117
Cash and cash equivalents, end of period		$ 740,841	$ 636,282
[1] During the nine months ended September 30, 2023 , we sold our ownership interest in an unconsolidated office joint venture.

Consolidated Statements of Capi

Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Consolidated net earnings	$ 799,141	$ 1,069,174	$ 2,577,261	$ 2,935,332
Effect of equity compensation plans	103,371	42,250	222,356	123,770
Capital contributions	62	838	1,760	11,921
Unrealized gains on derivative contracts, net	3,702	24,902	(19,998)	67,230
Noncontrolling Interests [Member]
Consolidated net earnings	51,514	53,710	148,983	157,690
Effect of equity compensation plans	68,350	26,754	152,176	87,153
Capital contributions	62	838	1,760	11,921
Unrealized gains on derivative contracts, net	84	686	(483)	1,837
Reallocation of capital	(41,046)	(15,526)	$ (33,281)	2,821
Class A Common [Member]
Beginning balance, Units			8,600
Ending balance, Units					8,600
Prologis, L.P. [Member]
Beginning balance	58,077,824	38,873,938	$ 57,863,093	37,742,210	$ 37,742,210
Consolidated net earnings	799,141	1,069,174	2,577,261	2,935,332
Effect of equity compensation plans	103,371	42,250	222,356	123,770
Capital contributions	62	838	1,760	11,921
Redemption of limited partners units	(3,290)	(2,517)	(69,759)	(52,505)
Foreign currency translation gains (losses), net	146,281	239,062	284,229	761,102
Unrealized gains on derivative contracts, net	3,702	24,902	(19,998)	67,230
Distributions and other	(866,229)	(641,326)	(2,598,080)	(1,982,739)
Ending balance	58,260,862	39,606,321	58,260,862	39,606,321	57,863,093
Prologis, L.P. [Member] | Noncontrolling Interests [Member]
Beginning balance	3,302,401	3,333,421	3,317,767	3,397,538	3,397,538
Consolidated net earnings	32,613	24,979	87,833	79,257
Capital contributions	62	838	1,760	11,921
Foreign currency translation gains (losses), net	(260)	(470)	20	(955)
Distributions and other	(36,520)	(35,227)	(109,084)	(164,220)
Ending balance	3,298,296	3,323,541	3,298,296	3,323,541	3,317,767
Prologis, L.P. [Member] | Preferred [Member] | General Partner
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
Beginning balance	$ 53,401,682	$ 34,511,819	$ 53,173,334	$ 33,362,925	$ 33,362,925
Beginning balance, Units	923,861	740,360	923,142	739,827	739,827
Consolidated net earnings	$ 747,627	$ 1,015,464	$ 2,428,278	$ 2,777,642
Effect of equity compensation plans	$ 35,021	$ 15,496	$ 70,180	$ 36,617
Effect of equity compensation plans, units	6	23	330	349
Redemption of limited partners units	$ (6,207)	$ 29,009	$ 1,357	$ 10,931
Redemption of limited partners units, units	(107)	28	502	235
Foreign currency translation gains (losses), net	$ 142,969	$ 232,919	$ 277,341	$ 741,234
Unrealized gains on derivative contracts, net	3,618	24,216	(19,515)	65,393
Reallocation of capital	41,046	15,526	33,281	(2,821)
Distributions and other	(806,287)	(587,645)	(2,420,025)	(1,762,769)
Ending balance	$ 53,571,883	$ 35,229,152	$ 53,571,883	$ 35,229,152	$ 53,173,334
Ending balance, Units	923,974	740,411	923,974	740,411	923,142
Prologis, L.P. [Member] | Common [Member] | Limited Partners [Member]
Beginning balance	$ 840,369	$ 590,224	$ 843,263	$ 557,097	$ 557,097
Beginning balance, Units	14,538	12,662	14,640	12,354	12,354
Consolidated net earnings	$ 12,344	$ 17,736	$ 39,919	$ 48,415
Effect of equity compensation plans	$ 68,350	$ 26,754	$ 152,176	$ 87,153
Effect of equity compensation plans, units	331	131	1,174	969
Redemption of limited partners units	$ (9,497)	$ (3,874)	$ (98,768)	$ (63,436)
Redemption of limited partners units, units	(134)	(45)	(1,079)	(575)
Foreign currency translation gains (losses), net	$ 2,307	$ 4,069	$ 4,422	$ 12,763
Unrealized gains on derivative contracts, net	53	422	(311)	1,126
Reallocation of capital	(41,675)	(15,878)	(34,018)	2,514
Distributions and other	(17,863)	(12,896)	(52,295)	(39,075)
Ending balance	$ 854,388	$ 606,557	$ 854,388	$ 606,557	$ 843,263
Ending balance, Units	14,735	12,748	14,735	12,748	14,640
Prologis, L.P. [Member] | Class A Common [Member] | Limited Partners [Member]
Beginning balance	$ 469,424	$ 374,526	$ 464,781	$ 360,702	$ 360,702
Beginning balance, Units	8,595	8,595	8,595	8,595	8,595
Consolidated net earnings	$ 6,557	$ 10,995	$ 21,231	$ 30,018
Foreign currency translation gains (losses), net	1,265	2,544	2,446	8,060
Unrealized gains on derivative contracts, net	31	264	(172)	711
Reallocation of capital	629	352	737	307
Distributions and other	(5,559)	(5,558)	(16,676)	(16,675)
Ending balance	$ 472,347	$ 383,123	$ 472,347	$ 383,123	$ 464,781
Ending balance, Units	8,595	8,595	8,595	8,595	8,595

Consolidated Statements of Ca_2

Consolidated Statements of Capital (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Partners' Capital [Abstract]
Distributions per common unit	$ 0.87	$ 0.79	$ 2.61	$ 2.37

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 747,627	$ 1,015,464	$ 2,428,278	$ 2,777,642

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2023
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

General

General	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
General	NOTE 1. GENERAL 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 19 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 operating business 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 11 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 September 30, 2023, the Parent owned a 97.58 % common general partnership interest in the OP and substantially all of the preferred units in the OP. The remaining 2.42 % 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. 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. The accompanying unaudited interim financial information has been prepared according to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. Our management believes that the disclosures presented in these financial statements are adequate to make the information presented not misleading. In our opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for both the Parent and the OP for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited interim financial information should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022 , as filed with the SEC, and other public information.

Duke Transaction

Duke Transaction	9 Months Ended
	Sep. 30, 2023
Business Combinations [Abstract]
Duke Transaction	NOTE 2. DUKE 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 industrial operating 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 within Investments in Real Estate Properties 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 October 3, 2022.

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Real Estate	NOTE 3. REAL ESTATE Investments in real estate properties consisted of the following (dollars and square feet in thousands): Square Feet Number of Buildings Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, 2023 2022 2023 2022 2023 2022 Operating properties: Buildings and improvements 620,413 597,362 2,933 2,825 $ 51,476,222 $ 48,650,334 Improved land 22,390,537 20,388,461 Development portfolio, including Prestabilized 12,738 4,874 40 15 1,718,732 597,553 Properties under development 25,042 44,011 70 121 2,701,514 3,614,601 Land (1) 3,730,346 3,338,121 Other real estate investments (2) 5,004,234 5,034,326 Total investments in real estate 87,021,585 81,623,396 Less accumulated depreciation 10,439,374 9,036,085 Net investments in real estate $ 76,582,211 $ 72,587,311 (1) At September 30, 2023 and December 31, 2022 , our land was comprised of 8,094 and 7,188 acres, respectively. (2) Included in other real estate investments were: (i) land parcels we own and lease to third parties; (ii) non-strategic real estate assets, primarily acquired from the Duke Transaction, that we do not intend to operate long term; (iii) non-industrial real estate assets that we intend to redevelop into industrial properties; and (iv) costs associated with potential acquisitions and future development projects, including purchase options on land. Acquisitions The following table summarizes our real estate acquisition activity (dollars and square feet in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 (1) 2022 Number of operating properties - 9 76 22 Square feet - 1,952 14,941 3,746 Acres of land 890 590 1,128 1,796 Acquisition cost of net investments in real estate, excluding other $ 116,112 $ 314,736 $ 3,626,672 $ 1,562,962 Acquisition cost of other real estate investments $ 37,343 $ 33,627 $ 77,624 $ 636,841 (1) 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 that include contributions to unconsolidated co-investment ventures and dispositions to third parties (dollars and square feet in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Dispositions of development properties and land, net (1) Number of properties 2 7 7 18 Square feet 1,530 1,203 3,652 4,966 Net proceeds $ 272,250 $ 168,601 $ 738,207 $ 846,350 Gains on dispositions of development properties and land, net $ 89,030 $ 74,678 $ 273,907 $ 390,686 Other dispositions of investments in real estate, net (2) Number of properties 19 - 24 102 Square feet 2,415 - 2,775 8,676 Net proceeds $ 263,567 $ - $ 635,140 $ 1,264,280 Gains on other dispositions of investments in real estate, net $ 129,584 $ 1,019 $ 158,392 $ 585,854 (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) During the nine months ended September 30, 2023 , we sold our ownership interest in an unconsolidated office joint venture. Leases We recognized lease right-of-use assets of $ 677.0 million and $ 735.4 million within Other Assets and lease liabilities of $ 587.0 million and $ 638.8 million within Other Liabilities , for land and office space leases in which we are the lessee, in the Consolidated Balance Sheets at September 30, 2023 and December 31, 2022 , respectively.

Unconsolidated Entities

Unconsolidated Entities	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Unconsolidated Entities	NOTE 4. UNCONSOLIDATED 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 7 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 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 (in thousands): September 30, December 31, 2023 2022 Unconsolidated co-investment ventures $ 7,953,412 $ 8,073,927 Other ventures (1) 1,138,412 1,624,971 Total $ 9,091,824 $ 9,698,898 (1) Included in other ventures is our $ 193.2 million and $ 162.6 million investment in early and growth-stage companies that are focused on emerging technologies in the logistics sector at September 30, 2023 and December 31, 2022 , respectively. Unconsolidated Co-Investment Ventures The following table summarizes the Strategic Capital Revenues we recognized in the Consolidated Statements of Income related to our unconsolidated co-investment ventures (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Recurring fees $ 113,947 $ 115,902 $ 340,842 $ 344,945 Transactional fees 15,757 19,805 44,359 54,553 Promote revenue (1) 3,993 456,038 673,665 475,552 Total strategic capital revenues from unconsolidated (2) $ 133,697 $ 591,745 $ 1,058,866 $ 875,050 (1) Includes promote revenue earned from unconsolidated co-investment ventures in the U.S. and Mexico in June 2023 and in Europe in September 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 (dollars and square feet in millions): U.S. Other Americas (1) Europe Asia (2) Total At: Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Key property information: Ventures 1 1 2 2 2 2 4 3 9 8 Operating properties 741 739 266 260 995 989 226 217 2,228 2,205 Square feet 124 123 61 60 220 219 94 89 499 491 Financial position: Total assets ($) 11,747 12,617 4,056 3,744 22,222 22,502 9,807 9,964 47,832 48,827 Third-party debt ($) 4,039 3,468 916 919 5,462 5,315 3,913 3,811 14,330 13,513 Total liabilities ($) 4,738 4,143 1,025 1,011 7,428 7,292 4,330 4,279 17,521 16,725 Our investment balance ($) (3) 2,294 2,398 1,142 1,070 3,736 3,786 781 820 7,953 8,074 Our weighted average ownership (4) 27.3 % 26.2 % 38.7 % 41.0 % 31.3 % 31.0 % 15.2 % 15.2 % 27.7 % 27.4 % U.S. Other Americas (1) Europe Asia Total Operating Information: Sep 30, Sep 30, Sep 30, Sep 30, Sep 30, Sep 30, Sep 30, Sep 30, Sep 30, Sep 30, For the three months ended: Total revenues ($) 330 297 109 97 429 342 164 152 1,032 888 Net earnings ($) 86 73 52 35 66 113 28 34 232 255 Our earnings from unconsolidated 24 20 18 12 23 41 5 5 70 78 For the nine months ended: Total revenues ($) 983 874 314 282 1,255 1,052 491 478 3,043 2,686 Net earnings ($) 262 213 142 99 226 344 56 100 686 756 Our earnings from unconsolidated 71 58 49 34 74 111 10 16 204 219 (1) Prologis Brazil Logistics Venture (“PBLV”) and our other Brazilian joint ventures are combined as one venture for the purpose of this table. (2) In April 2023, we formed Prologis Japan Core Logistics Fund ("PJLF") with two investors through the initial contribution of assets for which we received cash and equity ownership. We made additional contributions to PJLF in the third quarter of 2023. We account for our investment in PJLF under the equity method of accounting. At September 30, 2023, our ownership interest was 16.3 %. (3) Prologis’ investment balance is presented at our adjusted basis. The difference between our ownership interest of a venture’s equity and our investment balance at September 30, 2023 and December 31, 2022 , results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018; (ii) recording additional costs associated with our investment in the venture; (iii) receivables, principally for fees and promotes ($ 255.3 million and $ 193.7 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. (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 At September 30, 2023 , our outstanding equity commitments were $ 893.6 million, principally for Prologis China Logistics Venture, Prologis European Logistics Fund and USLF. The equity commitments expire from 2023 to 2033 if they have not been previously called. Typically, equity commitments are used for future development and acquisitions in the unconsolidated co-investment ventures.

Assets Held for Sale or Contrib

Assets Held for Sale or Contribution	9 Months Ended
	Sep. 30, 2023
Real Estate Assets Held for Development and Sale [Abstract]
Assets Held for Sale or Contribution	NOTE 5. ASSETS HELD 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 September 30, 2023 and December 31, 2022. 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 (dollars and square feet in thousands): September 30, December 31, 2023 2022 Number of operating properties 20 21 Square feet 6,883 4,061 Total assets held for sale or contribution $ 797,758 $ 531,257 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 38,386 $ 4,536

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	NOTE 6. DEBT All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt (dollars in thousands): September 30, 2023 December 31, 2022 Weighted Average Amount Weighted Average Amount Interest Rate (1) Years (2) Outstanding (3) Interest Rate (1) Years (2) Outstanding (3) Credit facilities 4.6 % 3.6 $ 212,748 4.2 % 2.8 $ 1,538,461 Senior notes 2.9 % 10.4 24,741,952 2.3 % 10.3 19,786,253 Term loans and unsecured 2.8 % 3.9 2,253,857 2.3 % 4.9 2,106,592 Secured mortgage 3.8 % 3.8 369,640 3.0 % 4.3 444,655 Total 2.9 % 9.8 $ 27,578,197 2.5 % 9.2 $ 23,875,961 (1) The weighted average interest rates 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 were borrowings denominated in the following currencies: September 30, 2023 December 31, 2022 Weighted Average Interest Rate Amount Outstanding % of Total Weighted Average Interest Rate Amount Outstanding % of Total British pound sterling 2.2 % $ 1,274,242 4.6 % 2.1 % $ 1,228,483 5.1 % Canadian dollar 5.0 % 819,390 3.0 % 4.5 % 814,491 3.4 % Chinese renminbi 3.7 % 238,553 0.9 % - - - Euro 2.0 % 9,736,225 35.3 % 1.3 % 7,991,301 33.5 % Japanese yen 1.0 % 2,925,039 10.6 % 1.0 % 3,308,009 13.9 % U.S. dollar 3.9 % 12,584,748 45.6 % 3.6 % 10,533,677 44.1 % Total 2.9 % $ 27,578,197 100.0 % 2.5 % $ 23,875,961 100.0 % Credit Facilities The following table summarizes information about our available liquidity at September 30, 2023 (in millions): Aggregate lender commitments Credit facilities $ 6,370 Less: Borrowings outstanding 213 Outstanding letters of credit 37 Current availability 6,120 Cash and cash equivalents 741 Total liquidity $ 6,861 We have a global senior credit facility (the “2022 Global Facility”) with a borrowing capacity of $ 3.0 billion (subject to currency fluctuations). On April 5, 2023, we amended and restated our other global senior credit facility (the “2021 Global Facility”) as the 2023 Global Facility and upsized its borrowing capacity to $ 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"). On August 25, 2023, we amended and restated the Yen Credit Facility, upsizing its borrowing capacity by ¥ 3.5 billion for total commitments of ¥ 58.5 billion ($ 392.0 million at September 30, 2023 ). We have the ability to increase the borrowing capacity of the Yen Credit Facility to ¥ 75.0 billion ($ 502.6 million at September 30, 2023 ), subject to obtaining additional lender commitments. The Yen Credit Facility is initially scheduled to 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. Senior Notes The following table summarizes the issuances of senior notes during the nine months ended September 30, 2023 (principal in thousands): Aggregate Principal Issuance Date Weighted Average Issuance Date Borrowing Currency USD (1) Interest Rate Years Maturity Dates January € 1,250,000 $ 1,354,125 4.1 % 13.8 January 2030 – 2043 March $ 1,200,000 $ 1,200,000 4.9 % 17.7 June 2033 – 2053 May € 750,000 $ 808,425 4.6 % 10.0 May 2033 June $ 2,000,000 $ 2,000,000 5.1 % 13.2 June 2028 – 2053 Total $ 5,362,550 4.7 % 13.9 (1) The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date. Term Loans In the third quarter of 2023, we entered into Chinese renminbi term loans totaling ¥ 1.7 billion ($ 239.4 million) with an issuance date weighted average interest rate of 3.5 % maturing between September 2024 to 2026 . Long-Term Debt Maturities Scheduled principal payments due on our debt for the remainder of 2023 and for each year through the period ended December 31, 2027, and thereafter were as follows at September 30, 2023 (in thousands): Unsecured Credit Senior Term Loans Secured Maturity Facilities Notes and Other Mortgage Total 2023 (1) $ - $ - $ - $ 1,684 $ 1,684 2024 (1)(2) - 317,820 100,281 96,121 514,222 2025 (3) - 33,504 724,404 167,520 925,428 2026 (4) 31,782 1,294,868 708,905 3,980 2,039,535 2027 (5) 180,966 1,707,417 47,916 4,156 1,940,455 Thereafter - 21,979,912 676,428 89,135 22,745,475 Subtotal 212,748 25,333,521 2,257,934 362,596 28,166,799 Unamortized premiums (discounts), net - ( 477,240 ) 710 8,136 ( 468,394 ) Unamortized debt issuance costs, net - ( 114,329 ) ( 4,787 ) ( 1,092 ) ( 120,208 ) Total $ 212,748 $ 24,741,952 $ 2,253,857 $ 369,640 $ 27,578,197 (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 2024 maturities was a Chinese term loan ($ 100.3 million at September 30, 2023) that can be extended until 2026, subject to the prevailing interest rate at the time of extension. (3) Included in the 2025 maturities was a Canadian term loan ($ 223.4 million at September 30, 2023) that can be extended until 2027. (4) Included in the 2026 maturities was the 2022 Global Facility ($ 31.8 million at September 30, 2023) that can be extended until 2027. (5) Included in the 2027 maturities was the 2023 Global Facility ($ 181.0 million at September 30, 2023 ) that can be extended until 2028. Financial Debt Covenants Our senior notes, term loans and Credit Facilities outstanding at September 30, 2023 were subject to certain financial covenants under their related documents. At September 30, 2023, 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.

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Noncontrolling Interests	NOTE 7. NONCONTROLLING 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. 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 (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 3,152,160 $ 3,182,858 $ 7,161,018 $ 7,225,438 $ 165,959 $ 158,453 Other consolidated entities (1) - various 146,136 134,909 1,060,117 1,737,311 142,533 259,524 Prologis, L.P. 3,298,296 3,317,767 8,221,135 8,962,749 308,492 417,977 Limited partners in Prologis, L.P. (2)(3) 1,326,735 1,308,044 - - - - Prologis, Inc. $ 4,625,031 $ 4,625,811 $ 8,221,135 $ 8,962,749 $ 308,492 $ 417,977 (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 September 30, 2023 and December 31, 2022 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. (2) We had 8.6 million Class A Units that were convertible into 8.1 million and 8.0 million limited partnership units of the OP at September 30, 2023 and December 31, 2022 , respectively. (3) There were limited partnership units in the OP, excluding the Class A Units, that were exchangeable into cash or, at our option, 9.2 million and 10.0 million shares of the Parent’s common stock, at September 30, 2023 and December 31, 2022 , respectively. Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans of 5.5 million and 4.6 million shares of the Parent’s common stock at September 30, 2023 and December 31, 2022, respectively. See further discussion of LTIP Units in Note 8 .

Long-Term Compensation

Long-Term Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Long-Term Compensation	NOTE 8. LONG-TERM COMPENSATION Equity-Based Compensation Plans and Programs 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 Morgan Stanley Capital International (“MSCI”) US REIT Index for the same period plus 100 basis points. If the Outperformance Hurdle is met, a compensation pool will be formed equal to 3 % 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. We granted participation points for the 2023 – 2025 performance period in January 2023, with a fair value of $ 28.3 million using a Monte Carlo valuation model that assumed a risk-free interest rate of 4.2 % and an expected volatility of 35.0 % for Prologis and 31.0 % for the MSCI US REIT Index. The 2023 – 2025 performance period has an absolute maximum cap of $ 100.0 million. If an award is earned at the end of the initial three-year performance period, then 20 % of the POP award is paid at the end of the initial performance period and the remaining 80 % is subject to additional seven-year cliff vesting. The 20% that is paid at the end of the initial three-year performance period is subject to an additional three-year holding requirement. Awards are in the form of common stock, restricted stock units, POP LTIP Units and LTIP Units. The Outperformance Hurdle was met for the 2020 – 2022 performance period, which resulted in awards of $ 100.0 million being earned at December 31, 2022 and awarded in January 2023. Additionally, awards of $ 22.4 million were earned at December 31, 2022 and awarded in January 2023 for prior performance periods related to the compensation pool in excess of the initial award based on the terms of the POP awards granted prior to 2018. 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. The initial grant date fair value derived using a Monte Carlo valuation model was used in determining the grant date fair value per unit in the tables below. Other Equity-Based Compensation Plans and Programs Our other equity-based compensation plans and programs include (i) the Prologis Promote Plan (“PPP”); (ii) the annual long-term incentive (“LTI”) equity award program (“Annual LTI Award”); and (iii) the annual bonus exchange program. Awards under these plans and programs may be issued in the form of restricted stock units (“RSUs”) or LTIP Units at the participant’s election. 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. Summary of Award Activity RSUs The following table summarizes the activity for RSUs for the nine months ended September 30, 2023 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2023 1,533 $ 100.59 Granted 1,136 104.78 Vested and distributed ( 429 ) 117.29 Forfeited ( 40 ) 113.01 Balance at September 30, 2023 2,200 $ 99.27 LTIP Units The following table summarizes the activity for LTIP Units for the nine months ended September 30, 2023 (units in thousands): Unvested Weighted Average LTIP Units Grant Date Fair Value Balance at January 1, 2023 4,214 $ 73.31 Granted 2,567 100.16 Vested LTIP Units ( 1,019 ) 108.99 Forfeited ( 2 ) 142.72 Balance at September 30, 2023 5,760 $ 78.94

Earnings Per Common Share or Un

Earnings Per Common Share or Unit	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Common Share or Unit	NOTE 9. EARNINGS PER COMMON 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 was as follows (in thousands, except per share and unit amounts): Three Months Ended Nine Months Ended September 30, September 30, Prologis, Inc. 2023 2022 2023 2022 Net earnings attributable to common stockholders – Basic $ 746,174 $ 1,013,933 $ 2,423,897 $ 2,773,042 Net earnings attributable to exchangeable limited partnership units (1) 19,054 28,792 61,497 78,648 Adjusted net earnings attributable to common stockholders – Diluted $ 765,228 $ 1,042,725 $ 2,485,394 $ 2,851,690 Weighted average common shares outstanding – Basic 924,395 740,719 924,228 740,585 Incremental weighted average effect on exchange of limited (1) 23,627 21,230 23,615 21,246 Incremental weighted average effect of equity awards 3,886 4,423 3,800 4,188 Weighted average common shares outstanding – Diluted (2) 951,908 766,372 951,643 766,019 Net earnings per share attributable to common stockholders: Basic $ 0.81 $ 1.37 $ 2.62 $ 3.74 Diluted $ 0.80 $ 1.36 $ 2.61 $ 3.72 Three Months Ended Nine Months Ended September 30, September 30, Prologis, L.P. 2023 2022 2023 2022 Net earnings attributable to common unitholders $ 765,075 $ 1,042,664 $ 2,485,047 $ 2,851,475 Net earnings attributable to Class A Units ( 6,557 ) ( 10,995 ) ( 21,231 ) ( 30,018 ) Net earnings attributable to common unitholders – Basic 758,518 1,031,669 2,463,816 2,821,457 Net earnings attributable to Class A Units 6,557 10,995 21,231 30,018 Net earnings attributable to exchangeable other limited 153 61 347 215 Adjusted net earnings attributable to common unitholders – Diluted $ 765,228 $ 1,042,725 $ 2,485,394 $ 2,851,690 Weighted average common partnership units outstanding – Basic 939,602 753,616 939,448 753,515 Incremental weighted average effect on exchange of Class A Units 8,121 8,034 8,096 8,017 Incremental weighted average effect on exchange of other limited 299 299 299 299 Incremental weighted average effect of equity awards of Prologis, Inc. 3,886 4,423 3,800 4,188 Weighted average common units outstanding – Diluted (2) 951,908 766,372 951,643 766,019 Net earnings per unit attributable to common unitholders: Basic $ 0.81 $ 1.37 $ 2.62 $ 3.74 Diluted $ 0.80 $ 1.36 $ 2.61 $ 3.72 (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 consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Class A Units 8,121 8,034 8,096 8,017 Other limited partnership units 299 299 299 299 Equity awards 7,252 6,557 7,347 6,309 Prologis, L.P. 15,672 14,890 15,742 14,625 Common limited partnership units 15,207 12,897 15,220 12,930 Prologis, Inc. 30,879 27,787 30,962 27,555

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments and Fair Value Measurements	OTE 10. FINANCIAL INSTRUMENTS AND FAIR VALUE 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. There have been no significant changes in our policy and strategy from what was disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022. The following table presents the fair value of our derivative financial instruments recognized within Other Assets and Other Liabilities in the Consolidated Balance Sheets (in thousands): September 30, 2023 December 31, 2022 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards Brazilian real $ - $ 569 $ 35 $ 494 British pound sterling 19,973 638 29,187 648 Canadian dollar 9,210 - 12,074 2 Chinese renminbi 2,318 2 657 364 Euro 34,156 1,877 51,317 2,801 Japanese yen 57,758 - 34,022 2,344 Mexican peso - 444 - - Swedish krona 6,659 1 6,292 - Options Mexican peso 1,629 1,738 - - Designated derivatives Foreign currency contracts Net investment hedges British pound sterling 10,254 - 23,534 - Canadian dollar 12,915 - 24,552 - Interest rate swaps Cash flow hedges Euro 3,790 - 44,982 - U.S. dollar - - 584 29 Total fair value of derivatives $ 158,662 $ 5,269 $ 227,236 $ 6,682 Undesignated Derivative Financial Instruments Foreign Currency Contracts The following table summarizes the activity of our undesignated foreign currency contracts for the nine months ended September 30 (in millions, except for weighted average forward rates and number of active contracts): 2023 2022 CAD EUR GBP JPY Other Total CAD EUR GBP JPY Other Total Notional amounts at January 1 ($) 283 601 349 331 81 1,645 175 749 383 250 105 1,662 New contracts ($) 6 110 124 116 34 390 124 603 251 175 81 1,234 Matured, expired or settled contracts ($) ( 73 ) ( 218 ) ( 73 ) ( 66 ) 68 ( 362 ) ( 49 ) ( 753 ) ( 274 ) ( 78 ) ( 105 ) ( 1,259 ) Notional amounts at September 30 ($) 216 493 400 381 183 1,673 250 599 360 347 81 1,637 Weighted average forward rate at September 30 1.29 1.17 1.28 113.85 1.28 1.20 1.32 108.59 Active contracts at September 30 77 69 92 96 96 89 89 99 The following table summarizes the undesignated derivative financial instruments exercised and outstanding recognized in realized and unrealized gains, respectively, in Foreign Currency and Derivative Gains and Other Income, Net in the Consolidated Statements of Income (in millions, except for number of exercised contracts): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Exercised contracts 42 55 163 124 Realized gains on the matured, expired or settled contracts $ 11 $ 94 $ 42 $ 124 Unrealized gains on the change in fair value of outstanding contracts $ 29 $ 48 $ 9 $ 151 Designated Derivative Financial Instruments Changes in the fair value of derivatives that are designated as net investment hedges of our foreign operations and cash flow hedges are recorded in Accumulated Other Comprehensive Income (Loss) (“AOCI/L”) in the Consolidated Balance Sheets and reflected within the Other Comprehensive Income table below. Foreign Currency Contracts The following table summarizes the activity of our foreign currency contracts designated as net investment hedges for the nine months ended September 30 (in millions, except for weighted average forward rates and number of active contracts): 2023 2022 CAD CNH GBP Total BRL CAD GBP Total Notional amounts at January 1 ($) 534 - 440 974 - 535 432 967 New contracts ($) 350 100 218 668 44 599 317 960 Matured, expired or settled contracts ($) ( 363 ) ( 100 ) ( 228 ) ( 691 ) ( 44 ) ( 535 ) ( 300 ) ( 879 ) Notional amounts at September 30 ($) 521 - 430 951 - 599 449 1,048 Weighted average forward rate at 1.32 - 1.25 - 1.29 1.31 Active contracts at September 30 6 - 4 - 7 4 Interest Rate Swaps The following table summarizes the activity of our interest rate swaps designated as cash flow hedges for the nine months ended September 30 (in millions): 2023 2022 EUR USD Total EUR USD Total Notional amounts at January 1 ($) 447 150 597 165 - 165 New contracts ($) 691 1,750 2,441 1,004 250 1,254 Matured, expired or settled contracts ($) ( 859 ) ( 1,900 ) ( 2,759 ) ( 722 ) ( 250 ) ( 972 ) Notional amounts at September 30 ($) 279 - 279 447 - 447 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 the quarter ended (in millions): September 30, 2023 December 31, 2022 British pound sterling $ 1,304 $ 1,237 Canadian dollar $ 370 $ 370 The following table summarizes the unrealized gains in Foreign Currency and Derivative Gains and Other Income, Net in the Consolidated Statements of Income on the remeasurement of the unhedged portion of our euro denominated debt and accrued interest (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Unrealized gains on the unhedged portion $ 10 $ 36 $ 7 $ 85 Other Comprehensive Income The change in Other Comprehensive Income in the Consolidated Statements of Comprehensive Income during the periods presented was due to the translation into U.S. dollars from the consolidation of the financial statements of our consolidated subsidiaries whose functional currency is not the U.S. dollar. The change in fair value of the effective portion of our derivative financial instruments that have been designated as net investment hedges and cash flow hedges and the translation of the hedged portion of our debt, as discussed above, are also included in Other Comprehensive Income. The following table presents these changes in Other Comprehensive Income (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Derivative net investment hedges (1) $ 29,679 $ 74,341 $ 6,846 $ 134,798 Debt designated as nonderivative net investment hedges 50,149 105,726 ( 30,237 ) 247,195 Cumulative translation adjustment 66,453 58,995 307,620 379,109 Total foreign currency translation gains, net $ 146,281 $ 239,062 $ 284,229 $ 761,102 Cash flow hedges (1) (2) $ 632 $ 16,818 $ ( 15,396 ) $ 45,764 Our share of derivatives from unconsolidated co-investment ventures 3,070 8,084 ( 4,602 ) 21,466 Total unrealized gains (losses) on derivative contracts, net $ 3,702 $ 24,902 $ ( 19,998 ) $ 67,230 Total change in other comprehensive income $ 149,983 $ 263,964 $ 264,231 $ 828,332 (1) The ending balance in AOCI/L in the Consolidated Balance Sheets for accumulated derivative gains on net investment hedges was $ 339.8 million and $ 333.0 million at September 30, 2023 and December 31, 2022 respectively. Additionally, the ending balance in AOCI/L for accumulated derivative gains on cash flow hedges was $ 17.3 million and $ 32.7 million at September 30, 2023 and December 31, 2022, respectively. (2) We estimate additional income of $ 2.7 million will be reclassified to Interest Expense in the Consolidated Statements of Income over the next 12 months from September 30, 2023 , due to the amortization of previously settled derivatives designated as cash flow hedges. Fair Value Measurements There have been no significant changes in our policy from what was disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022. Fair Value Measurements on a Recurring Basis At September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022, 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. At September 30, 2023 and December 31, 2022, 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 Note 3 and assets held for sale or contribution in Note 5. Fair Value of Financial Instruments At September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022, as compared with those in effect when the debt was issued or assumed, including reduced borrowing spreads due to our credit ratings. See Note 6 for more information on our debt activity. The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): September 30, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Credit facilities $ 212,748 $ 212,748 $ 1,538,461 $ 1,538,461 Senior notes 24,741,952 20,891,413 19,786,253 16,604,241 Term loans and unsecured other 2,253,857 2,239,280 2,106,592 2,092,264 Secured mortgage 369,640 340,147 444,655 420,964 Total $ 27,578,197 $ 23,683,588 $ 23,875,961 $ 20,655,930

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Business Segments	NOTE 11. BUSINESS SEGMENTS Our current business strategy includes two operating 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 operating 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. Each operating property is considered to be an individual operating segment with similar economic characteristics; these properties are combined within the reportable business segment based on geographic location. 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. 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 operating 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. Each unconsolidated co-investment venture we manage is considered to be an individual operating segment with similar economic characteristics; these ventures are combined within the reportable business segment based on geographic location. Below we present: (i) each reportable business segment’s revenues from external customers to Total Revenues ; (ii) each reportable business segment’s net operating income from external customers to Operating Income and Earnings Before Income Taxes ; and (iii) each reportable business segment’s assets to Total Assets . Our chief operating decision makers rely principally on net operating income and similar measures to make decisions about allocating resources and assessing segment performance. The applicable components of Total Revenues , Operating Income , Earnings Before Income Taxes and Total Assets in the Consolidated Financial Statements are allocated to each reportable business segment’s revenues, net operating income and assets. Items that are not directly assignable to a segment, such as certain corporate income and expenses, are not allocated but reflected as non-segment items. The following reportable business segment revenues, net operating income and assets are presented in thousands: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenues: Real estate segment: U.S. $ 1,705,656 $ 1,102,418 $ 4,866,508 $ 3,187,756 Other Americas 29,442 23,774 81,576 69,136 Europe 29,101 13,437 69,368 37,145 Asia 13,617 16,511 46,186 43,147 Total real estate segment 1,777,816 1,156,140 5,063,638 3,337,184 Strategic capital segment: U.S. 53,077 53,973 786,222 155,474 Other Americas 14,054 13,344 74,139 57,809 Europe 45,457 503,764 135,267 599,076 Asia 24,260 23,671 74,956 72,557 Total strategic capital segment 136,848 594,752 1,070,584 884,916 Total revenues 1,914,664 1,750,892 6,134,222 4,222,100 Segment net operating income: (1) Real estate segment: U.S. (2) 1,295,042 828,144 3,671,766 2,384,060 Other Americas 23,184 17,068 62,429 50,010 Europe 22,235 7,758 51,493 13,592 Asia 8,937 11,459 29,696 30,462 Total real estate segment 1,349,398 864,429 3,815,384 2,478,124 Strategic capital segment: U.S. (2) 6,302 ( 16,055 ) 622,802 33,930 Other Americas 7,147 7,410 53,962 43,657 Europe 27,187 461,701 53,288 528,323 Asia 12,143 11,141 33,848 39,588 Total strategic capital segment 52,779 464,197 763,900 645,498 Non-segment items: General and administrative expenses ( 96,673 ) ( 87,903 ) ( 292,097 ) ( 245,663 ) Depreciation and amortization expenses ( 642,010 ) ( 401,450 ) ( 1,846,545 ) ( 1,200,410 ) Gains on dispositions of development properties and land, net 89,030 74,678 273,907 390,686 Gains on other dispositions of investments in real estate, net 129,584 1,019 158,392 585,854 Operating income 882,108 914,970 2,872,941 2,654,089 Earnings from unconsolidated entities, net 71,365 84,925 217,786 241,481 Interest expense ( 181,053 ) ( 63,884 ) ( 466,882 ) ( 188,241 ) Foreign currency and derivative gains and other income, net 67,964 171,832 102,682 364,623 Gains (losses) on early extinguishment of debt, net - - 3,275 ( 18,895 ) Earnings before income taxes $ 840,384 $ 1,107,843 $ 2,729,802 $ 3,053,057 September 30, December 31, Segment assets: Real estate segment: U.S. $ 75,749,288 $ 71,858,560 Other Americas 1,873,732 1,831,956 Europe 2,280,004 1,952,160 Asia 697,222 1,031,135 Total real estate segment 80,600,246 76,673,811 Strategic capital segment: (3) U.S. 10,499 10,817 Europe 25,280 25,280 Asia 192 231 Total strategic capital segment 35,971 36,328 Total segment assets 80,636,217 76,710,139 Non-segment items: Investments in and advances to unconsolidated entities 9,091,824 9,698,898 Assets held for sale or contribution 797,758 531,257 Cash and cash equivalents 740,841 278,483 Other assets 682,769 678,671 Total non-segment items 11,313,192 11,187,309 Total assets $ 91,949,409 $ 87,897,448 (1) Net Operating Income ("NOI") from the Real Estate Segment is calculated directly from the Consolidated Financial Statements 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 Financial Statements as Strategic Capital Revenues less Strategic Capital Expenses. (2) This includes compensation and personnel costs for employees who were located in the U.S. but also support other geographies. (3) Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital Segment. Goodwill was $ 25.3 million at September 30, 2023 and December 31, 2022 .

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	NOTE 12. SUPPLEMENTAL CASH FLOW INFORMATION Our significant noncash investing and financing activities for the nine months ended September 30, 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, renewals and modifications of $ 29.0 million in 2023 and $ 150.4 million in 2022 for both assets and liabilities. • We capitalized $ 30.6 million and $ 26.5 million in 2023 and 2022, respectively, of equity-based compensation expense. • We issued 0.5 million and 0.2 million shares in 2023 and 2022, of the Parent’s common stock upon redemption of an equal number of common limited partnership units in the OP. • We increased our ownership in an unconsolidated co-investment venture in 2023 through the reinvestment of distributions from the venture of $ 11.6 million and receipt of $ 45.1 million of third-party investors' ownership in lieu of cash. • We received $ 393.2 million in 2022, of ownership interests in certain unconsolidated co-investment ventures as a portion of our proceeds from the contribution of properties to these entities, as disclosed in Note 4. We paid $ 340.4 million and $ 188.9 million for interest, net of amounts capitalized, during the nine months ended September 30, 2023 and 2022, respectively. We paid $ 122.2 million and $ 85.3 million for income taxes, net of refunds, during the nine months ended September 30, 2023 and 2022 , respectively.

General (Policies)

General (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Business	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 19 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 operating business 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 11 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 September 30, 2023, the Parent owned a 97.58 % common general partnership interest in the OP and substantially all of the preferred units in the OP. The remaining 2.42 % 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.
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. The accompanying unaudited interim financial information has been prepared according to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. Our management believes that the disclosures presented in these financial statements are adequate to make the information presented not misleading. In our opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for both the Parent and the OP for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited interim financial information should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022 , as filed with the SEC, and other public information.

Duke Transaction (Tables)

Duke Transaction (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combinations [Abstract]
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 October 3, 2022.

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Investments in Real Estate Properties	Investments in real estate properties consisted of the following (dollars and square feet in thousands): Square Feet Number of Buildings Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, 2023 2022 2023 2022 2023 2022 Operating properties: Buildings and improvements 620,413 597,362 2,933 2,825 $ 51,476,222 $ 48,650,334 Improved land 22,390,537 20,388,461 Development portfolio, including Prestabilized 12,738 4,874 40 15 1,718,732 597,553 Properties under development 25,042 44,011 70 121 2,701,514 3,614,601 Land (1) 3,730,346 3,338,121 Other real estate investments (2) 5,004,234 5,034,326 Total investments in real estate 87,021,585 81,623,396 Less accumulated depreciation 10,439,374 9,036,085 Net investments in real estate $ 76,582,211 $ 72,587,311 (1) At September 30, 2023 and December 31, 2022 , our land was comprised of 8,094 and 7,188 acres, respectively. (2) Included in other real estate investments were: (i) land parcels we own and lease to third parties; (ii) non-strategic real estate assets, primarily acquired from the Duke Transaction, that we do not intend to operate long term; (iii) non-industrial real estate assets that we intend to redevelop into industrial properties; and (iv) costs associated with potential acquisitions and future development projects, including purchase options on land.
Schedule of Acquisitions of Properties	The following table summarizes our real estate acquisition activity (dollars and square feet in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 (1) 2022 Number of operating properties - 9 76 22 Square feet - 1,952 14,941 3,746 Acres of land 890 590 1,128 1,796 Acquisition cost of net investments in real estate, excluding other $ 116,112 $ 314,736 $ 3,626,672 $ 1,562,962 Acquisition cost of other real estate investments $ 37,343 $ 33,627 $ 77,624 $ 636,841 (1) 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 that include contributions to unconsolidated co-investment ventures and dispositions to third parties (dollars and square feet in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Dispositions of development properties and land, net (1) Number of properties 2 7 7 18 Square feet 1,530 1,203 3,652 4,966 Net proceeds $ 272,250 $ 168,601 $ 738,207 $ 846,350 Gains on dispositions of development properties and land, net $ 89,030 $ 74,678 $ 273,907 $ 390,686 Other dispositions of investments in real estate, net (2) Number of properties 19 - 24 102 Square feet 2,415 - 2,775 8,676 Net proceeds $ 263,567 $ - $ 635,140 $ 1,264,280 Gains on other dispositions of investments in real estate, net $ 129,584 $ 1,019 $ 158,392 $ 585,854 (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) During the nine months ended September 30, 2023 , we sold our ownership interest in an unconsolidated office joint venture.

Unconsolidated Entities (Tables

Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2023
Schedule Of Equity Method Investments [Line Items]
Summary of Investments in and Advances to our Unconsolidated Entities	The following table summarizes our investments in and advances to unconsolidated entities (in thousands): September 30, December 31, 2023 2022 Unconsolidated co-investment ventures $ 7,953,412 $ 8,073,927 Other ventures (1) 1,138,412 1,624,971 Total $ 9,091,824 $ 9,698,898 (1) Included in other ventures is our $ 193.2 million and $ 162.6 million investment in early and growth-stage companies that are focused on emerging technologies in the logistics sector at September 30, 2023 and December 31, 2022 , respectively.
Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Summary of Investments in and Advances to our Unconsolidated Entities	The following table summarizes the key property information, financial position and operating information of our unconsolidated co-investment ventures on a U.S. GAAP basis (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to these ventures (dollars and square feet in millions): U.S. Other Americas (1) Europe Asia (2) Total At: Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Key property information: Ventures 1 1 2 2 2 2 4 3 9 8 Operating properties 741 739 266 260 995 989 226 217 2,228 2,205 Square feet 124 123 61 60 220 219 94 89 499 491 Financial position: Total assets ($) 11,747 12,617 4,056 3,744 22,222 22,502 9,807 9,964 47,832 48,827 Third-party debt ($) 4,039 3,468 916 919 5,462 5,315 3,913 3,811 14,330 13,513 Total liabilities ($) 4,738 4,143 1,025 1,011 7,428 7,292 4,330 4,279 17,521 16,725 Our investment balance ($) (3) 2,294 2,398 1,142 1,070 3,736 3,786 781 820 7,953 8,074 Our weighted average ownership (4) 27.3 % 26.2 % 38.7 % 41.0 % 31.3 % 31.0 % 15.2 % 15.2 % 27.7 % 27.4 % U.S. Other Americas (1) Europe Asia Total Operating Information: Sep 30, Sep 30, Sep 30, Sep 30, Sep 30, Sep 30, Sep 30, Sep 30, Sep 30, Sep 30, For the three months ended: Total revenues ($) 330 297 109 97 429 342 164 152 1,032 888 Net earnings ($) 86 73 52 35 66 113 28 34 232 255 Our earnings from unconsolidated 24 20 18 12 23 41 5 5 70 78 For the nine months ended: Total revenues ($) 983 874 314 282 1,255 1,052 491 478 3,043 2,686 Net earnings ($) 262 213 142 99 226 344 56 100 686 756 Our earnings from unconsolidated 71 58 49 34 74 111 10 16 204 219 (1) Prologis Brazil Logistics Venture (“PBLV”) and our other Brazilian joint ventures are combined as one venture for the purpose of this table. (2) In April 2023, we formed Prologis Japan Core Logistics Fund ("PJLF") with two investors through the initial contribution of assets for which we received cash and equity ownership. We made additional contributions to PJLF in the third quarter of 2023. We account for our investment in PJLF under the equity method of accounting. At September 30, 2023, our ownership interest was 16.3 %. (3) Prologis’ investment balance is presented at our adjusted basis. The difference between our ownership interest of a venture’s equity and our investment balance at September 30, 2023 and December 31, 2022 , results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018; (ii) recording additional costs associated with our investment in the venture; (iii) receivables, principally for fees and promotes ($ 255.3 million and $ 193.7 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. (4) Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets before depreciation, net of other liabilities.
Summary of Strategic Capital Revenues Recognized in Consolidated Statements of Income Related to Co-Investment Ventures	The following table summarizes the Strategic Capital Revenues we recognized in the Consolidated Statements of Income related to our unconsolidated co-investment ventures (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Recurring fees $ 113,947 $ 115,902 $ 340,842 $ 344,945 Transactional fees 15,757 19,805 44,359 54,553 Promote revenue (1) 3,993 456,038 673,665 475,552 Total strategic capital revenues from unconsolidated (2) $ 133,697 $ 591,745 $ 1,058,866 $ 875,050 (1) Includes promote revenue earned from unconsolidated co-investment ventures in the U.S. and Mexico in June 2023 and in Europe in September 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)	9 Months Ended
	Sep. 30, 2023
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 (dollars and square feet in thousands): September 30, December 31, 2023 2022 Number of operating properties 20 21 Square feet 6,883 4,061 Total assets held for sale or contribution $ 797,758 $ 531,257 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 38,386 $ 4,536

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt Summary	All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt (dollars in thousands): September 30, 2023 December 31, 2022 Weighted Average Amount Weighted Average Amount Interest Rate (1) Years (2) Outstanding (3) Interest Rate (1) Years (2) Outstanding (3) Credit facilities 4.6 % 3.6 $ 212,748 4.2 % 2.8 $ 1,538,461 Senior notes 2.9 % 10.4 24,741,952 2.3 % 10.3 19,786,253 Term loans and unsecured 2.8 % 3.9 2,253,857 2.3 % 4.9 2,106,592 Secured mortgage 3.8 % 3.8 369,640 3.0 % 4.3 444,655 Total 2.9 % 9.8 $ 27,578,197 2.5 % 9.2 $ 23,875,961 (1) The weighted average interest rates 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 were borrowings denominated in the following currencies: September 30, 2023 December 31, 2022 Weighted Average Interest Rate Amount Outstanding % of Total Weighted Average Interest Rate Amount Outstanding % of Total British pound sterling 2.2 % $ 1,274,242 4.6 % 2.1 % $ 1,228,483 5.1 % Canadian dollar 5.0 % 819,390 3.0 % 4.5 % 814,491 3.4 % Chinese renminbi 3.7 % 238,553 0.9 % - - - Euro 2.0 % 9,736,225 35.3 % 1.3 % 7,991,301 33.5 % Japanese yen 1.0 % 2,925,039 10.6 % 1.0 % 3,308,009 13.9 % U.S. dollar 3.9 % 12,584,748 45.6 % 3.6 % 10,533,677 44.1 % Total 2.9 % $ 27,578,197 100.0 % 2.5 % $ 23,875,961 100.0 %
Schedule of Current Availability on Debt and Cash	The following table summarizes information about our available liquidity at September 30, 2023 (in millions): Aggregate lender commitments Credit facilities $ 6,370 Less: Borrowings outstanding 213 Outstanding letters of credit 37 Current availability 6,120 Cash and cash equivalents 741 Total liquidity $ 6,861
Summary of Issuances of Senior Notes	The following table summarizes the issuances of senior notes during the nine months ended September 30, 2023 (principal in thousands): Aggregate Principal Issuance Date Weighted Average Issuance Date Borrowing Currency USD (1) Interest Rate Years Maturity Dates January € 1,250,000 $ 1,354,125 4.1 % 13.8 January 2030 – 2043 March $ 1,200,000 $ 1,200,000 4.9 % 17.7 June 2033 – 2053 May € 750,000 $ 808,425 4.6 % 10.0 May 2033 June $ 2,000,000 $ 2,000,000 5.1 % 13.2 June 2028 – 2053 Total $ 5,362,550 4.7 % 13.9 (1) The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date.
Long-Term Debt Maturities	Scheduled principal payments due on our debt for the remainder of 2023 and for each year through the period ended December 31, 2027, and thereafter were as follows at September 30, 2023 (in thousands): Unsecured Credit Senior Term Loans Secured Maturity Facilities Notes and Other Mortgage Total 2023 (1) $ - $ - $ - $ 1,684 $ 1,684 2024 (1)(2) - 317,820 100,281 96,121 514,222 2025 (3) - 33,504 724,404 167,520 925,428 2026 (4) 31,782 1,294,868 708,905 3,980 2,039,535 2027 (5) 180,966 1,707,417 47,916 4,156 1,940,455 Thereafter - 21,979,912 676,428 89,135 22,745,475 Subtotal 212,748 25,333,521 2,257,934 362,596 28,166,799 Unamortized premiums (discounts), net - ( 477,240 ) 710 8,136 ( 468,394 ) Unamortized debt issuance costs, net - ( 114,329 ) ( 4,787 ) ( 1,092 ) ( 120,208 ) Total $ 212,748 $ 24,741,952 $ 2,253,857 $ 369,640 $ 27,578,197 (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 2024 maturities was a Chinese term loan ($ 100.3 million at September 30, 2023) that can be extended until 2026, subject to the prevailing interest rate at the time of extension. (3) Included in the 2025 maturities was a Canadian term loan ($ 223.4 million at September 30, 2023) that can be extended until 2027. (4) Included in the 2026 maturities was the 2022 Global Facility ($ 31.8 million at September 30, 2023) that can be extended until 2027. (5) Included in the 2027 maturities was the 2023 Global Facility ($ 181.0 million at September 30, 2023 ) that can be extended until 2028.

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Summary of Ownership Percentages and Noncontrolling Interests	The following table summarizes these entities (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 3,152,160 $ 3,182,858 $ 7,161,018 $ 7,225,438 $ 165,959 $ 158,453 Other consolidated entities (1) - various 146,136 134,909 1,060,117 1,737,311 142,533 259,524 Prologis, L.P. 3,298,296 3,317,767 8,221,135 8,962,749 308,492 417,977 Limited partners in Prologis, L.P. (2)(3) 1,326,735 1,308,044 - - - - Prologis, Inc. $ 4,625,031 $ 4,625,811 $ 8,221,135 $ 8,962,749 $ 308,492 $ 417,977 (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 September 30, 2023 and December 31, 2022 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. (2) We had 8.6 million Class A Units that were convertible into 8.1 million and 8.0 million limited partnership units of the OP at September 30, 2023 and December 31, 2022 , respectively. (3) There were limited partnership units in the OP, excluding the Class A Units, that were exchangeable into cash or, at our option, 9.2 million and 10.0 million shares of the Parent’s common stock, at September 30, 2023 and December 31, 2022 , respectively. Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans of 5.5 million and 4.6 million shares of the Parent’s common stock at September 30, 2023 and December 31, 2022, respectively. See further discussion of LTIP Units in Note 8 .

Long-Term Compensation (Tables)

Long-Term Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
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 nine months ended September 30, 2023 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2023 1,533 $ 100.59 Granted 1,136 104.78 Vested and distributed ( 429 ) 117.29 Forfeited ( 40 ) 113.01 Balance at September 30, 2023 2,200 $ 99.27
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 nine months ended September 30, 2023 (units in thousands): Unvested Weighted Average LTIP Units Grant Date Fair Value Balance at January 1, 2023 4,214 $ 73.31 Granted 2,567 100.16 Vested LTIP Units ( 1,019 ) 108.99 Forfeited ( 2 ) 142.72 Balance at September 30, 2023 5,760 $ 78.94

Earnings Per Common Share or _2

Earnings Per Common Share or Unit (Tables)	9 Months Ended
	Sep. 30, 2023
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 was as follows (in thousands, except per share and unit amounts): Three Months Ended Nine Months Ended September 30, September 30, Prologis, Inc. 2023 2022 2023 2022 Net earnings attributable to common stockholders – Basic $ 746,174 $ 1,013,933 $ 2,423,897 $ 2,773,042 Net earnings attributable to exchangeable limited partnership units (1) 19,054 28,792 61,497 78,648 Adjusted net earnings attributable to common stockholders – Diluted $ 765,228 $ 1,042,725 $ 2,485,394 $ 2,851,690 Weighted average common shares outstanding – Basic 924,395 740,719 924,228 740,585 Incremental weighted average effect on exchange of limited (1) 23,627 21,230 23,615 21,246 Incremental weighted average effect of equity awards 3,886 4,423 3,800 4,188 Weighted average common shares outstanding – Diluted (2) 951,908 766,372 951,643 766,019 Net earnings per share attributable to common stockholders: Basic $ 0.81 $ 1.37 $ 2.62 $ 3.74 Diluted $ 0.80 $ 1.36 $ 2.61 $ 3.72 Three Months Ended Nine Months Ended September 30, September 30, Prologis, L.P. 2023 2022 2023 2022 Net earnings attributable to common unitholders $ 765,075 $ 1,042,664 $ 2,485,047 $ 2,851,475 Net earnings attributable to Class A Units ( 6,557 ) ( 10,995 ) ( 21,231 ) ( 30,018 ) Net earnings attributable to common unitholders – Basic 758,518 1,031,669 2,463,816 2,821,457 Net earnings attributable to Class A Units 6,557 10,995 21,231 30,018 Net earnings attributable to exchangeable other limited 153 61 347 215 Adjusted net earnings attributable to common unitholders – Diluted $ 765,228 $ 1,042,725 $ 2,485,394 $ 2,851,690 Weighted average common partnership units outstanding – Basic 939,602 753,616 939,448 753,515 Incremental weighted average effect on exchange of Class A Units 8,121 8,034 8,096 8,017 Incremental weighted average effect on exchange of other limited 299 299 299 299 Incremental weighted average effect of equity awards of Prologis, Inc. 3,886 4,423 3,800 4,188 Weighted average common units outstanding – Diluted (2) 951,908 766,372 951,643 766,019 Net earnings per unit attributable to common unitholders: Basic $ 0.81 $ 1.37 $ 2.62 $ 3.74 Diluted $ 0.80 $ 1.36 $ 2.61 $ 3.72 (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 consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Class A Units 8,121 8,034 8,096 8,017 Other limited partnership units 299 299 299 299 Equity awards 7,252 6,557 7,347 6,309 Prologis, L.P. 15,672 14,890 15,742 14,625 Common limited partnership units 15,207 12,897 15,220 12,930 Prologis, Inc. 30,879 27,787 30,962 27,555

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
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 (in thousands): September 30, 2023 December 31, 2022 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards Brazilian real $ - $ 569 $ 35 $ 494 British pound sterling 19,973 638 29,187 648 Canadian dollar 9,210 - 12,074 2 Chinese renminbi 2,318 2 657 364 Euro 34,156 1,877 51,317 2,801 Japanese yen 57,758 - 34,022 2,344 Mexican peso - 444 - - Swedish krona 6,659 1 6,292 - Options Mexican peso 1,629 1,738 - - Designated derivatives Foreign currency contracts Net investment hedges British pound sterling 10,254 - 23,534 - Canadian dollar 12,915 - 24,552 - Interest rate swaps Cash flow hedges Euro 3,790 - 44,982 - U.S. dollar - - 584 29 Total fair value of derivatives $ 158,662 $ 5,269 $ 227,236 $ 6,682
Summary of Undesignated Financial Instruments Exercised and Realized and Unrealized Gains in Foreign Currency and Derivative Gains , Net	The following table summarizes the undesignated derivative financial instruments exercised and outstanding recognized in realized and unrealized gains, respectively, in Foreign Currency and Derivative Gains and Other Income, Net in the Consolidated Statements of Income (in millions, except for number of exercised contracts): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Exercised contracts 42 55 163 124 Realized gains on the matured, expired or settled contracts $ 11 $ 94 $ 42 $ 124 Unrealized gains on the change in fair value of outstanding contracts $ 29 $ 48 $ 9 $ 151
Summary of Activity in Interest Rate Swaps	The following table summarizes the activity of our interest rate swaps designated as cash flow hedges for the nine months ended September 30 (in millions): 2023 2022 EUR USD Total EUR USD Total Notional amounts at January 1 ($) 447 150 597 165 - 165 New contracts ($) 691 1,750 2,441 1,004 250 1,254 Matured, expired or settled contracts ($) ( 859 ) ( 1,900 ) ( 2,759 ) ( 722 ) ( 250 ) ( 972 ) Notional amounts at September 30 ($) 279 - 279 447 - 447
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 the quarter ended (in millions): September 30, 2023 December 31, 2022 British pound sterling $ 1,304 $ 1,237 Canadian dollar $ 370 $ 370
Summary of Recognized Unrealized Gains in Foreign Currency and Derivative Gains Net on Remeasurement of Unhedged Portion of Euro Denominated Debt and Accrued Interest	The following table summarizes the unrealized gains in Foreign Currency and Derivative Gains and Other Income, Net in the Consolidated Statements of Income on the remeasurement of the unhedged portion of our euro denominated debt and accrued interest (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Unrealized gains on the unhedged portion $ 10 $ 36 $ 7 $ 85
Summary of Changes in Other Comprehensive Income	The following table presents these changes in Other Comprehensive Income (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Derivative net investment hedges (1) $ 29,679 $ 74,341 $ 6,846 $ 134,798 Debt designated as nonderivative net investment hedges 50,149 105,726 ( 30,237 ) 247,195 Cumulative translation adjustment 66,453 58,995 307,620 379,109 Total foreign currency translation gains, net $ 146,281 $ 239,062 $ 284,229 $ 761,102 Cash flow hedges (1) (2) $ 632 $ 16,818 $ ( 15,396 ) $ 45,764 Our share of derivatives from unconsolidated co-investment ventures 3,070 8,084 ( 4,602 ) 21,466 Total unrealized gains (losses) on derivative contracts, net $ 3,702 $ 24,902 $ ( 19,998 ) $ 67,230 Total change in other comprehensive income $ 149,983 $ 263,964 $ 264,231 $ 828,332 (1) The ending balance in AOCI/L in the Consolidated Balance Sheets for accumulated derivative gains on net investment hedges was $ 339.8 million and $ 333.0 million at September 30, 2023 and December 31, 2022 respectively. Additionally, the ending balance in AOCI/L for accumulated derivative gains on cash flow hedges was $ 17.3 million and $ 32.7 million at September 30, 2023 and December 31, 2022, respectively. (2) We estimate additional income of $ 2.7 million will be reclassified to Interest Expense in the Consolidated Statements of Income over the next 12 months from September 30, 2023 , due to the amortization of previously settled derivatives designated as cash flow hedges.
Carrying Amounts and Estimated Fair Values of Debt	The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): September 30, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Credit facilities $ 212,748 $ 212,748 $ 1,538,461 $ 1,538,461 Senior notes 24,741,952 20,891,413 19,786,253 16,604,241 Term loans and unsecured other 2,253,857 2,239,280 2,106,592 2,092,264 Secured mortgage 369,640 340,147 444,655 420,964 Total $ 27,578,197 $ 23,683,588 $ 23,875,961 $ 20,655,930
Undesignated Derivatives [Member]
Foreign Currency Contracts Activity	The following table summarizes the activity of our undesignated foreign currency contracts for the nine months ended September 30 (in millions, except for weighted average forward rates and number of active contracts): 2023 2022 CAD EUR GBP JPY Other Total CAD EUR GBP JPY Other Total Notional amounts at January 1 ($) 283 601 349 331 81 1,645 175 749 383 250 105 1,662 New contracts ($) 6 110 124 116 34 390 124 603 251 175 81 1,234 Matured, expired or settled contracts ($) ( 73 ) ( 218 ) ( 73 ) ( 66 ) 68 ( 362 ) ( 49 ) ( 753 ) ( 274 ) ( 78 ) ( 105 ) ( 1,259 ) Notional amounts at September 30 ($) 216 493 400 381 183 1,673 250 599 360 347 81 1,637 Weighted average forward rate at September 30 1.29 1.17 1.28 113.85 1.28 1.20 1.32 108.59 Active contracts at September 30 77 69 92 96 96 89 89 99
Designated As Hedging Instrument [Member]
Foreign Currency Contracts Activity	The following table summarizes the activity of our foreign currency contracts designated as net investment hedges for the nine months ended September 30 (in millions, except for weighted average forward rates and number of active contracts): 2023 2022 CAD CNH GBP Total BRL CAD GBP Total Notional amounts at January 1 ($) 534 - 440 974 - 535 432 967 New contracts ($) 350 100 218 668 44 599 317 960 Matured, expired or settled contracts ($) ( 363 ) ( 100 ) ( 228 ) ( 691 ) ( 44 ) ( 535 ) ( 300 ) ( 879 ) Notional amounts at September 30 ($) 521 - 430 951 - 599 449 1,048 Weighted average forward rate at 1.32 - 1.25 - 1.29 1.31 Active contracts at September 30 6 - 4 - 7 4

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Reportable Business Segment Revenues, Net Operating Income and Assets	The following reportable business segment revenues, net operating income and assets are presented in thousands: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenues: Real estate segment: U.S. $ 1,705,656 $ 1,102,418 $ 4,866,508 $ 3,187,756 Other Americas 29,442 23,774 81,576 69,136 Europe 29,101 13,437 69,368 37,145 Asia 13,617 16,511 46,186 43,147 Total real estate segment 1,777,816 1,156,140 5,063,638 3,337,184 Strategic capital segment: U.S. 53,077 53,973 786,222 155,474 Other Americas 14,054 13,344 74,139 57,809 Europe 45,457 503,764 135,267 599,076 Asia 24,260 23,671 74,956 72,557 Total strategic capital segment 136,848 594,752 1,070,584 884,916 Total revenues 1,914,664 1,750,892 6,134,222 4,222,100 Segment net operating income: (1) Real estate segment: U.S. (2) 1,295,042 828,144 3,671,766 2,384,060 Other Americas 23,184 17,068 62,429 50,010 Europe 22,235 7,758 51,493 13,592 Asia 8,937 11,459 29,696 30,462 Total real estate segment 1,349,398 864,429 3,815,384 2,478,124 Strategic capital segment: U.S. (2) 6,302 ( 16,055 ) 622,802 33,930 Other Americas 7,147 7,410 53,962 43,657 Europe 27,187 461,701 53,288 528,323 Asia 12,143 11,141 33,848 39,588 Total strategic capital segment 52,779 464,197 763,900 645,498 Non-segment items: General and administrative expenses ( 96,673 ) ( 87,903 ) ( 292,097 ) ( 245,663 ) Depreciation and amortization expenses ( 642,010 ) ( 401,450 ) ( 1,846,545 ) ( 1,200,410 ) Gains on dispositions of development properties and land, net 89,030 74,678 273,907 390,686 Gains on other dispositions of investments in real estate, net 129,584 1,019 158,392 585,854 Operating income 882,108 914,970 2,872,941 2,654,089 Earnings from unconsolidated entities, net 71,365 84,925 217,786 241,481 Interest expense ( 181,053 ) ( 63,884 ) ( 466,882 ) ( 188,241 ) Foreign currency and derivative gains and other income, net 67,964 171,832 102,682 364,623 Gains (losses) on early extinguishment of debt, net - - 3,275 ( 18,895 ) Earnings before income taxes $ 840,384 $ 1,107,843 $ 2,729,802 $ 3,053,057 September 30, December 31, Segment assets: Real estate segment: U.S. $ 75,749,288 $ 71,858,560 Other Americas 1,873,732 1,831,956 Europe 2,280,004 1,952,160 Asia 697,222 1,031,135 Total real estate segment 80,600,246 76,673,811 Strategic capital segment: (3) U.S. 10,499 10,817 Europe 25,280 25,280 Asia 192 231 Total strategic capital segment 35,971 36,328 Total segment assets 80,636,217 76,710,139 Non-segment items: Investments in and advances to unconsolidated entities 9,091,824 9,698,898 Assets held for sale or contribution 797,758 531,257 Cash and cash equivalents 740,841 278,483 Other assets 682,769 678,671 Total non-segment items 11,313,192 11,187,309 Total assets $ 91,949,409 $ 87,897,448 (1) Net Operating Income ("NOI") from the Real Estate Segment is calculated directly from the Consolidated Financial Statements 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 Financial Statements as Strategic Capital Revenues less Strategic Capital Expenses. (2) This includes compensation and personnel costs for employees who were located in the U.S. but also support other geographies. (3) Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital Segment. Goodwill was $ 25.3 million at September 30, 2023 and December 31, 2022 .

General - Additional Informatio

General - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2023 Segment
General [Line Items]
Number of reportable segments	2
Unaffiliated Investors and Certain Current and Former Directors and Officers [Member]
General [Line Items]
Percentage of common limited partnership interest	2.42%
General Partner | Prologis LP [Member]
General [Line Items]
Percentage of ownership in operating partnership	97.58%

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	184.8
Multiplied by price of Prologis' common stock on September 30, 2022		$ 101.6
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 October 3, 2022.

Duke Transaction - Schedule o_3

Duke Transaction - Schedule of Purchase Price including Transaction Costs Allocated to Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) - Lessor [Member] - Duke Transaction [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		Sep. 30, 2023 USD ($) ft² a Building	Dec. 31, 2022 USD ($) ft² a Building
Real Estate Properties [Line Items]
Total investments in real estate properties		$ 87,021,585	$ 81,623,396
Less accumulated depreciation		10,439,374	9,036,085
Net investments in real estate properties		76,582,211	72,587,311
Improved Land [Member]
Real Estate Properties [Line Items]
Total investments in real estate properties		$ 22,390,537	$ 20,388,461
Building and Improvements [Member]
Real Estate Properties [Line Items]
Square Feet | ft²		620,413	597,362
Number of buildings | Building		2,933	2,825
Total investments in real estate properties		$ 51,476,222	$ 48,650,334
Development Portfolio, Including Cost of Land: Pre-stabilized [Member]
Real Estate Properties [Line Items]
Square Feet | ft²		12,738	4,874
Number of buildings | Building		40	15
Total investments in real estate properties		$ 1,718,732	$ 597,553
Properties Under Development [Member]
Real Estate Properties [Line Items]
Square Feet | ft²		25,042	44,011
Number of buildings | Building		70	121
Total investments in real estate properties		$ 2,701,514	$ 3,614,601
Land [Member]
Real Estate Properties [Line Items]
Square Feet | a		8,094	7,188
Total investments in real estate properties	[1]	$ 3,730,346	$ 3,338,121
Other Real Estate Investments [Member]
Real Estate Properties [Line Items]
Total investments in real estate properties	[2]	$ 5,004,234	$ 5,034,326
[1] At September 30, 2023 and December 31, 2022 , our land was comprised of 8,094 and 7,188 acres, respectively. Included in other real estate investments were: (i) land parcels we own and lease to third parties; (ii) non-strategic real estate assets, primarily acquired from the Duke Transaction, that we do not intend to operate long term; (iii) non-industrial real estate assets that we intend to redevelop into industrial properties; and (iv) costs associated with potential acquisitions and future development projects, including purchase options on land.

Real Estate - Investments in _2

Real Estate - Investments in Real Estate Properties (Parenthetical) (Detail) - a	Sep. 30, 2023	Dec. 31, 2022
Land [Member]
Real Estate Properties [Line Items]
Square Feet	8,094	7,188

Real Estate - Summary of Acquis

Real Estate - Summary of Acquisition (Detail) ft² in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 29, 2023 USD ($) ft² Property	Sep. 30, 2023 USD ($) ft² a Property	Sep. 30, 2022 USD ($) ft² a Property	Sep. 30, 2023 USD ($) ft² a Property	[1]	Sep. 30, 2022 USD ($) ft² a Property
Real Estate [Abstract]
Number of operating properties | Property	70	0	9	76		22
Square feet | ft²	13,800	0	1,952	14,941		3,746
Acres of land | a		890	590	1,128		1,796
Acquisition cost of net investments in real estate, excluding other real estate investments	$ 3,100,000	$ 116,112	$ 314,736	$ 3,626,672		$ 1,562,962
Acquisition cost of other real estate investments		$ 37,343	$ 33,627	$ 77,624		$ 636,841
[1] 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 Acqu_2

Real Estate - Summary of Acquisition (Parenthetical) (Details) ft² in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 29, 2023 USD ($) ft² Property	Sep. 30, 2023 USD ($) ft² Property	Sep. 30, 2022 USD ($) ft² Property	Sep. 30, 2023 USD ($) ft² Property	[1]	Sep. 30, 2022 USD ($) ft² Property
Real Estate [Abstract]
Acquisition cash consideration investments in real estate, excluding other real estate investments | $	$ 3,100,000	$ 116,112	$ 314,736	$ 3,626,672		$ 1,562,962
Square feet | ft²	13,800	0	1,952	14,941		3,746
Number of operating properties | Property	70	0	9	76		22
[1] 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		9 Months Ended
		Sep. 30, 2023 USD ($) ft² Property	Sep. 30, 2022 USD ($) ft² Property	Sep. 30, 2023 USD ($) ft² Property	Sep. 30, 2022 USD ($) 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]	$ 89,030	$ 74,678	$ 273,907	$ 390,686
Gains on other dispositions of investments in real estate, net	[2]	$ 129,584	$ 1,019	$ 158,392	$ 585,854
Discontinuing Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of buildings | Property	[2]	19	0	24	102
Square feet | ft²	[2]	2,415	0	2,775	8,676
Net proceeds	[2]	$ 263,567	$ 0	$ 635,140	$ 1,264,280
Continuing Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of buildings | Property	[1]	2	7	7	18
Square feet | ft²	[1]	1,530	1,203	3,652	4,966
Net proceeds	[1]	$ 272,250	$ 168,601	$ 738,207	$ 846,350
[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. During the nine months ended September 30, 2023 , we sold our ownership interest in an unconsolidated office joint venture.

Real Estate - Additional Inform

Real Estate - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Real Estate [Abstract]
Operating lease right-of-use assets	$ 677	$ 735.4
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Lease liabilities	$ 587	$ 638.8
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities

Unconsolidated Entities - Summa

Unconsolidated Entities - Summary of Investments in and Advances to our Unconsolidated Entities (Detail) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated entities		$ 9,091,824	$ 9,698,898
Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated entities		7,953,412	8,073,927
Other Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated entities	[1]	$ 1,138,412	$ 1,624,971
[1] Included in other ventures is our $ 193.2 million and $ 162.6 million investment in early and growth-stage companies that are focused on emerging technologies in the logistics sector at September 30, 2023 and December 31, 2022 , respectively.

Unconsolidated Entities - Sum_2

Unconsolidated Entities - Summary of Investments in and Advances to our Unconsolidated Entities (Parenthetical) (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Other Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Investment in early and growth-stage companies	$ 193.2	$ 162.6

Unconsolidated Entities - Sum_3

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		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule Of Equity Method Investments [Line Items]
Recurring fees		$ 113,947	$ 115,902	$ 340,842	$ 344,945
Transactional fees		15,757	19,805	44,359	54,553
Promote revenue	[1]	3,993	456,038	673,665	475,552
Total strategic capital revenues from unconsolidated co-investment ventures	[2]	$ 133,697	$ 591,745	$ 1,058,866	$ 875,050
[1] Includes promote revenue earned from unconsolidated co-investment ventures in the U.S. and Mexico in June 2023 and in Europe in September 2022. These amounts exclude strategic capital revenues from other ventures.

Unconsolidated Entities - Sum_4

Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Detail) $ in Thousands, ft² in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023 USD ($) ft² Property Venture	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) ft² Property Venture	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) ft² Property Venture
Schedule Of Equity Method Investments [Line Items]
Total assets		$ 91,949,409		$ 91,949,409		$ 87,897,448
Total liabilities		33,688,547		33,688,547		$ 30,034,355
Total revenues		1,914,664	$ 1,750,892	6,134,222	$ 4,222,100
Consolidated net earnings		799,141	1,069,174	2,577,261	2,935,332
Our earnings from unconsolidated co-investment ventures, net		$ 71,365	84,925	$ 217,786	241,481
Weighted Average [Member] | Unconsolidated Co-Investments Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[1]	27.70%		27.70%		27.40%
Weighted Average [Member] | U.S. [Member] | Unconsolidated Co-Investments Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[1]	27.30%		27.30%		26.20%
Weighted Average [Member] | Other Americas [Member] | Unconsolidated Co-Investments Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[1],[2]	38.70%		38.70%		41%
Weighted Average [Member] | Europe [Member] | Unconsolidated Co-Investments Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[1]	31.30%		31.30%		31%
Weighted Average [Member] | Asia [Member] | Unconsolidated Co-Investments Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[1],[3]	15.20%		15.20%		15.20%
Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		9		9		8
Number of buildings | Property		2,228		2,228		2,205
Square feet | ft²		499		499		491
Total assets		$ 47,832,000		$ 47,832,000		$ 48,827,000
Third-party debt		14,330,000		14,330,000		13,513,000
Total liabilities		17,521,000		17,521,000		16,725,000
Our investment balance	[4]	7,953,000		7,953,000		$ 8,074,000
Total revenues		1,032,000	888,000	3,043,000	2,686,000
Consolidated net earnings		232,000	255,000	686,000	756,000
Our earnings from unconsolidated co-investment ventures, net		$ 70,000	78,000	$ 204,000	219,000
Unconsolidated Co-Investment Ventures [Member] | U.S. [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		1		1		1
Number of buildings | Property		741		741		739
Square feet | ft²		124		124		123
Total assets		$ 11,747,000		$ 11,747,000		$ 12,617,000
Third-party debt		4,039,000		4,039,000		3,468,000
Total liabilities		4,738,000		4,738,000		4,143,000
Our investment balance	[4]	2,294,000		2,294,000		$ 2,398,000
Total revenues		330,000	297,000	983,000	874,000
Consolidated net earnings		86,000	73,000	262,000	213,000
Our earnings from unconsolidated co-investment ventures, net		$ 24,000	20,000	$ 71,000	58,000
Unconsolidated Co-Investment Ventures [Member] | Other Americas [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture	[2]	2		2		2
Number of buildings | Property	[2]	266		266		260
Square feet | ft²	[2]	61		61		60
Total assets	[2]	$ 4,056,000		$ 4,056,000		$ 3,744,000
Third-party debt	[2]	916,000		916,000		919,000
Total liabilities	[2]	1,025,000		1,025,000		1,011,000
Our investment balance	[2],[4]	1,142,000		1,142,000		$ 1,070,000
Total revenues	[2]	109,000	97,000	314,000	282,000
Consolidated net earnings	[2]	52,000	35,000	142,000	99,000
Our earnings from unconsolidated co-investment ventures, net	[2]	$ 18,000	12,000	$ 49,000	34,000
Unconsolidated Co-Investment Ventures [Member] | Europe [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		2		2		2
Number of buildings | Property		995		995		989
Square feet | ft²		220		220		219
Total assets		$ 22,222,000		$ 22,222,000		$ 22,502,000
Third-party debt		5,462,000		5,462,000		5,315,000
Total liabilities		7,428,000		7,428,000		7,292,000
Our investment balance	[4]	3,736,000		3,736,000		$ 3,786,000
Total revenues		429,000	342,000	1,255,000	1,052,000
Consolidated net earnings		66,000	113,000	226,000	344,000
Our earnings from unconsolidated co-investment ventures, net		$ 23,000	41,000	$ 74,000	111,000
Unconsolidated Co-Investment Ventures [Member] | Asia [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture	[3]	4		4		3
Number of buildings | Property	[3]	226		226		217
Square feet | ft²	[3]	94		94		89
Total assets	[3]	$ 9,807,000		$ 9,807,000		$ 9,964,000
Third-party debt	[3]	3,913,000		3,913,000		3,811,000
Total liabilities	[3]	4,330,000		4,330,000		4,279,000
Our investment balance	[3],[4]	781,000		781,000		$ 820,000
Total revenues		164,000	152,000	491,000	478,000
Consolidated net earnings		28,000	34,000	56,000	100,000
Our earnings from unconsolidated co-investment ventures, net		$ 5,000	$ 5,000	$ 10,000	$ 16,000
[1] 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. Prologis Brazil Logistics Venture (“PBLV”) and our other Brazilian joint ventures are combined as one venture for the purpose of this table. In April 2023, we formed Prologis Japan Core Logistics Fund ("PJLF") with two investors through the initial contribution of assets for which we received cash and equity ownership. We made additional contributions to PJLF in the third quarter of 2023. We account for our investment in PJLF under the equity method of accounting. At September 30, 2023, our ownership interest was 16.3 %. Prologis’ investment balance is presented at our adjusted basis. The difference between our ownership interest of a venture’s equity and our investment balance at September 30, 2023 and December 31, 2022 , results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018; (ii) recording additional costs associated with our investment in the venture; (iii) receivables, principally for fees and promotes ($ 255.3 million and $ 193.7 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc.

Unconsolidated Entities - Sum_5

Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Parenthetical) (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Prologis Inc [Member] | Prologis Japan Core Logistics Fund [Member] | Unconsolidated Entities [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership interest percentage	16.30%
Related Party [Member]
Schedule Of Equity Method Investments [Line Items]
Receivables from unconsolidated co-investment ventures	$ 255.3	$ 193.7

Unconsolidated Entities - Addit

Unconsolidated Entities - Additional Information (Detail) - Prologis, Inc. [Member] $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	$ 893.6
Expiration date for remaining commitments range start	2023
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	Sep. 30, 2023 USD ($) ft² Property	Dec. 31, 2022 USD ($) ft² Property
Long Lived Assets Held For Sale [Line Items]
Total assets held for sale or contribution	$ 797,758	$ 531,257
Total assets held for sale or contribution	797,758	531,257
Total liabilities associated with assets held for sale or contribution – included in Other Liabilities	$ 38,386	$ 4,536
Disposal Group Held for Sale Not Discontinued Operations [Member]
Long Lived Assets Held For Sale [Line Items]
Number of operating properties | Property	20	21
Square feet | ft²	6,883	4,061

Debt - Debt Summary (Detail)

Debt - Debt Summary (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.90%	2.50%
Weighted Average Term	9 years 9 months 18 days	9 years 2 months 12 days
Debt	$ 27,578,197	$ 23,875,961
Credit Facilities [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.60%	4.20%
Weighted Average Term	3 years 7 months 6 days	2 years 9 months 18 days
Debt	$ 212,748	$ 1,538,461
Senior Notes [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.90%	2.30%
Weighted Average Term	10 years 4 months 24 days	10 years 3 months 18 days
Debt	$ 24,741,952	$ 19,786,253
Term Loans and Unsecured Other [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.80%	2.30%
Weighted Average Term	3 years 10 months 24 days	4 years 10 months 24 days
Debt	$ 2,253,857	$ 2,106,592
Secured Mortgage [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.80%	3%
Weighted Average Term	3 years 9 months 18 days	4 years 3 months 18 days
Debt	$ 369,640	$ 444,655

Debt - Debt Summary (Parentheti

Debt - Debt Summary (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.90%	2.50%
Debt	$ 27,578,197	$ 23,875,961
Percentage of outstanding debt	100%	100%
GBP
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.20%	2.10%
Debt	$ 1,274,242	$ 1,228,483
Percentage of outstanding debt	4.60%	5.10%
CAD
Debt Instrument [Line Items]
Weighted Average Interest Rate	5%	4.50%
Debt	$ 819,390	$ 814,491
Percentage of outstanding debt	3%	3.40%
CNY
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.70%	0%
Debt	$ 238,553	$ 0
Percentage of outstanding debt	0.90%	0%
EUR
Debt Instrument [Line Items]
Weighted Average Interest Rate	2%	1.30%
Debt	$ 9,736,225	$ 7,991,301
Percentage of outstanding debt	35.30%	33.50%
JPY
Debt Instrument [Line Items]
Weighted Average Interest Rate	1%	1%
Debt	$ 2,925,039	$ 3,308,009
Percentage of outstanding debt	10.60%	13.90%
USD
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.90%	3.60%
Debt	$ 12,584,748	$ 10,533,677
Percentage of outstanding debt	45.60%	44.10%

Debt - Additional Information (

Debt - Additional Information (Detail) $ in Millions, ¥ in Billions, ¥ in Billions		1 Months Ended			3 Months Ended	9 Months Ended
	Apr. 05, 2023 USD ($)	Oct. 31, 2018	Aug. 31, 2018	Jul. 31, 2018	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 JPY (¥)	Sep. 30, 2023 CNY (¥)	Aug. 25, 2023 JPY (¥)
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity					$ 6,370	$ 6,370
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%
Term Loan [Member]
Debt Instrument [Line Items]
Aggregate amount					$ 239.4	$ 239.4		¥ 1.7
Interest rate					3.50%	3.50%	3.50%	3.50%
Term Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument maturity date					2024-09
Term Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument maturity date					2026-09
Global Credit Facility 2022 [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 3,000
Debt Instrument maturity date						2026-06
Global Credit Facility 2023 [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 3,000
Debt Instrument maturity date	2027-06
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments	$ 4,000
Yen Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity					$ 392	$ 392	¥ 58.5		¥ 3.5
Debt Instrument maturity date						2027-08
Credit facility maximum borrowing capacity					$ 502.6	$ 502.6	¥ 75

Debt - Schedule of Current Avai

Debt - Schedule of Current Availability on Debt and Cash (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Credit Facilities	$ 6,370,000
Borrowings outstanding	213,000
Outstanding letters of credit	37,000
Current availability	6,120,000
Cash and cash equivalents	740,841	$ 278,483
Total liquidity	$ 6,861,000

Debt - Summary of Issuances of

Debt - Summary of Issuances of Senior Notes (Detail) € in Thousands	9 Months Ended
	Sep. 30, 2023 EUR (€)	Sep. 30, 2023 USD ($)	Dec. 31, 2022
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.90%	2.90%	2.50%
EUR
Debt Instrument [Line Items]
Weighted Average Interest Rate	2%	2%	1.30%
USD
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.90%	3.90%	3.60%
Issuance of Senior Notes
Debt Instrument [Line Items]
Aggregate Principal		$ 5,362,550
Weighted Average Interest Rate	4.70%	4.70%
Issuance of Senior Notes | Weighted Average [Member]
Debt Instrument [Line Items]
Term	13 years 10 months 24 days
Issuance of Senior Notes | January 2030 Senior Notes [Member] | EUR
Debt Instrument [Line Items]
Aggregate Principal	€ 1,250,000	$ 1,354,125,000
Weighted Average Interest Rate	4.10%	4.10%
Issuance of Senior Notes | January 2030 Senior Notes [Member] | EUR | Weighted Average [Member]
Debt Instrument [Line Items]
Term	13 years 9 months 18 days
Issuance of Senior Notes | January 2030 Senior Notes [Member] | EUR | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument maturity month	2030-01
Issuance of Senior Notes | January 2030 Senior Notes [Member] | EUR | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument maturity month	2043-01
Issuance of Senior Notes | June 2033 Senior Notes [Member] | USD
Debt Instrument [Line Items]
Aggregate Principal		$ 1,200,000,000
Weighted Average Interest Rate	4.90%	4.90%
Issuance of Senior Notes | June 2033 Senior Notes [Member] | USD | Weighted Average [Member]
Debt Instrument [Line Items]
Term	17 years 8 months 12 days
Issuance of Senior Notes | June 2033 Senior Notes [Member] | USD | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument maturity month	2033-06
Issuance of Senior Notes | June 2033 Senior Notes [Member] | USD | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument maturity month	2053-06
Issuance of Senior Notes | May 2033 Senior Notes [Member] | EUR
Debt Instrument [Line Items]
Debt Instrument maturity month	2033-05
Aggregate Principal	€ 750,000	$ 808,425,000
Weighted Average Interest Rate	4.60%	4.60%
Issuance of Senior Notes | May 2033 Senior Notes [Member] | EUR | Weighted Average [Member]
Debt Instrument [Line Items]
Term	10 years
Issuance of Senior Notes | June 2028 Senior Notes [Member] | USD
Debt Instrument [Line Items]
Aggregate Principal		$ 2,000,000,000
Weighted Average Interest Rate	5.10%	5.10%
Issuance of Senior Notes | June 2028 Senior Notes [Member] | USD | Weighted Average [Member]
Debt Instrument [Line Items]
Term	13 years 2 months 12 days
Issuance of Senior Notes | June 2028 Senior Notes [Member] | USD | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument maturity month	2028-06
Issuance of Senior Notes | June 2028 Senior Notes [Member] | USD | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument maturity month	2053-06

Debt - Long-Term Debt Maturitie

Debt - Long-Term Debt Maturities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2023	$ 1,684
2024	514,222
2025	925,428
2026	2,039,535
2027	1,940,455
Thereafter	22,745,475
Subtotal	28,166,799
Unamortized premiums (discounts), net	(468,394)
Unamortized debt issuance costs, net	(120,208)
Total	27,578,197	$ 23,875,961
Credit Facilities [Member]
Debt Instrument [Line Items]
2023	0
2024	0
2025	0
2026	31,782
2027	180,966
Thereafter	0
Subtotal	212,748
Unamortized premiums (discounts), net	0
Unamortized debt issuance costs, net	0
Total	212,748	1,538,461
Senior Notes [Member]
Debt Instrument [Line Items]
2023	0
2024	317,820
2025	33,504
2026	1,294,868
2027	1,707,417
Thereafter	21,979,912
Subtotal	25,333,521
Unamortized premiums (discounts), net	(477,240)
Unamortized debt issuance costs, net	(114,329)
Total	24,741,952	19,786,253
Term Loans and Unsecured Other [Member]
Debt Instrument [Line Items]
2023	0
2024	100,281
2025	724,404
2026	708,905
2027	47,916
Thereafter	676,428
Subtotal	2,257,934
Unamortized premiums (discounts), net	710
Unamortized debt issuance costs, net	(4,787)
Total	2,253,857	2,106,592
Secured Mortgage [Member]
Debt Instrument [Line Items]
2023	1,684
2024	96,121
2025	167,520
2026	3,980
2027	4,156
Thereafter	89,135
Subtotal	362,596
Unamortized premiums (discounts), net	8,136
Unamortized debt issuance costs, net	(1,092)
Total	$ 369,640	$ 444,655

Debt - Long-Term Debt Maturit_2

Debt - Long-Term Debt Maturities (Parenthetical) (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Debt instruments expected maturing period	next twelve months
2024	$ 514,222
2025	925,428
2026	2,039,535
2027	1,940,455
Chinese Term Loan [Member]
Debt Instrument [Line Items]
2024	100,300
Canadian Term Loan [Member]
Debt Instrument [Line Items]
2025	223,400
Global Credit Facility 2022 [Member]
Debt Instrument [Line Items]
2026	31,800
Global Credit Facility 2023 [Member]
Debt Instrument [Line Items]
2027	$ 181,000

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2023
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, 2022	Sep. 30, 2023
Minority Interest [Line Items]
Total Assets		$ 87,897,448	$ 91,949,409
Operating Partnership noncontrolling interest		3,317,767	3,298,296
Operating Partnership noncontrolling interest		4,625,811	4,625,031
Total Liabilities		30,034,355	33,688,547
Noncontrolling Interests [Member]
Minority Interest [Line Items]
Total Assets		8,962,749	8,221,135
Total Liabilities		$ 417,977	$ 308,492
Prologis U S Logistics Venture [Member]
Minority Interest [Line Items]
Parent Company's Ownership Percentage		55%	55%
Total Assets		$ 7,225,438	$ 7,161,018
Operating Partnership noncontrolling interest		3,182,858	3,152,160
Total Liabilities		$ 158,453	165,959
Other Consolidated Entities [Member]
Minority Interest [Line Items]
Parent Company's Ownership	[1]	various
Total Assets	[1]	$ 1,737,311	1,060,117
Operating Partnership noncontrolling interest	[1]	134,909	146,136
Total Liabilities	[1]	259,524	142,533
Prologis, L.P. [Member]
Minority Interest [Line Items]
Total Assets		87,897,448	91,949,409
Operating Partnership noncontrolling interest		3,317,767	3,298,296
Total Liabilities		30,034,355	33,688,547
Prologis, L.P. [Member] | Noncontrolling Interests [Member]
Minority Interest [Line Items]
Limited partners in Prologis, L.P.	[2],[3]	1,308,044	1,326,735
Total Assets	[2],[3]	0	0
Total Liabilities	[2],[3]	0	0
Prologis, Inc. [Member]
Minority Interest [Line Items]
Total Assets		8,962,749	8,221,135
Total Liabilities		417,977	308,492
Prologis, Inc. [Member] | Noncontrolling Interests [Member]
Minority Interest [Line Items]
Operating Partnership noncontrolling interest		$ 4,625,811	$ 4,625,031
[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 September 30, 2023 and December 31, 2022 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, 9.2 million and 10.0 million shares of the Parent’s common stock, at September 30, 2023 and December 31, 2022 , respectively. Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans of 5.5 million and 4.6 million shares of the Parent’s common stock at September 30, 2023 and December 31, 2022, respectively. See further discussion of LTIP Units in Note 8 . We had 8.6 million Class A Units that were convertible into 8.1 million and 8.0 million limited partnership units of the OP at September 30, 2023 and December 31, 2022 , respectively.

Noncontrolling Interests - No_2

Noncontrolling Interests - Noncontrolling Interest Summary (Parenthetical) (Detail) - shares shares in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Long Term Incentive Plan Units [Member]
Minority Interest [Line Items]
Vested LTIP Units	5.5	4.6
Class A Common [Member]
Minority Interest [Line Items]
Outstanding limited partnership units, exchanged	8.1	8
Units outstanding		8.6
Common Unit [Member]
Minority Interest [Line Items]
Outstanding limited partnership units, exchanged	9.2	10
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) - Prologis Out-Performance Plan [Member] - USD ($)	1 Months Ended	9 Months Ended
	Jan. 31, 2023	Sep. 30, 2023
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
2023 - 2025 Performance Period [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance Period	3 years
Cash incentive award maximum	$ 100,000,000
Holding period	3 years
Aggregate fair value	$ 28,300,000
Assumed risk free interest rate	4.20%
2023 - 2025 Performance Period [Member] | Tranche 1 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights, percentage	20%
2023 - 2025 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%
2023 - 2025 Performance Period [Member] | Prologis, Inc. [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility rate	35%
2023 - 2025 Performance Period [Member] | Msci Us Reit Index
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility rate	31%
2020 - 2022 Performance Period [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash incentive award maximum	$ 100,000,000
Prior To 2018 Performance Periods [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash incentive award maximum	$ 22,400,000
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		10 years

Long-Term Compensation - RSU Aw

Long-Term Compensation - RSU Awards (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Unvested Awards, Beginning Balance | shares	1,533
Granted | shares	1,136
Vested and distributed | shares	(429)
Forfeited | shares	(40)
Number of Unvested Awards, Ending Balance | shares	2,200
Weighted Average Grant Date Fair Value | $ / shares	$ 100.59
Weighted Average Grant Date Fair Value, Granted | $ / shares	104.78
Weighted Average Grant Date Fair Value, Vested and distributed | $ / shares	117.29
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	113.01
Weighted Average Grant Date Fair Value | $ / shares	$ 99.27

Long-Term Compensation - LTIP U

Long-Term Compensation - LTIP Units Awards (Detail) - Long Term Incentive Plan Units [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Unvested Awards, Beginning Balance | shares	4,214
Granted | shares	2,567
Forfeited | shares	(2)
Vested LTIP Units | shares	(1,019)
Number of Unvested Awards, Ending Balance | shares	5,760
Weighted Average Grant Date Fair Value | $ / shares	$ 73.31
Weighted Average Grant Date Fair Value, Granted | $ / shares	100.16
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	142.72
Weighted Average Grant Date Fair Value, Vested LTIP Units | $ / shares	108.99
Weighted Average Grant Date Fair Value | $ / shares	$ 78.94

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		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Net earnings attributable to common stockholders/unit holders - Basic		$ 746,174	$ 1,013,933	$ 2,423,897	$ 2,773,042
Net earnings attributable to exchangeable limited partnership units	[1]	19,054	28,792	61,497	78,648
Adjusted net earnings attributable to common stockholders – Diluted		$ 765,228	$ 1,042,725	$ 2,485,394	$ 2,851,690
Weighted average common shares/units outstanding - Basic		924,395	740,719	924,228	740,585
Incremental weighted average effect on exchange of limited partnership units	[1]	23,627	21,230	23,615	21,246
Incremental weighted average effect of equity awards		3,886	4,423	3,800	4,188
Weighted average common shares/partnership units outstanding - Diluted	[2]	951,908	766,372	951,643	766,019
Net earnings per share/unit attributable to common stockholders/unitholders -
Basic		$ 0.81	$ 1.37	$ 2.62	$ 3.74
Diluted		$ 0.8	$ 1.36	$ 2.61	$ 3.72
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		$ 765,075	$ 1,042,664	$ 2,485,047	$ 2,851,475
Net earnings attributable to exchangeable limited partnership units		153	61	347	215
Adjusted net earnings attributable to common stockholders – Diluted		$ 765,228	$ 1,042,725	$ 2,485,394	$ 2,851,690
Weighted average common shares/units outstanding - Basic		939,602	753,616	939,448	753,515
Incremental weighted average effect on exchange of Class A convertible units		8,121	8,034	8,096	8,017
Incremental weighted average effect on exchange of limited partnership units		299	299	299	299
Incremental weighted average effect of equity awards		3,886	4,423	3,800	4,188
Weighted average common shares/partnership units outstanding - Diluted	[2]	951,908	766,372	951,643	766,019
Net earnings per share/unit attributable to common stockholders/unitholders -
Basic		$ 0.81	$ 1.37	$ 2.62	$ 3.74
Diluted		$ 0.8	$ 1.36	$ 2.61	$ 3.72
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		$ (6,557)	$ (10,995)	$ (21,231)	$ (30,018)
Adjusted net earnings attributable to common stockholders – Diluted		6,557	10,995	21,231	30,018
Prologis, L.P. [Member] | Common Units [Member]
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Net earnings attributable to common stockholders/unit holders - Basic		$ 758,518	$ 1,031,669	$ 2,463,816	$ 2,821,457
[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 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	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Total weighted average potential dilutive shares and units outstanding	30,879	27,787	30,962	27,555
Prologis, L.P. [Member]
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Total weighted average potentially dilutive Class A Units	8,121	8,034	8,096	8,017
Total weighted average potentially dilutive other limited partnership units	299	299	299	299
Total weighted average potentially dilutive equity awards	7,252	6,557	7,347	6,309
Total weighted average potential dilutive shares and units outstanding	15,672	14,890	15,742	14,625
Total weighted average potential dilutive common limited partnership units	15,207	12,897	15,220	12,930

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Schedule of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivatives Fair Value [Line Items]
Asset	$ 158,662	$ 227,236
Liability	5,269	6,682
Undesignated Derivatives [Member] | Forwards [Member] | BRL
Derivatives Fair Value [Line Items]
Asset	0	35
Liability	569	494
Undesignated Derivatives [Member] | Forwards [Member] | GBP
Derivatives Fair Value [Line Items]
Asset	19,973	29,187
Liability	638	648
Undesignated Derivatives [Member] | Forwards [Member] | CAD
Derivatives Fair Value [Line Items]
Asset	9,210	12,074
Liability	0	2
Undesignated Derivatives [Member] | Forwards [Member] | CNY
Derivatives Fair Value [Line Items]
Asset	2,318	657
Liability	2	364
Undesignated Derivatives [Member] | Forwards [Member] | EUR
Derivatives Fair Value [Line Items]
Asset	34,156	51,317
Liability	1,877	2,801
Undesignated Derivatives [Member] | Forwards [Member] | JPY
Derivatives Fair Value [Line Items]
Asset	57,758	34,022
Liability	0	2,344
Undesignated Derivatives [Member] | Forwards [Member] | MXN
Derivatives Fair Value [Line Items]
Asset	0	0
Liability	444	0
Undesignated Derivatives [Member] | Forwards [Member] | SEK
Derivatives Fair Value [Line Items]
Asset	6,659	6,292
Liability	1	0
Undesignated Derivatives [Member] | Options [Member] | MXN
Derivatives Fair Value [Line Items]
Asset	1,629	0
Liability	1,738	0
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | GBP
Derivatives Fair Value [Line Items]
Asset	10,254	23,534
Liability	0	0
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | CAD
Derivatives Fair Value [Line Items]
Asset	12,915	24,552
Liability	0	0
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | EUR
Derivatives Fair Value [Line Items]
Asset	3,790	44,982
Liability	0	0
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | USD
Derivatives Fair Value [Line Items]
Asset	0	584
Liability	$ 0	$ 29

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Summary of Undesignated Foreign Currency Forwards Activity (Detail) - Forwards [Member] - Undesignated Derivatives [Member]	9 Months Ended
	Sep. 30, 2023 USD ($) Derivative	Sep. 30, 2022 USD ($) Derivative
Derivative [Line Items]
Notional amounts at January 1	$ 1,645,000,000	$ 1,662,000,000
New contracts	390,000,000	1,234,000,000
Matured, expired or settled contracts	(362,000,000)	(1,259,000,000)
Notional amounts at September 30	1,673,000,000	1,637,000,000
CAD
Derivative [Line Items]
Notional amounts at January 1	283,000,000	175,000,000
New contracts	6,000,000	124,000,000
Matured, expired or settled contracts	(73,000,000)	(49,000,000)
Notional amounts at September 30	$ 216,000,000	$ 250,000,000
Weighted average forward rate at September 30	1.29	1.28
Active contracts at September 30 | Derivative	77	96
EUR
Derivative [Line Items]
Notional amounts at January 1	$ 601,000,000	$ 749,000,000
New contracts	110,000,000	603,000,000
Matured, expired or settled contracts	(218,000,000)	(753,000,000)
Notional amounts at September 30	$ 493,000,000	$ 599,000,000
Weighted average forward rate at September 30	1.17	1.2
Active contracts at September 30 | Derivative	69	89
GBP
Derivative [Line Items]
Notional amounts at January 1	$ 349,000,000	$ 383,000,000
New contracts	124,000,000	251,000,000
Matured, expired or settled contracts	(73,000,000)	(274,000,000)
Notional amounts at September 30	$ 400,000,000	$ 360,000,000
Weighted average forward rate at September 30	1.28	1.32
Active contracts at September 30 | Derivative	92	89
JPY
Derivative [Line Items]
Notional amounts at January 1	$ 331,000,000	$ 250,000,000
New contracts	116,000,000	175,000,000
Matured, expired or settled contracts	(66,000,000)	(78,000,000)
Notional amounts at September 30	$ 381,000,000	$ 347,000,000
Weighted average forward rate at September 30	113.85	108.59
Active contracts at September 30 | Derivative	96	99
Other
Derivative [Line Items]
Notional amounts at January 1	$ 81,000,000	$ 105,000,000
New contracts	34,000,000	81,000,000
Matured, expired or settled contracts	68,000,000	(105,000,000)
Notional amounts at September 30	$ 183,000,000	$ 81,000,000

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Summary of Undesignated Financial Instruments Exercised and Realized and Unrealized Gains in Foreign Currency and Derivative Gains , Net (Detail) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) Contract	Sep. 30, 2022 USD ($) Contract	Sep. 30, 2023 USD ($) Contract	Sep. 30, 2022 USD ($) Contract
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Exercised contracts | Contract	42	55	163	124
Realized gains on the matured, expired or settled contracts	$ 11	$ 94	$ 42	$ 124
Unrealized gains on the change in fair value of outstanding contracts	$ 29	$ 48	$ 9	$ 151

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]	9 Months Ended
	Sep. 30, 2023 USD ($) Derivative	Sep. 30, 2022 USD ($) Derivative
Derivative [Line Items]
Notional amounts at January 1	$ 974,000,000	$ 967,000,000
New contracts	668,000,000	960,000,000
Matured, expired or settled contracts	(691,000,000)	(879,000,000)
Notional amounts at September 30	951,000,000	1,048,000,000
BRL
Derivative [Line Items]
Notional amounts at January 1		0
New contracts		44,000,000
Matured, expired or settled contracts		(44,000,000)
Notional amounts at September 30		$ 0
Weighted average forward rate at September 30		0
Active contracts at September 30 | Derivative		0
CAD
Derivative [Line Items]
Notional amounts at January 1	534,000,000	$ 535,000,000
New contracts	350,000,000	599,000,000
Matured, expired or settled contracts	(363,000,000)	(535,000,000)
Notional amounts at September 30	$ 521,000,000	$ 599,000,000
Weighted average forward rate at September 30	1.32	1.29
Active contracts at September 30 | Derivative	6	7
GBP
Derivative [Line Items]
Notional amounts at January 1	$ 440,000,000	$ 432,000,000
New contracts	218,000,000	317,000,000
Matured, expired or settled contracts	(228,000,000)	(300,000,000)
Notional amounts at September 30	$ 430,000,000	$ 449,000,000
Weighted average forward rate at September 30	1.25	1.31
Active contracts at September 30 | Derivative	4	4
CNH
Derivative [Line Items]
Notional amounts at January 1	$ 0
New contracts	100,000,000
Matured, expired or settled contracts	(100,000,000)
Notional amounts at September 30	$ 0
Weighted average forward rate at September 30	0
Active contracts at September 30 | Derivative	0

Financial Instruments and Fai_7

Financial Instruments and Fair Value Measurements - Summary of Activity in Interest Rate Swaps (Detail) - Interest Rate Swaps [Member] - Cash Flow Hedges [Member] - Designated As Hedging Instrument [Member] - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Derivative [Line Items]
Notional amounts at January 1	$ 597,000,000	$ 165,000,000
New contracts	2,441,000,000	1,254,000,000
Matured, expired or settled contracts	(2,759,000,000)	(972,000,000)
Notional amounts at September 30	279,000,000	447,000,000
EUR
Derivative [Line Items]
Notional amounts at January 1	447,000,000	165,000,000
New contracts	691,000,000	1,004,000,000
Matured, expired or settled contracts	(859,000,000)	(722,000,000)
Notional amounts at September 30	279,000,000	447,000,000
USD
Derivative [Line Items]
Notional amounts at January 1	150,000,000	0
New contracts	1,750,000,000	250,000,000
Matured, expired or settled contracts	(1,900,000,000)	(250,000,000)
Notional amounts at September 30	$ 0	$ 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	Sep. 30, 2023	Dec. 31, 2022
British Pound Sterling Senior Notes [Member]
Derivatives Fair Value [Line Items]
Senior Notes Outstanding	$ 1,304	$ 1,237
Canadian Dollar Senior Notes [Member]
Derivatives Fair Value [Line Items]
Senior Notes Outstanding	$ 370	$ 370

Financial Instruments and Fai_9

Financial Instruments and Fair Value Measurements - Summary of Recognized Unrealized Gains in Foreign Currency and Derivative Gains Net on Remeasurement of Unhedged Portion of Euro Denominated Debt and Accrued Interest (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivatives Fair Value [Line Items]
Foreign currency translation gains, net	$ 146,281	$ 239,062	$ 284,229	$ 761,102
Forward Contracts [Member]
Derivatives Fair Value [Line Items]
Foreign currency translation gains, net	$ 10,000	$ 36,000	$ 7,000	$ 85,000

Financial Instruments and Fa_10

Financial Instruments and Fair Value Measurements - Summary of Changes in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative translation adjustment	$ 66,453	$ 58,995	$ 307,620	$ 379,109
Total foreign currency translation gains, net	146,281	239,062	284,229	761,102
Total unrealized gains (losses) on derivative contracts, net	3,702	24,902	(19,998)	67,230
Total change in other comprehensive income	149,983	263,964	264,231	828,332
Designated As Hedging Instrument [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total derivative hedging instruments	29,679	74,341	6,846	134,798
Designated As Hedging Instrument [Member] | Non derivative Net Investment Hedge [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Debt designated as nonderivative net investment hedges	50,149	105,726	(30,237)	247,195
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total derivative hedging instruments	632	16,818	(15,396)	45,764
Designated As Hedging Instrument [Member] | Our Share of Derivatives from Unconsolidated Co-Investment Ventures [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total derivative hedging instruments	$ 3,070	$ 8,084	$ (4,602)	$ 21,466

Financial Instruments and Fa_11

Financial Instruments and Fair Value Measurements - Summary of Changes in Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Derivative Instruments Gain Loss [Line Items]
Unrealized gains on derivative contracts, net	$ 3,702	$ 24,902	$ (19,998)	$ 67,230
Accumulated Gain (Loss) on Net Investment Hedges [Member]
Derivative Instruments Gain Loss [Line Items]
Unrealized gains (losses) on derivative contracts, net			339,800		$ 333,000
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	$ 2,700		2,700
Unrealized gains on derivative contracts, net			$ 17,300		$ 32,700

Financial Instruments and Fa_12

Financial Instruments and Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	$ 27,578,197	$ 23,875,961
Fair Value of Debt	23,683,588	20,655,930
Credit Facilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	212,748	1,538,461
Fair Value of Debt	212,748	1,538,461
Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	24,741,952	19,786,253
Fair Value of Debt	20,891,413	16,604,241
Term Loans and Unsecured Other [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	2,253,857	2,106,592
Fair Value of Debt	2,239,280	2,092,264
Secured Mortgage [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	369,640	444,655
Fair Value of Debt	$ 340,147	$ 420,964

Business Segments - Additional

Business Segments - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2023 Segment
Segment Reporting [Abstract]
Number of operating segments	2

Business Segments - Reportable

Business Segments - Reportable Business Segment Revenues, Net Operating Income and Assets (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenues		$ 1,914,664	$ 1,750,892	$ 6,134,222	$ 4,222,100
Operating income		882,108	914,970	2,872,941	2,654,089
General and administrative expenses		(96,673)	(87,903)	(292,097)	(245,663)
Depreciation and amortization expenses		(642,010)	(401,450)	(1,846,545)	(1,200,410)
Gains on dispositions of development properties and land, net		89,030	74,678	273,907	390,686
Gains on other dispositions of investments in real estate, net	[1]	129,584	1,019	158,392	585,854
Earnings from unconsolidated entities, net		71,365	84,925	217,786	241,481
Interest expense		(181,053)	(63,884)	(466,882)	(188,241)
Gain (losses) on early extinguishment of debt, net		0	0	3,275	(18,895)
Earnings before income taxes		840,384	1,107,843	2,729,802	3,053,057
Total assets		91,949,409		91,949,409		$ 87,897,448
Investments in and advances to unconsolidated entities		9,091,824		9,091,824		9,698,898
Assets held for sale or contribution		797,758		797,758		531,257
Cash and cash equivalents		740,841		740,841		278,483
Other assets		4,736,775		4,736,775		4,801,499
Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets		80,636,217		80,636,217		76,710,139
Operating Segments [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues		1,777,816	1,156,140	5,063,638	3,337,184
Operating income		1,349,398	864,429	3,815,384	2,478,124
Total assets		80,600,246		80,600,246		76,673,811
Operating Segments [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues		136,848	594,752	1,070,584	884,916
Operating income		52,779	464,197	763,900	645,498
Total assets		35,971		35,971		36,328
Operating Segments [Member] | U.S. [Member]
Segment Reporting Information [Line Items]
Total revenues		1,705,656	1,102,418	4,866,508	3,187,756
Operating Segments [Member] | U.S. [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Operating income		1,295,042	828,144	3,671,766	2,384,060
Total assets		75,749,288		75,749,288		71,858,560
Operating Segments [Member] | U.S. [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues		53,077	53,973	786,222	155,474
Operating income		6,302	(16,055)	622,802	33,930
Total assets		10,499		10,499		10,817
Operating Segments [Member] | Other Americas [Member]
Segment Reporting Information [Line Items]
Total revenues		29,442	23,774	81,576	69,136
Operating Segments [Member] | Other Americas [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Operating income		23,184	17,068	62,429	50,010
Total assets		1,873,732		1,873,732		1,831,956
Operating Segments [Member] | Other Americas [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues		14,054	13,344	74,139	57,809
Operating income		7,147	7,410	53,962	43,657
Operating Segments [Member] | Europe [Member]
Segment Reporting Information [Line Items]
Total revenues		29,101	13,437	69,368	37,145
Operating Segments [Member] | Europe [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Operating income		22,235	7,758	51,493	13,592
Total assets		2,280,004		2,280,004		1,952,160
Operating Segments [Member] | Europe [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues		45,457	503,764	135,267	599,076
Operating income		27,187	461,701	53,288	528,323
Total assets		25,280		25,280		25,280
Operating Segments [Member] | Asia [Member]
Segment Reporting Information [Line Items]
Total revenues		13,617	16,511	46,186	43,147
Operating Segments [Member] | Asia [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Operating income		8,937	11,459	29,696	30,462
Total assets		697,222		697,222		1,031,135
Operating Segments [Member] | Asia [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues		24,260	23,671	74,956	72,557
Operating income		12,143	11,141	33,848	39,588
Total assets		192		192		231
Non Segment Items [Member]
Segment Reporting Information [Line Items]
Operating income		882,108	914,970	2,872,941	2,654,089
General and administrative expenses		(96,673)	(87,903)	(292,097)	(245,663)
Depreciation and amortization expenses		(642,010)	(401,450)	(1,846,545)	(1,200,410)
Gains on dispositions of development properties and land, net		89,030	74,678	273,907	390,686
Gains on other dispositions of investments in real estate, net		129,584	1,019	158,392	585,854
Earnings from unconsolidated entities, net		71,365	84,925	217,786	241,481
Interest expense		(181,053)	(63,884)	(466,882)	(188,241)
Foreign currency and derivative gains and other income, net		67,964	171,832	102,682	364,623
Gain (losses) on early extinguishment of debt, net				3,275	(18,895)
Earnings before income taxes		840,384	$ 1,107,843	2,729,802	$ 3,053,057
Total assets		11,313,192		11,313,192		11,187,309
Investments in and advances to unconsolidated entities		9,091,824		9,091,824		9,698,898
Assets held for sale or contribution		797,758		797,758		531,257
Cash and cash equivalents		740,841		740,841		278,483
Other assets		$ 682,769		$ 682,769		$ 678,671
[1] During the nine months ended September 30, 2023 , we sold our ownership interest in an unconsolidated office joint venture.

Business Segments - Reportabl_2

Business Segments - Reportable Business Segment Revenues, Net Operating Income and Assets (Parenthetical) (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
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 ($) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Supplemental Cash Flow Information [Line Items]
Lease Right-of-Use assets	$ 29	$ 150.4
Lease liabilities	29	150.4
Capitalization for equity based compensation expense	30.6	26.5
Interest paid, net of amounts capitalized	340.4	188.9
Cash paid for income taxes, net of refunds	$ 122.2	$ 85.3
Limited Partners [Member] | Prologis, L.P. [Member] | Common [Member]
Supplemental Cash Flow Information [Line Items]
PLD units redeemed for common shares	0.5	0.2
Unconsolidated Entities [Member]
Supplemental Cash Flow Information [Line Items]
Equity owernship interest received	$ 11.6	$ 393.2
Unconsolidated Entities [Member] | Third Party Investors [Member]
Supplemental Cash Flow Information [Line Items]
Equity owernship interest received	$ 45.1