Prologis 10-Q 25 Oct 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 23, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
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		926,175,000
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, 2024
Document Fiscal Year Focus	2024
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
Prologis LP [Member] | Notes 5.625 Percent Due 2040 [Member]
Document Information [Line Items]
Title of 12(b) Security	5.625% Notes due 2040
Trading Symbol	PLD/40
Security Exchange Name	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Investments in real estate properties	$ 92,093,573	$ 88,666,575
Less accumulated depreciation	12,332,799	10,931,485
Net investments in real estate properties	79,760,774	77,735,090
Investments in and advances to unconsolidated entities	10,092,765	9,543,970
Assets held for sale or contribution	325,987	461,657
Net investments in real estate	90,179,526	87,740,717
Cash and cash equivalents	780,871	530,388
Other assets	4,944,799	4,749,735
Total assets	95,905,196	93,020,840
Liabilities:
Debt	32,289,832	29,000,501
Accounts payable and accrued expenses	1,808,142	1,766,018
Other liabilities	4,143,130	4,430,601
Total liabilities	38,241,104	35,197,120
Prologis, Inc. stockholders’ equity:
Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,279 shares issued and outstanding and 100,000 preferred shares authorized at September 30, 2024 and December 31, 2023.	63,948	63,948
Common stock; $0.01 par value; 926,146 and 924,391 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	9,261	9,244
Additional paid-in capital	54,422,574	54,249,801
Accumulated other comprehensive loss	(572,251)	(514,201)
Distributions in excess of net earnings	(851,763)	(627,068)
Total Prologis, Inc. stockholders’ equity	53,071,769	53,181,724
Noncontrolling interests	4,592,323	4,641,996
Total equity	57,664,092	57,823,720
Total liabilities and equity	95,905,196	93,020,840
Prologis, L.P. [Member]
ASSETS
Investments in real estate properties	92,093,573	88,666,575
Less accumulated depreciation	12,332,799	10,931,485
Net investments in real estate properties	79,760,774	77,735,090
Investments in and advances to unconsolidated entities	10,092,765	9,543,970
Assets held for sale or contribution	325,987	461,657
Net investments in real estate	90,179,526	87,740,717
Cash and cash equivalents	780,871	530,388
Other assets	4,944,799	4,749,735
Total assets	95,905,196	93,020,840
Liabilities:
Debt	32,289,832	29,000,501
Accounts payable and accrued expenses	1,808,142	1,766,018
Other liabilities	4,143,130	4,430,601
Total liabilities	38,241,104	35,197,120
Prologis, Inc. stockholders’ equity:
Noncontrolling interests	3,284,845	3,324,275
Total capital	57,664,092	57,823,720
Total liabilities and equity	95,905,196	93,020,840
Partners’ capital:
Total partners’ capital	54,379,247	54,499,445
Prologis, L.P. [Member] | Preferred [Member]
Partners’ capital:
General partner	63,948	63,948
Prologis, L.P. [Member] | Common [Member]
Partners’ capital:
General partner	53,007,821	53,117,776
Limited partners	887,186	848,160
Prologis, L.P. [Member] | Class A Common [Member]
Partners’ capital:
Limited partners	$ 420,292	$ 469,561

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, liquidation preference per share	$ 50	$ 50
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares issued	1,279	1,279
Preferred stock, shares outstanding	1,279	1,279
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	926,146	924,391
Common stock, shares outstanding	926,146	924,391

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Rental		$ 1,897,164	$ 1,777,359	$ 5,577,198	$ 5,062,583
Strategic capital		135,367	136,848	418,521	1,070,584
Development management and other		3,858	457	5,245	1,055
Total revenues		2,036,389	1,914,664	6,000,964	6,134,222
Expenses:
Rental		427,425	416,076	1,326,917	1,216,568
Strategic capital		61,342	84,069	210,689	306,684
General and administrative		98,154	96,673	316,041	292,097
Depreciation and amortization		649,265	642,010	1,924,075	1,846,545
Other		15,683	12,342	39,371	31,686
Total expenses		1,251,869	1,251,170	3,817,093	3,693,580
Operating income before gains on real estate transactions, net		784,520	663,494	2,183,871	2,440,642
Gains on dispositions of development properties and land, net		32,005	89,030	159,487	273,907
Gains on other dispositions of investments in real estate, net	[1]	434,446	129,584	651,306	158,392
Operating income		1,250,971	882,108	2,994,664	2,872,941
Other income (expense):
Earnings from unconsolidated entities, net		84,749	71,365	259,558	217,786
Interest expense		230,113	181,053	631,700	466,882
Foreign currency, derivative and other gains (losses) and other income (expense), net		(37,942)	67,964	62,774	102,682
Gains on early extinguishment of debt, net		0	0	536	3,275
Total other expense		(183,306)	(41,724)	(308,832)	(143,139)
Earnings before income taxes		1,067,665	840,384	2,685,832	2,729,802
Income tax expense		(4,214)	(41,243)	(80,073)	(152,541)
Consolidated net earnings		1,063,451	799,141	2,605,759	2,577,261
Less net earnings attributable to noncontrolling interests		57,732	51,514	152,977	148,983
Net earnings attributable to controlling interests		1,005,719	747,627	2,452,782	2,428,278
Less preferred stock/unit dividends/distributions		1,452	1,453	4,407	4,381
Net earnings attributable to common stockholders/unitholders		$ 1,004,267	$ 746,174	$ 2,448,375	$ 2,423,897
Weighted average common shares/units outstanding - Basic		926,427	924,395	926,017	924,228
Weighted average common shares/units outstanding - Diluted	[2]	953,813	951,908	953,530	951,643
Net earnings per share/unit attributable to common stockholders/unitholders - Basic		$ 1.08	$ 0.81	$ 2.64	$ 2.62
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted		$ 1.08	$ 0.8	$ 2.63	$ 2.61
Prologis, L.P. [Member]
Revenues:
Rental		$ 1,897,164	$ 1,777,359	$ 5,577,198	$ 5,062,583
Strategic capital		135,367	136,848	418,521	1,070,584
Development management and other		3,858	457	5,245	1,055
Total revenues		2,036,389	1,914,664	6,000,964	6,134,222
Expenses:
Rental		427,425	416,076	1,326,917	1,216,568
Strategic capital		61,342	84,069	210,689	306,684
General and administrative		98,154	96,673	316,041	292,097
Depreciation and amortization		649,265	642,010	1,924,075	1,846,545
Other		15,683	12,342	39,371	31,686
Total expenses		1,251,869	1,251,170	3,817,093	3,693,580
Operating income before gains on real estate transactions, net		784,520	663,494	2,183,871	2,440,642
Gains on dispositions of development properties and land, net		32,005	89,030	159,487	273,907
Gains on other dispositions of investments in real estate, net		434,446	129,584	651,306	158,392
Operating income		1,250,971	882,108	2,994,664	2,872,941
Other income (expense):
Earnings from unconsolidated entities, net		84,749	71,365	259,558	217,786
Interest expense		230,113	181,053	631,700	466,882
Foreign currency, derivative and other gains (losses) and other income (expense), net		(37,942)	67,964	62,774	102,682
Gains on early extinguishment of debt, net		0	0	536	3,275
Total other expense		(183,306)	(41,724)	(308,832)	(143,139)
Earnings before income taxes		1,067,665	840,384	2,685,832	2,729,802
Income tax expense		(4,214)	(41,243)	(80,073)	(152,541)
Consolidated net earnings		1,063,451	799,141	2,605,759	2,577,261
Less net earnings attributable to noncontrolling interests		32,728	32,613	91,838	87,833
Net earnings attributable to controlling interests		1,030,723	766,528	2,513,921	2,489,428
Less preferred stock/unit dividends/distributions		1,452	1,453	4,407	4,381
Net earnings attributable to common stockholders/unitholders		$ 1,029,271	$ 765,075	$ 2,509,514	$ 2,485,047
Weighted average common shares/units outstanding - Basic		942,137	939,602	941,545	939,448
Weighted average common shares/units outstanding - Diluted	[2]	953,813	951,908	953,530	951,643
Net earnings per share/unit attributable to common stockholders/unitholders - Basic		$ 1.08	$ 0.81	$ 2.64	$ 2.62
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted		$ 1.08	$ 0.8	$ 2.63	$ 2.61
[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: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Class A Units 7,322 8,121 7,597 8,096 Other limited partnership units 299 299 299 299 Equity awards 7,314 7,252 7,942 7,347 Prologis, L.P. 14,935 15,672 15,838 15,742 Common limited partnership units 15,710 15,207 15,528 15,220 Prologis, Inc. 30,645 30,879 31,366 30,962

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Consolidated net earnings	$ 1,063,451	$ 799,141	$ 2,605,759	$ 2,577,261
Other comprehensive income:
Foreign currency translation gains (losses), net	(417,102)	146,281	(87,659)	284,229
Unrealized gains (losses) on derivative contracts, net	(8,669)	3,702	26,854	(19,998)
Comprehensive income	637,680	949,124	2,544,954	2,841,492
Net earnings attributable to noncontrolling interests	(57,732)	(51,514)	(152,977)	(148,983)
Other comprehensive loss (income) attributable to noncontrolling interests	9,573	(3,396)	2,755	(6,405)
Comprehensive income attributable to common stockholders/unitholders	589,521	894,214	2,394,732	2,686,104
Prologis, L.P. [Member]
Consolidated net earnings	1,063,451	799,141	2,605,759	2,577,261
Other comprehensive income:
Foreign currency translation gains (losses), net	(417,102)	146,281	(87,659)	284,229
Unrealized gains (losses) on derivative contracts, net	(8,669)	3,702	26,854	(19,998)
Comprehensive income	637,680	949,124	2,544,954	2,841,492
Net earnings attributable to noncontrolling interests	(32,728)	(32,613)	(91,838)	(87,833)
Other comprehensive loss (income) attributable to noncontrolling interests	(605)	260	1,324	(20)
Comprehensive income attributable to common stockholders/unitholders	$ 604,347	$ 916,771	$ 2,454,440	$ 2,753,639

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, 2022	$ 57,863,093	$ 63,948	$ 9,231	$ 54,065,407	$ (443,609)	$ (457,695)	$ 4,625,811
Balance, shares at Dec. 31, 2022			923,142
Consolidated net earnings	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 (losses), net	284,229				277,341		6,888
Unrealized gains (losses) 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
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 (losses), net	146,281				142,969		3,312
Unrealized gains (losses) 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
Balance at Dec. 31, 2023	$ 57,823,720	63,948	$ 9,244	54,249,801	(514,201)	(627,068)	4,641,996
Balance, shares at Dec. 31, 2023	924,391		924,391
Consolidated net earnings	$ 2,605,759					2,452,782	152,977
Effect of equity compensation plans	179,963		$ 4	49,516			130,443
Effect of equity compensation plans, shares			405
Capital contributions	21,245						21,245
Redemption of noncontrolling interests	(499)		$ 13	77,453			(77,965)
Redemption of noncontrolling interests, shares			1,350
Foreign currency translation gains (losses), net	(87,659)				(84,257)		(3,402)
Unrealized gains (losses) on derivative contracts, net	26,854				26,207		647
Reallocation of equity				45,815			(45,815)
Dividends and other distributions	(2,905,291)			(11)		(2,677,477)	(227,803)
Balance at Sep. 30, 2024	$ 57,664,092	63,948	$ 9,261	54,422,574	(572,251)	(851,763)	4,592,323
Balance, shares at Sep. 30, 2024	926,146		926,146
Balance at Jun. 30, 2024	$ 57,923,321	63,948	$ 9,259	54,392,526	(156,053)	(964,620)	4,578,261
Balance, shares at Jun. 30, 2024			925,880
Consolidated net earnings	1,063,451					1,005,719	57,732
Effect of equity compensation plans	46,733		$ 1	16,167			30,565
Effect of equity compensation plans, shares			112
Capital contributions	15,214						15,214
Redemption of noncontrolling interests	0		$ 1	8,814			(8,815)
Redemption of noncontrolling interests, shares			154
Foreign currency translation gains (losses), net	(417,102)				(407,729)		(9,373)
Unrealized gains (losses) on derivative contracts, net	(8,669)				(8,469)		(200)
Reallocation of equity				5,071			(5,071)
Dividends and other distributions	(958,856)			(4)		(892,862)	(65,990)
Balance at Sep. 30, 2024	$ 57,664,092	$ 63,948	$ 9,261	$ 54,422,574	$ (572,251)	$ (851,763)	$ 4,592,323
Balance, shares at Sep. 30, 2024	926,146		926,146

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends per common share	$ 0.96	$ 0.87	$ 2.88	$ 2.61

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Consolidated net earnings		$ 2,605,759	$ 2,577,261
Adjustments to reconcile net earnings to net cash provided by operating activities:
Straight-lined rents and amortization of above and below market leases		(470,289)	(466,686)
Equity-based compensation awards		164,302	210,022
Depreciation and amortization		1,924,075	1,846,545
Earnings from unconsolidated entities, net		(259,558)	(217,786)
Operating distributions from unconsolidated entities		417,296	536,104
Decrease (increase) in operating receivables from unconsolidated entities		37,769	(98,227)
Amortization of debt discounts and debt issuance costs, net		58,446	55,526
Gains on dispositions of development properties and land, net		(159,487)	(273,907)
Gains on other dispositions of investments in real estate, net	[1]	(651,306)	(158,392)
Unrealized foreign currency and derivative losses (gains), net		61,188	(22,006)
Gains on early extinguishment of debt, net		(536)	(3,275)
Deferred income tax expense		2,201	9,836
Decrease (increase) in other assets		(209,901)	66,281
Increase in accounts payable and accrued expenses and other liabilities		56,799	237,340
Net cash provided by operating activities		3,576,758	4,298,636
Investing activities:
Real estate development		(2,376,890)	(2,507,664)
Real estate acquisitions		(1,820,308)	(3,648,920)
Duke Transaction, net of cash acquired		0	(28,111)
Tenant improvements and lease commissions on previously leased space		(347,488)	(271,011)
Property improvements		(248,868)	(156,520)
Proceeds from dispositions and contributions of real estate		1,788,924	1,310,442
Investments in and advances to unconsolidated entities		(479,897)	(246,135)
Return of investment from unconsolidated entities		54,067	304,901
Proceeds from the settlement of net investment hedges		12,797	31,045
Payments on the settlement of net investment hedges		(1,350)	(161)
Net cash used in investing activities		(3,419,013)	(5,212,134)
Financing activities:
Dividends/distributions paid on common and preferred stock/units		(2,677,477)	(2,420,022)
Noncontrolling interests contributions		21,245	1,760
Noncontrolling interests distributions		(227,803)	(178,055)
Settlement of noncontrolling interests		(499)	(69,759)
Tax paid with shares of the Parent withheld		(26,893)	(19,814)
Debt and equity issuance costs paid		(28,965)	(58,320)
Net payments on credit facilities and commercial paper		(334,164)	(1,328,136)
Repurchase of and payments on debt		(917,560)	(270,344)
Proceeds from the issuance of debt		4,283,768	5,746,977
Net cash provided by financing activities		91,652	1,404,287
Effect of foreign currency exchange rate changes on cash		1,086	(28,431)
Net increase in cash and cash equivalents		250,483	462,358
Cash and cash equivalents, beginning of period		530,388	278,483
Cash and cash equivalents, end of period		780,871	740,841
Prologis, L.P. [Member]
Operating activities:
Consolidated net earnings		2,605,759	2,577,261
Adjustments to reconcile net earnings to net cash provided by operating activities:
Straight-lined rents and amortization of above and below market leases		(470,289)	(466,686)
Equity-based compensation awards		164,302	210,022
Depreciation and amortization		1,924,075	1,846,545
Earnings from unconsolidated entities, net		(259,558)	(217,786)
Operating distributions from unconsolidated entities		417,296	536,104
Decrease (increase) in operating receivables from unconsolidated entities		37,769	(98,227)
Amortization of debt discounts and debt issuance costs, net		58,446	55,526
Gains on dispositions of development properties and land, net		(159,487)	(273,907)
Gains on other dispositions of investments in real estate, net		(651,306)	(158,392)
Unrealized foreign currency and derivative losses (gains), net		61,188	(22,006)
Gains on early extinguishment of debt, net		(536)	(3,275)
Deferred income tax expense		2,201	9,836
Decrease (increase) in other assets		(209,901)	66,281
Increase in accounts payable and accrued expenses and other liabilities		56,799	237,340
Net cash provided by operating activities		3,576,758	4,298,636
Investing activities:
Real estate development		(2,376,890)	(2,507,664)
Real estate acquisitions		(1,820,308)	(3,648,920)
Duke Transaction, net of cash acquired		0	(28,111)
Tenant improvements and lease commissions on previously leased space		(347,488)	(271,011)
Property improvements		(248,868)	(156,520)
Proceeds from dispositions and contributions of real estate		1,788,924	1,310,442
Investments in and advances to unconsolidated entities		(479,897)	(246,135)
Return of investment from unconsolidated entities		54,067	304,901
Proceeds from the settlement of net investment hedges		12,797	31,045
Payments on the settlement of net investment hedges		(1,350)	(161)
Net cash used in investing activities		(3,419,013)	(5,212,134)
Financing activities:
Dividends/distributions paid on common and preferred stock/units		(2,754,091)	(2,488,993)
Noncontrolling interests contributions		21,245	1,760
Noncontrolling interests distributions		(151,189)	(109,084)
Redemption of common limited partnership units		(499)	(69,759)
Tax paid with shares of the Parent withheld		(26,893)	(19,814)
Debt and equity issuance costs paid		(28,965)	(58,320)
Net payments on credit facilities and commercial paper		(334,164)	(1,328,136)
Repurchase of and payments on debt		(917,560)	(270,344)
Proceeds from the issuance of debt		4,283,768	5,746,977
Net cash provided by financing activities		91,652	1,404,287
Effect of foreign currency exchange rate changes on cash		1,086	(28,431)
Net increase in cash and cash equivalents		250,483	462,358
Cash and cash equivalents, beginning of period		530,388	278,483
Cash and cash equivalents, end of period		$ 780,871	$ 740,841
[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
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Consolidated net earnings	$ 1,063,451	$ 799,141	$ 2,605,759	$ 2,577,261
Effect of equity compensation plans	46,733	103,371	179,963	222,356
Capital contributions	15,214	62	21,245	1,760
Unrealized gains (losses) on derivative contracts, net	(8,669)	3,702	26,854	(19,998)
Noncontrolling Interests [Member]
Consolidated net earnings	57,732	51,514	152,977	148,983
Effect of equity compensation plans	30,565	68,350	130,443	152,176
Capital contributions	15,214	62	21,245	1,760
Unrealized gains (losses) on derivative contracts, net	(200)	84	647	(483)
Reallocation of capital	$ (5,071)	(41,046)	$ (45,815)	(33,281)
Class A Common [Member]
Beginning balance, Units			8,600
Ending balance, Units	7,700		7,700
Prologis, L.P. [Member]
Beginning balance	$ 57,923,321	58,077,824	$ 57,823,720	57,863,093
Consolidated net earnings	1,063,451	799,141	2,605,759	2,577,261
Effect of equity compensation plans	46,733	103,371	179,963	222,356
Capital contributions	15,214	62	21,245	1,760
Redemption of limited partners units	0	(3,290)	(499)	(69,759)
Foreign currency translation gains (losses), net	(417,102)	146,281	(87,659)	284,229
Unrealized gains (losses) on derivative contracts, net	(8,669)	3,702	26,854	(19,998)
Distributions and other	(958,856)	(866,229)	(2,905,291)	(2,598,080)
Ending balance	57,664,092	58,260,862	57,664,092	58,260,862
Prologis, L.P. [Member] | Noncontrolling Interests [Member]
Beginning balance	3,276,961	3,302,401	3,324,275	3,317,767
Consolidated net earnings	32,728	32,613	91,838	87,833
Capital contributions	15,214	62	21,245	1,760
Foreign currency translation gains (losses), net	605	(260)	(1,324)	20
Distributions and other	(40,663)	(36,520)	(151,189)	(109,084)
Ending balance	3,284,845	3,298,296	3,284,845	3,298,296
Prologis, L.P. [Member] | Preferred [Member] | General Partner [Member]
Beginning balance	$ 63,948	$ 63,948	$ 63,948	$ 63,948
Beginning balance, Units	1,279	1,279	1,279	1,279
Ending balance	$ 63,948	$ 63,948	$ 63,948	$ 63,948
Ending balance, Units	1,279	1,279	1,279	1,279
Prologis, L.P. [Member] | Common [Member] | General Partner [Member]
Beginning balance	$ 53,281,112	$ 53,401,682	$ 53,117,776	$ 53,173,334
Beginning balance, Units	925,880	923,861	924,391	923,142
Consolidated net earnings	$ 1,005,719	$ 747,627	$ 2,452,782	$ 2,428,278
Effect of equity compensation plans	$ 16,168	$ 35,021	$ 49,520	$ 70,180
Effect of equity compensation plans, units	112	6	405	330
Redemption of limited partners units	$ 8,815	$ 6,207	$ 77,466	$ 29,009
Redemption of limited partners units, units	154	107	1,350	502
Foreign currency translation gains (losses), net	$ (407,729)	$ 142,969	$ (84,257)	$ 277,341
Unrealized gains (losses) on derivative contracts, net	(8,469)	3,618	26,207	(19,515)
Reallocation of capital	5,071	41,046	45,815	33,281
Distributions and other	(892,866)	(806,287)	(2,677,488)	(2,420,025)
Ending balance	$ 53,007,821	$ 53,571,883	$ 53,007,821	$ 53,571,883
Ending balance, Units	926,146	923,974	926,146	923,974
Prologis, L.P. [Member] | Common [Member] | Limited Partners [Member]
Beginning balance	$ 879,924	$ 840,369	$ 848,160	$ 843,263
Beginning balance, Units	15,291	14,538	14,760	14,640
Consolidated net earnings	$ 16,986	$ 12,344	$ 41,055	$ 39,919
Effect of equity compensation plans	$ 30,565	$ 68,350	$ 130,443	$ 152,176
Effect of equity compensation plans, units	364	331	1,202	1,174
Redemption of limited partners units	$ (8,815)	$ (9,497)	$ (26,127)	$ (98,768)
Redemption of limited partners units, units	(154)	(134)	(461)	(1,079)
Foreign currency translation gains (losses), net	$ (6,752)	$ 2,307	$ (1,410)	$ 4,422
Unrealized gains (losses) on derivative contracts, net	(134)	53	439	(311)
Reallocation of capital	(4,208)	(41,675)	(44,212)	(34,018)
Distributions and other	(20,380)	(17,863)	(61,162)	(52,295)
Ending balance	$ 887,186	$ 854,388	$ 887,186	$ 854,388
Ending balance, Units	15,501	14,735	15,501	14,735
Prologis, L.P. [Member] | Class A Common [Member] | Limited Partners [Member]
Beginning balance	$ 421,376	$ 469,424	$ 469,561	$ 464,781
Beginning balance, Units	7,650	8,595	8,595	8,595
Consolidated net earnings	$ 8,018	$ 6,557	$ 20,084	$ 21,231
Effect of equity compensation plans, units	0
Redemption of limited partners units			$ (51,838)
Redemption of limited partners units, units			(945)
Foreign currency translation gains (losses), net	$ (3,226)	1,265	$ (668)	2,446
Unrealized gains (losses) on derivative contracts, net	(66)	31	208	(172)
Reallocation of capital	(863)	629	(1,603)	737
Distributions and other	(4,947)	(5,559)	(15,452)	(16,676)
Ending balance	$ 420,292	$ 472,347	$ 420,292	$ 472,347
Ending balance, Units	7,650	8,595	7,650	8,595

Consolidated Statements of Ca_2

Consolidated Statements of Capital (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Partners' Capital [Abstract]
Distributions per common unit	$ 0.96	$ 0.87	$ 2.88	$ 2.61

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,005,719	$ 747,627	$ 2,452,782	$ 2,428,278

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

General

General	9 Months Ended
	Sep. 30, 2024
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 20 countries on four continents. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors. We maintain a significant level of ownership in these co-investment ventures, which may be consolidated or unconsolidated based on our level of control of the entity. Our current business strategy consists of two 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 10 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, 2024, the Parent owned a 97.59 % common general partnership interest in the OP and substantially all of the preferred units in the OP. The remaining 2.41 % 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, 2023 , as filed with the SEC, and other public information. Accounting Pronouncements. New Accounting Standards Issued but not yet Adopted Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update (“ASU”) to improve reportable segments disclosure requirements. The ASU requires existing annual segment disclosures to also be disclosed on an interim basis, and also requires additional disclosures around significant segment expenses and disclosures to identify the title and position of the chief operating decision maker ("CODM"). The standard is effective for the fiscal year ended December 31, 2024 and interim periods thereafter. We do not expect the standard to have a material impact on our Consolidated Financial Statements as we anticipate the primary change will be additional disclosures in Note 10 .

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Real Estate	NOTE 2. 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, 2024 2023 2024 2023 2024 2023 Operating properties: Buildings and improvements 650,111 630,955 3,016 2,960 $ 55,326,967 $ 52,626,191 Improved land 23,851,292 22,809,306 Development portfolio, including Prestabilized 5,957 13,369 21 45 855,419 1,838,805 Properties under development 21,529 26,438 76 85 2,288,124 2,528,650 Land (1) 4,395,022 3,775,553 Other real estate investments (2) 5,376,749 5,088,070 Total investments in real estate 92,093,573 88,666,575 Less accumulated depreciation 12,332,799 10,931,485 Net investments in real estate $ 79,760,774 $ 77,735,090 (1) At September 30, 2024 and December 31, 2023, our land was comprised of 8,651 and 8,197 acres, respectively. (2) Included in other real estate investments were principally: (i) land parcels we own and lease to third parties; (ii) non-strategic real estate assets that we do not intend to operate long term; (iii) renewable energy assets, including solar panels and electric vehicle chargers, and energy storage systems; and (iv) non-industrial real estate assets that we intend to redevelop as industrial properties or other higher use assets. Acquisitions The following table summarizes our real estate acquisition activity, including energy assets (dollars and square feet in thousands): Three Months Ended Nine Months Ended 2024 (1) 2023 2024 (1) 2023 (2) Number of operating properties 46 - 54 76 Square feet 8,770 - 11,047 14,941 Acres of land 342 890 707 1,128 Acquisition cost of net investments in real estate, excluding other real $ 1,431,598 $ 116,112 $ 1,999,129 $ 3,626,672 Acquisition cost of other real estate investments $ 184,761 $ 37,343 $ 235,004 $ 77,624 (1) During the three and nine months ended September 30, 2024, we acquired our partners' interest in an unconsolidated venture and began consolidating the properties, including 30 operating properties aggregating 6.0 million square feet. In addition, through our investment in consolidated joint ventures in India, we entered a new market and acquired 225 acres of land. (2) On June 29, 2023, we acquired a real estate portfolio comprised of 70 operating properties in the U.S., aggregating 13.8 million square feet, for cash consideration of $ 3.1 billion. Dispositions The following table summarizes our dispositions of net investments in real estate which include contributions to unconsolidated co-investment ventures and dispositions to third parties (dollars and square feet in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Dispositions of development properties and land, net (1) Number of properties 3 2 10 7 Square feet 1,284 1,530 3,123 3,652 Net proceeds $ 202,386 $ 272,250 $ 580,876 $ 738,207 Gains on dispositions of development properties and land, net $ 32,005 $ 89,030 $ 159,487 $ 273,907 Other dispositions of investments in real estate, net (2) Number of properties 19 19 71 24 Square feet 6,131 2,415 13,954 2,775 Net proceeds $ 893,054 $ 263,567 $ 1,776,112 $ 635,140 Gains on other dispositions of investments in real estate, net $ 434,446 $ 129,584 $ 651,306 $ 158,392 (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) The three and nine months ended September 30, 2024 include the contribution of operating properties to our unconsolidated co-investment venture in the U.S. 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 $ 720.3 million and $ 683.7 million within Other Assets and lease liabilities of $ 624.2 million and $ 597.6 million within Other Liabilities , for land and office space leases in which we are the lessee, in the Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 , respectively. Off-Balance Sheet Liabilities We have entered into agreements, principally performance and surety bonds and standby letters of credit in connection with certain development and energy projects. At September 30, 2024 and December 31, 2023 , we had $ 594.9 million and $ 498.5 million, respectively, outstanding under such arrangements.

Unconsolidated Entities

Unconsolidated Entities	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Unconsolidated Entities	NOTE 3. 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 6 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 generally 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, 2024 2023 Unconsolidated co-investment ventures $ 9,275,611 $ 8,379,265 Other ventures (1) 817,154 1,164,705 Total $ 10,092,765 $ 9,543,970 (1) In August 2024, we acquired our partners' interest in an unconsolidated venture and began consolidating the properties. 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 2024 2023 2024 2023 Recurring fees $ 117,855 $ 113,947 $ 345,776 $ 340,842 Transactional fees 14,372 15,757 39,786 44,359 Promote revenue (1) 908 3,993 25,027 673,665 Total strategic capital revenues from unconsolidated (2) $ 133,135 $ 133,697 $ 410,589 $ 1,058,866 (1) The nine months ended September 30, 2023 primarily includes promote revenue earned from our unconsolidated co-investment venture in the U.S. (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 Total At: Sep 30, Dec 31, Sep 30, (2) 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 4 9 9 Operating properties 748 745 285 275 1,017 1,007 240 228 2,290 2,255 Square feet 130 126 67 65 227 223 98 94 522 508 Financial position: Total assets ($) 13,183 11,884 4,083 4,106 24,819 23,504 10,224 10,226 52,309 49,720 Third-party debt ($) 5,396 4,185 1,062 915 6,167 5,804 4,003 3,983 16,628 14,887 Total liabilities ($) 6,244 4,930 1,147 997 8,325 7,849 4,439 4,429 20,155 18,205 Our investment balance ($) (3) 2,814 2,257 1,189 1,152 4,434 4,126 839 844 9,276 8,379 Our weighted average ownership (4) 30.3 % 27.3 % 33.4 % 39.3 % 32.2 % 31.9 % 15.2 % 15.2 % 28.6 % 28.1 % 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 ($) 355 330 110 109 467 429 162 164 1,094 1,032 Net earnings ($) 103 86 41 52 96 66 11 28 251 232 Our earnings from unconsolidated 31 24 13 18 36 23 2 5 82 70 For the nine months ended: Total revenues ($) 1,070 983 350 314 1,359 1,255 475 491 3,254 3,043 Net earnings ($) 322 262 150 142 259 226 48 56 779 686 Our earnings from unconsolidated 97 71 49 49 91 74 9 10 246 204 (1) Prologis Brazil Logistics Venture and our other Brazilian joint ventures are combined as one venture for the purpose of this table. (2) In August 2024, FIBRA Prologis in Mexico completed a tender offer to acquire 77.1 % of Terrafina, a Mexican FIBRA, through a combination of stock and cash, and began consolidating Terrafina. At June 30, 2024, Terrafina owned and managed 42.2 m illion square feet of industrial real estate, including 288 industrial operating properties. As a result of the transaction, our ownership percentage in FIBRA Prologis decreased to 35.5 %. The assets and liabilities of Terrafina are not included in key property information as FIBRA Prologis is a publicly traded vehicle in Mexico that has not yet reported results for the third quarter of 2024. (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, 2024 and December 31, 2023 , 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; and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. and Prologis Japan Core Logistics Fund. (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, 2024 , our outstanding equity commitments were $ 317.1 million, primarily for Prologis China Logistics Venture. The equity commitments expire from 2024 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, 2024
Real Estate Assets Held for Development and Sale [Abstract]
Assets Held for Sale or Contribution	NOTE 4. 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, 2024 and December 31, 2023. At the time of classification, these properties were expected to be sold to third parties or were recently stabilized and expected to be contributed to unconsolidated co-investment ventures within twelve months. The amounts included in Assets Held for Sale or Contribution in the Consolidated Balance Sheets represented real estate investment balances and the related assets and liabilities. Assets held for sale or contribution consisted of the following (dollars and square feet in thousands): September 30, December 31, Number of operating properties 10 12 Square feet 3,303 3,469 Total assets held for sale or contribution $ 325,987 $ 461,657 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 2,705 $ 14,182

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	NOTE 5. DEBT All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt (dollars in thousands): September 30, 2024 December 31, 2023 Weighted Average Amount Weighted Average Amount Interest Rate (1) Years (2) Outstanding (3) Interest Rate (1) Years (2) Outstanding (3) Credit facilities and 3.3 % 2.8 $ 660,737 5.9 % 3.1 $ 979,313 Senior notes 3.2 % 10.0 29,386,420 2.9 % 10.1 25,311,647 Term loans and 1.9 % 4.1 1,956,822 2.8 % 3.7 2,330,520 Secured mortgage 4.4 % 3.6 285,853 3.9 % 3.4 379,021 Total 3.1 % 9.5 $ 32,289,832 3.0 % 9.3 $ 29,000,501 (1) The weighted average interest rates presented represent the effective interest rates (including amortization of debt issuance costs and noncash premiums or discounts) 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, 2024 December 31, 2023 Weighted Average Interest Rate Amount Outstanding % of Total Weighted Average Interest Rate Amount Outstanding % of Total British pound sterling 3.0 % $ 1,834,209 5.7 % 2.1 % $ 1,299,628 4.5 % Canadian dollar 5.0 % 1,127,241 3.5 % 5.0 % 829,886 2.9 % Chinese renminbi 3.6 % 650,315 2.0 % 3.7 % 241,820 0.8 % Euro 2.2 % 10,879,967 33.7 % 2.0 % 10,083,601 34.8 % Japanese yen 1.1 % 3,354,111 10.4 % 1.0 % 3,085,970 10.6 % U.S. dollar 4.1 % 14,443,989 44.7 % 4.1 % 13,459,596 46.4 % Total 3.1 % $ 32,289,832 100.0 % 3.0 % $ 29,000,501 100.0 % In May 2022, Refinitive Benchmark Services (UK) Ltd. ("RBSL"), the administrator of the Canadian Dollar Offered Rate ("CDOR") formally announced that it would cease the calculation and publication of all tenors of CDOR effective June 28, 2024. In June 2024, we modified the interest rates on our Canadian term loan from 2022 ("2022 Canadian Term Loan") and our credit facility agreements that bore interest at CDOR plus a spread over the applicable benchmark to the Canadian Overnight Repo Rate Average ("CORRA"). The modification did not have a material impact on our Consolidated Financial Statements. Credit Facilities and Commercial Paper The following table summarizes information about our available liquidity at September 30, 2024 (in millions): Aggregate lender commitments Credit facilities $ 6,501 Less: Credit facility borrowings outstanding 661 Commercial paper borrowings outstanding (1) - Outstanding letters of credit 26 Current availability 5,814 Cash and cash equivalents 781 Total liquidity $ 6,595 (1) We are required to maintain available commitments under our credit facilities in an amount at least equal to the commercial paper borrowings outstanding. Credit Facilities We have two global senior credit facilities (the “2022 Global Facility” and "2023 Global Facility"), each with a borrowing capacity of $ 3.0 billion (subject to currency fluctuations). We may draw on both facilities in British pounds sterling, Canadian dollars, euro, Japanese yen, Mexican pesos and U.S. dollars on a revolving basis. The 2022 Global Facility is scheduled to initially mature in June 2026 and the 2023 Global Facility in June 2027 ; however, we can extend the maturity date for each facility by six months on two occasions, subject to the payment of extension fees. We also have the ability to increase each credit facility to $ 4.0 billion, subject to currency fluctuations and obtaining additional lender commitments. We also have a Japanese yen revolver (the "Yen Credit Facility") with a borrowing capacity of ¥ 58.5 billion ($ 409.8 million at September 30, 2024 ). We have the ability to increase the borrowing capacity of the Yen Credit Facility to ¥ 75.0 billion ($ 525.4 million at September 30, 2024 ), subject to obtaining additional lender commitments. The Yen Credit Facility is scheduled to initially mature in August 2027 ; however, we may extend the maturity date for one year, subject to the payment of extension fees. We refer to the 2022 Global Facility, the 2023 Global Facility and the Yen Credit Facility, collectively, as our “Credit Facilities.” Pricing for the Credit Facilities, including the spread over the applicable benchmark and the rates applicable to facility fees and letter of credit fees, varies based on the public debt ratings of the OP. Our Credit Facilities are utilized to support our cash needs for development and acquisition activities on a short-term basis. The maturities of the borrowings under the Credit Facilities generally range from overnight to three months. Commercial Paper In March 2024, we established a program under which we may issue, repay and re-issue short-term unsecured commercial paper notes denominated in U.S. dollars. The aggregate principal amount of notes outstanding under the CPP at any time cannot exceed $ 1.0 billion and the net proceeds of the notes are expected to be used for general corporate purposes. The maturities of the notes generally range from overnight to three months. The notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. At any point in time, we are required to maintain available commitments under our Credit Facilities in an amount at least equal to the amount of the notes outstanding. Senior Notes The following table summarizes the issuances of senior notes during the nine months ended September 30, 2024 (principal in thousands): Aggregate Principal Issuance Date Weighted Average Issuance Date Borrowing Currency USD (1) Interest Rate Years Maturity Dates January $ 1,250,000 $ 1,250,000 5.1 % 17.3 March 2034 – 2054 February CN¥ 1,500,000 $ 211,024 3.5 % 3.0 February 2027 March C$ 550,000 $ 405,147 4.7 % 5.0 March 2029 May € 550,000 $ 592,130 4.0 % 10.0 May 2034 May £ 350,000 $ 439,147 5.6 % 16.0 May 2040 July $ 1,100,000 $ 1,100,000 5.1 % 17.5 January 2035 – March 2054 September CN¥ 1,350,000 $ 189,655 3.3 % 5.0 September 2029 Total $ 4,187,103 4.8 % 13.7 (1) The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date of each issuance. Term Loans In February 2024, we extinguished a $ 500.0 million U.S. dollar term loan. In April 2024, we entered into a Japanese term loan totaling ¥ 20.0 billion ($ 129.4 million) with an issuance date weighted average interest rate of 1.5 % maturing April 2034 . Long-Term Debt Maturities Scheduled principal payments due on our debt for the remainder of 2024 and for each year through the period ended December 31, 2028, and thereafter were as follows at September 30, 2024 (in thousands): Unsecured Credit Facilities Senior Term Loans Secured Maturity Commercial Paper Notes and Other Mortgage Total 2024 (1) $ - $ - $ - $ 1,962 $ 1,962 2025 (1)(2) - 35,027 325,124 179,938 540,089 2026 - 1,324,968 738,202 3,980 2,067,150 2027 (3) 660,737 1,962,895 50,439 4,156 2,678,227 2028 - 2,594,354 103,680 3,041 2,701,075 Thereafter - 24,066,928 742,901 86,094 24,895,923 Subtotal 660,737 29,984,172 1,960,346 279,171 32,884,426 Unamortized premiums (discounts), net - ( 465,616 ) - 7,359 ( 458,257 ) Unamortized debt issuance costs, net - ( 132,136 ) ( 3,524 ) ( 677 ) ( 136,337 ) Total $ 660,737 $ 29,386,420 $ 1,956,822 $ 285,853 $ 32,289,832 (1) We expect to repay the amounts maturing in the next twelve months with cash generated from operations, proceeds from dispositions of real estate properties, or as necessary, with additional borrowings. (2) Included in the 2025 maturities were the 2022 Canadian Term Loan ($ 222.0 million at September 30, 2024), which can be extended until 2027, and a Chinese renminbi term loa n ($ 102.7 million at September 30, 2024 ), which can be extended until 2026, subject to the prevailing interest rate at the time of extension. (3) Included in the 2027 maturities were the 2023 Global Facility and Yen Credit Facility ($ 506.6 million and $ 154.1 million, respectively, at September 30, 2024 ), which can be extended until 2028. Financial Debt Covenants Our Credit Facilities, senior notes and term loans outstanding at September 30, 2024 were subject to certain financial covenants under their related documents. At September 30, 2024, we were in compliance with all of our financial debt covenants. Guarantee of Finance Subsidiary Debt We have finance subsidiaries as part of our operations in Europe (Prologis Euro Finance LLC), Japan (Prologis Yen Finance LLC) and the U.K. (Prologis Sterling Finance LLC) in order to mitigate our foreign currency risk by borrowing in the currencies in which we invest. These entities are 100 % indirectly owned by the OP and all unsecured debt issued or to be issued by each entity is or will be fully and unconditionally guaranteed by the OP. There are no restrictions or limits on the OP’s ability to obtain funds from its subsidiaries by dividend or loan. In reliance on Rule 13-01 of Regulation S-X, the separate financial statements of Prologis Euro Finance LLC, Prologis Yen Finance LLC and Prologis Sterling Finance LLC are not provided.

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests	NOTE 6. 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 % $ 3,098,087 $ 3,147,790 $ 7,036,302 $ 7,142,889 $ 157,950 $ 156,303 Other consolidated entities (1) various various 186,758 176,485 2,697,254 2,369,959 370,841 333,114 Prologis, L.P. 3,284,845 3,324,275 9,733,556 9,512,848 528,791 489,417 Limited partners in Prologis, L.P. (2)(3) 1,307,478 1,317,721 - - - - Prologis, Inc. $ 4,592,323 $ 4,641,996 $ 9,733,556 $ 9,512,848 $ 528,791 $ 489,417 (1) Includes two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. The limited partnership units outstanding at September 30, 2024 and December 31, 2023 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. (2) We had 7.7 million and 8.6 million Class A Units at September 30, 2024 and December 31, 2023 , respectively, that were convertible into 7.3 million and 8.2 million limited partnership units of the OP at the end of each period. (3) There were limited partnership units in the OP, excluding the Class A Units, that were exchangeable into cash or, at our option, 9.0 million and 9.1 million shares of the Parent’s common stock, at September 30, 2024 and December 31, 2023 . Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans of 6.5 million and 5.7 million shares of the Parent’s common stock at September 30, 2024 and December 31, 2023, respectively. See further discussion of LTIP Units in Note 7 .

Long-Term Compensation

Long-Term Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Long-Term Compensation	NOTE 7. 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 US REIT Index (the "Index") for the same period plus 100 basis points. If the Outperformance Hurdle is met, a compensation pool will be formed equal to 3.0 % of the excess value created, subject to a maximum as defined by each performance period. POP awards cannot be paid at a time when we meet the outperformance hurdle yet our absolute TSR is negative. If after seven years our absolute TSR has not been positive, the awards will be forfeited. The Outperformance Hurdle was met for the 2021 – 2023 performance period and the absolute maximum cap was earned and awarded in January 2024. The tables below include POP awards that were earned but are unvested, while any vested awards are reflected within the Consolidated Statements of Equity and Capital. 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. Commencing in 2024, the named executive officers ("NEOs") and certain select employees will receive performance stock units ("PSUs"), discussed below, and no new awards will be made to these individuals under the POP. We granted participation points for the 2024 – 2026 performance period in January 2024, with a fair value of $ 19.0 million using a Monte Carlo valuation model that assumed a risk-free interest rate of 4.2 % and an expected volatility of 27.0 % for Prologis and 20.0 % for the Index. The 2024 – 2026 performance period has an absolute maximum cap of $ 60.0 million. If an award is earned at the end of the initial three-year performance period, then 20.0 % of the POP award is paid at the end of the initial performance period and the remaining 80.0 % is subject to additional seven-year cliff vesting. The 20.0 % that is paid at the end of the initial three-year performance period is subject to an additional three-year holding requirement. Awards are in the form of common stock, restricted stock units, POP LTIP Units and LTIP Units. Performance Stock Unit Plan ("PSU Plan") On January 16, 2024, PSUs were granted under the Company's 2020 Long-Term Incentive Plan and will be settled in equity at the end of a three-year performance period, if applicable performance hurdles are met. Such hurdles are based on a performance scale of Prologis’ percentile ranking in the Index for a three-year performance period . Prologis must perform at the 55 th percentile to earn a target award of 100.0 %. The award is capped at 200.0 % of the target for performance at or above the 85 th percentile, and there is no payout in the event Prologis’ performance is below the 35 th percentile. There is proportional scaling between the 35th and the 85th percentiles, starting with 50.0 % of the target being earned at the 35 th percentile. The fair value of the awards is measured at the grant date and amortized over the period from the grant date to the date at which the awards vest, which ranges from three to five years . We granted PSUs for the 2024 – 2026 performance period in January 2024, with a fair value of $ 30.6 million using a Monte Carlo valuation model. If an award is earned at the end of the initial three-year performance period, one-third of the award vests at the end of the performance period and the remaining award vests equally one and two years after the award is earned. The award is subject to an additional three-year holding requirement. Awards are in the form of common stock, restricted stock units (“RSUs”) and LTIP Units. 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 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, 2024 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2024 2,097 $ 98.23 Granted 801 110.93 Vested and distributed ( 639 ) 118.21 Forfeited ( 56 ) 121.84 Balance at September 30, 2024 2,203 $ 96.46 LTIP Units The following table summarizes the activity for LTIP Units for the nine months ended September 30, 2024 (units in thousands): Unvested Weighted Average LTIP Units Grant Date Fair Value Balance at January 1, 2024 5,379 $ 76.72 Granted 1,219 97.20 Vested LTIP Units ( 1,095 ) 109.67 Forfeited ( 4 ) 130.49 Balance at September 30, 2024 5,499 $ 74.67

Earnings Per Common Share or Un

Earnings Per Common Share or Unit	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Common Share or Unit	NOTE 8. 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. 2024 2023 2024 2023 Net earnings attributable to common stockholders – Basic $ 1,004,267 $ 746,174 $ 2,448,375 $ 2,423,897 Net earnings attributable to exchangeable limited partnership units (1) 25,130 19,054 61,851 61,497 Adjusted net earnings attributable to common stockholders – Diluted $ 1,029,397 $ 765,228 $ 2,510,226 $ 2,485,394 Weighted average common shares outstanding – Basic 926,427 924,395 926,017 924,228 Incremental weighted average effect on exchange of limited (1) 23,191 23,627 23,424 23,615 Incremental weighted average effect of equity awards 4,195 3,886 4,089 3,800 Weighted average common shares outstanding – Diluted (2) 953,813 951,908 953,530 951,643 Net earnings per share attributable to common stockholders: Basic $ 1.08 $ 0.81 $ 2.64 $ 2.62 Diluted $ 1.08 $ 0.80 $ 2.63 $ 2.61 Three Months Ended Nine Months Ended September 30, September 30, Prologis, L.P. 2024 2023 2024 2023 Net earnings attributable to common unitholders $ 1,029,271 $ 765,075 $ 2,509,514 $ 2,485,047 Net earnings attributable to Class A Units ( 8,018 ) ( 6,557 ) ( 20,084 ) ( 21,231 ) Net earnings attributable to common unitholders – Basic 1,021,253 758,518 2,489,430 2,463,816 Net earnings attributable to Class A Units 8,018 6,557 20,084 21,231 Net earnings attributable to exchangeable other limited 126 153 712 347 Adjusted net earnings attributable to common unitholders – Diluted $ 1,029,397 $ 765,228 $ 2,510,226 $ 2,485,394 Weighted average common partnership units outstanding – Basic 942,137 939,602 941,545 939,448 Incremental weighted average effect on exchange of Class A Units 7,322 8,121 7,597 8,096 Incremental weighted average effect on exchange of other limited 159 299 299 299 Incremental weighted average effect of equity awards of Prologis, Inc. 4,195 3,886 4,089 3,800 Weighted average common units outstanding – Diluted (2) 953,813 951,908 953,530 951,643 Net earnings per unit attributable to common unitholders: Basic $ 1.08 $ 0.81 $ 2.64 $ 2.62 Diluted $ 1.08 $ 0.80 $ 2.63 $ 2.61 (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, 2024 2023 2024 2023 Class A Units 7,322 8,121 7,597 8,096 Other limited partnership units 299 299 299 299 Equity awards 7,314 7,252 7,942 7,347 Prologis, L.P. 14,935 15,672 15,838 15,742 Common limited partnership units 15,710 15,207 15,528 15,220 Prologis, Inc. 30,645 30,879 31,366 30,962

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments and Fair Value Measurements	NOTE 9. 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, 2023. 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, 2024 December 31, 2023 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards Brazilian real $ - $ - $ - $ 291 British pound sterling 1,467 21,735 9,608 9,862 Canadian dollar 5,936 974 4,480 1,225 Chinese renminbi - - 1,630 50 Euro 11,594 6,764 19,252 8,229 Japanese yen 39,476 1,179 45,149 589 Swedish krona 2,233 1,947 3,304 2,279 Options Mexican peso 12 - 1,263 - Designated derivatives Foreign currency contracts Net investment hedges British pound sterling - 27,263 1,759 7,030 Canadian dollar 68 932 756 5,608 Interest rate contracts Cash flow hedges Euro - - 118 27,034 U.S. dollar - 256 - 31,964 Total fair value of derivatives $ 60,786 $ 61,050 $ 87,319 $ 94,161 Undesignated Derivative Financial Instruments Foreign Currency Contracts The following table summarizes the activity of our undesignated foreign currency contracts for the nine months ended September 30 (in millions, except for weighted average forward rates and number of active contracts): 2024 2023 CAD EUR GBP JPY Other Total CAD EUR GBP JPY Other Total Notional amounts at January 1 ($) 213 524 442 384 56 1,619 283 601 349 331 81 1,645 New contracts ($) 102 126 109 106 17 460 6 110 124 116 34 390 Matured, expired or settled contracts ($) ( 32 ) ( 86 ) ( 120 ) ( 148 ) ( 61 ) ( 447 ) ( 73 ) ( 218 ) ( 73 ) ( 66 ) 68 ( 362 ) Notional amounts at September 30 ($) 283 564 431 342 12 1,632 216 493 400 381 183 1,673 Weighted average forward rate at September 30 1.31 1.15 1.26 120.22 1.29 1.17 1.28 113.85 Active contracts at September 30 109 92 96 88 77 69 92 96 The following table summarizes the undesignated derivative financial instruments exercised and associated realized and unrealized gains (losses), respectively, in Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net in the Consolidated Statements of Income (in millions, except for number of exercised contracts): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Exercised contracts 30 42 161 163 Realized gains on the matured, expired or settled contracts $ 10 $ 11 $ 50 $ 42 Unrealized gains (losses) on the change in fair value of outstanding contracts $ ( 67 ) $ 29 $ ( 32 ) $ 9 Designated Derivative Financial Instruments Changes in the fair value of derivatives that are designated as net investment hedges ("NIHs") of our foreign operations and cash flow hedges ("CFHs") are recorded in Accumulated Other Comprehensive Income (Loss) (“AOCI/L”) in the Consolidated Balance Sheets and reflected within the AOCI/L table below. Foreign Currency Contracts The following table summarizes the activity of our foreign currency contracts designated as NIHs for the nine months ended September 30 (in millions, except for weighted average forward rates and number of active contracts): 2024 2023 CAD GBP Total CAD CNH GBP Total Notional amounts at January 1 ($) 516 432 948 534 - 440 974 New contracts ($) 47 397 444 350 100 218 668 Matured, expired or settled contracts ($) ( 399 ) ( 399 ) ( 798 ) ( 363 ) ( 100 ) ( 228 ) ( 691 ) Notional amounts at September 30 ($) 164 430 594 521 - 430 951 Weighted average forward rate at 1.36 1.25 1.32 - 1.25 Active contracts at September 30 2 4 6 - 4 Interest Rate Contracts The following table summarizes the activity of our interest rate contracts designated as CFHs for the nine months ended September 30 (in millions): 2024 2023 EUR USD GBP Total EUR USD Total Notional amounts at January 1 ($) 700 550 - 1,250 447 150 597 New contracts ($) - 600 246 846 691 1,750 2,441 Matured, expired or settled contracts ($) ( 700 ) ( 1,050 ) ( 246 ) ( 1,996 ) ( 859 ) ( 1,900 ) ( 2,759 ) Notional amounts at September 30 ($) - 100 - 100 279 - 279 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, 2024 December 31, 2023 British pound sterling $ 1,820 $ 1,305 Canadian dollar $ 778 $ 373 The following table summarizes the unrealized gains (losses) in Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net in the Consolidated Statements of Income on the remeasurement of the unhedged portion of our euro-denominated and Chinese renminbi-denominated debt and accrued interest (in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Unrealized gains (losses) on the unhedged portion $ ( 28 ) $ 10 $ ( 12 ) $ 7 Accumulated Other Comprehensive Income (Loss) ("AOCI/L") The change in AOCI/L in the Consolidated Statements of Equity during the periods presented was due to the following: i) the currency translation adjustments ("CTA") that we recognize due to the translation of the financial statements of our consolidated subsidiaries, whose functional currency is not the U.S. dollar, into U.S. dollars; and ii) the change in the fair value of the effective portion of our derivative financial instruments that have been designated as NIHs and CFHs and the translation of the hedged portion of our debt. The following tables present these changes in AOCI/L (in thousands): Three Months Ended September 30, 2024 and 2023 Unrealized losses (1) Our share of derivatives from unconsolidated entities Derivative NIHs Debt designated as nonderivative NIHs (2) CTA Total AOCI/L Balance at $ ( 18,488 ) $ 15,834 $ 328,596 $ 272,495 $ ( 754,490 ) $ ( 156,053 ) Other comprehensive ( 3,488 ) ( 4,981 ) ( 24,626 ) ( 117,782 ) ( 265,321 ) ( 416,198 ) Balance at $ ( 21,976 ) $ 10,853 $ 303,970 $ 154,713 $ ( 1,019,811 ) $ ( 572,251 ) Unrealized gains on CFHs Our share of derivatives from unconsolidated entities Derivative NIHs Debt designated as nonderivative NIHs (2) CTA Total AOCI/L Balance at $ 15,086 $ 14,910 $ 310,140 $ 249,597 $ ( 922,103 ) $ ( 332,370 ) Other comprehensive 546 3,072 29,679 50,149 63,141 146,587 Balance at $ 15,632 $ 17,982 $ 339,819 $ 299,746 $ ( 858,962 ) $ ( 185,783 ) Nine Months Ended September 30, 2024 and 2023 Unrealized gains (losses) on CFHs (1) Our share of derivatives from unconsolidated entities Derivative NIHs Debt designated as nonderivative NIHs (2) CTA Total AOCI/L Balance at $ ( 45,744 ) $ 8,414 $ 310,526 $ 254,102 $ ( 1,041,499 ) $ ( 514,201 ) Other comprehensive 23,768 2,439 ( 6,556 ) ( 99,389 ) 21,688 ( 58,050 ) Balance at $ ( 21,976 ) $ 10,853 $ 303,970 $ 154,713 $ ( 1,019,811 ) $ ( 572,251 ) Unrealized gains (losses) on CFHs Our share of derivatives from unconsolidated entities Derivative NIHs Debt designated as nonderivative NIHs (2) CTA Total AOCI/L Balance at $ 30,545 $ 22,584 $ 332,973 $ 329,983 $ ( 1,159,694 ) $ ( 443,609 ) Other comprehensive ( 14,913 ) ( 4,602 ) 6,846 ( 30,237 ) 300,732 257,826 Balance at $ 15,632 $ 17,982 $ 339,819 $ 299,746 $ ( 858,962 ) $ ( 185,783 ) (1) We estimate an additional expense of $ 3.0 million will be reclassified to Interest Expense in the Consolidated Statements of Income over the next 12 months from September 30, 2024, due to the amortization of settled derivatives designated as cash flow hedges. (2) Reclassification of amounts out of AOCI/L due to the remeasurement of the unhedged portion of our euro-denominated and Chinese renminbi-denominated debt and accrued interest is included herein. 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, 2023. Fair Value Measurements on a Recurring Basis At September 30, 2024 and December 31, 2023, other than the derivatives discussed previously, we had no significant financial assets or financial liabilities that were measured at fair value on a recurring basis in the Consolidated Financial Statements. All of our derivatives held at September 30, 2024 and December 31, 2023, were classified as Level 2 of the fair value hierarchy. Fair Value Measurements on Nonrecurring Basis Acquired properties and assets we expect to sell or contribute are significant nonfinancial assets that met the criteria to be measured at fair value on a nonrecurring basis. At September 30, 2024 and December 31, 2023, we estimated the fair value of our properties using Level 2 or Level 3 inputs from the fair value hierarchy. See more information on our acquired properties in Note 2 and assets held for sale or contribution in Note 4. Fair Value of Financial Instruments At September 30, 2024 and December 31, 2023, the carrying amounts of certain financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts payable and accrued expenses were representative of their fair values. The differences in the fair value of our debt from the carrying value in the table below were the result of differences in interest rates or borrowing spreads that were available to us at September 30, 2024 and December 31, 2023, as compared with those in effect when the debt was issued or assumed, including lower borrowing spreads due to our credit ratings. See Note 5 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, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Credit facilities and commercial paper $ 660,737 $ 660,737 $ 979,313 $ 979,313 Senior notes 29,386,420 27,623,117 25,311,647 23,121,936 Term loans and unsecured other 1,956,822 1,940,543 2,330,520 2,322,827 Secured mortgage 285,853 272,023 379,021 357,731 Total $ 32,289,832 $ 30,496,420 $ 29,000,501 $ 26,781,807

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Business Segments	NOTE 10. 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, including energy assets. Within this line of business, we utilize the following: (i) our land bank; (ii) the development and leasing expertise of our local teams; and (iii) our customer relationships. • Strategic Capital Segment. This 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 CODMs 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 are not allocated but reflected as non-segment items (G&A expenses and real estate adjustments for depreciation and gains and losses on contributions and sales) due to how our CODMs utilize segment information for planning and execution of our business strategy. The following reportable business segment revenues, net operating income and assets are presented in thousands: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenues: Real estate segment: U.S. $ 1,819,965 $ 1,705,656 $ 5,359,141 $ 4,866,508 Other Americas 34,604 29,442 95,486 81,576 Europe 28,858 29,101 83,286 69,368 Asia 17,595 13,617 44,530 46,186 Total real estate segment 1,901,022 1,777,816 5,582,443 5,063,638 Strategic capital segment: U.S. 46,388 53,077 137,517 786,222 Other Americas 16,342 14,054 73,785 74,139 Europe 49,843 45,457 141,745 135,267 Asia 22,794 24,260 65,474 74,956 Total strategic capital segment 135,367 136,848 418,521 1,070,584 Total revenues 2,036,389 1,914,664 6,000,964 6,134,222 Segment net operating income: (1) Real estate segment: U.S. (2) 1,403,563 1,295,042 4,062,185 3,671,766 Other Americas 27,784 23,184 75,040 62,429 Europe 15,120 22,235 50,649 51,493 Asia 11,447 8,937 28,281 29,696 Total real estate segment 1,457,914 1,349,398 4,216,155 3,815,384 Strategic capital segment: U.S. (2) 15,794 6,302 31,244 622,802 Other Americas 12,322 7,147 56,744 53,962 Europe 32,226 27,187 82,343 53,288 Asia 13,683 12,143 37,501 33,848 Total strategic capital segment 74,025 52,779 207,832 763,900 Total segment net operating income 1,531,939 1,402,177 4,423,987 4,579,284 Non-segment items: General and administrative expenses ( 98,154 ) ( 96,673 ) ( 316,041 ) ( 292,097 ) Depreciation and amortization expenses ( 649,265 ) ( 642,010 ) ( 1,924,075 ) ( 1,846,545 ) Gains on dispositions of development properties and land, net 32,005 89,030 159,487 273,907 Gains on other dispositions of investments in real estate, net 434,446 129,584 651,306 158,392 Operating income 1,250,971 882,108 2,994,664 2,872,941 Earnings from unconsolidated entities, net 84,749 71,365 259,558 217,786 Interest expense ( 230,113 ) ( 181,053 ) ( 631,700 ) ( 466,882 ) Foreign currency, derivative and other gains (losses) and ( 37,942 ) 67,964 62,774 102,682 Gains on early extinguishment of debt, net - - 536 3,275 Earnings before income taxes $ 1,067,665 $ 840,384 $ 2,685,832 $ 2,729,802 September 30, December 31, Segment assets: Real estate segment: U.S. $ 77,402,504 $ 76,633,566 Other Americas 2,648,457 2,029,438 Europe 2,994,859 2,366,539 Asia 1,002,886 793,916 Total real estate segment 84,048,706 81,823,459 Strategic capital segment: (3) U.S. 10,499 10,499 Europe 25,280 25,280 Asia 188 203 Total strategic capital segment 35,967 35,982 Total segment assets 84,084,673 81,859,441 Non-segment items: Investments in and advances to unconsolidated entities 10,092,765 9,543,970 Assets held for sale or contribution 325,987 461,657 Cash and cash equivalents 780,871 530,388 Other assets 620,900 625,384 Total non-segment items 11,820,523 11,161,399 Total assets $ 95,905,196 $ 93,020,840 (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, 2024 and December 31, 2023 .

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	NOTE 11. SUPPLEMENTAL CASH FLOW INFORMATION Our significant noncash investing and financing activities for the nine months ended September 30, 2024 and 2023 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 $ 48.9 million in 2024 and $ 29.0 million in 2023 for both assets and liabilities. • We capitalized $ 34.1 million and $ 30.6 million in 2024 and 2023, respectively, of equity-based compensation expense. • We received $ 568.1 million in 2024 of ownership interests in certain unconsolidated co-investment ventures, primarily as a portion of our proceeds from the contribution of properties to these entities. 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 issued 1.4 million and 0.5 million shares in 2024 and 2023, respectively, of the Parent’s common stock upon redemption of an equal number of common limited partnership units in the OP. • We acquired the ownership interest of our partner in an unconsolidated venture in 2024 and began consolidating the properties. • We reinve sted a distribution from an unconsolidated co-investment venture of $ 51.1 million in 2024. We paid $ 572.7 million and $ 340.4 million for interest, net of amounts capitalized, during the nine months ended September 30, 2024 and 2023, respectively. We paid $ 104.7 million and $ 122.2 million for income taxes, net of refunds, during the nine months ended September 30, 2024 and 2023 , respectively.

General (Policies)

General (Policies)	9 Months Ended
	Sep. 30, 2024
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 20 countries on four continents. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors. We maintain a significant level of ownership in these co-investment ventures, which may be consolidated or unconsolidated based on our level of control of the entity. Our current business strategy consists of two 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 10 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, 2024, the Parent owned a 97.59 % common general partnership interest in the OP and substantially all of the preferred units in the OP. The remaining 2.41 % 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, 2023 , as filed with the SEC, and other public information.
Accounting Pronouncements	Accounting Pronouncements. New Accounting Standards Issued but not yet Adopted Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update (“ASU”) to improve reportable segments disclosure requirements. The ASU requires existing annual segment disclosures to also be disclosed on an interim basis, and also requires additional disclosures around significant segment expenses and disclosures to identify the title and position of the chief operating decision maker ("CODM"). The standard is effective for the fiscal year ended December 31, 2024 and interim periods thereafter. We do not expect the standard to have a material impact on our Consolidated Financial Statements as we anticipate the primary change will be additional disclosures in Note 10 .

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 2024 2023 2024 2023 Operating properties: Buildings and improvements 650,111 630,955 3,016 2,960 $ 55,326,967 $ 52,626,191 Improved land 23,851,292 22,809,306 Development portfolio, including Prestabilized 5,957 13,369 21 45 855,419 1,838,805 Properties under development 21,529 26,438 76 85 2,288,124 2,528,650 Land (1) 4,395,022 3,775,553 Other real estate investments (2) 5,376,749 5,088,070 Total investments in real estate 92,093,573 88,666,575 Less accumulated depreciation 12,332,799 10,931,485 Net investments in real estate $ 79,760,774 $ 77,735,090 (1) At September 30, 2024 and December 31, 2023, our land was comprised of 8,651 and 8,197 acres, respectively. (2) Included in other real estate investments were principally: (i) land parcels we own and lease to third parties; (ii) non-strategic real estate assets that we do not intend to operate long term; (iii) renewable energy assets, including solar panels and electric vehicle chargers, and energy storage systems; and (iv) non-industrial real estate assets that we intend to redevelop as industrial properties or other higher use assets.
Schedule of Acquisitions of Properties Including Energy Assets	The following table summarizes our real estate acquisition activity, including energy assets (dollars and square feet in thousands): Three Months Ended Nine Months Ended 2024 (1) 2023 2024 (1) 2023 (2) Number of operating properties 46 - 54 76 Square feet 8,770 - 11,047 14,941 Acres of land 342 890 707 1,128 Acquisition cost of net investments in real estate, excluding other real $ 1,431,598 $ 116,112 $ 1,999,129 $ 3,626,672 Acquisition cost of other real estate investments $ 184,761 $ 37,343 $ 235,004 $ 77,624 (1) During the three and nine months ended September 30, 2024, we acquired our partners' interest in an unconsolidated venture and began consolidating the properties, including 30 operating properties aggregating 6.0 million square feet. In addition, through our investment in consolidated joint ventures in India, we entered a new market and acquired 225 acres of land. (2) On June 29, 2023, we acquired a real estate portfolio comprised of 70 operating properties in the U.S., aggregating 13.8 million square feet, for cash consideration of $ 3.1 billion.
Number of Properties Disposed Including Minor Adjustments	The following table summarizes our dispositions of net investments in real estate which include contributions to unconsolidated co-investment ventures and dispositions to third parties (dollars and square feet in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Dispositions of development properties and land, net (1) Number of properties 3 2 10 7 Square feet 1,284 1,530 3,123 3,652 Net proceeds $ 202,386 $ 272,250 $ 580,876 $ 738,207 Gains on dispositions of development properties and land, net $ 32,005 $ 89,030 $ 159,487 $ 273,907 Other dispositions of investments in real estate, net (2) Number of properties 19 19 71 24 Square feet 6,131 2,415 13,954 2,775 Net proceeds $ 893,054 $ 263,567 $ 1,776,112 $ 635,140 Gains on other dispositions of investments in real estate, net $ 434,446 $ 129,584 $ 651,306 $ 158,392 (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) The three and nine months ended September 30, 2024 include the contribution of operating properties to our unconsolidated co-investment venture in the U.S. 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, 2024
Schedule Of Equity Method Investments [Line Items]
Summary of Investments in and Advances to our Unconsolidated Entities	The following table summarizes our investments in and advances to unconsolidated entities (in thousands): September 30, December 31, 2024 2023 Unconsolidated co-investment ventures $ 9,275,611 $ 8,379,265 Other ventures (1) 817,154 1,164,705 Total $ 10,092,765 $ 9,543,970 (1) In August 2024, we acquired our partners' interest in an unconsolidated venture and began consolidating the properties.
Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Summary of Investments in and Advances to our Unconsolidated Entities	The following table summarizes the key property information, financial position and operating information of our unconsolidated co-investment ventures on a U.S. GAAP basis (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to these ventures (dollars and square feet in millions): U.S. Other Americas (1) Europe Asia Total At: Sep 30, Dec 31, Sep 30, (2) 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 4 9 9 Operating properties 748 745 285 275 1,017 1,007 240 228 2,290 2,255 Square feet 130 126 67 65 227 223 98 94 522 508 Financial position: Total assets ($) 13,183 11,884 4,083 4,106 24,819 23,504 10,224 10,226 52,309 49,720 Third-party debt ($) 5,396 4,185 1,062 915 6,167 5,804 4,003 3,983 16,628 14,887 Total liabilities ($) 6,244 4,930 1,147 997 8,325 7,849 4,439 4,429 20,155 18,205 Our investment balance ($) (3) 2,814 2,257 1,189 1,152 4,434 4,126 839 844 9,276 8,379 Our weighted average ownership (4) 30.3 % 27.3 % 33.4 % 39.3 % 32.2 % 31.9 % 15.2 % 15.2 % 28.6 % 28.1 % 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 ($) 355 330 110 109 467 429 162 164 1,094 1,032 Net earnings ($) 103 86 41 52 96 66 11 28 251 232 Our earnings from unconsolidated 31 24 13 18 36 23 2 5 82 70 For the nine months ended: Total revenues ($) 1,070 983 350 314 1,359 1,255 475 491 3,254 3,043 Net earnings ($) 322 262 150 142 259 226 48 56 779 686 Our earnings from unconsolidated 97 71 49 49 91 74 9 10 246 204 (1) Prologis Brazil Logistics Venture and our other Brazilian joint ventures are combined as one venture for the purpose of this table. (2) In August 2024, FIBRA Prologis in Mexico completed a tender offer to acquire 77.1 % of Terrafina, a Mexican FIBRA, through a combination of stock and cash, and began consolidating Terrafina. At June 30, 2024, Terrafina owned and managed 42.2 m illion square feet of industrial real estate, including 288 industrial operating properties. As a result of the transaction, our ownership percentage in FIBRA Prologis decreased to 35.5 %. The assets and liabilities of Terrafina are not included in key property information as FIBRA Prologis is a publicly traded vehicle in Mexico that has not yet reported results for the third quarter of 2024. (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, 2024 and December 31, 2023 , 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; and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. and Prologis Japan Core Logistics Fund. (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 2024 2023 2024 2023 Recurring fees $ 117,855 $ 113,947 $ 345,776 $ 340,842 Transactional fees 14,372 15,757 39,786 44,359 Promote revenue (1) 908 3,993 25,027 673,665 Total strategic capital revenues from unconsolidated (2) $ 133,135 $ 133,697 $ 410,589 $ 1,058,866 (1) The nine months ended September 30, 2023 primarily includes promote revenue earned from our unconsolidated co-investment venture in the U.S. (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, 2024
Real Estate Assets Held for Development and Sale [Abstract]
Summary of Assets Held for Sale or Contribution	Assets held for sale or contribution consisted of the following (dollars and square feet in thousands): September 30, December 31, Number of operating properties 10 12 Square feet 3,303 3,469 Total assets held for sale or contribution $ 325,987 $ 461,657 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 2,705 $ 14,182

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 December 31, 2023 Weighted Average Amount Weighted Average Amount Interest Rate (1) Years (2) Outstanding (3) Interest Rate (1) Years (2) Outstanding (3) Credit facilities and 3.3 % 2.8 $ 660,737 5.9 % 3.1 $ 979,313 Senior notes 3.2 % 10.0 29,386,420 2.9 % 10.1 25,311,647 Term loans and 1.9 % 4.1 1,956,822 2.8 % 3.7 2,330,520 Secured mortgage 4.4 % 3.6 285,853 3.9 % 3.4 379,021 Total 3.1 % 9.5 $ 32,289,832 3.0 % 9.3 $ 29,000,501 (1) The weighted average interest rates presented represent the effective interest rates (including amortization of debt issuance costs and noncash premiums or discounts) 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, 2024 December 31, 2023 Weighted Average Interest Rate Amount Outstanding % of Total Weighted Average Interest Rate Amount Outstanding % of Total British pound sterling 3.0 % $ 1,834,209 5.7 % 2.1 % $ 1,299,628 4.5 % Canadian dollar 5.0 % 1,127,241 3.5 % 5.0 % 829,886 2.9 % Chinese renminbi 3.6 % 650,315 2.0 % 3.7 % 241,820 0.8 % Euro 2.2 % 10,879,967 33.7 % 2.0 % 10,083,601 34.8 % Japanese yen 1.1 % 3,354,111 10.4 % 1.0 % 3,085,970 10.6 % U.S. dollar 4.1 % 14,443,989 44.7 % 4.1 % 13,459,596 46.4 % Total 3.1 % $ 32,289,832 100.0 % 3.0 % $ 29,000,501 100.0 %
Schedule of Current Availability on Debt and Cash	The following table summarizes information about our available liquidity at September 30, 2024 (in millions): Aggregate lender commitments Credit facilities $ 6,501 Less: Credit facility borrowings outstanding 661 Commercial paper borrowings outstanding (1) - Outstanding letters of credit 26 Current availability 5,814 Cash and cash equivalents 781 Total liquidity $ 6,595 (1) We are required to maintain available commitments under our credit facilities in an amount at least equal to the commercial paper borrowings outstanding.
Summary of Issuances of Senior Notes	The following table summarizes the issuances of senior notes during the nine months ended September 30, 2024 (principal in thousands): Aggregate Principal Issuance Date Weighted Average Issuance Date Borrowing Currency USD (1) Interest Rate Years Maturity Dates January $ 1,250,000 $ 1,250,000 5.1 % 17.3 March 2034 – 2054 February CN¥ 1,500,000 $ 211,024 3.5 % 3.0 February 2027 March C$ 550,000 $ 405,147 4.7 % 5.0 March 2029 May € 550,000 $ 592,130 4.0 % 10.0 May 2034 May £ 350,000 $ 439,147 5.6 % 16.0 May 2040 July $ 1,100,000 $ 1,100,000 5.1 % 17.5 January 2035 – March 2054 September CN¥ 1,350,000 $ 189,655 3.3 % 5.0 September 2029 Total $ 4,187,103 4.8 % 13.7 (1) The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date of each issuance.
Long-Term Debt Maturities	Scheduled principal payments due on our debt for the remainder of 2024 and for each year through the period ended December 31, 2028, and thereafter were as follows at September 30, 2024 (in thousands): Unsecured Credit Facilities Senior Term Loans Secured Maturity Commercial Paper Notes and Other Mortgage Total 2024 (1) $ - $ - $ - $ 1,962 $ 1,962 2025 (1)(2) - 35,027 325,124 179,938 540,089 2026 - 1,324,968 738,202 3,980 2,067,150 2027 (3) 660,737 1,962,895 50,439 4,156 2,678,227 2028 - 2,594,354 103,680 3,041 2,701,075 Thereafter - 24,066,928 742,901 86,094 24,895,923 Subtotal 660,737 29,984,172 1,960,346 279,171 32,884,426 Unamortized premiums (discounts), net - ( 465,616 ) - 7,359 ( 458,257 ) Unamortized debt issuance costs, net - ( 132,136 ) ( 3,524 ) ( 677 ) ( 136,337 ) Total $ 660,737 $ 29,386,420 $ 1,956,822 $ 285,853 $ 32,289,832 (1) We expect to repay the amounts maturing in the next twelve months with cash generated from operations, proceeds from dispositions of real estate properties, or as necessary, with additional borrowings. (2) Included in the 2025 maturities were the 2022 Canadian Term Loan ($ 222.0 million at September 30, 2024), which can be extended until 2027, and a Chinese renminbi term loa n ($ 102.7 million at September 30, 2024 ), which can be extended until 2026, subject to the prevailing interest rate at the time of extension. (3) Included in the 2027 maturities were the 2023 Global Facility and Yen Credit Facility ($ 506.6 million and $ 154.1 million, respectively, at September 30, 2024 ), which can be extended until 2028.

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2024
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 % $ 3,098,087 $ 3,147,790 $ 7,036,302 $ 7,142,889 $ 157,950 $ 156,303 Other consolidated entities (1) various various 186,758 176,485 2,697,254 2,369,959 370,841 333,114 Prologis, L.P. 3,284,845 3,324,275 9,733,556 9,512,848 528,791 489,417 Limited partners in Prologis, L.P. (2)(3) 1,307,478 1,317,721 - - - - Prologis, Inc. $ 4,592,323 $ 4,641,996 $ 9,733,556 $ 9,512,848 $ 528,791 $ 489,417 (1) Includes two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. The limited partnership units outstanding at September 30, 2024 and December 31, 2023 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. (2) We had 7.7 million and 8.6 million Class A Units at September 30, 2024 and December 31, 2023 , respectively, that were convertible into 7.3 million and 8.2 million limited partnership units of the OP at the end of each period. (3) There were limited partnership units in the OP, excluding the Class A Units, that were exchangeable into cash or, at our option, 9.0 million and 9.1 million shares of the Parent’s common stock, at September 30, 2024 and December 31, 2023 . Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans of 6.5 million and 5.7 million shares of the Parent’s common stock at September 30, 2024 and December 31, 2023, respectively. See further discussion of LTIP Units in Note 7 .

Long-Term Compensation (Tables)

Long-Term Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2024 2,097 $ 98.23 Granted 801 110.93 Vested and distributed ( 639 ) 118.21 Forfeited ( 56 ) 121.84 Balance at September 30, 2024 2,203 $ 96.46
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, 2024 (units in thousands): Unvested Weighted Average LTIP Units Grant Date Fair Value Balance at January 1, 2024 5,379 $ 76.72 Granted 1,219 97.20 Vested LTIP Units ( 1,095 ) 109.67 Forfeited ( 4 ) 130.49 Balance at September 30, 2024 5,499 $ 74.67

Earnings Per Common Share or _2

Earnings Per Common Share or Unit (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share Unit	The computation of our basic and diluted earnings per share and unit was as follows (in thousands, except per share and unit amounts): Three Months Ended Nine Months Ended September 30, September 30, Prologis, Inc. 2024 2023 2024 2023 Net earnings attributable to common stockholders – Basic $ 1,004,267 $ 746,174 $ 2,448,375 $ 2,423,897 Net earnings attributable to exchangeable limited partnership units (1) 25,130 19,054 61,851 61,497 Adjusted net earnings attributable to common stockholders – Diluted $ 1,029,397 $ 765,228 $ 2,510,226 $ 2,485,394 Weighted average common shares outstanding – Basic 926,427 924,395 926,017 924,228 Incremental weighted average effect on exchange of limited (1) 23,191 23,627 23,424 23,615 Incremental weighted average effect of equity awards 4,195 3,886 4,089 3,800 Weighted average common shares outstanding – Diluted (2) 953,813 951,908 953,530 951,643 Net earnings per share attributable to common stockholders: Basic $ 1.08 $ 0.81 $ 2.64 $ 2.62 Diluted $ 1.08 $ 0.80 $ 2.63 $ 2.61 Three Months Ended Nine Months Ended September 30, September 30, Prologis, L.P. 2024 2023 2024 2023 Net earnings attributable to common unitholders $ 1,029,271 $ 765,075 $ 2,509,514 $ 2,485,047 Net earnings attributable to Class A Units ( 8,018 ) ( 6,557 ) ( 20,084 ) ( 21,231 ) Net earnings attributable to common unitholders – Basic 1,021,253 758,518 2,489,430 2,463,816 Net earnings attributable to Class A Units 8,018 6,557 20,084 21,231 Net earnings attributable to exchangeable other limited 126 153 712 347 Adjusted net earnings attributable to common unitholders – Diluted $ 1,029,397 $ 765,228 $ 2,510,226 $ 2,485,394 Weighted average common partnership units outstanding – Basic 942,137 939,602 941,545 939,448 Incremental weighted average effect on exchange of Class A Units 7,322 8,121 7,597 8,096 Incremental weighted average effect on exchange of other limited 159 299 299 299 Incremental weighted average effect of equity awards of Prologis, Inc. 4,195 3,886 4,089 3,800 Weighted average common units outstanding – Diluted (2) 953,813 951,908 953,530 951,643 Net earnings per unit attributable to common unitholders: Basic $ 1.08 $ 0.81 $ 2.64 $ 2.62 Diluted $ 1.08 $ 0.80 $ 2.63 $ 2.61 (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, 2024 2023 2024 2023 Class A Units 7,322 8,121 7,597 8,096 Other limited partnership units 299 299 299 299 Equity awards 7,314 7,252 7,942 7,347 Prologis, L.P. 14,935 15,672 15,838 15,742 Common limited partnership units 15,710 15,207 15,528 15,220 Prologis, Inc. 30,645 30,879 31,366 30,962

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Schedule of Fair Value of Derivative Financial Instruments	The following table presents the fair value of our derivative financial instruments recognized within Other Assets and Other Liabilities in the Consolidated Balance Sheets (in thousands): September 30, 2024 December 31, 2023 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards Brazilian real $ - $ - $ - $ 291 British pound sterling 1,467 21,735 9,608 9,862 Canadian dollar 5,936 974 4,480 1,225 Chinese renminbi - - 1,630 50 Euro 11,594 6,764 19,252 8,229 Japanese yen 39,476 1,179 45,149 589 Swedish krona 2,233 1,947 3,304 2,279 Options Mexican peso 12 - 1,263 - Designated derivatives Foreign currency contracts Net investment hedges British pound sterling - 27,263 1,759 7,030 Canadian dollar 68 932 756 5,608 Interest rate contracts Cash flow hedges Euro - - 118 27,034 U.S. dollar - 256 - 31,964 Total fair value of derivatives $ 60,786 $ 61,050 $ 87,319 $ 94,161
Summary of Undesignated Financial Instruments Exercised and Realized and Unrealized Gains (Losses) in Foreign Currency, Derivative and Other Gains and Other Income, Net	The following table summarizes the undesignated derivative financial instruments exercised and associated realized and unrealized gains (losses), respectively, in Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net in the Consolidated Statements of Income (in millions, except for number of exercised contracts): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Exercised contracts 30 42 161 163 Realized gains on the matured, expired or settled contracts $ 10 $ 11 $ 50 $ 42 Unrealized gains (losses) on the change in fair value of outstanding contracts $ ( 67 ) $ 29 $ ( 32 ) $ 9
Summary of Activity in Interest Rate Contracts	The following table summarizes the activity of our interest rate contracts designated as CFHs for the nine months ended September 30 (in millions): 2024 2023 EUR USD GBP Total EUR USD Total Notional amounts at January 1 ($) 700 550 - 1,250 447 150 597 New contracts ($) - 600 246 846 691 1,750 2,441 Matured, expired or settled contracts ($) ( 700 ) ( 1,050 ) ( 246 ) ( 1,996 ) ( 859 ) ( 1,900 ) ( 2,759 ) Notional amounts at September 30 ($) - 100 - 100 279 - 279
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, 2024 December 31, 2023 British pound sterling $ 1,820 $ 1,305 Canadian dollar $ 778 $ 373
Summary of Recognized Unrealized Gains (Losses) in Foreign Currency and Derivative and Other Gains and Other Income, Net on Remeasurement of Unhedged Portion of Debt and Accrued Interest	The following table summarizes the unrealized gains (losses) in Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net in the Consolidated Statements of Income on the remeasurement of the unhedged portion of our euro-denominated and Chinese renminbi-denominated debt and accrued interest (in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Unrealized gains (losses) on the unhedged portion $ ( 28 ) $ 10 $ ( 12 ) $ 7
Summary of Changes in AOCI/L	The following tables present these changes in AOCI/L (in thousands): Three Months Ended September 30, 2024 and 2023 Unrealized losses (1) Our share of derivatives from unconsolidated entities Derivative NIHs Debt designated as nonderivative NIHs (2) CTA Total AOCI/L Balance at $ ( 18,488 ) $ 15,834 $ 328,596 $ 272,495 $ ( 754,490 ) $ ( 156,053 ) Other comprehensive ( 3,488 ) ( 4,981 ) ( 24,626 ) ( 117,782 ) ( 265,321 ) ( 416,198 ) Balance at $ ( 21,976 ) $ 10,853 $ 303,970 $ 154,713 $ ( 1,019,811 ) $ ( 572,251 ) Unrealized gains on CFHs Our share of derivatives from unconsolidated entities Derivative NIHs Debt designated as nonderivative NIHs (2) CTA Total AOCI/L Balance at $ 15,086 $ 14,910 $ 310,140 $ 249,597 $ ( 922,103 ) $ ( 332,370 ) Other comprehensive 546 3,072 29,679 50,149 63,141 146,587 Balance at $ 15,632 $ 17,982 $ 339,819 $ 299,746 $ ( 858,962 ) $ ( 185,783 ) Nine Months Ended September 30, 2024 and 2023 Unrealized gains (losses) on CFHs (1) Our share of derivatives from unconsolidated entities Derivative NIHs Debt designated as nonderivative NIHs (2) CTA Total AOCI/L Balance at $ ( 45,744 ) $ 8,414 $ 310,526 $ 254,102 $ ( 1,041,499 ) $ ( 514,201 ) Other comprehensive 23,768 2,439 ( 6,556 ) ( 99,389 ) 21,688 ( 58,050 ) Balance at $ ( 21,976 ) $ 10,853 $ 303,970 $ 154,713 $ ( 1,019,811 ) $ ( 572,251 ) Unrealized gains (losses) on CFHs Our share of derivatives from unconsolidated entities Derivative NIHs Debt designated as nonderivative NIHs (2) CTA Total AOCI/L Balance at $ 30,545 $ 22,584 $ 332,973 $ 329,983 $ ( 1,159,694 ) $ ( 443,609 ) Other comprehensive ( 14,913 ) ( 4,602 ) 6,846 ( 30,237 ) 300,732 257,826 Balance at $ 15,632 $ 17,982 $ 339,819 $ 299,746 $ ( 858,962 ) $ ( 185,783 ) (1) We estimate an additional expense of $ 3.0 million will be reclassified to Interest Expense in the Consolidated Statements of Income over the next 12 months from September 30, 2024, due to the amortization of settled derivatives designated as cash flow hedges. (2) Reclassification of amounts out of AOCI/L due to the remeasurement of the unhedged portion of our euro-denominated and Chinese renminbi-denominated debt and accrued interest is included herein.
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, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Credit facilities and commercial paper $ 660,737 $ 660,737 $ 979,313 $ 979,313 Senior notes 29,386,420 27,623,117 25,311,647 23,121,936 Term loans and unsecured other 1,956,822 1,940,543 2,330,520 2,322,827 Secured mortgage 285,853 272,023 379,021 357,731 Total $ 32,289,832 $ 30,496,420 $ 29,000,501 $ 26,781,807
Undesignated Derivatives [Member]
Foreign Currency Contracts Activity	The following table summarizes the activity of our undesignated foreign currency contracts for the nine months ended September 30 (in millions, except for weighted average forward rates and number of active contracts): 2024 2023 CAD EUR GBP JPY Other Total CAD EUR GBP JPY Other Total Notional amounts at January 1 ($) 213 524 442 384 56 1,619 283 601 349 331 81 1,645 New contracts ($) 102 126 109 106 17 460 6 110 124 116 34 390 Matured, expired or settled contracts ($) ( 32 ) ( 86 ) ( 120 ) ( 148 ) ( 61 ) ( 447 ) ( 73 ) ( 218 ) ( 73 ) ( 66 ) 68 ( 362 ) Notional amounts at September 30 ($) 283 564 431 342 12 1,632 216 493 400 381 183 1,673 Weighted average forward rate at September 30 1.31 1.15 1.26 120.22 1.29 1.17 1.28 113.85 Active contracts at September 30 109 92 96 88 77 69 92 96
Designated As Hedging Instrument [Member]
Foreign Currency Contracts Activity	The following table summarizes the activity of our foreign currency contracts designated as NIHs for the nine months ended September 30 (in millions, except for weighted average forward rates and number of active contracts): 2024 2023 CAD GBP Total CAD CNH GBP Total Notional amounts at January 1 ($) 516 432 948 534 - 440 974 New contracts ($) 47 397 444 350 100 218 668 Matured, expired or settled contracts ($) ( 399 ) ( 399 ) ( 798 ) ( 363 ) ( 100 ) ( 228 ) ( 691 ) Notional amounts at September 30 ($) 164 430 594 521 - 430 951 Weighted average forward rate at 1.36 1.25 1.32 - 1.25 Active contracts at September 30 2 4 6 - 4

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2024
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 2024 2023 2024 2023 Revenues: Real estate segment: U.S. $ 1,819,965 $ 1,705,656 $ 5,359,141 $ 4,866,508 Other Americas 34,604 29,442 95,486 81,576 Europe 28,858 29,101 83,286 69,368 Asia 17,595 13,617 44,530 46,186 Total real estate segment 1,901,022 1,777,816 5,582,443 5,063,638 Strategic capital segment: U.S. 46,388 53,077 137,517 786,222 Other Americas 16,342 14,054 73,785 74,139 Europe 49,843 45,457 141,745 135,267 Asia 22,794 24,260 65,474 74,956 Total strategic capital segment 135,367 136,848 418,521 1,070,584 Total revenues 2,036,389 1,914,664 6,000,964 6,134,222 Segment net operating income: (1) Real estate segment: U.S. (2) 1,403,563 1,295,042 4,062,185 3,671,766 Other Americas 27,784 23,184 75,040 62,429 Europe 15,120 22,235 50,649 51,493 Asia 11,447 8,937 28,281 29,696 Total real estate segment 1,457,914 1,349,398 4,216,155 3,815,384 Strategic capital segment: U.S. (2) 15,794 6,302 31,244 622,802 Other Americas 12,322 7,147 56,744 53,962 Europe 32,226 27,187 82,343 53,288 Asia 13,683 12,143 37,501 33,848 Total strategic capital segment 74,025 52,779 207,832 763,900 Total segment net operating income 1,531,939 1,402,177 4,423,987 4,579,284 Non-segment items: General and administrative expenses ( 98,154 ) ( 96,673 ) ( 316,041 ) ( 292,097 ) Depreciation and amortization expenses ( 649,265 ) ( 642,010 ) ( 1,924,075 ) ( 1,846,545 ) Gains on dispositions of development properties and land, net 32,005 89,030 159,487 273,907 Gains on other dispositions of investments in real estate, net 434,446 129,584 651,306 158,392 Operating income 1,250,971 882,108 2,994,664 2,872,941 Earnings from unconsolidated entities, net 84,749 71,365 259,558 217,786 Interest expense ( 230,113 ) ( 181,053 ) ( 631,700 ) ( 466,882 ) Foreign currency, derivative and other gains (losses) and ( 37,942 ) 67,964 62,774 102,682 Gains on early extinguishment of debt, net - - 536 3,275 Earnings before income taxes $ 1,067,665 $ 840,384 $ 2,685,832 $ 2,729,802 September 30, December 31, Segment assets: Real estate segment: U.S. $ 77,402,504 $ 76,633,566 Other Americas 2,648,457 2,029,438 Europe 2,994,859 2,366,539 Asia 1,002,886 793,916 Total real estate segment 84,048,706 81,823,459 Strategic capital segment: (3) U.S. 10,499 10,499 Europe 25,280 25,280 Asia 188 203 Total strategic capital segment 35,967 35,982 Total segment assets 84,084,673 81,859,441 Non-segment items: Investments in and advances to unconsolidated entities 10,092,765 9,543,970 Assets held for sale or contribution 325,987 461,657 Cash and cash equivalents 780,871 530,388 Other assets 620,900 625,384 Total non-segment items 11,820,523 11,161,399 Total assets $ 95,905,196 $ 93,020,840 (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, 2024 and December 31, 2023 .

General - Additional Informatio

General - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2024 Country Segment Continent
General [Line Items]
Number of countries, entity operates | Country	20
Number of continents, entity operates | Continent	4
Number of operating segments | Segment	2
Unaffiliated Investors and Certain Current and Former Directors and Officers [Member]
General [Line Items]
Percentage of common limited partnership interest	2.41%
General Partner [Member] | Prologis LP [Member]
General [Line Items]
Percentage of ownership in operating partnership	97.59%

Real Estate - Investments in Re

Real Estate - Investments in Real Estate Properties (Detail) ft² in Thousands, $ in Thousands		Sep. 30, 2024 USD ($) a ft² Building	Dec. 31, 2023 USD ($) ft² a Building
Real Estate Properties [Line Items]
Total investments in real estate properties		$ 92,093,573	$ 88,666,575
Less accumulated depreciation		12,332,799	10,931,485
Net investments in real estate properties		$ 79,760,774	$ 77,735,090
Building and Improvements [Member]
Real Estate Properties [Line Items]
Square Feet | ft²		650,111	630,955
Number of buildings | Building		3,016	2,960
Total investments in real estate properties		$ 55,326,967	$ 52,626,191
Improved Land [Member]
Real Estate Properties [Line Items]
Total investments in real estate properties		$ 23,851,292	$ 22,809,306
Development Portfolio, Including Cost of Land: Pre-stabilized [Member]
Real Estate Properties [Line Items]
Square Feet | ft²		5,957	13,369
Number of buildings | Building		21	45
Total investments in real estate properties		$ 855,419	$ 1,838,805
Properties Under Development [Member]
Real Estate Properties [Line Items]
Square Feet | ft²		21,529	26,438
Number of buildings | Building		76	85
Total investments in real estate properties		$ 2,288,124	$ 2,528,650
Land [Member]
Real Estate Properties [Line Items]
Square Feet | a		8,651	8,197
Total investments in real estate properties	[1]	$ 4,395,022	$ 3,775,553
Other Real Estate Investments [Member]
Real Estate Properties [Line Items]
Total investments in real estate properties	[2]	$ 5,376,749	$ 5,088,070
[1] At September 30, 2024 and December 31, 2023, our land was comprised of 8,651 and 8,197 acres, respectively. Included in other real estate investments were principally: (i) land parcels we own and lease to third parties; (ii) non-strategic real estate assets that we do not intend to operate long term; (iii) renewable energy assets, including solar panels and electric vehicle chargers, and energy storage systems; and (iv) non-industrial real estate assets that we intend to redevelop as industrial properties or other higher use assets.

Real Estate - Investments in _2

Real Estate - Investments in Real Estate Properties (Parenthetical) (Detail) - a	Sep. 30, 2024	Dec. 31, 2023
Land [Member]
Real Estate Properties [Line Items]
Square Feet	8,651	8,197

Real Estate - Summary of Acquis

Real Estate - Summary of Acquisition Including Energy Assets (Detail) ft² in Thousands, $ in Thousands		3 Months Ended			9 Months Ended
	Jun. 29, 2023 USD ($) ft² Property	Sep. 30, 2024 USD ($) ft² a Property	[1]	Sep. 30, 2023 USD ($) ft² a Property	Sep. 30, 2024 USD ($) a ft² Property	[1]	Sep. 30, 2023 USD ($) ft² a Property	[2]
Real Estate [Abstract]
Number of operating properties | Property	70	46		0	54		76
Square feet | ft²	13,800	8,770		0	11,047		14,941
Acres of land | a		342		890	707		1,128
Acquisition cost of net investments in real estate, excluding other real estate investments	$ 3,100,000	$ 1,431,598		$ 116,112	$ 1,999,129		$ 3,626,672
Acquisition cost of other real estate investments		$ 184,761		$ 37,343	$ 235,004		$ 77,624
[1] During the three and nine months ended September 30, 2024, we acquired our partners' interest in an unconsolidated venture and began consolidating the properties, including 30 operating properties aggregating 6.0 million square feet. In addition, through our investment in consolidated joint ventures in India, we entered a new market and acquired 225 acres of land. On June 29, 2023, we acquired a real estate portfolio comprised of 70 operating properties in the U.S., aggregating 13.8 million square feet, for cash consideration of $ 3.1 billion.

Real Estate - Summary of Acqu_2

Real Estate - Summary of Acquisition Including Energy Assets (Parenthetical) (Details) ft² in Thousands, $ in Thousands		3 Months Ended			9 Months Ended
	Jun. 29, 2023 USD ($) ft² Property	Sep. 30, 2024 USD ($) a ft² Property		Sep. 30, 2023 USD ($) ft² Property	Sep. 30, 2024 USD ($) ft² a Property		Sep. 30, 2023 USD ($) ft² Property	[2]
Real Estate Properties [Line Items]
Acquisition cash consideration investments in real estate, excluding other real estate investments | $	$ 3,100,000	$ 1,431,598	[1]	$ 116,112	$ 1,999,129	[1]	$ 3,626,672
Square feet | ft²	13,800	8,770	[1]	0	11,047	[1]	14,941
Number of operating properties | Property	70	46	[1]	0	54	[1]	76
Area of land | a		225			225
Consolidated Properties [Member]
Real Estate Properties [Line Items]
Number of operating properties purchased | Property		30			30
Consolidated Venture [Member]
Real Estate Properties [Line Items]
Square feet | ft²		6,000			6,000
[1] During the three and nine months ended September 30, 2024, we acquired our partners' interest in an unconsolidated venture and began consolidating the properties, including 30 operating properties aggregating 6.0 million square feet. In addition, through our investment in consolidated joint ventures in India, we entered a new market and acquired 225 acres of land. On June 29, 2023, we acquired a real estate portfolio comprised of 70 operating properties in the U.S., aggregating 13.8 million square feet, for cash consideration of $ 3.1 billion.

Real Estate - Summary of Dispos

Real Estate - Summary of Dispositions of Net Investments in Real Estate (Detail) ft² in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024 USD ($) ft² Property	Sep. 30, 2023 USD ($) ft² Property	Sep. 30, 2024 USD ($) ft² Property	Sep. 30, 2023 USD ($) 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]	$ 32,005	$ 89,030	$ 159,487	$ 273,907
Gains on other dispositions of investments in real estate, net	[2]	$ 434,446	$ 129,584	$ 651,306	$ 158,392
Discontinuing Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of buildings | Property	[2]	19	19	71	24
Square feet | ft²	[2]	6,131	2,415	13,954	2,775
Net proceeds	[2]	$ 893,054	$ 263,567	$ 1,776,112	$ 635,140
Continuing Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of buildings | Property	[1]	3	2	10	7
Square feet | ft²	[1]	1,284	1,530	3,123	3,652
Net proceeds	[1]	$ 202,386	$ 272,250	$ 580,876	$ 738,207
[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, 2024	Dec. 31, 2023
Real Estate [Abstract]
Operating lease right-of-use assets	$ 720.3	$ 683.7
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Lease liabilities	$ 624.2	$ 597.6
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Outstanding performance and surety bonds and standby letters of credit	$ 594.9	$ 498.5

Unconsolidated Entities - Summa

Unconsolidated Entities - Summary of Investments in and Advances to our Unconsolidated Entities (Detail) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated entities		$ 10,092,765	$ 9,543,970
Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated entities		9,275,611	8,379,265
Other Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated entities	[1]	$ 817,154	$ 1,164,705
[1] In August 2024, we acquired our partners' interest in an unconsolidated venture and began consolidating the properties.

Unconsolidated Entities - Sum_2

Unconsolidated Entities - Summary of Strategic Capital Revenues Recognized in Consolidated Statements of Income Related to Co-Investment Ventures (Detail) - Unconsolidated Co-Investment Ventures [Member] - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule Of Equity Method Investments [Line Items]
Recurring fees		$ 117,855	$ 113,947	$ 345,776	$ 340,842
Transactional fees		14,372	15,757	39,786	44,359
Promote revenue	[1]	908	3,993	25,027	673,665
Total strategic capital revenues from unconsolidated co-investment ventures	[2]	$ 133,135	$ 133,697	$ 410,589	$ 1,058,866
[1] nine months ended September 30, 2023 primarily includes promote revenue earned from our unconsolidated co-investment venture in the U.S. These amounts exclude strategic capital revenues from other ventures.

Unconsolidated Entities - Sum_3

Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Detail) $ in Thousands, ft² in Millions		3 Months Ended			9 Months Ended
		Sep. 30, 2024 USD ($) ft² Venture Property		Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) ft² Venture Property		Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) ft² Venture Property
Schedule Of Equity Method Investments [Line Items]
Total assets		$ 95,905,196			$ 95,905,196			$ 93,020,840
Total liabilities		38,241,104			38,241,104			$ 35,197,120
Total revenues		2,036,389		$ 1,914,664	6,000,964		$ 6,134,222
Consolidated net earnings		1,063,451		799,141	2,605,759		2,577,261
Our earnings from unconsolidated co-investment ventures, net		$ 84,749		71,365	$ 259,558		217,786
Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		9			9			9
Operating properties | Property		2,290			2,290			2,255
Square feet | ft²		522			522			508
Total assets		$ 52,309,000			$ 52,309,000			$ 49,720,000
Third-party debt		16,628,000			16,628,000			14,887,000
Total liabilities		20,155,000			20,155,000			18,205,000
Our investment balance	[1]	9,276,000			9,276,000			$ 8,379,000
Total revenues		1,094,000		1,032,000	3,254,000		3,043,000
Consolidated net earnings		251,000		232,000	779,000		686,000
Our earnings from unconsolidated co-investment ventures, net		$ 82,000		70,000	$ 246,000		204,000
Unconsolidated Co-Investment Ventures [Member] | U.S. [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		1			1			1
Operating properties | Property		748			748			745
Square feet | ft²		130			130			126
Total assets		$ 13,183,000			$ 13,183,000			$ 11,884,000
Third-party debt		5,396,000			5,396,000			4,185,000
Total liabilities		6,244,000			6,244,000			4,930,000
Our investment balance	[1]	2,814,000			2,814,000			$ 2,257,000
Total revenues		355,000		330,000	1,070,000		983,000
Consolidated net earnings		103,000		86,000	322,000		262,000
Our earnings from unconsolidated co-investment ventures, net		$ 31,000		24,000	$ 97,000		71,000
Unconsolidated Co-Investment Ventures [Member] | Other Americas [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture	[3]	2	[2]		2	[2]		2
Operating properties | Property	[3]	285	[2]		285	[2]		275
Square feet | ft²	[3]	67	[2]		67	[2]		65
Total assets	[3]	$ 4,083,000	[2]		$ 4,083,000	[2]		$ 4,106,000
Third-party debt	[3]	1,062,000	[2]		1,062,000	[2]		915,000
Total liabilities	[3]	1,147,000	[2]		1,147,000	[2]		997,000
Our investment balance	[1],[3]	1,189,000	[2]		1,189,000	[2]		$ 1,152,000
Total revenues	[3]	110,000	[2]	109,000	350,000	[2]	314,000
Consolidated net earnings	[3]	41,000	[2]	52,000	150,000	[2]	142,000
Our earnings from unconsolidated co-investment ventures, net	[3]	$ 13,000	[2]	18,000	$ 49,000	[2]	49,000
Unconsolidated Co-Investment Ventures [Member] | Europe [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		2			2			2
Operating properties | Property		1,017			1,017			1,007
Square feet | ft²		227			227			223
Total assets		$ 24,819,000			$ 24,819,000			$ 23,504,000
Third-party debt		6,167,000			6,167,000			5,804,000
Total liabilities		8,325,000			8,325,000			7,849,000
Our investment balance	[1]	4,434,000			4,434,000			$ 4,126,000
Total revenues		467,000		429,000	1,359,000		1,255,000
Consolidated net earnings		96,000		66,000	259,000		226,000
Our earnings from unconsolidated co-investment ventures, net		$ 36,000		23,000	$ 91,000		74,000
Unconsolidated Co-Investment Ventures [Member] | Asia [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		4			4			4
Operating properties | Property		240			240			228
Square feet | ft²		98			98			94
Total assets		$ 10,224,000			$ 10,224,000			$ 10,226,000
Third-party debt		4,003,000			4,003,000			3,983,000
Total liabilities		4,439,000			4,439,000			4,429,000
Our investment balance	[1]	839,000			839,000			$ 844,000
Total revenues		162,000		164,000	475,000		491,000
Consolidated net earnings		11,000		28,000	48,000		56,000
Our earnings from unconsolidated co-investment ventures, net		$ 2,000		$ 5,000	$ 9,000		$ 10,000
Unconsolidated Co-Investment Ventures [Member] | Other Investees [Member] | Weighted Average [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[4]	28.60%			28.60%			28.10%
Unconsolidated Co-Investment Ventures [Member] | Other Investees [Member] | Weighted Average [Member] | U.S. [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[4]	30.30%			30.30%			27.30%
Unconsolidated Co-Investment Ventures [Member] | Other Investees [Member] | Weighted Average [Member] | Other Americas [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[3],[4]	33.40%	[2]		33.40%	[2]		39.30%
Unconsolidated Co-Investment Ventures [Member] | Other Investees [Member] | Weighted Average [Member] | Europe [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[4]	32.20%			32.20%			31.90%
Unconsolidated Co-Investment Ventures [Member] | Other Investees [Member] | Weighted Average [Member] | Asia [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[4]	15.20%			15.20%			15.20%
[1] 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, 2024 and December 31, 2023 , 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; and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. and Prologis Japan Core Logistics Fund. In August 2024, FIBRA Prologis in Mexico completed a tender offer to acquire 77.1 % of Terrafina, a Mexican FIBRA, through a combination of stock and cash, and began consolidating Terrafina. At June 30, 2024, Terrafina owned and managed 42.2 m illion square feet of industrial real estate, including 288 industrial operating properties. As a result of the transaction, our ownership percentage in FIBRA Prologis decreased to 35.5 %. The assets and liabilities of Terrafina are not included in key property information as FIBRA Prologis is a publicly traded vehicle in Mexico that has not yet reported results for the third quarter of 2024. Prologis Brazil Logistics Venture and our other Brazilian joint ventures are combined as one venture for the purpose of this table. Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets before depreciation, net of other liabilities.

Unconsolidated Entities - Sum_4

Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Parenthetical) (Detail) - FIBRA Prologis ft² in Millions	Jun. 30, 2024 ft² Property	Sep. 30, 2024	Aug. 31, 2024
Schedule of Equity Method Investments [Line Items]
Ownership acquired percentage			77.10%
Number of industrial properties | Property	288
Square feet | ft²	42.2
Prologis Inc [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage		35.50%

Unconsolidated Entities - Addit

Unconsolidated Entities - Additional Information (Detail) - Prologis, Inc. [Member] $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	$ 317.1
Expiration date for remaining commitments range start	2024
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, 2024 USD ($) ft² Property	Dec. 31, 2023 USD ($) ft² Property
Long Lived Assets Held For Sale [Line Items]
Total assets held for sale or contribution	$ 325,987	$ 461,657
Total liabilities associated with assets held for sale or contribution – included in Other Liabilities	$ 2,705	$ 14,182
Disposal Group Held for Sale Not Discontinued Operations [Member]
Long Lived Assets Held For Sale [Line Items]
Number of operating properties | Property	10	12
Square feet | ft²	3,303	3,469

Debt - Debt Summary (Detail)

Debt - Debt Summary (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.10%	3%
Weighted Average Year	9 years 6 months	9 years 3 months 18 days
Debt	$ 32,289,832	$ 29,000,501
Credit Facilities and Commercial Paper [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.30%	5.90%
Weighted Average Year	2 years 9 months 18 days	3 years 1 month 6 days
Debt	$ 660,737	$ 979,313
Senior Notes [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.20%	2.90%
Weighted Average Year	10 years	10 years 1 month 6 days
Debt	$ 29,386,420	$ 25,311,647
Term Loans and Unsecured Other [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.90%	2.80%
Weighted Average Year	4 years 1 month 6 days	3 years 8 months 12 days
Debt	$ 1,956,822	$ 2,330,520
Secured Mortgage [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.40%	3.90%
Weighted Average Year	3 years 7 months 6 days	3 years 4 months 24 days
Debt	$ 285,853	$ 379,021

Debt - Debt Summary (Parentheti

Debt - Debt Summary (Parenthetical) (Detail) - USD ($) $ in Thousands	1 Months Ended
	Feb. 29, 2024	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted Average Interest Rate		3.10%	3%
Debt		$ 32,289,832	$ 29,000,501
Percentage of outstanding debt		100%	100%
Term Loans and Unsecured Other [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate		1.90%	2.80%
Debt		$ 1,956,822	$ 2,330,520
Extinguishment of term loan	$ 500,000
GBP
Debt Instrument [Line Items]
Weighted Average Interest Rate		3%	2.10%
Debt		$ 1,834,209	$ 1,299,628
Percentage of outstanding debt		5.70%	4.50%
CAD
Debt Instrument [Line Items]
Weighted Average Interest Rate		5%	5%
Debt		$ 1,127,241	$ 829,886
Percentage of outstanding debt		3.50%	2.90%
CNH
Debt Instrument [Line Items]
Weighted Average Interest Rate		3.60%	3.70%
Debt		$ 650,315	$ 241,820
Percentage of outstanding debt		2%	0.80%
EUR
Debt Instrument [Line Items]
Weighted Average Interest Rate		2.20%	2%
Debt		$ 10,879,967	$ 10,083,601
Percentage of outstanding debt		33.70%	34.80%
JPY
Debt Instrument [Line Items]
Weighted Average Interest Rate		1.10%	1%
Debt		$ 3,354,111	$ 3,085,970
Percentage of outstanding debt		10.40%	10.60%
USD
Debt Instrument [Line Items]
Weighted Average Interest Rate		4.10%	4.10%
Debt		$ 14,443,989	$ 13,459,596
Percentage of outstanding debt		44.70%	46.40%

Debt - Additional Information (

Debt - Additional Information (Detail) $ in Thousands, ¥ in Billions	1 Months Ended					9 Months Ended
	Apr. 30, 2024 USD ($)	Feb. 29, 2024 USD ($)	Oct. 31, 2018	Aug. 31, 2018	Jul. 31, 2018	Sep. 30, 2024 USD ($)	Sep. 30, 2024 JPY (¥)	Apr. 30, 2024 JPY (¥)
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity						$ 6,501,000
Commercial paper, Maximum borrowing capacity						1,000,000
Term Loans And Other Debt [Member]
Debt Instrument [Line Items]
Extinguishment of term loan		$ 500,000
Issuance of Senior Notes
Debt Instrument [Line Items]
Aggregate amount						$ 4,187,103
Interest rate						4.80%	4.80%
Japanese Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument maturity date	2034-04
Aggregate amount	$ 129,400							¥ 20
Weighted average interest rate	1.50%							1.50%
Prologis Euro Finance L L C [Member]
Debt Instrument [Line Items]
Percentage of ownership in operating partnership					100%
Prologis Yen Finance LLC [Member]
Debt Instrument [Line Items]
Percentage of ownership in operating partnership				100%
Prologis Sterling Finance LLC [Member]
Debt Instrument [Line Items]
Percentage of ownership in operating partnership			100%
Global Credit Facility 2022 [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity						$ 3,000,000
Debt Instrument maturity date						2026-06
Global Credit Facility 2023 [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity						$ 3,000,000
Debt Instrument maturity date						2027-06
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments						$ 4,000,000
Yen Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity						$ 409,800	¥ 58.5
Debt Instrument maturity date						2027-08
Credit facility maximum borrowing capacity						$ 525,400	¥ 75

Debt - Schedule of Current Avai

Debt - Schedule of Current Availability on Debt and Cash (Detail) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Credit facilities		$ 6,501,000
Outstanding letters of credit		26,000
Current availability		5,814,000
Cash and cash equivalents		780,871	$ 530,388
Total liquidity		6,595,000
Credit Facilities [Member]
Debt Instrument [Line Items]
Borrowings outstanding		661,000
Commercial Paper [Member]
Debt Instrument [Line Items]
Borrowings outstanding	[1]	$ 0
[1] We are required to maintain available commitments under our credit facilities in an amount at least equal to the commercial paper borrowings outstanding.

Debt - Summary of Issuances of

Debt - Summary of Issuances of Senior Notes (Detail) - Issuance of Senior Notes € in Thousands, £ in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 CNY (¥)	Sep. 30, 2024 CAD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 GBP (£)
Debt Instrument [Line Items]
Aggregate Principal	$ 4,187,103,000
Interest Rate	4.80%	4.80%	4.80%	4.80%	4.80%
Weighted Average [Member]
Debt Instrument [Line Items]
Years	13 years 8 months 12 days
March 2034 Senior Notes [Member] | USD
Debt Instrument [Line Items]
Aggregate Principal	$ 1,250,000,000
Interest Rate	5.10%	5.10%	5.10%	5.10%	5.10%
March 2034 Senior Notes [Member] | USD | Weighted Average [Member]
Debt Instrument [Line Items]
Years	17 years 3 months 18 days
March 2034 Senior Notes [Member] | USD | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument maturity month	2034-03
March 2034 Senior Notes [Member] | USD | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument maturity month	2054-03
February 2027 Senior Notes [Member] | CNY
Debt Instrument [Line Items]
Debt Instrument maturity month	2027-02
Aggregate Principal	$ 211,024,000	¥ 1,500,000,000
Interest Rate	3.50%	3.50%	3.50%	3.50%	3.50%
February 2027 Senior Notes [Member] | CNY | Weighted Average [Member]
Debt Instrument [Line Items]
Years	3 years
March 2029 Senior Notes [Member] | CAD
Debt Instrument [Line Items]
Debt Instrument maturity month	2029-03
Aggregate Principal	$ 405,147,000		$ 550,000
Interest Rate	4.70%	4.70%	4.70%	4.70%	4.70%
March 2029 Senior Notes [Member] | CAD | Weighted Average [Member]
Debt Instrument [Line Items]
Years	5 years
May 2034 Senior Notes [Member] | EUR
Debt Instrument [Line Items]
Debt Instrument maturity month	2034-05
Aggregate Principal	$ 592,130,000			€ 550,000
Interest Rate	4%	4%	4%	4%	4%
May 2034 Senior Notes [Member] | EUR | Weighted Average [Member]
Debt Instrument [Line Items]
Years	10 years
May 2040 Senior Notes [Member] | GBP
Debt Instrument [Line Items]
Debt Instrument maturity month	2040-05
Aggregate Principal	$ 439,147,000				£ 350,000
Interest Rate	5.60%	5.60%	5.60%	5.60%	5.60%
May 2040 Senior Notes [Member] | GBP | Weighted Average [Member]
Debt Instrument [Line Items]
Years	16 years
January 2035 Senior Notes | USD
Debt Instrument [Line Items]
Aggregate Principal	$ 1,100,000
Interest Rate	5.10%	5.10%	5.10%	5.10%	5.10%
January 2035 Senior Notes | USD | Weighted Average [Member]
Debt Instrument [Line Items]
Years	17 years 6 months
January 2035 Senior Notes | USD | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument maturity month	2035-01
January 2035 Senior Notes | USD | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument maturity month	2054-03
September 2029 Senior Notes [Member] | CNY
Debt Instrument [Line Items]
Debt Instrument maturity month	2029-09
Aggregate Principal	$ 189,655	¥ 1,350,000
Interest Rate	3.30%	3.30%	3.30%	3.30%	3.30%
September 2029 Senior Notes [Member] | CNY | Weighted Average [Member]
Debt Instrument [Line Items]
Years	5 years

Debt - Long-Term Debt Maturitie

Debt - Long-Term Debt Maturities (Detail) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2024	[1]	$ 1,962
2025	[1],[2]	540,089
2026	[3]	2,067,150
2027		2,678,227
2028		2,701,075
Thereafter		24,895,923
Subtotal		32,884,426
Unamortized premiums (discounts), net		(458,257)
Unamortized debt issuance costs, net		(136,337)
Total		32,289,832	$ 29,000,501
Credit Facilities and Commercial Paper [Member]
Debt Instrument [Line Items]
2024	[1]	0
2025	[1],[2]	0
2026	[3]	0
2027		660,737
2028		0
Thereafter		0
Subtotal		660,737
Unamortized premiums (discounts), net		0
Unamortized debt issuance costs, net		0
Total		660,737	979,313
Senior Notes [Member]
Debt Instrument [Line Items]
2024	[1]	0
2025	[1],[2]	35,027
2026	[3]	1,324,968
2027		1,962,895
2028		2,594,354
Thereafter		24,066,928
Subtotal		29,984,172
Unamortized premiums (discounts), net		(465,616)
Unamortized debt issuance costs, net		(132,136)
Total		29,386,420	25,311,647
Term Loans and Unsecured Other [Member]
Debt Instrument [Line Items]
2024	[1]	0
2025	[1],[2]	325,124
2026	[3]	738,202
2027		50,439
2028		103,680
Thereafter		742,901
Subtotal		1,960,346
Unamortized premiums (discounts), net		0
Unamortized debt issuance costs, net		(3,524)
Total		1,956,822	2,330,520
Secured Mortgage [Member]
Debt Instrument [Line Items]
2024	[1]	1,962
2025	[1],[2]	179,938
2026	[3]	3,980
2027		4,156
2028		3,041
Thereafter		86,094
Subtotal		279,171
Unamortized premiums (discounts), net		7,359
Unamortized debt issuance costs, net		(677)
Total		$ 285,853	$ 379,021
[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. Included in the 2025 maturities were the 2022 Canadian Term Loan ($ 222.0 million at September 30, 2024), which can be extended until 2027, and a Chinese renminbi term loa n ($ 102.7 million at September 30, 2024 ), which can be extended until 2026, subject to the prevailing interest rate at the time of extension. Included in the 2027 maturities were the 2023 Global Facility and Yen Credit Facility ($ 506.6 million and $ 154.1 million, respectively, at September 30, 2024 ), which can be extended until 2028.

Debt - Long-Term Debt Maturit_2

Debt - Long-Term Debt Maturities (Parenthetical) (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Debt instruments expected maturing period	next twelve months
2025	$ 540,089	[1],[2]
2027	2,678,227
Canadian Term Loan [Member]
Debt Instrument [Line Items]
2025	222,000
Chinese Renminbi Term Loan [Member]
Debt Instrument [Line Items]
2025	102,700
Global Credit Facility 2023 [Member]
Debt Instrument [Line Items]
2027	506,600
Yen Credit Facility [Member]
Debt Instrument [Line Items]
2027	$ 154,100
[1] Included in the 2025 maturities were the 2022 Canadian Term Loan ($ 222.0 million at September 30, 2024), which can be extended until 2027, and a Chinese renminbi term loa n ($ 102.7 million at September 30, 2024 ), which can be extended until 2026, subject to the prevailing interest rate at the time of extension. We expect to repay the amounts maturing in the next twelve months with cash generated from operations, proceeds from dispositions of real estate properties, or as necessary, with additional borrowings.

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2024
Prologis, L.P. [Member]
Minority Interest [Line Items]
Description of conversion rate	one share of common stock to one limited partnership unit

Noncontrolling Interests - Nonc

Noncontrolling Interests - Noncontrolling Interest Summary (Detail) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2024	Dec. 31, 2023
Minority Interest [Line Items]
Total Assets		$ 95,905,196	$ 93,020,840
Operating Partnership noncontrolling interest		3,284,845	3,324,275
Operating Partnership noncontrolling interest		4,592,323	4,641,996
Total Liabilities		38,241,104	35,197,120
Noncontrolling Interests [Member]
Minority Interest [Line Items]
Total Assets		9,733,556	9,512,848
Total Liabilities		$ 528,791	$ 489,417
Prologis U S Logistics Venture [Member]
Minority Interest [Line Items]
Parent Company's Ownership Percentage		55%	55%
Total Assets		$ 7,036,302	$ 7,142,889
Operating Partnership noncontrolling interest		3,098,087	3,147,790
Total Liabilities		$ 157,950	$ 156,303
Other Consolidated Entities [Member]
Minority Interest [Line Items]
Parent Company's Ownership	[1]	various	various
Total Assets	[1]	$ 2,697,254	$ 2,369,959
Operating Partnership noncontrolling interest	[1]	186,758	176,485
Total Liabilities	[1]	370,841	333,114
Prologis, L.P. [Member]
Minority Interest [Line Items]
Total Assets		95,905,196	93,020,840
Operating Partnership noncontrolling interest		3,284,845	3,324,275
Total Liabilities		38,241,104	35,197,120
Prologis, L.P. [Member] | Noncontrolling Interests [Member]
Minority Interest [Line Items]
Limited partners in Prologis, L.P.	[2],[3]	1,307,478	1,317,721
Total Assets	[2],[3]	0	0
Total Liabilities	[2],[3]	0	0
Prologis, Inc. [Member]
Minority Interest [Line Items]
Total Assets		9,733,556	9,512,848
Total Liabilities		528,791	489,417
Prologis, Inc. [Member] | Noncontrolling Interests [Member]
Minority Interest [Line Items]
Operating Partnership noncontrolling interest		$ 4,592,323	$ 4,641,996
[1] Includes two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. The limited partnership units outstanding at September 30, 2024 and December 31, 2023 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. There were limited partnership units in the OP, excluding the Class A Units, that were exchangeable into cash or, at our option, 9.0 million and 9.1 million shares of the Parent’s common stock, at September 30, 2024 and December 31, 2023 . Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans of 6.5 million and 5.7 million shares of the Parent’s common stock at September 30, 2024 and December 31, 2023, respectively. See further discussion of LTIP Units in Note 7 . We had 7.7 million and 8.6 million Class A Units at September 30, 2024 and December 31, 2023 , respectively, that were convertible into 7.3 million and 8.2 million limited partnership units of the OP at the end of each period.

Noncontrolling Interests - No_2

Noncontrolling Interests - Noncontrolling Interest Summary (Parenthetical) (Detail) - shares shares in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Long Term Incentive Plan Units [Member]
Minority Interest [Line Items]
Vested LTIP Units	6.5	5.7
Class A Common [Member]
Minority Interest [Line Items]
Outstanding limited partnership units, exchanged	7.3	8.2
Units outstanding	7.7	8.6
Common Unit [Member]
Minority Interest [Line Items]
Outstanding limited partnership units, exchanged	9	9.1
Other Consolidated Entities [Member]
Minority Interest [Line Items]
Outstanding limited partnership units, exchanged	0.3	0.3
Other Consolidated Entities [Member] | Common Stock [Member]
Minority Interest [Line Items]
Outstanding limited partnership units	2	2

Long-Term Compensation - Additi

Long-Term Compensation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2024 USD ($)
Prologis Out-Performance Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period	3 years
Outperformance hurdle, above MSCI U.S. REIT Index	1%
Performance pool as percentage of excess value, if outperformance hurdle is met	3%
Forfeited awards after seven years	7 years
Prologis Out-Performance Plan [Member] | 2024 - 2026 Performance Period [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period	3 years
Cash incentive award maximum	$ 60,000,000
Vesting rights, percentage	20%
Holding period	3 years
Fair value	$ 19,000,000
Assumed risk free interest rate	4.20%
Expected volatility rate	27%
Prologis Out-Performance Plan [Member] | 2024 - 2026 Performance Period [Member] | Tranche 1 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights, percentage	20%
Prologis Out-Performance Plan [Member] | 2024 - 2026 Performance Period [Member] | Tranche 2 (After Seven Year Cliff) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	7 years
Vesting rights, percentage	80%
Prologis Out-Performance Plan [Member] | 2024 - 2026 Performance Period [Member] | Index [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility rate	20%
Prologis Out-Performance Plan [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Prologis Out-Performance Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	10 years
Performance Stock Unit Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award granted description	Such hurdles are based on a performance scale of Prologis’ percentile ranking in the Index for a three-year performance period
Performance Stock Unit Plan [Member] | 2024 - 2026 Performance Period [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period	3 years
Award granted description	If an award is earned at the end of the initial three-year performance period, one-third of the award vests at the end of the performance period and the remaining award vests equally one and two years after the award is earned.
Holding period	3 years
Fair value	$ 30,600,000
Performance Stock Unit Plan [Member] | 2024 - 2026 Performance Period [Member] | 35th Percentile Index [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target performance earned percentage	50%
Performance Stock Unit Plan [Member] | 2024 - 2026 Performance Period [Member] | 55th Percentile Index [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target performance earned percentage	100%
Performance Stock Unit Plan [Member] | 2024 - 2026 Performance Period [Member] | 85th Percentile Index [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award capped target for performance percentage	200%
Performance Stock Unit Plan [Member] | Minimum [Member] | 2024 - 2026 Performance Period [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Performance Stock Unit Plan [Member] | Maximum [Member] | 2024 - 2026 Performance Period [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	5 years

Long-Term Compensation - RSU Aw

Long-Term Compensation - RSU Awards (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Unvested Awards, Beginning Balance | shares	2,097
Granted | shares	801
Vested and distributed | shares	(639)
Forfeited | shares	(56)
Number of Unvested Awards, Ending Balance | shares	2,203
Weighted Average Grant Date Fair Value | $ / shares	$ 98.23
Weighted Average Grant Date Fair Value, Granted | $ / shares	110.93
Weighted Average Grant Date Fair Value, Vested and distributed | $ / shares	118.21
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	121.84
Weighted Average Grant Date Fair Value | $ / shares	$ 96.46

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, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Unvested Awards, Beginning Balance | shares	5,379
Granted | shares	1,219
Vested LTIP Units | shares	(1,095)
Forfeited | shares	(4)
Number of Unvested Awards, Ending Balance | shares	5,499
Weighted Average Grant Date Fair Value | $ / shares	$ 76.72
Weighted Average Grant Date Fair Value, Granted | $ / shares	97.2
Weighted Average Grant Date Fair Value, Vested LTIP Units | $ / shares	109.67
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	130.49
Weighted Average Grant Date Fair Value | $ / shares	$ 74.67

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Net earnings attributable to common stockholders/unit holders - Basic		$ 1,004,267	$ 746,174	$ 2,448,375	$ 2,423,897
Net earnings attributable to exchangeable limited partnership units	[1]	25,130	19,054	61,851	61,497
Adjusted net earnings attributable to common stockholders – Diluted		$ 1,029,397	$ 765,228	$ 2,510,226	$ 2,485,394
Weighted average common shares/units outstanding - Basic		926,427	924,395	926,017	924,228
Incremental weighted average effect on exchange of limited partnership units	[1]	23,191	23,627	23,424	23,615
Incremental weighted average effect of equity awards		4,195	3,886	4,089	3,800
Weighted average common shares/partnership units outstanding - Diluted	[2]	953,813	951,908	953,530	951,643
Net earnings per share/unit attributable to common stockholders/unitholders -
Basic		$ 1.08	$ 0.81	$ 2.64	$ 2.62
Diluted		$ 1.08	$ 0.8	$ 2.63	$ 2.61
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		$ 1,029,271	$ 765,075	$ 2,509,514	$ 2,485,047
Net earnings attributable to exchangeable limited partnership units		126	153	712	347
Adjusted net earnings attributable to common stockholders – Diluted		$ 1,029,397	$ 765,228	$ 2,510,226	$ 2,485,394
Weighted average common shares/units outstanding - Basic		942,137	939,602	941,545	939,448
Incremental weighted average effect on exchange of Class A convertible units		7,322	8,121	7,597	8,096
Incremental weighted average effect on exchange of limited partnership units		159	299	299	299
Incremental weighted average effect of equity awards		4,195	3,886	4,089	3,800
Weighted average common shares/partnership units outstanding - Diluted	[2]	953,813	951,908	953,530	951,643
Net earnings per share/unit attributable to common stockholders/unitholders -
Basic		$ 1.08	$ 0.81	$ 2.64	$ 2.62
Diluted		$ 1.08	$ 0.8	$ 2.63	$ 2.61
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		$ (8,018)	$ (6,557)	$ (20,084)	$ (21,231)
Adjusted net earnings attributable to common stockholders – Diluted		8,018	6,557	20,084	21,231
Prologis, L.P. [Member] | Common Unit [Member]
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Net earnings attributable to common stockholders/unit holders - Basic		$ 1,021,253	$ 758,518	$ 2,489,430	$ 2,463,816
[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: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Class A Units 7,322 8,121 7,597 8,096 Other limited partnership units 299 299 299 299 Equity awards 7,314 7,252 7,942 7,347 Prologis, L.P. 14,935 15,672 15,838 15,742 Common limited partnership units 15,710 15,207 15,528 15,220 Prologis, Inc. 30,645 30,879 31,366 30,962

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Total weighted average potential dilutive shares and units outstanding	30,645	30,879	31,366	30,962
Prologis, L.P. [Member]
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Total weighted average potentially dilutive Class A Units	7,322	8,121	7,597	8,096
Total weighted average potentially dilutive other limited partnership units	299	299	299	299
Total weighted average potentially dilutive equity awards	7,314	7,252	7,942	7,347
Total weighted average potential dilutive shares and units outstanding	14,935	15,672	15,838	15,742
Total weighted average potential dilutive common limited partnership units	15,710	15,207	15,528	15,220

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, 2024	Dec. 31, 2023
Derivatives Fair Value [Line Items]
Asset	$ 60,786	$ 87,319
Liability	61,050	94,161
Undesignated Derivatives [Member] | Forwards [Member] | BRL
Derivatives Fair Value [Line Items]
Asset	0	0
Liability	0	291
Undesignated Derivatives [Member] | Forwards [Member] | GBP
Derivatives Fair Value [Line Items]
Asset	1,467	9,608
Liability	21,735	9,862
Undesignated Derivatives [Member] | Forwards [Member] | CAD
Derivatives Fair Value [Line Items]
Asset	5,936	4,480
Liability	974	1,225
Undesignated Derivatives [Member] | Forwards [Member] | CNY
Derivatives Fair Value [Line Items]
Asset	0	1,630
Liability	0	50
Undesignated Derivatives [Member] | Forwards [Member] | EUR
Derivatives Fair Value [Line Items]
Asset	11,594	19,252
Liability	6,764	8,229
Undesignated Derivatives [Member] | Forwards [Member] | JPY
Derivatives Fair Value [Line Items]
Asset	39,476	45,149
Liability	1,179	589
Undesignated Derivatives [Member] | Forwards [Member] | SEK
Derivatives Fair Value [Line Items]
Asset	2,233	3,304
Liability	1,947	2,279
Undesignated Derivatives [Member] | Options [Member] | MXN
Derivatives Fair Value [Line Items]
Asset	12	1,263
Liability	0	0
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | Forwards [Member] | GBP
Derivatives Fair Value [Line Items]
Asset	0	1,759
Liability	27,263	7,030
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | Forwards [Member] | CAD
Derivatives Fair Value [Line Items]
Asset	68	756
Liability	932	5,608
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | EUR
Derivatives Fair Value [Line Items]
Asset	0	118
Liability		27,034
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | USD
Derivatives Fair Value [Line Items]
Asset	0	0
Liability	$ 256	$ 31,964

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Summary of Undesignated Foreign Currency Forwards Activity (Detail) - Forwards [Member] - Undesignated Derivatives [Member] $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) Derivative	Sep. 30, 2023 USD ($) Derivative
Derivative [Line Items]
Notional amounts at January 1	$ 1,619	$ 1,645
New contracts	460	390
Matured, expired or settled contracts	(447)	(362)
Notional amounts at September 30	1,632	1,673
CAD
Derivative [Line Items]
Notional amounts at January 1	213	283
New contracts	102	6
Matured, expired or settled contracts	(32)	(73)
Notional amounts at September 30	$ 283	$ 216
Weighted average forward rate at September 30	0.0131	0.0129
Active contracts at September 30 | Derivative	109	77
EUR
Derivative [Line Items]
Notional amounts at January 1	$ 524	$ 601
New contracts	126	110
Matured, expired or settled contracts	(86)	(218)
Notional amounts at September 30	$ 564	$ 493
Weighted average forward rate at September 30	0.0115	0.0117
Active contracts at September 30 | Derivative	92	69
GBP
Derivative [Line Items]
Notional amounts at January 1	$ 442	$ 349
New contracts	109	124
Matured, expired or settled contracts	(120)	(73)
Notional amounts at September 30	$ 431	$ 400
Weighted average forward rate at September 30	0.0126	0.0128
Active contracts at September 30 | Derivative	96	92
JPY
Derivative [Line Items]
Notional amounts at January 1	$ 384	$ 331
New contracts	106	116
Matured, expired or settled contracts	(148)	(66)
Notional amounts at September 30	$ 342	$ 381
Weighted average forward rate at September 30	1.2022	1.1385
Active contracts at September 30 | Derivative	88	96
Other
Derivative [Line Items]
Notional amounts at January 1	$ 56	$ 81
New contracts	17	34
Matured, expired or settled contracts	(61)	(68)
Notional amounts at September 30	$ 12	$ 183

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Summary of Undesignated Financial Instruments Exercised and Realized and Unrealized Gains (Losses) in Foreign Currency, Derivative and Other Gains and Other Income, Net (Detail) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) Contract	Sep. 30, 2023 USD ($) Contract	Sep. 30, 2024 USD ($) Contract	Sep. 30, 2023 USD ($) Contract
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Exercised contracts | Contract	30	42	161	163
Realized gains on the matured, expired or settled contracts	$ 10	$ 11	$ 50	$ 42
Unrealized gains (losses) on the change in fair value of outstanding contracts	$ (67)	$ 29	$ (32)	$ 9

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, 2024 USD ($) Derivative	Sep. 30, 2023 USD ($) Derivative
Derivative [Line Items]
Notional amounts at January 1	$ 948,000,000	$ 974,000,000
New contracts	444,000,000	668,000,000
Matured, expired or settled contracts	(798,000,000)	(691,000,000)
Notional amounts at September 30	594,000,000	951,000,000
CAD
Derivative [Line Items]
Notional amounts at January 1	516,000,000	534,000,000
New contracts	47,000,000	350,000,000
Matured, expired or settled contracts	(399,000,000)	(363,000,000)
Notional amounts at September 30	$ 164,000,000	$ 521,000,000
Weighted average forward rate at September 30	1.36	1.32
Active contracts at September 30 | Derivative	2	6
GBP
Derivative [Line Items]
Notional amounts at January 1	$ 432,000,000	$ 440,000,000
New contracts	397,000,000	218,000,000
Matured, expired or settled contracts	(399,000,000)	(228,000,000)
Notional amounts at September 30	$ 430,000,000	$ 430,000,000
Weighted average forward rate at September 30	1.25	1.25
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 Contracts (Detail) - Interest Rate Contracts [Member] - Cash Flow Hedges [Member] - Designated As Hedging Instrument [Member] - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Notional amounts at January 1	$ 1,250,000,000	$ 597,000,000
New contracts	846,000,000	2,441,000,000
Matured, expired or settled contracts	(1,996,000,000)	(2,759,000,000)
Notional amounts at September 30	100,000,000	279,000,000
EUR
Derivative [Line Items]
Notional amounts at January 1	700,000,000	447,000,000
New contracts	0	691,000,000
Matured, expired or settled contracts	(700,000,000)	(859,000,000)
Notional amounts at September 30	0	279,000,000
USD
Derivative [Line Items]
Notional amounts at January 1	550,000,000	150,000,000
New contracts	600,000,000	1,750,000,000
Matured, expired or settled contracts	(1,050,000,000)	(1,900,000,000)
Notional amounts at September 30	100,000,000	$ 0
GBP
Derivative [Line Items]
Notional amounts at January 1	0
New contracts	246,000,000
Matured, expired or settled contracts	(246,000,000)
Notional amounts at September 30	$ 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, 2024	Dec. 31, 2023
British Pound Sterling Senior Notes [Member]
Derivatives Fair Value [Line Items]
Senior Notes Outstanding	$ 1,820	$ 1,305
Canadian Dollar Senior Notes [Member]
Derivatives Fair Value [Line Items]
Senior Notes Outstanding	$ 778	$ 373

Financial Instruments and Fai_9

Financial Instruments and Fair Value Measurements - Summary of Recognized Unrealized Gains (Losses) in Foreign Currency and Derivative and Other Gains and Other Income, Net on Remeasurement of Unhedged Portion of Debt and Accrued Interest (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivatives Fair Value [Line Items]
Unrealized gains (losses) on the unhedged portion	$ (417,102)	$ 146,281	$ (87,659)	$ 284,229
Forward Contracts [Member]
Derivatives Fair Value [Line Items]
Unrealized gains (losses) on the unhedged portion	$ (28,000)	$ 10,000	$ (12,000)	$ 7,000

Financial Instruments and Fa_10

Financial Instruments and Fair Value Measurements - Summary of Changes in AOCI/L (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 57,923,321	$ 58,077,824	$ 57,823,720	$ 57,863,093
Balance	57,664,092	58,260,862	57,664,092	58,260,862
Unrealized Gains (Losses) on Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(18,488)	15,086	(45,744)	30,545
Other comprehensive income (loss), net	(3,488)	546	23,768	(14,913)
Balance	(21,976)	15,632	(21,976)	15,632
Our Share of Derivatives From Unconsolidated Co-investment Ventures [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	15,834	14,910	8,414	22,584
Other comprehensive income (loss), net	(4,981)	3,072	2,439	(4,602)
Balance	10,853	17,982	10,853	17,982
Derivative Net Investment Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	328,596	310,140	310,526	332,973
Other comprehensive income (loss), net	(24,626)	29,679	(6,556)	6,846
Balance	303,970	339,819	303,970	339,819
Debt Designated as Non-derivative Net Investment Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	272,495	249,597	254,102	329,983
Other comprehensive income (loss), net	(117,782)	50,149	(99,389)	(30,237)
Balance	154,713	299,746	154,713	299,746
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(754,490)	(922,103)	(1,041,499)	(1,159,694)
Other comprehensive income (loss), net	(265,321)	63,141	21,688	300,732
Balance	(1,019,811)	(858,962)	(1,019,811)	(858,962)
Total Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(156,053)	(332,370)	(514,201)	(443,609)
Other comprehensive income (loss), net	(416,198)	146,587	(58,050)	257,826
Balance	$ (572,251)	$ (185,783)	$ (572,251)	$ (185,783)

Financial Instruments and Fa_11

Financial Instruments and Fair Value Measurements - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) $ in Millions	Sep. 30, 2024 USD ($)
Accumulated Gain (Loss) Net Cash Flow Hedge Parent [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount to be reclassified to interest expense, next 12 months	$ 3

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, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	$ 32,289,832	$ 29,000,501
Fair Value of Debt	30,496,420	26,781,807
Credit Facilities and Commercial Paper [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	660,737	979,313
Fair Value of Debt	660,737	979,313
Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	29,386,420	25,311,647
Fair Value of Debt	27,623,117	23,121,936
Term Loans and Unsecured Other [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	1,956,822	2,330,520
Fair Value of Debt	1,940,543	2,322,827
Secured Mortgage [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	285,853	379,021
Fair Value of Debt	$ 272,023	$ 357,731

Business Segments - Additional

Business Segments - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2024 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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenues		$ 2,036,389	$ 1,914,664	$ 6,000,964	$ 6,134,222
Operating income		1,250,971	882,108	2,994,664	2,872,941
General and administrative expenses		(98,154)	(96,673)	(316,041)	(292,097)
Depreciation and amortization expenses		(649,265)	(642,010)	(1,924,075)	(1,846,545)
Gains on dispositions of development properties and land, net		32,005	89,030	159,487	273,907
Gains on other dispositions of investments in real estate, net	[1]	434,446	129,584	651,306	158,392
Earnings from unconsolidated entities, net		84,749	71,365	259,558	217,786
Gains on early extinguishment of debt, net		0	0	536	3,275
Earnings before income taxes		1,067,665	840,384	2,685,832	2,729,802
Total assets		95,905,196		95,905,196		$ 93,020,840
Investments in and advances to unconsolidated entities		10,092,765		10,092,765		9,543,970
Assets held for sale or contribution		325,987		325,987		461,657
Cash and cash equivalents		780,871		780,871		530,388
Other assets		4,944,799		4,944,799		4,749,735
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating income	[2]	1,531,939	1,402,177	4,423,987	4,579,284
Total assets	[3]	84,084,673		84,084,673		81,859,441
Operating Segments [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues		1,901,022	1,777,816	5,582,443	5,063,638
Operating income	[2]	1,457,914	1,349,398	4,216,155	3,815,384
Total assets		84,048,706		84,048,706		81,823,459
Operating Segments [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues		135,367	136,848	418,521	1,070,584
Operating income	[2]	74,025	52,779	207,832	763,900
Total assets	[3]	35,967		35,967		35,982
Operating Segments [Member] | U.S. [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues		1,819,965	1,705,656	5,359,141	4,866,508
Operating income	[2],[4]	1,403,563	1,295,042	4,062,185	3,671,766
Total assets		77,402,504		77,402,504		76,633,566
Operating Segments [Member] | U.S. [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues		46,388	53,077	137,517	786,222
Operating income	[2],[4]	15,794	6,302	31,244	622,802
Total assets	[3]	10,499		10,499		10,499
Operating Segments [Member] | Other Americas [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues		34,604	29,442	95,486	81,576
Operating income	[2]	27,784	23,184	75,040	62,429
Total assets		2,648,457		2,648,457		2,029,438
Operating Segments [Member] | Other Americas [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues		16,342	14,054	73,785	74,139
Operating income	[2]	12,322	7,147	56,744	53,962
Operating Segments [Member] | Europe [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues		28,858	29,101	83,286	69,368
Operating income	[2]	15,120	22,235	50,649	51,493
Total assets		2,994,859		2,994,859		2,366,539
Operating Segments [Member] | Europe [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues		49,843	45,457	141,745	135,267
Operating income	[2]	32,226	27,187	82,343	53,288
Total assets	[3]	25,280		25,280		25,280
Operating Segments [Member] | Asia [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues		17,595	13,617	44,530	46,186
Operating income	[2]	11,447	8,937	28,281	29,696
Total assets		1,002,886		1,002,886		793,916
Operating Segments [Member] | Asia [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues	[2]	22,794	24,260	65,474	74,956
Operating income	[2]	13,683	12,143	37,501	33,848
Total assets	[3]	188		188		203
Non Segment Items [Member]
Segment Reporting Information [Line Items]
Operating income		1,250,971	882,108	2,994,664	2,872,941
General and administrative expenses		(98,154)	(96,673)	(316,041)	(292,097)
Depreciation and amortization expenses		(649,265)	(642,010)	(1,924,075)	(1,846,545)
Gains on dispositions of development properties and land, net		32,005	89,030	159,487	273,907
Gains on other dispositions of investments in real estate, net		434,446	129,584	651,306	158,392
Earnings from unconsolidated entities, net		84,749	71,365	259,558	217,786
Interest expense		(230,113)	(181,053)	(631,700)	(466,882)
Foreign currency, derivative and other gains (losses) and other income (expense), net		(37,942)	67,964	62,774	102,682
Gains on early extinguishment of debt, net		0	0	536	3,275
Earnings before income taxes		1,067,665	$ 840,384	2,685,832	$ 2,729,802
Total assets		11,820,523		11,820,523		11,161,399
Investments in and advances to unconsolidated entities		10,092,765		10,092,765		9,543,970
Assets held for sale or contribution		325,987		325,987		461,657
Cash and cash equivalents		780,871		780,871		530,388
Other assets		$ 620,900		$ 620,900		$ 625,384
[1] During the nine months ended September 30, 2023 , we sold our ownership interest in an unconsolidated office joint venture. 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. 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, 2024 and December 31, 2023 . This includes compensation and personnel costs for employees who were located in the U.S. but also support other geographies.

Business Segments - Reportabl_2

Business Segments - Reportable Business Segment Revenues, Net Operating Income and Assets (Parenthetical) (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Strategic Capital [Member] | Europe [Member]
Segment Reporting Information [Line Items]
Goodwill	$ 25.3	$ 25.3

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024		Sep. 30, 2023	Sep. 30, 2024		Sep. 30, 2023
Supplemental Cash Flow Information [Line Items]
Lease Right-of-Use assets	$ 48,900		$ 29,000	$ 48,900		$ 29,000
Lease liabilities	48,900		29,000	48,900		29,000
Capitalization for equity based compensation expense				34,100		30,600
Acquisition cost of other real estate investments	$ 184,761	[1]	$ 37,343	235,004	[1]	77,624	[2]
Non cash dividend				51,100
Interest paid, net of amounts capitalized				572,700		340,400
Cash paid for income taxes, net of refunds				104,700		122,200
Reciept of investment, ownership in lieu of cash				54,067		304,901
Prologis, L.P. [Member]
Supplemental Cash Flow Information [Line Items]
Reciept of investment, ownership in lieu of cash				$ 54,067		$ 304,901
Limited Partners [Member] | Prologis, L.P. [Member] | Common [Member]
Supplemental Cash Flow Information [Line Items]
PLD units redeemed for common shares				1.4		0.5
Unconsolidated Entities [Member]
Supplemental Cash Flow Information [Line Items]
Equity ownership interest received				$ 568,100		$ 11,600
Unconsolidated Entities [Member] | Third Party Investors [Member]
Supplemental Cash Flow Information [Line Items]
Equity ownership interest received						$ 45,100
[1] During the three and nine months ended September 30, 2024, we acquired our partners' interest in an unconsolidated venture and began consolidating the properties, including 30 operating properties aggregating 6.0 million square feet. In addition, through our investment in consolidated joint ventures in India, we entered a new market and acquired 225 acres of land. On June 29, 2023, we acquired a real estate portfolio comprised of 70 operating properties in the U.S., aggregating 13.8 million square feet, for cash consideration of $ 3.1 billion.