Prologis 10-Q 23 Jul 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 19, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Trading Symbol	PLD
Entity Registrant Name	Prologis, Inc.
Entity Central Index Key	1,045,609
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		533,307,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Investments in real estate properties	$ 25,555,343	$ 25,838,644
Less accumulated depreciation	4,283,877	4,059,348
Net investments in real estate properties	21,271,466	21,779,296
Investments in and advances to unconsolidated entities	5,414,623	5,496,450
Assets held for sale or contribution	892,546	342,060
Notes receivable backed by real estate	0	34,260
Net investments in real estate	27,578,635	27,652,066
Cash and cash equivalents	527,830	447,046
Other assets	1,396,417	1,381,963
Total assets	29,502,882	29,481,075
Liabilities:
Debt	9,427,124	9,412,631
Accounts payable and accrued expenses	719,679	702,804
Other liabilities	629,576	659,899
Total liabilities	10,776,379	10,775,334
Prologis, Inc. stockholders’ equity:
Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,379 shares issued and outstanding and 100,000 preferred shares authorized at June 30, 2018 and December 31, 2017, respectively	68,948	68,948
Common stock; $0.01 par value; 533,303 shares and 532,186 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	5,333	5,322
Additional paid-in capital	19,322,016	19,363,007
Accumulated other comprehensive loss	(1,041,486)	(901,658)
Distributions in excess of net earnings	(2,716,241)	(2,904,461)
Total Prologis, Inc. stockholders’ equity	15,638,570	15,631,158
Partners' capital:
Noncontrolling interests	3,087,933	3,074,583
Total equity	18,726,503	18,705,741
Total liabilities and equity	29,502,882	29,481,075
Prologis, L.P. [Member]
ASSETS
Investments in real estate properties	25,555,343	25,838,644
Less accumulated depreciation	4,283,877	4,059,348
Net investments in real estate properties	21,271,466	21,779,296
Investments in and advances to unconsolidated entities	5,414,623	5,496,450
Assets held for sale or contribution	892,546	342,060
Notes receivable backed by real estate	0	34,260
Net investments in real estate	27,578,635	27,652,066
Cash and cash equivalents	527,830	447,046
Other assets	1,396,417	1,381,963
Total assets	29,502,882	29,481,075
Liabilities:
Debt	9,427,124	9,412,631
Accounts payable and accrued expenses	719,679	702,804
Other liabilities	629,576	659,899
Total liabilities	10,776,379	10,775,334
Partners' capital:
Total partners’ capital	16,102,328	16,045,499
Noncontrolling interests	2,624,175	2,660,242
Total capital	18,726,503	18,705,741
Total liabilities and equity	29,502,882	29,481,075
Prologis, L.P. [Member] | Preferred [Member]
Partners' capital:
General partner	68,948	68,948
Prologis, L.P. [Member] | Common [Member]
Partners' capital:
General partner	15,569,622	15,562,210
Limited partners	218,162	165,401
Prologis, L.P. [Member] | Class A Common [Member]
Partners' capital:
Limited partners	$ 245,596	$ 248,940

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Preferred stock, liquidation preference per share	$ 50	$ 50
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	1,379,000	1,379,000
Preferred stock, shares outstanding	1,379,000	1,379,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	533,303,000	532,186,000
Common stock, shares outstanding	533,303,000	532,186,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Rental	$ 426,549	$ 447,960	$ 854,450	$ 887,844
Rental recoveries	118,130	128,417	246,172	255,466
Strategic capital	75,697	180,654	208,658	237,699
Development management and other	900	9,152	5,652	14,329
Total revenues	621,276	766,183	1,314,932	1,395,338
Expenses:
Rental	133,329	147,794	276,270	300,450
Strategic capital	34,850	51,986	78,710	83,785
General and administrative	57,615	60,077	120,043	113,694
Depreciation and amortization	203,673	228,145	407,754	454,736
Other	4,515	2,909	7,754	5,515
Total expenses	433,982	490,911	890,531	958,180
Operating income	187,294	275,272	424,401	437,158
Other income (expense):
Earnings from unconsolidated entities, net	62,549	68,596	125,205	117,201
Interest expense	(56,314)	(75,354)	(102,575)	(148,266)
Interest and other income, net	5,641	1,892	7,617	4,677
Gains on dispositions of investments in real estate, net	94,261	83,006	289,372	180,331
Foreign currency and derivative gains (losses), net	85,382	(20,055)	44,288	(27,455)
Gains (losses) on early extinguishment of debt, net	282	(30,596)	(702)	(30,596)
Total other income	191,801	27,489	363,205	95,892
Earnings before income taxes	379,095	302,761	787,606	533,050
Total income tax expense	14,104	14,781	30,656	24,381
Consolidated net earnings	364,991	287,980	756,950	508,669
Less net earnings attributable to noncontrolling interests	28,904	19,363	53,485	35,123
Net earnings attributable to controlling interests	336,087	268,617	703,465	473,546
Less preferred stock/unit dividends/distributions	1,476	1,674	2,952	3,348
Net earnings attributable to common stockholders/unitholders	$ 334,611	$ 266,943	$ 700,513	$ 470,198
Weighted average common shares/units outstanding - Basic	532,639	530,040	532,427	529,400
Weighted average common shares/units outstanding - Diluted	554,515	552,114	554,066	550,512
Net earnings per share attributable to common stockholders/unitholders - Basic	$ 0.63	$ 0.50	$ 1.32	$ 0.89
Net earnings per share attributable to common stockholders/unitholders - Diluted	0.62	0.50	1.30	0.88
Dividends per common share or unit	$ 0.48	$ 0.44	$ 0.96	$ 0.88
Prologis, L.P. [Member]
Revenues:
Rental	$ 426,549	$ 447,960	$ 854,450	$ 887,844
Rental recoveries	118,130	128,417	246,172	255,466
Strategic capital	75,697	180,654	208,658	237,699
Development management and other	900	9,152	5,652	14,329
Total revenues	621,276	766,183	1,314,932	1,395,338
Expenses:
Rental	133,329	147,794	276,270	300,450
Strategic capital	34,850	51,986	78,710	83,785
General and administrative	57,615	60,077	120,043	113,694
Depreciation and amortization	203,673	228,145	407,754	454,736
Other	4,515	2,909	7,754	5,515
Total expenses	433,982	490,911	890,531	958,180
Operating income	187,294	275,272	424,401	437,158
Other income (expense):
Earnings from unconsolidated entities, net	62,549	68,596	125,205	117,201
Interest expense	(56,314)	(75,354)	(102,575)	(148,266)
Interest and other income, net	5,641	1,892	7,617	4,677
Gains on dispositions of investments in real estate, net	94,261	83,006	289,372	180,331
Foreign currency and derivative gains (losses), net	85,382	(20,055)	44,288	(27,455)
Gains (losses) on early extinguishment of debt, net	282	(30,596)	(702)	(30,596)
Total other income	191,801	27,489	363,205	95,892
Earnings before income taxes	379,095	302,761	787,606	533,050
Total income tax expense	14,104	14,781	30,656	24,381
Consolidated net earnings	364,991	287,980	756,950	508,669
Less net earnings attributable to noncontrolling interests	18,882	11,986	32,940	22,123
Net earnings attributable to controlling interests	346,109	275,994	724,010	486,546
Less preferred stock/unit dividends/distributions	1,476	1,674	2,952	3,348
Net earnings attributable to common stockholders/unitholders	$ 344,633	$ 274,320	$ 721,058	$ 483,198
Weighted average common shares/units outstanding - Basic	540,084	536,060	539,547	535,392
Weighted average common shares/units outstanding - Diluted	554,515	552,114	554,066	550,512
Net earnings per share attributable to common stockholders/unitholders - Basic	$ 0.63	$ 0.50	$ 1.32	$ 0.89
Net earnings per share attributable to common stockholders/unitholders - Diluted	0.62	0.50	1.30	0.88
Dividends per common share or unit	$ 0.48	$ 0.44	$ 0.96	$ 0.88

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Consolidated net earnings	$ 364,991	$ 287,980	$ 756,950	$ 508,669
Other comprehensive income (loss):
Foreign currency translation gains (losses), net	(147,813)	3,162	(143,043)	42,829
Unrealized gains (losses) on derivative contracts, net	2,131	6,735	(4,156)	9,366
Comprehensive income	219,309	297,877	609,751	560,864
Net earnings attributable to noncontrolling interests	(28,904)	(19,363)	(53,485)	(35,123)
Other comprehensive loss (income) attributable to noncontrolling interests	7,539	(811)	7,371	(48,918)
Comprehensive income attributable to common stockholders / unitholders	197,944	277,703	563,637	476,823
Prologis, L.P. [Member]
Consolidated net earnings	364,991	287,980	756,950	508,669
Other comprehensive income (loss):
Foreign currency translation gains (losses), net	(147,813)	3,162	(143,043)	42,829
Unrealized gains (losses) on derivative contracts, net	2,131	6,735	(4,156)	9,366
Comprehensive income	219,309	297,877	609,751	560,864
Net earnings attributable to noncontrolling interests	(18,882)	(11,986)	(32,940)	(22,123)
Other comprehensive loss (income) attributable to noncontrolling interests	3,424	(561)	3,205	(48,828)
Comprehensive income attributable to common stockholders / unitholders	$ 203,851	$ 285,330	$ 580,016	$ 489,913

Consolidated Statement of Equit

Consolidated Statement of Equity - 6 months ended Jun. 30, 2018 - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Distributions in Excess of Net Earnings [Member]	Non-controlling Interests [Member]
Balance at Dec. 31, 2017	$ 18,705,741	$ 68,948	$ 5,322	$ 19,363,007	$ (901,658)	$ (2,904,461)	$ 3,074,583
Balance, shares at Dec. 31, 2017	532,186		532,186
Consolidated net earnings	$ 756,950					703,465	53,485
Effect of equity compensation plans	33,681		$ 11	8,835			24,835
Effect of equity compensation plans, shares			1,117
Capital contributions	37,974						37,974
Redemption of noncontrolling interests	(23,768)			(2,792)			(20,976)
Foreign currency translation losses, net	(143,043)				(135,793)		(7,250)
Unrealized losses on derivative contracts, net	(4,156)				(4,035)		(121)
Reallocation of equity				(46,927)			46,927
Distributions and other	(636,876)			(107)		(515,245)	(121,524)
Balance at Jun. 30, 2018	$ 18,726,503	$ 68,948	$ 5,333	$ 19,322,016	$ (1,041,486)	$ (2,716,241)	$ 3,087,933
Balance, shares at Jun. 30, 2018	533,303		533,303

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities:
Consolidated net earnings	$ 756,950	$ 508,669
Adjustments to reconcile net earnings to net cash provided by operating activities:
Straight-lined rents and amortization of above and below market leases	(26,369)	(48,920)
Equity-based compensation awards	39,082	37,604
Depreciation and amortization	407,754	454,736
Earnings from unconsolidated entities, net	(125,205)	(117,201)
Operating distributions from unconsolidated entities	175,960	141,256
Decrease (increase) in operating receivables from unconsolidated entities	6,589	(117,675)
Amortization of debt discounts (premiums), net of debt issuance costs	5,971	(4,445)
Gains on dispositions of investments in real estate, net	(289,372)	(180,331)
Unrealized foreign currency and derivative losses (gains), net	(52,595)	35,266
Losses on early extinguishment of debt, net	702	30,596
Deferred income tax expense (benefit)	(1,194)	2,268
Decrease (increase) in accounts receivable and other assets	(35,756)	61,452
Decrease in accounts payable and accrued expenses and other liabilities	(89,293)	(58,115)
Net cash provided by operating activities	773,224	745,160
Investing activities:
Real estate development	(788,604)	(715,294)
Real estate acquisitions	(289,031)	(202,088)
Tenant improvements and lease commissions on previously leased space	(59,342)	(75,342)
Property improvements	(33,289)	(37,253)
Proceeds from dispositions and contributions of real estate properties	901,808	836,107
Investments in and advances to unconsolidated entities	(83,250)	(144,894)
Return of investment from unconsolidated entities	134,640	133,677
Proceeds from repayment of notes receivable backed by real estate	34,260	32,100
Proceeds from the settlement of net investment hedges	0	7,541
Payments on the settlement of net investment hedges	(3,966)	(5,058)
Net cash used in investing activities	(186,774)	(170,504)
Financing activities:
Proceeds from issuance of common stock/units	4,322	25,374
Dividends/distributions paid on common and preferred stock/units	(515,245)	(470,792)
Noncontrolling interests contributions	26,174	135,857
Noncontrolling interests distributions	(121,524)	(99,896)
Settlement of noncontrolling interests	(23,768)	(789,626)
Tax paid for shares withheld	(26,694)	(18,894)
Debt issuance costs paid	(6,386)	(6,151)
Net payments on credit facilities	(307,086)	(33,745)
Repurchase and payments of debt	(1,251,830)	(2,002,519)
Proceeds from issuance of debt	1,721,793	2,134,041
Net cash used in financing activities	(500,244)	(1,126,351)
Effect of foreign currency exchange rate changes on cash	(5,422)	15,733
Net increase (decrease) in cash and cash equivalents	80,784	(535,962)
Cash and cash equivalents, beginning of period	447,046	807,316
Cash and cash equivalents, end of period	527,830	271,354
Prologis, L.P. [Member]
Operating activities:
Consolidated net earnings	756,950	508,669
Adjustments to reconcile net earnings to net cash provided by operating activities:
Straight-lined rents and amortization of above and below market leases	(26,369)	(48,920)
Equity-based compensation awards	39,082	37,604
Depreciation and amortization	407,754	454,736
Earnings from unconsolidated entities, net	(125,205)	(117,201)
Operating distributions from unconsolidated entities	175,960	141,256
Decrease (increase) in operating receivables from unconsolidated entities	6,589	(117,675)
Amortization of debt discounts (premiums), net of debt issuance costs	5,971	(4,445)
Gains on dispositions of investments in real estate, net	(289,372)	(180,331)
Unrealized foreign currency and derivative losses (gains), net	(52,595)	35,266
Losses on early extinguishment of debt, net	702	30,596
Deferred income tax expense (benefit)	(1,194)	2,268
Decrease (increase) in accounts receivable and other assets	(35,756)	61,452
Decrease in accounts payable and accrued expenses and other liabilities	(89,293)	(58,115)
Net cash provided by operating activities	773,224	745,160
Investing activities:
Real estate development	(788,604)	(715,294)
Real estate acquisitions	(289,031)	(202,088)
Tenant improvements and lease commissions on previously leased space	(59,342)	(75,342)
Property improvements	(33,289)	(37,253)
Proceeds from dispositions and contributions of real estate properties	901,808	836,107
Investments in and advances to unconsolidated entities	(83,250)	(144,894)
Return of investment from unconsolidated entities	134,640	133,677
Proceeds from repayment of notes receivable backed by real estate	34,260	32,100
Proceeds from the settlement of net investment hedges	0	7,541
Payments on the settlement of net investment hedges	(3,966)	(5,058)
Net cash used in investing activities	(186,774)	(170,504)
Financing activities:
Proceeds from issuance of common stock/units	4,322	25,374
Dividends/distributions paid on common and preferred stock/units	(536,150)	(489,519)
Noncontrolling interests contributions	26,174	135,857
Noncontrolling interests distributions	(100,619)	(81,169)
Settlement of noncontrolling interests	(5,949)	(789,626)
Redemption of common limited partnership units	(17,819)	0
Tax paid for shares withheld	(26,694)	(18,894)
Debt issuance costs paid	(6,386)	(6,151)
Net payments on credit facilities	(307,086)	(33,745)
Repurchase and payments of debt	(1,251,830)	(2,002,519)
Proceeds from issuance of debt	1,721,793	2,134,041
Net cash used in financing activities	(500,244)	(1,126,351)
Effect of foreign currency exchange rate changes on cash	(5,422)	15,733
Net increase (decrease) in cash and cash equivalents	80,784	(535,962)
Cash and cash equivalents, beginning of period	447,046	807,316
Cash and cash equivalents, end of period	$ 527,830	$ 271,354

Consolidated Statements of Capi

Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Consolidated net earnings	$ 364,991	$ 756,950
Effect of equity compensation plans		33,681
Capital contributions		37,974
Redemption of noncontrolling interests		(23,768)
Unrealized gains (losses) on derivative contracts, net	$ 2,131	(4,156)
Non-controlling Interests [Member]
Consolidated net earnings		53,485
Effect of equity compensation plans		24,835
Capital contributions		37,974
Redemption of noncontrolling interests		(20,976)
Unrealized gains (losses) on derivative contracts, net		$ (121)
Class A Common [Member]
Beginning balance, Units		8,900
Ending balance, Units	8,800	8,800
Prologis, L.P. [Member]
Beginning balance		$ 18,705,741
Consolidated net earnings	$ 364,991	756,950
Effect of equity compensation plans		33,681
Capital contributions		37,974
Redemption of noncontrolling interests		(5,949)
Redemption of limited partners units		(17,819)
Foreign currency translation losses, net		(143,043)
Unrealized gains (losses) on derivative contracts, net	2,131	(4,156)
Distributions and other		(636,876)
Ending balance	18,726,503	18,726,503
Prologis, L.P. [Member] | Non-controlling Interests [Member]
Beginning balance		2,660,242
Consolidated net earnings		32,940
Capital contributions		37,974
Redemption of noncontrolling interests		(3,157)
Foreign currency translation losses, net		(3,205)
Distributions and other		(100,619)
Ending balance	2,624,175	2,624,175
Prologis, L.P. [Member] | Preferred [Member] | General Partner
Beginning balance		$ 68,948
Beginning balance, Units		1,379
Ending balance	$ 68,948	$ 68,948
Ending balance, Units	1,379	1,379
Prologis, L.P. [Member] | Common [Member] | General Partner
Beginning balance		$ 15,562,210
Beginning balance, Units		532,186
Consolidated net earnings		$ 703,465
Effect of equity compensation plans		$ 8,846
Effect of equity compensation plans, shares		1,117
Redemption of noncontrolling interests		$ (2,792)
Foreign currency translation losses, net		(135,793)
Unrealized gains (losses) on derivative contracts, net		(4,035)
Reallocation of capital		(46,927)
Distributions and other		(515,352)
Ending balance	$ 15,569,622	$ 15,569,622
Ending balance, Units	533,303	533,303
Prologis, L.P. [Member] | Common [Member] | Limited Partners [Member]
Beginning balance		$ 165,401
Beginning balance, Units		5,656
Consolidated net earnings		$ 9,368
Effect of equity compensation plans		$ 24,835
Effect of equity compensation plans, shares		2,057
Redemption of limited partners units		$ (15,017)
Redemption of limited partnership units		(240)
Foreign currency translation losses, net		$ (1,903)
Unrealized gains (losses) on derivative contracts, net		(57)
Reallocation of capital		44,937
Distributions and other		(9,402)
Ending balance	$ 218,162	$ 218,162
Ending balance, Units	7,473	7,473
Prologis, L.P. [Member] | Class A Common [Member] | Limited Partners [Member]
Beginning balance		$ 248,940
Beginning balance, Units		8,894
Consolidated net earnings		$ 11,177
Redemption of limited partners units		$ (2,802)
Redemption of limited partnership units		(45)
Foreign currency translation losses, net		$ (2,142)
Unrealized gains (losses) on derivative contracts, net		(64)
Reallocation of capital		1,990
Distributions and other		(11,503)
Ending balance	$ 245,596	$ 245,596
Ending balance, Units	8,849	8,849

General

General	6 Months Ended
	Jun. 30, 2018
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”), 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 high-barrier, high-growth markets in 19 countries. 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 Operations and Strategic Capital. Our Real Estate Operations segment represents the ownership and development of logistics properties. Our Strategic Capital segment represents the management of unconsolidated co-investment 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 June 30, 2018, the Parent owned 97.11% common general partnership interest in the OP and 100% of the preferred units in the OP. The remaining 2.89% common limited partnership interests, which include 8.8 million 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 Reallocation of Capital 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. All material 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, 2017, as filed with the SEC, and other public information. New Accounting Pronouncements. New Accounting Standards Adopted Revenue Recognition . In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update (“ASU”) that requires companies to use a five-step model to determine when to recognize revenue from customer contracts in an effort to increase consistency and comparability throughout global capital markets and across industries. In February 2017, the FASB issued an additional ASU that provides the accounting treatment for gains and losses from the derecognition of non-financial assets, including the accounting for partial sales of real estate properties. We adopted the revenue recognition and derecognition of non-financial assets standards (collectively “the new revenue recognition standard”) on January 1, 2018, on a modified retrospective basis. Rental revenues and recoveries earned from leasing our operating properties are excluded from this standard and will be assessed with the adoption of the lease ASU discussed below. Our evaluation under the new revenue recognition standard included recurring and transactional fees and incentive fees (“promotes” or “promote revenues”) earned from our co-investment ventures as well as dispositions and contributions of real estate properties. There is no change in our recognition of recurring and transactional fees as we will continue to recognize these fees as we provide the services. Promote revenues are earned based on a venture’s cumulative returns over a certain time-period and the returns are determined by both the operating performance and real estate valuation of the venture, including highly variable inputs such as capitalization rates, interest rates and foreign currency exchange rates. As these key inputs are highly volatile and out of our control, and such volatility can materially impact our promotes period over period, we expect promote revenues will continue to be recognized at or near the end of the performance period. Accordingly, we do not expect significant changes in promote revenue recognition as a result of this ASU. For dispositions of real estate properties to third parties, the standard will not impact the recognition of the sale. Beginning January 1, 2018, we recognized the entire gain attributed to contributions of real estate properties to unconsolidated entities. We previously recognized a gain on contribution only to the extent of the third-party ownership in the unconsolidated entity acquiring the property and deferred the portion of the gain related to our ownership. We adopted the practical expedient to only assess the recognition of revenue for open contracts during the transition period and there was no adjustment to the opening balance of retained earnings at January 1, 2018. The comparative information has not been restated and continues to be reported under the accounting standards in effect for that period. New Accounting Standards Issued but not yet Adopted Leases. In February 2016, the FASB issued an ASU that provides the principles for the recognition, measurement, presentation and disclosure of leases. • As a lessor. The accounting for lessors will remain largely unchanged from current GAAP; however, the standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, these costs are capitalizable and therefore this new standard will result in certain of these costs being expensed as incurred after adoption. During the six months ended June 30, 2018 and 2017, we capitalized $10.5 million and $12.4 million, respectively, of internal costs related to our leasing activities. This standard may also impact the timing, recognition, presentation and disclosures related to our rental recoveries from tenants earned from leasing our operating properties, although we do not expect a significant impact. • As a lessee. Under the standard, lessees apply a dual approach, classifying leases as either finance or operating leases. A lessee is required to record a right-of-use (“ROU”) asset and a lease liability for all leases with a term of greater than 12 months, regardless of their lease classification. We are a lessee of ground leases and office space leases. At December 31, 2017, we had approximately 90 ground and office space leases that will require us to measure and record a ROU asset and a lease liability upon adoption of the standard. There have been no significant changes to our ground and office space leases since December 31, 2017. Details of our future minimum rental payments under these ground and office space leases are disclosed in Note 4 to the Annual Report on Form 10-K for the year ended December 31, 2017. The standard is effective for us on January 1, 2019. We expect to adopt the practical expedients available for implementation under the standard. By adopting these practical expedients, we will not be required to reassess (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. This allows us to continue to account for our ground and office space leases as operating leases, however, any new or renewed ground leases may be classified as financing leases unless they meet certain conditions to be considered a lease involving facilities owned by a government unit or authority. The standard will also require new disclosures within the accompanying notes to the Consolidated Financial Statements. While we are well into our analysis of the adoption, we will continue to evaluate the key drivers in the measurement of the ROU asset and lease liability and assess the impact the adoption will have on the Consolidated Financial Statements based on industry practice and potential updates to the ASU. Derivatives and Hedging . In August 2017, the FASB issued an ASU that simplifies the application of hedge accounting guidance in current GAAP and improves the reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its consolidated financial statements. Among the simplification updates, the standard eliminates the requirement in current GAAP to separately recognize periodic hedge ineffectiveness. Mismatches between the changes in value of the hedged item and hedging instrument may still occur but they will no longer be separately reported. The standard requires the presentation of the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported. The standard is effective for us on January 1, 2019, but early adoption is permitted. We do not expect the adoption of this standard to have a material impact on the Consolidated Financial Statements.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2018
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 June 30, December 31, June 30, December 31, June 30, December 31, 2018 2017 2018 2017 2018 2017 Operating properties (1): Buildings and improvements 287,393 294,811 1,477 1,525 $ 16,658,627 $ 16,849,349 Improved land 5,608,507 5,735,978 Development portfolio, including land costs: Prestabilized 6,024 7,345 20 22 471,491 546,173 Properties under development 21,317 22,216 63 63 1,184,404 1,047,316 Land (1) (2) 1,111,185 1,154,383 Other real estate investments (3) 521,129 505,445 Total investments in real estate properties 25,555,343 25,838,644 Less accumulated depreciation 4,283,877 4,059,348 Net investments in real estate properties $ 21,271,466 $ 21,779,296 (1) During the six months ended June 30, 2018, we acquired 808 acres of land for $211.2 million and 3 operating properties for $103.1 million. (2) Included in our investments in real estate at June 30, 2018 and December 31, 2017, were 5,220 and 5,191 acres of land, respectively. (3) Included in other real estate investments were: (i) non-logistics real estate; (ii) land parcels that are ground leased to third parties; (iii) our corporate headquarters; (iv) costs related to future development projects, including purchase options on land; (v) infrastructure costs related to projects we are developing on behalf of others; and (vi) earnest money deposits associated with potential acquisitions. Dispositions The following table summarizes our real estate disposition activity (dollars and square feet in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Contributions to unconsolidated co-investment ventures Number of properties 3 5 11 10 Square feet 1,164 875 4,242 3,644 Net proceeds (1) $ 125,917 $ 115,617 $ 665,739 $ 513,106 Gains on contributions, net (1) (2) $ 33,527 $ 37,702 $ 201,253 $ 126,068 Dispositions to third parties Number of properties 7 20 18 38 Square feet 4,139 3,720 5,442 6,038 Net proceeds (1) (3) $ 314,141 $ 216,290 $ 402,122 $ 459,679 Gains on dispositions, net (1) (3) $ 60,734 $ 45,304 $ 88,119 $ 54,263 Total gains on dispositions of investments in real estate, net $ 94,261 $ 83,006 $ 289,372 $ 180,331 (1) Includes the contribution and disposition of land parcels. (2) Amounts in 2018 reflect the adoption of the new revenue recognition standard under which we recognized the entire gain attributed to contributions of real estate properties to unconsolidated entities. Amounts in 2017 reflect our prior recognition of the gain to the extent of the third-party ownership in the unconsolidated entity acquiring the property with the deferral of a portion of the gain related to our ownership. (3) Includes the sale of our investment in Europe Logistics Venture 1 during the six months ended June 30, 2017.

Unconsolidated Entities

Unconsolidated Entities	6 Months Ended
	Jun. 30, 2018
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 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 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 other ventures, generally with one partner and that we do not manage, which we account for using the equity method. We refer to our investments in all entities accounted for using the equity method, both unconsolidated co-investment ventures and other ventures, collectively, as unconsolidated entities. The following table summarizes our investments in and advances to our unconsolidated entities (in thousands): June 30, December 31, 2018 2017 Unconsolidated co-investment ventures $ 5,207,093 $ 5,274,702 Other ventures 207,530 221,748 Total $ 5,414,623 $ 5,496,450 Unconsolidated Co-Investment Ventures The following table summarizes the Strategic Capital Revenues Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Recurring fees $ 57,918 $ 43,478 $ 112,562 $ 87,673 Transactional fees 11,828 12,626 27,452 21,219 Promote revenues 5,674 123,946 68,218 127,092 Total strategic capital revenues from unconsolidated co-investment ventures $ 75,420 $ 180,050 $ 208,232 $ 235,984 The following table summarizes the key property information, financial position and operating information of our unconsolidated co-investment ventures (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to our unconsolidated co-investment ventures (dollars and square feet in millions): U.S. Other Americas Europe Asia Total As of: Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Key property information Ventures 1 1 2 2 3 3 2 2 8 8 Operating properties 554 552 205 205 653 707 114 95 1,526 1,559 Square feet 88 88 37 37 154 166 48 41 327 332 Financial position Unconsolidated co-investment ventures: Total assets ($) 7,188 7,062 2,073 2,118 13,176 13,586 6,694 6,133 29,131 28,899 Third-party debt ($) 2,098 2,313 752 756 2,650 2,682 2,577 2,328 8,077 8,079 Total liabilities ($) 2,307 2,520 788 782 3,689 3,655 2,881 2,685 9,665 9,642 Our investment balance ($) (1) 1,365 1,383 561 555 2,699 2,813 582 524 5,207 5,275 Our weighted average ownership (2) 26.7 % 28.2 % 43.8 % 43.4 % 32.9 % 32.8 % 15.1 % 15.1 % 28.2 % 28.8 % U.S. Other Americas Europe Asia Total Operating information Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 For the three months ended: Unconsolidated co-investment ventures: Total revenues ($) 168 105 55 66 272 248 114 89 609 508 Net earnings ($) 24 15 19 22 110 93 6 93 159 223 Our earnings from unconsolidated co-investment ventures, net ($) 7 2 8 10 37 36 2 14 54 62 For the six months ended: Unconsolidated co-investment ventures: Total revenues ($) 336 209 108 130 560 492 222 177 1,226 1,008 Net earnings ($) 37 51 33 39 203 166 48 117 321 373 Our earnings from unconsolidated co-investment ventures, net ($) 12 7 14 16 74 66 9 18 109 107 (1) Prologis’ investment balance is presented at our adjusted basis derived from the ventures’ U.S. GAAP information. The difference between our ownership interest of a venture’s equity and our investment balance at June 30, 2018 and December 31, 2017, results principally from three types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018 ($651.8 million and $667.3 million, respectively); (ii) recording additional costs associated with our investment in the venture ($92.4 million and $94.2 million, respectively); and (iii) advances to a venture ($219.9 million and $210.0 million, respectively). For deferred gains from partial sales recorded prior to the adoption the new revenue recognition standard, we will continue to recognize these gains over the lives of the underlying real estate properties or at the time of disposition to a third party. (2) Represents our weighted average ownership interest in all 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 The following table summarizes the remaining equity commitments at June 30, 2018 (in millions): Equity Commitments Expiration Date Prologis Venture Partners Total Prologis Targeted U.S. Logistics Fund $ - $ 178 $ 178 2019 Prologis European Logistics Fund (1) - 1,201 1,201 2018 – 2019 Prologis UK Logistics Venture (2) 18 102 120 2021 Prologis China Logistics Venture 267 1,510 1,777 2020 – 2024 Total $ 285 $ 2,991 $ 3,276 (1) Equity commitments are denominated in euro and reported in U.S. dollars based on an exchange rate of $1.17 U.S. dollars to the euro. (2) Equity commitments are denominated in British pounds sterling and reported in U.S. dollars based on an exchange rate of $1.32 U.S. dollars to the British pound sterling.

Assets Held for Sale or Contrib

Assets Held for Sale or Contribution	6 Months Ended
	Jun. 30, 2018
Real Estate Assets Held For Development And Sale [Abstract]
Assets Held for Sale or Contribution	NOTE 4. ASSETS HELD FOR SALE OR CONTRIBUTION We have investments in certain real estate properties that met the criteria to be classified as held for sale or contribution at June 30, 2018 and December 31, 2017. At the time of classification, these properties were expected to be sold to third parties or were recently developed and expected to be contributed to unconsolidated co-investment ventures within twelve months. The amounts included in Assets Held for Sale or Contribution Assets held for sale or contribution consisted of the following (dollars and square feet in thousands): June 30, December 31, 2018 2017 Number of operating properties 73 22 Square feet 14,735 5,384 Total assets held for sale or contribution $ 892,546 $ 342,060 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 22,829 $ 9,341

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	NOTE 5. DEBT All debt is incurred by the OP. The Parent does not have any indebtedness, but guarantees the unsecured debt issued by the OP. The following table summarizes our debt (dollars in thousands): June 30, 2018 December 31, 2017 Weighted Average Interest Rate (1) Amount Outstanding (2) Weighted Average Interest Rate (1) Amount Outstanding (2) Credit facilities 0.9 % $ 11,658 1.8 % $ 317,392 Senior notes 2.9 % 7,102,381 3.0 % 6,067,277 Term loans 1.2 % 1,402,568 1.7 % 2,046,945 Unsecured other 6.1 % 13,093 6.1 % 13,546 Secured mortgages 5.5 % 897,424 5.3 % 967,471 Total 2.9 % $ 9,427,124 2.9 % $ 9,412,631 (1) The interest rates presented represent the effective interest rates (including amortization of debt issuance costs and the noncash premiums or discounts) at the end of the period for the debt outstanding and include the impact of interest rate swaps designated as cash flow hedges, which effectively fix the interest rate on our variable rate debt. (2) Included in the outstanding balances were borrowings denominated in non-U.S. dollars. The following table summarizes our debt by currency (in thousands): June 30, 2018 December 31, 2017 British pound sterling $ 653,632 $ 671,522 Canadian dollar 274,180 451,080 Euro 4,184,844 3,839,422 Japanese yen 1,276,029 1,306,380 U.S. dollar 3,038,439 3,144,227 Total $ 9,427,124 $ 9,412,631 Generally, we borrow in the functional currency of the consolidated subsidiaries but we also borrow in currencies other than the U.S. dollar in the OP and may designate this borrowing as a nonderivative financial instrument. We may also hedge our foreign currency risk by designating derivative financial instruments as net investment hedges, as these amounts offset the translation adjustments on the underlying net assets of our foreign investments. See Note 9 for more information about our nonderivative and derivative financial instruments. Credit Facilities We have a global senior credit facility (the “Global Facility”), under which we may draw in British pounds sterling, Canadian dollars, euro, Japanese yen and U.S. dollars on a revolving basis up to $3.0 billion (subject to currency fluctuations). We have the ability to increase the Global Facility to $3.8 billion, subject to currency fluctuations and obtaining additional lender commitments. Pricing under the Global Facility, including the spread over LIBOR, facility fees and letter of credit fees, varies based on the public debt ratings of the OP. The Global Facility is scheduled to mature in April 2020; however, we may extend the maturity date for six months on two occasions, subject to the satisfaction of certain conditions and payment of extension fees. We also have a Japanese yen revolver (the “Revolver”) with availability of ¥50.0 billion ($451.7 million at June 30, 2018). We have the ability to increase the Revolver to ¥65.0 billion ($587.2 million at June 30, 2018), subject to obtaining additional lender commitments. Pricing under the Revolver, including the spread over LIBOR, facility fees and letter of credit fees, varies based on the public debt ratings of the OP. The Revolver is scheduled to mature in February 2021; however, we may extend the maturity date for one year, subject to the satisfaction of certain conditions and payment of extension fees. We refer to the Global Facility and the Revolver, collectively, as our “Credit Facilities.” The following table summarizes information about our Credit Facilities at June 30, 2018 (in millions): Aggregate lender commitments $ 3,479 Less: Borrowings outstanding 12 Outstanding letters of credit 31 Current availability $ 3,436 Senior Notes In January 2018, we issued €400.0 million ($494.2 million) of senior notes bearing a floating rate of Euribor plus 0.25%, maturing in January 2020. The exchange rate used to calculate into U.S. dollars was the spot rate at the date of the transaction. The effective interest rate was -0.08% at June 30, 2018, primarily due to the amortization of the net premium on the debt. In June 2018, we issued $400.0 million of senior notes that bear an interest rate of 3.88% and mature in September 2028 and $300.0 million of senior notes that bear an interest rate of 4.38% and mature in September 2048. Following the issuance, we used the proceeds to pay down our Global Facility in the second quarter of 2018 and our Canadian term loan (the “2015 Canadian Term Loan”) in July 2018. Term Loans During the six months ended June 30, 2018, we borrowed on our Global Facility and paid down CAD 201.4 million ($158.9 million) on the 2015 Canadian Term Loan, leaving CAD $170.5 million ($128.7 million at June 30, 2018) outstanding. In association with the pay down of the 2015 Canadian Term Loan, we terminated our Canadian denominated cash flow hedges in February 2018. See Note 9 for more information. During the six months ended June 30, 2018 and 2017, we paid down $1.0 billion and $575.7 million, and reborrowed $500.0 million and $877.5 million, on our 2017 Term Loan. Long-Term Debt Maturities Principal payments due on our debt for the remainder of 2018 and for each year through the period ended December 31, 2022, and thereafter were as follows at June 30, 2018 (in thousands): Unsecured Credit Senior Term Loans Secured Maturity Facilities Notes and Other Mortgages Total 2018 (1) $ - $ - $ 492 $ 108,137 $ 108,629 2019 (1) - - 1,014 446,328 447,342 2020 (2) 11,658 1,165,802 1,077 12,409 1,190,946 2021 - 816,060 910 14,600 831,570 2022 - 816,060 452,455 10,636 1,279,151 Thereafter - 4,356,824 968,756 306,385 5,631,965 Subtotal 11,658 7,154,746 1,424,704 898,495 9,489,603 Premiums (discounts), net - (23,909 ) - 2,212 (21,697 ) Debt issuance costs, net - (28,456 ) (9,043 ) (3,283 ) (40,782 ) Total $ 11,658 $ 7,102,381 $ 1,415,661 $ 897,424 $ 9,427,124 (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 borrowings on our Credit Facilities. (2) Included in the 2020 maturities was the Global Facility that can be extended until 2021, as discussed above. Financial Debt Covenants We have $7.1 billion of senior notes and $1.4 billion of term loans outstanding at June 30, 2018 under two separate indentures, as supplemented, that were subject to certain financial covenants. We are also subject to financial covenants under our Credit Facilities and certain secured mortgages. At June 30, 2018, we were in compliance with all of our financial debt covenants. Guarantee of Finance Subsidiary Debt In July 2018, we formed a finance subsidiary as part of our European operations, Prologis Euro Finance LLC (“Euro Finance Subsidiary”), that is 100% indirectly owned by the OP. All unsecured debt issued by the Euro Finance Subsidiary 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 3-10 of Regulation S-X, the separate financial statements of the Euro Finance Subsidiary are not provided.

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2018
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 into shares of the Parent’s common stock, generally at a rate of one share of common stock to one 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 for the OP, as well as the limited partnership units in the OP that are not owned by the Parent. The following table summarizes our ownership percentages, noncontrolling interests and the consolidated entities’ total assets and liabilities (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 2,539,930 $ 2,581,629 $ 6,186,215 $ 6,030,819 $ 238,101 $ 284,162 Other consolidated entities (1) various various 84,245 78,613 820,113 806,138 29,813 30,330 Prologis, L.P. 2,624,175 2,660,242 7,006,328 6,836,957 267,914 314,492 Limited partners in Prologis, L.P. (2) (3) 463,758 414,341 - - - - Prologis, Inc. $ 3,087,933 $ 3,074,583 $ 7,006,328 $ 6,836,957 $ 267,914 $ 314,492 (1) This line item includes our 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 June 30, 2018 and December 31, 2017 were exchangeable into cash or, at our option, 0.9 million and 1.0 million shares of the Parent’s common stock. (2) We had 8.8 million and 8.9 million Class A Units that were convertible into 8.4 million and 8.5 million limited partnership units of the OP at June 30, 2018 and December 31, 2017, respectively. (3) At June 30, 2018 and December 31, 2017, excluding the Class A Units, there were limited partnership units in the OP that were exchangeable into cash or, at our option, 3.9 million and 4.1 million shares of the Parent’s common stock, respectively. Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plan. See further discussion of LTIP Units in Note 7.

Long-Term Compensation

Long-Term Compensation	6 Months Ended
	Jun. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Long-Term Compensation	NOTE 7. LONG-TERM COMPENSATION Equity-Based Compensation Plans and Programs Prologis Outperformance Plan (“POP”) We allocate participation points to participants under our POP corresponding to three-year performance periods beginning 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 range from three to ten years. POP awards are earned to the extent our three-year compound annualized total stockholder return (“TSR”) for the performance period is positive and exceeds the three-year compound annualized TSR for the Morgan Stanley Capital International (“MSCI”) US REIT Index for the same period plus 100 basis points. We granted participation points for the 2018 – 2020 performance period in January 2018, with a fair value of $23.3 million using a Monte Carlo valuation model that assumed a risk-free interest rate of 2.1% and an expected volatility of 16.5%. The 2018 – 2020 performance period has an absolute maximum cap of $100 million. If the award is earned then 20% of the POP award is paid at the end of the performance period and the remaining 80% is subject to additional seven-year cliff vesting. The 20% that is paid at the end of the three-year performance period is subject to an additional three-year holding requirement. The performance criteria were met for the 2015 – 2017 performance period, which resulted in awards being earned at December 31, 2017. An aggregate performance pool of $110.2 million was awarded in January 2018 in the form of 0.6 million shares of common stock and 1.2 million vested 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 restricted stock units (“RSUs”) or LTIP Units at the participant’s election. RSUs and LTIP Units are valued based on the market price of the Parent’s common stock on the date the award is granted and is charged to compensation expense over the service period. Beginning in February 2018 with awards for PPP and Annual LTI Awards, the service period is four years. Summary of Award Activity RSUs The following table summarizes the activity for RSUs for the six months ended June 30, 2018 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2018 1,374 $ 45.57 Granted 738 61.01 Vested and distributed (769 ) 45.36 Forfeited (31 ) 53.71 Balance at June 30, 2018 1,312 $ 54.21 LTIP Units The following table summarizes the activity for LTIP Units for the six months ended June 30, 2018 (units in thousands): Vested Unvested Unvested Weighted Average LTIP Units (1) LTIP Units (1) Grant Date Fair Value Balance at January 1, 2018 1,532 1,829 $ 46.48 Granted - 1,246 60.95 Forfeited - (70 ) 47.66 Vested LTIP Units 887 (887 ) 45.25 Vested LTIP Units – POP (2) 1,170 - N/A Conversion to common limited partnership units (52 ) - N/A Balance at June 30, 2018 3,537 2,118 $ 55.46 (1) The outstanding LTIP Units are exchangeable into limited partnership units of the OP and redeemable for the Parent’s common stock after they vest and other applicable conditions have been met. (2) Vested units were based on the POP performance criteria being met for the 2015 – 2017 performance period and represented the earned award amount, as discussed above.

Earnings Per Common Share or Un

Earnings Per Common Share or Unit	6 Months Ended
	Jun. 30, 2018
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 Six Months Ended June 30, June 30, Prologis, Inc. 2018 2017 2018 2017 Net earnings attributable to common stockholders – Basic $ 334,611 $ 266,943 $ 700,513 $ 470,198 Net earnings attributable to exchangeable limited partnership units (1) 10,216 7,798 20,909 13,765 Adjusted net earnings attributable to common stockholders – Diluted $ 344,827 $ 274,741 $ 721,422 $ 483,963 Weighted average common shares outstanding – Basic 532,639 530,040 532,427 529,400 Incremental weighted average effect on exchange of limited partnership units (1) 16,847 16,364 16,560 16,409 Incremental weighted average effect of equity awards 5,029 5,710 5,079 4,703 Weighted average common shares outstanding – Diluted (2) 554,515 552,114 554,066 550,512 Net earnings per share attributable to common stockholders: Basic $ 0.63 $ 0.50 $ 1.32 $ 0.89 Diluted $ 0.62 $ 0.50 $ 1.30 $ 0.88 Three Months Ended Six Months Ended June 30, June 30, Prologis, L.P. 2018 2017 2018 2017 Net earnings attributable to common unitholders $ 344,633 $ 274,320 $ 721,058 $ 483,198 Net earnings attributable to Class A Units (5,324 ) (4,347 ) (11,177 ) (7,678 ) Net earnings attributable to common unitholders – Basic 339,309 269,973 709,881 475,520 Net earnings attributable to Class A Units 5,324 4,347 11,177 7,678 Net earnings attributable to exchangeable other limited partnership units 194 421 364 765 Adjusted net earnings attributable to common unitholders – Diluted $ 344,827 $ 274,741 $ 721,422 $ 483,963 Weighted average common partnership units outstanding – Basic 540,084 536,060 539,547 535,392 Incremental weighted average effect on exchange of Class A Units 8,477 8,626 8,495 8,645 Incremental weighted average effect on exchange of other limited partnership units 925 1,718 945 1,772 Incremental weighted average effect of equity awards of Prologis, Inc. 5,029 5,710 5,079 4,703 Weighted average common units outstanding – Diluted (2) 554,515 552,114 554,066 550,512 Net earnings per unit attributable to common unitholders: Basic $ 0.63 $ 0.50 $ 1.32 $ 0.89 Diluted $ 0.62 $ 0.50 $ 1.30 $ 0.88 (1) The exchangeable limited partnership units include the units as discussed in Note 6. 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 Six Months Ended June 30, June 30, 2018 2017 2018 2017 Class A Units 8,477 8,626 8,495 8,645 Other limited partnership units 925 1,718 945 1,772 Equity awards 8,432 9,355 8,391 8,583 Prologis, L.P. 17,834 19,699 17,831 19,000 Common limited partnership units 7,445 6,020 7,120 5,992 Prologis, Inc. 25,279 25,719 24,951 24,992

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
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 enter into derivative financial instruments to offset these underlying market risks. There have been no significant changes in our policy or strategy from what was disclosed in our Annual Report on Form 10-K for the year ended December 31, 2017. The following table presents the fair value of our derivative financial instruments recognized within the line items Other Assets Other Liabilities June 30, 2018 December 31, 2017 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards British pound sterling $ 142 $ 4,017 $ 2,440 $ 8,103 Canadian dollar 1,469 253 - 1,698 Euro 3,619 6,380 2 14,234 Japanese yen 3,992 1,235 6,474 931 Mexican peso 373 - - - Designated derivatives Foreign currency contracts Net investment hedges Canadian dollar 1,871 - - 7,263 Euro - 280 - - Interest rate swaps Cash flow hedges Canadian dollar - - 10,223 - Euro - 555 - - Total fair value of derivatives $ 11,466 $ 12,720 $ 19,139 $ 32,229 Undesignated Derivative Financial Instruments Foreign Currency Contracts The following table summarizes the activity of our undesignated foreign currency contracts for the six months ended June 30 (in millions, except for weighted average forward rates and number of active contracts): 2018 2017 CAD CNY EUR GBP JPY MXN CAD EUR GBP JPY Notional amounts at January 1 $ 56 $ - $ 233 $ 132 $ 153 $ - $ 38 $ 197 $ 78 $ 144 New contracts 13 80 54 - 28 10 - 63 137 38 Matured, expired or settled contracts (14 ) (80 ) (55 ) (36 ) (36 ) (10 ) (12 ) (56 ) (46 ) (31 ) Notional amounts at June 30 $ 55 $ - $ 232 $ 96 $ 145 $ - $ 26 $ 204 $ 169 $ 151 Weighted average forward rate at June 30 1.28 - 1.20 1.30 105.53 - 1.32 1.13 1.33 106.51 Active contracts at June 30 24 - 29 16 32 - 12 26 22 32 During the six months ended June 30, 2018 and 2017, we exercised 31 and 22 forward contracts, respectively. We recognized realized losses of $1.1 million and $7.9 million for the three and six months ended June 30, 2018, respectively, and gains of $3.6 million and $8.9 million for the three and six months ended June 30, 2017, respectively, from contracts that matured, expired or settled in Foreign Currency and Derivative Gain (Losses), Net We recognized unrealized gains of $30.1 million and $17.2 million for the three and six months ended June 30, 2018, respectively, and unrealized losses of $18.8 million and $32.5 million for the three and six months ended June 30, 2017, respectively, from the change in value of our outstanding foreign currency contracts within Foreign Currency and Derivative Gains (Losses), Net Designated Derivative Financial Instruments Foreign Currency Contracts The following table summarizes the activity of our foreign currency contracts designated as net investment hedges for the six months ended June 30 2018 2017 CAD EUR CAD GBP Notional amounts at January 1 $ 99 $ - $ 100 $ 46 New contracts 100 35 99 127 Matured, expired or settled contracts (99 ) - (100 ) (173 ) Notional amounts at June 30 $ 100 $ 35 $ 99 $ - Weighted average forward rate at June 30 1.28 1.16 1.34 - Active contracts at June 30 2 1 2 - Interest Rate Swaps The following table summarizes the activity of our interest rate swaps designated as cash flow hedges for the six months ended June 30 2018 2017 CAD EUR USD CAD Notional amounts at January 1 $ 271 $ - $ - $ 271 New contracts (1) - 500 300 - Matured, expired or settled contracts (2) (271 ) - (300 ) - Notional amounts at June 30 $ - $ 500 $ - $ 271 (1) During the six months ended June 30, 2018, we entered into two interest rate swap contracts with an aggregated notional amount of €400.0 million ( (2) During the six months ended June 30, 2018, we repaid CAD 201.4 million ($158.9 million) on our 2015 Canadian Term Loan, leaving CAD 170.5 million ($128.7 million at June 30, 2018) outstanding. At that time, we settled the interest rate swap contracts related to the 2015 Canadian Term Loan as we determined at that time it was no longer probable that we would continue to have the future cash flows as originally hedged. As a result, the $12.5 million gain in Accumulated Other Comprehensive Income (Loss) “AOCI/L” Interest Expense During the six months ended June 30, 2018 and 2017, we had no losses due to hedge ineffectiveness. Designated Nonderivative Financial Instruments The following table summarizes our debt, net of accrued interest, designated as a nonderivative financial instrument to hedge our net investment in international subsidiaries (in millions): June 30, 2018 December 31, 2017 British pound sterling $ 267 $ 436 Euro $ 3,550 $ 3,620 We recognized unrealized gains of $64.6 million and $40.3 million in Foreign Currency and Derivative Losses, Net Other Comprehensive Income (Loss) The change in Other Comprehensive Income (Loss) Other Comprehensive Income (Loss). The following table presents these changes in Other Comprehensive Income (Loss) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net investment hedges $ 1,740 $ 7,197 $ 4,833 $ 9,491 Nonderivative financial instruments 223,739 (229,666 ) 113,862 (274,192 ) Cumulative translation adjustment (373,292 ) 225,631 (261,738 ) 307,530 Total foreign currency translation gains (losses), net $ (147,813 ) $ 3,162 $ (143,043 ) $ 42,829 Cash flow hedges (1) $ 963 $ 4,559 $ (8,322 ) $ 4,988 Our share of derivatives from unconsolidated co-investment ventures 1,168 2,176 4,166 4,378 Total unrealized gains (losses) on derivative contracts, net $ 2,131 $ 6,735 $ (4,156 ) $ 9,366 Total change in other comprehensive income (loss) $ (145,682 ) $ 9,897 $ (147,199 ) $ 52,195 (1) We estimate an additional expense of $4.2 million will be reclassified to Interest Expense 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, 2017. Fair Value Measurements on a Recurring Basis At June 30, 2018, and December 31, 2017, other than the derivatives discussed previously, we did not have any 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 June 30, 2018, and December 31, 2017, 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 met the criteria to be measured on a nonrecurring basis at fair value and the lower of their carrying amount or their estimated fair value less the costs to sell, respectively, at June 30, 2018 and December 31, 2017. At June 30, 2018 and December 31, 2017, we estimate 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 and assets held for sale or contribution in Notes 2 and 4, respectively. Fair Value of Financial Instruments At June 30, 2018, and December 31, 2017, 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 June 30, 2018 and December 31, 2017, as compared with those in effect when the debt was issued or assumed, including reduced borrowing spreads due to our improved credit ratings. The senior notes and many of the issuances of secured mortgages contain pre-payment penalties or yield maintenance provisions that could make the cost of refinancing the debt at lower rates exceed the benefit that would be derived from doing so. The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): June 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Credit Facilities $ 11,658 $ 11,660 $ 317,392 $ 317,496 Senior notes 7,102,381 7,447,585 6,067,277 6,537,100 Term loans and unsecured other 1,415,661 1,431,793 2,060,491 2,075,002 Secured mortgages 897,424 937,205 967,471 1,026,197 Total $ 9,427,124 $ 9,828,243 $ 9,412,631 $ 9,955,795

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Business Segments	NOTE 10. BUSINESS SEGMENTS Our current business strategy consists of two operating segments: Real Estate Operations and Strategic Capital. We generate revenues, net operating income, earnings and cash flows through our segments, as follows: • Real Estate Operations. This operating segment represents the ownership and development of operating properties and is the largest component of our revenues 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. Our Real Estate Operations segment also includes development activities that lead to rental operations, including land held for development and properties currently under development. Within this line of business, we utilize the following: (i) our land bank; (ii) the development expertise of our local teams; and (iii) our customer relationships. Land we own and lease to customers under ground leases is also included in this segment. • Strategic Capital. 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 and property management services and we earn additional revenues by providing leasing, acquisition, construction, development, financing, legal 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. Reconciliations are presented below for: (i) each reportable business segment’s revenues from external customers to Total Revenues Operating Income Earnings Before Income Taxes Total Assets Total Revenues, Operating Income, Earnings Before Income Taxes Total Assets Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Segment revenues: Real estate operations segment: U.S. $ 491,051 $ 529,841 $ 990,308 $ 1,053,988 Other Americas 29,948 16,444 60,379 31,533 Europe 12,908 22,076 30,110 40,307 Asia 11,672 17,168 25,477 31,811 Total real estate operations segment 545,579 585,529 1,106,274 1,157,639 Strategic capital segment: U.S. 17,905 130,677 33,974 142,585 Other Americas 12,256 9,864 18,409 15,915 Europe 28,488 25,973 67,305 52,235 Asia 17,048 14,140 88,970 26,964 Total strategic capital segment 75,697 180,654 208,658 237,699 Total segment revenues 621,276 766,183 1,314,932 1,395,338 Segment net operating income: Real estate operations segment: U.S. (1) 367,935 396,274 737,299 780,374 Other Americas 22,488 10,384 45,411 20,366 Europe 8,693 16,401 21,152 29,259 Asia 8,619 11,767 18,388 21,675 Total real estate operations segment 407,735 434,826 822,250 851,674 Strategic capital segment: U.S. (1) 5,893 99,668 1,657 101,607 Other Americas 9,032 7,587 11,939 10,732 Europe 19,382 16,342 47,045 32,732 Asia 6,540 5,071 69,307 8,843 Total strategic capital segment 40,847 128,668 129,948 153,914 Total segment net operating income 448,582 563,494 952,198 1,005,588 Reconciling items: General and administrative expenses 57,615 60,077 120,043 113,694 Depreciation and amortization expenses 203,673 228,145 407,754 454,736 Operating income 187,294 275,272 424,401 437,158 Earnings from unconsolidated entities, net 62,549 68,596 125,205 117,201 Interest expense (56,314 ) (75,354 ) (102,575 ) (148,266 ) Interest and other income, net 5,641 1,892 7,617 4,677 Gains on dispositions of investments in real estate, net 94,261 83,006 289,372 180,331 Foreign currency and derivative gains (losses), net 85,382 (20,055 ) 44,288 (27,455 ) Gains (losses) on early extinguishment of debt, net 282 (30,596 ) (702 ) (30,596 ) Earnings before income taxes $ 379,095 $ 302,761 $ 787,606 $ 533,050 June 30, 2018 December 31, 2017 Segment assets: Real estate operations segment: U.S. $ 18,807,476 $ 19,058,610 Other Americas 1,618,701 1,767,385 Europe 970,749 1,008,340 Asia 1,023,036 1,083,764 Total real estate operations segment 22,419,962 22,918,099 Strategic capital segment: U.S. 16,438 16,818 Europe 25,280 25,280 Asia 341 544 Total strategic capital segment 42,059 42,642 Total segment assets 22,462,021 22,960,741 Reconciling items: Investments in and advances to unconsolidated entities 5,414,623 5,496,450 Assets held for sale or contribution 892,546 342,060 Notes receivable backed by real estate - 34,260 Cash and cash equivalents 527,830 447,046 Other assets 205,862 200,518 Total reconciling items 7,040,861 6,520,334 Total assets $ 29,502,882 $ 29,481,075 (1) This includes compensation and personnel costs for employees who were located in the U.S. but also support other regions.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	NOTE 11. SUPPLEMENTAL CASH FLOW INFORMATION Our significant noncash investing and financing activities for the six months ended June 30, 2018 and 2017 included the following: • We capitalized $14.1 million and $14.0 million in 2018 and 2017, respectively, of equity-based compensation expense resulting from our development and leasing activities. • We received $105.4 million and $22.8 million in 2018 and 2017, respectively, of ownership interests in certain unconsolidated co-investment ventures as a portion of our proceeds from the contribution of properties to these entities, as disclosed in Note 2. • We formed a consolidated joint venture into which our partner contributed $11.8 million of land in 2018. • We issued 0.7 million shares in 2017 of the Parent’s common stock upon redemption of an equal number of common limited partnership units in the OP. • We received a $19.5 million note backed by real estate in exchange for the disposition of real estate in 2017. We paid $154.4 million and $188.1 million for interest, net of amounts capitalized, for the six months ended June 30, 2018 and 2017, respectively. We paid $32.3 million and $23.6 million for income taxes, net of refunds, for the six months ended June 30, 2018 and 2017, respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	NOTE 12. SUBSEQUENT EVENTS Proposed Merger. On April 29, 2018, we entered into a definitive agreement (the “Merger Agreement”) with DCT Industrial Trust Inc. (“DCT”) and DCT Industrial Operating Partnership LP (“DCT OP”), pursuant to which, subject to the terms and conditions set forth in the Merger Agreement, (i) DCT will merge with and into Prologis, with Prologis surviving the merger (the “Company Merger”) and (ii) immediately prior to the effective time of the Company Merger, DCT OP will merge with and into the OP, with the OP surviving the merger (the “Partnership Merger” and, together with the Company Merger, the “Mergers”). The estimated purchase price consideration for the Mergers will be approximately $8.2 billion in a stock-for-stock transaction, including the assumption of debt, and is based on the closing price of Prologis' common stock on July 19, 2018. Under the terms of the Merger Agreement, at the effective time of the Company Merger, each issued and outstanding share of DCT common stock will be converted automatically into the right to receive 1.02 shares of Prologis common stock and each issued and outstanding common unit of DCT OP will be converted automatically into the right to receive 1.02 common units of the OP. This exchange ratio is fixed and will not be adjusted to reflect changes in the Prologis stock price prior to closing. Changes in the price of Prologis common stock prior to the Mergers will affect the market value of the merger consideration that DCT stockholders and unitholders will receive on the closing date of the Mergers. After consideration of all applicable factors pursuant to the business combination accounting rules, we concluded the Mergers will be treated as an asset acquisition and as a result the transaction costs will be capitalized to the basis of the acquired properties. On July 9, 2018, the SEC declared the registration statement on Form S-4 for the proposed Mergers effective. Subject to DCT stockholder approval and the other closing conditions described in the Form S-4, the Mergers are expected to be consummated in August 2018. In connection with the Mergers, on July 2, 2018, DCT, DCT OP, DCT’s board of directors (the “DCT Board”), Prologis, and the OP were sued in a putative class action lawsuit, the Rosenblatt Rosenblatt Bushansky A ken Bushansky Aiken Although the ultimate outcome of litigation cannot be predicted with certainty, we believe that these lawsuits are without merit and intend to defend against these actions vigorously.

General (Policies)

General (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The accompanying Consolidated Financial Statements are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and are presented in our reporting currency, the U.S. dollar. All material 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, 2017, as filed with the SEC, and other public information.
New Accounting Pronouncements	New Accounting Pronouncements. New Accounting Standards Adopted Revenue Recognition . In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update (“ASU”) that requires companies to use a five-step model to determine when to recognize revenue from customer contracts in an effort to increase consistency and comparability throughout global capital markets and across industries. In February 2017, the FASB issued an additional ASU that provides the accounting treatment for gains and losses from the derecognition of non-financial assets, including the accounting for partial sales of real estate properties. We adopted the revenue recognition and derecognition of non-financial assets standards (collectively “the new revenue recognition standard”) on January 1, 2018, on a modified retrospective basis. Rental revenues and recoveries earned from leasing our operating properties are excluded from this standard and will be assessed with the adoption of the lease ASU discussed below. Our evaluation under the new revenue recognition standard included recurring and transactional fees and incentive fees (“promotes” or “promote revenues”) earned from our co-investment ventures as well as dispositions and contributions of real estate properties. There is no change in our recognition of recurring and transactional fees as we will continue to recognize these fees as we provide the services. Promote revenues are earned based on a venture’s cumulative returns over a certain time-period and the returns are determined by both the operating performance and real estate valuation of the venture, including highly variable inputs such as capitalization rates, interest rates and foreign currency exchange rates. As these key inputs are highly volatile and out of our control, and such volatility can materially impact our promotes period over period, we expect promote revenues will continue to be recognized at or near the end of the performance period. Accordingly, we do not expect significant changes in promote revenue recognition as a result of this ASU. For dispositions of real estate properties to third parties, the standard will not impact the recognition of the sale. Beginning January 1, 2018, we recognized the entire gain attributed to contributions of real estate properties to unconsolidated entities. We previously recognized a gain on contribution only to the extent of the third-party ownership in the unconsolidated entity acquiring the property and deferred the portion of the gain related to our ownership. We adopted the practical expedient to only assess the recognition of revenue for open contracts during the transition period and there was no adjustment to the opening balance of retained earnings at January 1, 2018. The comparative information has not been restated and continues to be reported under the accounting standards in effect for that period. New Accounting Standards Issued but not yet Adopted Leases. In February 2016, the FASB issued an ASU that provides the principles for the recognition, measurement, presentation and disclosure of leases. • As a lessor. The accounting for lessors will remain largely unchanged from current GAAP; however, the standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, these costs are capitalizable and therefore this new standard will result in certain of these costs being expensed as incurred after adoption. During the six months ended June 30, 2018 and 2017, we capitalized $10.5 million and $12.4 million, respectively, of internal costs related to our leasing activities. This standard may also impact the timing, recognition, presentation and disclosures related to our rental recoveries from tenants earned from leasing our operating properties, although we do not expect a significant impact. • As a lessee. Under the standard, lessees apply a dual approach, classifying leases as either finance or operating leases. A lessee is required to record a right-of-use (“ROU”) asset and a lease liability for all leases with a term of greater than 12 months, regardless of their lease classification. We are a lessee of ground leases and office space leases. At December 31, 2017, we had approximately 90 ground and office space leases that will require us to measure and record a ROU asset and a lease liability upon adoption of the standard. There have been no significant changes to our ground and office space leases since December 31, 2017. Details of our future minimum rental payments under these ground and office space leases are disclosed in Note 4 to the Annual Report on Form 10-K for the year ended December 31, 2017. The standard is effective for us on January 1, 2019. We expect to adopt the practical expedients available for implementation under the standard. By adopting these practical expedients, we will not be required to reassess (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. This allows us to continue to account for our ground and office space leases as operating leases, however, any new or renewed ground leases may be classified as financing leases unless they meet certain conditions to be considered a lease involving facilities owned by a government unit or authority. The standard will also require new disclosures within the accompanying notes to the Consolidated Financial Statements. While we are well into our analysis of the adoption, we will continue to evaluate the key drivers in the measurement of the ROU asset and lease liability and assess the impact the adoption will have on the Consolidated Financial Statements based on industry practice and potential updates to the ASU. Derivatives and Hedging . In August 2017, the FASB issued an ASU that simplifies the application of hedge accounting guidance in current GAAP and improves the reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its consolidated financial statements. Among the simplification updates, the standard eliminates the requirement in current GAAP to separately recognize periodic hedge ineffectiveness. Mismatches between the changes in value of the hedged item and hedging instrument may still occur but they will no longer be separately reported. The standard requires the presentation of the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported. The standard is effective for us on January 1, 2019, but early adoption is permitted. We do not expect the adoption of this standard to have a material impact on the Consolidated Financial Statements.

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2018
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 June 30, December 31, June 30, December 31, June 30, December 31, 2018 2017 2018 2017 2018 2017 Operating properties (1): Buildings and improvements 287,393 294,811 1,477 1,525 $ 16,658,627 $ 16,849,349 Improved land 5,608,507 5,735,978 Development portfolio, including land costs: Prestabilized 6,024 7,345 20 22 471,491 546,173 Properties under development 21,317 22,216 63 63 1,184,404 1,047,316 Land (1) (2) 1,111,185 1,154,383 Other real estate investments (3) 521,129 505,445 Total investments in real estate properties 25,555,343 25,838,644 Less accumulated depreciation 4,283,877 4,059,348 Net investments in real estate properties $ 21,271,466 $ 21,779,296 (1) During the six months ended June 30, 2018, we acquired 808 acres of land for $211.2 million and 3 operating properties for $103.1 million. (2) Included in our investments in real estate at June 30, 2018 and December 31, 2017, were 5,220 and 5,191 acres of land, respectively. (3) Included in other real estate investments were: (i) non-logistics real estate; (ii) land parcels that are ground leased to third parties; (iii) our corporate headquarters; (iv) costs related to future development projects, including purchase options on land; (v) infrastructure costs related to projects we are developing on behalf of others; and (vi) earnest money deposits associated with potential acquisitions.
Summary of Real Estate Disposition Activity	The following table summarizes our real estate disposition activity (dollars and square feet in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Contributions to unconsolidated co-investment ventures Number of properties 3 5 11 10 Square feet 1,164 875 4,242 3,644 Net proceeds (1) $ 125,917 $ 115,617 $ 665,739 $ 513,106 Gains on contributions, net (1) (2) $ 33,527 $ 37,702 $ 201,253 $ 126,068 Dispositions to third parties Number of properties 7 20 18 38 Square feet 4,139 3,720 5,442 6,038 Net proceeds (1) (3) $ 314,141 $ 216,290 $ 402,122 $ 459,679 Gains on dispositions, net (1) (3) $ 60,734 $ 45,304 $ 88,119 $ 54,263 Total gains on dispositions of investments in real estate, net $ 94,261 $ 83,006 $ 289,372 $ 180,331 (1) Includes the contribution and disposition of land parcels. (2) Amounts in 2018 reflect the adoption of the new revenue recognition standard under which we recognized the entire gain attributed to contributions of real estate properties to unconsolidated entities. Amounts in 2017 reflect our prior recognition of the gain to the extent of the third-party ownership in the unconsolidated entity acquiring the property with the deferral of a portion of the gain related to our ownership. (3) Includes the sale of our investment in Europe Logistics Venture 1 during the six months ended June 30, 2017.

Unconsolidated Entities (Tables

Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2018
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 our unconsolidated entities (in thousands): June 30, December 31, 2018 2017 Unconsolidated co-investment ventures $ 5,207,093 $ 5,274,702 Other ventures 207,530 221,748 Total $ 5,414,623 $ 5,496,450
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 (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to our unconsolidated co-investment ventures (dollars and square feet in millions): U.S. Other Americas Europe Asia Total As of: Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Key property information Ventures 1 1 2 2 3 3 2 2 8 8 Operating properties 554 552 205 205 653 707 114 95 1,526 1,559 Square feet 88 88 37 37 154 166 48 41 327 332 Financial position Unconsolidated co-investment ventures: Total assets ($) 7,188 7,062 2,073 2,118 13,176 13,586 6,694 6,133 29,131 28,899 Third-party debt ($) 2,098 2,313 752 756 2,650 2,682 2,577 2,328 8,077 8,079 Total liabilities ($) 2,307 2,520 788 782 3,689 3,655 2,881 2,685 9,665 9,642 Our investment balance ($) (1) 1,365 1,383 561 555 2,699 2,813 582 524 5,207 5,275 Our weighted average ownership (2) 26.7 % 28.2 % 43.8 % 43.4 % 32.9 % 32.8 % 15.1 % 15.1 % 28.2 % 28.8 % U.S. Other Americas Europe Asia Total Operating information Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 For the three months ended: Unconsolidated co-investment ventures: Total revenues ($) 168 105 55 66 272 248 114 89 609 508 Net earnings ($) 24 15 19 22 110 93 6 93 159 223 Our earnings from unconsolidated co-investment ventures, net ($) 7 2 8 10 37 36 2 14 54 62 For the six months ended: Unconsolidated co-investment ventures: Total revenues ($) 336 209 108 130 560 492 222 177 1,226 1,008 Net earnings ($) 37 51 33 39 203 166 48 117 321 373 Our earnings from unconsolidated co-investment ventures, net ($) 12 7 14 16 74 66 9 18 109 107 (1) Prologis’ investment balance is presented at our adjusted basis derived from the ventures’ U.S. GAAP information. The difference between our ownership interest of a venture’s equity and our investment balance at June 30, 2018 and December 31, 2017, results principally from three types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018 ($651.8 million and $667.3 million, respectively); (ii) recording additional costs associated with our investment in the venture ($92.4 million and $94.2 million, respectively); and (iii) advances to a venture ($219.9 million and $210.0 million, respectively). For deferred gains from partial sales recorded prior to the adoption the new revenue recognition standard, we will continue to recognize these gains over the lives of the underlying real estate properties or at the time of disposition to a third party. (2) Represents our weighted average ownership interest in all 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 Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Recurring fees $ 57,918 $ 43,478 $ 112,562 $ 87,673 Transactional fees 11,828 12,626 27,452 21,219 Promote revenues 5,674 123,946 68,218 127,092 Total strategic capital revenues from unconsolidated co-investment ventures $ 75,420 $ 180,050 $ 208,232 $ 235,984
Summary of Remaining Equity Commitments	The following table summarizes the remaining equity commitments at June 30, 2018 (in millions): Equity Commitments Expiration Date Prologis Venture Partners Total Prologis Targeted U.S. Logistics Fund $ - $ 178 $ 178 2019 Prologis European Logistics Fund (1) - 1,201 1,201 2018 – 2019 Prologis UK Logistics Venture (2) 18 102 120 2021 Prologis China Logistics Venture 267 1,510 1,777 2020 – 2024 Total $ 285 $ 2,991 $ 3,276 (1) Equity commitments are denominated in euro and reported in U.S. dollars based on an exchange rate of $1.17 U.S. dollars to the euro. (2) Equity commitments are denominated in British pounds sterling and reported in U.S. dollars based on an exchange rate of $1.32 U.S. dollars to the British pound sterling.

Assets Held for Sale or Contr24

Assets Held for Sale or Contribution (Tables)	6 Months Ended
	Jun. 30, 2018
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): June 30, December 31, 2018 2017 Number of operating properties 73 22 Square feet 14,735 5,384 Total assets held for sale or contribution $ 892,546 $ 342,060 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 22,829 $ 9,341

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt Summary	The following table summarizes our debt (dollars in thousands): June 30, 2018 December 31, 2017 Weighted Average Interest Rate (1) Amount Outstanding (2) Weighted Average Interest Rate (1) Amount Outstanding (2) Credit facilities 0.9 % $ 11,658 1.8 % $ 317,392 Senior notes 2.9 % 7,102,381 3.0 % 6,067,277 Term loans 1.2 % 1,402,568 1.7 % 2,046,945 Unsecured other 6.1 % 13,093 6.1 % 13,546 Secured mortgages 5.5 % 897,424 5.3 % 967,471 Total 2.9 % $ 9,427,124 2.9 % $ 9,412,631 (1) The interest rates presented represent the effective interest rates (including amortization of debt issuance costs and the noncash premiums or discounts) at the end of the period for the debt outstanding and include the impact of interest rate swaps designated as cash flow hedges, which effectively fix the interest rate on our variable rate debt. (2) Included in the outstanding balances were borrowings denominated in non-U.S. dollars. The following table summarizes our debt by currency (in thousands): June 30, 2018 December 31, 2017 British pound sterling $ 653,632 $ 671,522 Canadian dollar 274,180 451,080 Euro 4,184,844 3,839,422 Japanese yen 1,276,029 1,306,380 U.S. dollar 3,038,439 3,144,227 Total $ 9,427,124 $ 9,412,631 Generally, we borrow in the functional currency of the consolidated subsidiaries but we also borrow in currencies other than the U.S. dollar in the OP and may designate this borrowing as a nonderivative financial instrument. We may also hedge our foreign currency risk by designating derivative financial instruments as net investment hedges, as these amounts offset the translation adjustments on the underlying net assets of our foreign investments. See Note 9 for more information about our nonderivative and derivative financial instruments.
Credit Facilities	The following table summarizes information about our Credit Facilities at June 30, 2018 (in millions): Aggregate lender commitments $ 3,479 Less: Borrowings outstanding 12 Outstanding letters of credit 31 Current availability $ 3,436
Long-Term Debt Maturities	Principal payments due on our debt for the remainder of 2018 and for each year through the period ended December 31, 2022, and thereafter were as follows at June 30, 2018 (in thousands): Unsecured Credit Senior Term Loans Secured Maturity Facilities Notes and Other Mortgages Total 2018 (1) $ - $ - $ 492 $ 108,137 $ 108,629 2019 (1) - - 1,014 446,328 447,342 2020 (2) 11,658 1,165,802 1,077 12,409 1,190,946 2021 - 816,060 910 14,600 831,570 2022 - 816,060 452,455 10,636 1,279,151 Thereafter - 4,356,824 968,756 306,385 5,631,965 Subtotal 11,658 7,154,746 1,424,704 898,495 9,489,603 Premiums (discounts), net - (23,909 ) - 2,212 (21,697 ) Debt issuance costs, net - (28,456 ) (9,043 ) (3,283 ) (40,782 ) Total $ 11,658 $ 7,102,381 $ 1,415,661 $ 897,424 $ 9,427,124 (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 borrowings on our Credit Facilities. (2) Included in the 2020 maturities was the Global Facility that can be extended until 2021, as discussed above.

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2018
Noncontrolling Interest [Abstract]
Summary of Ownership Percentages and Noncontrolling Interests	The following table summarizes our ownership percentages, noncontrolling interests and the consolidated entities’ total assets and liabilities (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 2,539,930 $ 2,581,629 $ 6,186,215 $ 6,030,819 $ 238,101 $ 284,162 Other consolidated entities (1) various various 84,245 78,613 820,113 806,138 29,813 30,330 Prologis, L.P. 2,624,175 2,660,242 7,006,328 6,836,957 267,914 314,492 Limited partners in Prologis, L.P. (2) (3) 463,758 414,341 - - - - Prologis, Inc. $ 3,087,933 $ 3,074,583 $ 7,006,328 $ 6,836,957 $ 267,914 $ 314,492 (1) This line item includes our 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 June 30, 2018 and December 31, 2017 were exchangeable into cash or, at our option, 0.9 million and 1.0 million shares of the Parent’s common stock. (2) We had 8.8 million and 8.9 million Class A Units that were convertible into 8.4 million and 8.5 million limited partnership units of the OP at June 30, 2018 and December 31, 2017, respectively. (3) At June 30, 2018 and December 31, 2017, excluding the Class A Units, there were limited partnership units in the OP that were exchangeable into cash or, at our option, 3.9 million and 4.1 million shares of the Parent’s common stock, respectively. Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plan. See further discussion of LTIP Units in Note 7.

Long-Term Compensation (Tables)

Long-Term Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
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 six months ended June 30, 2018 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2018 1,374 $ 45.57 Granted 738 61.01 Vested and distributed (769 ) 45.36 Forfeited (31 ) 53.71 Balance at June 30, 2018 1,312 $ 54.21
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 six months ended June 30, 2018 (units in thousands): Vested Unvested Unvested Weighted Average LTIP Units (1) LTIP Units (1) Grant Date Fair Value Balance at January 1, 2018 1,532 1,829 $ 46.48 Granted - 1,246 60.95 Forfeited - (70 ) 47.66 Vested LTIP Units 887 (887 ) 45.25 Vested LTIP Units – POP (2) 1,170 - N/A Conversion to common limited partnership units (52 ) - N/A Balance at June 30, 2018 3,537 2,118 $ 55.46 (1) The outstanding LTIP Units are exchangeable into limited partnership units of the OP and redeemable for the Parent’s common stock after they vest and other applicable conditions have been met. (2) Vested units were based on the POP performance criteria being met for the 2015 – 2017 performance period and represented the earned award amount, as discussed above.

Earnings Per Common Share or 28

Earnings Per Common Share or Unit (Tables)	6 Months Ended
	Jun. 30, 2018
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 Six Months Ended June 30, June 30, Prologis, Inc. 2018 2017 2018 2017 Net earnings attributable to common stockholders – Basic $ 334,611 $ 266,943 $ 700,513 $ 470,198 Net earnings attributable to exchangeable limited partnership units (1) 10,216 7,798 20,909 13,765 Adjusted net earnings attributable to common stockholders – Diluted $ 344,827 $ 274,741 $ 721,422 $ 483,963 Weighted average common shares outstanding – Basic 532,639 530,040 532,427 529,400 Incremental weighted average effect on exchange of limited partnership units (1) 16,847 16,364 16,560 16,409 Incremental weighted average effect of equity awards 5,029 5,710 5,079 4,703 Weighted average common shares outstanding – Diluted (2) 554,515 552,114 554,066 550,512 Net earnings per share attributable to common stockholders: Basic $ 0.63 $ 0.50 $ 1.32 $ 0.89 Diluted $ 0.62 $ 0.50 $ 1.30 $ 0.88 Three Months Ended Six Months Ended June 30, June 30, Prologis, L.P. 2018 2017 2018 2017 Net earnings attributable to common unitholders $ 344,633 $ 274,320 $ 721,058 $ 483,198 Net earnings attributable to Class A Units (5,324 ) (4,347 ) (11,177 ) (7,678 ) Net earnings attributable to common unitholders – Basic 339,309 269,973 709,881 475,520 Net earnings attributable to Class A Units 5,324 4,347 11,177 7,678 Net earnings attributable to exchangeable other limited partnership units 194 421 364 765 Adjusted net earnings attributable to common unitholders – Diluted $ 344,827 $ 274,741 $ 721,422 $ 483,963 Weighted average common partnership units outstanding – Basic 540,084 536,060 539,547 535,392 Incremental weighted average effect on exchange of Class A Units 8,477 8,626 8,495 8,645 Incremental weighted average effect on exchange of other limited partnership units 925 1,718 945 1,772 Incremental weighted average effect of equity awards of Prologis, Inc. 5,029 5,710 5,079 4,703 Weighted average common units outstanding – Diluted (2) 554,515 552,114 554,066 550,512 Net earnings per unit attributable to common unitholders: Basic $ 0.63 $ 0.50 $ 1.32 $ 0.89 Diluted $ 0.62 $ 0.50 $ 1.30 $ 0.88 (1) The exchangeable limited partnership units include the units as discussed in Note 6. 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 Six Months Ended June 30, June 30, 2018 2017 2018 2017 Class A Units 8,477 8,626 8,495 8,645 Other limited partnership units 925 1,718 945 1,772 Equity awards 8,432 9,355 8,391 8,583 Prologis, L.P. 17,834 19,699 17,831 19,000 Common limited partnership units 7,445 6,020 7,120 5,992 Prologis, Inc. 25,279 25,719 24,951 24,992

Financial Instruments and Fai29

Financial Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
Schedule of Fair Value of Derivative Financial Instruments	The following table presents the fair value of our derivative financial instruments recognized within the line items Other Assets Other Liabilities June 30, 2018 December 31, 2017 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards British pound sterling $ 142 $ 4,017 $ 2,440 $ 8,103 Canadian dollar 1,469 253 - 1,698 Euro 3,619 6,380 2 14,234 Japanese yen 3,992 1,235 6,474 931 Mexican peso 373 - - - Designated derivatives Foreign currency contracts Net investment hedges Canadian dollar 1,871 - - 7,263 Euro - 280 - - Interest rate swaps Cash flow hedges Canadian dollar - - 10,223 - Euro - 555 - - Total fair value of derivatives $ 11,466 $ 12,720 $ 19,139 $ 32,229
Summary of Activity in Interest Rate Swaps	The following table summarizes the activity of our interest rate swaps designated as cash flow hedges for the six months ended June 30 2018 2017 CAD EUR USD CAD Notional amounts at January 1 $ 271 $ - $ - $ 271 New contracts (1) - 500 300 - Matured, expired or settled contracts (2) (271 ) - (300 ) - Notional amounts at June 30 $ - $ 500 $ - $ 271 (1) During the six months ended June 30, 2018, we entered into two interest rate swap contracts with an aggregated notional amount of €400.0 million ( (2) During the six months ended June 30, 2018, we repaid CAD 201.4 million ($158.9 million) on our 2015 Canadian Term Loan, leaving CAD 170.5 million ($128.7 million at June 30, 2018) outstanding. At that time, we settled the interest rate swap contracts related to the 2015 Canadian Term Loan as we determined at that time it was no longer probable that we would continue to have the future cash flows as originally hedged. As a result, the $12.5 million gain in Accumulated Other Comprehensive Income (Loss) “AOCI/L” Interest Expense
Summary of Debt, Net of Accrued Interest, Designated as Nonderivative Financial Instrument	The following table summarizes our debt, net of accrued interest, designated as a nonderivative financial instrument to hedge our net investment in international subsidiaries (in millions): June 30, 2018 December 31, 2017 British pound sterling $ 267 $ 436 Euro $ 3,550 $ 3,620
Summary of Changes in Other Comprehensive Income (Loss)	The following table presents these changes in Other Comprehensive Income (Loss) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net investment hedges $ 1,740 $ 7,197 $ 4,833 $ 9,491 Nonderivative financial instruments 223,739 (229,666 ) 113,862 (274,192 ) Cumulative translation adjustment (373,292 ) 225,631 (261,738 ) 307,530 Total foreign currency translation gains (losses), net $ (147,813 ) $ 3,162 $ (143,043 ) $ 42,829 Cash flow hedges (1) $ 963 $ 4,559 $ (8,322 ) $ 4,988 Our share of derivatives from unconsolidated co-investment ventures 1,168 2,176 4,166 4,378 Total unrealized gains (losses) on derivative contracts, net $ 2,131 $ 6,735 $ (4,156 ) $ 9,366 Total change in other comprehensive income (loss) $ (145,682 ) $ 9,897 $ (147,199 ) $ 52,195 (1) We estimate an additional expense of $4.2 million will be reclassified to Interest Expense
Carrying Amounts and Estimated Fair Values of Debt	The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): June 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Credit Facilities $ 11,658 $ 11,660 $ 317,392 $ 317,496 Senior notes 7,102,381 7,447,585 6,067,277 6,537,100 Term loans and unsecured other 1,415,661 1,431,793 2,060,491 2,075,002 Secured mortgages 897,424 937,205 967,471 1,026,197 Total $ 9,427,124 $ 9,828,243 $ 9,412,631 $ 9,955,795
Undesignated Derivatives [Member]
Foreign Currency Contracts Activity	The following table summarizes the activity of our undesignated foreign currency contracts for the six months ended June 30 (in millions, except for weighted average forward rates and number of active contracts): 2018 2017 CAD CNY EUR GBP JPY MXN CAD EUR GBP JPY Notional amounts at January 1 $ 56 $ - $ 233 $ 132 $ 153 $ - $ 38 $ 197 $ 78 $ 144 New contracts 13 80 54 - 28 10 - 63 137 38 Matured, expired or settled contracts (14 ) (80 ) (55 ) (36 ) (36 ) (10 ) (12 ) (56 ) (46 ) (31 ) Notional amounts at June 30 $ 55 $ - $ 232 $ 96 $ 145 $ - $ 26 $ 204 $ 169 $ 151 Weighted average forward rate at June 30 1.28 - 1.20 1.30 105.53 - 1.32 1.13 1.33 106.51 Active contracts at June 30 24 - 29 16 32 - 12 26 22 32
Designated As Hedging Instrument [Member]
Foreign Currency Contracts Activity	The following table summarizes the activity of our foreign currency contracts designated as net investment hedges for the six months ended June 30 2018 2017 CAD EUR CAD GBP Notional amounts at January 1 $ 99 $ - $ 100 $ 46 New contracts 100 35 99 127 Matured, expired or settled contracts (99 ) - (100 ) (173 ) Notional amounts at June 30 $ 100 $ 35 $ 99 $ - Weighted average forward rate at June 30 1.28 1.16 1.34 - Active contracts at June 30 2 1 2 -

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Reporting, Reconciliation of Revenues, Operating Income and Assets	The following reconciliations are presented in thousands: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Segment revenues: Real estate operations segment: U.S. $ 491,051 $ 529,841 $ 990,308 $ 1,053,988 Other Americas 29,948 16,444 60,379 31,533 Europe 12,908 22,076 30,110 40,307 Asia 11,672 17,168 25,477 31,811 Total real estate operations segment 545,579 585,529 1,106,274 1,157,639 Strategic capital segment: U.S. 17,905 130,677 33,974 142,585 Other Americas 12,256 9,864 18,409 15,915 Europe 28,488 25,973 67,305 52,235 Asia 17,048 14,140 88,970 26,964 Total strategic capital segment 75,697 180,654 208,658 237,699 Total segment revenues 621,276 766,183 1,314,932 1,395,338 Segment net operating income: Real estate operations segment: U.S. (1) 367,935 396,274 737,299 780,374 Other Americas 22,488 10,384 45,411 20,366 Europe 8,693 16,401 21,152 29,259 Asia 8,619 11,767 18,388 21,675 Total real estate operations segment 407,735 434,826 822,250 851,674 Strategic capital segment: U.S. (1) 5,893 99,668 1,657 101,607 Other Americas 9,032 7,587 11,939 10,732 Europe 19,382 16,342 47,045 32,732 Asia 6,540 5,071 69,307 8,843 Total strategic capital segment 40,847 128,668 129,948 153,914 Total segment net operating income 448,582 563,494 952,198 1,005,588 Reconciling items: General and administrative expenses 57,615 60,077 120,043 113,694 Depreciation and amortization expenses 203,673 228,145 407,754 454,736 Operating income 187,294 275,272 424,401 437,158 Earnings from unconsolidated entities, net 62,549 68,596 125,205 117,201 Interest expense (56,314 ) (75,354 ) (102,575 ) (148,266 ) Interest and other income, net 5,641 1,892 7,617 4,677 Gains on dispositions of investments in real estate, net 94,261 83,006 289,372 180,331 Foreign currency and derivative gains (losses), net 85,382 (20,055 ) 44,288 (27,455 ) Gains (losses) on early extinguishment of debt, net 282 (30,596 ) (702 ) (30,596 ) Earnings before income taxes $ 379,095 $ 302,761 $ 787,606 $ 533,050 June 30, 2018 December 31, 2017 Segment assets: Real estate operations segment: U.S. $ 18,807,476 $ 19,058,610 Other Americas 1,618,701 1,767,385 Europe 970,749 1,008,340 Asia 1,023,036 1,083,764 Total real estate operations segment 22,419,962 22,918,099 Strategic capital segment: U.S. 16,438 16,818 Europe 25,280 25,280 Asia 341 544 Total strategic capital segment 42,059 42,642 Total segment assets 22,462,021 22,960,741 Reconciling items: Investments in and advances to unconsolidated entities 5,414,623 5,496,450 Assets held for sale or contribution 892,546 342,060 Notes receivable backed by real estate - 34,260 Cash and cash equivalents 527,830 447,046 Other assets 205,862 200,518 Total reconciling items 7,040,861 6,520,334 Total assets $ 29,502,882 $ 29,481,075 (1) This includes compensation and personnel costs for employees who were located in the U.S. but also support other regions.

General - Additional Informatio

General - Additional Information (Detail) shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)Segmentshares	Dec. 31, 2017Ground	Jun. 30, 2017USD ($)
General [Line Items]
Number of reportable segments | Segment	2
Percentage of common limited partnership interest	2.89%
Capitalized cost | $	$ 10.5		$ 12.4
Number of ground and office space leases | Ground		90
General Partner | Prologis Limited Partnership [Member]
General [Line Items]
Percentage of ownership in operating partnership	97.11%
Preferred [Member] | Prologis Limited Partnership [Member]
General [Line Items]
Percentage of ownership in operating partnership	100.00%
Class A Common [Member]
General [Line Items]
Class of common limited partnership units designated as class A common units | shares	8.8

Real Estate - Investments in Re

Real Estate - Investments in Real Estate Properties (Detail) ft² in Thousands, $ in Thousands	Jun. 30, 2018USD ($)ft²aBuildingsProperty	Dec. 31, 2017USD ($)ft²aBuildings
Real Estate Properties [Line Items]
Number of buildings | Property	3
Total investments in real estate properties	$ 25,555,343	$ 25,838,644
Less accumulated depreciation	4,283,877	4,059,348
Net investments in real estate properties	$ 21,271,466	$ 21,779,296
Improved Land [Member]
Real Estate Properties [Line Items]
Square Feet | ft²	0	0
Number of buildings | Buildings	0	0
Total investments in real estate properties	$ 5,608,507	$ 5,735,978
Building and Improvements [Member]
Real Estate Properties [Line Items]
Square Feet | ft²	287,393	294,811
Number of buildings | Buildings	1,477	1,525
Total investments in real estate properties	$ 16,658,627	$ 16,849,349
Development Portfolio, Including Cost of Land: Pre-stabilized [Member]
Real Estate Properties [Line Items]
Square Feet | ft²	6,024	7,345
Number of buildings | Buildings	20	22
Total investments in real estate properties	$ 471,491	$ 546,173
Properties Under Development [Member]
Real Estate Properties [Line Items]
Square Feet | ft²	21,317	22,216
Number of buildings | Buildings	63	63
Total investments in real estate properties	$ 1,184,404	$ 1,047,316
Land [Member]
Real Estate Properties [Line Items]
Square Feet | a	5,220	5,191
Total investments in real estate properties	$ 1,111,185	$ 1,154,383
Other Real Estate Investments [Member]
Real Estate Properties [Line Items]
Square Feet | ft²	0	0
Number of buildings | Buildings	0	0
Total investments in real estate properties	$ 521,129	$ 505,445

Real Estate - Investments in 33

Real Estate - Investments in Real Estate Properties (Parenthetical) (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)aProperty	Jun. 30, 2017USD ($)	Dec. 31, 2017a
Real Estate Properties [Line Items]
Number of operating properties acquired | Property	3
Acquisition value of operating properties	$ 33,289	$ 37,253
Real Estate Operating Property [Member]
Real Estate Properties [Line Items]
Acquisition value of operating properties	$ 103,100
Land [Member]
Real Estate Properties [Line Items]
Acquisition of net investments in real estate properties, square feet | a	808
Acquisition value of net investments in real estate properties	$ 211,200
Square Feet | a	5,220		5,191

Real Estate - Summary of Dispos

Real Estate - Summary of Dispositions (Detail) ft² in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)ft²Property	Jun. 30, 2017USD ($)ft²Property	Jun. 30, 2018USD ($)ft²Property	Jun. 30, 2017USD ($)ft²Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gains on dispositions of investments in real estate, net	$ 94,261	$ 83,006	$ 289,372	$ 180,331
Continuing Operations [Member] | Contributions to unconsolidated co-investment ventures [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of buildings | Property	3	5	11	10
Square feet | ft²	1,164	875	4,242	3,644
Net proceeds	$ 125,917	$ 115,617	$ 665,739	$ 513,106
Gains on contributions or dispositions, net	$ 33,527	$ 37,702	$ 201,253	$ 126,068
Continuing Operations [Member] | Dispositions to Third Parties [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of buildings | Property	7	20	18	38
Square feet | ft²	4,139	3,720	5,442	6,038
Net proceeds	$ 314,141	$ 216,290	$ 402,122	$ 459,679
Gains on contributions or dispositions, net	$ 60,734	$ 45,304	$ 88,119	$ 54,263

Unconsolidated Entities - Summa

Unconsolidated Entities - Summary of Investments in and Advances to our Unconsolidated Entities (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated entities	$ 5,414,623	$ 5,496,450
Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated entities	5,207,093	5,274,702
Other Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated entities	$ 207,530	$ 221,748

Unconsolidated Entities - Sum36

Unconsolidated Entities - Summary of Strategic Capital Revenues Recognized in Consolidated Statements of Income Related to Co-Investment Ventures (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Schedule Of Equity Method Investments [Line Items]
Total revenues	$ 621,276	$ 766,183	$ 1,314,932	$ 1,395,338
Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Recurring fees	57,918	43,478	112,562	87,673
Transactional fees	11,828	12,626	27,452	21,219
Promote revenues	5,674	123,946	68,218	127,092
Total revenues	$ 75,420	$ 180,050	$ 208,232	$ 235,984

Unconsolidated Entities - Sum37

Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Detail) $ in Thousands, ft² in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2018USD ($)ft²PropertyVenture	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)ft²PropertyVenture	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)ft²PropertyVenture
Schedule Of Equity Method Investments [Line Items]
Number of buildings | Property		3		3
Our earnings from unconsolidated co-investment ventures, net		$ 62,549	$ 68,596	$ 125,205	$ 117,201
Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		8		8		8
Number of buildings | Property		1,526		1,526		1,559
Square feet | ft²		327		327		332
Total assets		$ 29,131,000		$ 29,131,000		$ 28,899,000
Third-party debt		8,077,000		8,077,000		8,079,000
Total liabilities		9,665,000		9,665,000		9,642,000
Our investment balance	[1]	5,207,000		5,207,000		$ 5,275,000
Total revenues		609,000	508,000	1,226,000	1,008,000
Net earnings		159,000	223,000	321,000	373,000
Our earnings from unconsolidated co-investment ventures, net		$ 54,000	62,000	$ 109,000	107,000
Unconsolidated Co-Investment Ventures [Member] | U.S. [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		1		1		1
Number of buildings | Property		554		554		552
Square feet | ft²		88		88		88
Total assets		$ 7,188,000		$ 7,188,000		$ 7,062,000
Third-party debt		2,098,000		2,098,000		2,313,000
Total liabilities		2,307,000		2,307,000		2,520,000
Our investment balance	[1]	1,365,000		1,365,000		$ 1,383,000
Total revenues		168,000	105,000	336,000	209,000
Net earnings		24,000	15,000	37,000	51,000
Our earnings from unconsolidated co-investment ventures, net		$ 7,000	2,000	$ 12,000	7,000
Unconsolidated Co-Investment Ventures [Member] | Other Americas [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		2		2		2
Number of buildings | Property		205		205		205
Square feet | ft²		37		37		37
Total assets		$ 2,073,000		$ 2,073,000		$ 2,118,000
Third-party debt		752,000		752,000		756,000
Total liabilities		788,000		788,000		782,000
Our investment balance	[1]	561,000		561,000		$ 555,000
Total revenues		55,000	66,000	108,000	130,000
Net earnings		19,000	22,000	33,000	39,000
Our earnings from unconsolidated co-investment ventures, net		$ 8,000	10,000	$ 14,000	16,000
Unconsolidated Co-Investment Ventures [Member] | Europe [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		3		3		3
Number of buildings | Property		653		653		707
Square feet | ft²		154		154		166
Total assets		$ 13,176,000		$ 13,176,000		$ 13,586,000
Third-party debt		2,650,000		2,650,000		2,682,000
Total liabilities		3,689,000		3,689,000		3,655,000
Our investment balance	[1]	2,699,000		2,699,000		$ 2,813,000
Total revenues		272,000	248,000	560,000	492,000
Net earnings		110,000	93,000	203,000	166,000
Our earnings from unconsolidated co-investment ventures, net		$ 37,000	36,000	$ 74,000	66,000
Unconsolidated Co-Investment Ventures [Member] | Asia [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		2		2		2
Number of buildings | Property		114		114		95
Square feet | ft²		48		48		41
Total assets		$ 6,694,000		$ 6,694,000		$ 6,133,000
Third-party debt		2,577,000		2,577,000		2,328,000
Total liabilities		2,881,000		2,881,000		2,685,000
Our investment balance	[1]	582,000		582,000		$ 524,000
Total revenues		114,000	89,000	222,000	177,000
Net earnings		6,000	93,000	48,000	117,000
Our earnings from unconsolidated co-investment ventures, net		$ 2,000	$ 14,000	$ 9,000	$ 18,000
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[2]	28.20%		28.20%		28.80%
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | U.S. [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[2]	26.70%		26.70%		28.20%
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | Other Americas [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[2]	43.80%		43.80%		43.40%
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | Europe [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[2]	32.90%		32.90%		32.80%
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | Asia [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[2]	15.10%		15.10%		15.10%
[1]	Prologis’ investment balance is presented at our adjusted basis derived from the ventures’ U.S. GAAP information. The difference between our ownership interest of a venture’s equity and our investment balance at June 30, 2018 and December 31, 2017, results principally from three types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018 ($651.8 million and $667.3 million, respectively); (ii) recording additional costs associated with our investment in the venture ($92.4 million and $94.2 million, respectively); and (iii) advances to a venture ($219.9 million and $210.0 million, respectively). For deferred gains from partial sales recorded prior to the adoption the new revenue recognition standard, we will continue to recognize these gains over the lives of the underlying real estate properties or at the time of disposition to a third party.
[2]	Represents our weighted average ownership interest in all co-investment ventures based on each entity’s contribution of total assets, before depreciation, net of other liabilities.

Unconsolidated Entities - Sum38

Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Parenthetical) (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Equity Method Investments And Joint Ventures [Abstract]
Deferred gain recognized from contribution of property to a venture	$ 651.8	$ 667.3
Additional costs associated with investment in a venture	92.4	94.2
Advances to venture	$ 219.9	$ 210

Unconsolidated Entities - Sum39

Unconsolidated Entities - Summary of Remaining Equity Commitments (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	$ 3,276
Prologis Targeted U S Logistics Fund [Member]
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	$ 178
Expiration date for remaining commitments range start	2,019
Prologis European Logistics Fund [Member]
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	$ 1,201	[1]
Expiration date for remaining commitments range start	2,018	[1]
Expiration date for remaining commitments range end	2,019	[1]
Prologis U.K. Logistics Venture [Member]
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	$ 120	[2]
Expiration date for remaining commitments range start	2,021	[2]
Prologis China Logistics Venture [Member]
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	$ 1,777
Expiration date for remaining commitments range start	2,020
Expiration date for remaining commitments range end	2,024
Prologis Inc [Member]
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	$ 285
Prologis Inc [Member] | Prologis Targeted U S Logistics Fund [Member]
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	0
Prologis Inc [Member] | Prologis European Logistics Fund [Member]
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	0	[1]
Prologis Inc [Member] | Prologis U.K. Logistics Venture [Member]
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	18	[2]
Prologis Inc [Member] | Prologis China Logistics Venture [Member]
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	267
Venture Partners [Member]
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	2,991
Venture Partners [Member] | Prologis Targeted U S Logistics Fund [Member]
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	178
Venture Partners [Member] | Prologis European Logistics Fund [Member]
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	1,201	[1]
Venture Partners [Member] | Prologis U.K. Logistics Venture [Member]
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	102	[2]
Venture Partners [Member] | Prologis China Logistics Venture [Member]
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	$ 1,510
[1]	Equity commitments are denominated in euro and reported in U.S. dollars based on an exchange rate of $1.17 U.S. dollars to the euro.
[2]	Equity commitments are denominated in British pounds sterling and reported in U.S. dollars based on an exchange rate of $1.32 U.S. dollars to the British pound sterling.

Unconsolidated Entities - Sum40

Unconsolidated Entities - Summary of Remaining Equity Commitments (Parenthetical) (Detail)	Jun. 30, 2018$ / €$ / £
Prologis European Logistics Fund [Member]
Schedule Of Equity Method Investments [Line Items]
Exchange rate | $ / €	1.17
Prologis U.K. Logistics Venture [Member]
Schedule Of Equity Method Investments [Line Items]
Exchange rate | $ / £	1.32

Assets Held for Sale or Contr41

Assets Held for Sale or Contribution - Summary of Assets Held for Sale or Contribution (Detail) ft² in Thousands, $ in Thousands	Jun. 30, 2018USD ($)ft²Property	Dec. 31, 2017USD ($)ft²Property
Long Lived Assets Held For Sale [Line Items]
Number of operating properties | Property	3
Total assets held for sale or contribution | $	$ 892,546	$ 342,060
Total liabilities associated with assets held for sale or contribution – included in Other Liabilities | $	$ 22,829	$ 9,341
Disposal Group Held for Sale Not Discontinued Operations
Long Lived Assets Held For Sale [Line Items]
Number of operating properties | Property	73	22
Square feet | ft²	14,735	5,384

Debt - Debt Summary (Detail)

Debt - Debt Summary (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.90%	2.90%
Debt	$ 9,427,124	$ 9,412,631
Credit Facilities [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	0.90%	1.80%
Debt	$ 11,658	$ 317,392
Senior Notes [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.90%	3.00%
Debt	$ 7,102,381	$ 6,067,277
Term Loan [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.20%	1.70%
Debt	$ 1,402,568	$ 2,046,945
Unsecured Other Debt [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	6.10%	6.10%
Debt	$ 13,093	$ 13,546
Secured Mortgages [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	5.50%	5.30%
Debt	$ 897,424	$ 967,471

Debt - Debt Summary (Parentheti

Debt - Debt Summary (Parenthetical) (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.90%	2.90%
Debt	$ 9,427,124	$ 9,412,631
GBP
Debt Instrument [Line Items]
Debt	653,632	671,522
CAD
Debt Instrument [Line Items]
Debt	274,180	451,080
EUR
Debt Instrument [Line Items]
Debt	4,184,844	3,839,422
JPY
Debt Instrument [Line Items]
Debt	1,276,029	1,306,380
USD
Debt Instrument [Line Items]
Debt	$ 3,038,439	$ 3,144,227

Debt - Additional Information (

Debt - Additional Information (Detail) $ in Thousands, € in Millions, $ in Millions, ¥ in Billions	1 Months Ended			6 Months Ended
	Jul. 31, 2018	Jun. 30, 2018USD ($)	Jan. 31, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2018CAD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018JPY (¥)	Jun. 30, 2018CAD ($)	Jan. 31, 2018EUR (€)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity		$ 3,479,000		$ 3,479,000
Issued amount		9,489,603		9,489,603
Senior Notes Outstanding		7,100,000		7,100,000
Carrying Value of Debt		9,427,124		9,427,124						$ 9,412,631
Prologis Euro Finance L L C
Debt Instrument [Line Items]
Percentage of ownership in operating partnership	100.00%
Senior Notes [Member]
Debt Instrument [Line Items]
Issued amount		7,154,746		7,154,746
Carrying Value of Debt		$ 7,102,381		7,102,381						6,067,277
Senior Notes [Member] | 3.88% Mature in September 2028 [Member]
Debt Instrument [Line Items]
Debt Instrument maturity date		2028-09
Issued amount		$ 400,000		$ 400,000
Interest rate		3.88%		3.88%			3.88%	3.88%
Senior Notes [Member] | 4.38% Mature in September 2048 [Member]
Debt Instrument [Line Items]
Debt Instrument maturity date		2048-09
Issued amount		$ 300,000		$ 300,000
Interest rate		4.38%		4.38%			4.38%	4.38%
Senior Notes [Member] | Euribor [Member]
Debt Instrument [Line Items]
Debt Instrument maturity date			2020-01
Issued amount			$ 494,200						€ 400
Interest rate			0.25%	0.25%	0.25%
Effective interest rate		(0.08%)		(0.08%)			(0.08%)	(0.08%)
2015 Canadian Term Loan [Member]
Debt Instrument [Line Items]
Repayments of debt				$ 158,900	$ 201.4
Term loan outstanding		$ 128,700		128,700				$ 170.5
2017 Term Loan [Member]
Debt Instrument [Line Items]
Repayments of debt				1,000,000		$ 575,700
Debt reborrowed during period				500,000		$ 877,500
Term Loan [Member]
Debt Instrument [Line Items]
Carrying Value of Debt		1,402,568		1,402,568						$ 2,046,945
Global Facility [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity		3,000,000		3,000,000
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments		3,800,000		$ 3,800,000
Debt Instrument maturity date				2020-04	2020-04
Revolver [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity		587,200		$ 587,200			¥ 65
Debt Instrument maturity date				2021-02	2021-02
Credit facility current borrowing capacity		$ 451,700		$ 451,700			¥ 50

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Detail) $ in Millions	Jun. 30, 2018USD ($)
Debt Disclosure [Abstract]
Aggregate lender commitments	$ 3,479
Borrowings outstanding	12
Outstanding letters of credit	31
Current availability	$ 3,436

Debt - Long-Term Debt Maturitie

Debt - Long-Term Debt Maturities (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
2,018	$ 108,629
2019 (1)	447,342
2,020	1,190,946
2,021	831,570
2,022	1,279,151
Thereafter	5,631,965
Subtotal	9,489,603
Premiums (discounts), net	(21,697)
Debt issuance costs, net	(40,782)
Total	9,427,124	$ 9,412,631
Credit Facilities [Member]
Debt Instrument [Line Items]
2,018	0
2019 (1)	0
2,020	11,658
2,021	0
2,022	0
Thereafter	0
Subtotal	11,658
Premiums (discounts), net	0
Debt issuance costs, net	0
Total	11,658	317,392
Senior Notes [Member]
Debt Instrument [Line Items]
2,018	0
2019 (1)	0
2,020	1,165,802
2,021	816,060
2,022	816,060
Thereafter	4,356,824
Subtotal	7,154,746
Premiums (discounts), net	(23,909)
Debt issuance costs, net	(28,456)
Total	7,102,381	6,067,277
Term Loans And Other Debt [Member]
Debt Instrument [Line Items]
2,018	492
2019 (1)	1,014
2,020	1,077
2,021	910
2,022	452,455
Thereafter	968,756
Subtotal	1,424,704
Premiums (discounts), net	0
Debt issuance costs, net	(9,043)
Total	1,415,661	2,060,491
Secured Mortgages [Member]
Debt Instrument [Line Items]
2,018	108,137
2019 (1)	446,328
2,020	12,409
2,021	14,600
2,022	10,636
Thereafter	306,385
Subtotal	898,495
Premiums (discounts), net	2,212
Debt issuance costs, net	(3,283)
Total	$ 897,424	$ 967,471

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2018
Prologis, L.P. [Member]
Noncontrolling Interest [Line Items]
Description of conversion rate	One share of common stock to one unit

Noncontrolling Interests - Nonc

Noncontrolling Interests - Noncontrolling Interest Summary (Detail) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2018	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Operating Partnership noncontrolling interest		$ 2,624,175	$ 2,660,242
Noncontrolling interests		3,087,933	3,074,583
Total Assets		29,502,882	29,481,075
Total Liabilities		10,776,379	10,775,334
Non-controlling Interests [Member]
Noncontrolling Interest [Line Items]
Total Assets		7,006,328	6,836,957
Total Liabilities		$ 267,914	$ 314,492
Prologis US Logistics Venture [Member]
Noncontrolling Interest [Line Items]
Parent Company's Ownership Percentage		55.00%	55.00%
Operating Partnership noncontrolling interest		$ 2,539,930	$ 2,581,629
Total Assets		6,186,215	6,030,819
Total Liabilities		$ 238,101	$ 284,162
Other Consolidated Entities [Member]
Noncontrolling Interest [Line Items]
Parent Company's Ownership	[1]	various	various
Operating Partnership noncontrolling interest	[1]	$ 84,245	$ 78,613
Total Assets	[1]	820,113	806,138
Total Liabilities	[1]	29,813	30,330
Prologis, L.P. [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests		2,624,175	2,660,242
Total Assets		29,502,882	29,481,075
Total Liabilities		10,776,379	10,775,334
Prologis, L.P. [Member] | Non-controlling Interests [Member]
Noncontrolling Interest [Line Items]
Limited partners in Prologis, L.P.	[2],[3]	463,758	414,341
Total Assets	[2],[3]	0	0
Total Liabilities	[2],[3]	0	0
Prologis Inc [Member]
Noncontrolling Interest [Line Items]
Total Assets		7,006,328	6,836,957
Total Liabilities		267,914	314,492
Prologis Inc [Member] | Non-controlling Interests [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests		$ 3,087,933	$ 3,074,583
[1]	This line item includes our 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 June 30, 2018 and December 31, 2017 were exchangeable into cash or, at our option, 0.9 million and 1.0 million shares of the Parent’s common stock.
[2]	At June 30, 2018 and December 31, 2017, excluding the Class A Units, there were limited partnership units in the OP that were exchangeable into cash or, at our option, 3.9 million and 4.1 million shares of the Parent’s common stock, respectively
[3]	We had 8.8 million and 8.9 million Class A Units that were convertible into 8.4 million and 8.5 million limited partnership units of the OP at June 30, 2018 and December 31, 2017, respectively.

Noncontrolling Interests - No49

Noncontrolling Interests - Noncontrolling Interest Summary (Parenthetical) (Detail) - shares shares in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Class A Common [Member]
Noncontrolling Interest [Line Items]
Outstanding limited partnership units, exchanged	8.4	8.5
Units outstanding	8.8	8.9
Common Unit [Member]
Noncontrolling Interest [Line Items]
Outstanding limited partnership units, exchanged	3.9	4.1
Other Consolidated Entities [Member]
Noncontrolling Interest [Line Items]
Outstanding limited partnership units, exchanged	0.9	1
Other Consolidated Entities [Member] | Common Stock [Member]
Noncontrolling Interest [Line Items]
Outstanding limited partnership units	0.9	1

Long-Term Compensation - Additi

Long-Term Compensation - Additional Information (Detail) - USD ($) shares in Millions	1 Months Ended	6 Months Ended
	Jan. 31, 2018	Jun. 30, 2018
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		1.00%
Prologis Out-Performance Plan [Member] | 2018 - 2020 Performance Periods [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance Period		3 years
Cash incentive award maximum		$ 100,000,000
Holding period		3 years
Aggregate fair value		$ 23,300,000
Assumed risk free interest rate		2.10%
Expected volatility rate		16.50%
Prologis Out-Performance Plan [Member] | 2018 - 2020 Performance Periods [Member] | Tranche 1 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights, percentage		20.00%
Prologis Out-Performance Plan [Member] | 2018 - 2020 Performance Periods [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		80.00%
Prologis Out-Performance Plan [Member] | 2015 - 2017 Performance Periods [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate of performance pool award	$ 110,200,000
Common stock	0.6
Vested LTIP Units – POP	1.2
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
PPP and Annual LTI Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years

Long-Term Compensation - RSU Aw

Long-Term Compensation - RSU Awards (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Unvested Awards, Beginning Balance | shares	1,374
Granted | shares	738
Vested and distributed | shares	(769)
Forfeited | shares	(31)
Number of Unvested Awards, Ending Balance | shares	1,312
Weighted Average Grant Date Fair Value | $ / shares	$ 45.57
Weighted Average Grant Date Fair Value, Granted | $ / shares	61.01
Weighted Average Grant Date Fair Value, Vested and distributed | $ / shares	45.36
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	53.71
Weighted Average Grant Date Fair Value | $ / shares	$ 54.21

Long-Term Compensation - LTIP U

Long-Term Compensation - LTIP Units Awards (Detail) - Long Term Incentive Plan Units [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning Balance	1,532
Vested LTIP Units	887
Vested LTIP Units – POP	1,170
Conversion to common limited partnership units	(52)
Number of Shares, Ending Balance	3,537
Number of Unvested Awards, Beginning Balance	1,829
Granted	1,246
Forfeited	(70)
Vested LTIP Units	(887)
Number of Unvested Awards, Ending Balance	2,118
Weighted Average Grant Date Fair Value | $ / shares	$ 46.48
Unvested Weighted Average Grant Date Fair Value, Granted | $ / shares	60.95
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	47.66
Unvested Weighted Average Grant Date Fair Value, Vested LTIP Units | $ / shares	45.25
Weighted Average Grant Date Fair Value, Vested LTIP Units - POP | $ / shares	0
Weighted Average Gant Date Fair Value, Conversion to common limited partnership units | $ / shares	0
Weighted Average Grant Date Fair Value | $ / shares	$ 55.46

Earnings Per Common Share or 53

Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share Unit (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Net earnings attributable to common stockholders/unit holders - Basic	$ 334,611	$ 266,943	$ 700,513	$ 470,198
Net earnings attributable to exchangeable limited partnership units	10,216	7,798	20,909	13,765
Adjusted net earnings attributable to common stockholders – Diluted	$ 344,827	$ 274,741	$ 721,422	$ 483,963
Weighted average common shares/units outstanding – Basic	532,639	530,040	532,427	529,400
Incremental weighted average effect on exchange of limited partnership units	16,847	16,364	16,560	16,409
Incremental weighted average effect of equity awards	5,029	5,710	5,079	4,703
Weighted average common shares/partnership units outstanding - Diluted	554,515	552,114	554,066	550,512
Net earnings per share/unit attributable to common stockholders/unitholders -
Basic	$ 0.63	$ 0.50	$ 1.32	$ 0.89
Diluted	$ 0.62	$ 0.50	$ 1.30	$ 0.88
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	$ 344,633	$ 274,320	$ 721,058	$ 483,198
Net earnings attributable to exchangeable limited partnership units	194	421	364	765
Adjusted net earnings attributable to common stockholders – Diluted	$ 344,827	$ 274,741	$ 721,422	$ 483,963
Weighted average common shares/units outstanding – Basic	540,084	536,060	539,547	535,392
Incremental weighted average effect on exchange of Class A convertible units	8,477	8,626	8,495	8,645
Incremental weighted average effect on exchange of limited partnership units	925	1,718	945	1,772
Incremental weighted average effect of equity awards	5,029	5,710	5,079	4,703
Weighted average common shares/partnership units outstanding - Diluted	554,515	552,114	554,066	550,512
Net earnings per share/unit attributable to common stockholders/unitholders -
Basic	$ 0.63	$ 0.50	$ 1.32	$ 0.89
Diluted	$ 0.62	$ 0.50	$ 1.30	$ 0.88
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	$ (5,324)	$ (4,347)	$ (11,177)	$ (7,678)
Adjusted net earnings attributable to common stockholders – Diluted	5,324	4,347	11,177	7,678
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	$ 339,309	$ 269,973	$ 709,881	$ 475,520

Earnings Per Common Share or 54

Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share Unit (Parenthetical) (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Total weighted average potential dilutive shares and units outstanding	25,279	25,719	24,951	24,992
Prologis, L.P. [Member]
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Total weighted average potentially dilutive Class A Units	8,477	8,626	8,495	8,645
Total weighted average potentially dilutive other limited partnership units	925	1,718	945	1,772
Total weighted average potentially dilutive equity awards	8,432	9,355	8,391	8,583
Total weighted average potential dilutive shares and units outstanding	17,834	19,699	17,831	19,000
Total weighted average potential dilutive common limited partnership units	7,445	6,020	7,120	5,992

Financial Instruments and Fai55

Financial Instruments and Fair Value Measurements - Schedule of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivatives Fair Value [Line Items]
Asset	$ 11,466	$ 19,139
Liability	12,720	32,229
Forwards [Member] | Mexico, Pesos
Derivatives Fair Value [Line Items]
Asset	373	0
Liability	0	0
Undesignated Derivatives [Member] | Forwards [Member] | GBP
Derivatives Fair Value [Line Items]
Asset	142	2,440
Liability	4,017	8,103
Undesignated Derivatives [Member] | Forwards [Member] | CAD
Derivatives Fair Value [Line Items]
Asset	1,469	0
Liability	253	1,698
Undesignated Derivatives [Member] | Forwards [Member] | EUR
Derivatives Fair Value [Line Items]
Asset	3,619	2
Liability	6,380	14,234
Undesignated Derivatives [Member] | Forwards [Member] | JPY
Derivatives Fair Value [Line Items]
Asset	3,992	6,474
Liability	1,235	931
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | CAD
Derivatives Fair Value [Line Items]
Asset	1,871	0
Liability	0	7,263
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | EUR
Derivatives Fair Value [Line Items]
Asset	0	0
Liability	280	0
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | CAD
Derivatives Fair Value [Line Items]
Asset	0	10,223
Liability	0	0
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | EUR
Derivatives Fair Value [Line Items]
Asset	0	0
Liability	$ 555	$ 0

Financial Instruments and Fai56

Financial Instruments and Fair Value Measurements - Summary of Undesignated Foreign Currency Forwards Activity (Detail) - Undesignated Derivatives [Member]	6 Months Ended
	Jun. 30, 2018USD ($)Derivative	Jun. 30, 2017USD ($)Derivative
CAD
Derivative [Line Items]
Notional amounts at January 1	$ 56,000,000	$ 38,000,000
New contracts	13,000,000	0
Matured, expired or settled contracts	(14,000,000)	(12,000,000)
Notional amounts at June 30	$ 55,000,000	$ 26,000,000
Weighted average forward rate at June 30	1.28	1.32
Active contracts at June 30 | Derivative	24	12
China, Yuan Renminbi
Derivative [Line Items]
Notional amounts at January 1	$ 0
New contracts	80,000,000
Matured, expired or settled contracts	(80,000,000)
Notional amounts at June 30	$ 0
Weighted average forward rate at June 30	0
Active contracts at June 30 | Derivative	0
EUR
Derivative [Line Items]
Notional amounts at January 1	$ 233,000,000	$ 197,000,000
New contracts	54,000,000	63,000,000
Matured, expired or settled contracts	(55,000,000)	(56,000,000)
Notional amounts at June 30	$ 232,000,000	$ 204,000,000
Weighted average forward rate at June 30	1.20	1.13
Active contracts at June 30 | Derivative	29	26
GBP
Derivative [Line Items]
Notional amounts at January 1	$ 132,000,000	$ 78,000,000
New contracts	0	137,000,000
Matured, expired or settled contracts	(36,000,000)	(46,000,000)
Notional amounts at June 30	$ 96,000,000	$ 169,000,000
Weighted average forward rate at June 30	1.30	1.33
Active contracts at June 30 | Derivative	16	22
Mexico, Pesos
Derivative [Line Items]
Notional amounts at January 1	$ 0
New contracts	10,000,000
Matured, expired or settled contracts	(10,000,000)
Notional amounts at June 30	$ 0
Weighted average forward rate at June 30	0
Active contracts at June 30 | Derivative	0
JPY
Derivative [Line Items]
Notional amounts at January 1	$ 153,000,000	$ 144,000,000
New contracts	28,000,000	38,000,000
Matured, expired or settled contracts	(36,000,000)	(31,000,000)
Notional amounts at June 30	$ 145,000,000	$ 151,000,000
Weighted average forward rate at June 30	105.53	106.51
Active contracts at June 30 | Derivative	32	32

Financial Instruments and Fai57

Financial Instruments and Fair Value Measurements - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)Forward_contract	Jun. 30, 2017USD ($)Forward_contract
Derivatives Fair Value [Line Items]
Number of forward contracts exercised | Forward_contract			31	22
Gains (losses) from forward contracts exercised	$ (1,100,000)	$ 3,600,000	$ (7,900,000)	$ 8,900,000
Hedge ineffectiveness			0	0
Foreign currency translation gains (losses), net	(147,813,000)	3,162,000	(143,043,000)	42,829,000
Forwards [Member]
Derivatives Fair Value [Line Items]
Unrealized gains (losses) on foreign exchange transactions	30,100,000	(18,800,000)	17,200,000	(32,500,000)
Forward Contracts [Member]
Derivatives Fair Value [Line Items]
Foreign currency translation gains (losses), net	$ 64,600,000	$ (7,200,000)	$ 40,300,000	$ (11,300,000)

Financial Instruments and Fai58

Financial Instruments and Fair Value Measurements - Foreign Currency Contracts Activity (Detail) - Forwards [Member]	6 Months Ended
	Jun. 30, 2018USD ($)Derivative	Jun. 30, 2017USD ($)Derivative
CAD
Derivative [Line Items]
Notional amounts at January 1	$ 99,000,000	$ 100,000,000
New contracts	100,000,000	99,000,000
Matured, expired or settled contracts	(99,000,000)	(100,000,000)
Notional amounts at June 30	$ 100,000,000	$ 99,000,000
Weighted average forward rate at June 30	1.28	1.34
Active contracts at June 30 | Derivative	2	2
EUR
Derivative [Line Items]
Notional amounts at January 1	$ 0
New contracts	35,000,000
Matured, expired or settled contracts	0
Notional amounts at June 30	$ 35,000,000
Weighted average forward rate at June 30	1.16
Active contracts at June 30 | Derivative	1
GBP
Derivative [Line Items]
Notional amounts at January 1		$ 46,000,000
New contracts		127,000,000
Matured, expired or settled contracts		(173,000,000)
Notional amounts at June 30		$ 0
Weighted average forward rate at June 30		0
Active contracts at June 30 | Derivative		0

Financial Instruments and Fai59

Financial Instruments and Fair Value Measurements - Summary of Activity in Interest Rate Swaps (Detail) - Interest Rate Swaps [Member] - USD ($)		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017
CAD
Derivative [Line Items]
Notional amounts at January 1		$ 271,000,000	$ 271,000,000
New contracts	[1]	0	0
Matured, expired or settled contracts	[2]	(271,000,000)	0
Notional amounts at June 30		0	$ 271,000,000
EUR
Derivative [Line Items]
Notional amounts at January 1		0
New contracts	[1]	500,000,000
Matured, expired or settled contracts	[2]	0
Notional amounts at June 30		500,000,000
USD
Derivative [Line Items]
Notional amounts at January 1		0
New contracts	[1]	300,000,000
Matured, expired or settled contracts	[2]	(300,000,000)
Notional amounts at June 30		$ 0
[1]	During the six months ended June 30, 2018, we entered into two interest rate swap contracts with an aggregated notional amount of €400.0 million ($499.7 million) to effectively fix the interest rate on our senior notes bearing a floating rate of Euribor plus 0.25% issued in January 2018.
[2]	During the six months ended June 30, 2018, we repaid CAD 201.4 million ($158.9 million) on our 2015 Canadian Term Loan, leaving CAD 170.5 million ($128.7 million at June 30, 2018) outstanding. At that time, we settled the interest rate swap contracts related to the 2015 Canadian Term Loan as we determined at that time it was no longer probable that we would continue to have the future cash flows as originally hedged. As a result, the $12.5 million gain in Accumulated Other Comprehensive Income (Loss) “AOCI/L” at the time of settlement was reclassified to Interest Expense during the first quarter of 2018.

Financial Instruments and Fai60

Financial Instruments and Fair Value Measurements - Summary of Activity in Interest Rate Swaps (Parenthetical) (Detail) € in Millions, $ in Millions, $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 31, 2018	Mar. 31, 2018USD ($)	Jun. 30, 2018USD ($)Contract	Jun. 30, 2018CAD ($)Contract	Jun. 30, 2018EUR (€)	Jun. 30, 2018CAD ($)
Senior Notes [Member] | Interest Rate Swaps [Member]
Derivative [Line Items]
Number of Contracts | Contract			2	2
Notional value of derivative			$ 499.7		€ 400
2015 Canadian Term Loan [Member] | Interest Rate Swaps [Member]
Derivative [Line Items]
Notional value of derivative			128.7			$ 170.5
Repayments of debt			$ 158.9	$ 201.4
Gain on derivative | $		$ 12.5
Euribor [Member] | Senior Notes [Member]
Derivative [Line Items]
Interest rate	0.25%		0.25%	0.25%

Financial Instruments and Fai61

Financial Instruments and Fair Value Measurements - Summary of Debt, Net of Accrued Interest, Designated as Nonderivative Financial Instrument (Detail) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Derivatives Fair Value [Line Items]
Senior Notes Outstanding	$ 7,100
Designated As Hedging Instrument [Member] | British Pound Sterling Senior Notes [Member]
Derivatives Fair Value [Line Items]
Senior Notes Outstanding	267	$ 436
Designated As Hedging Instrument [Member] | Euro Senior Notes [Member]
Derivatives Fair Value [Line Items]
Senior Notes Outstanding	$ 3,550	$ 3,620

Financial Instruments and Fai62

Financial Instruments and Fair Value Measurements - Summary of Changes in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative translation adjustment	$ (373,292)	$ 225,631	$ (261,738)	$ 307,530
Foreign currency translation gains (losses), net	(147,813)	3,162	(143,043)	42,829
Total unrealized gains (losses) on derivative contracts, net	2,131	6,735	(4,156)	9,366
Total change in other comprehensive income (loss)	(145,682)	9,897	(147,199)	52,195
Designated As Hedging Instrument [Member] | Derivative Net Investment Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total derivative hedging instruments	1,740	7,197	4,833	9,491
Designated As Hedging Instrument [Member] | Non derivative Net Investment Hedge [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Nonderivative financial instruments	223,739	(229,666)	113,862	(274,192)
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total derivative hedging instruments	963	4,559	(8,322)	4,988
Designated As Hedging Instrument [Member] | Our Share of Derivatives from Unconsolidated Co-Investment Ventures [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total derivative hedging instruments	$ 1,168	$ 2,176	$ 4,166	$ 4,378

Financial Instruments and Fai63

Financial Instruments and Fair Value Measurements - Summary of Changes in Other Comprehensive Income (Loss) (Parenthetical) (Detail) $ in Millions	Jun. 30, 2018USD ($)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Derivative Instruments Gain Loss [Line Items]
Amount to be reclassified to interest expense, next 12 months	$ 4.2

Financial Instruments and Fai64

Financial Instruments and Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	$ 9,427,124	$ 9,412,631
Fair Value of Debt	9,828,243	9,955,795
Credit Facilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	11,658	317,392
Fair Value of Debt	11,660	317,496
Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	7,102,381	6,067,277
Fair Value of Debt	7,447,585	6,537,100
Term Loans and Unsecured Other Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	1,415,661	2,060,491
Fair Value of Debt	1,431,793	2,075,002
Secured Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	897,424	967,471
Fair Value of Debt	$ 937,205	$ 1,026,197

Business Segments - Additional

Business Segments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2018Segment
Segment Reporting [Abstract]
Number of operating segments	2

Business Segments - Segment Rep

Business Segments - Segment Reporting, Reconciliation of Revenues, Operating Income and Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total revenues	$ 621,276	$ 766,183	$ 1,314,932	$ 1,395,338
Operating income	187,294	275,272	424,401	437,158
General and administrative expenses	57,615	60,077	120,043	113,694
Depreciation and amortization expenses	203,673	228,145	407,754	454,736
Earnings from unconsolidated entities, net	62,549	68,596	125,205	117,201
Interest expense	(56,314)	(75,354)	(102,575)	(148,266)
Interest and other income, net	5,641	1,892	7,617	4,677
Gains on dispositions of investments in real estate, net	94,261	83,006	289,372	180,331
Foreign currency and derivative gains (losses), net	85,382	(20,055)	44,288	(27,455)
Gains (losses) on early extinguishment of debt, net	282	(30,596)	(702)	(30,596)
Earnings before income taxes	379,095	302,761	787,606	533,050
Total assets	29,502,882		29,502,882		$ 29,481,075
Investments in and advances to unconsolidated entities	5,414,623		5,414,623		5,496,450
Assets held for sale or contribution	892,546		892,546		342,060
Notes receivable backed by real estate	0		0		34,260
Cash and cash equivalents	527,830	271,354	527,830	271,354	447,046	$ 807,316
Other assets	1,396,417		1,396,417		1,381,963
Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenues	621,276	766,183	1,314,932	1,395,338
Operating income	448,582	563,494	952,198	1,005,588
Total assets	22,462,021		22,462,021		22,960,741
Operating Segments [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	545,579	585,529	1,106,274	1,157,639
Operating income	407,735	434,826	822,250	851,674
Total assets	22,419,962		22,419,962		22,918,099
Operating Segments [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues	75,697	180,654	208,658	237,699
Operating income	40,847	128,668	129,948	153,914
Total assets	42,059		42,059		42,642
Operating Segments [Member] | U.S. [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	491,051	529,841	990,308	1,053,988
Operating income	367,935	396,274	737,299	780,374
Total assets	18,807,476		18,807,476		19,058,610
Operating Segments [Member] | U.S. [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues	17,905	130,677	33,974	142,585
Operating income	5,893	99,668	1,657	101,607
Total assets	16,438		16,438		16,818
Operating Segments [Member] | Other Americas [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	29,948	16,444	60,379	31,533
Operating income	22,488	10,384	45,411	20,366
Total assets	1,618,701		1,618,701		1,767,385
Operating Segments [Member] | Other Americas [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues	12,256	9,864	18,409	15,915
Operating income	9,032	7,587	11,939	10,732
Operating Segments [Member] | Europe [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	12,908	22,076	30,110	40,307
Operating income	8,693	16,401	21,152	29,259
Total assets	970,749		970,749		1,008,340
Operating Segments [Member] | Europe [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues	28,488	25,973	67,305	52,235
Operating income	19,382	16,342	47,045	32,732
Total assets	25,280		25,280		25,280
Operating Segments [Member] | Asia [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	11,672	17,168	25,477	31,811
Operating income	8,619	11,767	18,388	21,675
Total assets	1,023,036		1,023,036		1,083,764
Operating Segments [Member] | Asia [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues	17,048	14,140	88,970	26,964
Operating income	6,540	5,071	69,307	8,843
Total assets	341		341		544
Reconciling Items [Member]
Segment Reporting Information [Line Items]
Operating income	187,294	275,272	424,401	437,158
General and administrative expenses	57,615	60,077	120,043	113,694
Depreciation and amortization expenses	203,673	228,145	407,754	454,736
Earnings from unconsolidated entities, net	62,549	68,596	125,205	117,201
Interest expense	(56,314)	(75,354)	(102,575)	(148,266)
Interest and other income, net	5,641	1,892	7,617	4,677
Gains on dispositions of investments in real estate, net	94,261	$ 83,006	289,372	$ 180,331
Total assets	7,040,861		7,040,861		6,520,334
Investments in and advances to unconsolidated entities	5,414,623		5,414,623		5,496,450
Assets held for sale or contribution	892,546		892,546		342,060
Notes receivable backed by real estate	0		0		34,260
Cash and cash equivalents	527,830		527,830		447,046
Other assets	$ 205,862		$ 205,862		$ 200,518

Supplemental Cash Flow Inform67

Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Supplemental Cash Flow Information [Line Items]
Capitalization for equity based compensation expense	$ 14.1	$ 14
Noncash acquisition, real estate acquired	11.8
Notes receivable backed by real estate	19.5
Interest paid, net of amounts capitalized	154.4	188.1
Cash paid for income taxes, net of refunds	32.3	$ 23.6
Limited Partners [Member] | Prologis, L.P. [Member] | Common [Member]
Supplemental Cash Flow Information [Line Items]
PLD units redeemed for common shares		0.7
Unconsolidated Entities [Member]
Supplemental Cash Flow Information [Line Items]
Equity ownership interest received	$ 105.4	$ 22.8

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - DCT and DCT OP [Member] $ in Billions	Apr. 29, 2018USD ($)
Subsequent Event [Line Items]
Business acquisition, date of acquisition agreement	Apr. 29, 2018
Value of common stock issued as consideration	$ 8.2
Business acquisition stock conversion ratio	1.02