Prologis 10-Q 22 Apr 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 18, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	PLD
Entity Registrant Name	Prologis, Inc.
Entity Central Index Key	0001045609
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		630,793,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Investments in real estate properties	$ 34,395,698	$ 34,586,987
Less accumulated depreciation	4,868,611	4,656,680
Net investments in real estate properties	29,527,087	29,930,307
Investments in and advances to unconsolidated entities	5,613,060	5,745,294
Assets held for sale or contribution	899,976	622,288
Net investments in real estate	36,040,123	36,297,889
Lease right-of-use assets	383,704	0
Cash and cash equivalents	251,030	343,856
Other assets	1,717,255	1,775,919
Total assets	38,392,112	38,417,664
Liabilities:
Debt	10,706,139	11,089,815
Lease liabilities	392,341	0
Accounts payable and accrued expenses	695,761	760,515
Other liabilities	773,810	766,446
Total liabilities	12,568,051	12,616,776
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 March 31, 2019 and December 31, 2018	68,948	68,948
Common stock; $0.01 par value; 630,743 shares and 629,616 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	6,307	6,296
Additional paid-in capital	25,654,449	25,685,987
Accumulated other comprehensive loss	(1,029,206)	(1,084,671)
Distributions in excess of net earnings	(2,366,015)	(2,378,467)
Total Prologis, Inc. stockholders’ equity	22,334,483	22,298,093
Partners' capital:
Noncontrolling interests	3,489,578	3,502,795
Total equity	25,824,061	25,800,888
Total liabilities and equity	38,392,112	38,417,664
Prologis, L.P. [Member]
ASSETS
Investments in real estate properties	34,395,698	34,586,987
Less accumulated depreciation	4,868,611	4,656,680
Net investments in real estate properties	29,527,087	29,930,307
Investments in and advances to unconsolidated entities	5,613,060	5,745,294
Assets held for sale or contribution	899,976	622,288
Net investments in real estate	36,040,123	36,297,889
Lease right-of-use assets	383,704	0
Cash and cash equivalents	251,030	343,856
Other assets	1,717,255	1,775,919
Total assets	38,392,112	38,417,664
Liabilities:
Debt	10,706,139	11,089,815
Lease liabilities	392,341	0
Accounts payable and accrued expenses	695,761	760,515
Other liabilities	773,810	766,446
Total liabilities	12,568,051	12,616,776
Partners' capital:
Total partners' capital	23,024,540	22,964,419
Noncontrolling interests	2,799,521	2,836,469
Total capital	25,824,061	25,800,888
Total liabilities and equity	38,392,112	38,417,664
Prologis, L.P. [Member] | Preferred [Member]
Partners' capital:
General partner	68,948	68,948
Prologis, L.P. [Member] | Common [Member]
Partners' capital:
General partner	22,265,535	22,229,145
Limited partners	395,726	371,281
Prologis, L.P. [Member] | Class A Common [Member]
Partners' capital:
Limited partners	$ 294,331	$ 295,045

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	630,743,000	629,616,000
Common stock, shares outstanding	630,743,000	629,616,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Rental	$ 696,807	$ 555,943
Strategic capital	73,805	132,961
Development management and other	1,440	4,752
Total revenues	772,052	693,656
Expenses:
Rental	188,068	142,941
Strategic capital	38,058	43,860
General and administrative	69,701	62,428
Depreciation and amortization	284,009	204,081
Other	3,834	3,239
Total expenses	583,670	456,549
Operating income before gains on real estate transactions, net	188,382	237,107
Gains on real estate transactions, net	188,208	195,111
Operating income	376,590	432,218
Other income (expense):
Earnings from unconsolidated entities, net	56,666	62,656
Interest expense	(60,507)	(47,245)
Interest and other income, net	7,910	1,976
Foreign currency and derivative gains (losses), net	8,734	(41,094)
Losses on early extinguishment of debt, net	(2,116)	0
Total other income (expense)	10,687	(23,707)
Earnings before income taxes	387,277	408,511
Total income tax expense	13,512	16,552
Consolidated net earnings	373,765	391,959
Less net earnings attributable to noncontrolling interests	25,219	24,581
Net earnings attributable to controlling interests	348,546	367,378
Less preferred stock/unit dividends/distributions	1,499	1,476
Net earnings attributable to common stockholders/unitholders	$ 347,047	$ 365,902
Weighted average common shares/units outstanding - Basic	629,676	532,185
Weighted average common shares/units outstanding - Diluted	654,359	554,123
Net earnings per share attributable to common stockholders/unitholders - Basic	$ 0.55	$ 0.69
Net earnings per share attributable to common stockholders/unitholders - Diluted	$ 0.55	$ 0.68
Prologis, L.P. [Member]
Revenues:
Rental	$ 696,807	$ 555,943
Strategic capital	73,805	132,961
Development management and other	1,440	4,752
Total revenues	772,052	693,656
Expenses:
Rental	188,068	142,941
Strategic capital	38,058	43,860
General and administrative	69,701	62,428
Depreciation and amortization	284,009	204,081
Other	3,834	3,239
Total expenses	583,670	456,549
Operating income before gains on real estate transactions, net	188,382	237,107
Gains on real estate transactions, net	188,208	195,111
Operating income	376,590	432,218
Other income (expense):
Earnings from unconsolidated entities, net	56,666	62,656
Interest expense	(60,507)	(47,245)
Interest and other income, net	7,910	1,976
Foreign currency and derivative gains (losses), net	8,734	(41,094)
Losses on early extinguishment of debt, net	(2,116)	0
Total other income (expense)	10,687	(23,707)
Earnings before income taxes	387,277	408,511
Total income tax expense	13,512	16,552
Consolidated net earnings	373,765	391,959
Less net earnings attributable to noncontrolling interests	14,645	14,058
Net earnings attributable to controlling interests	359,120	377,901
Less preferred stock/unit dividends/distributions	1,499	1,476
Net earnings attributable to common stockholders/unitholders	$ 357,621	$ 376,425
Weighted average common shares/units outstanding - Basic	640,504	538,977
Weighted average common shares/units outstanding - Diluted	654,359	554,123
Net earnings per share attributable to common stockholders/unitholders - Basic	$ 0.55	$ 0.69
Net earnings per share attributable to common stockholders/unitholders - Diluted	$ 0.55	$ 0.68

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Consolidated net earnings	$ 373,765	$ 391,959
Other comprehensive income (loss):
Foreign currency translation gains, net	60,080	4,770
Unrealized losses on derivative contracts, net	(2,633)	(6,287)
Comprehensive income	431,212	390,442
Net earnings attributable to noncontrolling interests	(25,219)	(24,581)
Other comprehensive income attributable to noncontrolling interests	(1,982)	(168)
Comprehensive income attributable to common stockholders / unitholders	404,011	365,693
Prologis, L.P. [Member]
Consolidated net earnings	373,765	391,959
Other comprehensive income (loss):
Foreign currency translation gains, net	60,080	4,770
Unrealized losses on derivative contracts, net	(2,633)	(6,287)
Comprehensive income	431,212	390,442
Net earnings attributable to noncontrolling interests	(14,645)	(14,058)
Other comprehensive income attributable to noncontrolling interests	(263)	(219)
Comprehensive income attributable to common stockholders / unitholders	$ 416,304	$ 376,165

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Distributions in Excess of Net Earnings [Member]	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
Consolidated net earnings	391,959	0	$ 0	0	0	367,378	24,581
Effect of equity compensation plans	6,057	0	$ 9	(5,357)	0	0	11,405
Effect of equity compensation plans, shares			921
Capital contributions	850	0	$ 0	0	0	0	850
Redemption of noncontrolling interests	(15,776)	0	0	(1,131)	0	0	(14,645)
Foreign currency translation gains, net	4,770	0	0	0	4,420	0	350
Unrealized losses on derivative contracts, net	(6,287)	0	0	0	(6,105)	0	(182)
Reallocation of equity	0	0	0	(52,505)	0	0	52,505
Dividend ($0.53 and $0.48 per common share for 2019 and 2018) and other	(299,194)	0	0	(105)	0	(257,687)	(41,402)
Balance at Mar. 31, 2018	18,788,120	68,948	$ 5,331	19,303,909	(903,343)	(2,794,770)	3,108,045
Balance, shares at Mar. 31, 2018			533,107
Balance at Dec. 31, 2018	$ 25,800,888	68,948	$ 6,296	25,685,987	(1,084,671)	(2,378,467)	3,502,795
Balance, shares at Dec. 31, 2018	629,616		629,616
Consolidated net earnings	$ 373,765	0	$ 0	0	0	348,546	25,219
Effect of equity compensation plans	22,029	0	$ 7	(1,198)	0	0	23,220
Effect of equity compensation plans, shares			764
Capital contributions	6,538	0	$ 0	0	0	0	6,538
Redemption of noncontrolling interests	(40,223)	0	$ 4	2,980	0	0	(43,207)
Redemption of noncontrolling interests, shares			363
Contribution to Brazil venture	(12,630)	0	$ 0	0	0	0	(12,630)
Foreign currency translation gains, net	60,080	0	0	0	58,019	0	2,061
Unrealized losses on derivative contracts, net	(2,633)	0	0	0	(2,554)	0	(79)
Reallocation of equity	0	0	0	(33,304)	0	0	33,304
Dividend ($0.53 and $0.48 per common share for 2019 and 2018) and other	(383,753)	0	0	(16)	0	(336,094)	(47,643)
Balance at Mar. 31, 2019	$ 25,824,061	$ 68,948	$ 6,307	$ 25,654,449	$ (1,029,206)	$ (2,366,015)	$ 3,489,578
Balance, shares at Mar. 31, 2019	630,743		630,743

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement Of Stockholders Equity [Abstract]
Dividends or distributions per common share or unit	$ 0.53	$ 0.48

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities:
Consolidated net earnings	$ 373,765	$ 391,959
Adjustments to reconcile net earnings to net cash provided by operating activities:
Straight-lined rents and amortization of above and below market leases	(27,912)	(15,060)
Equity-based compensation awards	31,758	19,996
Depreciation and amortization	284,009	204,081
Earnings from unconsolidated entities, net	(56,666)	(62,656)
Operating distributions from unconsolidated entities	96,401	85,229
Decrease (increase) in operating receivables from unconsolidated entities	49,488	(67,223)
Amortization of debt discounts, net and debt issuance costs	4,162	3,014
Gains on real estate transactions, net	(188,208)	(195,111)
Unrealized foreign currency and derivative losses (gains), net	(7,158)	34,145
Losses on early extinguishment of debt, net	2,116	0
Deferred income tax expense (benefit)	793	(2,064)
Increase in accounts receivable, lease right-of-use assets and other assets	(13,470)	(2,705)
Decrease in accounts payable and accrued expenses, lease liabilities and other liabilities	(54,164)	(44,364)
Net cash provided by operating activities	494,914	349,241
Investing activities:
Real estate development	(368,596)	(365,837)
Real estate acquisitions	(274,528)	(112,621)
Tenant improvements and lease commissions on previously leased space	(40,338)	(28,027)
Property improvements	(13,612)	(10,456)
Proceeds from dispositions and contributions of real estate properties	595,496	579,429
Investments in and advances to unconsolidated entities	(75,559)	(52,131)
Return of investment from unconsolidated entities	355,539	111,211
Proceeds from repayment of notes receivable backed by real estate	0	34,260
Proceeds from the settlement of net investment hedges	9,761	0
Payments on the settlement of net investment hedges	(28,524)	(3,966)
Net cash provided by investing activities	159,639	151,862
Financing activities:
Proceeds from issuance of common stock/units	2,482	1,233
Dividends/distributions paid on common and preferred stock/units	(336,094)	(257,687)
Noncontrolling interests contributions	6,538	850
Noncontrolling interests distributions	(47,643)	(41,402)
Settlement of noncontrolling interests	(40,223)	(15,776)
Tax paid for shares withheld	(21,094)	(26,479)
Debt issuance costs paid	(14,692)	(1,002)
Net proceeds from (payments on) credit facilities	(24,565)	12,138
Repurchase of and payments on debt	(1,418,438)	(696,011)
Proceeds from the issuance of debt	1,145,095	528,167
Net cash used in financing activities	(748,634)	(495,969)
Effect of foreign currency exchange rate changes on cash	1,255	5,919
Net increase (decrease) in cash and cash equivalents	(92,826)	11,053
Cash and cash equivalents, beginning of period	343,856	447,046
Cash and cash equivalents, end of period	251,030	458,099
Prologis, L.P. [Member]
Operating activities:
Consolidated net earnings	373,765	391,959
Adjustments to reconcile net earnings to net cash provided by operating activities:
Straight-lined rents and amortization of above and below market leases	(27,912)	(15,060)
Equity-based compensation awards	31,758	19,996
Depreciation and amortization	284,009	204,081
Earnings from unconsolidated entities, net	(56,666)	(62,656)
Operating distributions from unconsolidated entities	96,401	85,229
Decrease (increase) in operating receivables from unconsolidated entities	49,488	(67,223)
Amortization of debt discounts, net and debt issuance costs	4,162	3,014
Gains on real estate transactions, net	(188,208)	(195,111)
Unrealized foreign currency and derivative losses (gains), net	(7,158)	34,145
Losses on early extinguishment of debt, net	2,116	0
Deferred income tax expense (benefit)	793	(2,064)
Increase in accounts receivable, lease right-of-use assets and other assets	(13,470)	(2,705)
Decrease in accounts payable and accrued expenses, lease liabilities and other liabilities	(54,164)	(44,364)
Net cash provided by operating activities	494,914	349,241
Investing activities:
Real estate development	(368,596)	(365,837)
Real estate acquisitions	(274,528)	(112,621)
Tenant improvements and lease commissions on previously leased space	(40,338)	(28,027)
Property improvements	(13,612)	(10,456)
Proceeds from dispositions and contributions of real estate properties	595,496	579,429
Investments in and advances to unconsolidated entities	(75,559)	(52,131)
Return of investment from unconsolidated entities	355,539	111,211
Proceeds from repayment of notes receivable backed by real estate	0	34,260
Proceeds from the settlement of net investment hedges	9,761	0
Payments on the settlement of net investment hedges	(28,524)	(3,966)
Net cash provided by investing activities	159,639	151,862
Financing activities:
Proceeds from issuance of common stock/units	2,482	1,233
Dividends/distributions paid on common and preferred stock/units	(349,231)	(268,143)
Noncontrolling interests contributions	6,538	850
Noncontrolling interests distributions	(34,506)	(30,946)
Settlement of noncontrolling interests	(21,093)	(2,520)
Redemption of common limited partnership units	(19,130)	(13,256)
Tax paid for shares of the Parent withheld	(21,094)	(26,479)
Debt issuance costs paid	(14,692)	(1,002)
Net proceeds from (payments on) credit facilities	(24,565)	12,138
Repurchase of and payments on debt	(1,418,438)	(696,011)
Proceeds from the issuance of debt	1,145,095	528,167
Net cash used in financing activities	(748,634)	(495,969)
Effect of foreign currency exchange rate changes on cash	1,255	5,919
Net increase (decrease) in cash and cash equivalents	(92,826)	11,053
Cash and cash equivalents, beginning of period	343,856	447,046
Cash and cash equivalents, end of period	$ 251,030	$ 458,099

Consolidated Statements of Capi

Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Consolidated net earnings	$ 373,765	$ 391,959
Effect of equity compensation plans	22,029	6,057
Capital contributions	6,538	850
Redemption of noncontrolling interests	40,223	15,776
Contribution to Brazil venture	(12,630)
Unrealized losses on derivative contracts, net	(2,633)	(6,287)
Non-controlling Interests [Member]
Consolidated net earnings	25,219	24,581
Effect of equity compensation plans	23,220	11,405
Capital contributions	6,538	850
Redemption of noncontrolling interests	43,207	14,645
Contribution to Brazil venture	(12,630)
Unrealized losses on derivative contracts, net	$ (79)	(182)
Class A Common [Member]
Beginning balance, units	8,800
Ending balance, units	8,800
Prologis, L.P. [Member]
Beginning balance	$ 25,800,888	18,705,741
Consolidated net earnings	373,765	391,959
Effect of equity compensation plans	22,029	6,057
Capital contributions	6,538	850
Redemption of noncontrolling interests	(21,093)	(2,520)
Redemption of limited partners units	(19,130)	(13,256)
Contribution to Brazil venture	(12,630)
Foreign currency translation gains, net	60,080	4,770
Unrealized losses on derivative contracts, net	(2,633)	(6,287)
Distributions ($0.53 and $0.48 per common unit for 2019 and 2018) and other	(383,753)	(299,194)
Ending balance	25,824,061	18,788,120
Prologis, L.P. [Member] | Non-controlling Interests [Member]
Beginning balance	2,836,469	2,660,242
Consolidated net earnings	14,645	14,058
Capital contributions	6,538	850
Redemption of noncontrolling interests	(11,258)	(1,389)
Contribution to Brazil venture	(12,630)
Foreign currency translation gains, net	263	219
Distributions ($0.53 and $0.48 per common unit for 2019 and 2018) and other	(34,506)	(30,946)
Ending balance	2,799,521	2,643,034
Prologis, L.P. [Member] | Preferred [Member] | General Partner
Beginning balance	$ 68,948	$ 68,948
Beginning balance, units	1,379	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	$ 22,229,145	$ 15,562,210
Beginning balance, units	629,616	532,186
Consolidated net earnings	$ 348,546	$ 367,378
Effect of equity compensation plans	$ (1,191)	$ (5,348)
Effect of equity compensation plans, shares	764	921
Redemption of noncontrolling interests	$ (9,835)	$ (1,131)
Redemption of limited partners units	$ 12,819
Redemption of limited partners units, units	363
Foreign currency translation gains, net	$ 58,019	4,420
Unrealized losses on derivative contracts, net	(2,554)	(6,105)
Reallocation of capital	(33,304)	(52,505)
Distributions ($0.53 and $0.48 per common unit for 2019 and 2018) and other	(336,110)	(257,792)
Ending balance	$ 22,265,535	$ 15,611,127
Ending balance, units	630,743	533,107
Prologis, L.P. [Member] | Common [Member] | Limited Partners [Member]
Beginning balance	$ 371,281	$ 165,401
Beginning balance, units	10,516	5,656
Consolidated net earnings	$ 5,968	$ 4,670
Effect of equity compensation plans	$ 23,220	$ 11,405
Effect of equity compensation plans, shares	1,355	1,953
Redemption of limited partners units	$ (31,949)	$ (13,256)
Redemption of limited partners units, units	(661)	(213)
Foreign currency translation gains, net	$ 1,031	$ 61
Unrealized losses on derivative contracts, net	(45)	(85)
Reallocation of capital	33,634	53,084
Distributions ($0.53 and $0.48 per common unit for 2019 and 2018) and other	(7,414)	(4,705)
Ending balance	$ 395,726	$ 216,575
Ending balance, units	11,210	7,396
Prologis, L.P. [Member] | Class A Common [Member] | Limited Partners [Member]
Beginning balance	$ 295,045	$ 248,940
Beginning balance, units	8,849	8,894
Consolidated net earnings	$ 4,606	$ 5,853
Foreign currency translation gains, net	767	70
Unrealized losses on derivative contracts, net	(34)	(97)
Reallocation of capital	(330)	(579)
Distributions ($0.53 and $0.48 per common unit for 2019 and 2018) and other	(5,723)	(5,751)
Ending balance	$ 294,331	$ 248,436
Ending balance, units	8,849	8,894

Consolidated Statements of Ca_2

Consolidated Statements of Capital (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Dividends or distributions per common share or unit	$ 0.53	$ 0.48
Prologis, L.P. [Member]
Dividends or distributions per common share or unit	$ 0.53	$ 0.48

General

General	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
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 key markets in 19 countries on four continents. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors. We maintain a significant level of ownership in these co-investment ventures, which may be consolidated or unconsolidated based on our level of control of the entity. Our current business strategy consists of two operating business segments: Real Estate 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 and other ventures. See Note 11 for further discussion of our business segments. Unless otherwise indicated, the Notes to the Consolidated Financial Statements apply to both the Parent and the OP. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and OP collectively. For each share of preferred or common stock the Parent issues, the OP issues a corresponding preferred or common partnership unit, as applicable, to the Parent in exchange for the contribution of the proceeds from the stock issuance. At March 31, 2019, the Parent owned a 96.99% common general partnership interest in the OP and 100% of the preferred units in the OP. The remaining 3.01% 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. References herein to the translation of activity for significant nonrecurring transactions are at the rate in effect at the date of the transaction. 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, 2018, as filed with the SEC, and other public information. Reclassifications. Upon adoption of the new lease standard, rental recoveries for 2018 have been reclassified to Rental Revenues in the Consolidated Statements of Income to conform to the 2019 financial statement presentation. New Accounting Pronouncements. New Accounting Standards Adopted Leases. In February 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update (“ASU”) that provided the principles for the recognition, measurement, presentation and disclosure of leases. The guidance amended the existing accounting standards, including the requirement that lessees recognize right-of-use assets and lease liabilities for leases with terms greater than twelve months in the Consolidated Balance Sheets. Additional guidance and targeted improvements to the February 2016 ASU were made through the issuance of supplementary ASUs in July 2018, December 2018 and March 2019. We refer to all three ASUs collectively as the “new lease standard.” We adopted the new lease standard on January 1, 2019 and applied it to leases that were in place on the effective date. Results for reporting periods beginning January 1, 2019 are presented under the new lease standard. We elected the package of practical expedients and were not required to reassess the following upon adoption: (i) whether an expired or existing contract met the definition of a lease; (ii) the lease classification at January 1, 2019 for existing leases; and (iii) whether leasing costs previously capitalized as initial direct costs would continue to be amortized. This allowed us to continue to account for our existing ground and office space leases as operating leases, however, any new or renewed ground leases after January 1, 2019 may be classified as financing leases unless they meet certain conditions to be considered a lease involving land owned by a government unit or authority. Upon adoption, we did not have an adjustment to the opening balance of retained earnings due to the election of these practical expedients. • As a lessor. The new lease standard required that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Initial direct costs include the salaries and related costs for employees directly working on leasing activities. Prior to January 1, 2019, these costs were capitalizable and therefore the new lease standard resulted in certain of these costs being expensed as incurred. During the three months ended March 31, 2019 and 2018, we expensed $6.5 million in in the Consolidated Statements of Income and capitalized $5.4 million in in the Consolidated Balance Sheets, respectively, of internal costs related to our leasing activities. We will continue to amortize initial direct costs capitalized prior to January 1, 2019. We adopted the practical expedient that allowed us to not separate expenses reimbursed by our customers (“rental recoveries”) from the associated rental revenue if certain criteria were met. We assessed these criteria and concluded that the timing and pattern of transfer for rental revenue and the associated rental recoveries are the same and as our leases qualify as operating leases, we accounted for and presented rental revenue and rental recoveries as a single component under Rental Revenues • As a lessee. At January 1, 2019 we recognized and , principally for our ground and office space leases, in which we are the lessee, on the Consolidated Balance Sheets. See Note 3 for further disclosure around our adoption of the new lease standard. Derivatives and Hedging . In August 2017, the FASB issued an ASU that simplified the application of hedge accounting guidance in current GAAP and improved 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 ASU eliminated 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 ASU required 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. We adopted the ASU on January 1, 2019 on a modified retrospective basis and there was no adjustment to the opening balance of retained earnings.

DCT Transaction

DCT Transaction	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
DCT Transaction	W e acquired DCT Industrial Trust Inc. and DCT Industrial Operating Partnership LP (collectively “DCT”) on August 22, 2018 (“DCT Transaction”). The DCT Transaction was completed for $8.5 billion through the issuance of equity based on the closing price of Prologis’ common stock on August 21, 2018 and the assumption of debt. In connection with the transaction, each issued and outstanding share or unit held by a DCT stockholder or unitholder was converted automatically into 1.02 shares of Prologis common stock or common units of Prologis, L.P., respectively, including shares and units under DCT’s equity incentive plan that became fully vested at closing. Through the DCT Transaction, we acquired a portfolio of logistics real estate assets that consisted of 408 operating properties, aggregating 68.0 million square feet, 10 properties under development, aggregating 2.8 million square feet and 305 acres of land with build-out potential of 4.5 million square feet. The aggregate equity consideration of approximately $6.6 billion is calculated below (in millions, except price per share): Number of Prologis shares and units issued upon conversion of DCT shares and units at August 21, 2018 99.73 Multiplied by price of Prologis' common stock on August 21, 2018 $ 65.75 Fair value of Prologis shares and units issued $ 6,557 We accounted for the DCT Transaction as an asset acquisition and as a result the transaction costs of $50.0 million were capitalized to the basis of the acquired properties. Transaction costs include investment banker advisory fees, legal fees and other costs. Under acquisition accounting, the total purchase price was allocated to the DCT net tangible and identifiable intangible assets acquired and liabilities assumed based on their relative fair values as follows (in millions): Net investments in real estate $ 8,362 Intangible assets, net of intangible liabilities 292 Cash and other assets 24 Debt (1,863 ) Accounts payable, accrued expenses and other liabilities (143 ) Noncontrolling interests (65 ) Total purchase price, including transaction costs $ 6,607

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Real Estate	Investments in real estate properties consisted of the following (dollars and square feet in thousands): Square Feet Number of Buildings March 31, December 31, March 31, December 31, March 31, December 31, 2019 2018 2019 2018 2019 2018 Operating properties: Buildings and improvements 351,159 354,762 1,869 1,858 $ 22,560,379 $ 22,587,267 Improved land 8,106,848 8,044,888 Development portfolio, including land costs: Prestabilized 7,562 8,709 34 30 623,569 828,064 Properties under development 25,899 27,715 65 70 1,316,068 1,314,737 Land (1) 1,143,294 1,192,220 Other real estate investments (2) 645,540 619,811 Total investments in real estate properties 34,395,698 34,586,987 Less accumulated depreciation 4,868,611 4,656,680 Net investments in real estate properties $ 29,527,087 $ 29,930,307 ( 1 ) At March 31, 2019 and December 31, 2018, our land is comprised of 4,582 and 4,929 acres, respectively. ( 2 ) Included in other real estate investments were: (i) land parcels that are ground leased to third parties; (ii) non-logistics real estate; (iii) our corporate headquarters; (iv) earnest money deposits associated with potential acquisitions; (v) costs related to future development projects, including purchase options on land; and (vi) infrastructure costs related to projects we are developing on behalf of others. Acquisitions The following table summarizes our real estate acquisition activity (dollars and square feet in thousands): Three Months Ended March 31, 2019 2018 Number of operating properties (1) 12 - Square feet (1) 967 - Acquisition value of net investments in real estate properties (2) $ 312,252 $ 134,941 (1) During the three months ended March 31, 2018, we did not acquire operating properties. (2) Value includes the acquisition of 188 and 379 acres of land during the three months ended March 31, 2019 and 2018, respectively. Dispositions The following table summarizes our gains on real estate transactions, net (dollars and square feet in thousands): Three Months Ended March 31, 2019 2018 Contributions to unconsolidated entities Number of properties 19 8 Square feet 8,149 3,078 Net proceeds (1) (2) $ 744,165 $ 539,822 Gains on contributions, net (1) (2) $ 37,138 $ 167,726 Dispositions to third parties Number of properties 2 11 Square feet 670 1,303 Net proceeds (1) $ 52,024 $ 87,981 Gains on dispositions, net (1) $ 16,048 $ 27,385 Total gains on contributions and dispositions, net $ 53,186 $ 195,111 Gain on partial redemption of investment in a co-investment venture (3) 135,022 - Total gains on real estate transactions, net $ 188,208 $ 195,111 (1 ) Includes the contribution and disposition of land parcels. (2) In January 2019, we formed Prologis Brazil Logistics Venture (“PBLV”), a Brazilian unconsolidated co-investment venture, with one partner. We contributed an initial portfolio of real estate properties to PBLV consisting of 14 operating properties totaling 6.9 million square feet and 371 acres of land. We received cash proceeds and units for our 20% equity interest. (3) See Note 4 for more information on this transaction. Leases As a Lessor We lease our operating properties to customers under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. We record amounts reimbursed by customers in the period that the applicable expenses are incurred, which is generally ratably throughout the term of the lease. Rental Revenues The following table summarizes the minimum lease payments due from our customers on leases with lease periods greater than one year for space in our operating properties, prestabilized development properties and leases of land subject to ground leases at March 31, 2019 (in thousands): 2019 $ 1,518,699 2020 1,950,122 2021 1,679,801 2022 1,360,816 2023 1,076,401 Thereafter 3,550,169 Total $ 11,136,008 These amounts do not reflect future rental revenues from the renewal or replacement of existing leases and exclude reimbursements of operating expenses and rental increases that are not fixed. As a Lessee We have 124 ground and office space leases, which qualify as operating leases, with remaining lease terms of 1 to 89 years. The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by our incremental borrowing rates to calculate the lease liabilities for our operating leases in which we are the lessee (in thousands): March 31, 2019 December 31, 2018 2019 $ 32,091 $ 38,769 2020 42,062 38,267 2021 38,032 34,307 2022 36,057 32,312 2023 31,029 30,180 Thereafter 681,381 670,147 Total undiscounted rental payments 860,652 $ 843,982 Less imputed interest 468,311 Total lease liabilities $ 392,341 The weighted average remaining lease term for our operating leases was 32 and 28 years at March 31, 2019 and December 31, 2018, respectively. We do not include renewal options in the lease term for calculating the lease liability unless we are reasonably certain we will exercise the option or the lessor has the sole ability to exercise the option. The weighted average incremental borrowing rate was 4.1% at March 31, 2019. We assigned a collateralized interest rate to each lease based on the term of the lease and the currency in which the lease is denominated.

Unconsolidated Entities

Unconsolidated Entities	3 Months Ended
	Mar. 31, 2019
Equity Method Investments And Joint Ventures [Abstract]
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 that are related parties, which are accounted for using the equity method of accounting. See Note 7 for more detail regarding our consolidated investments that are not wholly owned. We also have 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): March 31, December 31, 2019 2018 Unconsolidated co-investment ventures $ 5,272,073 $ 5,407,838 Other ventures 340,987 337,456 Total $ 5,613,060 $ 5,745,294 Unconsolidated Co-Investment Ventures The following table summarizes the Strategic Capital Revenues Three Months Ended March 31, 2019 2018 Recurring fees $ 62,117 $ 54,644 Transactional fees 11,348 15,624 Promote revenues - 62,544 Total strategic capital revenues from unconsolidated co-investment ventures (1) $ 73,465 $ 132,812 (1) These amounts exclude strategic capital revenues from other ventures. The following table summarizes the key property information, financial position and operating information of our unconsolidated co-investment ventures (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: Mar 31, 2019 Dec 31, 2018 Mar 31, 2019 (1) Dec 31, 2018 Mar 31, 2019 Dec 31, 2018 Mar 31, 2019 Dec 31, 2018 Mar 31, 2019 Dec 31, 2018 Key property information: Ventures 1 1 2 2 3 3 2 2 8 8 Operating properties 566 566 215 209 679 669 131 125 1,591 1,569 Square feet 91 91 45 39 161 159 53 51 350 340 Financial position: Unconsolidated co-investment ventures: Total assets ($) 7,376 7,303 2,791 2,137 13,615 13,028 7,119 7,089 30,901 29,557 Third-party debt ($) 2,090 2,094 775 838 2,993 2,548 2,835 2,668 8,693 8,148 Total liabilities ($) 2,411 2,350 816 862 4,226 3,615 3,174 3,006 10,627 9,833 Our investment balance ($) (2) 1,441 1,457 669 554 2,574 2,784 588 613 5,272 5,408 Our weighted average ownership (3) (4) 27.2 % 27.4 % 38.5 % 44.4 % 30.6 % 33.2 % 15.1 % 15.1 % 27.0 % 28.3 % U.S. Other Americas Europe Asia Total Operating Information: Mar 31, 2019 Mar 31, 2018 Mar 31, 2019 Mar 31, 2018 Mar 31, 2019 Mar 31, 2018 Mar 31, 2019 Mar 31, 2018 Mar 31, 2019 Mar 31, 2018 For the three months ended: Unconsolidated co-investment ventures: Total revenues ($) 179 168 67 53 271 288 120 108 637 617 Net earnings ($) 29 13 34 14 71 93 37 42 171 162 Our earnings from unconsolidated co-investment ventures, net ($) 9 5 13 6 25 37 6 7 53 55 (1) PBLV and our other Brazilian joint ventures are combined and accounted for as one venture for the purpose of this table. (2) 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 March 31, 2019 and December 31, 2018, results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018 ($627.4 million and $635.9 million, respectively); (ii) recording additional costs associated with our investment in the venture ($88.4 million and $94.4 million, respectively); (iii) receivables, principally for fees and promotes ($100.9 million and $166.7 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. (3) Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets, before depreciation, net of other liabilities. (4) In February 2019, we redeemed a portion of our investment in Prologis European Logistics Fund (“PELF”) for €278.2 Equity Commitments Related to Certain Unconsolidated Co-Investment Ventures At March 31, 2019, our remaining equity commitments were $283.2 million, principally for Prologis China Logistics Venture and PBLV. The equity commitments expire from 2020 to 2026.

Assets Held for Sale or Contrib

Assets Held for Sale or Contribution	3 Months Ended
	Mar. 31, 2019
Real Estate Assets Held For Development And Sale [Abstract]
Assets Held for Sale or Contribution	NOTE 5. 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 March 31, 2019 and December 31, 2018. 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): March 31, December 31, 2019 2018 Number of operating properties 50 57 Square feet 9,648 8,236 Total assets held for sale or contribution $ 899,976 $ 622,288 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 11,069 $ 12,972

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	NOTE 6. DEBT All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt (dollars in thousands): March 31, 2019 December 31, 2018 Weighted Average Interest Rate (1) Amount Outstanding (2) Weighted Average Interest Rate (1) Amount Outstanding (2) Credit facilities 1.5 % $ 26,180 3.4 % $ 50,500 Senior notes 2.7 % 8,314,678 2.7 % 8,304,147 Term loans and unsecured other 0.9 % 1,411,343 1.8 % 1,921,428 Secured mortgage 4.3 % 953,938 5.1 % 813,740 Total 2.6 % $ 10,706,139 2.7 % $ 11,089,815 (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 undesignated and designated interest rate swaps, which effectively fix the interest rate on our variable rate debt. (2) We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies: March 31, 2019 December 31, 2018 Amount Outstanding % of Total Amount Outstanding % of Total British pound sterling $ 676,732 6.3 % $ 635,972 5.8 % Canadian dollar 271,975 2.5 % 266,337 2.4 % Euro 4,803,307 44.9 % 4,893,693 44.1 % Japanese yen 2,182,119 20.4 % 1,951,844 17.6 % U.S. dollar 2,772,006 25.9 % 3,341,969 30.1 % Total $ 10,706,139 $ 11,089,815 Credit Facilities In January 2019, we recast our global senior credit facility (the “Global Facility”), under which we may draw in British pounds sterling, Canadian dollars, euro, Japanese yen, Mexican pesos and U.S. dollars on a revolving basis up to $3.5 billion (subject to currency fluctuations). 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 January 2023; 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 have the ability to increase the Global Facility to $4.5 billion, subject to currency fluctuations and obtaining additional lender commitments. We also have a Japanese yen revolver (the “Revolver”) with availability of ¥50.0 billion ($451.4 million at March 31, 2019). We have the ability to increase the Revolver to ¥65.0 billion ($586.8 million at March 31, 2019), 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 March 31, 2019 (in millions): Aggregate lender commitments $ 3,932 Less: Borrowings outstanding 26 Outstanding letters of credit 31 Current availability $ 3,875 Senior Notes In March 2019, we completed a private placement for ¥10.0 billion ($90.5 million) of senior notes with a stated interest rate of 1.2%, maturing in March 2039. Term Loans In January 2019, we entered into two unsecured Japanese yen term loans for a total of ¥15.0 billion ($137.1 million) that bear interest of Yen LIBOR plus 0.5% to 0.6% and are scheduled to mature in January 2028 and 2030. In March 2019, we entered into an unsecured Japanese yen term loan agreement (the “2019 Yen Term Loan”) under which we can draw Japanese yen in an aggregate amount not to exceed ¥85.0 billion ($767.4 million at March 31, 2019). The 2019 Yen Term Loan currently bears interest at Yen LIBOR plus 0.4% and is scheduled to mature in March 2026. We have the ability to increase the 2019 Yen Term Loan to ¥120.0 billion ($1.1 billion at March 31, 2019), subject to obtaining additional lender commitments. Pricing under the 2019 Yen Term Loan, including the spread over LIBOR, facility fees and letter of credit fees, varies based on the public debt ratings of the OP. We repaid the outstanding balance of ¥100.0 billion ($897.4 million) on our 2016 Japanese yen term loan (“2016 Yen Term Loan”), primarily with the proceeds from the 2019 Yen Term Loan during the first quarter of 2019. The 2016 Yen Term Loan bore a floating rate of Yen LIBOR plus 0.7% and was scheduled to mature in August 2022 and August 2023. We paid down $500.0 million during both the three months ended March 31, 2019 and 2018, on our multi-currency term loan. Long-Term Debt Maturities Principal payments due on our debt for the remainder of 2019 and for each year through the period ended December 31, 2023, and thereafter were as follows at March 31, 2019 (in thousands): Unsecured Credit Senior Term Loans Secured Maturity Facilities Notes and Other Mortgage Total 2019 (1) $ - $ - $ 593 $ 252,100 $ 252,693 2020 (1) - 1,123,500 621 25,101 1,149,222 2021 - 786,450 677 229,913 1,017,040 2022 - 786,450 741 12,161 799,352 2023 (2) 26,180 850,000 128,519 39,307 1,044,006 Thereafter - 4,826,846 1,290,138 397,983 6,514,967 Subtotal 26,180 8,373,246 1,421,289 956,565 10,777,280 Premiums (discounts), net - (24,944) - 831 (24,113) Debt issuance costs, net - (33,624) (9,946) (3,458) (47,028) Total $ 26,180 $ 8,314,678 $ 1,411,343 $ 953,938 $ 10,706,139 (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 2023 maturities was the Global Facility that can be extended until 2024. Financial Debt Covenants We have $8.3 billion of senior notes and $1.4 billion of term loans outstanding at March 31, 2019 that were subject to certain financial covenants under their related indentures. We are also subject to financial covenants under our Credit Facilities and certain secured mortgage debt. At March 31, 2019, we were in compliance with all of our financial debt covenants. Guarantee of Finance Subsidiary Debt In 2018, we formed finance subsidiaries as part of our operations in Europe (Prologis Euro Finance LLC), Japan (Prologis Yen Finance LLC) and the United Kingdom (Prologis Sterling Finance LLC). These entities are 100% indirectly owned by the OP and all unsecured debt issued or to be issued by each entity is or will be fully and unconditionally guaranteed by the OP. There are no restrictions or limits on the OP’s ability to obtain funds from its subsidiaries by dividend or loan. In reliance on Rule 3-10 of Regulation S-X, the separate financial statements of Prologis Euro Finance LLC, Prologis Yen Finance LLC and Prologis Sterling Finance LLC are not provided.

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2019
Noncontrolling Interest [Abstract]
Noncontrolling Interests	NOTE 7. NONCONTROLLING INTERESTS Prologis, L.P. We report noncontrolling interests related to several entities we consolidate but of which we do not own 100% of the equity. These entities include two real estate partnerships that have issued limited partnership units to third parties. Depending on the specific partnership agreements, these limited partnership units are redeemable for cash or, at our option, 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 presented above 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 and noncontrolling interests and the consolidated entities’ total assets and total liabilities (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities Mar 31, 2019 Dec 31, 2018 Mar 31, 2019 Dec 31, 2018 Mar 31, 2019 Dec 31, 2018 Mar 31, 2019 Dec 31, 2018 Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 2,683,803 $ 2,697,095 $ 6,051,593 $ 6,072,087 $ 98,814 $ 92,782 Other consolidated entities (1) various various 115,718 139,374 1,036,813 1,045,202 88,283 53,145 Prologis, L.P. 2,799,521 2,836,469 7,088,406 7,117,289 187,097 145,927 Limited partners in Prologis, L.P. (2) (3) 690,057 666,326 - - - - Prologis, Inc. $ 3,489,578 $ 3,502,795 $ 7,088,406 $ 7,117,289 $ 187,097 $ 145,927 (1) 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 March 31, 2019 and December 31, 2018 were exchangeable into cash or, at our option, 0.4 million and 0.7 million shares of the Parent’s common stock, respectively. (2) We had 8.8 million Class A Units that were convertible into 8.4 million limited partnership units of the OP at March 31, 2019 and December 31, 2018. (3) At March 31, 2019 and December 31, 2018, excluding the Class A Units, there were limited partnership units in the OP that were exchangeable into cash or, at our option, 6.8 million and 7.2 million shares of the Parent’s common stock, respectively.

Long-Term Compensation

Long-Term Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Long-Term Compensation	NOTE 8. 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 ranges from three to ten years. The performance hurdle (“Outperformance Hurdle”) at the end of the initial three-year performance period requires our three-year compound annualized total stockholder return (“TSR”) to exceed a threshold set at the three -year compound annualized TSR for the Morgan Stanley Capital International (“MSCI”) US REIT Index for the same period plus 100 basis points. If the Outperformance Hurdle is met, a compensation pool will be formed equal to 3% of the excess value created, subject to a maximum as defined for each performance period. POP awards cannot be paid at a time when our absolute TSR is negative. If after seven years our absolute TSR has not been positive, the awards will be forfeited. We granted participation points for the 2019 – 2021 performance period in January 2019, with a fair value of $21.2 million using a Monte Carlo valuation model that assumed a risk-free interest rate of 2.6% and an expected volatility of 20.0%. The 2019 – 2021 performance period has an absolute maximum cap of $100 million. If an award is earned at the end of the initial three-year performance period, then 20% of the POP award is paid 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 Outperformance Hurdle was met for the 2016 – 2018 performance period, which resulted in awards being earned at December 31, 2018. Initial awards of $75.0 million in aggregate were awarded in January 2019 in the form of 0.4 million shares of common stock and 0.8 million POP LTIP Units and LTIP Units. Participants are not able to sell or transfer equity awards received until three years after the end of the initial period. One-third of the remaining compensation pool in excess of the $75.0 million aggregate initial award amounts can be earned at the end of each of the three years following the end of the initial three-year performance period if our performance meets or exceeds the MSCI US REIT Index. Vesting for the 2016 – 2018 performance period for our Named Executive Officers (“NEOs”) follows the construct of the 2019 – 2021 performance period as described above, such that 20% of any amounts earned were awarded subject to a three-year holding period, and 80% of any amounts earned will cliff vest at the end of the seventh year following the initial three-year performance period. At March 31, 2019 there were 0.4 million unvested POP LTIP Units associated with the POP. Other Equity-Based Compensation Plans and Programs Our other equity-based compensation plans and programs include (i) the Prologis Promote Plan (“PPP”); (ii) the annual long-term incentive (“LTI”) equity award program (“Annual LTI Award”); and (iii) the annual bonus exchange program. Awards under these plans and programs may be issued in the form of restricted stock units (“RSUs”) or LTIP Units at the participant’s election. RSUs and LTIP Units are valued based on the market price of the Parent’s common stock on the date the award is granted and the grant date value is charged to compensation expense over the service period, which beginning in February 2018 was lengthened from three to four years for PPP and Annual LTI Awards and three years for bonus exchange awards offering a premium upon exchange. As our NEOs do not receive a bonus exchange premium for participating in the bonus exchange program, the equity they receive upon exchange for their cash bonuses does not have a vesting period. Summary of Award Activity RSUs The following table summarizes the activity for RSUs for the three months ended March 31, 2019 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2019 1,255 $ 54.48 Granted 503 70.95 Vested and distributed (575 ) 50.08 Forfeited (9 ) 62.01 Balance at March 31, 2019 1,174 $ 63.64 LTIP Units The following table summarizes the activity for LTIP Units for the three months ended March 31, 2019 (units in thousands): Vested Unvested Unvested Weighted Average LTIP Units LTIP Units Grant Date Fair Value Balance at January 1, 2019 3,293 2,177 $ 56.05 Granted - 911 70.87 Vested LTIP Units 964 (964 ) 54.44 Vested POP LTIP Units (1) 391 - N/A Conversion to common limited partnership units (198 ) - N/A Balance at March 31, 2019 4,450 2,124 $ 63.14 (1) Vested units were based on the POP performance criteria being met for the 2016 – 2018 performance period and represented the earned award amount. See above for further discussion on the POP.

Earnings Per Common Share or Un

Earnings Per Common Share or Unit	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Common Share or Unit	NOTE 9. EARNINGS PER COMMON SHARE OR UNIT We determine basic earnings per share or unit based on the weighted average number of shares of common stock or units outstanding during the period. We compute diluted earnings per share or unit based on the weighted average number of shares or units outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments. The computation of our basic and diluted earnings per share and unit was as follows (in thousands, except per share and unit amounts): Three Months Ended March 31, Prologis, Inc. 2019 2018 Net earnings attributable to common stockholders – Basic $ 347,047 $ 365,902 Net earnings attributable to exchangeable limited partnership units (1) 10,657 10,693 Adjusted net earnings attributable to common stockholders – Diluted $ 357,704 $ 376,595 Weighted average common shares outstanding – Basic 629,676 532,185 Incremental weighted average effect on exchange of limited partnership units (1) 19,718 16,270 Incremental weighted average effect of equity awards 4,965 5,668 Weighted average common shares outstanding – Diluted (2) 654,359 554,123 Net earnings per share attributable to common stockholders: Basic $ 0.55 $ 0.69 Diluted $ 0.55 $ 0.68 Three Months Ended March 31, Prologis, L.P. 2019 2018 Net earnings attributable to common unitholders $ 357,621 $ 376,425 Net earnings attributable to Class A Units (4,606 ) (5,853 ) Net earnings attributable to common unitholders – Basic 353,015 370,572 Net earnings attributable to Class A Units 4,606 5,853 Net earnings attributable to exchangeable other limited partnership units 83 170 Adjusted net earnings attributable to common unitholders – Diluted $ 357,704 $ 376,595 Weighted average common partnership units outstanding – Basic 640,504 538,977 Incremental weighted average effect on exchange of Class A Units 8,356 8,512 Incremental weighted average effect on exchange of other limited partnership units 534 966 Incremental weighted average effect of equity awards of Prologis, Inc. 4,965 5,668 Weighted average common units outstanding – Diluted (2) 654,359 554,123 Net earnings per unit attributable to common unitholders: Basic $ 0.55 $ 0.69 Diluted $ 0.55 $ 0.68 (1) The exchangeable limited partnership units include the units as discussed in Note 7. 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 March 31, 2019 2018 Class A Units 8,356 8,512 Other limited partnership units 534 966 Equity awards 7,673 8,380 Prologis, L.P. 16,563 17,858 Common limited partnership units 10,828 6,792 Prologis, Inc. 27,391 24,650

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Financial Instruments and Fair Value Measurements	NOTE 10. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Derivative Financial Instruments In the normal course of business, our operations are exposed to market risks, including the effect of changes in foreign currency exchange rates and interest rates. We may enter into derivative financial instruments to offset these underlying market risks. There have been no significant changes in our policy or strategy from what was disclosed in our Annual Report on Form 10-K for the year ended December 31, 2018. The following table presents the fair value of our derivative financial instruments recognized within Other Assets Other Liabilities March 31, 2019 December 31, 2018 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards Brazilian real $ - $ - $ 80 $ - British pound sterling 717 734 2,266 324 Canadian dollar 2,080 - 3,336 53 Euro 13,605 374 7,895 1,922 Japanese yen 3,666 76 3,334 1,318 Mexican peso - - 159 - Interest rate swaps U.S. dollar - 39 27 - Designated derivatives Foreign currency contracts Net investment hedges Brazilian real - - - 3,165 British pound sterling 460 3,526 - 949 Canadian dollar 3,893 - 5,634 - Interest rate swaps Cash flow hedges Euro - 368 - 428 Total fair value of derivatives $ 24,421 $ 5,117 $ 22,731 $ 8,159 Undesignated Derivative Financial Instruments Foreign Currency Contracts The following table summarizes the activity of our undesignated foreign currency contracts for the three months ended March 31 (in millions, except for weighted average forward rates and number of active contracts): 2019 2018 BRL CAD EUR GBP JPY CAD CNY EUR GBP JPY Notional amounts at January 1 $ 5 $ 55 $ 314 $ 118 $ 177 $ 56 $ - $ 233 $ 132 $ 153 New contracts 489 - - 112 - 5 80 28 - - Matured, expired or settled contracts (494 ) (9 ) (35 ) (21 ) (20 ) (6 ) (80 ) (25 ) (24 ) (19 ) Notional amounts at March 31 $ - $ 46 $ 279 $ 209 $ 157 $ 55 $ - $ 236 $ 108 $ 134 Weighted average forward rate at March 31 - 1.28 1.21 1.22 104.86 1.28 - 1.18 1.30 106.20 Active contracts at March 31 - 20 29 22 30 24 - 29 18 30 The following table summarizes the undesignated derivative financial instruments exercised and associated realized gains (losses) and unrealized gains (losses) in Foreign Currency and Derivative Gains (Losses), Net Three Months Ended March 31, 2019 2018 Exercised contracts 23 15 Realized gains (losses) on the matured, expired or settled contracts $ 1 $ (7 ) Unrealized gains (losses) on the change in fair value of outstanding contracts $ 7 $ (13 ) 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 three months ended March 31 2019 2018 BRL CAD GBP CAD Notional amounts at January 1 $ 460 $ 100 $ 127 $ 99 New contracts 489 - 262 100 Matured, expired or settled contracts (949 ) - - (99 ) Notional amounts at March 31 $ - $ 100 $ 389 $ 100 Weighted average forward rate at March 31 - 1.28 1.30 1.28 Active contracts at March 31 - 2 6 2 Interest Rate Swaps The following table summarizes the activity of our interest rate swaps designated as cash flow hedges for the three months ended March 31 2019 2018 EUR CAD EUR Notional amounts at January 1 $ 500 $ 271 $ - New contracts - - 500 Matured, expired or settled contracts - (271 ) - Notional amounts at March 31 $ 500 $ - $ 500 Designated Nonderivative Financial Instruments The following table summarizes our debt and accrued interest, designated as a hedge of our net investment in international subsidiaries (in millions): March 31, 2019 December 31, 2018 British pound sterling $ 346 $ 269 Euro $ 3,028 $ 2,645 The following table summarizes the recognized unrealized losses in Foreign Currency and Derivative Gains (Losses), Net 2018 Unrealized losses on the unhedged portion $ (24 ) The unrealized loss on the unhedged portion recognized during the three months ended March 31, 2019 was not material. 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 March 31, 2019 2018 Derivative net investment hedges $ (19,452 ) $ 3,093 Nonderivative net investment hedges 63,657 (109,877 ) Cumulative translation adjustment 15,875 111,554 Total foreign currency translation gains, net $ 60,080 $ 4,770 Cash flow hedges (1) $ 1,105 $ (9,285 ) Our share of derivatives from unconsolidated co-investment ventures (3,738 ) 2,998 Total unrealized losses on derivative contracts, net $ (2,633 ) $ (6,287 ) Total change in other comprehensive income (loss) $ 57,447 $ (1,517 ) (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, 2018. Fair Value Measurements on a Recurring Basis At March 31, 2019 and December 31, 2018, 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 March 31, 2019 and December 31, 2018, 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 March 31, 2019 and December 31, 2018. At March 31, 2019 and December 31, 2018, 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, 3 and 5, respectively. Fair Value of Financial Instruments At March 31, 2019 and December 31, 2018, 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 March 31, 2019 and December 31, 2018, 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 mortgage debt 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): March 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Credit Facilities $ 26,180 $ 26,180 $ 50,500 $ 50,513 Senior notes 8,314,678 8,846,176 8,304,147 8,606,864 Term loans and unsecured other 1,411,343 1,433,838 1,921,428 1,946,335 Secured mortgage 953,938 992,924 813,740 849,417 Total $ 10,706,139 $ 11,299,118 $ 11,089,815 $ 11,453,129

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Business Segments	NOTE 11. BUSINESS SEGMENTS Our current business strategy includes two operating segments: Real Estate Operations and Strategic Capital. We generate revenues, earnings, net operating income 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, along with land we lease, 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 management 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; (ii) each reportable business segment’s net operating income from external customers to Operating Income and Earnings Before Income Taxes; and (iii) each reportable business segment’s assets to Total Assets. Our chief operating decision makers rely primarily on net operating income and similar measures to make decisions about allocating resources and assessing segment performance. The applicable components of Total Revenues, Operating Income, Earnings Before Income Taxes and Total Assets are allocated to each reportable business segment’s revenues, net operating income and assets. Items that are not directly assignable to a segment, such as certain corporate income and expenses, are not allocated but reflected as reconciling items. The following reconciliations are presented in thousands: Three Months Ended March 31, 2019 2018 Revenues: Real estate operations segment: U.S. $ 651,869 $ 499,257 Other Americas 23,865 30,431 Europe 8,557 17,202 Asia 13,956 13,805 Total real estate operations segment 698,247 560,695 Strategic capital segment: U.S. 20,268 16,069 Other Americas 7,900 6,153 Europe 28,838 38,817 Asia 16,799 71,922 Total strategic capital segment 73,805 132,961 Total revenues 772,052 693,656 Segment net operating income: Real estate operations segment: U.S. (1) 471,076 369,364 Other Americas 19,053 22,923 Europe 5,544 12,459 Asia 10,672 9,769 Total real estate operations segment 506,345 414,515 Strategic capital segment: U.S. (1) 3,327 (4,236 ) Other Americas 5,422 2,907 Europe 19,151 27,663 Asia 7,847 62,767 Total strategic capital segment 35,747 89,101 Total segment net operating income 542,092 503,616 Reconciling items: General and administrative expenses (69,701 ) (62,428 ) Depreciation and amortization expenses (284,009 ) (204,081 ) Gains on real estate transactions, net 188,208 195,111 Operating income 376,590 432,218 Earnings from unconsolidated entities, net 56,666 62,656 Interest expense (60,507 ) (47,245 ) Interest and other income, net 7,910 1,976 Foreign currency and derivative gains (losses), net 8,734 (41,094 ) Losses on early extinguishment of debt, net (2,116 ) - Earnings before income taxes $ 387,277 $ 408,511 March 31, 2019 December 31, 2018 Segment assets: Real estate operations segment: U.S. $ 28,113,087 $ 27,666,200 Other Americas 1,185,389 1,712,862 Europe 1,158,984 1,040,061 Asia 763,531 1,012,253 Total real estate operations segment 31,220,991 31,431,376 Strategic capital segment (2): U.S. 15,483 15,802 Europe 25,280 25,280 Asia 368 455 Total strategic capital segment 41,131 41,537 Total segment assets 31,262,122 31,472,913 Reconciling items: Investments in and advances to unconsolidated entities 5,613,060 5,745,294 Assets held for sale or contribution 899,976 622,288 Lease right-of-use assets 116,012 - Cash and cash equivalents 251,030 343,856 Other assets 249,912 233,313 Total reconciling items 7,129,990 6,944,751 Total assets $ 38,392,112 $ 38,417,664 (1) This includes compensation and personnel costs for employees who were located in the U.S. but also support other regions. (2) Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital segment. Goodwill was $25.3 million at March 31, 2019 and December 31, 2018.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	NOTE 12. SUPPLEMENTAL CASH FLOW INFORMATION Our significant noncash investing and financing activities for the three months ended March 31, 2019 and 2018 included the following: • Due to the adoption of the new lease standard on January 1, 2019, we recorded Lease ROU Assets and Lease Liabilities on the Consolidated Balance Sheets, including any new leases after January 1, 2019, of $393.0 million and $400.3 million, respectively. • We capitalized $7.5 million in 2019 and 2018 of equity-based compensation expense. Beginning January 1, 2019, upon adoption of the new lease standard, we capitalized equity-based compensation expenses related to development activities only. Internal costs related to our leasing activities are expensed as incurred. • We received $177.2 million and $50.6 million in 2019 and 2018, 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 3. Included in 2019 is our initial 20% investment in PBLV in exchange for our contribution of the initial portfolio of properties to the Venture upon formation. • We issued 0.4 million shares in 2019 of the Parent’s common stock upon redemption of an equal number of common limited partnership units in the OP. We paid $95.4 million and $82.9 million for interest, net of amounts capitalized, for the three months ended March 31, 2019 and 2018, respectively. We paid $26.5 million and $24.8 million for income taxes, net of refunds, for the three months ended March 31, 2019 and 2018, respectively.

General (Policies)

General (Policies)	3 Months Ended
	Mar. 31, 2019
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. References herein to the translation of activity for significant nonrecurring transactions are at the rate in effect at the date of the transaction. 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, 2018, as filed with the SEC, and other public information.
Reclassification	Reclassifications. Upon adoption of the new lease standard, rental recoveries for 2018 have been reclassified to Rental Revenues in the Consolidated Statements of Income to conform to the 2019 financial statement presentation.
New Accounting Pronouncements	New Accounting Pronouncements. New Accounting Standards Adopted Leases. In February 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update (“ASU”) that provided the principles for the recognition, measurement, presentation and disclosure of leases. The guidance amended the existing accounting standards, including the requirement that lessees recognize right-of-use assets and lease liabilities for leases with terms greater than twelve months in the Consolidated Balance Sheets. Additional guidance and targeted improvements to the February 2016 ASU were made through the issuance of supplementary ASUs in July 2018, December 2018 and March 2019. We refer to all three ASUs collectively as the “new lease standard.” We adopted the new lease standard on January 1, 2019 and applied it to leases that were in place on the effective date. Results for reporting periods beginning January 1, 2019 are presented under the new lease standard. We elected the package of practical expedients and were not required to reassess the following upon adoption: (i) whether an expired or existing contract met the definition of a lease; (ii) the lease classification at January 1, 2019 for existing leases; and (iii) whether leasing costs previously capitalized as initial direct costs would continue to be amortized. This allowed us to continue to account for our existing ground and office space leases as operating leases, however, any new or renewed ground leases after January 1, 2019 may be classified as financing leases unless they meet certain conditions to be considered a lease involving land owned by a government unit or authority. Upon adoption, we did not have an adjustment to the opening balance of retained earnings due to the election of these practical expedients. • As a lessor. The new lease standard required that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Initial direct costs include the salaries and related costs for employees directly working on leasing activities. Prior to January 1, 2019, these costs were capitalizable and therefore the new lease standard resulted in certain of these costs being expensed as incurred. During the three months ended March 31, 2019 and 2018, we expensed $6.5 million in in the Consolidated Statements of Income and capitalized $5.4 million in in the Consolidated Balance Sheets, respectively, of internal costs related to our leasing activities. We will continue to amortize initial direct costs capitalized prior to January 1, 2019. We adopted the practical expedient that allowed us to not separate expenses reimbursed by our customers (“rental recoveries”) from the associated rental revenue if certain criteria were met. We assessed these criteria and concluded that the timing and pattern of transfer for rental revenue and the associated rental recoveries are the same and as our leases qualify as operating leases, we accounted for and presented rental revenue and rental recoveries as a single component under Rental Revenues • As a lessee. At January 1, 2019 we recognized and , principally for our ground and office space leases, in which we are the lessee, on the Consolidated Balance Sheets. See Note 3 for further disclosure around our adoption of the new lease standard. Derivatives and Hedging . In August 2017, the FASB issued an ASU that simplified the application of hedge accounting guidance in current GAAP and improved 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 ASU eliminated 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 ASU required 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. We adopted the ASU on January 1, 2019 on a modified retrospective basis and there was no adjustment to the opening balance of retained earnings.

DCT Transaction (Tables)

DCT Transaction (Tables) - DCT Transaction [Member]	3 Months Ended
	Mar. 31, 2019
Schedule of Aggregate Equity Consideration	The aggregate equity consideration of approximately $6.6 billion is calculated below (in millions, except price per share): Number of Prologis shares and units issued upon conversion of DCT shares and units at August 21, 2018 99.73 Multiplied by price of Prologis' common stock on August 21, 2018 $ 65.75 Fair value of Prologis shares and units issued $ 6,557
Schedule of Purchase Price Allocated to DCT Net Tangible and Identifiable Intangible Assets Acquired and Liabilities Assumed	Under acquisition accounting, the total purchase price was allocated to the DCT net tangible and identifiable intangible assets acquired and liabilities assumed based on their relative fair values as follows (in millions): Net investments in real estate $ 8,362 Intangible assets, net of intangible liabilities 292 Cash and other assets 24 Debt (1,863 ) Accounts payable, accrued expenses and other liabilities (143 ) Noncontrolling interests (65 ) Total purchase price, including transaction costs $ 6,607

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, December 31, March 31, December 31, March 31, December 31, 2019 2018 2019 2018 2019 2018 Operating properties: Buildings and improvements 351,159 354,762 1,869 1,858 $ 22,560,379 $ 22,587,267 Improved land 8,106,848 8,044,888 Development portfolio, including land costs: Prestabilized 7,562 8,709 34 30 623,569 828,064 Properties under development 25,899 27,715 65 70 1,316,068 1,314,737 Land (1) 1,143,294 1,192,220 Other real estate investments (2) 645,540 619,811 Total investments in real estate properties 34,395,698 34,586,987 Less accumulated depreciation 4,868,611 4,656,680 Net investments in real estate properties $ 29,527,087 $ 29,930,307 ( 1 ) At March 31, 2019 and December 31, 2018, our land is comprised of 4,582 and 4,929 acres, respectively. ( 2 ) Included in other real estate investments were: (i) land parcels that are ground leased to third parties; (ii) non-logistics real estate; (iii) our corporate headquarters; (iv) earnest money deposits associated with potential acquisitions; (v) costs related to future development projects, including purchase options on land; and (vi) infrastructure costs related to projects we are developing on behalf of others.
Summary of Properties Acquired	The following table summarizes our real estate acquisition activity (dollars and square feet in thousands): Three Months Ended March 31, 2019 2018 Number of operating properties (1) 12 - Square feet (1) 967 - Acquisition value of net investments in real estate properties (2) $ 312,252 $ 134,941 (1) During the three months ended March 31, 2018, we did not acquire operating properties. (2) Value includes the acquisition of 188 and 379 acres of land during the three months ended March 31, 2019 and 2018, respectively.
Number Of Properties Disposed	The following table summarizes our gains on real estate transactions, net (dollars and square feet in thousands): Three Months Ended March 31, 2019 2018 Contributions to unconsolidated entities Number of properties 19 8 Square feet 8,149 3,078 Net proceeds (1) (2) $ 744,165 $ 539,822 Gains on contributions, net (1) (2) $ 37,138 $ 167,726 Dispositions to third parties Number of properties 2 11 Square feet 670 1,303 Net proceeds (1) $ 52,024 $ 87,981 Gains on dispositions, net (1) $ 16,048 $ 27,385 Total gains on contributions and dispositions, net $ 53,186 $ 195,111 Gain on partial redemption of investment in a co-investment venture (3) 135,022 - Total gains on real estate transactions, net $ 188,208 $ 195,111 (1 ) Includes the contribution and disposition of land parcels. (2) In January 2019, we formed Prologis Brazil Logistics Venture (“PBLV”), a Brazilian unconsolidated co-investment venture, with one partner. We contributed an initial portfolio of real estate properties to PBLV consisting of 14 operating properties totaling 6.9 million square feet and 371 acres of land. We received cash proceeds and units for our 20% equity interest. (3) See Note 4 for more information on this transaction.
Summary of Minimum Lease Payments Due from Our Customers on Leases	The following table summarizes the minimum lease payments due from our customers on leases with lease periods greater than one year for space in our operating properties, prestabilized development properties and leases of land subject to ground leases at March 31, 2019 (in thousands): 2019 $ 1,518,699 2020 1,950,122 2021 1,679,801 2022 1,360,816 2023 1,076,401 Thereafter 3,550,169 Total $ 11,136,008
Fixed, Future Minimum Rental Payments, Excluding Variable Costs Under Non-Cancelable Operating Leases	The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by our incremental borrowing rates to calculate the lease liabilities for our operating leases in which we are the lessee (in thousands): March 31, 2019 December 31, 2018 2019 $ 32,091 $ 38,769 2020 42,062 38,267 2021 38,032 34,307 2022 36,057 32,312 2023 31,029 30,180 Thereafter 681,381 670,147 Total undiscounted rental payments 860,652 $ 843,982 Less imputed interest 468,311 Total lease liabilities $ 392,341

Unconsolidated Entities (Tables

Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2019
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): March 31, December 31, 2019 2018 Unconsolidated co-investment ventures $ 5,272,073 $ 5,407,838 Other ventures 340,987 337,456 Total $ 5,613,060 $ 5,745,294
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 March 31, 2019 2018 Recurring fees $ 62,117 $ 54,644 Transactional fees 11,348 15,624 Promote revenues - 62,544 Total strategic capital revenues from unconsolidated co-investment ventures (1) $ 73,465 $ 132,812 (1) These amounts exclude strategic capital revenues from other ventures.
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: Mar 31, 2019 Dec 31, 2018 Mar 31, 2019 (1) Dec 31, 2018 Mar 31, 2019 Dec 31, 2018 Mar 31, 2019 Dec 31, 2018 Mar 31, 2019 Dec 31, 2018 Key property information: Ventures 1 1 2 2 3 3 2 2 8 8 Operating properties 566 566 215 209 679 669 131 125 1,591 1,569 Square feet 91 91 45 39 161 159 53 51 350 340 Financial position: Unconsolidated co-investment ventures: Total assets ($) 7,376 7,303 2,791 2,137 13,615 13,028 7,119 7,089 30,901 29,557 Third-party debt ($) 2,090 2,094 775 838 2,993 2,548 2,835 2,668 8,693 8,148 Total liabilities ($) 2,411 2,350 816 862 4,226 3,615 3,174 3,006 10,627 9,833 Our investment balance ($) (2) 1,441 1,457 669 554 2,574 2,784 588 613 5,272 5,408 Our weighted average ownership (3) (4) 27.2 % 27.4 % 38.5 % 44.4 % 30.6 % 33.2 % 15.1 % 15.1 % 27.0 % 28.3 % U.S. Other Americas Europe Asia Total Operating Information: Mar 31, 2019 Mar 31, 2018 Mar 31, 2019 Mar 31, 2018 Mar 31, 2019 Mar 31, 2018 Mar 31, 2019 Mar 31, 2018 Mar 31, 2019 Mar 31, 2018 For the three months ended: Unconsolidated co-investment ventures: Total revenues ($) 179 168 67 53 271 288 120 108 637 617 Net earnings ($) 29 13 34 14 71 93 37 42 171 162 Our earnings from unconsolidated co-investment ventures, net ($) 9 5 13 6 25 37 6 7 53 55 (1) PBLV and our other Brazilian joint ventures are combined and accounted for as one venture for the purpose of this table. (2) 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 March 31, 2019 and December 31, 2018, results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018 ($627.4 million and $635.9 million, respectively); (ii) recording additional costs associated with our investment in the venture ($88.4 million and $94.4 million, respectively); (iii) receivables, principally for fees and promotes ($100.9 million and $166.7 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. (3) Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets, before depreciation, net of other liabilities. (4) In February 2019, we redeemed a portion of our investment in Prologis European Logistics Fund (“PELF”) for €278.2

Assets Held for Sale or Contr_2

Assets Held for Sale or Contribution (Tables)	3 Months Ended
	Mar. 31, 2019
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): March 31, December 31, 2019 2018 Number of operating properties 50 57 Square feet 9,648 8,236 Total assets held for sale or contribution $ 899,976 $ 622,288 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 11,069 $ 12,972

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt Summary	The following table summarizes our debt (dollars in thousands): March 31, 2019 December 31, 2018 Weighted Average Interest Rate (1) Amount Outstanding (2) Weighted Average Interest Rate (1) Amount Outstanding (2) Credit facilities 1.5 % $ 26,180 3.4 % $ 50,500 Senior notes 2.7 % 8,314,678 2.7 % 8,304,147 Term loans and unsecured other 0.9 % 1,411,343 1.8 % 1,921,428 Secured mortgage 4.3 % 953,938 5.1 % 813,740 Total 2.6 % $ 10,706,139 2.7 % $ 11,089,815 (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 undesignated and designated interest rate swaps, which effectively fix the interest rate on our variable rate debt. (2) We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies: March 31, 2019 December 31, 2018 Amount Outstanding % of Total Amount Outstanding % of Total British pound sterling $ 676,732 6.3 % $ 635,972 5.8 % Canadian dollar 271,975 2.5 % 266,337 2.4 % Euro 4,803,307 44.9 % 4,893,693 44.1 % Japanese yen 2,182,119 20.4 % 1,951,844 17.6 % U.S. dollar 2,772,006 25.9 % 3,341,969 30.1 % Total $ 10,706,139 $ 11,089,815
Credit Facilities	The following table summarizes information about our Credit Facilities at March 31, 2019 (in millions): Aggregate lender commitments $ 3,932 Less: Borrowings outstanding 26 Outstanding letters of credit 31 Current availability $ 3,875
Long-Term Debt Maturities	Principal payments due on our debt for the remainder of 2019 and for each year through the period ended December 31, 2023, and thereafter were as follows at March 31, 2019 (in thousands): Unsecured Credit Senior Term Loans Secured Maturity Facilities Notes and Other Mortgage Total 2019 (1) $ - $ - $ 593 $ 252,100 $ 252,693 2020 (1) - 1,123,500 621 25,101 1,149,222 2021 - 786,450 677 229,913 1,017,040 2022 - 786,450 741 12,161 799,352 2023 (2) 26,180 850,000 128,519 39,307 1,044,006 Thereafter - 4,826,846 1,290,138 397,983 6,514,967 Subtotal 26,180 8,373,246 1,421,289 956,565 10,777,280 Premiums (discounts), net - (24,944) - 831 (24,113) Debt issuance costs, net - (33,624) (9,946) (3,458) (47,028) Total $ 26,180 $ 8,314,678 $ 1,411,343 $ 953,938 $ 10,706,139 (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 2023 maturities was the Global Facility that can be extended until 2024.

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2019
Noncontrolling Interest [Abstract]
Summary of Ownership Percentages and Noncontrolling Interests	The following table summarizes our ownership percentages and noncontrolling interests and the consolidated entities’ total assets and total liabilities (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities Mar 31, 2019 Dec 31, 2018 Mar 31, 2019 Dec 31, 2018 Mar 31, 2019 Dec 31, 2018 Mar 31, 2019 Dec 31, 2018 Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 2,683,803 $ 2,697,095 $ 6,051,593 $ 6,072,087 $ 98,814 $ 92,782 Other consolidated entities (1) various various 115,718 139,374 1,036,813 1,045,202 88,283 53,145 Prologis, L.P. 2,799,521 2,836,469 7,088,406 7,117,289 187,097 145,927 Limited partners in Prologis, L.P. (2) (3) 690,057 666,326 - - - - Prologis, Inc. $ 3,489,578 $ 3,502,795 $ 7,088,406 $ 7,117,289 $ 187,097 $ 145,927 (1) 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 March 31, 2019 and December 31, 2018 were exchangeable into cash or, at our option, 0.4 million and 0.7 million shares of the Parent’s common stock, respectively. (2) We had 8.8 million Class A Units that were convertible into 8.4 million limited partnership units of the OP at March 31, 2019 and December 31, 2018. (3) At March 31, 2019 and December 31, 2018, excluding the Class A Units, there were limited partnership units in the OP that were exchangeable into cash or, at our option, 6.8 million and 7.2 million shares of the Parent’s common stock, respectively.

Long-Term Compensation (Tables)

Long-Term Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2019 1,255 $ 54.48 Granted 503 70.95 Vested and distributed (575 ) 50.08 Forfeited (9 ) 62.01 Balance at March 31, 2019 1,174 $ 63.64
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 three months ended March 31, 2019 (units in thousands): Vested Unvested Unvested Weighted Average LTIP Units LTIP Units Grant Date Fair Value Balance at January 1, 2019 3,293 2,177 $ 56.05 Granted - 911 70.87 Vested LTIP Units 964 (964 ) 54.44 Vested POP LTIP Units (1) 391 - N/A Conversion to common limited partnership units (198 ) - N/A Balance at March 31, 2019 4,450 2,124 $ 63.14 (1) Vested units were based on the POP performance criteria being met for the 2016 – 2018 performance period and represented the earned award amount. See above for further discussion on the POP.

Earnings Per Common Share or _2

Earnings Per Common Share or Unit (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, Prologis, Inc. 2019 2018 Net earnings attributable to common stockholders – Basic $ 347,047 $ 365,902 Net earnings attributable to exchangeable limited partnership units (1) 10,657 10,693 Adjusted net earnings attributable to common stockholders – Diluted $ 357,704 $ 376,595 Weighted average common shares outstanding – Basic 629,676 532,185 Incremental weighted average effect on exchange of limited partnership units (1) 19,718 16,270 Incremental weighted average effect of equity awards 4,965 5,668 Weighted average common shares outstanding – Diluted (2) 654,359 554,123 Net earnings per share attributable to common stockholders: Basic $ 0.55 $ 0.69 Diluted $ 0.55 $ 0.68 Three Months Ended March 31, Prologis, L.P. 2019 2018 Net earnings attributable to common unitholders $ 357,621 $ 376,425 Net earnings attributable to Class A Units (4,606 ) (5,853 ) Net earnings attributable to common unitholders – Basic 353,015 370,572 Net earnings attributable to Class A Units 4,606 5,853 Net earnings attributable to exchangeable other limited partnership units 83 170 Adjusted net earnings attributable to common unitholders – Diluted $ 357,704 $ 376,595 Weighted average common partnership units outstanding – Basic 640,504 538,977 Incremental weighted average effect on exchange of Class A Units 8,356 8,512 Incremental weighted average effect on exchange of other limited partnership units 534 966 Incremental weighted average effect of equity awards of Prologis, Inc. 4,965 5,668 Weighted average common units outstanding – Diluted (2) 654,359 554,123 Net earnings per unit attributable to common unitholders: Basic $ 0.55 $ 0.69 Diluted $ 0.55 $ 0.68 (1) The exchangeable limited partnership units include the units as discussed in Note 7. 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 March 31, 2019 2018 Class A Units 8,356 8,512 Other limited partnership units 534 966 Equity awards 7,673 8,380 Prologis, L.P. 16,563 17,858 Common limited partnership units 10,828 6,792 Prologis, Inc. 27,391 24,650

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Schedule of Fair Value of Derivative Financial Instruments	The following table presents the fair value of our derivative financial instruments recognized within Other Assets Other Liabilities March 31, 2019 December 31, 2018 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards Brazilian real $ - $ - $ 80 $ - British pound sterling 717 734 2,266 324 Canadian dollar 2,080 - 3,336 53 Euro 13,605 374 7,895 1,922 Japanese yen 3,666 76 3,334 1,318 Mexican peso - - 159 - Interest rate swaps U.S. dollar - 39 27 - Designated derivatives Foreign currency contracts Net investment hedges Brazilian real - - - 3,165 British pound sterling 460 3,526 - 949 Canadian dollar 3,893 - 5,634 - Interest rate swaps Cash flow hedges Euro - 368 - 428 Total fair value of derivatives $ 24,421 $ 5,117 $ 22,731 $ 8,159
Summary of Undesignated Financial Instruments Exercised and Realized and Unrealized Gains (Losses) in Foreign Currency and Derivative Gains (Losses) Net	The following table summarizes the undesignated derivative financial instruments exercised and associated realized gains (losses) and unrealized gains (losses) in Foreign Currency and Derivative Gains (Losses), Net Three Months Ended March 31, 2019 2018 Exercised contracts 23 15 Realized gains (losses) on the matured, expired or settled contracts $ 1 $ (7 ) Unrealized gains (losses) on the change in fair value of outstanding contracts $ 7 $ (13 )
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 three months ended March 31 2019 2018 EUR CAD EUR Notional amounts at January 1 $ 500 $ 271 $ - New contracts - - 500 Matured, expired or settled contracts - (271 ) - Notional amounts at March 31 $ 500 $ - $ 500
Summary of Debt and Accrued Interest, Designated as Nonderivative Financial Instrument	The following table summarizes our debt and accrued interest, designated as a hedge of our net investment in international subsidiaries (in millions): March 31, 2019 December 31, 2018 British pound sterling $ 346 $ 269 Euro $ 3,028 $ 2,645
Summary of Recognized Unrealized Gains (Losses) in Foreign Currency and Derivative Gains (Losses) Net on Remeasurement of Unhedged Portion of Debt and Accrued Interest	The following table summarizes the recognized unrealized losses in Foreign Currency and Derivative Gains (Losses), Net 2018 Unrealized losses on the unhedged portion $ (24 )
Summary of Changes in Other Comprehensive Income (Loss)	The following table presents these changes in Other Comprehensive Income (Loss) Three Months Ended March 31, 2019 2018 Derivative net investment hedges $ (19,452 ) $ 3,093 Nonderivative net investment hedges 63,657 (109,877 ) Cumulative translation adjustment 15,875 111,554 Total foreign currency translation gains, net $ 60,080 $ 4,770 Cash flow hedges (1) $ 1,105 $ (9,285 ) Our share of derivatives from unconsolidated co-investment ventures (3,738 ) 2,998 Total unrealized losses on derivative contracts, net $ (2,633 ) $ (6,287 ) Total change in other comprehensive income (loss) $ 57,447 $ (1,517 ) (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): March 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Credit Facilities $ 26,180 $ 26,180 $ 50,500 $ 50,513 Senior notes 8,314,678 8,846,176 8,304,147 8,606,864 Term loans and unsecured other 1,411,343 1,433,838 1,921,428 1,946,335 Secured mortgage 953,938 992,924 813,740 849,417 Total $ 10,706,139 $ 11,299,118 $ 11,089,815 $ 11,453,129
Undesignated Derivatives [Member]
Foreign Currency Contracts Activity	The following table summarizes the activity of our undesignated foreign currency contracts for the three months ended March 31 (in millions, except for weighted average forward rates and number of active contracts): 2019 2018 BRL CAD EUR GBP JPY CAD CNY EUR GBP JPY Notional amounts at January 1 $ 5 $ 55 $ 314 $ 118 $ 177 $ 56 $ - $ 233 $ 132 $ 153 New contracts 489 - - 112 - 5 80 28 - - Matured, expired or settled contracts (494 ) (9 ) (35 ) (21 ) (20 ) (6 ) (80 ) (25 ) (24 ) (19 ) Notional amounts at March 31 $ - $ 46 $ 279 $ 209 $ 157 $ 55 $ - $ 236 $ 108 $ 134 Weighted average forward rate at March 31 - 1.28 1.21 1.22 104.86 1.28 - 1.18 1.30 106.20 Active contracts at March 31 - 20 29 22 30 24 - 29 18 30
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 three months ended March 31 2019 2018 BRL CAD GBP CAD Notional amounts at January 1 $ 460 $ 100 $ 127 $ 99 New contracts 489 - 262 100 Matured, expired or settled contracts (949 ) - - (99 ) Notional amounts at March 31 $ - $ 100 $ 389 $ 100 Weighted average forward rate at March 31 - 1.28 1.30 1.28 Active contracts at March 31 - 2 6 2

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Reporting, Reconciliation of Revenues, Operating Income and Assets	The following reconciliations are presented in thousands: Three Months Ended March 31, 2019 2018 Revenues: Real estate operations segment: U.S. $ 651,869 $ 499,257 Other Americas 23,865 30,431 Europe 8,557 17,202 Asia 13,956 13,805 Total real estate operations segment 698,247 560,695 Strategic capital segment: U.S. 20,268 16,069 Other Americas 7,900 6,153 Europe 28,838 38,817 Asia 16,799 71,922 Total strategic capital segment 73,805 132,961 Total revenues 772,052 693,656 Segment net operating income: Real estate operations segment: U.S. (1) 471,076 369,364 Other Americas 19,053 22,923 Europe 5,544 12,459 Asia 10,672 9,769 Total real estate operations segment 506,345 414,515 Strategic capital segment: U.S. (1) 3,327 (4,236 ) Other Americas 5,422 2,907 Europe 19,151 27,663 Asia 7,847 62,767 Total strategic capital segment 35,747 89,101 Total segment net operating income 542,092 503,616 Reconciling items: General and administrative expenses (69,701 ) (62,428 ) Depreciation and amortization expenses (284,009 ) (204,081 ) Gains on real estate transactions, net 188,208 195,111 Operating income 376,590 432,218 Earnings from unconsolidated entities, net 56,666 62,656 Interest expense (60,507 ) (47,245 ) Interest and other income, net 7,910 1,976 Foreign currency and derivative gains (losses), net 8,734 (41,094 ) Losses on early extinguishment of debt, net (2,116 ) - Earnings before income taxes $ 387,277 $ 408,511 March 31, 2019 December 31, 2018 Segment assets: Real estate operations segment: U.S. $ 28,113,087 $ 27,666,200 Other Americas 1,185,389 1,712,862 Europe 1,158,984 1,040,061 Asia 763,531 1,012,253 Total real estate operations segment 31,220,991 31,431,376 Strategic capital segment (2): U.S. 15,483 15,802 Europe 25,280 25,280 Asia 368 455 Total strategic capital segment 41,131 41,537 Total segment assets 31,262,122 31,472,913 Reconciling items: Investments in and advances to unconsolidated entities 5,613,060 5,745,294 Assets held for sale or contribution 899,976 622,288 Lease right-of-use assets 116,012 - Cash and cash equivalents 251,030 343,856 Other assets 249,912 233,313 Total reconciling items 7,129,990 6,944,751 Total assets $ 38,392,112 $ 38,417,664 (1) This includes compensation and personnel costs for employees who were located in the U.S. but also support other regions. (2) Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital segment. Goodwill was $25.3 million at March 31, 2019 and December 31, 2018.

General - Additional Informatio

General - Additional Information (Detail) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)Segmentshares	Mar. 31, 2018USD ($)
General [Line Items]
Number of reportable segments | Segment	2
Rental revenues		$ 427.9
Rental recoveries		128
Rental Expense [Member]
General [Line Items]
Capitalized cost	$ 6.5
Other Assets [Member]
General [Line Items]
Capitalized cost		$ 5.4
Unaffiliated Investors and Certain Current and Former Directors and Officers [Member]
General [Line Items]
Percentage of common limited partnership interest	3.01%
General Partner | Prologis Limited Partnership [Member]
General [Line Items]
Percentage of ownership in operating partnership	96.99%
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

DCT Transaction - Additional In

DCT Transaction - Additional Information (Detail) - DCT Transaction [Member] ft² in Millions, $ in Millions	Aug. 22, 2018USD ($)ft²aProperty
Business Acquisition [Line Items]
Business acquisition, date of acquisition agreement	Aug. 22, 2018
Business acquisition consideration transferred | $	$ 8,500
Business acquisition stock conversion ratio	1.02
Number of operating properties acquired | Property	408
Number of operating properties under development | Property	10
Square feet of properties | ft²	68
Area of properties under development | ft²	2.8
Acquisition of real estate properties, acres of land parcels | a	305
Area of properties land parcels with potential build out | ft²	4.5
Fair value of Prologis shares and units issued | $	$ 6,557
Transaction costs | $	$ 50

DCT Transaction - Schedule of A

DCT Transaction - Schedule of Aggregate Equity Consideration (Detail) - DCT Transaction [Member] $ / shares in Units, shares in Thousands, $ in Millions	Aug. 22, 2018USD ($)$ / sharesshares
Business Acquisition [Line Items]
Number of Prologis shares and units issued upon conversion of DCT shares and units at August 21, 2018 | shares	99,730
Multiplied by price of Prologis' common stock on August 21, 2018 | $ / shares	$ 65.75
Fair value of Prologis shares and units issued | $	$ 6,557

DCT Transaction - Schedule of P

DCT Transaction - Schedule of Purchase Price Allocated to DCT Net Tangible and Identifiable Intangible Assets Acquired and Liabilities Assumed (Detail) - DCT Transaction [Member] $ in Millions	Aug. 22, 2018USD ($)
Business Acquisition [Line Items]
Net investments in real estate	$ 8,362
Intangible assets, net of intangible liabilities	292
Cash and other assets	24
Debt	(1,863)
Accounts payable, accrued expenses and other liabilities	(143)
Noncontrolling interests	(65)
Total purchase price, including transaction costs	$ 6,607

Real Estate - Investments in Re

Real Estate - Investments in Real Estate Properties (Detail) ft² in Thousands, $ in Thousands	Mar. 31, 2019USD ($)ft²aBuilding	Dec. 31, 2018USD ($)ft²aBuilding
Real Estate Properties [Line Items]
Total investments in real estate properties	$ 34,395,698	$ 34,586,987
Less accumulated depreciation	4,868,611	4,656,680
Net investments in real estate properties	$ 29,527,087	$ 29,930,307
Improved Land [Member]
Real Estate Properties [Line Items]
Square feet of properties | ft²	0	0
Number of buildings | Building	0	0
Total investments in real estate properties	$ 8,106,848	$ 8,044,888
Building and Improvements [Member]
Real Estate Properties [Line Items]
Square feet of properties | ft²	351,159	354,762
Number of buildings | Building	1,869	1,858
Total investments in real estate properties	$ 22,560,379	$ 22,587,267
Development Portfolio, Including Cost of Land: Pre-stabilized [Member]
Real Estate Properties [Line Items]
Square feet of properties | ft²	7,562	8,709
Number of buildings | Building	34	30
Total investments in real estate properties	$ 623,569	$ 828,064
Properties Under Development [Member]
Real Estate Properties [Line Items]
Square feet of properties | ft²	25,899	27,715
Number of buildings | Building	65	70
Total investments in real estate properties	$ 1,316,068	$ 1,314,737
Land [Member]
Real Estate Properties [Line Items]
Square feet of properties | a	4,582	4,929
Total investments in real estate properties	$ 1,143,294	$ 1,192,220
Other Real Estate Investments [Member]
Real Estate Properties [Line Items]
Square feet of properties | ft²	0	0
Number of buildings | Building	0	0
Total investments in real estate properties	$ 645,540	$ 619,811

Real Estate - Investments in _2

Real Estate - Investments in Real Estate Properties (Parenthetical) (Detail) - a	Mar. 31, 2019	Dec. 31, 2018
Land [Member]
Real Estate Properties [Line Items]
Square feet of properties	4,582	4,929

Real Estate - Summary of Acquis

Real Estate - Summary of Acquisition (Detail) ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)ft²Property	Mar. 31, 2018USD ($)ft²Property
Real Estate [Abstract]
Number of operating properties | Property	12	0
Square feet | ft²	967	0
Acquisition value of net investments in real estate properties | $	$ 312,252	$ 134,941

Real Estate - Summary of Acqu_2

Real Estate - Summary of Acquisition (Parenthetical) (Detail) ft² in Thousands	3 Months Ended
	Mar. 31, 2019ft²aProperty	Mar. 31, 2018ft²aProperty
Business Acquisition [Line Items]
Number of operating properties	12	0
Square feet | ft²	967	0
Operating Properties [Member]
Business Acquisition [Line Items]
Number of operating properties		0
Acquisitions of Properties from Third Parties [Member] | Land [Member]
Business Acquisition [Line Items]
Square feet | a	188	379

Real Estate - Summary of Dispos

Real Estate - Summary of Dispositions (Detail) ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)ft²Property	Mar. 31, 2018USD ($)ft²Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square feet | ft²	967	0
Total gains on real estate transactions, net	$ 188,208	$ 195,111
Partial redemptions of investments in co-investment ventures [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gains on contributions, dispositions, or redemptions, net	135,022	0
Continuing Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total gains on contributions and dispositions, net	$ 53,186	$ 195,111
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	19	8
Square feet | ft²	8,149	3,078
Net proceeds	$ 744,165	$ 539,822
Gains on contributions, dispositions, or redemptions, net	$ 37,138	$ 167,726
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	2	11
Square feet | ft²	670	1,303
Net proceeds	$ 52,024	$ 87,981
Gains on contributions, dispositions, or redemptions, net	$ 16,048	$ 27,385

Real Estate - Summary of Disp_2

Real Estate - Summary of Dispositions (Parenthetical) (Detail)	1 Months Ended	3 Months Ended
	Jan. 31, 2019ft²aProperty	Mar. 31, 2019ft²Property	Mar. 31, 2018ft²	Dec. 31, 2018Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square feet | ft²		967,000	0
Unconsolidated Co-Investment Ventures [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of operating properties contributed | Property		1,591		1,569
Prologis Brazil Logistics Venture [Member] | Unconsolidated Co-Investment Ventures [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of operating properties contributed | Property	14
Square feet | ft²	6.9
Ownership Percentage in property fund	20.00%
Prologis Brazil Logistics Venture [Member] | Unconsolidated Co-Investment Ventures [Member] | Land [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square feet | a	371

Real Estate - Additional Inform

Real Estate - Additional Information (Detail) - Ground	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Minimum lease payments due from customers on leases periods	0
Number of ground and office space leases	124
Weighted average remaining lease term	32 years	28 years
Weighted average incremental borrowing rate percentage	4.10%
Minimum [Member]
Real Estate Properties [Line Items]
Operating leases lease term	1 year
Maximum [Member]
Real Estate Properties [Line Items]
Operating leases lease term	89 years

Real Estate - Future Minimum Re

Real Estate - Future Minimum Rental Payments under Non-Cancelable Operating Leases (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Real Estate [Abstract]
2019	$ 1,518,699
2020	1,950,122
2021	1,679,801
2022	1,360,816
2023	1,076,401
Thereafter	3,550,169
Total	$ 11,136,008

Real Estate - Operating Propert

Real Estate - Operating Properties and Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
2019	$ 32,091		$ 38,769
2020	42,062		38,267
2021	38,032		34,307
2022	36,057		32,312
2023	31,029		30,180
Thereafter	681,381		670,147
Total undiscounted rental payments	860,652		843,982
Less imputed interest	468,311		0
Lease liabilities	$ 392,341	$ 400,300	$ 0

Unconsolidated Entities - Summa

Unconsolidated Entities - Summary of Investments in and Advances to our Unconsolidated Entities (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated entities	$ 5,613,060	$ 5,745,294
Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated entities	5,272,073	5,407,838
Other Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated entities	$ 340,987	$ 337,456

Unconsolidated Entities - Sum_2

Unconsolidated Entities - Summary of Strategic Capital Revenues Recognized in Consolidated Statements of Income Related to Co-Investment Ventures (Detail) - Unconsolidated Co-Investment Ventures [Member] - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Schedule Of Equity Method Investments [Line Items]
Recurring fees		$ 62,117	$ 54,644
Transactional fees		11,348	15,624
Promote revenues		0	62,544
Total strategic capital revenues from unconsolidated co-investment ventures	[1]	$ 73,465	$ 132,812
[1]	These amounts exclude strategic capital revenues from other ventures

Unconsolidated Entities - Sum_3

Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Detail) $ in Thousands, ft² in Millions		3 Months Ended
		Mar. 31, 2019USD ($)ft²PropertyVenture		Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)ft²PropertyVenture
Schedule Of Equity Method Investments [Line Items]
Our earnings from unconsolidated co-investment ventures, net		$ 56,666		$ 62,656
Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		8			8
Number of buildings | Property		1,591			1,569
Square feet | ft²		350			340
Total assets		$ 30,901,000			$ 29,557,000
Third-party debt		8,693,000			8,148,000
Total liabilities		10,627,000			9,833,000
Our investment balance	[1]	5,272,000			$ 5,408,000
Total revenues		637,000		617,000
Net earnings		171,000		162,000
Our earnings from unconsolidated co-investment ventures, net		$ 53,000		55,000
Unconsolidated Co-Investment Ventures [Member] | U.S. [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		1			1
Number of buildings | Property		566			566
Square feet | ft²		91			91
Total assets		$ 7,376,000			$ 7,303,000
Third-party debt		2,090,000			2,094,000
Total liabilities		2,411,000			2,350,000
Our investment balance	[1]	1,441,000			$ 1,457,000
Total revenues		179,000		168,000
Net earnings		29,000		13,000
Our earnings from unconsolidated co-investment ventures, net		$ 9,000		5,000
Unconsolidated Co-Investment Ventures [Member] | Other Americas [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		2	[2]		2
Number of buildings | Property		215	[2]		209
Square feet | ft²		45	[2]		39
Total assets		$ 2,791,000	[2]		$ 2,137,000
Third-party debt		775,000	[2]		838,000
Total liabilities		816,000	[2]		862,000
Our investment balance	[1]	669,000	[2]		$ 554,000
Total revenues		67,000		53,000
Net earnings		34,000		14,000
Our earnings from unconsolidated co-investment ventures, net		$ 13,000		6,000
Unconsolidated Co-Investment Ventures [Member] | Europe [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		3			3
Number of buildings | Property		679			669
Square feet | ft²		161			159
Total assets		$ 13,615,000			$ 13,028,000
Third-party debt		2,993,000			2,548,000
Total liabilities		4,226,000			3,615,000
Our investment balance	[1]	2,574,000			$ 2,784,000
Total revenues		271,000		288,000
Net earnings		71,000		93,000
Our earnings from unconsolidated co-investment ventures, net		$ 25,000		37,000
Unconsolidated Co-Investment Ventures [Member] | Asia [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		2			2
Number of buildings | Property		131			125
Square feet | ft²		53			51
Total assets		$ 7,119,000			$ 7,089,000
Third-party debt		2,835,000			2,668,000
Total liabilities		3,174,000			3,006,000
Our investment balance	[1]	588,000			$ 613,000
Total revenues		120,000		108,000
Net earnings		37,000		42,000
Our earnings from unconsolidated co-investment ventures, net		$ 6,000		$ 7,000
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[3],[4]	27.00%			28.30%
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | U.S. [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[3],[4]	27.20%			27.40%
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | Other Americas [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[3],[4]	38.50%	[2]		44.40%
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | Europe [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[3],[4]	30.60%			33.20%
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | Asia [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[3],[4]	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 March 31, 2019 and December 31, 2018, results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018 ($627.4 million and $635.9 million, respectively); (ii) recording additional costs associated with our investment in the venture ($88.4 million and $94.4 million, respectively); (iii) receivables, principally for fees and promotes ($100.9 million and $166.7 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. ($122.0 million for both periods).
[2]	PBLV and our other Brazilian joint ventures are combined and accounted for as one venture for the purpose of this table.
[3]	In February 2019, we redeemed a portion of our investment in Prologis European Logistics Fund (“PELF”) for €278.2 million ($313.3 million). At March 31, 2019 our ownership in PELF was 24.3%.
[4]	Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets, before depreciation, net of other liabilities.

Unconsolidated Entities - Sum_4

Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Parenthetical) (Detail) € in Millions, $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Feb. 28, 2019USD ($)	Feb. 28, 2019EUR (€)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Schedule Of Equity Method Investments [Line Items]
Deferred gain recognized from contribution of property to a venture			$ 627.4	$ 635.9
Additional costs associated with investment in a venture			88.4	94.4
Receivables from unconsolidated co-investment ventures			100.9	166.7
Customer security deposits retained subsequent to property contributions			$ 122	$ 122
Redemption of a portion of investment Prologis European Logistics Fund	$ 313.3	€ 278.2
Prologis European Logistics Fund [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage in property fund			24.30%

Unconsolidated Entities - Addit

Unconsolidated Entities - Additional Information (Detail) - Prologis Inc [Member] $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	$ 283.2
Expiration date for remaining commitments range start	2020
Expiration date for remaining commitments range end	2026

Assets Held for Sale or Contr_3

Assets Held for Sale or Contribution - Summary of Assets Held for Sale or Contribution (Detail) ft² in Thousands, $ in Thousands	Mar. 31, 2019USD ($)ft²Property	Dec. 31, 2018USD ($)ft²Property
Long Lived Assets Held For Sale [Line Items]
Total assets held for sale or contribution	$ 899,976	$ 622,288
Total liabilities associated with assets held for sale or contribution – included in Other Liabilities	$ 11,069	$ 12,972
Disposal Group Held for Sale Not Discontinued Operations
Long Lived Assets Held For Sale [Line Items]
Number of operating properties | Property	50	57
Square feet | ft²	9,648	8,236

Debt - Debt Summary (Detail)

Debt - Debt Summary (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.60%	2.70%
Debt	$ 10,706,139	$ 11,089,815
Credit Facilities [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.50%	3.40%
Debt	$ 26,180	$ 50,500
Senior Notes [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.70%	2.70%
Debt	$ 8,314,678	$ 8,304,147
Term Loans and Unsecured Other [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	0.90%	1.80%
Debt	$ 1,411,343	$ 1,921,428
Secured Mortgage [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.30%	5.10%
Debt	$ 953,938	$ 813,740

Debt - Debt Summary (Parentheti

Debt - Debt Summary (Parenthetical) (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt	$ 10,706,139	$ 11,089,815
GBP
Debt Instrument [Line Items]
Debt	$ 676,732	$ 635,972
Percentage of outstanding debt	6.30%	5.80%
CAD
Debt Instrument [Line Items]
Debt	$ 271,975	$ 266,337
Percentage of outstanding debt	2.50%	2.40%
EUR
Debt Instrument [Line Items]
Debt	$ 4,803,307	$ 4,893,693
Percentage of outstanding debt	44.90%	44.10%
JPY
Debt Instrument [Line Items]
Debt	$ 2,182,119	$ 1,951,844
Percentage of outstanding debt	20.40%	17.60%
USD
Debt Instrument [Line Items]
Debt	$ 2,772,006	$ 3,341,969
Percentage of outstanding debt	25.90%	30.10%

Debt - Additional Information (

Debt - Additional Information (Detail) $ in Millions, ¥ in Billions	1 Months Ended				3 Months Ended
	Jan. 31, 2019USD ($)Contract	Oct. 31, 2018	Aug. 31, 2018	Jul. 31, 2018	Mar. 31, 2019USD ($)	Mar. 31, 2019JPY (¥)	Mar. 31, 2018USD ($)	Mar. 31, 2019JPY (¥)	Jan. 31, 2019JPY (¥)
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity					$ 3,932
Principal Amount	$ 137.1								¥ 15
Number of Contracts | Contract	2
Debt instrument, maturity date range,start	2028-01				2022-08	2022-08
Debt instrument, maturity date range, end	2030
Debt instrument, maturity date range, end					2023-08	2023-08
Senior Notes Outstanding					$ 8,300
Prologis Euro Finance LLC [Member]
Debt Instrument [Line Items]
Percentage of ownership in operating partnership				100.00%
Prologis Yen Finance LLC [Member]
Debt Instrument [Line Items]
Percentage of ownership in operating partnership			100.00%
Prologis Sterling Finance LLC [Member]
Debt Instrument [Line Items]
Percentage of ownership in operating partnership		100.00%
LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Intrest rate	0.50%
LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Intrest rate	0.60%
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument maturity date					2039-03	2039-03
Principal Amount					$ 90.5			¥ 10
Stated Interest Rate					1.20%			1.20%
2019 Yen Term Loan [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity					$ 1.1			¥ 120
Debt Instrument maturity date					2026-03	2026-03
Principal Amount					$ 767.4			85
2019 Yen Term Loan [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Intrest rate					0.40%	0.40%
2016 Yen Term Loan [Member]
Debt Instrument [Line Items]
Repayment of debt					$ 897.4	¥ 100
2016 Yen Term Loan [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Intrest rate					0.70%	0.70%
2017 Term Loan [Member]
Debt Instrument [Line Items]
Repayment of debt					$ 500		$ 500
Term Loan [Member]
Debt Instrument [Line Items]
Carrying Value of Debt Assumed					$ 1,400
Global Facility [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 3,500
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments	$ 4,500
Debt Instrument maturity date					2023-01	2023-01
Revolver [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity					$ 586.8			65
Debt Instrument maturity date					2021-02	2021-02
Credit facility current borrowing capacity					$ 451.4			¥ 50

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Detail) $ in Millions	Mar. 31, 2019USD ($)
Debt Disclosure [Abstract]
Aggregate lender commitments	$ 3,932
Borrowings outstanding	26
Outstanding letters of credit	31
Current availability	$ 3,875

Debt - Long-Term Debt Maturitie

Debt - Long-Term Debt Maturities (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
2019	$ 252,693
2020	1,149,222
2021	1,017,040
2022	799,352
2023	1,044,006
Thereafter	6,514,967
Subtotal	10,777,280
Premiums (discounts), net	(24,113)
Debt issuance costs, net	(47,028)
Total	10,706,139	$ 11,089,815
Credit Facilities [Member]
Debt Instrument [Line Items]
2019	0
2020	0
2021	0
2022	0
2023	26,180
Thereafter	0
Subtotal	26,180
Premiums (discounts), net	0
Debt issuance costs, net	0
Total	26,180	50,500
Senior Notes [Member]
Debt Instrument [Line Items]
2019	0
2020	1,123,500
2021	786,450
2022	786,450
2023	850,000
Thereafter	4,826,846
Subtotal	8,373,246
Premiums (discounts), net	(24,944)
Debt issuance costs, net	(33,624)
Total	8,314,678	8,304,147
Term Loans And Other Debt [Member]
Debt Instrument [Line Items]
2019	593
2020	621
2021	677
2022	741
2023	128,519
Thereafter	1,290,138
Subtotal	1,421,289
Premiums (discounts), net	0
Debt issuance costs, net	(9,946)
Total	1,411,343	1,921,428
Secured Mortgages [Member]
Debt Instrument [Line Items]
2019	252,100
2020	25,101
2021	229,913
2022	12,161
2023	39,307
Thereafter	397,983
Subtotal	956,565
Premiums (discounts), net	831
Debt issuance costs, net	(3,458)
Total	$ 953,938	$ 813,740

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019
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		3 Months Ended	12 Months Ended
		Mar. 31, 2019	Dec. 31, 2018
Noncontrolling Interest [Line Items]
Operating Partnership noncontrolling interest		$ 2,799,521	$ 2,836,469
Noncontrolling interests		3,489,578	3,502,795
Total Assets		38,392,112	38,417,664
Total Liabilities		12,568,051	12,616,776
Non-controlling Interests [Member]
Noncontrolling Interest [Line Items]
Total Assets		7,088,406	7,117,289
Total Liabilities		$ 187,097	$ 145,927
Prologis US Logistics Venture [Member]
Noncontrolling Interest [Line Items]
Parent Company's Ownership Percentage		55.00%	55.00%
Operating Partnership noncontrolling interest		$ 2,683,803	$ 2,697,095
Total Assets		6,051,593	6,072,087
Total Liabilities		$ 98,814	$ 92,782
Other Consolidated Entities [Member]
Noncontrolling Interest [Line Items]
Parent Company's Ownership	[1]	various	various
Operating Partnership noncontrolling interest	[1]	$ 115,718	$ 139,374
Total Assets	[1]	1,036,813	1,045,202
Total Liabilities	[1]	88,283	53,145
Prologis, L.P. [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests		2,799,521	2,836,469
Total Assets		38,392,112	38,417,664
Total Liabilities		12,568,051	12,616,776
Prologis, L.P. [Member] | Non-controlling Interests [Member]
Noncontrolling Interest [Line Items]
Limited partners in Prologis, L.P.	[2],[3]	690,057	666,326
Total Assets	[2],[3]	0	0
Total Liabilities	[2],[3]	0	0
Prologis Inc [Member]
Noncontrolling Interest [Line Items]
Total Assets		7,088,406	7,117,289
Total Liabilities		187,097	145,927
Prologis Inc [Member] | Non-controlling Interests [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests		$ 3,489,578	$ 3,502,795
[1]	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 March 31, 2019 and December 31, 2018 were exchangeable into cash or, at our option, 0.4 million and 0.7 million shares of the Parent’s common stock, respectively.
[2]	At March 31, 2019 and December 31, 2018, excluding the Class A Units, there were limited partnership units in the OP that were exchangeable into cash or, at our option, 6.8 million and 7.2 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 8.
[3]	We had 8.8 million Class A Units that were convertible into 8.4 million limited partnership units of the OP at March 31, 2019 and December 31, 2018.

Noncontrolling Interests - No_2

Noncontrolling Interests - Noncontrolling Interest Summary (Parenthetical) (Detail) - shares shares in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Class A Common [Member]
Noncontrolling Interest [Line Items]
Outstanding limited partnership units, exchanged	8.4	8.4
Units outstanding	8.8	8.8
Common Units
Noncontrolling Interest [Line Items]
Outstanding limited partnership units, exchanged	6.8	7.2
Other Consolidated Entities [Member]
Noncontrolling Interest [Line Items]
Outstanding limited partnership units, exchanged	0.4	0.7
Other Consolidated Entities [Member] | Common Stock [Member]
Noncontrolling Interest [Line Items]
Outstanding limited partnership units	0.4	0.7

Long-Term Compensation - Additi

Long-Term Compensation - Additional Information (Detail) - USD ($) shares in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2019	Mar. 31, 2019
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%
Performance pool as percentage of excess value, if outperformance hurdle is met		3.00%
Forfeited awards after seven years		7 years
Prologis Out-Performance Plan [Member] | 2019 - 2021 Performance Period [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance Period		3 years
Cash incentive award maximum		$ 100,000,000
Holding period		3 years
Aggregate fair value		$ 21,200,000
Assumed risk free interest rate		2.60%
Expected volatility rate		20.00%
Prologis Out-Performance Plan [Member] | 2019 - 2021 Performance Period [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] | 2019 - 2021 Performance Period [Member] | Tranche 2 (After Seven Year Cliff) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		7 years
Vesting rights, percentage		80.00%
Prologis Out-Performance Plan [Member] | 2016 - 2018 Performance Period [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash incentive award maximum		$ 75,000,000
Holding period		3 years
Aggregate of performance pool award	$ 75,000,000
Common stock	0.4
POP LTIP Units and LTIP Units	0.8	0.4
Initial performance period		3 years
Prologis Out-Performance Plan [Member] | 2016 - 2018 Performance Period [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] | 2016 - 2018 Performance Period [Member] | Tranche 2 (After Seven Year Cliff) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		7 years
Vesting rights, percentage		80.00%
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
Bonus Exchange Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years

Long-Term Compensation - RSU Aw

Long-Term Compensation - RSU Awards (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Unvested Awards, Beginning Balance | shares	1,255
Granted | shares	503
Vested and distributed | shares	(575)
Forfeited | shares	(9)
Number of Unvested Awards, Ending Balance | shares	1,174
Weighted Average Grant Date Fair Value | $ / shares	$ 54.48
Weighted Average Grant Date Fair Value, Granted | $ / shares	70.95
Weighted Average Grant Date Fair Value, Vested and distributed | $ / shares	50.08
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	62.01
Weighted Average Grant Date Fair Value | $ / shares	$ 63.64

Long-Term Compensation - LTIP U

Long-Term Compensation - LTIP Units Awards (Detail) - Long Term Incentive Plan Units [Member] shares in Thousands	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning Balance	3,293
Vested LTIP Units	964
Vested POP LTIP Units	391
Conversion to common limited partnership units	(198)
Number of Shares, Ending Balance	4,450
Number of Unvested Awards, Beginning Balance	2,177
Granted	911
Vested LTIP Units	(964)
Number of Unvested Awards, Ending Balance	2,124
Weighted Average Grant Date Fair Value | $ / shares	$ 56.05
Unvested Weighted Average, Granted | $ / shares	70.87
Unvested Weighted Average, Vested LTIP Units | $ / shares	54.44
Weighted Average Grant Date Fair Value, Vested LTIP Units - POP | $ / shares	0
Unvested Weighted Average, Conversion to common limited partnership units | $ / shares	0
Weighted Average Grant Date Fair Value | $ / shares	$ 63.14

Earnings Per Common Share or _3

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
	Mar. 31, 2019	Mar. 31, 2018
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Net earnings attributable to common stockholders/unit holders - Basic	$ 347,047	$ 365,902
Net earnings attributable to exchangeable limited partnership units	10,657	10,693
Adjusted net earnings attributable to common stockholders – Diluted	$ 357,704	$ 376,595
Weighted average common shares/units outstanding – Basic	629,676	532,185
Incremental weighted average effect on exchange of limited partnership units	19,718	16,270
Incremental weighted average effect of equity awards	4,965	5,668
Weighted average common shares/partnership units outstanding - Diluted	654,359	554,123
Net earnings per share/unit attributable to common stockholders/unitholders -
Basic	$ 0.55	$ 0.69
Diluted	$ 0.55	$ 0.68
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	$ 357,621	$ 376,425
Net earnings attributable to exchangeable limited partnership units	83	170
Adjusted net earnings attributable to common stockholders – Diluted	$ 357,704	$ 376,595
Weighted average common shares/units outstanding – Basic	640,504	538,977
Incremental weighted average effect on exchange of Class A convertible units	8,356	8,512
Incremental weighted average effect on exchange of limited partnership units	534	966
Incremental weighted average effect of equity awards	4,965	5,668
Weighted average common shares/partnership units outstanding - Diluted	654,359	554,123
Net earnings per share/unit attributable to common stockholders/unitholders -
Basic	$ 0.55	$ 0.69
Diluted	$ 0.55	$ 0.68
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	$ (4,606)	$ (5,853)
Adjusted net earnings attributable to common stockholders – Diluted	4,606	5,853
Prologis, L.P. [Member] | Common Units
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Net earnings attributable to common stockholders/unit holders - Basic	$ 353,015	$ 370,572

Earnings Per Common Share or _4

Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share Unit (Parenthetical) (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Total weighted average potential dilutive shares and units outstanding	27,391	24,650
Prologis, L.P. [Member]
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Total weighted average potentially dilutive Class A Units	8,356	8,512
Total weighted average potentially dilutive other limited partnership units	534	966
Total weighted average potentially dilutive equity awards	7,673	8,380
Total weighted average potential dilutive shares and units outstanding	16,563	17,858
Total weighted average potential dilutive common limited partnership units	10,828	6,792

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Schedule of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Derivatives Fair Value [Line Items]
Asset	$ 24,421	$ 22,731
Liability	5,117	8,159
Undesignated Derivatives [Member] | Forwards [Member] | BRL
Derivatives Fair Value [Line Items]
Asset	0	80
Liability	0	0
Undesignated Derivatives [Member] | Forwards [Member] | GBP
Derivatives Fair Value [Line Items]
Asset	717	2,266
Liability	734	324
Undesignated Derivatives [Member] | Forwards [Member] | CAD
Derivatives Fair Value [Line Items]
Asset	2,080	3,336
Liability	0	53
Undesignated Derivatives [Member] | Forwards [Member] | EUR
Derivatives Fair Value [Line Items]
Asset	13,605	7,895
Liability	374	1,922
Undesignated Derivatives [Member] | Forwards [Member] | JPY
Derivatives Fair Value [Line Items]
Asset	3,666	3,334
Liability	76	1,318
Undesignated Derivatives [Member] | Forwards [Member] | MXN
Derivatives Fair Value [Line Items]
Asset	0	159
Liability	0	0
Undesignated Derivatives [Member] | Interest Rate Swaps [Member] | USD
Derivatives Fair Value [Line Items]
Asset	0	27
Liability	39	0
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | BRL
Derivatives Fair Value [Line Items]
Asset	0	0
Liability	0	3,165
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | GBP
Derivatives Fair Value [Line Items]
Asset	460	0
Liability	3,526	949
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | CAD
Derivatives Fair Value [Line Items]
Asset	3,893	5,634
Liability	0	0
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | EUR
Derivatives Fair Value [Line Items]
Asset	0	0
Liability	$ 368	$ 428

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Summary of Undesignated Foreign Currency Forwards Activity (Detail) - Forwards [Member] - Undesignated Derivatives [Member]	3 Months Ended
	Mar. 31, 2019USD ($)Derivative	Mar. 31, 2018USD ($)Derivative
BRL
Derivative [Line Items]
Notional amounts at January 1	$ 5,000,000
New contracts	489,000,000
Matured, expired or settled contracts	(494,000,000)
Notional amounts at March 31	$ 0
Weighted average forward rate at March 31	0
Active contracts at March 31 | Derivative	0
CAD
Derivative [Line Items]
Notional amounts at January 1	$ 55,000,000	$ 56,000,000
New contracts	0	5,000,000
Matured, expired or settled contracts	(9,000,000)	(6,000,000)
Notional amounts at March 31	$ 46,000,000	$ 55,000,000
Weighted average forward rate at March 31	1.28	1.28
Active contracts at March 31 | Derivative	20	24
CNY
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 March 31		$ 0
Weighted average forward rate at March 31		0
Active contracts at March 31 | Derivative		0
EUR
Derivative [Line Items]
Notional amounts at January 1	$ 314,000,000	$ 233,000,000
New contracts	0	28,000,000
Matured, expired or settled contracts	(35,000,000)	(25,000,000)
Notional amounts at March 31	$ 279,000,000	$ 236,000,000
Weighted average forward rate at March 31	1.21	1.18
Active contracts at March 31 | Derivative	29	29
GBP
Derivative [Line Items]
Notional amounts at January 1	$ 118,000,000	$ 132,000,000
New contracts	112,000,000	0
Matured, expired or settled contracts	(21,000,000)	(24,000,000)
Notional amounts at March 31	$ 209,000,000	$ 108,000,000
Weighted average forward rate at March 31	1.22	1.30
Active contracts at March 31 | Derivative	22	18
JPY
Derivative [Line Items]
Notional amounts at January 1	$ 177,000,000	$ 153,000,000
New contracts	0	0
Matured, expired or settled contracts	(20,000,000)	(19,000,000)
Notional amounts at March 31	$ 157,000,000	$ 134,000,000
Weighted average forward rate at March 31	104.86	106.20
Active contracts at March 31 | Derivative	30	30

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Summary of Undesignated Financial Instruments Exercised and Realized and Unrealized Gains (Losses) in Foreign Currency and Derivative Gains (Losses) Net (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)Contract	Mar. 31, 2018USD ($)Contract
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Exercised contracts | Contract	23	15
Realized gains (losses) on the matured, expired or settled contracts	$ 1	$ (7)
Unrealized gains (losses) on the change in fair value of outstanding contracts	$ 7	$ (13)

Financial Instruments and Fai_6

Financial Instruments and Fair Value Measurements - Foreign Currency Contracts Activity (Detail) - Forwards [Member] - Net Investment Hedges [Member] - Designated As Hedging Instrument [Member]	3 Months Ended
	Mar. 31, 2019USD ($)Derivative	Mar. 31, 2018USD ($)Derivative
BRL
Derivative [Line Items]
Notional amounts at January 1	$ 460,000,000
New contracts	489,000,000
Matured, expired or settled contracts	(949,000,000)
Notional amounts at March 31	$ 0
Weighted average forward rate at March 31	0
Active contracts at March 31 | Derivative	0
GBP
Derivative [Line Items]
Notional amounts at January 1	$ 127,000,000
New contracts	262,000,000
Matured, expired or settled contracts	0
Notional amounts at March 31	$ 389,000,000
Weighted average forward rate at March 31	1.30
Active contracts at March 31 | Derivative	6
CAD
Derivative [Line Items]
Notional amounts at January 1	$ 100,000,000	$ 99,000,000
New contracts	0	100,000,000
Matured, expired or settled contracts	0	(99,000,000)
Notional amounts at March 31	$ 100,000,000	$ 100,000,000
Weighted average forward rate at March 31	1.28	1.28
Active contracts at March 31 | Derivative	2	2

Financial Instruments and Fai_7

Financial Instruments and Fair Value Measurements - Summary of Activity in Interest Rate Swaps (Detail) - Interest Rate Swaps [Member] - Cash Flow Hedges [Member] - Designated As Hedging Instrument [Member] - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
EUR
Derivative [Line Items]
Notional amounts at January 1	$ 500,000,000	$ 0
New contracts	0	500,000,000
Matured, expired or settled contracts	0	0
Notional amounts at March 31	$ 500,000,000	500,000,000
CAD
Derivative [Line Items]
Notional amounts at January 1		271,000,000
New contracts		0
Matured, expired or settled contracts		(271,000,000)
Notional amounts at March 31		$ 0

Financial Instruments and Fai_8

Financial Instruments and Fair Value Measurements - Summary of Debt and Accrued Interest, Designated as Hedge (Detail) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Derivatives Fair Value [Line Items]
Senior Notes Outstanding	$ 8,300
Designated As Hedging Instrument [Member] | British Pound Sterling Senior Notes [Member]
Derivatives Fair Value [Line Items]
Senior Notes Outstanding	346	$ 269
Designated As Hedging Instrument [Member] | Euro Senior Notes [Member]
Derivatives Fair Value [Line Items]
Senior Notes Outstanding	$ 3,028	$ 2,645

Financial Instruments and Fai_9

Financial Instruments and Fair Value Measurements - Summary of Recognized Unrealized Gains (Losses) in Foreign Currency and Derivative Gains (Losses) Net on Remeasurement of Unhedged Portion of Debt and Accrued Interest (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivatives Fair Value [Line Items]
Foreign currency translation gains, net	$ 60,080	$ 4,770
Forward Contracts [Member]
Derivatives Fair Value [Line Items]
Foreign currency translation gains, net		$ (24,000)

Financial Instruments and Fa_10

Financial Instruments and Fair Value Measurements - Summary of Changes in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative translation adjustment	$ 15,875	$ 111,554
Total foreign currency translation gains, net	60,080	4,770
Total unrealized losses on derivative contracts, net	(2,633)	(6,287)
Total change in other comprehensive income (loss)	57,447	(1,517)
Designated As Hedging Instrument [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total derivative hedging instruments	(19,452)	3,093
Designated As Hedging Instrument [Member] | Non derivative Net Investment Hedge [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Nonderivative net investment hedges	63,657	(109,877)
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total derivative hedging instruments	1,105	(9,285)
Designated As Hedging Instrument [Member] | Our Share of Derivatives from Unconsolidated Co-Investment Ventures [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total derivative hedging instruments	$ (3,738)	$ 2,998

Financial Instruments and Fa_11

Financial Instruments and Fair Value Measurements - Summary of Changes in Other Comprehensive Income (Loss) (Parenthetical) (Detail) $ in Millions	Mar. 31, 2019USD ($)
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 Fa_12

Financial Instruments and Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	$ 10,706,139	$ 11,089,815
Fair Value of Debt	11,299,118	11,453,129
Credit Facilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	26,180	50,500
Fair Value of Debt	26,180	50,513
Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	8,314,678	8,304,147
Fair Value of Debt	8,846,176	8,606,864
Term Loans and Unsecured Other [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	1,411,343	1,921,428
Fair Value of Debt	1,433,838	1,946,335
Secured Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	953,938	813,740
Fair Value of Debt	$ 992,924	$ 849,417

Business Segments - Additional

Business Segments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019Segment
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
	Mar. 31, 2019	Mar. 31, 2018	Jan. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total revenues	$ 772,052	$ 693,656
Operating income	376,590	432,218
General and administrative expenses	69,701	62,428
Depreciation and amortization expenses	284,009	204,081
Gains on real estate transactions, net	188,208	195,111
Earnings from unconsolidated entities, net	56,666	62,656
Interest expense	(60,507)	(47,245)
Interest and other income, net	7,910	1,976
Foreign currency and derivative gains (losses), net	8,734	(41,094)
Losses on early extinguishment of debt, net	(2,116)	0
Earnings before income taxes	387,277	408,511
Total assets	38,392,112			$ 38,417,664
Investments in and advances to unconsolidated entities	5,613,060			5,745,294
Assets held for sale or contribution	899,976			622,288
Lease right-of-use assets	383,704		$ 393,000	0
Cash and cash equivalents	251,030	458,099		343,856	$ 447,046
Other assets	1,717,255			1,775,919
Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total assets	31,220,991			31,431,376
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating income	542,092	503,616
Total assets	31,262,122			31,472,913
Operating Segments [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	698,247	560,695
Operating income	506,345	414,515
Operating Segments [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues	73,805	132,961
Operating income	35,747	89,101
Total assets	41,131			41,537
Operating Segments [Member] | U.S. [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	651,869	499,257
Operating income	471,076	369,364
Total assets	28,113,087			27,666,200
Operating Segments [Member] | U.S. [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues	20,268	16,069
Operating income	3,327	(4,236)
Total assets	15,483			15,802
Operating Segments [Member] | Other Americas [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	23,865	30,431
Operating income	19,053	22,923
Total assets	1,185,389			1,712,862
Operating Segments [Member] | Other Americas [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues	7,900	6,153
Operating income	5,422	2,907
Operating Segments [Member] | Europe [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	8,557	17,202
Operating income	5,544	12,459
Total assets	1,158,984			1,040,061
Operating Segments [Member] | Europe [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues	28,838	38,817
Operating income	19,151	27,663
Total assets	25,280			25,280
Operating Segments [Member] | Asia [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	13,956	13,805
Operating income	10,672	9,769
Total assets	763,531			1,012,253
Operating Segments [Member] | Asia [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues	16,799	71,922
Operating income	7,847	62,767
Total assets	368			455
Reconciling Items [Member]
Segment Reporting Information [Line Items]
Operating income	376,590	432,218
General and administrative expenses	(69,701)	(62,428)
Depreciation and amortization expenses	(284,009)	(204,081)
Gains on real estate transactions, net	188,208	195,111
Earnings from unconsolidated entities, net	56,666	62,656
Interest expense	(60,507)	(47,245)
Interest and other income, net	7,910	$ 1,976
Total assets	7,129,990			6,944,751
Investments in and advances to unconsolidated entities	5,613,060			5,745,294
Assets held for sale or contribution	899,976			622,288
Lease right-of-use assets	116,012			0
Cash and cash equivalents	251,030			343,856
Other assets	$ 249,912			$ 233,313

Business Segments - Segment R_2

Business Segments - Segment Reporting, Reconciliation of Revenues, Operating Income and Assets (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Strategic Capital [Member] | Europe [Member]
Segment Reporting Information [Line Items]
Goodwill	$ 25.3	$ 25.3

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Information [Line Items]
Lease ROU assets	$ 383,704		$ 393,000	$ 0
Lease liabilities	392,341		$ 400,300	0
Capitalization for equity based compensation expense	7,500	$ 7,500
Interest paid, net of amounts capitalized	95,400	82,900
Cash paid for income taxes, net of refunds	26,500	24,800
Prologis, L.P. [Member]
Supplemental Cash Flow Information [Line Items]
Lease ROU assets	383,704			0
Lease liabilities	$ 392,341			$ 0
Limited Partners [Member] | Prologis, L.P. [Member] | Common [Member]
Supplemental Cash Flow Information [Line Items]
PLD units redeemed for common shares	0.4
Unconsolidated Entities [Member]
Supplemental Cash Flow Information [Line Items]
Equity ownership interest received	$ 177,200	$ 50,600
Prologis Brazil Logistics Venture [Member] | Unconsolidated Co-Investment Ventures [Member]
Supplemental Cash Flow Information [Line Items]
Ownership Percentage in property fund			20.00%