Prologis 10-Q 27 Apr 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 23, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	Prologis, Inc.
Entity Central Index Key	0001045609
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		739,773,000
Entity Shell Company	false
Entity File Number	001-13545
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	94-3281941
Entity Address, Address Line One	Pier 1, Bay 1
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
City Area Code	415
Local Phone Number	394-9000
Document Quarterly Report	true
Document Transition Report	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	PLD
Security Exchange Name	NYSE
Prologis LP [Member]
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	Prologis, L.P.
Entity Central Index Key	0001045610
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-14245
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3285362
Entity Address, Address Line One	Pier 1, Bay 1
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
City Area Code	415
Local Phone Number	394-9000
Document Quarterly Report	true
Document Transition Report	false
Prologis LP [Member] | Notes 3. 000 Percent Due 2026 [Member]
Document Information [Line Items]
Title of 12(b) Security	3.000% Notes due 2026
Trading Symbol	PLD/26
Security Exchange Name	NYSE
Prologis LP [Member] | Notes 2. 250 Percent Due 2029 [Member]
Document Information [Line Items]
Title of 12(b) Security	2.250% Notes due 2029
Trading Symbol	PLD/29
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Investments in real estate properties	$ 50,459,365	$ 50,384,328
Less accumulated depreciation	6,823,824	6,539,156
Net investments in real estate properties	43,635,541	43,845,172
Investments in and advances to unconsolidated entities	7,514,840	7,602,014
Assets held for sale or contribution	1,055,751	1,070,724
Net investments in real estate	52,206,132	52,517,910
Cash and cash equivalents	676,074	598,086
Other assets	2,850,603	2,949,009
Total assets	55,732,809	56,065,005
Liabilities:
Debt	16,503,458	16,849,076
Accounts payable and accrued expenses	1,138,924	1,143,372
Other liabilities	1,705,224	1,747,977
Total liabilities	19,347,606	19,740,425
Prologis, Inc. stockholders’ equity:
Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,279 shares issued and outstanding and 100,000 preferred shares authorized at March 31, 2021 and December 31, 2020	63,948	63,948
Common stock; $0.01 par value; 739,746 shares and 739,381 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	7,397	7,394
Additional paid-in capital	35,454,066	35,488,634
Accumulated other comprehensive loss	(1,021,551)	(1,193,739)
Distributions in excess of net earnings	(2,495,343)	(2,394,690)
Total Prologis, Inc. stockholders’ equity	32,008,517	31,971,547
Noncontrolling interests	4,376,686	4,353,033
Total equity	36,385,203	36,324,580
Total liabilities and equity	55,732,809	56,065,005
Partners’ capital:
Noncontrolling interests	4,376,686	4,353,033
Total equity	36,385,203	36,324,580
Prologis, L.P. [Member]
ASSETS
Investments in real estate properties	50,459,365	50,384,328
Less accumulated depreciation	6,823,824	6,539,156
Net investments in real estate properties	43,635,541	43,845,172
Investments in and advances to unconsolidated entities	7,514,840	7,602,014
Assets held for sale or contribution	1,055,751	1,070,724
Net investments in real estate	52,206,132	52,517,910
Cash and cash equivalents	676,074	598,086
Other assets	2,850,603	2,949,009
Total assets	55,732,809	56,065,005
Liabilities:
Debt	16,503,458	16,849,076
Accounts payable and accrued expenses	1,138,924	1,143,372
Other liabilities	1,705,224	1,747,977
Total liabilities	19,347,606	19,740,425
Prologis, Inc. stockholders’ equity:
Noncontrolling interests	3,473,462	3,483,526
Total liabilities and equity	55,732,809	56,065,005
Partners’ capital:
Total partners’ capital	32,911,741	32,841,054
Noncontrolling interests	3,473,462	3,483,526
Total capital	36,385,203	36,324,580
Prologis, L.P. [Member] | Preferred [Member]
Partners’ capital:
General partner	63,948	63,948
Prologis, L.P. [Member] | Common [Member]
Partners’ capital:
General partner	31,944,569	31,907,599
Limited partners	555,176	523,954
Prologis, L.P. [Member] | Class A Common [Member]
Partners’ capital:
Limited partners	$ 348,048	$ 345,553

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, liquidation preference per share	$ 50	$ 50
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	1,279,000	1,279,000
Preferred stock, shares outstanding	1,279,000	1,279,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	739,746,000	739,381,000
Common stock, shares outstanding	739,746,000	739,381,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Revenues:
Rental		$ 1,021,656	$ 878,807
Strategic capital		119,961	96,591
Development management and other		6,699	2,843
Total revenues		1,148,316	978,241
Expenses:
Rental		277,884	227,618
Strategic capital		49,450	46,574
General and administrative		78,032	69,689
Depreciation and amortization		397,575	345,970
Other		3,444	14,574
Total expenses		806,385	704,425
Operating income before gains on real estate transactions, net		341,931	273,816
Gains on dispositions of development properties and land, net		173,643	162,750
Gains on other dispositions of investments in real estate, net		16,623	31,491
Operating income		532,197	468,057
Other income (expense):
Earnings from unconsolidated entities, net		67,049	88,730
Interest expense		(71,281)	(75,642)
Interest and other income, net		4,746	370
Foreign currency and derivative gains, net		80,152	113,329
Losses on early extinguishment of debt, net		(187,453)	(42,767)
Total other income (expense)		(106,787)	84,020
Total other income (expense)		(106,787)	84,020
Earnings before income taxes		425,410	552,077
Total income tax expense		25,717	30,913
Consolidated net earnings		399,693	521,164
Less net earnings attributable to noncontrolling interests		32,346	30,111
Net earnings attributable to controlling interests		367,347	491,053
Less preferred stock/unit dividends/distributions		1,532	1,635
Net earnings attributable to common stockholders/unitholders		$ 365,815	$ 489,418
Weighted average common shares/units outstanding - Basic		738,998	698,272
Weighted average common shares/units outstanding - Diluted		764,958	723,983
Net earnings per share/unit attributable to common stockholders/unitholders - Basic		$ 0.50	$ 0.70
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted		$ 0.49	$ 0.70
Prologis, L.P. [Member]
Revenues:
Rental		$ 1,021,656	$ 878,807
Strategic capital		119,961	96,591
Development management and other		6,699	2,843
Total revenues		1,148,316	978,241
Expenses:
Rental		277,884	227,618
Strategic capital		49,450	46,574
General and administrative		78,032	69,689
Depreciation and amortization		397,575	345,970
Other		3,444	14,574
Total expenses		806,385	704,425
Operating income before gains on real estate transactions, net		341,931	273,816
Gains on dispositions of development properties and land, net		173,643	162,750
Gains on other dispositions of investments in real estate, net		16,623	31,491
Operating income		532,197	468,057
Other income (expense):
Earnings from unconsolidated entities, net		67,049	88,730
Interest expense		(71,281)	(75,642)
Interest and other income, net		4,746	370
Foreign currency and derivative gains, net		80,152	113,329
Losses on early extinguishment of debt, net		(187,453)	(42,767)
Total other income (expense)		(106,787)	84,020
Total other income (expense)		(106,787)	84,020
Earnings before income taxes		425,410	552,077
Total income tax expense		25,717	30,913
Consolidated net earnings		399,693	521,164
Less net earnings attributable to noncontrolling interests		22,078	16,141
Net earnings attributable to controlling interests		377,615	505,023
Less preferred stock/unit dividends/distributions		1,532	1,635
Net earnings attributable to common stockholders/unitholders		$ 376,083	$ 503,388
Weighted average common shares/units outstanding - Basic		751,679	710,141
Weighted average common shares/units outstanding - Diluted	[1]	764,958	723,983
Net earnings per share/unit attributable to common stockholders/unitholders - Basic		$ 0.50	$ 0.70
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted		$ 0.49	$ 0.70
[1]	Our total weighted average potentially dilutive shares and units outstanding consisted of the following

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Consolidated net earnings	$ 399,693	$ 521,164
Other comprehensive income (loss):
Foreign currency translation gains (losses), net	171,759	(133,533)
Unrealized gains (losses) on derivative contracts, net	4,821	(23,448)
Comprehensive income	576,273	364,183
Net earnings attributable to noncontrolling interests	(32,346)	(30,111)
Other comprehensive loss (income) attributable to noncontrolling interests	(4,392)	5,027
Comprehensive income attributable to common stockholders/unitholders	539,535	339,099
Prologis, L.P. [Member]
Consolidated net earnings	399,693	521,164
Other comprehensive income (loss):
Foreign currency translation gains (losses), net	171,759	(133,533)
Unrealized gains (losses) on derivative contracts, net	4,821	(23,448)
Comprehensive income	576,273	364,183
Net earnings attributable to noncontrolling interests	(22,078)	(16,141)
Other comprehensive loss (income) attributable to noncontrolling interests	(476)	(663)
Comprehensive income attributable to common stockholders/unitholders	$ 554,671	$ 348,705

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Distributions in Excess of Net Earnings [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2019	$ 26,071,784	$ 68,948	$ 6,318	$ 25,719,427	$ (990,398)	$ (2,151,168)	$ 3,418,657
Balance, shares at Dec. 31, 2019			631,797,000
Consolidated net earnings	521,164					491,053	30,111
Effect of equity compensation plans	23,323		$ 5	(3,121)			26,439
Effect of equity compensation plans, shares			518,000
Liberty Transaction, net of issuance costs	10,014,046		$ 1,067	9,801,412			211,567
Liberty Transaction, net of issuance costs, shares			106,723,000
Repurchase of common shares	(34,829)		$ (5)	(34,824)
Repurchase of common shares, shares			(539,000)
Capital contributions	916,974						916,974
Redemption of noncontrolling interests	(16,811)		$ 1	2,783			(19,595)
Redemption of noncontrolling interests, shares			64,000
Foreign currency translation gains (losses), net	(133,533)				(129,161)		(4,372)
Unrealized gains (losses) on derivative contracts, net	(23,448)				(22,793)		(655)
Reallocation of equity				(69,327)			69,327
Dividends ($0.63 per common share for three months ended March 31, 2021 and $0.58 for three months ended March 31, 2020) and other distributions	(562,800)			(9)		(430,766)	(132,025)
Balance at Mar. 31, 2020	36,775,870	68,948	$ 7,386	35,416,341	(1,142,352)	(2,090,881)	4,516,428
Balance, shares at Mar. 31, 2020			738,563,000
Balance at Dec. 31, 2020	$ 36,324,580	63,948	$ 7,394	35,488,634	(1,193,739)	(2,394,690)	4,353,033
Balance, shares at Dec. 31, 2020	739,381,000		739,381,000
Consolidated net earnings	$ 399,693					367,347	32,346
Effect of equity compensation plans	31,340		$ 3	4,039			27,298
Effect of equity compensation plans, shares			360,000
Capital contributions	120						120
Redemption of noncontrolling interests	(31,372)			233			(31,605)
Redemption of noncontrolling interests, shares			5,000
Foreign currency translation gains (losses), net	171,759				167,499		4,260
Unrealized gains (losses) on derivative contracts, net	4,821				4,689		132
Reallocation of equity				(38,816)			38,816
Dividends ($0.63 per common share for three months ended March 31, 2021 and $0.58 for three months ended March 31, 2020) and other distributions	(515,738)			(24)		(468,000)	(47,714)
Balance at Mar. 31, 2021	$ 36,385,203	$ 63,948	$ 7,397	$ 35,454,066	$ (1,021,551)	$ (2,495,343)	$ 4,376,686
Balance, shares at Mar. 31, 2021	739,746,000		739,746,000

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Dividends per common share	$ 0.63	$ 0.58

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Consolidated net earnings	$ 399,693	$ 521,164
Adjustments to reconcile net earnings to net cash provided by operating activities:
Straight-lined rents and amortization of above and below market leases	(36,658)	(23,738)
Equity-based compensation awards	34,575	31,808
Depreciation and amortization	397,575	345,970
Earnings from unconsolidated entities, net	(67,049)	(88,730)
Operating distributions from unconsolidated entities	115,957	106,732
Decrease in operating receivables from unconsolidated entities	4,284	60,739
Amortization of debt discounts and debt issuance costs, net	2,091	1,175
Gains on dispositions of development properties and land, net	(173,643)	(162,750)
Gains on other dispositions of investments in real estate, net	(16,623)	(31,491)
Unrealized foreign currency and derivative gains, net	(81,726)	(109,726)
Losses on early extinguishment of debt, net	187,453	42,767
Deferred income tax expense	1,162	2,993
Decrease in accounts receivable and other assets	68,398	105,648
Decrease in accounts payable and accrued expenses and other liabilities	(18,795)	(123,468)
Decrease in operating receivables from unconsolidated entities	(4,284)	(60,739)
Decrease in accounts receivable and other assets	(68,398)	(105,648)
Net cash provided by operating activities	816,694	679,093
Investing activities:
Real estate development	(422,399)	(443,044)
Real estate acquisitions	(226,450)	(439,059)
Tenant improvements and lease commissions on previously leased space	(71,140)	(39,396)
Property improvements	(8,071)	(13,639)
Proceeds from dispositions and contributions of real estate properties	727,609	723,887
Investments in and advances to unconsolidated entities	(141,764)	(251,673)
Return of investment from unconsolidated entities	37,632	139,900
Proceeds from repayment of notes receivable backed by real estate	0	4,312
Proceeds from the settlement of net investment hedges	0	2,352
Payments on the settlement of net investment hedges	(2,511)	(5,599)
Net cash used in investing activities	(107,094)	(2,009,173)
Financing activities:
Proceeds from issuance of common stock/units	709	850
Repurchase and retirement of common stock	0	(34,829)
Dividends/distributions paid on common and preferred stock/units	(468,000)	(430,766)
Noncontrolling interests contributions	120	916,974
Noncontrolling interests distributions	(47,714)	(132,025)
Settlement of noncontrolling interests	(31,372)	(16,811)
Tax paid with shares withheld	(16,955)	(22,736)
Debt and equity issuance costs paid	(11,661)	(31,118)
Net payments on credit facilities	(115,274)	(125,166)
Repurchase of and payments on debt	(1,931,983)	(4,065,075)
Proceeds from the issuance of debt	2,029,817	4,991,113
Net cash provided by (used in) financing activities	(592,313)	1,050,411
Effect of foreign currency exchange rate changes on cash	(39,299)	(1,315)
Net increase (decrease) in cash and cash equivalents	77,988	(280,984)
Cash and cash equivalents, beginning of period	598,086	1,088,855
Cash and cash equivalents, end of period	676,074	807,871
Net payments on credit facilities	115,274	125,166
Net cash provided by (used in) financing activities	(592,313)	1,050,411
Prologis, L.P. [Member]
Operating activities:
Consolidated net earnings	399,693	521,164
Adjustments to reconcile net earnings to net cash provided by operating activities:
Straight-lined rents and amortization of above and below market leases	(36,658)	(23,738)
Equity-based compensation awards	34,575	31,808
Depreciation and amortization	397,575	345,970
Earnings from unconsolidated entities, net	(67,049)	(88,730)
Operating distributions from unconsolidated entities	115,957	106,732
Decrease in operating receivables from unconsolidated entities	4,284	60,739
Amortization of debt discounts and debt issuance costs, net	2,091	1,175
Gains on dispositions of development properties and land, net	(173,643)	(162,750)
Gains on other dispositions of investments in real estate, net	(16,623)	(31,491)
Unrealized foreign currency and derivative gains, net	(81,726)	(109,726)
Losses on early extinguishment of debt, net	187,453	42,767
Deferred income tax expense	1,162	2,993
Decrease in accounts receivable and other assets	68,398	105,648
Decrease in accounts payable and accrued expenses and other liabilities	(18,795)	(123,468)
Decrease in operating receivables from unconsolidated entities	(4,284)	(60,739)
Decrease in accounts receivable and other assets	(68,398)	(105,648)
Net cash provided by operating activities	816,694	679,093
Investing activities:
Real estate development	(422,399)	(443,044)
Real estate acquisitions	(226,450)	(439,059)
Tenant improvements and lease commissions on previously leased space	(71,140)	(39,396)
Property improvements	(8,071)	(13,639)
Proceeds from dispositions and contributions of real estate properties	727,609	723,887
Investments in and advances to unconsolidated entities	(141,764)	(251,673)
Return of investment from unconsolidated entities	37,632	139,900
Proceeds from repayment of notes receivable backed by real estate	0	4,312
Proceeds from the settlement of net investment hedges	0	2,352
Payments on the settlement of net investment hedges	(2,511)	(5,599)
Net cash used in investing activities	(107,094)	(2,009,173)
Financing activities:
Proceeds from issuance of common stock/units	709	850
Repurchase and retirement of common stock	0	(34,829)
Dividends/distributions paid on common and preferred stock/units	(483,928)	(445,554)
Noncontrolling interests contributions	120	916,974
Noncontrolling interests distributions	(31,786)	(117,237)
Redemption of common limited partnership units	31,372	16,811
Tax paid for shares of the Parent withheld	16,955	22,736
Debt and equity issuance costs paid	(11,661)	(31,118)
Net payments on credit facilities	115,274	125,166
Repurchase of and payments on debt	(1,931,983)	(4,065,075)
Proceeds from the issuance of debt	2,029,817	4,991,113
Net cash provided by (used in) financing activities	(592,313)	1,050,411
Redemption of common limited partnership units	(31,372)	(16,811)
Effect of foreign currency exchange rate changes on cash	(39,299)	(1,315)
Net increase (decrease) in cash and cash equivalents	77,988	(280,984)
Cash and cash equivalents, beginning of period	598,086	1,088,855
Cash and cash equivalents, end of period	676,074	807,871
Tax paid for shares of the Parent withheld	16,955	22,736
Net payments on credit facilities	(115,274)	(125,166)
Net cash provided by (used in) financing activities	(592,313)	1,050,411
Liberty Transaction [Member]
Investing activities:
Transaction, net of cash acquired	0	(22,659)
Liberty Transaction [Member] | Prologis, L.P. [Member]
Investing activities:
Transaction, net of cash acquired	0	(22,659)
IPT Transaction [Member]
Investing activities:
Transaction, net of cash acquired	0	(1,664,555)
IPT Transaction [Member] | Prologis, L.P. [Member]
Investing activities:
Transaction, net of cash acquired	$ 0	$ (1,664,555)

Consolidated Statements of Capi

Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Consolidated net earnings	$ 399,693	$ 521,164
Effect of equity compensation plans	31,340	23,323
Capital contributions	120	916,974
Unrealized gains (losses) on derivative contracts, net	4,821	(23,448)
Noncontrolling Interests [Member]
Consolidated net earnings	32,346	30,111
Effect of equity compensation plans	27,298	26,439
Capital contributions	120	916,974
Unrealized gains (losses) on derivative contracts, net	$ 132	(655)
Class A Common [Member]
Beginning balance, Units	8,600
Ending balance, Units	8,600
Prologis, L.P. [Member]
Beginning balance	$ 36,324,580	26,071,784
Consolidated net earnings	399,693	521,164
Effect of equity compensation plans	31,340	23,323
Repurchases of common units		(34,829)
Capital contributions	120	916,974
Redemption of limited partners units	(31,372)	(16,811)
Foreign currency translation gains (losses), net	171,759	(133,533)
Unrealized gains (losses) on derivative contracts, net	4,821	(23,448)
Distributions ($0.63 per common unit for three months ended March 31, 2021 and $0.58 for three months ended March 31, 2020) and other	(515,738)	(562,800)
Ending balance	36,385,203	36,775,870
Prologis, L.P. [Member] | Liberty Transaction [Member]
Liberty Transaction, net of issuance costs		10,014,046
Prologis, L.P. [Member] | Noncontrolling Interests [Member]
Beginning balance	3,483,526	2,775,394
Consolidated net earnings	22,078	16,141
Capital contributions	120	916,974
Foreign currency translation gains (losses), net	(476)	(663)
Distributions ($0.63 per common unit for three months ended March 31, 2021 and $0.58 for three months ended March 31, 2020) and other	(31,786)	(117,237)
Ending balance	3,473,462	3,591,986
Prologis, L.P. [Member] | Noncontrolling Interests [Member] | Liberty Transaction [Member]
Liberty Transaction, net of issuance costs		1,377
Prologis, L.P. [Member] | Preferred [Member] | General Partner
Beginning balance	$ 63,948	$ 68,948
Beginning balance, Units	1,279	1,379
Ending balance	$ 63,948	$ 68,948
Ending balance, Units	1,279	1,379
Prologis, L.P. [Member] | Common [Member] | General Partner
Beginning balance	$ 31,907,599	$ 22,584,179
Beginning balance, Units	739,381	631,797
Consolidated net earnings	$ 367,347	$ 491,053
Effect of equity compensation plans	$ 4,042	$ (3,116)
Effect of equity compensation plans, units	360	518
Repurchases of common units		$ (34,829)
Repurchase of common shares, shares		(539)
Redemption of limited partners units	$ 233	$ 2,784
Redemption of limited partners units, units	5	64
Foreign currency translation gains (losses), net	$ 167,499	$ (129,161)
Unrealized gains (losses) on derivative contracts, net	4,689	(22,793)
Reallocation of capital	(38,816)	(69,327)
Distributions ($0.63 per common unit for three months ended March 31, 2021 and $0.58 for three months ended March 31, 2020) and other	(468,024)	(430,775)
Ending balance	$ 31,944,569	$ 32,190,494
Ending balance, Units	739,746	738,563
Prologis, L.P. [Member] | Common [Member] | General Partner | Liberty Transaction [Member]
Liberty Transaction, net of issuance costs		$ 9,802,479
Liberty Transaction, net of issuance costs, units		106,723
Prologis, L.P. [Member] | Common [Member] | Limited Partners [Member]
Beginning balance	$ 523,954	$ 355,076
Beginning balance, Units	12,142	9,933
Consolidated net earnings	$ 6,277	$ 8,319
Effect of equity compensation plans	$ 27,298	$ 26,439
Effect of equity compensation plans, units	1,055	1,191
Redemption of limited partners units	$ (31,605)	$ (19,595)
Redemption of limited partners units, units	(341)	(254)
Foreign currency translation gains (losses), net	$ 2,911	$ (2,301)
Unrealized gains (losses) on derivative contracts, net	81	(406)
Reallocation of capital	36,630	4,977
Distributions ($0.63 per common unit for three months ended March 31, 2021 and $0.58 for three months ended March 31, 2020) and other	(10,370)	(9,218)
Ending balance	$ 555,176	$ 573,481
Ending balance, Units	12,856	13,158
Prologis, L.P. [Member] | Common [Member] | Limited Partners [Member] | Liberty Transaction [Member]
Liberty Transaction, net of issuance costs		$ 210,190
Liberty Transaction, net of issuance costs, units		2,288
Prologis, L.P. [Member] | Class A Common [Member] | Limited Partners [Member]
Beginning balance	$ 345,553	$ 288,187
Beginning balance, Units	8,595	8,613
Consolidated net earnings	$ 3,991	$ 5,651
Foreign currency translation gains (losses), net	1,825	(1,408)
Unrealized gains (losses) on derivative contracts, net	51	(249)
Reallocation of capital	2,186	64,350
Distributions ($0.63 per common unit for three months ended March 31, 2021 and $0.58 for three months ended March 31, 2020) and other	(5,558)	(5,570)
Ending balance	$ 348,048	$ 350,961
Ending balance, Units	8,595	8,613

Consolidated Statements of Ca_2

Consolidated Statements of Capital (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Partners Capital [Abstract]
Distributions per common unit	$ 0.63	$ 0.58

General

General	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
General	NOTE 1. GENERAL Business . Prologis, Inc. (or the “Parent”) commenced operations as a fully integrated real estate company in 1997, elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”), and believes the current organization and method of operation will enable it to maintain its status as a REIT. The Parent is the general partner of Prologis, L.P. (or the “Operating Partnership” or “OP”). Through the OP, we are engaged in the ownership, acquisition, development and management of logistics facilities with a focus on key markets in 19 countries on four continents. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors. We maintain a significant level of ownership in these co-investment ventures, which may be consolidated or unconsolidated based on our level of control of the entity. Our current business strategy consists of two operating business segments: Real Estate 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, 2021, the Parent owned a 97.25% common general partnership interest in the OP and 100% of the preferred units in the OP. The remaining 2.75% common limited partnership interests, which include Class A common limited partnership units (“Class A Units”) in the OP, are owned by unaffiliated investors and certain current and former directors and officers of the Parent. Each partner’s percentage interest in the OP is determined based on the number of OP units held, including the number of OP units into which Class A Units are convertible, compared to total OP units outstanding at each period end and is used as the basis for the allocation of net income or loss to each partner. At the end of each reporting period, a capital adjustment is made in the OP to reflect the appropriate ownership interest for each of the common unitholders. These adjustments are reflected in the line items Reallocation of Equity 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. 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, 2020, as filed with the SEC, and other public information. Reclassifications. Lease right-of-use assets and lease liabilities have been reclassified in the Consolidated Financial Statements for 2020 to Other Assets and Other Liabilities , respectively, in order to conform to the 2021 financial statement presentation.

Liberty Transaction

Liberty Transaction	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Liberty Transaction	NOTE 2. LIBERTY TRANSACTION On February 4, 2020, we acquired Liberty Property Trust and Liberty Property Limited Partnership (collectively “Liberty” or the “Liberty Transaction”). The Liberty Transaction was completed for $13.0 billion through the issuance of equity based on the value of the Prologis common stock and units issued of $10.0 billion, the assumption of debt of $2.8 billion and transaction costs. In connection with the transaction, each issued and outstanding share or unit held by a Liberty stockholder or unitholder was converted automatically into 0.675 shares of Prologis common stock or common units of Prologis, L.P., respectively, including shares and units under Liberty’s equity incentive plan that became fully vested at closing. Through the Liberty Transaction, we acquired a portfolio primarily comprised of logistics real estate assets, including 519 industrial operating properties, aggregating 99.6 million square feet, which are highly complementary to our U.S. portfolio in terms of product quality, location and growth potential in our key markets The aggregate equity consideration is calculated below (in millions, except price per share): Number of Prologis shares and units issued upon conversion of Liberty shares and units at February 4, 2020 109.01 Multiplied by price of Prologis' common stock on February 3, 2020 $ 91.87 Fair value of Prologis shares and units issued $ 10,015 We accounted for the Liberty Transaction as an asset acquisition and as a result, the transaction costs of $115.8 million were capitalized to the basis of the acquired properties. Transaction costs included investment banker advisory fees, legal fees and other costs. Under acquisition accounting, the total purchase price was allocated to the Liberty real estate properties and related lease intangibles on a relative fair value basis. All other assets acquired and liabilities assumed, including debt, and real estate assets that we do not intend to operate long-term are recorded at fair value as follows (in millions): Net investments in real estate $ 12,636 Intangible assets, net of intangible liabilities 491 Cash and other assets 233 Debt (2,845 ) Accounts payable, accrued expenses and other liabilities (383 ) Noncontrolling interests (1 ) Total purchase price, including transaction costs $ 10,131

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Real Estate	NOTE 3. REAL ESTATE Investments in real estate properties consisted of the following (dollars and square feet in thousands): Square Feet Number of Buildings Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, 2021 2020 2021 2020 2021 2020 Operating properties: Buildings and improvements 441,737 441,336 2,265 2,261 $ 31,520,177 $ 31,489,943 Improved land 12,025,439 12,017,676 Development portfolio, including land costs: Prestabilized 5,572 6,076 18 24 480,918 553,266 Properties under development 22,990 22,004 62 61 1,550,798 1,329,345 Land (1) 1,699,738 1,606,358 Other real estate investments (2) 3,182,295 3,387,740 Total investments in real estate properties 50,459,365 50,384,328 Less accumulated depreciation 6,823,824 6,539,156 Net investments in real estate properties $ 43,635,541 $ 43,845,172 (1) At March 31, 2021 and December 31, 2020, our land was comprised of 5,113 and 5,304 acres, respectively. (2) Included in other real estate investments were: (i) non-strategic real estate assets acquired in the Liberty Transaction that we do not intend to operate long-term; (ii) land parcels we own and lease to third parties; (iii) real estate assets that we intend to redevelop into industrial properties; and (iv) costs associated with potential acquisitions and future development projects, including purchase options on land. Acquisitions The following table summarizes our real estate acquisition activity, excluding the Liberty Transaction as discussed in Note 2 (dollars and square feet in thousands): Three Months Ended March 31, 2021 2020 (1) Number of operating properties 1 137 Square feet 25 20,256 Acres of land 261 267 Acquisition cost of net investments in real estate $ 229,050 $ 2,393,767 (1) On January 8, 2020, our two U.S. co-investment ventures, Prologis Targeted U.S. Logistics Fund, L.P. (“USLF”) and Prologis U.S. Logistics Venture, LLC (“USLV”), acquired the wholly-owned real estate assets of Industrial Property Trust Inc. (“IPT”) for $ billion each in a cash transaction, including transaction costs and the assumption and repayment of debt (the “IPT Transaction”). As USLV is a consolidated co-investment venture, the number of operating properties, square feet and acquisition cost are included in the consolidated acquisition activity. Dispositions The following table summarizes our dispositions of net investments in real estate which include contributions to unconsolidated co-investment ventures and dispositions to third parties (dollars and square feet in thousands): Three Months Ended March 31, 2021 2020 Dispositions of development properties and land, net (1) Number of properties 8 11 Square feet 4,287 4,636 Net proceeds $ 769,813 $ 633,563 Gains on dispositions of development properties and land, net $ 173,643 $ 162,750 Other dispositions of investments in real estate, net Number of properties 1 18 Square feet 476 2,305 Net proceeds $ 23,342 $ 160,557 Gains on other dispositions of investments in real estate, net $ 16,623 $ 31,491 (1) The gains we recognize in Gains on Dispositions of Development Properties and Land, Net are primarily driven by the contribution of newly developed properties to our unconsolidated co-investment ventures. Leases We recognized lease right-of-use assets of $462.8 million and $492.8 million within Other Assets and lease liabilities of $458.7 million and $487.0 million within Other Liabilities, for land and office space leases in which we are the lessee, on the Consolidated Balance Sheets at March 31, 2021 and December 31, 2020, respectively.

Unconsolidated Entities

Unconsolidated Entities	3 Months Ended
	Mar. 31, 2021
Equity Method Investments And Joint Ventures [Abstract]
Unconsolidated Entities	NOTE 4. UNCONSOLIDATED ENTITIES Summary of Investments We have investments in entities through a variety of ventures. We co-invest in entities that own multiple properties with partners and investors and we provide asset and property management services to these entities, which we refer to as co-investment ventures. These entities may be consolidated or unconsolidated depending on the structure, our partner’s participation and other rights and our level of control of the entity. This note details our investments in unconsolidated co-investment ventures, which are related parties and accounted for using the equity method of accounting. See Note 7 for more detail regarding our consolidated investments that are not wholly owned. We also have investments in other ventures, generally with one partner, which we account for using the equity method. We refer to our investments in both unconsolidated co-investment ventures and other ventures, collectively, as unconsolidated entities. The following table summarizes our investments in and advances to unconsolidated entities (in thousands): March 31, December 31, 2021 2020 Unconsolidated co-investment ventures $ 6,594,263 $ 6,685,567 Other ventures 920,577 916,447 Total $ 7,514,840 $ 7,602,014 Unconsolidated Co-Investment Ventures The following table summarizes the Strategic Capital Revenues Three Months Ended March 31, 2021 2020 Recurring fees $ 91,037 $ 74,687 Transactional fees 20,878 19,960 Promote revenue 1,615 591 Total strategic capital revenues from unconsolidated co-investment ventures (1) $ 113,530 $ 95,238 (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 these ventures (dollars and square feet in millions): U.S. Other Americas (1) Europe Asia Total As of: Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Key property information: Ventures 1 1 2 2 3 3 3 3 9 9 Operating properties 710 706 230 229 778 768 179 167 1,897 1,870 Square feet 118 117 51 51 187 185 72 67 428 420 Financial position: Total assets ($) 10,937 10,840 2,987 3,023 17,106 16,918 10,222 10,209 41,252 40,990 Third-party debt ($) 3,169 3,129 824 854 4,110 4,002 3,920 3,831 12,023 11,816 Total liabilities ($) 3,760 3,722 864 898 5,768 5,607 4,428 4,389 14,820 14,616 Our investment balance ($) (2) 1,892 1,886 810 811 3,065 3,152 827 837 6,594 6,686 Our weighted average ownership (3) 25.4 % 25.6 % 40.8 % 40.8 % 29.4 % 30.0 % 15.2 % 15.2 % 25.8 % 26.1 % U.S. Other Americas (1) Europe Asia Total Operating Information: Mar 31, 2021 Mar 31, 2020 Mar 31, 2021 Mar 31, 2020 Mar 31, 2021 Mar 31, 2020 Mar 31, 2021 Mar 31, 2020 Mar 31, 2021 Mar 31, 2020 For the three months ended: Total revenues ($) 254 233 75 68 338 290 159 138 826 729 Net earnings ($) 49 34 30 23 87 78 35 26 201 161 Our earnings from unconsolidated co-investment ventures, net ($) 13 9 12 9 28 25 6 4 59 47 ( 1 ) PBLV and our other Brazilian joint ventures are combined as one venture for the purpose of this table. ( 2 ) Prologis’ investment balance is presented at our adjusted basis 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, 2021 and December 31, 2020, resulted principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018; (ii) recording additional costs associated with our investment in the venture; (iii) receivables, principally for fees and promotes ($143.7 million and $165.6 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. Equity Commitments Related to Certain Unconsolidated Co-Investment Ventures At March 31, 2021, our outstanding equity commitments were $341.2 million, principally for Prologis China Logistics Venture. The equity commitments expire from 2021 to 2028 if they have not been previously called.

Assets Held for Sale or Contrib

Assets Held for Sale or Contribution	3 Months Ended
	Mar. 31, 2021
Real Estate Assets Held For Development And Sale [Abstract]
Assets Held for Sale or Contribution	NOTE 5. ASSETS HELD FOR SALE OR CONTRIBUTION We had investments in certain real estate properties that met the criteria to be classified as held for sale or contribution at March 31, 2021 and December 31, 2020. At the time of classification, these properties were expected to be sold to third parties or were recently stabilized and expected to be contributed to unconsolidated co-investment ventures within twelve months. The amounts included in Assets Held for Sale or Contribution Assets held for sale or contribution, including certain properties acquired through the Liberty Transaction and the IPT Transaction, consisted of the following (dollars and square feet in thousands): March 31, December 31, 2021 2020 Number of operating properties 80 66 Square feet 13,756 12,923 Total assets held for sale or contribution $ 1,055,751 $ 1,070,724 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 21,828 $ 16,214

Debt

Debt	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Weighted Average Amount Weighted Average Amount Interest Rate (1) Term (2) Outstanding (3) Interest Rate (1) Term (2) Outstanding (3) Credit facilities 0.4% 3.3 $ 53,250 0.8% 2.0 $ 171,794 Senior notes 1.7% 12.1 14,433,868 2.0% 11.2 14,275,870 Term loans and unsecured other 0.9% 5.3 1,670,556 0.9% 5.6 1,764,311 Secured mortgage 5.4% 3.7 345,784 3.1% 3.0 637,101 Total 1.7% 11.2 $ 16,503,458 1.9% 10.2 $ 16,849,076 (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 designated interest rate swaps, which effectively fix the interest rate on certain variable rate debt. (2) The weighted average term represents the remaining maturity in years on the debt outstanding at period end. (3) We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies: March 31, 2021 December 31, 2020 Weighted Average Interest Rate Amount Outstanding % of Total Weighted Average Interest Rate Amount Outstanding % of Total British pound sterling 2.2 % $ 1,027,910 6.2 % 2.2 % $ 1,019,480 6.1 % Canadian dollar 2.7 % 288,045 1.7 % 2.7 % 285,708 1.7 % Euro 1.1 % 6,963,034 42.2 % 1.4 % 6,549,676 38.8 % Japanese yen 0.8 % 2,460,056 14.9 % 0.8 % 2,877,247 17.1 % U.S. dollar 2.6 % 5,764,413 35.0 % 2.8 % 6,116,965 36.3 % Total 1.7 % $ 16,503,458 1.9 % $ 16,849,076 Credit Facilities We have a global senior credit facility (the “Global Facility”) under which we may draw in British pounds sterling, Canadian dollars, euro, Japanese yen, 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 i s scheduled to mature in January 2023 ; howe ver, we may extend the maturit y 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 total commitments of ¥55.0 billion ($496.4 million at March 31, 2021). We have the ability to increase the borrowing capacity of the Revolver to ¥75.0 billion ($676.9 million at March 31, 2021), 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. At March 31, 2021, the Revolver was scheduled to mature in July 2024; 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.” In April 2021, we entered into a second global senior credit facility under which we may draw in various currencies on a revolving basis in an aggregate amount up to $1.0 billion (subject to currency fluctuations). The second global senior credit facility is scheduled to mature in April 2024, subject to extension options. Liquidity The following table summarizes information about our available liquidity at March 31, 2021 (in millions): Aggregate lender commitments Credit Facilities $ 4,019 Less: Borrowings outstanding 53 Outstanding letters of credit 19 Current availability $ 3,947 Available term loans 250 Cash and cash equivalents 676 Total liquidity $ 4,873 Senior Notes The following table summarizes the issuances and redemptions of senior notes during the three months ended March 31, 2021 (principal in thousands): Aggregate Principal Issuance Date Weighted Average Initial Borrowing Date Borrowing Currency USD (1) Interest Rate (2) Term (3) Maturity Dates February € 1,350,000 $ 1,639,305 0.7% 14.3 February 2032 – 2041 February $ 400,000 $ 400,000 1.6% 10.1 March 2031 Aggregate Principal Redemption Date Weighted Average Redemption Date Borrowing Currency USD (1) Interest Rate (2) Term (3) Maturity Dates March € 599,514 $ 715,700 3.4% 3.0 February 2024 March $ 750,000 $ 750,000 3.8% 4.7 November 2025 (1) The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date. (2) The interest rate represents the fixed or variable interest rate at the issuance or redemption date of the related debt. (3) The issuance date and redemption date weighted average term represent the remaining maturity in years on the related debt at the issuance or redemption date, respectively. During the three months ended March 31, 2021, we used the net proceeds from the issuance of the senior notes to fund the senior note redemptions and for general corporate purposes. Early Extinguishment of Debt During the three months ended March 31, 2021 and 2020, we recognized $187.5 million and $42.8 million of losses on the early extinguishment of debt, respectively. The losses during both periods were driven by the redemption of certain high interest rate senior notes before their stated maturity. We redeemed $1.5 billion of senior notes with stated maturities of 2024 and 2025, and $783.1 million of senior notes with a stated maturity of 2021, during the three months ended March 31, 2021 and 2020, respectively. The losses in 2020 included the extinguishment of debt assumed in the Liberty Transaction and the IPT Transaction, which represented the excess of the prepayment penalties over the premium recorded upon assumption of the debt. Term Loans We did not borrow or pay down on the multi-currency term loan (“2017 Term Loan”) during the three months ended March 31, 2021. During the three months ended March 31, 2020, we borrowed a net $500.0 million. Long-Term Debt Maturities Scheduled principal payments due on our debt for the remainder of 2021 and for each year through the period ended December 31, 2025, and thereafter were as follows at March 31, 2021 (in thousands): Unsecured Credit Senior Term Loans Secured Maturity Facilities Notes and Other Mortgage Total 2021 (1)(2) $ - $ - $ 260,135 $ 21,355 $ 281,490 2022 (1) - 527,625 - 12,098 539,723 2023 - - 135,244 34,072 169,316 2024 (3) 53,250 - - 133,488 186,738 2025 - 45,127 - 143,766 188,893 Thereafter - 13,931,343 1,281,618 2,468 15,215,429 Subtotal 53,250 14,504,095 1,676,997 347,247 16,581,589 Premiums (discounts), net - 6,070 - 224 6,294 Debt issuance costs, net - (76,297 ) (6,441 ) (1,687 ) (84,425 ) Total $ 53,250 $ 14,433,868 $ 1,670,556 $ 345,784 $ 16,503,458 (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 2021 maturities is the 2017 Term Loan. In April 2021, the 2017 Term Loan was terminated and the interest rate swap contracts associated with the outstanding balance of $250.3 million were settled. (3) Included in the 2024 maturities is the Revolver that can be extended until 2025. Financial Debt Covenants We had $14.4 billion of senior notes and $1.7 billion of term loans outstanding at March 31, 2021 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, 2021, we were in compliance with all of our financial debt covenants. Guarantee of Finance Subsidiary Debt We have finance subsidiaries as part of our operations in Europe (Prologis Euro Finance LLC), Japan (Prologis Yen Finance LLC) and the U.K. (Prologis Sterling Finance LLC) in order to mitigate our foreign currency risk by borrowing in the currencies in which we invest. These entities are 100% indirectly owned by the OP and all unsecured debt issued or to be issued by each entity is or will be fully and unconditionally guaranteed by the OP. There are no restrictions or limits on the OP’s ability to obtain funds from its subsidiaries by dividend or loan. In reliance on Rule 13-01 of Regulation S-X, the separate financial statements of Prologis Euro Finance LLC, Prologis Yen Finance LLC and Prologis Sterling Finance LLC are not provided.

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2021
Noncontrolling Interest [Abstract]
Noncontrolling Interests	NOTE 7. NONCONTROLLING INTERESTS Prologis, L.P. We report noncontrolling interests related to several entities we consolidate but of which we do not own 100% of the equity. These entities include two real estate partnerships that have issued limited partnership units to third parties. Depending on the specific partnership agreements, these limited partnership units are redeemable for cash or, at our option, shares of the Parent’s common stock, generally at a rate of one share of common stock to one limited partnership unit. We also consolidate certain entities in which we do not own 100% of the equity but the equity of these entities is not exchangeable into our common stock. Prologis, Inc. The noncontrolling interests of the Parent include the noncontrolling interests described above for the OP, as well as the limited partnership units in the OP that are not owned by the Parent. The outstanding limited partnership units receive quarterly cash distributions equal to the quarterly dividends paid on our common stock pursuant to the terms of the applicable partnership agreements. The following table summarizes these entities (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 3,375,502 $ 3,385,110 $ 7,625,390 $ 7,663,800 $ 134,457 $ 145,131 Other consolidated entities (1) various various 97,960 98,416 1,055,677 1,066,129 72,204 73,987 Prologis, L.P. 3,473,462 3,483,526 8,681,067 8,729,929 206,661 219,118 Limited partners in Prologis, L.P. (2)(3) 903,224 869,507 - - - - Prologis, Inc. $ 4,376,686 $ 4,353,033 $ 8,681,067 $ 8,729,929 $ 206,661 $ 219,118 (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, 2021 and December 31, 2020 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. (2) We had 8.6 million Class A Units that were convertible into (3) At March 31, 2021 and December 31, 2020, excluding the Class A Units, there were limited partnership units in the OP that were exchangeable into cash or, at our option, 8.2 million shares of the Parent’s common stock.

Long-Term Compensation

Long-Term Compensation	3 Months Ended
	Mar. 31, 2021
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 or a percentage of the compensation pool to participants under our POP corresponding to three-year -year compound annualized TSR for the Morgan Stanley Capital International (“MSCI”) US REIT Index for the same period plus 100 basis points. If the Outperformance Hurdle is met, a compensation pool will be formed equal to 3% of the excess value created, subject to a maximum as defined by each performance period. POP awards cannot be paid at a time when we meet the outperformance hurdle yet our absolute TSR is negative. If after seven years our absolute TSR has not been positive, the awards will be forfeited. We granted participation points for the 2021 – 2023 performance period in January 2021, with a fair value of $30.3 million using a Monte Carlo valuation model that assumed a risk-free interest rate of 0.2% and an expected volatility of 30.5%. The 2021 – 2023 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 at the end of the initial performance period and the remaining 80% is subject to additional seven-year three-year three-year The Outperformance Hurdle was met for the 2018 – 2020 performance period, which resulted in awards being earned at December 31, 2020. Additionally, awards were earned at December 31, 2020 for prior performance periods related to the compensation pool in excess of the initial award based on the terms of the POP awards granted prior to 2018. Awards of $100.0 million for the 2018 – 2020 performance period and $35.7 million in the aggregate for the 2016 – 2018 and 2017 – 2019 performance periods were awarded in January 2021 in the form of common stock, restricted stock units, POP LTIP Units and LTIP Units. POP award activity is included in Summary of Award Activity below. Other Equity-Based Compensation Plans and Programs Our other equity-based compensation plans and programs include (i) the Prologis Promote Plan (“PPP”); (ii) the annual long-term incentive (“LTI”) equity award program (“Annual LTI Award”); and (iii) the annual bonus exchange program. Awards under these plans and programs may be issued in the form of restricted stock units (“RSUs”) or LTIP Units at the participant’s election. RSUs and LTIP Units are valued based on the market price of the Parent’s common stock on the date the award is granted and the grant date value is charged to compensation expense over the service period. Summary of Award Activity RSUs The following table summarizes the activity for RSUs for the three months ended March 31, 2021 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2021 986 $ 80.32 Granted (1) 611 73.46 Vested and distributed (337 ) 75.98 Forfeited (90 ) 71.70 Balance at March 31, 2021 1,170 $ 78.65 (1) Included in granted are unvested units based on the POP performance criteria being met for the 2018 – 2020 performance period and represented the earned award amounts. Unvested units are included in the award discussion above. These amounts also include awards earned for prior performance periods related to the compensation pool in excess of the initial award. LTIP Units The following table summarizes the activity for LTIP Units for the three months ended March 31, 2021 (units in thousands): Unvested Unvested Weighted Average LTIP Units Grant Date Fair Value Balance at January 1, 2021 3,052 $ 66.50 Granted ( 1 ) 1,253 58.63 Forfeited (23 ) 31.80 Vested LTIP Units ( 2 ) (791 ) 76.98 Balance at March 31, 2021 3,491 $ 61.53 (1) Included in granted are unvested units based on the POP performance criteria being met for the 2018 – 2020 performance period and represented the earned award amounts. Unvested units are included in the award discussion above. These amounts also include awards earned for prior performance periods related to the compensation pool in excess of the initial award. (2) Vested LTIP Units include vested POP LTIP Units from prior performance periods.

Earnings Per Common Share or Un

Earnings Per Common Share or Unit	3 Months Ended
	Mar. 31, 2021
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. 2021 2020 Net earnings attributable to common stockholders – Basic $ 365,815 $ 489,418 Net earnings attributable to exchangeable limited partnership units (1) 10,320 14,049 Adjusted net earnings attributable to common stockholders – Diluted $ 376,135 $ 503,467 Weighted average common shares outstanding – Basic 738,998 698,272 Incremental weighted average effect on exchange of limited partnership units (1) 21,042 20,230 Incremental weighted average effect of equity awards 4,918 5,481 Weighted average common shares outstanding – Diluted (2) 764,958 723,983 Net earnings per share attributable to common stockholders: Basic $ 0.50 $ 0.70 Diluted $ 0.49 $ 0.70 Three Months Ended March 31, Prologis, L.P. 2021 2020 Net earnings attributable to common unitholders $ 376,083 $ 503,388 Net earnings attributable to Class A Units (3,991 ) (5,651 ) Net earnings attributable to common unitholders – Basic 372,092 497,737 Net earnings attributable to Class A Units 3,991 5,651 Net earnings attributable to exchangeable other limited partnership units 52 79 Adjusted net earnings attributable to common unitholders – Diluted $ 376,135 $ 503,467 Weighted average common partnership units outstanding – Basic 751,679 710,141 Incremental weighted average effect on exchange of Class A Units 8,062 8,062 Incremental weighted average effect on exchange of other limited partnership units 299 299 Incremental weighted average effect of equity awards of Prologis, Inc. 4,918 5,481 Weighted average common units outstanding – Diluted (2) 764,958 723,983 Net earnings per unit attributable to common unitholders: Basic $ 0.50 $ 0.70 Diluted $ 0.49 $ 0.70 (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, 2021 2020 Class A Units 8,062 8,062 Other limited partnership units 299 299 Equity awards 7,179 7,709 Prologis, L.P. 15,540 16,070 Common limited partnership units 12,681 11,869 Prologis, Inc. 28,221 27,939

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
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, 2020. The following table presents the fair value of our derivative financial instruments recognized within Other Assets Other Liabilities March 31, 2021 December 31, 2020 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards Brazilian real $ 826 $ - $ 620 $ 66 British pound sterling 71 8,735 174 7,589 Canadian dollar - 8,016 80 5,827 Chinese renminbi 34 499 - 717 Euro 16,096 287 73 6,247 Japanese yen 16,096 - 720 1,604 Swedish krona 1,214 868 - 2,355 Designated derivatives Foreign currency contracts Net investment hedges British pound sterling 3,251 3,125 - 2,081 Canadian dollar - 14,799 - 9,847 Interest rate swaps Cash flow hedges Euro - 14 - 9 U.S. dollar - 28 - 140 Total fair value of derivatives $ 37,588 $ 36,371 $ 1,667 $ 36,482 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): 2021 2020 CAD EUR GBP JPY SEK Other Total CAD EUR GBP JPY SEK Other Total Notional amounts at January 1 ($) 163 474 207 252 38 28 1,162 120 581 178 182 31 15 1,107 New contracts ($) 3 83 11 25 5 - 127 - 809 294 60 9 19 1,191 Matured, expired or settled contracts ($) (11 ) (36 ) (16 ) (20 ) (4 ) (4 ) (91 ) (11 ) (1,003 ) (267 ) (15 ) (3 ) (23 ) (1,322 ) Notional amounts at March 31 ($) 155 521 202 257 39 24 1,198 109 387 205 227 37 11 976 Weighted average forward rate at March 31 1.32 1.23 1.33 102.66 8.59 1.32 1.16 1.77 103.08 9.41 Active contracts at March 31 58 74 53 68 51 35 61 64 53 32 The following table summarizes the undesignated derivative financial instruments exercised and associated realized and unrealized gains (losses) in Foreign Currency and Derivative Gains, Net Three Months Ended March 31, 2021 2020 Exercised contracts 25 33 Realized gains (losses) on the matured, expired or settled contracts $ (1 ) $ 4 Unrealized gains on the change in fair value of outstanding contracts $ 38 $ 47 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 2021 2020 CAD GBP Total CAD GBP Total Notional amounts at January 1 ($) 377 135 512 97 387 484 New contracts ($) 250 300 550 - 324 324 Matured, expired or settled contracts ($) (63 ) - (63 ) - (576 ) (576 ) Notional amounts at March 31 ($) 564 435 999 97 135 232 Weighted average forward rate at March 31 1.29 1.38 1.32 1.35 Active contracts at March 31 7 4 2 1 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 (in millions): 2021 2020 EUR (1) USD (1) Total EUR USD Total Notional amounts at January 1 ($) 165 250 415 - - - New contracts ($) - - - 165 750 915 Matured, expired or settled contracts ($) - - - - (750 ) (750 ) Notional amounts at March 31 ($) 165 250 415 165 - 165 (1) During the year ended December 31, 2020, we entered into interest rate swap contracts to effectively fix the interest rate on our euro senior notes issued in February 2020 and the U.S. dollar outstanding balance on our 2017 Term Loan. In April 2021, the 2017 Term Loan was terminated and the interest rate swap contracts associated with the outstanding balance were settled. Designated Nonderivative Financial Instruments The following table summarizes our debt and accrued interest, designated as a hedge of our net investment in international subsidiaries as of the quarter ended (in millions): March 31, 2021 December 31, 2020 British pound sterling $ 956 $ 842 The following table summarizes the unrealized gains in Foreign Currency and Derivative Gains, Net Three Months Ended March 31, 2021 2020 Unrealized gains on the unhedged portion $ 46 $ 82 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, 2021 2020 Derivative net investment hedges $ (5,266 ) $ 25,359 Debt designated as nonderivative net investment hedges (6,402 ) 32,750 Cumulative translation adjustment 183,427 (191,642 ) Total foreign currency translation gains (losses), net $ 171,759 $ (133,533 ) Cash flow hedges (1) (2) $ 1,371 $ (15,525 ) Our share of derivatives from unconsolidated co-investment ventures 3,450 (7,923 ) Total unrealized gains (losses) on derivative contracts, net $ 4,821 $ (23,448 ) Total change in other comprehensive income (loss) $ 176,580 $ (156,981 ) (1) We estimate an additional expense of $4.4 million will be reclassified to Interest Expense (2) Included in the three months ended March 31, 2020 was $16.8 million in losses associated with the termination of four U.S. dollar treasury lock contracts with an aggregate notional amount of $750.0 million that fixed the interest rate on the forecasted issuance of U.S. dollar senior notes issued in February 2020. 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, 2020. Fair Value Measurements on a Recurring Basis At March 31, 2021 and December 31, 2020, other than the derivatives discussed previously, we had no significant financial assets or financial liabilities that were measured at fair value on a recurring basis in the Consolidated Financial Statements. All of our derivatives held at March 31, 2021 and December 31, 2020, were classified as Level 2 of the fair value hierarchy. Fair Value Measurements on Nonrecurring Basis Acquired properties and assets we expect to sell or contribute are significant nonfinancial assets that met the criteria to be measured at fair value on a nonrecurring basis. At March 31, 2021 and December 31, 2020, we estimated the fair value of our properties using Level 2 or Level 3 inputs from the fair value hierarchy. See more information on our acquired properties in Notes 2 and 3 and assets held for sale or contribution in Note 5. Fair Value of Financial Instruments At March 31, 2021 and December 31, 2020, 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, 2021 and December 31, 2020, as compared with those in effect when the debt was issued or assumed, including reduced borrowing spreads due to our improved credit ratings. The fair value of the senior notes decreased during the three months ended March 31, 2021 due to the increase in bond yields in the market as compared to the weighted average interest rates on our senior notes. The senior notes and many of the issuances of secured mortgage debt contain prepayment 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. We evaluate this on an on-going basis and have taken the opportunity to refinance some of our debt at lower rates and longer maturities as discussed in Note 6. The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): March 31, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Credit Facilities $ 53,250 $ 53,250 $ 171,794 $ 171,794 Senior notes 14,433,868 14,598,729 14,275,870 15,452,381 Term loans and unsecured other 1,670,556 1,687,135 1,764,311 1,785,706 Secured mortgage 345,784 374,402 637,101 673,549 Total $ 16,503,458 $ 16,713,516 $ 16,849,076 $ 18,083,430

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2021
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 revenue and earnings. We collect rent from our customers through operating leases, including reimbursements for the majority of our property operating costs. Each operating property is considered to be an individual operating segment with similar economic characteristics; these properties are combined within the reportable business segment based on geographic location. Our Real Estate Operations segment also includes development activities that lead to rental operations, including land held for development and properties currently under development, and other real estate investments. Within this line of business, we utilize the following: (i) our land bank; (ii) the development expertise of our local teams; and (iii) our customer relationships. Land we own and lease to customers under land leases, along with land and buildings 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 and disposition services. Depending on the structure of the venture and the returns provided to our partners, we also earn revenues through promotes periodically during the life of a venture or upon liquidation. Each unconsolidated co-investment venture we manage is considered to be an individual operating segment with similar economic characteristics; these ventures are combined within the reportable business segment based on geographic location. Reconciliations are presented below for: (i) each reportable business segment’s revenues from external customers to Total Revenues Operating Income Earnings Before Income Taxes Total Assets Total Revenues Operating Income Earnings Before Income Taxes Total Assets The following reconciliations are presented in thousands: Three Months Ended March 31, 2021 2020 Revenues: Real estate operations segment: U.S. $ 975,083 $ 829,383 Other Americas 23,893 26,079 Europe 18,856 15,502 Asia 10,523 10,686 Total real estate operations segment 1,028,355 881,650 Strategic capital segment: U.S. 33,983 34,342 Other Americas 10,663 9,111 Europe 43,429 32,590 Asia 31,886 20,548 Total strategic capital segment 119,961 96,591 Total revenues 1,148,316 978,241 Segment net operating income: Real estate operations segment: U.S. (1) 709,303 602,604 Other Americas 17,595 19,456 Europe 13,191 10,155 Asia 6,938 7,243 Total real estate operations segment 747,027 639,458 Strategic capital segment: U.S. (1) 8,302 13,624 Other Americas 7,906 5,179 Europe 32,171 20,594 Asia 22,132 10,620 Total strategic capital segment 70,511 50,017 Total segment net operating income 817,538 689,475 Reconciling items: General and administrative expenses (78,032 ) (69,689 ) Depreciation and amortization expenses (397,575 ) (345,970 ) Gains on dispositions of development properties and land, net 173,643 162,750 Gains on other dispositions of investments in real estate, net 16,623 31,491 Operating income 532,197 468,057 Earnings from unconsolidated entities, net 67,049 88,730 Interest expense (71,281 ) (75,642 ) Interest and other income, net 4,746 370 Foreign currency and derivative gains, net 80,152 113,329 Losses on early extinguishment of debt, net (187,453 ) (42,767 ) Earnings before income taxes $ 425,410 $ 552,077 March 31, 2021 December 31, 2020 Segment assets: Real estate operations segment: U.S. $ 42,337,749 $ 42,559,023 Other Americas 1,168,322 1,145,699 Europe 1,634,170 1,604,393 Asia 905,369 1,081,876 Total real estate operations segment 46,045,610 46,390,991 Strategic capital segment: (2) U.S. 12,939 13,257 Europe 25,280 25,280 Asia 324 354 Total strategic capital segment 38,543 38,891 Total segment assets 46,084,153 46,429,882 Reconciling items: Investments in and advances to unconsolidated entities 7,514,840 7,602,014 Assets held for sale or contribution 1,055,751 1,070,724 Cash and cash equivalents 676,074 598,086 Other assets 401,991 364,299 Total reconciling items 9,648,656 9,635,123 Total assets $ 55,732,809 $ 56,065,005 (1) This includes compensation, personnel costs and PPP awards for employees who were located in the U.S. but also support other geographies. (2) Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital segment. Goodwill was $25.3 million at March 31, 2021 and December 31, 2020.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020 included the following: • W e recognized lease right-of-use assets and lease liabilities related to leases in which we are the lessee within Other Assets and Other Liabilities on the Consolidated Balance Sheets, including any new leases, renewals and modifications of $4.6 million in 2021 and $3.8 million in 2020 for both assets and liabilities. • We capitalized $8.5 million and $8.3 million in 2021 and 2020, respectively, of equity-based compensation expense. • We received $39.1 million and $57.1 million in 2021 and 2020, 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 4. • We issued less than 0.1 million shares in 2021 and 0.1 million shares in 2020 of the Parent’s common stock upon redemption of an equal number of common limited partnership units in the OP. • We completed the Liberty Transaction on February 4, 2020 for $13.0 billion through the issuance of equity and the assumption of debt. See Note 2 for more information on this transaction. We paid $89.5 million and $110.5 million for interest, net of amounts capitalized, for the three months ended March 31, 2021 and 2020, respectively. We paid $35.8 million and $21.7 million for income taxes, net of refunds, for the three months ended March 31, 2021 and 2020, respectively.

General (Policies)

General (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Business	Business . Prologis, Inc. (or the “Parent”) commenced operations as a fully integrated real estate company in 1997, elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”), and believes the current organization and method of operation will enable it to maintain its status as a REIT. The Parent is the general partner of Prologis, L.P. (or the “Operating Partnership” or “OP”). Through the OP, we are engaged in the ownership, acquisition, development and management of logistics facilities with a focus on key markets in 19 countries on four continents. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors. We maintain a significant level of ownership in these co-investment ventures, which may be consolidated or unconsolidated based on our level of control of the entity. Our current business strategy consists of two operating business segments: Real Estate 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, 2021, the Parent owned a 97.25% common general partnership interest in the OP and 100% of the preferred units in the OP. The remaining 2.75% common limited partnership interests, which include Class A common limited partnership units (“Class A Units”) in the OP, are owned by unaffiliated investors and certain current and former directors and officers of the Parent. Each partner’s percentage interest in the OP is determined based on the number of OP units held, including the number of OP units into which Class A Units are convertible, compared to total OP units outstanding at each period end and is used as the basis for the allocation of net income or loss to each partner. At the end of each reporting period, a capital adjustment is made in the OP to reflect the appropriate ownership interest for each of the common unitholders. These adjustments are reflected in the line items Reallocation of Equity 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	Basis of Presentation. The accompanying Consolidated Financial Statements are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and are presented in our reporting currency, the U.S. dollar. Intercompany transactions with consolidated entities have been eliminated. The accompanying unaudited interim financial information has been prepared according to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. Our management believes that the disclosures presented in these financial statements are adequate to make the information presented not misleading. In our opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for both the Parent and the OP for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited interim financial information should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC, and other public information.
Reclassifications	Reclassifications. Lease right-of-use assets and lease liabilities have been reclassified in the Consolidated Financial Statements for 2020 to Other Assets and Other Liabilities , respectively, in order to conform to the 2021 financial statement presentation.

Liberty Transaction (Tables)

Liberty Transaction (Tables) - Liberty Transaction [Member]	3 Months Ended
	Mar. 31, 2021
Schedule of Aggregate Equity Consideration	The aggregate equity consideration is calculated below (in millions, except price per share): Number of Prologis shares and units issued upon conversion of Liberty shares and units at February 4, 2020 109.01 Multiplied by price of Prologis' common stock on February 3, 2020 $ 91.87 Fair value of Prologis shares and units issued $ 10,015
Schedule of Purchase Price Allocated to Liberty Real Estate Properties and Related Lease Intangibles	Under acquisition accounting, the total purchase price was allocated to the Liberty real estate properties and related lease intangibles on a relative fair value basis. All other assets acquired and liabilities assumed, including debt, and real estate assets that we do not intend to operate long-term are recorded at fair value as follows (in millions): Net investments in real estate $ 12,636 Intangible assets, net of intangible liabilities 491 Cash and other assets 233 Debt (2,845 ) Accounts payable, accrued expenses and other liabilities (383 ) Noncontrolling interests (1 ) Total purchase price, including transaction costs $ 10,131

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2021
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 Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, 2021 2020 2021 2020 2021 2020 Operating properties: Buildings and improvements 441,737 441,336 2,265 2,261 $ 31,520,177 $ 31,489,943 Improved land 12,025,439 12,017,676 Development portfolio, including land costs: Prestabilized 5,572 6,076 18 24 480,918 553,266 Properties under development 22,990 22,004 62 61 1,550,798 1,329,345 Land (1) 1,699,738 1,606,358 Other real estate investments (2) 3,182,295 3,387,740 Total investments in real estate properties 50,459,365 50,384,328 Less accumulated depreciation 6,823,824 6,539,156 Net investments in real estate properties $ 43,635,541 $ 43,845,172 (1) At March 31, 2021 and December 31, 2020, our land was comprised of 5,113 and 5,304 acres, respectively. (2) Included in other real estate investments were: (i) non-strategic real estate assets acquired in the Liberty Transaction that we do not intend to operate long-term; (ii) land parcels we own and lease to third parties; (iii) real estate assets that we intend to redevelop into industrial properties; and (iv) costs associated with potential acquisitions and future development projects, including purchase options on land.
Schedule of Acquisitions of Properties	The following table summarizes our real estate acquisition activity, excluding the Liberty Transaction as discussed in Note 2 (dollars and square feet in thousands): Three Months Ended March 31, 2021 2020 (1) Number of operating properties 1 137 Square feet 25 20,256 Acres of land 261 267 Acquisition cost of net investments in real estate $ 229,050 $ 2,393,767 (1) On January 8, 2020, our two U.S. co-investment ventures, Prologis Targeted U.S. Logistics Fund, L.P. (“USLF”) and Prologis U.S. Logistics Venture, LLC (“USLV”), acquired the wholly-owned real estate assets of Industrial Property Trust Inc. (“IPT”) for $ billion each in a cash transaction, including transaction costs and the assumption and repayment of debt (the “IPT Transaction”). As USLV is a consolidated co-investment venture, the number of operating properties, square feet and acquisition cost are included in the consolidated acquisition activity.
Number Of Properties Disposed Including Minor Adjustments	The following table summarizes our dispositions of net investments in real estate which include contributions to unconsolidated co-investment ventures and dispositions to third parties (dollars and square feet in thousands): Three Months Ended March 31, 2021 2020 Dispositions of development properties and land, net (1) Number of properties 8 11 Square feet 4,287 4,636 Net proceeds $ 769,813 $ 633,563 Gains on dispositions of development properties and land, net $ 173,643 $ 162,750 Other dispositions of investments in real estate, net Number of properties 1 18 Square feet 476 2,305 Net proceeds $ 23,342 $ 160,557 Gains on other dispositions of investments in real estate, net $ 16,623 $ 31,491 (1) The gains we recognize in Gains on Dispositions of Development Properties and Land, Net are primarily driven by the contribution of newly developed properties to our unconsolidated co-investment ventures.

Unconsolidated Entities (Tables

Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2021
Schedule Of Equity Method Investments [Line Items]
Summary of Investments in and Advances to our Unconsolidated Entities	The following table summarizes our investments in and advances to unconsolidated entities (in thousands): March 31, December 31, 2021 2020 Unconsolidated co-investment ventures $ 6,594,263 $ 6,685,567 Other ventures 920,577 916,447 Total $ 7,514,840 $ 7,602,014
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 these ventures (dollars and square feet in millions): U.S. Other Americas (1) Europe Asia Total As of: Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Key property information: Ventures 1 1 2 2 3 3 3 3 9 9 Operating properties 710 706 230 229 778 768 179 167 1,897 1,870 Square feet 118 117 51 51 187 185 72 67 428 420 Financial position: Total assets ($) 10,937 10,840 2,987 3,023 17,106 16,918 10,222 10,209 41,252 40,990 Third-party debt ($) 3,169 3,129 824 854 4,110 4,002 3,920 3,831 12,023 11,816 Total liabilities ($) 3,760 3,722 864 898 5,768 5,607 4,428 4,389 14,820 14,616 Our investment balance ($) (2) 1,892 1,886 810 811 3,065 3,152 827 837 6,594 6,686 Our weighted average ownership (3) 25.4 % 25.6 % 40.8 % 40.8 % 29.4 % 30.0 % 15.2 % 15.2 % 25.8 % 26.1 % U.S. Other Americas (1) Europe Asia Total Operating Information: Mar 31, 2021 Mar 31, 2020 Mar 31, 2021 Mar 31, 2020 Mar 31, 2021 Mar 31, 2020 Mar 31, 2021 Mar 31, 2020 Mar 31, 2021 Mar 31, 2020 For the three months ended: Total revenues ($) 254 233 75 68 338 290 159 138 826 729 Net earnings ($) 49 34 30 23 87 78 35 26 201 161 Our earnings from unconsolidated co-investment ventures, net ($) 13 9 12 9 28 25 6 4 59 47 ( 1 ) PBLV and our other Brazilian joint ventures are combined as one venture for the purpose of this table. ( 2 ) Prologis’ investment balance is presented at our adjusted basis 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, 2021 and December 31, 2020, resulted principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018; (ii) recording additional costs associated with our investment in the venture; (iii) receivables, principally for fees and promotes ($143.7 million and $165.6 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.
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, 2021 2020 Recurring fees $ 91,037 $ 74,687 Transactional fees 20,878 19,960 Promote revenue 1,615 591 Total strategic capital revenues from unconsolidated co-investment ventures (1) $ 113,530 $ 95,238 (1) These amounts exclude strategic capital revenues from other ventures.

Assets Held for Sale or Contr_2

Assets Held for Sale or Contribution (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate Assets Held For Development And Sale [Abstract]
Summary of Assets Held for Sale or Contribution	Assets held for sale or contribution, including certain properties acquired through the Liberty Transaction and the IPT Transaction, consisted of the following (dollars and square feet in thousands): March 31, December 31, 2021 2020 Number of operating properties 80 66 Square feet 13,756 12,923 Total assets held for sale or contribution $ 1,055,751 $ 1,070,724 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 21,828 $ 16,214

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt Summary	The following table summarizes our debt (dollars in thousands): March 31, 2021 December 31, 2020 Weighted Average Amount Weighted Average Amount Interest Rate (1) Term (2) Outstanding (3) Interest Rate (1) Term (2) Outstanding (3) Credit facilities 0.4% 3.3 $ 53,250 0.8% 2.0 $ 171,794 Senior notes 1.7% 12.1 14,433,868 2.0% 11.2 14,275,870 Term loans and unsecured other 0.9% 5.3 1,670,556 0.9% 5.6 1,764,311 Secured mortgage 5.4% 3.7 345,784 3.1% 3.0 637,101 Total 1.7% 11.2 $ 16,503,458 1.9% 10.2 $ 16,849,076 (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 designated interest rate swaps, which effectively fix the interest rate on certain variable rate debt. (2) The weighted average term represents the remaining maturity in years on the debt outstanding at period end. (3) We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies: March 31, 2021 December 31, 2020 Weighted Average Interest Rate Amount Outstanding % of Total Weighted Average Interest Rate Amount Outstanding % of Total British pound sterling 2.2 % $ 1,027,910 6.2 % 2.2 % $ 1,019,480 6.1 % Canadian dollar 2.7 % 288,045 1.7 % 2.7 % 285,708 1.7 % Euro 1.1 % 6,963,034 42.2 % 1.4 % 6,549,676 38.8 % Japanese yen 0.8 % 2,460,056 14.9 % 0.8 % 2,877,247 17.1 % U.S. dollar 2.6 % 5,764,413 35.0 % 2.8 % 6,116,965 36.3 % Total 1.7 % $ 16,503,458 1.9 % $ 16,849,076
Credit Facilities	The following table summarizes information about our available liquidity at March 31, 2021 (in millions): Aggregate lender commitments Credit Facilities $ 4,019 Less: Borrowings outstanding 53 Outstanding letters of credit 19 Current availability $ 3,947 Available term loans 250 Cash and cash equivalents 676 Total liquidity $ 4,873
Summary of Issuances and Redemptions of Senior Notes	The following table summarizes the issuances and redemptions of senior notes during the three months ended March 31, 2021 (principal in thousands): Aggregate Principal Issuance Date Weighted Average Initial Borrowing Date Borrowing Currency USD (1) Interest Rate (2) Term (3) Maturity Dates February € 1,350,000 $ 1,639,305 0.7% 14.3 February 2032 – 2041 February $ 400,000 $ 400,000 1.6% 10.1 March 2031 Aggregate Principal Redemption Date Weighted Average Redemption Date Borrowing Currency USD (1) Interest Rate (2) Term (3) Maturity Dates March € 599,514 $ 715,700 3.4% 3.0 February 2024 March $ 750,000 $ 750,000 3.8% 4.7 November 2025 (1) The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date. (2) The interest rate represents the fixed or variable interest rate at the issuance or redemption date of the related debt. (3) The issuance date and redemption date weighted average term represent the remaining maturity in years on the related debt at the issuance or redemption date, respectively. During the three months ended March 31, 2021, we used the net proceeds from the issuance of the senior notes to fund the senior note redemptions and for general corporate purposes.
Long-Term Debt Maturities	Scheduled principal payments due on our debt for the remainder of 2021 and for each year through the period ended December 31, 2025, and thereafter were as follows at March 31, 2021 (in thousands): Unsecured Credit Senior Term Loans Secured Maturity Facilities Notes and Other Mortgage Total 2021 (1)(2) $ - $ - $ 260,135 $ 21,355 $ 281,490 2022 (1) - 527,625 - 12,098 539,723 2023 - - 135,244 34,072 169,316 2024 (3) 53,250 - - 133,488 186,738 2025 - 45,127 - 143,766 188,893 Thereafter - 13,931,343 1,281,618 2,468 15,215,429 Subtotal 53,250 14,504,095 1,676,997 347,247 16,581,589 Premiums (discounts), net - 6,070 - 224 6,294 Debt issuance costs, net - (76,297 ) (6,441 ) (1,687 ) (84,425 ) Total $ 53,250 $ 14,433,868 $ 1,670,556 $ 345,784 $ 16,503,458 (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 2021 maturities is the 2017 Term Loan. In April 2021, the 2017 Term Loan was terminated and the interest rate swap contracts associated with the outstanding balance of $250.3 million were settled. (3) Included in the 2024 maturities is the Revolver that can be extended until 2025.

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2021
Noncontrolling Interest [Abstract]
Summary of Ownership Percentages and Noncontrolling Interests	The following table summarizes these entities (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 3,375,502 $ 3,385,110 $ 7,625,390 $ 7,663,800 $ 134,457 $ 145,131 Other consolidated entities (1) various various 97,960 98,416 1,055,677 1,066,129 72,204 73,987 Prologis, L.P. 3,473,462 3,483,526 8,681,067 8,729,929 206,661 219,118 Limited partners in Prologis, L.P. (2)(3) 903,224 869,507 - - - - Prologis, Inc. $ 4,376,686 $ 4,353,033 $ 8,681,067 $ 8,729,929 $ 206,661 $ 219,118 (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, 2021 and December 31, 2020 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. (2) We had 8.6 million Class A Units that were convertible into (3) At March 31, 2021 and December 31, 2020, excluding the Class A Units, there were limited partnership units in the OP that were exchangeable into cash or, at our option, 8.2 million shares of the Parent’s common stock.

Long-Term Compensation (Tables)

Long-Term Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2021 986 $ 80.32 Granted (1) 611 73.46 Vested and distributed (337 ) 75.98 Forfeited (90 ) 71.70 Balance at March 31, 2021 1,170 $ 78.65 (1) Included in granted are unvested units based on the POP performance criteria being met for the 2018 – 2020 performance period and represented the earned award amounts. Unvested units are included in the award discussion above. These amounts also include awards earned for prior performance periods related to the compensation pool in excess of the initial award.
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, 2021 (units in thousands): Unvested Unvested Weighted Average LTIP Units Grant Date Fair Value Balance at January 1, 2021 3,052 $ 66.50 Granted ( 1 ) 1,253 58.63 Forfeited (23 ) 31.80 Vested LTIP Units ( 2 ) (791 ) 76.98 Balance at March 31, 2021 3,491 $ 61.53 (1) Included in granted are unvested units based on the POP performance criteria being met for the 2018 – 2020 performance period and represented the earned award amounts. Unvested units are included in the award discussion above. These amounts also include awards earned for prior performance periods related to the compensation pool in excess of the initial award. (2) Vested LTIP Units include vested POP LTIP Units from prior performance periods.

Earnings Per Common Share or _2

Earnings Per Common Share or Unit (Tables)	3 Months Ended
	Mar. 31, 2021
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. 2021 2020 Net earnings attributable to common stockholders – Basic $ 365,815 $ 489,418 Net earnings attributable to exchangeable limited partnership units (1) 10,320 14,049 Adjusted net earnings attributable to common stockholders – Diluted $ 376,135 $ 503,467 Weighted average common shares outstanding – Basic 738,998 698,272 Incremental weighted average effect on exchange of limited partnership units (1) 21,042 20,230 Incremental weighted average effect of equity awards 4,918 5,481 Weighted average common shares outstanding – Diluted (2) 764,958 723,983 Net earnings per share attributable to common stockholders: Basic $ 0.50 $ 0.70 Diluted $ 0.49 $ 0.70 Three Months Ended March 31, Prologis, L.P. 2021 2020 Net earnings attributable to common unitholders $ 376,083 $ 503,388 Net earnings attributable to Class A Units (3,991 ) (5,651 ) Net earnings attributable to common unitholders – Basic 372,092 497,737 Net earnings attributable to Class A Units 3,991 5,651 Net earnings attributable to exchangeable other limited partnership units 52 79 Adjusted net earnings attributable to common unitholders – Diluted $ 376,135 $ 503,467 Weighted average common partnership units outstanding – Basic 751,679 710,141 Incremental weighted average effect on exchange of Class A Units 8,062 8,062 Incremental weighted average effect on exchange of other limited partnership units 299 299 Incremental weighted average effect of equity awards of Prologis, Inc. 4,918 5,481 Weighted average common units outstanding – Diluted (2) 764,958 723,983 Net earnings per unit attributable to common unitholders: Basic $ 0.50 $ 0.70 Diluted $ 0.49 $ 0.70 (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, 2021 2020 Class A Units 8,062 8,062 Other limited partnership units 299 299 Equity awards 7,179 7,709 Prologis, L.P. 15,540 16,070 Common limited partnership units 12,681 11,869 Prologis, Inc. 28,221 27,939

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards Brazilian real $ 826 $ - $ 620 $ 66 British pound sterling 71 8,735 174 7,589 Canadian dollar - 8,016 80 5,827 Chinese renminbi 34 499 - 717 Euro 16,096 287 73 6,247 Japanese yen 16,096 - 720 1,604 Swedish krona 1,214 868 - 2,355 Designated derivatives Foreign currency contracts Net investment hedges British pound sterling 3,251 3,125 - 2,081 Canadian dollar - 14,799 - 9,847 Interest rate swaps Cash flow hedges Euro - 14 - 9 U.S. dollar - 28 - 140 Total fair value of derivatives $ 37,588 $ 36,371 $ 1,667 $ 36,482
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 and unrealized gains (losses) in Foreign Currency and Derivative Gains, Net Three Months Ended March 31, 2021 2020 Exercised contracts 25 33 Realized gains (losses) on the matured, expired or settled contracts $ (1 ) $ 4 Unrealized gains on the change in fair value of outstanding contracts $ 38 $ 47
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 (in millions): 2021 2020 EUR (1) USD (1) Total EUR USD Total Notional amounts at January 1 ($) 165 250 415 - - - New contracts ($) - - - 165 750 915 Matured, expired or settled contracts ($) - - - - (750 ) (750 ) Notional amounts at March 31 ($) 165 250 415 165 - 165 (1) During the year ended December 31, 2020, we entered into interest rate swap contracts to effectively fix the interest rate on our euro senior notes issued in February 2020 and the U.S. dollar outstanding balance on our 2017 Term Loan. In April 2021, the 2017 Term Loan was terminated and the interest rate swap contracts associated with the outstanding balance were settled.
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 as of the quarter ended (in millions): March 31, 2021 December 31, 2020 British pound sterling $ 956 $ 842
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 unrealized gains in Foreign Currency and Derivative Gains, Net Three Months Ended March 31, 2021 2020 Unrealized gains on the unhedged portion $ 46 $ 82
Summary of Changes in Other Comprehensive Income (Loss)	The following table presents these changes in Other Comprehensive Income (Loss) Three Months Ended March 31, 2021 2020 Derivative net investment hedges $ (5,266 ) $ 25,359 Debt designated as nonderivative net investment hedges (6,402 ) 32,750 Cumulative translation adjustment 183,427 (191,642 ) Total foreign currency translation gains (losses), net $ 171,759 $ (133,533 ) Cash flow hedges (1) (2) $ 1,371 $ (15,525 ) Our share of derivatives from unconsolidated co-investment ventures 3,450 (7,923 ) Total unrealized gains (losses) on derivative contracts, net $ 4,821 $ (23,448 ) Total change in other comprehensive income (loss) $ 176,580 $ (156,981 ) (1) We estimate an additional expense of $4.4 million will be reclassified to Interest Expense (2) Included in the three months ended March 31, 2020 was $16.8 million in losses associated with the termination of four U.S. dollar treasury lock contracts with an aggregate notional amount of $750.0 million that fixed the interest rate on the forecasted issuance of U.S. dollar senior notes issued in February 2020.
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, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Credit Facilities $ 53,250 $ 53,250 $ 171,794 $ 171,794 Senior notes 14,433,868 14,598,729 14,275,870 15,452,381 Term loans and unsecured other 1,670,556 1,687,135 1,764,311 1,785,706 Secured mortgage 345,784 374,402 637,101 673,549 Total $ 16,503,458 $ 16,713,516 $ 16,849,076 $ 18,083,430
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): 2021 2020 CAD EUR GBP JPY SEK Other Total CAD EUR GBP JPY SEK Other Total Notional amounts at January 1 ($) 163 474 207 252 38 28 1,162 120 581 178 182 31 15 1,107 New contracts ($) 3 83 11 25 5 - 127 - 809 294 60 9 19 1,191 Matured, expired or settled contracts ($) (11 ) (36 ) (16 ) (20 ) (4 ) (4 ) (91 ) (11 ) (1,003 ) (267 ) (15 ) (3 ) (23 ) (1,322 ) Notional amounts at March 31 ($) 155 521 202 257 39 24 1,198 109 387 205 227 37 11 976 Weighted average forward rate at March 31 1.32 1.23 1.33 102.66 8.59 1.32 1.16 1.77 103.08 9.41 Active contracts at March 31 58 74 53 68 51 35 61 64 53 32
Designated As Hedging Instrument [Member]
Foreign Currency Contracts Activity	The following table summarizes the activity of our foreign currency contracts designated as net investment hedges for the three months ended March 31 2021 2020 CAD GBP Total CAD GBP Total Notional amounts at January 1 ($) 377 135 512 97 387 484 New contracts ($) 250 300 550 - 324 324 Matured, expired or settled contracts ($) (63 ) - (63 ) - (576 ) (576 ) Notional amounts at March 31 ($) 564 435 999 97 135 232 Weighted average forward rate at March 31 1.29 1.38 1.32 1.35 Active contracts at March 31 7 4 2 1

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Reporting, Reconciliation of Revenues, Operating Income and Assets	The following reconciliations are presented in thousands: Three Months Ended March 31, 2021 2020 Revenues: Real estate operations segment: U.S. $ 975,083 $ 829,383 Other Americas 23,893 26,079 Europe 18,856 15,502 Asia 10,523 10,686 Total real estate operations segment 1,028,355 881,650 Strategic capital segment: U.S. 33,983 34,342 Other Americas 10,663 9,111 Europe 43,429 32,590 Asia 31,886 20,548 Total strategic capital segment 119,961 96,591 Total revenues 1,148,316 978,241 Segment net operating income: Real estate operations segment: U.S. (1) 709,303 602,604 Other Americas 17,595 19,456 Europe 13,191 10,155 Asia 6,938 7,243 Total real estate operations segment 747,027 639,458 Strategic capital segment: U.S. (1) 8,302 13,624 Other Americas 7,906 5,179 Europe 32,171 20,594 Asia 22,132 10,620 Total strategic capital segment 70,511 50,017 Total segment net operating income 817,538 689,475 Reconciling items: General and administrative expenses (78,032 ) (69,689 ) Depreciation and amortization expenses (397,575 ) (345,970 ) Gains on dispositions of development properties and land, net 173,643 162,750 Gains on other dispositions of investments in real estate, net 16,623 31,491 Operating income 532,197 468,057 Earnings from unconsolidated entities, net 67,049 88,730 Interest expense (71,281 ) (75,642 ) Interest and other income, net 4,746 370 Foreign currency and derivative gains, net 80,152 113,329 Losses on early extinguishment of debt, net (187,453 ) (42,767 ) Earnings before income taxes $ 425,410 $ 552,077 March 31, 2021 December 31, 2020 Segment assets: Real estate operations segment: U.S. $ 42,337,749 $ 42,559,023 Other Americas 1,168,322 1,145,699 Europe 1,634,170 1,604,393 Asia 905,369 1,081,876 Total real estate operations segment 46,045,610 46,390,991 Strategic capital segment: (2) U.S. 12,939 13,257 Europe 25,280 25,280 Asia 324 354 Total strategic capital segment 38,543 38,891 Total segment assets 46,084,153 46,429,882 Reconciling items: Investments in and advances to unconsolidated entities 7,514,840 7,602,014 Assets held for sale or contribution 1,055,751 1,070,724 Cash and cash equivalents 676,074 598,086 Other assets 401,991 364,299 Total reconciling items 9,648,656 9,635,123 Total assets $ 55,732,809 $ 56,065,005 (1) This includes compensation, personnel costs and PPP awards for employees who were located in the U.S. but also support other geographies. (2) Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital segment. Goodwill was $25.3 million at March 31, 2021 and December 31, 2020.

General - Additional Informatio

General - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021Segment
General [Line Items]
Number of reportable segments	2
Unaffiliated Investors and Certain Current and Former Directors and Officers [Member]
General [Line Items]
Percentage of common limited partnership interest	2.75%
General Partner | Prologis Limited Partnership [Member]
General [Line Items]
Percentage of ownership in operating partnership	97.25%
Preferred [Member] | Prologis Limited Partnership [Member]
General [Line Items]
Percentage of ownership in operating partnership	100.00%

Liberty Transaction - Additiona

Liberty Transaction - Additional Information (Detail) - Liberty Transaction [Member] ft² in Millions, $ in Millions	Feb. 04, 2020USD ($)ft²Property
Business Acquisition [Line Items]
Business acquisition, date of acquisition agreement	Feb. 4, 2020
Business acquisition consideration transferred	$ 13,000
Fair value of Prologis shares and units issued	10,015
Business acquisition, assumption of debt	$ 2,800
Business acquisition stock conversion ratio	0.00675
Number of operating properties acquired | Property	519
Square feet of properties | ft²	99.6
Liberty Transaction [Member]
Business Acquisition [Line Items]
Transaction costs	$ 115.8

Liberty Transaction - Schedule

Liberty Transaction - Schedule of Aggregate Equity Consideration (Detail) - Liberty Transaction [Member] $ / shares in Units, shares in Thousands, $ in Millions	Feb. 04, 2020USD ($)$ / sharesshares
Business Acquisition [Line Items]
Number of Prologis shares and units issued upon conversion of Liberty shares and units at February 4, 2020 | shares	109,010
Multiplied by price of Prologis' common stock on February 3, 2020 | $ / shares	$ 91.87
Fair value of Prologis shares and units issued | $	$ 10,015

Liberty Transaction - Schedul_2

Liberty Transaction - Schedule of Purchase Price Allocated to Liberty Real Estate Properties and Related Lease Intangibles (Detail) - Liberty Transaction [Member] $ in Millions	Feb. 04, 2020USD ($)
Business Acquisition [Line Items]
Net investments in real estate	$ 12,636
Intangible assets, net of intangible liabilities	491
Cash and other assets	233
Debt	(2,845)
Accounts payable, accrued expenses and other liabilities	(383)
Noncontrolling interests	(1)
Total purchase price, including transaction costs	$ 10,131

Real Estate - Investments in Re

Real Estate - Investments in Real Estate Properties (Detail) ft² in Thousands, $ in Thousands	Mar. 31, 2021USD ($)ft²aBuilding	Dec. 31, 2020USD ($)ft²aBuilding
Real Estate Properties [Line Items]
Total investments in real estate properties	$ 50,459,365	$ 50,384,328
Less accumulated depreciation	6,823,824	6,539,156
Net investments in real estate properties	43,635,541	43,845,172
Improved Land [Member]
Real Estate Properties [Line Items]
Total investments in real estate properties	$ 12,025,439	$ 12,017,676
Building and Improvements [Member]
Real Estate Properties [Line Items]
Square feet of properties | ft²	441,737	441,336
Number of buildings | Building	2,265	2,261
Total investments in real estate properties	$ 31,520,177	$ 31,489,943
Development Portfolio, Including Cost of Land: Pre-stabilized [Member]
Real Estate Properties [Line Items]
Square feet of properties | ft²	5,572	6,076
Number of buildings | Building	18	24
Total investments in real estate properties	$ 480,918	$ 553,266
Properties Under Development [Member]
Real Estate Properties [Line Items]
Square feet of properties | ft²	22,990	22,004
Number of buildings | Building	62	61
Total investments in real estate properties	$ 1,550,798	$ 1,329,345
Land [Member]
Real Estate Properties [Line Items]
Square feet of properties | a	5,113	5,304
Total investments in real estate properties	$ 1,699,738	$ 1,606,358
Other Real Estate Investments [Member]
Real Estate Properties [Line Items]
Total investments in real estate properties	$ 3,182,295	$ 3,387,740

Real Estate - Investments in _2

Real Estate - Investments in Real Estate Properties (Parenthetical) (Detail) - a	Mar. 31, 2021	Dec. 31, 2020
Land [Member]
Real Estate Properties [Line Items]
Square feet of properties	5,113	5,304

Real Estate - Summary of Acquis

Real Estate - Summary of Acquisition (Detail) ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)ft²aProperty	Mar. 31, 2020USD ($)ft²aProperty
Business Acquisition [Line Items]
Number of operating properties | Property	1	137
Square feet | ft²	25	20,256
Acquisition cost of net investments in real estate | $	$ 229,050	$ 2,393,767
Acquisitions of Properties from Third Parties [Member] | Land [Member]
Business Acquisition [Line Items]
Acres of land | a	261	267

Real Estate - Summary of Acqu_2

Real Estate - Summary of Acquisition (Parenthetical) (Detail) - USD ($) $ in Thousands	Jan. 08, 2020	Mar. 31, 2021	Mar. 31, 2020
Business Acquisition [Line Items]
Real estate acquisitions		$ 226,450	$ 439,059
Prologis Targeted U.S. Logistics Fund, L.P. [Member]
Business Acquisition [Line Items]
Real estate acquisitions	$ 2,000,000
Prologis U.S. Logistics Venture, LLC [Member]
Business Acquisition [Line Items]
Real estate acquisitions	$ 2,000,000

Real Estate - Summary of Dispos

Real Estate - Summary of Dispositions of Net Investments in Real Estate (Detail) ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)ft²Property	Mar. 31, 2020USD ($)ft²Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gains on dispositions of development properties and land, net	$ 173,643	$ 162,750
Gains on other dispositions of investments in real estate, net	$ 16,623	$ 31,491
Discontinuing Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of buildings | Property	8	11
Square feet | ft²	4,287	4,636
Net proceeds	$ 769,813	$ 633,563
Continuing Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of buildings | Property	1	18
Square feet | ft²	476	2,305
Net proceeds	$ 23,342	$ 160,557

Real Estate - Additional Inform

Real Estate - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Operating lease right-of-use assets	$ 462.8	$ 492.8
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Lease liabilities	$ 458.7	$ 487
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities

Unconsolidated Entities - Summa

Unconsolidated Entities - Summary of Investments in and Advances to our Unconsolidated Entities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated entities	$ 7,514,840	$ 7,602,014
Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated entities	6,594,263	6,685,567
Other Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated entities	$ 920,577	$ 916,447

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, 2021	Mar. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Recurring fees		$ 91,037	$ 74,687
Transactional fees		20,878	19,960
Promote revenue		1,615	591
Total strategic capital revenues from unconsolidated co-investment ventures	[1]	$ 113,530	$ 95,238
[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, 2021USD ($)ft²PropertyVenture		Mar. 31, 2020USD ($)		Mar. 31, 2019USD ($)	Dec. 31, 2020USD ($)ft²PropertyVenture
Schedule Of Equity Method Investments [Line Items]
Total assets		$ 55,732,809					$ 56,065,005
Total liabilities		19,347,606					$ 19,740,425
Total revenues		1,148,316		$ 978,241
Consolidated net earnings		399,693		521,164
Our earnings from unconsolidated co-investment ventures, net		$ 67,049		88,730
Unconsolidated Co-Investment Ventures [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		9					9
Number of buildings | Property		1,897					1,870
Square feet | ft²		428					420
Total assets		$ 41,252,000					$ 40,990,000
Third-party debt		12,023,000					11,816,000
Total liabilities		14,820,000					14,616,000
Our investment balance	[1]	$ 6,594,000					$ 6,686,000
Total revenues				826,000		$ 729,000
Consolidated net earnings				201,000		161,000
Our earnings from unconsolidated co-investment ventures, net				59,000		47,000
Unconsolidated Co-Investment Ventures [Member] | U.S. [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		1					1
Number of buildings | Property		710					706
Square feet | ft²		118					117
Total assets		$ 10,937,000					$ 10,840,000
Third-party debt		3,169,000					3,129,000
Total liabilities		3,760,000					3,722,000
Our investment balance	[1]	$ 1,892,000					$ 1,886,000
Total revenues				254,000		233,000
Consolidated net earnings				49,000		34,000
Our earnings from unconsolidated co-investment ventures, net				13,000		9,000
Unconsolidated Co-Investment Ventures [Member] | Other Americas [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		2	[2]				2
Number of buildings | Property		230	[2]				229
Square feet | ft²		51	[2]				51
Total assets		$ 2,987,000	[2]				$ 3,023,000
Third-party debt		824,000	[2]				854,000
Total liabilities		864,000	[2]				898,000
Our investment balance	[1]	$ 810,000	[2]				$ 811,000
Total revenues				75,000	[2]	68,000
Consolidated net earnings				30,000	[2]	23,000
Our earnings from unconsolidated co-investment ventures, net				12,000	[2]	9,000
Unconsolidated Co-Investment Ventures [Member] | Europe [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		3					3
Number of buildings | Property		778					768
Square feet | ft²		187					185
Total assets		$ 17,106,000					$ 16,918,000
Third-party debt		4,110,000					4,002,000
Total liabilities		5,768,000					5,607,000
Our investment balance	[1]	$ 3,065,000					$ 3,152,000
Total revenues				338,000		290,000
Consolidated net earnings				87,000		78,000
Our earnings from unconsolidated co-investment ventures, net				28,000		25,000
Unconsolidated Co-Investment Ventures [Member] | Asia [Member]
Schedule Of Equity Method Investments [Line Items]
Ventures | Venture		3					3
Number of buildings | Property		179					167
Square feet | ft²		72					67
Total assets		$ 10,222,000					$ 10,209,000
Third-party debt		3,920,000					3,831,000
Total liabilities		4,428,000					4,389,000
Our investment balance	[1]	$ 827,000					$ 837,000
Total revenues				159,000		138,000
Consolidated net earnings				35,000		26,000
Our earnings from unconsolidated co-investment ventures, net				$ 6,000		$ 4,000
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[3]	25.80%					26.10%
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | U.S. [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[3]	25.40%					25.60%
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | Other Americas [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[3]	40.80%	[2]				40.80%
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | Europe [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[3]	29.40%					30.00%
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | Asia [Member]
Schedule Of Equity Method Investments [Line Items]
Our weighted average ownership	[3]	15.20%					15.20%
[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, 2021 and December 31, 2020, resulted principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018; (ii) recording additional costs associated with our investment in the venture; (iii) receivables, principally for fees and promotes ($143.7 million and $165.6 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc.
[2]	PBLV and our other Brazilian joint ventures are combined as one venture for the purpose of this table.
[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.

Unconsolidated Entities - Sum_4

Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Equity Method Investments And Joint Ventures [Abstract]
Receivables from unconsolidated co-investment ventures	$ 143.7	$ 165.6

Unconsolidated Entities - Addit

Unconsolidated Entities - Additional Information (Detail) - Prologis, Inc. [Member] $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Schedule Of Equity Method Investments [Line Items]
Remaining equity commitments	$ 341.2
Expiration date for remaining commitments range start	2021
Expiration date for remaining commitments range end	2028

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, 2021USD ($)ft²Property	Dec. 31, 2020USD ($)ft²Property
Long Lived Assets Held For Sale [Line Items]
Total assets held for sale or contribution	$ 1,055,751	$ 1,070,724
Total liabilities associated with assets held for sale or contribution – included in Other Liabilities	$ 21,828	$ 16,214
Disposal Group Held for Sale Not Discontinued Operations [Member]
Long Lived Assets Held For Sale [Line Items]
Number of operating properties | Property	80	66
Square feet | ft²	13,756	12,923

Debt - Debt Summary (Detail)

Debt - Debt Summary (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.70%	1.90%
Weighted Average Term	11 years 8 months 12 days	10 years 2 months 12 days
Debt	$ 16,503,458	$ 16,849,076
Credit Facilities [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	0.40%	0.80%
Weighted Average Term	3 years 3 months 18 days	2 years
Debt	$ 53,250	$ 171,794
Senior Notes [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.70%	2.00%
Weighted Average Term	12 years 1 month 6 days	11 years 2 months 12 days
Debt	$ 14,433,868	$ 14,275,870
Term Loans and Unsecured Other [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	0.90%	0.90%
Weighted Average Term	5 years 3 months 18 days	5 years 7 months 6 days
Debt	$ 1,670,556	$ 1,764,311
Secured Mortgage [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	5.40%	3.10%
Weighted Average Term	3 years 8 months 12 days	3 years
Debt	$ 345,784	$ 637,101

Debt - Debt Summary (Parentheti

Debt - Debt Summary (Parenthetical) (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.70%	1.90%
Debt	$ 16,503,458	$ 16,849,076
Percentage of outstanding debt	0.00%
GBP
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.20%	2.20%
Debt	$ 1,027,910	$ 1,019,480
Percentage of outstanding debt	6.20%	6.10%
CAD
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.70%	2.70%
Debt	$ 288,045	$ 285,708
Percentage of outstanding debt	1.70%	1.70%
EUR
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.10%	1.40%
Debt	$ 6,963,034	$ 6,549,676
Percentage of outstanding debt	42.20%	38.80%
JPY
Debt Instrument [Line Items]
Weighted Average Interest Rate	0.80%	0.80%
Debt	$ 2,460,056	$ 2,877,247
Percentage of outstanding debt	14.90%	17.10%
USD
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.60%	2.80%
Debt	$ 5,764,413	$ 6,116,965
Percentage of outstanding debt	35.00%	36.30%

Debt - Additional Information (

Debt - Additional Information (Detail) ¥ in Billions	1 Months Ended				3 Months Ended
	Mar. 31, 2020USD ($)	Oct. 31, 2018	Aug. 31, 2018	Jul. 31, 2018	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Apr. 23, 2021USD ($)	Mar. 31, 2021JPY (¥)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity					$ 4,019,000,000
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments					250,000,000
Losses on early extinguishment of debt, net					187,453,000	$ 42,767,000
Debt					16,503,458,000				$ 16,849,076,000
Prologis Euro Finance L L C [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%
2017 Term Loan [Member]
Debt Instrument [Line Items]
Debt borrowed, net					0	500,000,000
Repayment of debt					0
Senior Notes [Member]
Debt Instrument [Line Items]
Debt					14,433,868,000				14,275,870,000
Term Loans and Unsecured Other [Member]
Debt Instrument [Line Items]
Debt					1,670,556,000				1,764,311,000
EUR
Debt Instrument [Line Items]
Debt					6,963,034,000				$ 6,549,676,000
EUR | May 2024 and 2025 Senior Notes [Member]
Debt Instrument [Line Items]
Redemption of senior notes	$ 1,500,000,000
EUR | May 2021 Senior Notes [Member]
Debt Instrument [Line Items]
Redemption of senior notes						$ 783,100,000,000
Global Facility [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity					3,500,000,000		$ 1,000,000,000
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments					$ 4,500,000,000
Debt Instrument maturity date					2024-04	2023-01
Debt Instrument maturity month					2024-04	2023-01
Revolver [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity					$ 676,900,000			¥ 75
Debt Instrument maturity date					2024-07
Credit facility current borrowing capacity					$ 496,400,000			¥ 55
Debt Instrument maturity month					2024-07

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Credit facility maximum borrowing capacity	$ 4,019,000
Borrowings outstanding	53,000
Outstanding letters of credit	19,000
Current availability	3,947,000
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments	250,000
Cash and cash equivalents	676,074	$ 598,086	$ 807,871	$ 1,088,855
Total liquidity	$ 4,873,000

Debt - Summary of Issuances and

Debt - Summary of Issuances and Redemptions of Senior Notes (Detail) € in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2021EUR (€)
February 2032 Senior Notes [Member] | EUR
Debt Instrument [Line Items]
Aggregate Principal	$ 1,639,305	€ 1,350,000
Interest Rate	0.40%	0.40%
Debt Instrument maturity month	2032-02
February 2032 Senior Notes [Member] | EUR | Weighted Average [Member]
Debt Instrument [Line Items]
Interest Rate	0.70%	0.70%
February Two Thousand Forty One Senior Notes | EUR
Debt Instrument [Line Items]
Debt Instrument maturity month	2041-02
February Two Thousand Forty One Senior Notes | EUR | Weighted Average [Member]
Debt Instrument [Line Items]
Interest Rate	0.80%	0.80%
February 2041 Senior Notes [Member] | USD
Debt Instrument [Line Items]
Aggregate Principal	$ 400,000	€ 400,000
Interest Rate	2.10%	2.10%
Debt Instrument maturity month	2031-03
February 2041 Senior Notes [Member] | USD | Weighted Average [Member]
Debt Instrument [Line Items]
Interest Rate	1.60%	1.60%
February 2024 Senior Notes [Member] | EUR
Debt Instrument [Line Items]
Aggregate Principal	$ 715,700	€ 599,514
Interest Rate	3.00%	3.00%
Debt Instrument maturity month	2024-02
February 2024 Senior Notes [Member] | EUR | Weighted Average [Member]
Debt Instrument [Line Items]
Interest Rate	3.40%	3.40%
November 2025 Senior Notes [Member] | USD
Debt Instrument [Line Items]
Aggregate Principal	$ 750,000
Interest Rate	4.70%	4.70%
Debt Instrument maturity month	2025-11
November 2025 Senior Notes [Member] | USD | Weighted Average [Member]
Debt Instrument [Line Items]
Interest Rate	3.80%	3.80%

Debt - Long-Term Debt Maturitie

Debt - Long-Term Debt Maturities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
2021	$ 281,490
2022	539,723
2023	169,316
2024	186,738
2025	188,893
Thereafter	15,215,429
Subtotal	16,581,589
Premiums (discounts), net	6,294
Debt issuance costs, net	(84,425)
Total	16,503,458	$ 16,849,076
Credit Facilities [Member]
Debt Instrument [Line Items]
2021	0
2022	0
2023	0
2024	53,250
2025	0
Thereafter	0
Subtotal	53,250
Premiums (discounts), net	0
Debt issuance costs, net	0
Total	53,250	171,794
Senior Notes [Member]
Debt Instrument [Line Items]
2021	0
2022	527,625
2023	0
2024	0
2025	45,127
Thereafter	13,931,343
Subtotal	14,504,095
Premiums (discounts), net	6,070
Debt issuance costs, net	(76,297)
Total	14,433,868	14,275,870
Term Loans and Unsecured Other [Member]
Debt Instrument [Line Items]
2021	260,135
2022	0
2023	135,244
2024	0
2025	0
Thereafter	1,281,618
Subtotal	1,676,997
Premiums (discounts), net	0
Debt issuance costs, net	(6,441)
Total	1,670,556	1,764,311
Secured Mortgage [Member]
Debt Instrument [Line Items]
2021	21,355
2022	12,098
2023	34,072
2024	133,488
2025	143,766
Thereafter	2,468
Subtotal	347,247
Premiums (discounts), net	224
Debt issuance costs, net	(1,687)
Total	$ 345,784	$ 637,101

Debt - Long-Term Debt Maturit_2

Debt - Long-Term Debt Maturities (Parenthetical) (Detail) - USD ($) $ in Millions	Apr. 23, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Derivative Notional Amount		$ 750
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative Notional Amount	$ 250.3

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021
Prologis, L.P. [Member]
Noncontrolling Interest [Line Items]
Description of conversion rate	one share of common stock to one limited partnership unit

Noncontrolling Interests - Nonc

Noncontrolling Interests - Noncontrolling Interest Summary (Detail) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Operating Partnership noncontrolling interest		$ 3,473,462	$ 3,483,526
Noncontrolling interests		4,376,686	4,353,033
Total Assets		55,732,809	56,065,005
Total liabilities		19,347,606	19,740,425
Non-controlling Interests [Member]
Noncontrolling Interest [Line Items]
Total Assets		8,681,067	8,729,929
Total liabilities		$ 206,661	$ 219,118
Prologis U S Logistics Venture [Member]
Noncontrolling Interest [Line Items]
Parent Company's Ownership Percentage		55.00%	55.00%
Operating Partnership noncontrolling interest		$ 3,375,502	$ 3,385,110
Total Assets		7,625,390	7,663,800
Total liabilities		$ 134,457	$ 145,131
Other Consolidated Entities [Member]
Noncontrolling Interest [Line Items]
Parent Company's Ownership	[1]	various	various
Operating Partnership noncontrolling interest	[1]	$ 97,960	$ 98,416
Total Assets	[1]	1,055,677	1,066,129
Total liabilities	[1]	72,204	73,987
Prologis, L.P. [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests		3,473,462	3,483,526
Total Assets		55,732,809	56,065,005
Total liabilities		19,347,606	19,740,425
Prologis, L.P. [Member] | Non-controlling Interests [Member]
Noncontrolling Interest [Line Items]
Limited partners in Prologis, L.P.	[2],[3]	903,224	869,507
Total Assets	[2],[3]	0	0
Total liabilities	[2],[3]	0	0
Prologis, Inc. [Member]
Noncontrolling Interest [Line Items]
Total Assets		8,681,067	8,729,929
Total liabilities		206,661	219,118
Prologis, Inc. [Member] | Non-controlling Interests [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests		$ 4,376,686	$ 4,353,033
[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, 2021 and December 31, 2020 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock.
[2]	At March 31, 2021 and December 31, 2020, excluding the Class A Units, there were limited partnership units in the OP that were exchangeable into cash or, at our option, 8.2 million shares of the Parent’s common stock.
[3]	We had 8.6 million Class A Units that were convertible into

Noncontrolling Interests - No_2

Noncontrolling Interests - Noncontrolling Interest Summary (Parenthetical) (Detail) - shares shares in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Long Term Incentive Plan Units [Member]
Noncontrolling Interest [Line Items]
Vested LTIP Units	4.7	3.9
Class A Common [Member]
Noncontrolling Interest [Line Items]
Outstanding limited partnership units, exchanged	8	8
Units outstanding	8.6	8.6
Common Unit [Member]
Noncontrolling Interest [Line Items]
Outstanding limited partnership units, exchanged	8.2	8.2
Other Consolidated Entities [Member]
Noncontrolling Interest [Line Items]
Outstanding limited partnership units, exchanged	0.3	0.3
Other Consolidated Entities [Member] | Common Stock [Member]
Noncontrolling Interest [Line Items]
Outstanding limited partnership units	0.3	0.3

Long-Term Compensation - Additi

Long-Term Compensation - Additional Information (Detail) - Prologis Out-Performance Plan [Member] - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2021	Mar. 31, 2021
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
2021 - 2023 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	$ 30,300,000
Assumed risk free interest rate	0.20%
Expected volatility rate	30.50%
2021 - 2023 Performance Period [Member] | Tranche 1 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights, percentage		20.00%
2021 - 2023 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%
2018 - 2020 Performance Period [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash incentive award maximum		$ 100,000,000
2016 - 2018 Performance Period [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash incentive award maximum	$ 35,700,000
2017 - 2019 Performance Period [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash incentive award maximum	$ 35,700,000
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		10 years

Long-Term Compensation - RSU Aw

Long-Term Compensation - RSU Awards (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Unvested Awards, Beginning Balance | shares	986
Granted | shares	611
Vested and distributed | shares	(337)
Forfeited | shares	(90)
Number of Unvested Awards, Ending Balance | shares	1,170
Weighted Average Grant Date Fair Value | $ / shares	$ 80.32
Weighted Average Grant Date Fair Value, Granted | $ / shares	73.46
Weighted Average Grant Date Fair Value, Vested and distributed | $ / shares	75.98
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	71.70
Weighted Average Grant Date Fair Value | $ / shares	$ 78.65

Long-Term Compensation - LTIP U

Long-Term Compensation - LTIP Units Awards (Detail) - Long Term Incentive Plan Units [Member] - $ / shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested LTIP Units	4,700	3,900
Number of Unvested Awards, Beginning Balance	3,052
Granted	1,253
Forfeited	(23)
Vested LTIP Units	(791)
Number of Unvested Awards, Ending Balance	3,491	3,052
Weighted Average Grant Date Fair Value	$ 66.50
Unvested Weighted Average, Granted	58.63
Weighted Average Grant Date Fair Value, Forfeited	31.80
Unvested Weighted Average, Vested LTIP Units	76.98
Weighted Average Grant Date Fair Value	$ 61.53	$ 66.50

Earnings Per Common Share or _3

Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share or Unit (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Net earnings attributable to common stockholders/unit holders - Basic		$ 365,815	$ 489,418
Net earnings attributable to exchangeable limited partnership units	[1]	10,320	14,049
Adjusted net earnings attributable to common stockholders – Diluted		$ 376,135	$ 503,467
Weighted average common shares/units outstanding - Basic		738,998	698,272
Incremental weighted average effect on exchange of limited partnership units	[1]	21,042	20,230
Incremental weighted average effect of equity awards		4,918	5,481
Weighted average common shares/partnership units outstanding - Diluted		764,958	723,983
Net earnings per share/unit attributable to common stockholders/unitholders -
Basic		$ 0.50	$ 0.70
Diluted		$ 0.49	$ 0.70
Net earnings attributable to exchangeable other limited partnership units	[1]	$ (10,320)	$ (14,049)
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		376,083	503,388
Net earnings attributable to exchangeable limited partnership units		(52)	(79)
Adjusted net earnings attributable to common stockholders – Diluted		$ 376,135	$ 503,467
Weighted average common shares/units outstanding - Basic		751,679	710,141
Incremental weighted average effect on exchange of Class A convertible units		8,062	8,062
Incremental weighted average effect on exchange of limited partnership units		299	299
Incremental weighted average effect of equity awards		4,918	5,481
Weighted average common shares/partnership units outstanding - Diluted	[2]	764,958	723,983
Net earnings per share/unit attributable to common stockholders/unitholders -
Basic		$ 0.50	$ 0.70
Diluted		$ 0.49	$ 0.70
Net earnings attributable to exchangeable other limited partnership units		$ 52	$ 79
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		(3,991)	(5,651)
Adjusted net earnings attributable to common stockholders – Diluted		3,991	5,651
Prologis, L.P. [Member] | Common Units [Member]
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Net earnings attributable to common stockholders/unit holders - Basic		$ 372,092	$ 497,737
[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

Earnings Per Common Share or _4

Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share or Unit (Parenthetical) (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Total weighted average potential dilutive shares and units outstanding	28,221	27,939
Prologis, L.P. [Member]
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Total weighted average potentially dilutive Class A Units	8,062	8,062
Total weighted average potentially dilutive other limited partnership units	299	299
Total weighted average potentially dilutive equity awards	7,179	7,709
Total weighted average potential dilutive shares and units outstanding	15,540	16,070
Total weighted average potential dilutive common limited partnership units	12,681	11,869

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, 2021	Dec. 31, 2020
Derivatives Fair Value [Line Items]
Asset	$ 37,588	$ 1,667
Liability	36,371	36,482
Undesignated Derivatives [Member] | Forwards [Member] | BRL
Derivatives Fair Value [Line Items]
Asset	826	620
Liability	0	66
Undesignated Derivatives [Member] | Forwards [Member] | GBP
Derivatives Fair Value [Line Items]
Asset	71	174
Liability	8,735	7,589
Undesignated Derivatives [Member] | Forwards [Member] | CAD
Derivatives Fair Value [Line Items]
Asset	0	80
Liability	8,016	5,827
Undesignated Derivatives [Member] | Forwards [Member] | CNY
Derivatives Fair Value [Line Items]
Asset	34	0
Liability	499	717
Undesignated Derivatives [Member] | Forwards [Member] | EUR
Derivatives Fair Value [Line Items]
Asset	16,096	73
Liability	287	6,247
Undesignated Derivatives [Member] | Forwards [Member] | JPY
Derivatives Fair Value [Line Items]
Asset	16,096	720
Liability	0	1,604
Undesignated Derivatives [Member] | Forwards [Member] | SEK
Derivatives Fair Value [Line Items]
Asset	1,214	0
Liability	868	2,355
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | GBP
Derivatives Fair Value [Line Items]
Asset	3,251	0
Liability	3,125	2,081
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | CAD
Derivatives Fair Value [Line Items]
Asset	0	0
Liability	14,799	9,847
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | EUR
Derivatives Fair Value [Line Items]
Asset	0	0
Liability	14	9
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | USD
Derivatives Fair Value [Line Items]
Asset	0	0
Liability	$ 28	$ 140

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Summary of Undesignated Foreign Currency Forwards Activity (Detail)	3 Months Ended
	Mar. 31, 2021USD ($)Derivative	Mar. 31, 2020USD ($)Derivative
Derivative [Line Items]
Notional amounts at March 31		$ 750,000,000
Forwards [Member] | Undesignated Derivatives [Member]
Derivative [Line Items]
Notional amounts at January 1	$ 1,162,000,000	1,107,000,000
New contracts	127,000,000	1,191,000,000
Matured, expired or settled contracts	(91,000,000)	(1,322,000,000)
Notional amounts at March 31	1,198,000,000	$ 976,000,000
Weighted average forward rate at March 31		0
Active contracts at March 31 | Derivative		0
Forwards [Member] | Undesignated Derivatives [Member] | CAD
Derivative [Line Items]
Notional amounts at January 1	163,000,000	$ 120,000,000
New contracts	3,000,000	0
Matured, expired or settled contracts	(11,000,000)	(11,000,000)
Notional amounts at March 31	$ 155,000,000	$ 109,000,000
Weighted average forward rate at March 31	1.32	1.32
Active contracts at March 31 | Derivative	58	35
Forwards [Member] | Undesignated Derivatives [Member] | EUR
Derivative [Line Items]
Notional amounts at January 1	$ 474,000,000	$ 581,000,000
New contracts	83,000,000	809,000,000
Matured, expired or settled contracts	(36,000,000)	(1,003,000,000)
Notional amounts at March 31	$ 521,000,000	$ 387,000,000
Weighted average forward rate at March 31	1.23	1.16
Active contracts at March 31 | Derivative	74	61
Forwards [Member] | Undesignated Derivatives [Member] | GBP
Derivative [Line Items]
Notional amounts at January 1	$ 207,000,000	$ 178,000,000
New contracts	11,000,000	294,000,000
Matured, expired or settled contracts	(16,000,000)	(267,000,000)
Notional amounts at March 31	$ 202,000,000	$ 205,000,000
Weighted average forward rate at March 31	1.33	1.77
Active contracts at March 31 | Derivative	53	64
Forwards [Member] | Undesignated Derivatives [Member] | JPY
Derivative [Line Items]
Notional amounts at January 1	$ 252,000,000	$ 182,000,000
New contracts	25,000,000	60,000,000
Matured, expired or settled contracts	(20,000,000)	(15,000,000)
Notional amounts at March 31	$ 257,000,000	$ 227,000,000
Weighted average forward rate at March 31	102.66	103.08
Active contracts at March 31 | Derivative	68	53
Forwards [Member] | Undesignated Derivatives [Member] | SEK
Derivative [Line Items]
Notional amounts at January 1	$ 38,000,000	$ 31,000,000
New contracts	5,000,000	9,000,000
Matured, expired or settled contracts	(4,000,000)	(3,000,000)
Notional amounts at March 31	$ 39,000,000	$ 37,000,000
Weighted average forward rate at March 31	8.59	9.41
Active contracts at March 31 | Derivative	51	32
Forwards [Member] | Undesignated Derivatives [Member] | Other
Derivative [Line Items]
Notional amounts at January 1	$ 28,000,000	$ 15,000,000
New contracts	0	19,000,000
Matured, expired or settled contracts	(4,000,000)	(23,000,000)
Notional amounts at March 31	$ 24,000,000	$ 11,000,000
Weighted average forward rate at March 31		0
Active contracts at March 31 | Derivative		0

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, 2021USD ($)Contract	Mar. 31, 2020USD ($)Contract
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Exercised contracts | Contract	25	33
Realized gains (losses) on the matured, expired or settled contracts	$ (1)	$ 4
Unrealized gains on the change in fair value of outstanding contracts	$ 38	$ 47

Financial Instruments and Fai_6

Financial Instruments and Fair Value Measurements - Foreign Currency Contracts Activity (Detail)	3 Months Ended
	Mar. 31, 2021USD ($)Derivative	Mar. 31, 2020USD ($)Derivative
Derivative [Line Items]
Notional amounts at March 31		$ 750,000,000
Forwards [Member] | Net Investment Hedges [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Notional amounts at January 1	$ 512,000,000	484,000,000
New contracts	550,000,000	324,000,000
Matured, expired or settled contracts	(63,000,000)	(576,000,000)
Notional amounts at March 31	999,000,000	232,000,000
Forwards [Member] | CAD | Net Investment Hedges [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Notional amounts at January 1	377,000,000	97,000,000
New contracts	250,000,000	0
Matured, expired or settled contracts	(63,000,000)	0
Notional amounts at March 31	$ 564,000,000	$ 97,000,000
Weighted average forward rate at March 31	1.29	1.32
Active contracts at March 31 | Derivative	7	2
Forwards [Member] | GBP | Net Investment Hedges [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Notional amounts at January 1	$ 135,000,000	$ 387,000,000
New contracts	300,000,000	324,000,000
Matured, expired or settled contracts	0	(576,000,000)
Notional amounts at March 31	$ 435,000,000	$ 135,000,000
Weighted average forward rate at March 31	1.38	1.35
Active contracts at March 31 | Derivative	4	1

Financial Instruments and Fai_7

Financial Instruments and Fair Value Measurements - Summary of Activity in Interest Rate Swaps (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021		Mar. 31, 2020
Derivative [Line Items]
Notional amounts at March 31			$ 750,000,000
Interest Rate Swap [Member] | Cash Flow Hedges [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Notional amounts at January 1	$ 415,000		0
New contracts	0		915,000
Matured, expired or settled contracts	0		(750,000)
Notional amounts at March 31	415,000		165,000
Interest Rate Swap [Member] | EUR | Cash Flow Hedges [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Notional amounts at January 1	165,000	[1]	0
New contracts	0	[1]	165,000
Matured, expired or settled contracts	0	[1]	0
Notional amounts at March 31	165,000	[1]	165,000
Interest Rate Swap [Member] | USD | Cash Flow Hedges [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Notional amounts at January 1	250,000	[1]	0
New contracts	0	[1]	750,000
Matured, expired or settled contracts	0	[1]	(750,000)
Notional amounts at March 31	$ 250,000	[1]	$ 0
[1]	During the year ended December 31, 2020, we entered into interest rate swap contracts to effectively fix the interest rate on our euro senior notes issued in February 2020 and the U.S. dollar outstanding balance on our 2017 Term Loan. In April 2021, the 2017 Term Loan was terminated and the interest rate swap contracts associated with the outstanding balance were settled.

Financial Instruments and Fai_8

Financial Instruments and Fair Value Measurements - Summary of Debt and Accrued Interest, Designated as Hedge (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Designated As Hedging Instrument [Member] | British Pound Sterling Senior Notes [Member]
Derivatives Fair Value [Line Items]
Senior Notes Outstanding	$ 956	$ 842

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, 2021	Mar. 31, 2020
Derivatives Fair Value [Line Items]
Foreign currency translation gains (losses), net	$ 171,759	$ (133,533)
Forward Contracts [Member]
Derivatives Fair Value [Line Items]
Foreign currency translation gains (losses), net	$ 46,000	$ 82,000

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, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative translation adjustment	$ 183,427	$ (191,642)
Total foreign currency translation gains (losses), net	171,759	(133,533)
Total unrealized gains (losses) on derivative contracts, net	4,821	(23,448)
Total change in other comprehensive income (loss)	176,580	(156,981)
Designated As Hedging Instrument [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total derivative hedging instruments	(5,266)	25,359
Designated As Hedging Instrument [Member] | Non derivative Net Investment Hedge [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Debt designated as nonderivative net investment hedges	(6,402)	32,750
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total derivative hedging instruments	1,371	(15,525)
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	$ 3,450	$ (7,923)

Financial Instruments and Fa_11

Financial Instruments and Fair Value Measurements - Summary of Changes in Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments Gain Loss [Line Items]
Loss on derivatives	$ (4,821)	$ 23,448
Derivative Notional Amount		750,000
Treasury Lock Contracts [Member] | Senior Notes [Member] | USD
Derivative Instruments Gain Loss [Line Items]
Loss on derivatives		$ 16,800
Accumulated Gain (Loss) Net Cash Flow Hedge Parent [Member]
Derivative Instruments Gain Loss [Line Items]
Amount to be reclassified to interest expense, next 12 months	$ 4,400

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, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	$ 16,503,458	$ 16,849,076
Fair Value of Debt	16,713,516	18,083,430
Credit Facilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	53,250	171,794
Fair Value of Debt	53,250	171,794
Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	14,433,868	14,275,870
Fair Value of Debt	14,598,729	15,452,381
Term Loans and Unsecured Other [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	1,670,556	1,764,311
Fair Value of Debt	1,687,135	1,785,706
Secured Mortgage [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value of Debt	345,784	637,101
Fair Value of Debt	$ 374,402	$ 673,549

Business Segments - Additional

Business Segments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021Segment
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, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 1,148,316	$ 978,241
Operating income	532,197	468,057
General and administrative expenses	78,032	69,689
Depreciation and amortization expenses	397,575	345,970
Gains on dispositions of development properties and land, net	173,643	162,750
Gains on other dispositions of investments in real estate, net	16,623	31,491
Earnings from unconsolidated entities, net	67,049	88,730
Interest expense	(71,281)	(75,642)
Interest and other income, net	4,746	370
Foreign currency and derivative gains, net	80,152	113,329
Losses on early extinguishment of debt, net	(187,453)	(42,767)
Earnings before income taxes	425,410	552,077
Total assets	55,732,809		$ 56,065,005
Investments in and advances to unconsolidated entities	7,514,840		7,602,014
Assets held for sale or contribution	1,055,751		1,070,724
Cash and cash equivalents	676,074	807,871	598,086	$ 1,088,855
Other assets	2,850,603		2,949,009
Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total assets	46,045,610		46,390,991
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating income	817,538	689,475
Total assets	46,084,153		46,429,882
Operating Segments [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	1,028,355	881,650
Operating income	747,027	639,458
Operating Segments [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues	119,961	96,591
Operating income	70,511	50,017
Total assets	38,543		38,891
Operating Segments [Member] | U.S. [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	975,083	829,383
Operating income	709,303	602,604
Total assets	42,337,749		42,559,023
Operating Segments [Member] | U.S. [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues	33,983	34,342
Operating income	8,302	13,624
Total assets	12,939		13,257
Operating Segments [Member] | Other Americas [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	23,893	26,079
Operating income	17,595	19,456
Total assets	1,168,322		1,145,699
Operating Segments [Member] | Other Americas [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues	10,663	9,111
Operating income	7,906	5,179
Operating Segments [Member] | Europe [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	18,856	15,502
Operating income	13,191	10,155
Total assets	1,634,170		1,604,393
Operating Segments [Member] | Europe [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues	43,429	32,590
Operating income	32,171	20,594
Total assets	25,280		25,280
Operating Segments [Member] | Asia [Member] | Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	10,523	10,686
Operating income	6,938	7,243
Total assets	905,369		1,081,876
Operating Segments [Member] | Asia [Member] | Strategic Capital [Member]
Segment Reporting Information [Line Items]
Total revenues	31,886	20,548
Operating income	22,132	10,620
Total assets	324		354
Reconciling Items [Member]
Segment Reporting Information [Line Items]
Operating income	532,197	468,057
General and administrative expenses	(78,032)	(69,689)
Depreciation and amortization expenses	(397,575)	(345,970)
Gains on dispositions of development properties and land, net	173,643	162,750
Gains on other dispositions of investments in real estate, net	16,623	31,491
Earnings from unconsolidated entities, net	67,049	88,730
Interest expense	(71,281)	(75,642)
Losses on early extinguishment of debt, net	(187,453)	$ (42,767)
Total assets	9,648,656		9,635,123
Investments in and advances to unconsolidated entities	7,514,840		7,602,014
Assets held for sale or contribution	1,055,751		1,070,724
Cash and cash equivalents	676,074		598,086
Other assets	$ 401,991		$ 364,299

Business Segments - Segment R_2

Business Segments - Segment Reporting, Reconciliation of Revenues, Operating Income and Assets (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Strategic Capital [Member] | Europe [Member]
Segment Reporting Information [Line Items]
Goodwill	$ 25.3	$ 25.3

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	Feb. 04, 2020	Mar. 31, 2021	Mar. 31, 2020
Supplemental Cash Flow Information [Line Items]
Lease Right-of-Use assets		$ 4.6	$ 3.8
Lease liabilities		4.6	3.8
Capitalization for equity based compensation expense		8.5	8.3
Interest paid, net of amounts capitalized		89.5	110.5
Cash paid for income taxes, net of refunds		$ 35.8	$ 21.7
Liberty Transaction [Member]
Supplemental Cash Flow Information [Line Items]
Business acquisition consideration transferred	$ 13,000
Limited Partners [Member] | Prologis, L.P. [Member] | Common [Member]
Supplemental Cash Flow Information [Line Items]
PLD units redeemed for common shares			0.1
Limited Partners [Member] | Maximum [Member] | Prologis, L.P. [Member] | Common [Member]
Supplemental Cash Flow Information [Line Items]
PLD units redeemed for common shares		0.1
Unconsolidated Entities [Member]
Supplemental Cash Flow Information [Line Items]
Equity ownership interest received		$ 39.1	$ 57.1