Earnings Per Common Share or Unit (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share Unit

The computation of our basic and diluted earnings per share and unit for the years ended December 31 was as follows (in thousands, except per share and unit amounts):

Prologis, Inc.	2023		2022		2021
Net earnings attributable to common stockholders – Basic	$	3,053,373	$	3,358,796	$	2,933,571
Net earnings attributable to exchangeable limited partnership units (1)		77,806		92,236		82,092
Adjusted net earnings attributable to common stockholders – Diluted	$	3,131,179	$	3,451,032	$	3,015,663
Weighted average common shares outstanding – Basic		924,351		785,675		739,363
Incremental weighted average effect on exchange of limited partnership units (1)		23,693		21,803		20,913
Incremental weighted average effect of equity awards		3,747		4,130		4,486
Weighted average common shares outstanding – Diluted (2)		951,791		811,608		764,762
Net earnings per share attributable to common stockholders:
Basic	$	3.30	$	4.28	$	3.97
Diluted	$	3.29	$	4.25	$	3.94

Prologis, L.P.	2023			2022			2021
Net earnings attributable to common unitholders	$	3,130,647		$	3,450,727		$	3,015,363
Net earnings attributable to Class A Units		(26,784	)		(34,311	)		(31,758	)
Net earnings attributable to common unitholders – Basic		3,103,863			3,416,416			2,983,605
Net earnings attributable to Class A Units		26,784			34,311			31,758
Net earnings attributable to exchangeable other limited partnership units		532			305			300
Adjusted net earnings attributable to common unitholders – Diluted	$	3,131,179		$	3,451,032		$	3,015,663
Weighted average common partnership units outstanding – Basic		939,635			799,153			751,973
Incremental weighted average effect on exchange of Class A Units		8,110			8,026			8,004
Incremental weighted average effect on exchange of other limited partnership units		299			299			299
Incremental weighted average effect of equity awards of Prologis, Inc.		3,747			4,130			4,486
Weighted average common units outstanding – Diluted (2)		951,791			811,608			764,762
Net earnings per unit attributable to common unitholders:
Basic	$	3.30		$	4.28		$	3.97
Diluted	$	3.29		$	4.25		$	3.94

(1)Earnings allocated to the exchangeable OP units not held by the Parent have been included in the numerator and exchangeable common units have been included in the denominator for the purpose of computing diluted earnings per share for all periods as the per share and unit amount is the same.

(2)Our total weighted average potentially dilutive shares and units outstanding for the years ended December 31 consisted of the

following:

	2023		2022		2021
Class A Units		8,110		8,026		8,004
Other limited partnership units		299		299		299
Equity awards		7,455		6,298		6,719
Prologis, L.P.		15,864		14,623		15,022
Common limited partnership units		15,284		13,478		12,610
Prologis, Inc.		31,148		28,101		27,632