Earnings Per Common Share or Unit (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share Unit

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

Prologis, Inc.	2024		2023		2022
Net earnings attributable to common stockholders – Basic	$	3,725,754	$	3,053,373	$	3,358,796
Net earnings attributable to exchangeable limited partnership units (1)		94,052		77,806		92,236
Adjusted net earnings attributable to common stockholders – Diluted	$	3,819,806	$	3,131,179	$	3,451,032
Weighted average common shares outstanding – Basic		926,172		924,351		785,675
Incremental weighted average effect on exchange of limited partnership units (1)		23,445		23,693		21,803
Incremental weighted average effect of equity awards		3,973		3,747		4,130
Weighted average common shares outstanding – Diluted (2)		953,590		951,791		811,608
Net earnings per share attributable to common stockholders:
Basic	$	4.02	$	3.30	$	4.28
Diluted	$	4.01	$	3.29	$	4.25

Prologis, L.P.	2024			2023			2022
Net earnings attributable to common unitholders	$	3,818,862		$	3,130,647		$	3,450,727
Net earnings attributable to Class A Units		(30,308	)		(26,784	)		(34,311	)
Net earnings attributable to common unitholders – Basic		3,788,554			3,103,863			3,416,416
Net earnings attributable to Class A Units		30,308			26,784			34,311
Net earnings attributable to exchangeable other limited partnership units		944			532			305
Adjusted net earnings attributable to common unitholders – Diluted	$	3,819,806		$	3,131,179		$	3,451,032
Weighted average common partnership units outstanding – Basic		941,782			939,635			799,153
Incremental weighted average effect on exchange of Class A Units		7,536			8,110			8,026
Incremental weighted average effect on exchange of other limited partnership units		299			299			299
Incremental weighted average effect of equity awards of Prologis, Inc.		3,973			3,747			4,130
Weighted average common units outstanding – Diluted (2)		953,590			951,791			811,608
Net earnings per unit attributable to common unitholders:
Basic	$	4.02		$	3.30		$	4.28
Diluted	$	4.01		$	3.29		$	4.25

(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:

	2024		2023		2022
Class A Units		7,536		8,110		8,026
Other limited partnership units		299		299		299
Equity awards		7,688		7,455		6,298
Prologis, L.P.		15,523		15,864		14,623
Common limited partnership units		15,610		15,284		13,478
Prologis, Inc.		31,133		31,148		28,101