Earnings Per Common Share or Unit

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Common Share or Unit

NOTE 8. EARNINGS PER COMMON SHARE OR UNIT

We determine basic earnings per share or unit based on the weighted average number of shares of common stock or units outstanding during the period. We compute diluted earnings per share or unit based on the weighted average number of shares or units outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments.

The computation of our basic and diluted earnings per share and unit was as follows (in thousands, except per share and unit amounts):

	Three Months Ended
	March 31,
Prologis, Inc.	2025		2024
Net earnings attributable to common stockholders – Basic	$	591,501	$	584,263
Net earnings attributable to exchangeable limited partnership units (1)		14,991		14,852
Adjusted net earnings attributable to common stockholders – Diluted	$	606,492	$	599,115
Weighted average common shares outstanding – Basic		927,338		925,322
Incremental weighted average effect on exchange of limited partnership units (1)		23,501		23,555
Incremental weighted average effect of equity awards		5,241		5,035
Weighted average common shares outstanding – Diluted (2)		956,080		953,912
Net earnings per share attributable to common stockholders:
Basic	$	0.64	$	0.63
Diluted	$	0.63	$	0.63

	Three Months Ended
	March 31,
Prologis, L.P.	2025			2024
Net earnings attributable to common unitholders	$	606,492		$	599,047
Net earnings attributable to Class A Units		(4,578	)		(5,132	)
Net earnings attributable to common unitholders – Basic		601,914			593,915
Net earnings attributable to Class A Units		4,578			5,132
Net earnings attributable to exchangeable other limited partnership units		-			68
Adjusted net earnings attributable to common unitholders – Diluted	$	606,492		$	599,115
Weighted average common partnership units outstanding – Basic		943,662			940,608
Incremental weighted average effect on exchange of Class A Units		7,177			8,128
Incremental weighted average effect on exchange of other limited partnership units		-			141
Incremental weighted average effect of equity awards of Prologis, Inc.		5,241			5,035
Weighted average common units outstanding – Diluted (2)		956,080			953,912
Net earnings per unit attributable to common unitholders:
Basic	$	0.64		$	0.63
Diluted	$	0.63		$	0.63

(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 consisted of the following:

	Three Months Ended
	March 31,
	2025		2024
Class A Units		7,177		8,128
Other limited partnership units		278		299
Equity awards		8,252		8,963
Prologis, L.P.		15,707		17,390
Common limited partnership units		16,324		15,286
Prologis, Inc.		32,031		32,676