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Earnings Per Common Share or Unit (Tables)

6 Months Ended

Jun. 30, 2025

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				Six Months Ended
	June 30,				June 30,
Prologis, Inc.	2025		2024		2025		2024
Net earnings attributable to common stockholders – Basic	$	569,724	$	859,845	$	1,161,225	$	1,444,108
Net earnings attributable to exchangeable limited partnership units (1)		13,936		21,551		28,927		36,516
Adjusted net earnings attributable to common stockholders – Diluted	$	583,660	$	881,396	$	1,190,152	$	1,480,624

Weighted average common shares outstanding – Basic		928,476		926,276		927,909		925,812
Incremental weighted average effect on exchange of limited partnership units (1)		22,731		23,224		23,115		23,465
Incremental weighted average effect of equity awards		4,675		3,700		4,577		4,162
Weighted average common shares outstanding – Diluted (2)		955,882		953,200		955,601		953,439

Net earnings per share attributable to common stockholders:
Basic	$	0.61	$	0.93	$	1.25	$	1.56
Diluted	$	0.61	$	0.92	$	1.25	$	1.55


	Three Months Ended						Six Months Ended
	June 30,						June 30,
Prologis, L.P.	2025			2024			2025			2024
Net earnings attributable to common unitholders	$	583,660		$	881,196		$	1,190,152		$	1,480,243
Net earnings attributable to Class A Units		(3,516	)		(6,934	)		(8,094	)		(12,066	)
Net earnings attributable to common unitholders – Basic		580,144			874,262			1,182,058			1,468,177
Net earnings attributable to Class A Units		3,516			6,934			8,094			12,066
Net earnings attributable to exchangeable other limited partnership units		-			200			-			381
Adjusted net earnings attributable to common unitholders – Diluted	$	583,660		$	881,396		$	1,190,152		$	1,480,624

Weighted average common partnership units outstanding – Basic		945,440			941,858			944,556			941,242
Incremental weighted average effect on exchange of Class A Units		5,767			7,343			6,468			7,736
Incremental weighted average effect on exchange of other limited partnership units		-			299			-			299
Incremental weighted average effect of equity awards of Prologis, Inc.		4,675			3,700			4,577			4,162
Weighted average common units outstanding – Diluted (2)		955,882			953,200			955,601			953,439

Net earnings per unit attributable to common unitholders:
Basic	$	0.61		$	0.93		$	1.25		$	1.56
Diluted	$	0.61		$	0.92		$	1.25		$	1.55

(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				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Class A Units		5,767		7,343		6,468		7,736
Other limited partnership units		259		299		268		299
Equity awards		7,548		7,770		7,578		8,263
Prologis, L.P.		13,574		15,412		14,314		16,298
Common limited partnership units		16,964		15,582		16,647		15,430
Prologis, Inc.		30,538		30,994		30,961		31,728