Earnings Per Common Share or Unit

9 Months Ended

Sep. 30, 2025

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. During the three and nine months ended September 30, 2025, the majority of the Class A Units in the OP were converted to limited partnership units in the OP.

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				Nine Months Ended
	September 30,				September 30,
Prologis, Inc.	2025		2024		2025		2024
Net earnings attributable to common stockholders – Basic	$	762,897	$	1,004,267	$	1,924,122	$	2,448,375
Net earnings attributable to exchangeable limited partnership units (1)		18,781		25,130		47,592		61,851
Adjusted net earnings attributable to common stockholders – Diluted	$	781,678	$	1,029,397	$	1,971,714	$	2,510,226

Weighted average common shares outstanding – Basic		928,851		926,427		928,186		926,017
Incremental weighted average effect on exchange of limited partnership units (1)		22,809		23,191		22,958		23,424
Incremental weighted average effect of equity awards		4,943		4,195		4,680		4,089
Weighted average common shares outstanding – Diluted (2)		956,603		953,813		955,824		953,530

Net earnings per share attributable to common stockholders:
Basic	$	0.82	$	1.08	$	2.07	$	2.64
Diluted	$	0.82	$	1.08	$	2.06	$	2.63


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Prologis, L.P.	2025			2024			2025			2024
Net earnings attributable to common unitholders	$	781,562		$	1,029,271		$	1,971,714		$	2,509,514
Net earnings attributable to Class A Units		(1,064	)		(8,018	)		(9,158	)		(20,084	)
Net earnings attributable to common unitholders – Basic		780,498			1,021,253			1,962,556			2,489,430
Net earnings attributable to Class A Units		1,064			8,018			9,158			20,084
Net earnings attributable to exchangeable other limited partnership units		116			126			-			712
Adjusted net earnings attributable to common unitholders – Diluted	$	781,678		$	1,029,397		$	1,971,714		$	2,510,226

Weighted average common partnership units outstanding – Basic		951,116			942,137			946,726			941,545
Incremental weighted average effect on exchange of Class A Units		386			7,322			4,418			7,597
Incremental weighted average effect on exchange of other limited partnership units		158			159			-			299
Incremental weighted average effect of equity awards of Prologis, Inc.		4,943			4,195			4,680			4,089
Weighted average common units outstanding – Diluted (2)		956,603			953,813			955,824			953,530

Net earnings per unit attributable to common unitholders:
Basic	$	0.82		$	1.08		$	2.07		$	2.64
Diluted	$	0.82		$	1.08		$	2.06		$	2.63

(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				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Class A Units		386		7,322		4,418		7,597
Other limited partnership units		259		299		265		299
Equity awards		7,210		7,314		7,423		7,942
Prologis, L.P.		7,855		14,935		12,106		15,838
Common limited partnership units		22,265		15,710		18,540		15,528
Prologis, Inc.		30,120		30,645		30,646		31,366