8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

--------------

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 19, 2021

Prologis, Inc.

Prologis, L.P.

(Exact name of registrant as specified in charter)

Maryland (Prologis, Inc.)
Delaware (Prologis, L.P.)
(State or other jurisdiction
of Incorporation) 001-13545 (Prologis, Inc.)
001-14245 (Prologis, L.P.)
(Commission File Number) 94-3281941 (Prologis, Inc.)
94-3285362 (Prologis, L.P.)
(I.R.S. Employer Identification
No.)

Pier 1, Bay 1, San Francisco, California	94111
(Address of Principal Executive Offices)	(Zip Code)

Registrants’ Telephone Number, including Area Code: (415) 394-9000

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

	Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Prologis, Inc.	Common Stock, $0.01 par value	PLD	New York Stock Exchange
Prologis, L.P.	3.000% Notes due 2026	PLD/26	New York Stock Exchange
Prologis, L.P.	2.250% Notes due 2029	PLD/29	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company     ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Item 2.02. Results of Operations and Financial Condition (Prologis, Inc.) and

Item 7.01. Regulation FD Disclosure (Prologis, Inc. and Prologis, L.P.).

On April 19, 2021, Prologis, Inc., the general partner of Prologis, L.P., issued a press release announcing first quarter 2021 financial results. A copy of the supplemental information as well as the press release is furnished with this report as Exhibit 99.1 and Exhibit 99.2, respectively, and incorporated herein by reference.

The information in this report and the exhibits attached hereto is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to Items 2.02 and 7.01 of Form 8-K will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1 Supplemental information, dated April 19, 2021.

99.2 Press release, dated April 19, 2021.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

	PROLOGIS, INC.
April 19, 2021	By:	/s/ Thomas S. Olinger
		Name:Thomas S. Olinger
		Title:Chief Financial Officer

	PROLOGIS, L.P.,
April 19, 2021	By:  Prologis, Inc., its general partner
	By:	/s/ Thomas S. Olinger
		Name:Thomas S. Olinger
		Title:Chief Financial Officer

2

EX-99.1

Prologis Supplemental Information first Quarter 2021 Unaudited Prologis Park Tsukuba 2, Tsukuba City, Ibaraki, Japan

1Q 2021 Supplemental Highlights 1 Company Profile 2 Company Performance 4 Prologis Leading Indicators and Proprietary Metrics 5 Guidance Financial Information 6 Consolidated Balance Sheets 7 Consolidated Statements of Income 8 Reconciliations of Net Earnings to FFO 9 Reconciliations of Net Earnings to Adjusted EBITDA Strategic Capital 10 Summary and Financial Highlights 11 Operating and Balance Sheet Information of the Unconsolidated Co-Investment Ventures 12 Non-GAAP Pro-Rata Financial Information Operations 13 Overview 14 Operating Metrics 16 Operating Portfolio 19 Customer Information Capital Deployment 20 Overview 21 Development Stabilizations 22 Development Starts 23 Development Portfolio 24 Third Party Acquisitions 25 Dispositions and Contributions 26 Land Portfolio Capitalization 28 Overview 29 Debt Components - Consolidated 30 Debt Components - Noncontrolling Interests and Unconsolidated Net Asset Value 31 Components Notes and Definitions 33 Notes and Definitions (A) Terms used throughout document are defined in the Notes and Definitions Copyright © 2021 Prologis

4,718 Buildings Overview * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. NOI calculation based on Prologis Share of the Operating Portfolio. 1Q 2021 Supplemental Prologis, Inc., is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of March 31, 2021, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 990 million square feet (92 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,500 customers principally across two major categories: business-to-business and retail/online fulfillment. 990M Square Feet ~$14B Build Out of Land (TEI) U.S. 619M SF 80% of NOI*(A) Other Americas 67M SF 6% of NOI*(A) Europe 202M SF 11% of NOI*(A) Asia 102M SF 3% of NOI*(A)

Highlights * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. 1Q 2021 Prologis Share of NOI of the Operating Portfolio annualized. 1Q 2021 third-party share of asset management fees annualized plus trailing twelve month third-party share of transactional fees and net promotes. Prologis Share of trailing twelve month Estimated Value Creation from development stabilizations. Mexico is included in the U.S. as it is U.S. dollar functional. Company Profile 1 1Q 2021 Supplemental

Highlights * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Company Performance 1Q 2021 Supplemental 2 Core FFO* AFFO* Estimated Value Creation - Stabilizations

* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Core FFO* in millions AFFO* in millions Estimated Value Creation in millions Asset Management Fees and Net Promotes in millions Highlights Company Performance 1Q 2021 Supplemental 3

*Please see our Notes and Definitions for further explanation. Lease Proposals in millions of square feet U.s. IBI activity index Lease negotiation Gestation- rolling Avg quarterly trend in days U.S. space utilization Highlights Prologis Leading Indicators and Proprietary Metrics* 1Q 2021 Supplemental 4 Average 23

Highlights * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Our guidance for 2021 is based on management’s current beliefs and assumptions about our business, the industry and the markets in which we operate. Please refer to “Forward-Looking Statements” and “Risk Factors” referred to in our reports filed with the Securities and Exchange Commission for more information. The difference between Core FFO and Net Earnings predominately relates to real estate depreciation and gains or losses on real estate transactions. See the Notes and Definitions for more information. We are further adjusting Core FFO to exclude $0.02 of net promote expense. The expense relates to amortization of stock compensation issued to employees related to promote income recognized in prior periods. Guidance (A) 1Q 2021 Supplemental 5

Financial Information Consolidated Balance Sheets 1Q 2021 Supplemental 6

Financial Information Consolidated Statements of Income 1Q 2021 Supplemental 7

Financial Information * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Reconciliations of Net Earnings to FFO* 1Q 2021 Supplemental 8

Financial Information * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Reconciliations of Net Earnings to Adjusted EBITDA* 1Q 2021 Supplemental 9

Strategic Capital * The next promote opportunity is related to the Stabilization of individual development project(s). Values represent the entire venture at 100%, not Prologis’ proportionate share. Values are presented at Prologis’ adjusted basis derived from the ventures’ U.S. GAAP information and may not be comparable to values reflected in the ventures’ stand alone financial statements calculated on a different basis. Throughout this document we use the most recent public information for these co-investment ventures. Summary and Financial Highlights 1Q 2021 Supplemental 10

Strategic Capital * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Values represent the entire venture at 100%, not Prologis’ proportionate share. Values are presented at Prologis’ adjusted basis derived from the ventures’ U.S. GAAP information and may not be comparable to values reflected in the ventures’ stand alone financial statements calculated on a different basis. Operating and Balance Sheet Information of the Unconsolidated Co-Investment Ventures (at 100%) (A) 1Q 2021 Supplemental 11

Strategic Capital * This is a non-GAAP financial measure, please see our Notes and Definitions for further explanation. See our Notes and Definitions for further explanation of how these amounts are calculated. This balance includes the deferred portion of gains on the contribution of our properties to the ventures prior to 2018, net of any additional costs, included in our investment in the venture. Non-GAAP Pro-Rata Financial Information (A) 1Q 2021 Supplemental 12

* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Occupancy Customer Retention Same Store Change Over Prior Year – Prologis Share* Rent Change – Prologis Share Operations Overview 1Q 2021 Supplemental 13 Trailing four quarters – net effective

Operations Amounts exclusive of leases of less than one year, unless otherwise noted. Operating Metrics – Owned and Managed 1Q 2021 Supplemental 14

Operations * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Operating Metrics – Owned and Managed 1Q 2021 Supplemental 15 CAPITAL EXPENDITURES Thousands, except for percentages SAME STORE INFORMATION Thousands, except for percentages PROPERTY IMPROVEMENTS PER SQUARE FOOT TURNOVER COSTS ON LEASES COMMENCED COMPOSITION OF PORTFOLIO (by Unit Size) Free rent as a % of lease value – trailing four quarters 2.2% 2.4% 2.7% 2.8% 3.0% Occupancy 91.7% 96.1% 97.8% 98.3% Trailing four quarter average Quarterly total As a % of lease value Per square foot ($)

Operations Operating Portfolio(A) – Square Feet, Occupied and Leased 1Q 2021 Supplemental 16 Data in the Operating Portfolio excludes non-strategic industrial properties acquired from IPT and LPT due to our intent not to hold long-term. These properties are classified as Assets Held for Sale and Other Real Estate Investments. This data excludes 33 million square feet related to non-strategic industrial properties.

Operations This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. This data excludes $41 million of NOI related to non-strategic industrial properties. Operating Portfolio – NOI* and Gross Book Value 1Q 2021 Supplemental 17

Operations * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Operating Portfolio – Summary by Division 1Q 2021 Supplemental 18

Operations We have signed leases, that were due to expire, totaling 45 million square feet in our owned and managed portfolio (4.5% of total net effective rent) and 27 million square feet on a Prologis share basis (4.2% of total net effective rent).  These are excluded from 2021 expirations and are reflected at their respective expiration year. Customer Information 1Q 2021 Supplemental 19

Development Starts (TEI) in millions Development Stabilizations (TEI) dollars in millions Building Acquisitions and M&A Activity Land Portfolio in millions Capital Deployment Overview – Prologis Share 1Q 2021 Supplemental 20 Outside the U.S. U.S. This calculation is on an owned and managed basis. The estimated build out includes the land portfolio and the other land that we could develop through options, ground leases, unconsolidated joint ventures and other contractual arrangements. in millions YTD Q1

Capital Deployment Development Stabilizations 1Q 2021 Supplemental 21

Capital Deployment TEI amount includes development starts on yards and parking lots that will be included in Other Real Estate Investments upon completion. Development Starts 1Q 2021 Supplemental 22

Capital Deployment Development Portfolio 1Q 2021 Supplemental 23

Capital Deployment Third Party Acquisitions 1Q 2021 Supplemental 24

Capital Deployment Dispositions and Contributions 1Q 2021 Supplemental 25

Capital Deployment Land Portfolio – Owned and Managed 1Q 2021 Supplemental 26

Capital Deployment Amounts include approximately 2,800 acres that we could develop through options, ground leases, unconsolidated joint ventures and other contractual arrangements. Land Portfolio – Summary and Roll Forward 1Q 2021 Supplemental 27

Capitalization * This is a non-GAAP financial measure. Please see our Notes and Definitions for detailed calculation. Mexico is included in the U.S. as it is U.S. dollar functional. The detail calculations are included in the Notes and Definitions section and are not in accordance with the applicable SEC rules. A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time by the rating organization. Overview 1Q 2021 Supplemental 28 ASSETS UNDER MANAGEMENT (dollars in millions) Enterprise Value AUM by Geography Market Equity U.S. DOLLAR EXPOSURE (dollars in millions) Enterprise Value Debt U.S. Dollar(A) 25.1% U.S. Dollar (A) 84.2% Outside U.S. 15.8% Outside U.S. 74.9% DEBT BY CURRENCY- PROLOGIS SHARE UNENCUMBERED ASSETS – PROLOGIS SHARE (in billions) AUM by Ownership

Capitalization The maturity for the yen revolver ($53 million) and a certain term loan ($250 million) are reflected at the extended maturity date as the extension is at our option. We manage our exposure to changes in foreign currency exchange rates using foreign currency forward contracts, including those that are accounted for as net investment hedges, to economically reduce our exposure to fluctuations in foreign currency rates. The effect is reflected in the table under Investment Hedges. See also page 28 for our market equity exposure by currency. Debt Components - Consolidated 1Q 2021 Supplemental 29

Capitalization Refer to Notes and Definitions under Non-GAAP Pro-Rata Financial Information for further explanation on how these amounts are calculated. The maturity of certain unsecured debt (Prologis Share $557 million) is reflected at the extended maturity dates as the extensions are at the entity’s option. We manage our exposure to changes in foreign currency exchange rates using foreign currency forward contracts, including those that are accounted for as net investment hedges, to economically reduce our exposure to fluctuations in foreign currency rates. The effect is reflected in the table under Investment Hedges. See also page 28 for our market equity exposure by currency. Debt Components - Noncontrolling Interests and Unconsolidated (A) 1Q 2021 Supplemental 30

Net Asset Value * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Components – Prologis Share 1Q 2021 Supplemental 31

Net Asset Value For the quarter, promote revenue was $2 million, less promote cash expense of $1 million and promote amortization expense of $6 million. Components - continued 1Q 2021 Supplemental 32

Notes and Definitions Prologis Fokker Park, Oude Meer, the Netherlands

Notes and Definitions 1Q 2021 Supplemental 34

Notes and Definitions (continued) 1Q 2021 Supplemental 35

Notes and Definitions (continued) 1Q 2021 Supplemental 36

Notes and Definitions (continued) 1Q 2021 Supplemental 37

Notes and Definitions (continued) 1Q 2021 Supplemental 38

Notes and Definitions (continued) 1Q 2021 Supplemental 39

Notes and Definitions (continued) 1Q 2021 Supplemental 40

Notes and Definitions (continued) 1Q 2021 Supplemental 41

EX-99.2

FOR IMMEDIATE RELEASE

Prologis Reports First Quarter 2021 Earnings Results

SAN FRANCISCO (April 19, 2021) – Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, reported results for the first quarter of 2021.

Net earnings per diluted share was $0.49 for the quarter compared with $0.70 for the first quarter of 2020; the decrease was driven by debt extinguishment costs of $187 million. Core funds from operations* per diluted share was $0.97 for the quarter compared with $0.83 for the same period in 2020.

“The robust demand from the fourth quarter has carried into 2021 and is as strong as I have seen in my career,” said Hamid R. Moghadam, chairman and CEO, Prologis. “Global supply chains are pushing to keep pace with accelerating economic activity, retooling for faster fulfillment and resilience. With our well-positioned portfolio, differentiated customer offerings and abundant investment capacity, we expect to continue to outperform while delivering exceptional customer service.”

OPERATING PERFORMANCE  

Owned & Managed	1Q21	Notes
Average Occupancy	95.4%	Down 40bps from Q4 2020 consistent with seasonality
Leases Commenced	43.9MSF	39.0MSF operating portfolio and 4.8MSF development portfolio
Retention	69.1%	Down 930bps from Q4 2020, 96.4% leased as of March 31

Prologis Share	1Q21	Notes
Net Effective Rent Change	27.0%	Led by U.S. at 32.0%
Cash Rent Change	12.5%
Cash Same Store NOI*	4.5%	Driven by U.S. at 4.8%

1

DEPLOYMENT ACTIVITY

Prologis Share	1Q21
Building Acquisitions	$71M
Weighted avg stabilized cap rate	5.0%
Development Stabilizations	$396M
Estimated weighted avg yield	6.0%
Estimated weighted avg margin	42.8%
Estimated value creation	$170M
% Build-to-suit	16.1%
Development Starts	$575M
Estimated weighted avg yield	5.6%
Estimated weighted avg margin	24.1%
Estimated value creation	$139M
% Build-to-suit	60.6%
Total Dispositions and Contributions	$654M
Weighted avg stabilized cap rate (excluding land and other real estate)	4.5%

BALANCE SHEET & LIQUIDITY

During the first quarter, Prologis and its co-investment ventures issued $3.5 billion of debt at a weighted average interest rate of 0.96 percent and a weighted average term of approximately 11 years. This activity includes $2.6 billion in global bond raises, as well as a €500 million green bond.

At March 31, 2021, debt as a percentage of total market capitalization was 18.6 percent, and the company’s weighted average interest rate on its share of total debt was 1.8 percent with a weighted average term of 10.6 years. The combined investment capacity of Prologis and its open-ended vehicles, at levels in line with their current credit ratings, is now $14 billion. 

“Through just a few transactions during the first quarter, we reduced our weighted average interest rate by 20 basis points and effectively addressed our unsecured bond maturities through 2026. In addition, we built on the company’s excellent liquidity position, which collectively has set the company up well for this incredibly strong operating environment,” said Tim Arndt, treasurer, Prologis.

2021 GUIDANCE

“Given the strength of our results and the market, we are taking up our guidance metrics across the board,” said Thomas S. Olinger, chief financial officer, Prologis. “Year-over-year Core FFO growth, excluding promotes, is sector-leading at 12.0 percent at the midpoint, while generating $1.25 billion of free cash flow after dividends.”

2021GUIDANCE¹

Earnings (perdilutedshare)                                                Previous                           Revised                       Change at M.P.

Net Earnings	$2.36 to $2.52	$2.80 to $2.90	16.8%
Core FFO*2	$3.88 to $3.98	$3.96 to $4.02	1.5%
Core FFO, excluding net promote expense*	$3.90 to $4.00	$3.98 to $4.04	1.5%

2

Operations

Average occupancy	95.50% to 96.50%	96.25% to 96.75%	50bps
Cash Same Store NOI* - PLD share	3.50% to 4.50%	4.5% to 5.0%	75bps

Strategic Capital(inmillions)

Strategic capital revenue, excl promote revenue	$435 to $450	$450 to $460	2.8%
Net promote income (expense)2	($16)	($16)	-

G&A(inmillions)

General & administrative expenses $290 to $300 $295 to $305 1.7%

Capital Deployment – Prologis Share (inmillions)         Previous                           Revised                       Change at M.P.

Development stabilizations	$1,900 to $2,100	$2,000 to $2,200	5.0%
Development starts	$2,300 to $2,700	$2,750 to $3,050	16.0%
Building acquisitions	$400 to $800	$600 to $800	16.7%
Building contributions	$1,400 to $1,700	$1,650 to $1,950	16.1%
Building and land dispositions	$1,000 to $1,400	$1,600 to $1,900	45.8%
Net proceeds (Uses)	($300) to ($400)	$0 to ($100)	85.7%
Realized development gains	$500 to $600	$700 to $800	36.4%

1. At the midpoint, this includes approximately 20 basis points of bad debt expense, in line with the company’s historical levels.

2. Core FFO guidance includes $0.02 of net promote expense. The expense relates to amortization of stock compensation issued to employees related to promote income recognized in prior periods.

* This is a non-GAAP financial measure. See the Notes and Definitions in our supplemental information for further explanation and a reconciliation to the most directly comparable GAAP measure.

The earnings guidance described above includes potential gains recognized from real estate transactions but excludes any future or potential foreign currency or derivative gains or losses as our guidance assumes constant foreign currency rates. In reconciling from net earnings to Core FFO*, Prologis makes certain adjustments, including but not limited to real estate depreciation and amortization expense, gains (losses) recognized from real estate transactions and early extinguishment of debt, impairment charges, deferred taxes and unrealized gains or losses on foreign currency or derivative activity. The difference between the company's Core FFO* and net earnings guidance for 2021 relates predominantly to these items. Please refer to our first quarter Supplemental Information, which is available on our Investor Relations website at https://ir.prologis.com and on the SEC’s website at www.sec.gov for a definition of Core FFO* and other non-GAAP measures used by Prologis, along with reconciliations of these items to the closest GAAP measure for our results and guidance.

April 19, 2021, CALL DETAILSThe call will take place on Monday, April 19, 2021, at 9:00 a.m. PT/12:00 p.m. ET. To access a live broadcast of the call, please dial +1 (833) 968-2252 (toll-free from the United States and Canada) or +1 (778) 560-2807 (from all other countries) and enter conference code 8881394. A live webcast can be accessed from the Investor Relations section of www.prologis.com.

ABOUT PROLOGIS
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of March 31, 2021, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 990 million

3

square feet (92 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,500 customers principally across two major categories: business-to-business and retail/online fulfillment.

FORWARD-LOOKING STATEMENTS

The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," and "estimates," including variations of such words and similar expressions, are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, development activity, contribution and disposition activity, general conditions in the geographic areas where we operate, our debt, capital structure and financial position, our ability to form new co-investment ventures and the availability of capital in existing or new co-investment ventures — are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic and political climates; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties; (v) maintenance of real estate investment trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; (x) risks related to the current coronavirus pandemic; and (xi) those additional factors discussed in reports filed with the Securities and Exchange Commission by us under the heading "Risk Factors." We undertake no duty to update any forward-looking statements appearing in this document except as may be required by law.

CONTACTS

Investors: Tracy Ward, +1 415 733 9565, tward@prologis.com, San Francisco

Media: Melissa Sachs, +1 415 733 9597, msachs@prologis.com, San Francisco

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Entity Information [Line Items]
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Document Period End Date	Apr. 19, 2021
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Entity Address, State or Province	CA
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Prologis LP [Member] | Notes 3.375 Percent Due 2024 [Member]
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Prologis LP [Member] | Notes 3.000 Percent Due 2026 [Member]
Entity Information [Line Items]
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