<SEC-DOCUMENT>0001104659-20-056922.txt : 20200505
<SEC-HEADER>0001104659-20-056922.hdr.sgml : 20200505
<ACCEPTANCE-DATETIME>20200505163411
ACCESSION NUMBER:		0001104659-20-056922
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		11
FILED AS OF DATE:		20200505
DATE AS OF CHANGE:		20200505
EFFECTIVENESS DATE:		20200505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Prologis, Inc.
		CENTRAL INDEX KEY:			0001045609
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				943281941
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-238012
		FILM NUMBER:		20849436

	BUSINESS ADDRESS:	
		STREET 1:		PIER 1 BAY 1
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
		BUSINESS PHONE:		4153949000

	MAIL ADDRESS:	
		STREET 1:		PIER 1 BAY 1
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMB PROPERTY CORP
		DATE OF NAME CHANGE:	19970916
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2018422-1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">As filed with the
Securities and Exchange Commission on May 5, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">File No. 333
-&nbsp;&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt; text-transform: uppercase"><B>United
States</B></FONT><B> <FONT STYLE="font-size: 14pt"></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><FONT STYLE="font-size: 14pt">SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Washington, D.C. 20549</P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal"></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal"></FONT>&nbsp;</P>

<P STYLE="text-align: center; font: bold 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">FORM S-8</P>

<P STYLE="text-align: center; font: bold 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt; text-transform: uppercase"><B>REGISTRATION
STATEMENT</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt; text-transform: uppercase"><B><I>Under</I></B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt; text-transform: uppercase"><B><I>THE
SECURITIES ACT OF 1933</I></B></FONT></P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="text-align: center; font: bold 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Prologis, Inc.</P>

<P STYLE="text-align: center; font: bold 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; font-weight: normal">(Exact name of registrant as specified in its charter)</FONT></P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; width: 50%">MARYLAND</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 50%"><P STYLE="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"><B>94-3281941</B></P>


</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font: normal 10pt Times New Roman, Times, Serif">(State or Other Jurisdiction</TD>
    <TD STYLE="text-align: center; font: normal 10pt Times New Roman, Times, Serif">(I.R.S. Employer Identification No.)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font: normal 10pt Times New Roman, Times, Serif">of Incorporation or Organization)</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Pier 1, Bay 1<BR>
San Francisco, California 94111<BR> 415-394-9000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">(Address, Including Zip Code, and Telephone
Number, Including<BR> Area Code, of Registrant&#8217;s Principal Executive Office)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: bold 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font: bold 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 16pt">PROLOGIS,
INC. 2020 LONG-TERM INCENTIVE PLAN</FONT></P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">(Full title of the plan)</FONT></P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Edward S. Nekritz, Secretary</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Prologis, Inc.</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>1800 Wazee Street, Suite 500</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Denver, Colorado 80202</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>303-567-5000</B></P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-style: normal; font-weight: normal">(Name, Address, Including Zip Code, and Telephone number, Including Area Code, of Agent for Service)</FONT></P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal"></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Copies
to: <BR> David Malinger<BR> Jennifer Carlson<BR> Mayer Brown&nbsp;LLP<BR> 71 South Wacker Drive<BR> Chicago, Illinois 60606<BR>
312-782-0600</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 65%"><FONT STYLE="font-size: 10pt">Large accelerated filer <FONT STYLE="font-family: Wingdings">&#120;
</FONT></FONT></TD>
<TD STYLE="text-align: justify; width: 35%"><FONT STYLE="font-size: 10pt">Accelerated filer <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Non-accelerated filer <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Smaller reporting company <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">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 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>



<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">CALCULATION
OF REGISTRATION FEE</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of Securities to be Registered</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount to<BR>
 be Registered<BR>
 (1)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed <BR>
Maximum <BR>
Offering Price Per<BR>
 Share (2)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed Maximum<BR>
 Aggregate Offering <BR>
Price (2)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount of <BR>
Registration Fee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock, par value $0.01 per share</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">23,649,248</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$86.28</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$2,040,457,117.44</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$264,851.34</TD></TR>
</TABLE>


<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This registration statement shall, in accordance with Rule 416(c) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), be deemed to cover such additional shares as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated solely for purposes of calculating the amount of the registration fee, pursuant to paragraphs (c)&nbsp;and (h)&nbsp;of Rule&nbsp;457 under the Securities Act and computed on the basis of the average of the high and low sales prices per share of the registrant&rsquo;s common stock, as reported on the New York Stock Exchange on May 4, 2020.</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Part I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The documents containing the information required
by Part I of Form S-8 will be sent or given to employees or others as specified in Rule 428(b)(1) under the Securities Act of 1933,
as amended (the &#8220;Securities Act&#8221;). In accordance with the rules and regulations of the Securities and Exchange Commission
(the &#8220;Commission&#8221;) and the instructions to Form S-8, such documents are not being filed with the Commission either
as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Part II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION REQUIRED IN<BR>
THE REGISTRATION STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 3. Incorporation of documents by reference.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents filed by the registrant
with the Commission are incorporated by reference herein and shall be deemed to be a part hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/1045609/000156459020004096/0001564590-20-004096-index.htm" STYLE="-sec-extract: exhibit">Combined Annual Report of Prologis, Inc. and Prologis, L.P. on Form 10-K for the fiscal year ended December 31, 2019, filed on February 11, 2020;</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/1045609/000156459020020301/0001564590-20-020301-index.htm" STYLE="-sec-extract: exhibit">Combined Quarterly Report of Prologis, Inc. and Prologis, L.P. on Form 10-Q for the quarter ended March 31, 2020, filed on May 1, 2020;</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Combined Current Reports of Prologis, Inc. and Prologis, L.P. on Form 8-K, filed on <A HREF="http://www.sec.gov/Archives/edgar/data/1045609/000110465920002295/0001104659-20-002295-index.htm" STYLE="-sec-extract: exhibit">January
                                                                 8, 2020</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1045609/000119312520008424/0001193125-20-008424-index.htm" STYLE="-sec-extract: exhibit">January
                                                                 16, 2020</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1045609/000110465920005173/0001104659-20-005173-index.htm" STYLE="-sec-extract: exhibit">January
                                                                 17, 2020</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1045609/000110465920006087/0001104659-20-006087-index.htm" STYLE="-sec-extract: exhibit">January
                                                                 23, 2020</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1045609/000110465920007304/0001104659-20-007304-index.htm" STYLE="-sec-extract: exhibit">January
                                                                 28, 2020</A> (other than exhibits 99.4 and 99.5), <A HREF="http://www.sec.gov/Archives/edgar/data/1045609/000110465920010125/0001104659-20-010125-index.htm" STYLE="-sec-extract: exhibit">February
                                                                 4, 2020</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1045609/000110465920011337/0001104659-20-011337-index.htm" STYLE="-sec-extract: exhibit">February
                                                                 5, 2020</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1045609/000110465920021947/0001104659-20-021947-index.htm" STYLE="-sec-extract: exhibit">February
                                                                 14, 2020</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1045609/000156459020005326/0001564590-20-005326-index.htm" STYLE="-sec-extract: exhibit">February
                                                                 19, 2020</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1045609/000110465920032717/0001104659-20-032717-index.htm" STYLE="-sec-extract: exhibit">March
                                                                 13, 2020</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1045609/000110465920040382/0001104659-20-040382-index.htm" STYLE="-sec-extract: exhibit">March&nbsp;30,
                                                                 2020</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/1045609/000119312520132374/d829961d8k.htm" STYLE="-sec-extract: exhibit">May
                                                                 4, 2020</A>  (other than documents not deemed to be filed); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">The description of the common stock of Prologis, Inc. contained in the Registration Statement of
Prologis, Inc. on <A HREF="http://www.sec.gov/Archives/edgar/data/1045609/0000950150-97-001489-index.html" STYLE="-sec-extract: exhibit">Form 8-A filed on October 28, 1997</A> as updated by Exhibit 4.1 to the combined Annual Report of Prologis, Inc.
and Prologis, L.P. on <A HREF="http://www.sec.gov/Archives/edgar/data/1045609/000156459020004096/0001564590-20-004096-index.htm" STYLE="-sec-extract: exhibit">Form 10-K for the fiscal year ended December 31, 2019</A>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">All documents subsequently filed by the registrant
pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, prior to the filing of a post-effective
amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold,
shall be deemed to be incorporated by reference into this Registration Statement and to be a part of this Registration Statement
from the date of filing of such documents. Any statement contained in this Registration Statement or in a document incorporated
or deemed to be incorporated by reference into this Registration Statement shall be deemed to be modified or superseded for purposes
of this Registration Statement to the extent that a statement contained in this Registration Statement, or in any subsequently
filed document which is incorporated or deemed to be incorporated by reference into this Registration Statement, modifies or supersedes
such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute
a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 4. Description of Securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5. Interests of Named Experts and Counsel.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item
6. I</FONT>ndemnification of Directors and Officers.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Prologis, Inc.&#8217;s officers and
directors are indemnified under the Maryland General Corporation Law, its charter and the partnership agreement of Prologis, L.P.
against certain liabilities. Prologis, Inc.&#8217;s charter and bylaws require it to indemnify its directors and officers to the
fullest extent permitted from time to time by the Maryland General Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Maryland General Corporation Law
permits a corporation to indemnify its directors and officers and certain other parties against judgments, penalties, fines, settlements
and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made or threatened to
be made a party by reason of their service in those or other capacities unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the act or omission of the director or officer was material to the matter giving rise to the proceeding and was committed in
bad faith or was the result of active and deliberate dishonesty;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.25pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the director or officer actually received an improper personal benefit in money, property or services; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was
unlawful.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">A corporation may indemnify a director
or officer against judgments, penalties, fines, settlements and reasonable expenses that the director or officer actually incurs
in connection with the proceeding unless the proceeding is one by or in the right of the corporation and the director or officer
has been adjudged to be liable to the corporation. In addition, a corporation may not indemnify a director or officer with respect
to any proceeding charging improper personal benefit to the director or officer in which the director or officer was adjudged to
be liable on the basis that a personal benefit was improperly received. A court may order indemnification in these circumstances
but only for expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The termination of any proceeding by
conviction, or upon a plea of nolo contendere or its equivalent, or an entry of any order of probation prior to judgment, creates
a rebuttable presumption that the director or officer did not meet the requisite standard of conduct required for indemnification
to be permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Maryland General Corporation Law permits the charter of a Maryland corporation to include a provision limiting the liability of
its directors and officers to the corporation and its stockholders for money damages, subject to specified restrictions. </FONT>Prologis,
Inc.&#8217;s <FONT STYLE="font-family: Times New Roman, Times, Serif">charter contains this provision. The Maryland General Corporation
Law does not, however, permit the liability of directors and officers to the corporation or its stockholders to be limited to the
extent that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">it is proved that the person actually received an improper benefit
or profit in money, property or services; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">a judgment or other final adjudication adverse to the person is entered
in a proceeding based on a finding in the proceeding that the person's action, or failure to act, was the result of active and
deliberate dishonesty and was material to the cause of action adjudicated in the proceeding. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">This provision does not limit the ability
of Prologis, Inc., or its stockholders&#8217; ability to obtain other relief, such as an injunction or rescission. The partnership
agreement of Prologis,&nbsp;L.P. also provides for the indemnification of Prologis, Inc., as general partner, and Prologis, Inc.&#8217;s
officers and directors to the same extent indemnification is provided to Prologis, Inc.&#8217;s officers and directors in its charter,
and limits Prologis, Inc.&#8217;s liability and the liability of its officers and directors to Prologis, L.P. and its partners
to the same extent liability of Prologis, Inc.&#8217;s officers and directors to Prologs, Inc. and its stockholders is limited
under its charter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Insofar as the foregoing provisions
permit indemnification for liability arising under the Securities Act of directors, officers or persons controlling Prologis, Inc.,
it has been informed that in the opinion of the SEC, this indemnification is against public policy as expressed in the Securities
Act and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prologis,
Inc. has entered into indemnification agreements with each of its executive officers and directors. The indemnification agreements
require, among other matters, that Prologis, Inc. indemnify its executive officers and directors to the fullest extent permitted
by law and reimburse the executive officers and directors for all related expenses as incurred, subject to return if it is subsequently
determined that indemnification is not permitted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 7. Exemption from Registration Claimed.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8. Exhibits.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>No.</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1045609/000119312520132374/d829961dex101.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1045609/000119312520132374/d829961dex101.htm" STYLE="-sec-extract: exhibit">Prologis, Inc. 2020 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to Prologis&#8217; Current Report on Form 8-K filed May 4, 2020).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1045609/000095012311035012/y58182a1exv4w1.htm" STYLE="-sec-extract: exhibit">4.2</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1045609/000095012311035012/y58182a1exv4w1.htm" STYLE="-sec-extract: exhibit">Form of Certificate for Common Stock for Prologis, Inc. (incorporated by reference to Exhibit&nbsp;4.1 to Prologis, Inc.&#8217;s Registration Statement on Form&nbsp;S-4/A (No.&nbsp;333-172741) filed on April&nbsp;12, 2011).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><A HREF="tm2018422d1_ex5-1.htm">5.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><A HREF="tm2018422d1_ex5-1.htm">Opinion of Mayer Brown LLP.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><A HREF="tm2018422d1_ex15-1.htm">15.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><A HREF="tm2018422d1_ex15-1.htm">KPMG LLP Awareness Letter of Prologis, Inc. for the quarter ended March 31, 2020.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><A HREF="tm2018422d1_ex15-2.htm">15.2</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><A HREF="tm2018422d1_ex15-2.htm">KPMG LLP Awareness Letter of Prologis, L.P. for the quarter ended March 31, 2020.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><A HREF="tm2018422d1_ex23-1.htm">23.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><A HREF="tm2018422d1_ex23-1.htm">Consent of KPMG LLP with respect to Prologis, Inc, for
    the year ended December 31, 2019.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><A HREF="tm2018422d1_ex23-2.htm">23.2</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><A HREF="tm2018422d1_ex23-2.htm">Consent of KPMG LLP with respect to Prologis, L.P. for
    the year ended December 31, 2019.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><A HREF="tm2018422d1_ex5-1.htm">23.3</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><A HREF="tm2018422d1_ex5-1.htm">Consent of Mayer Brown LLP (included in exhibit 5.1).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><A HREF="tm2018422d1_ex23-4.htm" STYLE="-sec-extract: exhibit">23.4</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><A HREF="tm2018422d1_ex23-4.htm" STYLE="-sec-extract: exhibit">Consent of Ernst &amp; Young LLP with respect to Liberty Property Trust for the year ended December 31, 2019.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><A HREF="tm2018422d1_ex23-5.htm" STYLE="-sec-extract: exhibit">23.5</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><A HREF="tm2018422d1_ex23-5.htm" STYLE="-sec-extract: exhibit">Consent of Ernst &amp; Young LLP with respect to Liberty Property Limited Partnership for the year ended December 31, 2019</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><A HREF="tm2018422d1_ex23-6.htm" STYLE="-sec-extract: exhibit">23.6</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><A HREF="tm2018422d1_ex23-6.htm" STYLE="-sec-extract: exhibit">Consent of Ernst &amp; Young LLP with respect to Liberty Property Trust for the year ended December 31, 2018.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><A HREF="tm2018422d1_ex23-7.htm">23.7</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><A HREF="tm2018422d1_ex23-7.htm">Consent of Ernst &amp; Young LLP with respect to Liberty Property Limited Partnership for the year ended December 31, 2018.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><A HREF="#a_001">24.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><A HREF="#a_001">Power of Attorney (included on signature page to this registration statement).</A></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9. Undertakings.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">To file, during any period in which offers or sales
are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant
to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate
offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.25pt"></TD><TD STYLE="width: 33.75pt">(iii)</TD><TD>to include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">provided, however, that paragraphs (i) and (ii)
do not apply if the information required to be included in a post&#45;effective amendment by those paragraphs is contained in
reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities
Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), that are incorporated by reference in the registration
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">That, for the purpose of determining any liability
under the Securities Act, each such post&#45;effective amendment shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">That, for purposes of determining any liability under
the Securities Act, each filing of the registrant&#8217;s annual report pursuant to Section 13(a) or 15(d) of the Exchange Act
(and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act)
that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I>
offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by
a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A>SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, Prologis, Inc. certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of San&nbsp;Francisco, State of California, on May 5, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Prologis, Inc.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">/s/ HAMID R. MOGHADAM</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Hamid R. Moghadam</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chairman of the Board and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">POWER OF ATTORNEY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">KNOW ALL MEN BY THESE PRESENTS, that each
of Prologis, Inc., a Maryland corporation, and the undersigned directors and officers of Prologis, Inc., hereby constitutes and
appoints Hamid R. Moghadam, Thomas S. Olinger and Edward S. Nekritz, its, his or her true and lawful attorneys-in-fact and agents,
for it, him or her and in its, his or her name, place and stead, in any and all capacities, with full power to act alone, to sign
any and all amendments (including post-effective amendments or any abbreviated registration statement and any amendments thereto
filed pursuant to Rule 462(b) increasing the number of securities for which registration is sought) to this Registration Statement,
and to file the same with all exhibits thereto, and any and all documents in connection therewith and all instruments necessary,
appropriate or advisable to enable Prologis, Inc. to comply with the Securities Act of 1933, as amended, and other federal and
state securities laws, in connection with the Prologis, Inc. 2020 Long-Term Incentive Plan and to file any such documents or instruments
with the SEC, hereby granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform
any and all acts and things requisite and necessary to be done in and about the premises, as fully to all intents and purposes
as it or he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of
them may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PURSUANT TO THE REQUIREMENTS OF THE SECURITIES
ACT OF 1933, AS AMENDED, THIS REGISTRATION STATEMENT HAS BEEN SIGNED BY THE FOLLOWING PERSONS IN THE CAPACITIES AND ON THE DATES
INDICATED.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="width: 31%; text-align: center"><B>Signature</B></TD>
<TD STYLE="text-align: center; width: 2%">&nbsp;</TD>
<TD STYLE="width: 41%; text-align: center"><B>Title</B></TD>
<TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
<TD STYLE="width: 25%; text-align: center"><B>Date</B></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-top: Black 1pt solid; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="border-top: Black 1pt solid; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="border-top: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; vertical-align: top">&nbsp; <FONT STYLE="font-size: 10pt">/s/ HAMID
R. MOGHADAM </FONT></TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">Chairman of the Board and Chief Executive Officer</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">May 5, 2020</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Hamid R. Moghadam</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">(Principal Executive Officer)</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: top">/s/ THOMAS S. OLINGER</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">Chief Financial Officer</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Thomas S. Olinger</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">(Principal Financial Officer)</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">May 5, 2020</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: top">&nbsp; /s/ LORI A. PALAZZOLO</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">Managing Director and Chief Accounting Officer</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Lori A. Palazzolo</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">(Principal Accounting Officer)</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">May 5, 2020</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: top"></TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">Director</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center"></TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Cristina Bita</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 31%"><B>Signature</B></TD>
<TD STYLE="padding-bottom: 1pt; text-align: center; width: 2%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 41%"><B>Title</B></TD>
<TD STYLE="padding-bottom: 1pt; text-align: center; width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 25%"><B>Date</B></TD></TR>
<TR>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top; width: 31%">&nbsp; /s/ GEORGE L. FOTIADES</TD>
<TD STYLE="text-align: center; width: 2%">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top; width: 41%">&nbsp; Director</TD>
<TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top; width: 25%">May 5, 2020</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">George L. Fotiades</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ LYDIA H. KENNARD</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">Director</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">May 5, 2020</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&#8239;Lydia H. Kennard</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ IRVING F. LYONS III</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">Director</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">May 5, 2020</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Irving F. Lyons III</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ AVID MODJTABAI</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">Director</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">May 5, 2020</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Avid Modjtabai</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ DAVID P. O&#8217;CONNOR</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">Director</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">May 5, 2020</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">David P. O&#8217;Connor</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ OLIVER PIANI</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">Director</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">May 5, 2020</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Oliver Piani</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ JEFFREY L. SKELTON</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">Director</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">May 5, 2020</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Jeffrey L. Skelton</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ CARL B. WEBB</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">Director</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">May 5, 2020</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Carl B. Webb</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">/s/ WILLIAM D. ZOLLARS</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">Director</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">May 5, 2020</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">William D. Zollars</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2018422d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 61%">
        <IMG SRC="tm2018422d1_ex5-1img001.jpg" ALT=""><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 5, 2020</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prologis, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pier 1, Bay 1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0">San Francisco, California 94111</P></TD>
    <TD STYLE="width: 39%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Mayer
                           Brown LLP</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">71
        South Wacker Drive<BR>
        Chicago, IL 60606<BR>
        United States of America</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">T:
        +1 312 782 0600</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">F:
        +1 312 701 7711</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">mayerbrown.com</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif">Re:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Registration Statement on Form S-8</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><U>Prologis, Inc. 2020 Long-Term
    Incentive Plan </U></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have acted as counsel to Prologis, Inc., a Maryland corporation
(the &ldquo;<U>Company</U>&rdquo;), in connection with the proceedings (the &ldquo;<U>Company Proceedings</U>&rdquo;) taken and
to be taken relating to the registration by the Company of an aggregate of 23,649,248 shares of its common stock, par value $0.01
per share (the &ldquo;<U>Common Stock</U>&rdquo;), with the Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;) in
connection with the Prologis, Inc. 2020 Long-Term Incentive Plan (the &ldquo;<U>Plan</U>&rdquo;). We have also participated in
the preparation and filing with the SEC under the Securities Act of 1933, as amended (the &ldquo;<U>Act</U>&rdquo;), of a registration
statement on Form S-8 (the &ldquo;<U>Registration Statement</U>&rdquo;) relating to the Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As counsel to the Company, we have examined originals or copies
certified to our satisfaction of the Company&rsquo;s Articles of Incorporation, as amended and supplemented, and Seventh Amended
and Restated Bylaws, resolutions of the Company&rsquo;s Board of Directors and such other Company records, instruments, certificates
and documents and such questions of law as we considered necessary or appropriate to enable us to express this opinion. As to certain
facts material to our opinion, we have relied, to the extent we deem such reliance proper, upon certificates of public officials
and officers of the Company. In rendering this opinion, we have assumed the genuineness of all signatures, the authenticity of
all documents submitted to us as originals and the conformity to authentic original documents of photostatic copies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based upon and subject to the foregoing and to the assumptions,
limitations and conditions set forth herein, we are of the opinion that, upon completion of the Company Proceedings, the Common
Stock, when issued and delivered in accordance with the Company Proceedings and the Plan, will have been legally issued, fully
paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the filing of this opinion as an exhibit
to the Registration Statement. In giving this consent, we do not thereby admit that we are experts within the meaning of Section&nbsp;11
of the Act or within the category of persons whose consent is required under Section&nbsp;7 of the Act or the rules and regulations
of the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are admitted to practice law in the State of Illinois, and
we express no opinion as to matters under or involving any laws other than the laws of the State of Maryland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">Mayer
Brown is a global services provider comprising an association of legal practices that are separate entities including<BR>
Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England), Mayer Brown (a Hong Kong partnership)<BR>
and Tauil &amp; Chequer Advogados (a Brazilian partnership).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mayer Brown <FONT STYLE="font-variant: small-caps">llp</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board of Directors<BR>
Prologis, Inc.</FONT></TD>
    <TD ROWSPAN="3" STYLE="width: 52%; text-align: right; font-size: 10pt; text-transform: uppercase">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 5, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion is expressly limited to the matters set forth above
and we render no opinion, whether by implication or otherwise, as to any other matters relating to the Company or any other person,
or any other document or agreement involved with issues addressed herein. We assume no obligation to advise you of facts, circumstances,
events or developments which hereafter may be brought to our attention and which may alter, affect or modify the opinions expressed
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion is furnished in connection with the filing of the
Registration Statement and is not to be used, circulated, quoted or otherwise relied upon for any other purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Mayer Brown LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mayer Brown LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>3
<FILENAME>tm2018422d1_ex15-1.htm
<DESCRIPTION>EXHIBIT 15.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 15.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prologis, Inc.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to the subject registration statement, we acknowledge
our awareness of the use therein of our report dated April 30, 2020, related to our review of interim financial information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to Rule&nbsp;436 under the Securities Act of 1933 (the&nbsp;Act),
such report is not considered part of a registration statement prepared or certified by an independent registered public accounting
firm, or a report prepared or certified by an independent registered public accounting firm within the meaning of Sections&nbsp;7
and 11 of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ KPMG LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Denver, Colorado<BR>
May 4, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.2
<SEQUENCE>4
<FILENAME>tm2018422d1_ex15-2.htm
<DESCRIPTION>EXHIBIT 15.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 15.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Partners of Prologis, L.P. and the Board of Directors
of Prologis, Inc.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to the subject registration statement, we acknowledge
our awareness of the use therein of our report dated April 30, 2020, related to our review of interim financial information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to Rule&nbsp;436 under the Securities Act of 1933 (the&nbsp;Act),
such report is not considered part of a registration statement prepared or certified by an independent registered public accounting
firm, or a report prepared or certified by an independent registered public accounting firm within the meaning of Sections&nbsp;7
and 11 of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ KPMG LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Denver, Colorado<BR>
May 4, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>tm2018422d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Registered
Public Accounting Firm</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Directors<BR>
Prologis, Inc.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the use of our reports dated February&nbsp;10,
2020, with respect to the consolidated balance sheets of Prologis, Inc. and subsidiaries as of December&nbsp;31, 2019 and 2018,
and the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the years in the three-year
period ended December&nbsp;31, 2019, and the related notes and financial statement schedule&nbsp;III (collectively, the consolidated
financial statements), and the effectiveness of internal control over financial reporting as of December&nbsp;31, 2019, incorporated
herein by reference. Our report on the consolidated financial statements refers to a change in the method of accounting for leases
as of January 1, 2019 due to the adoption of Accounting Standards Codification Topic 842, <I>Leases</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ KPMG LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Denver, Colorado<BR>
May 4, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>6
<FILENAME>tm2018422d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Registered
Public Accounting Firm</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Partners of Prologis, L.P. and the Board of Directors of
Prologis, Inc.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the use of our report dated February&nbsp;10,
2020, with respect to the consolidated balance sheets of Prologis, L.P. and subsidiaries as of December&nbsp;31, 2019 and 2018,
and the related consolidated statements of income, comprehensive income, capital, and cash flows for each of the years in the three-year
period ended December&nbsp;31, 2019, and the related notes and financial statement schedule&nbsp;III, incorporated herein by reference.
Our report refers to a change in the method of accounting for leases as of January 1, 2019 due to the adoption of Accounting Standards
Codification Topic 842, <I>Leases</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ KPMG LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Denver, Colorado<BR>
May 4, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>7
<FILENAME>tm2018422d1_ex23-4.htm
<DESCRIPTION>EXHIBIT 23.4
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>Exhibit 23.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Auditors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We consent to the incorporation by reference
in the Registration Statement (Form S-8 No. 333-) pertaining to the Prologis, Inc. 2020 Long-Term Incentive Plan of Prologis Inc.
of our report dated February 19, 2020, with respect to the consolidated balance sheet of Liberty Property Trust included in the
Current Report on Form 8-K/A filed by Prologis, Inc. and Prologis, L.P on February 19, 2020 with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Ernst &amp; Young LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Philadelphia, Pennsylvania</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May 4, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.5
<SEQUENCE>8
<FILENAME>tm2018422d1_ex23-5.htm
<DESCRIPTION>EXHIBIT 23.5
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 2in"><B>Exhibit 23.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Auditors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We consent to the incorporation by reference
in the Registration Statement (Form S-8 No. 333-) pertaining to the Prologis, Inc. 2020 Long-Term Incentive Plan of Prologis Inc.
of our report dated February 19, 2020, with respect to the consolidated balance sheet of Liberty Property Limited Partnership included
in the Current Report on Form 8-K/A filed by Prologis, Inc. and Prologis, L.P on February 19, 2020 with the Securities and Exchange
Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Ernst &amp; Young LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Philadelphia, Pennsylvania</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May 4, 2020</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.6
<SEQUENCE>9
<FILENAME>tm2018422d1_ex23-6.htm
<DESCRIPTION>EXHIBIT 23.6
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 2in"><B>Exhibit 23.6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Registered Public
Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We consent to the incorporation by reference
in the Registration Statement (Form S-8 No. 333-) pertaining to the Prologis, Inc. 2020 Long-Term Incentive Plan of Prologis Inc.
of our report dated February 26, 2019 (except Notes 3, 4, 6, 8, 16, 18, 19, 21, 22 and 23 as to which the date is November 25,
2019) with respect to the consolidated financial statements and schedules of Liberty Property Trust, included in the Current Report
on Form 8-K filed by Liberty Property Trust and Liberty Property Limited Partnership on November 25, 2019 with the Securities and
Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Ernst &amp; Young LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Philadelphia, Pennsylvania</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May 4, 2020</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.7
<SEQUENCE>10
<FILENAME>tm2018422d1_ex23-7.htm
<DESCRIPTION>EXHIBIT 23.7
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 2in"><B>Exhibit 23.7</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Registered Public
Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We consent to the incorporation by reference
in the Registration Statement (Form S-8 No. 333-) pertaining to the Prologis, Inc. 2020 Long-Term Incentive Plan of Prologis Inc.
of our report dated February 26, 2019 (except Notes 3, 4, 6, 8, 16, 18, 19, 21, 22 and 23 as to which the date is November 25,
2019) with respect to the consolidated financial statements and schedules of Liberty Property Limited Partnership, included in
the Current Report on Form 8-K filed by Liberty Property Trust and Liberty Property Limited Partnership on November 25, 2019 with
the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Ernst &amp; Young LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Philadelphia, Pennsylvania</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May 4, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>tm2018422d1_ex5-1img001.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
