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Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Pay Versus Performance
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation
S-K,
we are providing the following information about the relationship between “compensation actually paid” to our CEO and to our other named executive officers and certain financial performance measures of Prologis, including our company-selected measure, Core FFO per share (excluding Promotes). Compensation actually paid, as determined under SEC requirements, does not reflect the actual amount of compensation earned by or paid to our named executive officers during a covered year or the way in which the Compensation Committee views compensation decisions. For further information regarding Prologis’
pay-for-performance
philosophy, please refer to “Compensation Discussion and Analysis”.
 
                           
Value of Initial Fixed $100
Investment
Based on:
              
Year
(a)
  
Summary
Compensation
Table Total
for
PEO
(b)
    
Compensation
Actually Paid
to PEO
(c)
(1)(2)
    
Average
Summary
Compensation
Table Total for
Non-PEO
Named
Executive
Officers
(d)
    
Average
Compensation
Actually Paid to
Non-PEO
Named
Executive
Officers
(e)
(1)(2)
    
Total
Shareholder
Return
(f)
(3)
    
Peer Group
Total
Shareholder
Return
(g)
(3)
    
Net
Income
(h)
(4)
    
Core FFO
per share
(excluding
Promotes)
(i)
(5)
  
2023
  
 
$50,891,597
 
  
 
$ 95,938,282
 
  
 
$12,998,563
 
  
 
$22,262,325
 
  
 
$164.95
 
  
 
$113.54
 
  
 
$3,053,373
 
  
 
$5.10
 
2022
  
 
$48,152,756
 
  
 
$  (8,171,362
) 
  
 
$13,929,713
 
  
 
$
 
 (967,175
) 
  
 
$135.67
 
  
 
$ 99.82
 
  
 
$3,358,796
 
  
 
$4.61
 
2021
  
 
$24,901,490
 
  
 
$113,654,050
 
  
 
$ 9,031,383
 
  
 
$37,255,257
 
  
 
$197.54
 
  
 
$132.23
 
  
 
$2,933,571
 
  
 
$4.09
 
2020
  
 
$34,432,677
 
  
 
$ 56,804,770
 
  
 
$12,158,797
 
  
 
$19,996,334
 
  
 
$114.63
 
  
 
$ 92.43
 
  
 
$1,473,122
 
  
 
$3.58
 
 
 
(1)
Mr. Moghadam
served as our principal executive officer (PEO) for the full year for each of 2023, 2022, 2021 and 2020. Our
non-PEO
named executive officers (NEOs) included: (a) for 2023, Mr. Arndt, Mr. Letter, Mr. Anderson, and Mr. Nekritz; (b) for 2022, Mr. Arndt, Mr. Olinger, Mr. Reilly, Mr. Anderson, and Mr. Nekritz; (c) for 2021, Mr. Olinger, Mr. Reilly, Mr. Anderson, and Mr. Nekritz; and (d) for 2020, Mr. Olinger, Mr. Reilly, Mr. Anderson, Mr. Nekritz, and Mr. Curless.
 
 
 
(2)
For each year, the values included in these columns for the compensation actually paid to our PEO and the average compensation actually paid to our
non-PEO
NEOs reflect the following adjustments to the values included in columns (b) and (d), respectively:
 
 
PEO
   
2023
  
Summary Compensation Table (SCT) Total for PEO (column (b))
   
$
50,891,597
 
- SCT “Bonus” column value
   
 
1,912,500
 
- SCT “Stock Awards” column value
   
 
48,967,096
 
+ year-end fair
value of equity awards granted in the covered year that were outstanding and unvested as of the covered
year-end
   
 
54,992,738
 
-/+ year-over-year change in fair value of equity awards granted in prior years that are outstanding and unvested as of the covered
year-end
   
 
28,568,829
 
+ vesting date fair value of equity awards granted and vested in the covered year
   
 
1,822,500
 
-/+ year-over-year change in fair value of equity awards granted in prior years that vested in the covered year
   
 
5,234,852
 
+ dollar value of dividends/earnings paid on equity awards in the covered year
   
 
5,307,362
 
Compensation Actually Paid to PEO (column (c))
   
$
95,938,282
 
 
 
 
 
 
Average for
Non-PEO
NEOs
   
2023
  
Average SCT Total
for Non-PEO NEOs
(column (d))
   
$
12,998,563
 
- SCT “Bonus” column value
   
 
966,850
 
- SCT “Stock Awards” column value
   
 
11,337,978
 
+ year-end fair
value of equity awards granted in the covered year that were outstanding and unvested as of the covered
year-end
   
 
12,963,347
 
-/+ year-over-year change in fair value of equity awards granted in prior years that are outstanding and unvested as of the
covered year-end
   
 
5,922,340
 
+ vesting date fair value of equity awards granted and vested in the covered year
   
 
682,350
 
-/+ year-over-year change in fair value of equity awards granted in prior years that vested in the covered year
   
 
941,297
 
+ dollar value of dividends/earnings paid on equity awards in the covered year
   
 
1,059,256
 
Average Compensation Actually Paid
to Non-PEO
NEOs (column (e))
   
$
22,262,325
 
 
 
(3)
Peer group utilized for the Pay Versus Performance Table is the MSCI U.S. REIT Index. The same peer group has been used for all years disclosed. The returns of each component company in the peer group were weighted according to the respective company’s market capitalization at the beginning of each period for which a return is indicated. The peer group utilized for the Pay Versus Performance Table in our 2023 annual proxy statement was the Cohen & Steers Realty Majors Portfolio Index (RMP) (the “Cohen & Steers REIT Index”) since the Cohen & Steers REIT Index was previously used as a performance benchmark index for the calculation of LTI Equity awards. The MSCI U.S. REIT Index will be used as a performance benchmark index for the calculation of LTI Equity awards beginning in 2024. See “Compensation Discussion and Analysis” for further information, including “Detail on compensation program improvements”. The following table compares Prologis total shareholder return to the Cohen & Steers REIT Index total shareholder return, using December 31, 2019 as the beginning of the measurement period:
 
 
 
 
   
Value of Initial Fixed $100 Investment
Based on:
  
Year
   
Total
Shareholder
Return
     
MSCI U.S.
REIT Index
Total
Shareholder
Return
     
Cohen &
Steers REIT
Index Total
Shareholder
Return
  
2023
   
 
$164.95
 
   
 
$113.54
 
   
 
$112.74
 
2022
   
 
$135.67
 
   
 
$ 99.82
 
   
 
$101.78
 
2021
   
 
$197.54
 
   
 
$132.23
 
   
 
$137.26
 
2020
   
 
$114.63
 
   
 
$ 92.43
 
   
 
$ 95.00
 
 
 
(4)
Net income is rounded to the nearest thousand.
 
 
 
(5)
The company-selected measure is Core FFO per share (excluding Promotes). See “Compensation Discussion and Analysis” for further information regarding how Core FFO per share is used as a metric in our NEO annual bonus determinations. Core FFO per share is a
non-GAAP
measure. Please see Appendix A for a discussion and reconciliation to the most directly comparable GAAP measure and for a calculation of the CAGR of our Core FFO per share.
 
      
Company Selected Measure Name Core FFO per share (excluding Promotes)      
Named Executive Officers, Footnote
Mr. Moghadam
served as our principal executive officer (PEO) for the full year for each of 2023, 2022, 2021 and 2020. Our
non-PEO
named executive officers (NEOs) included: (a) for 2023, Mr. Arndt, Mr. Letter, Mr. Anderson, and Mr. Nekritz; (b) for 2022, Mr. Arndt, Mr. Olinger, Mr. Reilly, Mr. Anderson, and Mr. Nekritz; (c) for 2021, Mr. Olinger, Mr. Reilly, Mr. Anderson, and Mr. Nekritz; and (d) for 2020, Mr. Olinger, Mr. Reilly, Mr. Anderson, Mr. Nekritz, and Mr. Curless. 		     
Peer Group Issuers, Footnote Peer group utilized for the Pay Versus Performance Table is the MSCI U.S. REIT Index. The same peer group has been used for all years disclosed. The returns of each component company in the peer group were weighted according to the respective company’s market capitalization at the beginning of each period for which a return is indicated. The peer group utilized for the Pay Versus Performance Table in our 2023 annual proxy statement was the Cohen & Steers Realty Majors Portfolio Index (RMP) (the “Cohen & Steers REIT Index”) since the Cohen & Steers REIT Index was previously used as a performance benchmark index for the calculation of LTI Equity awards. The MSCI U.S. REIT Index will be used as a performance benchmark index for the calculation of LTI Equity awards beginning in 2024. See “Compensation Discussion and Analysis” for further information, including “Detail on compensation program improvements”. The following table compares Prologis total shareholder return to the Cohen & Steers REIT Index total shareholder return, using December 31, 2019 as the beginning of the measurement period:
 
 
 
   
Value of Initial Fixed $100 Investment
Based on:
  
Year
   
Total
Shareholder
Return
     
MSCI U.S.
REIT Index
Total
Shareholder
Return
     
Cohen &
Steers REIT
Index Total
Shareholder
Return
  
2023
   
 
$164.95
 
   
 
$113.54
 
   
 
$112.74
 
2022
   
 
$135.67
 
   
 
$ 99.82
 
   
 
$101.78
 
2021
   
 
$197.54
 
   
 
$132.23
 
   
 
$137.26
 
2020
   
 
$114.63
 
   
 
$ 92.43
 
   
 
$ 95.00
 
 
      
PEO Total Compensation Amount $ 50,891,597 $ 48,152,756 $ 24,901,490 $ 34,432,677
PEO Actually Paid Compensation Amount $ 95,938,282 (8,171,362) 113,654,050 56,804,770
Adjustment To PEO Compensation, Footnote For each year, the values included in these columns for the compensation actually paid to our PEO and the average compensation actually paid to our
non-PEO
NEOs reflect the following adjustments to the values included in columns (b) and (d), respectively:
 
PEO
   
2023
  
Summary Compensation Table (SCT) Total for PEO (column (b))
   
$
50,891,597
 
- SCT “Bonus” column value
   
 
1,912,500
 
- SCT “Stock Awards” column value
   
 
48,967,096
 
+ year-end fair
value of equity awards granted in the covered year that were outstanding and unvested as of the covered
year-end
   
 
54,992,738
 
-/+ year-over-year change in fair value of equity awards granted in prior years that are outstanding and unvested as of the covered
year-end
   
 
28,568,829
 
+ vesting date fair value of equity awards granted and vested in the covered year
   
 
1,822,500
 
-/+ year-over-year change in fair value of equity awards granted in prior years that vested in the covered year
   
 
5,234,852
 
+ dollar value of dividends/earnings paid on equity awards in the covered year
   
 
5,307,362
 
Compensation Actually Paid to PEO (column (c))
   
$
95,938,282
 
 
      
Non-PEO NEO Average Total Compensation Amount $ 12,998,563 13,929,713 9,031,383 12,158,797
Non-PEO NEO Average Compensation Actually Paid Amount $ 22,262,325 (967,175) 37,255,257 19,996,334
Adjustment to Non-PEO NEO Compensation Footnote For each year, the values included in these columns for the compensation actually paid to our PEO and the average compensation actually paid to our
non-PEO
NEOs reflect the following adjustments to the values included in columns (b) and (d), respectively:
 
Average for
Non-PEO
NEOs
   
2023
  
Average SCT Total
for Non-PEO NEOs
(column (d))
   
$
12,998,563
 
- SCT “Bonus” column value
   
 
966,850
 
- SCT “Stock Awards” column value
   
 
11,337,978
 
+ year-end fair
value of equity awards granted in the covered year that were outstanding and unvested as of the covered
year-end
   
 
12,963,347
 
-/+ year-over-year change in fair value of equity awards granted in prior years that are outstanding and unvested as of the
covered year-end
   
 
5,922,340
 
+ vesting date fair value of equity awards granted and vested in the covered year
   
 
682,350
 
-/+ year-over-year change in fair value of equity awards granted in prior years that vested in the covered year
   
 
941,297
 
+ dollar value of dividends/earnings paid on equity awards in the covered year
   
 
1,059,256
 
Average Compensation Actually Paid
to Non-PEO
NEOs (column (e))
   
$
22,262,325
 
 
      
Compensation Actually Paid vs. Total Shareholder Return
Compensation Actually Paid and Prologis TSR:
The total shareholder return of Prologis, Inc. (“Prologis TSR”) was $114.63 at the end of 2020, $197.54 at the end of 2021, $135.67 at the end of 2022 and $164.95 at the end of 2023. Compensation Actually Paid to our PEO was $56,804,770 in 2020, $113,654,050 in 2021, negative $8,171,362 in 2022 and $95,938,282 in 2023. The average Compensation Actually Paid to our
Non-PEO
Named Executive Officers
(“Non-PEO
NEOs”) was $19,996,334 in 2020, $37,255,257 in 2021, negative $967,175 in 2022 and $22,262,325 in 2023. Prologis TSR increased by 15% from December 31, 2019, to the end of 2020, with a total return of $14.63 at the end of 2020 on an initial investment of $100 made at the closing price on December 31, 2019. Prologis TSR increased by 72% from 2020 to 2021, with a total return of $97.54 at the end of 2021 on an initial investment of $100 made at the closing price on December 31, 2019. Compensation Actually Paid to our PEO increased by 100% from 2020 t
o 2
021. Average Compensation Actually Paid to our
Non-PEO
NEOs increased by 86% from 2020 to 2021. Prologis TSR declined by 31% from 2021 to 2022 but remained positive with a total return of $35.67 at the end of 2022 on an initial investment of $100 made at the closing price on
December 31, 2019. Compensa
ti
on Actually Paid to our PEO decreased by 107% from 2021 to 2022, resulting in negative Compensation Actually Paid to our PEO for 2022. Average Compensation Actually Paid to
Non-PEO
NEOs decreased by 103% from 2021 to 2022, also resulting in negative average Compensation Actually Paid to
Non-PEO
NEOs for 2022. Prologis TSR increased by 22% from 2022 to 2023, with a total return of $64.95 at the end of 2023 on an initial investment of $100 made at the closing price on December 31, 2019. Compensation Actually Paid to our PEO increased by 1,274% from 2022 to 2023, given that Compensation Actually Paid to our PEO was a negative figure in 2022 and our stock price increased at the end of 2023. Average Compensation Actually Paid to
Non-PEO
NEOs increased by 2,402% from 2022 to 2023, given that Compensation Actually Paid to our
Non-PEO
NEOs was a negative figure in 2022 and our stock price increased at the end of 2023.
     
Compensation Actually Paid vs. Net Income
Compensation Actually Paid and Net Income / Core FFO per share:
Prologis’ Net Income increased each year between 2020 and 2022, from $1,473,122,000 in 2020, to $2,933,571,000 in 2021 (a 99% increase from 2020 to 2021) to $3,358,796,000 in 2022 (a 14% increase from 2021 to 2022). Prologis’ Net Income declined to $3,053,373,000 in 2023 (a 9% decrease from 2022 to 2023) primarily due to lower gains on sales of real estate. Prologis’ Core FFO per share (excluding Promotes)
(6)
has increased each year between 2020 and 2023, from $3.58 in 2020 to $4.09 in 2021 (a 14% increase from 2020 to 2021) to $4.61 in 2022 (a 13% increase from 2021 to 2022) to $5.10 in 2023 (an 11% increase from 2022 to 2023). As discussed above, Compensation Actually Paid to our PEO and
Non-PEO
NEOs increased from 2020 to 2021, decreased from 2021 to 2022, then increased again from 2022 to 2023. The relationship between Core FFO per share (excluding Promotes)
(6)
and Compensation Actually Paid underscores that while Prologis’ stock price declined from 2021 to 2022 – largely due to broader macroeconomic market factors – and thus resulted in lower Compensation Actually Paid (and Prologis TSR) from 2021 to 2022, our operational performance remained strong as demonstrated by key operational indicators like Core FFO per share (excluding Promotes).
(6)
Net Income also increased year-over-year during that period. Our stock price increased at the end of 2023, resulting in greater Compensation Actually Paid for the year 2023. In 2023, our Core FFO per share (excluding Promotes)
(6)
continued to increase to an
all-time
company high, but our Net Income declined from 2022 primarily due to lower gains on sales of real estate.
     
Compensation Actually Paid vs. Company Selected Measure
Compensation Actually Paid and Net Income / Core FFO per share:
Prologis’ Net Income increased each year between 2020 and 2022, from $1,473,122,000 in 2020, to $2,933,571,000 in 2021 (a 99% increase from 2020 to 2021) to $3,358,796,000 in 2022 (a 14% increase from 2021 to 2022). Prologis’ Net Income declined to $3,053,373,000 in 2023 (a 9% decrease from 2022 to 2023) primarily due to lower gains on sales of real estate. Prologis’ Core FFO per share (excluding Promotes)
(6)
has increased each year between 2020 and 2023, from $3.58 in 2020 to $4.09 in 2021 (a 14% increase from 2020 to 2021) to $4.61 in 2022 (a 13% increase from 2021 to 2022) to $5.10 in 2023 (an 11% increase from 2022 to 2023). As discussed above, Compensation Actually Paid to our PEO and
Non-PEO
NEOs increased from 2020 to 2021, decreased from 2021 to 2022, then increased again from 2022 to 2023. The relationship between Core FFO per share (excluding Promotes)
(6)
and Compensation Actually Paid underscores that while Prologis’ stock price declined from 2021 to 2022 – largely due to broader macroeconomic market factors – and thus resulted in lower Compensation Actually Paid (and Prologis TSR) from 2021 to 2022, our operational performance remained strong as demonstrated by key operational indicators like Core FFO per share (excluding Promotes).
(6)
Net Income also increased year-over-year during that period. Our stock price increased at the end of 2023, resulting in greater Compensation Actually Paid for the year 2023. In 2023, our Core FFO per share (excluding Promotes)
(6)
continued to increase to an
all-time
company high, but our Net Income declined from 2022 primarily due to lower gains on sales of real estate.
     
Total Shareholder Return Vs Peer Group
Prologis TSR vs. peer group total shareholder return:
Prologis TSR outpaced the total shareholder return of the MSCI U.S. REIT Index in each of 2020, 2021, 2022 a
nd 2
023. By
year-end
2023, the value of a $100 investment made at the end of 2019 in Prologis would have been worth $164.95 versus only $113.54 for such an investment made at the same time in the MSCI U.S. REIT Index, a difference of $51.41.
     
Tabular List, Table
Below is a
non-exhaustive
list of financial performance measures the company uses in analyzing executive compensation, presented in no particular order, which the company considers to be the most important financial performance measures used to link Compensation Actually Paid to our NEOs to company performance during the 2023 fiscal year:
 
Financial Performance Measure
Three-year annualized Total Shareholder Return
(7)
Core FFO Per Share (excluding Promotes)
(6)(8)
Promote revenue earned by Prologis, Inc. from Strategic Capital vehicles
(8)
      
Total Shareholder Return Amount $ 164.95 135.67 197.54 114.63
Peer Group Total Shareholder Return Amount 113.54 99.82 132.23 92.43
Net Income (Loss) $ 3,053,373,000 $ 3,358,796,000 $ 2,933,571,000 $ 1,473,122,000
Company Selected Measure Amount 5.1 4.61 4.09 3.58
PEO Name Mr. Moghadam      
Total Shareholder Return Percentage 22.00% 31.00% 72.00% 15.00%
Total Return Amount $ 64.95 $ 35.67 $ 97.54 $ 14.63
Measure:: 1        
Pay vs Performance Disclosure        
Name Three-year annualized Total Shareholder Return      
Measure:: 2        
Pay vs Performance Disclosure        
Name Core FFO Per Share (excluding Promotes)      
Non-GAAP Measure Description The company-selected measure is Core FFO per share (excluding Promotes). See “Compensation Discussion and Analysis” for further information regarding how Core FFO per share is used as a metric in our NEO annual bonus determinations. Core FFO per share is a
non-GAAP
measure. Please see Appendix A for a discussion and reconciliation to the most directly comparable GAAP measure and for a calculation of the CAGR of our Core FFO per share. 		     
Measure:: 3        
Pay vs Performance Disclosure        
Name Promote revenue earned by Prologis, Inc. from Strategic Capital vehicles      
PEO | Bonus [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 1,912,500      
PEO | Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 48,967,096      
PEO | Year End Fair Value Of Equity Awards Granted In The Covered Year That Were Outstanding And Unvested As Of The Covered Year End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 54,992,738      
PEO | Year Over Year Change In Fair Value Of Equity Awards Granted In Prior Years That Are Outstanding And Unvested As Of The Covered Year End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 28,568,829      
PEO | Vesting Date Fair Value Of Equity Awards Granted And Vested In The Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,822,500      
PEO | Year Over Year Change In Fair Value Of Equity Awards Granted In Prior Years That Vested In The Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 5,234,852      
PEO | Dollar Value Of Dividends And Earnings Paid On Equity Awards In The Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 5,307,362      
Non-PEO NEO | Bonus [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 966,850      
Non-PEO NEO | Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 11,337,978      
Non-PEO NEO | Year End Fair Value Of Equity Awards Granted In The Covered Year That Were Outstanding And Unvested As Of The Covered Year End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 12,963,347      
Non-PEO NEO | Year Over Year Change In Fair Value Of Equity Awards Granted In Prior Years That Are Outstanding And Unvested As Of The Covered Year End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 5,922,340      
Non-PEO NEO | Vesting Date Fair Value Of Equity Awards Granted And Vested In The Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 682,350      
Non-PEO NEO | Year Over Year Change In Fair Value Of Equity Awards Granted In Prior Years That Vested In The Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 941,297      
Non-PEO NEO | Dollar Value Of Dividends And Earnings Paid On Equity Awards In The Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 1,059,256