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Earnings Per Common Share or Unit (Tables)

3 Months Ended

Mar. 31, 2026

Computation of Basic and Diluted Earnings Per Share Unit

The computation of our basic and diluted earnings per share and unit was as follows (in thousands, except per share and unit amounts):


	Three Months Ended
	March 31,
Prologis, Inc.	2026		2025
Net earnings attributable to common stockholders – Basic	$	980,476	$	591,501
Net earnings attributable to exchangeable limited partnership units (1)		23,027		14,991
Adjusted net earnings attributable to common stockholders – Diluted	$	1,003,503	$	606,492

Weighted average common shares outstanding – Basic		931,261		927,338
Incremental weighted average effect on exchange of limited partnership units (1)		21,979		23,501
Incremental weighted average effect of equity awards		4,321		5,241
Weighted average common shares outstanding – Diluted (2)		957,561		956,080

Net earnings per share attributable to common stockholders:
Basic	$	1.05	$	0.64
Diluted	$	1.05	$	0.63


	Three Months Ended
	March 31,
Prologis, L.P.	2026		2025
Net earnings attributable to common unitholders	$	1,003,337	$	606,492
Net earnings attributable to Class A Units		-		(4,578	)
Net earnings attributable to common unitholders – Basic		1,003,337		601,914
Net earnings attributable to Class A Units		-		4,578
Net earnings attributable to exchangeable other limited partnership units		166		-
Adjusted net earnings attributable to common unitholders – Diluted	$	1,003,503	$	606,492

Weighted average common partnership units outstanding – Basic		952,981		943,662
Incremental weighted average effect on exchange of Class A Units		-		7,177
Incremental weighted average effect on exchange of other limited partnership units		259		-
Incremental weighted average effect of equity awards of Prologis, Inc.		4,321		5,241
Weighted average common units outstanding – Diluted (2)		957,561		956,080

Net earnings per unit attributable to common unitholders:
Basic	$	1.05	$	0.64
Diluted	$	1.05	$	0.63

(1)

Earnings allocated to the exchangeable OP units not held by the Parent have been included in the numerator and exchangeable common units have been included in the denominator for the purpose of computing diluted earnings per share for all periods as the per share and unit amount is the same.

(2)

Our total weighted average potentially dilutive shares and units outstanding consisted of the following:


	Three Months Ended
	March 31,
	2026		2025
Class A Units		-		7,177
Other limited partnership units		259		278
Equity awards		7,479		8,252
Prologis, L.P.		7,738		15,707
Common limited partnership units		21,720		16,324
Prologis, Inc.		29,458		32,031