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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Rental $ 2,125,084 $ 1,987,265
Strategic capital 160,812 141,139
Development management and other 11,827 11,261
Total revenues 2,297,723 2,139,665
Expenses:    
Rental 520,283 488,317
Strategic capital 81,889 60,777
General and administrative 126,890 114,701
Depreciation and amortization 731,506 652,058
Other 10,123 9,649
Total expenses 1,470,691 1,325,502
Operating income before gains on real estate transactions, net 827,032 814,163
Gains on dispositions of development properties and land, net 292,983 27,451
Gains on other dispositions of investments in real estate, net 91,040 36,799
Operating income 1,211,055 878,413
Other income (expense):    
Earnings from unconsolidated entities, net 93,296 67,899
Interest expense (254,286) (231,751)
Foreign currency, derivative and other gains (losses) and other income (expense), net 44,611 (31,658)
Gains (losses) on early extinguishment of debt, net (1,890) 0
Total other income (expense) (118,269) (195,510)
Earnings before income taxes 1,092,786 682,903
Income tax expense (47,971) (43,383)
Consolidated net earnings 1,044,815 639,520
Less net earnings attributable to noncontrolling interests 62,839 46,567
Net earnings attributable to controlling interests 981,976 592,953
Less preferred stock/unit dividends/distributions 1,500 1,452
Net earnings attributable to common stockholders/unitholders $ 980,476 $ 591,501
Weighted average common shares/units outstanding - Basic 931,261 927,338
Weighted average common shares/units outstanding - Diluted [1] 957,561 956,080
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 1.05 $ 0.64
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 1.05 $ 0.63
Prologis, L.P. [Member]    
Revenues:    
Rental $ 2,125,084 $ 1,987,265
Strategic capital 160,812 141,139
Development management and other 11,827 11,261
Total revenues 2,297,723 2,139,665
Expenses:    
Rental 520,283 488,317
Strategic capital 81,889 60,777
General and administrative 126,890 114,701
Depreciation and amortization 731,506 652,058
Other 10,123 9,649
Total expenses 1,470,691 1,325,502
Operating income before gains on real estate transactions, net 827,032 814,163
Gains on dispositions of development properties and land, net 292,983 27,451
Gains on other dispositions of investments in real estate, net 91,040 36,799
Operating income 1,211,055 878,413
Other income (expense):    
Earnings from unconsolidated entities, net 93,296 67,899
Interest expense (254,286) (231,751)
Foreign currency, derivative and other gains (losses) and other income (expense), net 44,611 (31,658)
Gains (losses) on early extinguishment of debt, net (1,890) 0
Total other income (expense) (118,269) (195,510)
Earnings before income taxes 1,092,786 682,903
Income tax expense (47,971) (43,383)
Consolidated net earnings 1,044,815 639,520
Less net earnings attributable to noncontrolling interests 39,978 31,576
Net earnings attributable to controlling interests 1,004,837 607,944
Less preferred stock/unit dividends/distributions 1,500 1,452
Net earnings attributable to common stockholders/unitholders $ 1,003,337 $ 606,492
Weighted average common shares/units outstanding - Basic 952,981 943,662
Weighted average common shares/units outstanding - Diluted [1] 957,561 956,080
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 1.05 $ 0.64
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 1.05 $ 0.63
[1] 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