We determine basic earnings per share or unit based on the weighted average number of shares of common stock or units outstanding during the period. We compute diluted earnings per share or unit based on the weighted average number of shares or units outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments. During the year ended December 31, 2025, all Class A Units in the OP were converted to limited partnership units in the OP.

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				Nine Months Ended
	September 30,				September 30,
Prologis, Inc.	2026		2025		2026		2025
Net earnings attributable to common stockholders – Basic	$	815,734	$	762,897	$	2,857,054	$	1,924,122
Net earnings attributable to exchangeable limited partnership units (1)		16,781		18,781		62,639		47,592
Adjusted net earnings attributable to common stockholders – Diluted	$	832,515	$	781,678	$	2,919,693	$	1,971,714

Weighted average common shares outstanding – Basic (2)		944,132		928,851		936,252		928,186
Incremental weighted average effect on exchange of limited partnership units (1)		19,778		22,809		20,629		22,958
Incremental weighted average effect of equity awards		4,601		4,943		4,469		4,680
Weighted average common shares outstanding – Diluted (3)		968,511		956,603		961,350		955,824

Net earnings per share attributable to common stockholders:
Basic	$	0.86	$	0.82	$	3.05	$	2.07
Diluted	$	0.86	$	0.82	$	3.04	$	2.06


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
Prologis, L.P.	2026		2025			2026		2025
Net earnings attributable to common unitholders	$	832,342	$	781,562		$	2,919,224	$	1,971,714
Net earnings attributable to Class A Units		-		(1,064	)		-		(9,158	)
Net earnings attributable to common unitholders – Basic		832,342		780,498			2,919,224		1,962,556
Net earnings attributable to Class A Units		-		1,064			-		9,158
Net earnings attributable to exchangeable other limited partnership units		173		116			469		-
Adjusted net earnings attributable to common unitholders – Diluted	$	832,515	$	781,678		$	2,919,693	$	1,971,714

Weighted average common partnership units outstanding – Basic (2)		963,651		951,116			956,622		946,726
Incremental weighted average effect on exchange of Class A Units		-		386			-		4,418
Incremental weighted average effect on exchange of other limited partnership units		259		158			259		-
Incremental weighted average effect of equity awards of Prologis, Inc.		4,601		4,943			4,469		4,680
Weighted average common units outstanding – Diluted (3)		968,511		956,603			961,350		955,824

Net earnings per unit attributable to common unitholders:
Basic	$	0.86	$	0.82		$	3.05	$	2.07
Diluted	$	0.86	$	0.82		$	3.04	$	2.06

(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)

The increase in shares/units between the periods is due to an equity offering in August 2026. See Note 1 for more information.

(3)

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Class A Units		-		386		-		4,418
Other limited partnership units		259		259		259		265
Equity awards		6,991		7,210		7,206		7,423
Prologis, L.P.		7,250		7,855		7,465		12,106
Common limited partnership units		19,519		22,265		20,370		18,540
Prologis, Inc.		26,769		30,120		27,835		30,646