v3.26.3
Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues:        
Rental $ 2,205,269 $ 2,054,200 $ 6,507,427 $ 6,066,797
Strategic capital 164,326 150,351 566,757 438,652
Development management and other 17,923 9,330 36,509 31,966
Total revenues 2,387,518 2,213,881 7,110,693 6,537,415
Expenses:        
Rental 511,715 484,635 1,562,859 1,460,915
Strategic capital 84,202 69,270 261,681 194,964
General and administrative 127,597 110,662 384,113 332,234
Depreciation and amortization 710,300 647,999 2,131,324 1,957,278
Other 16,957 8,724 47,246 30,079
Total expenses 1,450,771 1,321,290 4,387,223 3,975,470
Operating income before gains on real estate transactions, net 936,747 892,591 2,723,470 2,561,945
Gains on dispositions of development properties and land, net 51,538 15,435 423,717 53,363
Gains on other dispositions of investments in real estate, net 56,435 32,235 359,924 116,078
Operating income 1,044,720 940,261 3,507,111 2,731,386
Other income (expense):        
Earnings from unconsolidated entities, net 155,417 92,827 396,183 268,418
Interest expense (286,955) (258,274) (817,552) (741,891)
Foreign currency, derivative and other gains (losses) and other income (expense), net 64,535 100,981 218,809 (53,506)
Gains (losses) on early extinguishment of debt, net 144 0 (1,777) 0
Total other income (expense) (66,859) (64,466) (204,337) (526,979)
Earnings before income taxes 977,861 875,795 3,302,774 2,204,407
Income tax expense (97,959) (54,535) (254,103) (121,323)
Consolidated net earnings 879,902 821,260 3,048,671 2,083,084
Less net earnings attributable to noncontrolling interests 62,799 56,994 187,401 154,636
Net earnings attributable to controlling interests 817,103 764,266 2,861,270 1,928,448
Less preferred stock/unit dividends/distributions 1,369 1,369 4,216 4,326
Net earnings attributable to common stockholders/unitholders $ 815,734 $ 762,897 $ 2,857,054 $ 1,924,122
Weighted average common shares/units outstanding - Basic [1] 944,132 928,851 936,252 928,186
Weighted average common shares/units outstanding - Diluted [2] 968,511 956,603 961,350 955,824
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 0.86 $ 0.82 $ 3.05 $ 2.07
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 0.86 $ 0.82 $ 3.04 $ 2.06
Prologis, L.P. [Member]        
Revenues:        
Rental $ 2,205,269 $ 2,054,200 $ 6,507,427 $ 6,066,797
Strategic capital 164,326 150,351 566,757 438,652
Development management and other 17,923 9,330 36,509 31,966
Total revenues 2,387,518 2,213,881 7,110,693 6,537,415
Expenses:        
Rental 511,715 484,635 1,562,859 1,460,915
Strategic capital 84,202 69,270 261,681 194,964
General and administrative 127,597 110,662 384,113 332,234
Depreciation and amortization 710,300 647,999 2,131,324 1,957,278
Other 16,957 8,724 47,246 30,079
Total expenses 1,450,771 1,321,290 4,387,223 3,975,470
Operating income before gains on real estate transactions, net 936,747 892,591 2,723,470 2,561,945
Gains on dispositions of development properties and land, net 51,538 15,435 423,717 53,363
Gains on other dispositions of investments in real estate, net 56,435 32,235 359,924 116,078
Operating income 1,044,720 940,261 3,507,111 2,731,386
Other income (expense):        
Earnings from unconsolidated entities, net 155,417 92,827 396,183 268,418
Interest expense (286,955) (258,274) (817,552) (741,891)
Foreign currency, derivative and other gains (losses) and other income (expense), net 64,535 100,981 218,809 (53,506)
Gains (losses) on early extinguishment of debt, net 144 0 (1,777) 0
Total other income (expense) (66,859) (64,466) (204,337) (526,979)
Earnings before income taxes 977,861 875,795 3,302,774 2,204,407
Income tax expense (97,959) (54,535) (254,103) (121,323)
Consolidated net earnings 879,902 821,260 3,048,671 2,083,084
Less net earnings attributable to noncontrolling interests 46,191 38,329 125,231 107,044
Net earnings attributable to controlling interests 833,711 782,931 2,923,440 1,976,040
Less preferred stock/unit dividends/distributions 1,369 1,369 4,216 4,326
Net earnings attributable to common stockholders/unitholders $ 832,342 $ 781,562 $ 2,919,224 $ 1,971,714
Weighted average common shares/units outstanding - Basic [1] 963,651 951,116 956,622 946,726
Weighted average common shares/units outstanding - Diluted [2] 968,511 956,603 961,350 955,824
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 0.86 $ 0.82 $ 3.05 $ 2.07
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 0.86 $ 0.82 $ 3.04 $ 2.06
[1] The increase in shares/units between the periods is due to an equity offering in August 2026. See Note 1 for more information.
[2] 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