0001045610Q20001045609--12-31Q2false--12-31falsehttp://fasb.org/us-gaap/2022#OtherAssetshttp://fasb.org/us-gaap/2022#OtherAssetshttp://fasb.org/us-gaap/2022#OtherLiabilitieshttp://fasb.org/us-gaap/2022#OtherLiabilities2043-012053-062053-06P3Y0001045609us-gaap:NoncontrollingInterestMember2023-04-012023-06-300001045609srt:PartnershipInterestMemberus-gaap:NoncontrollingInterestMember2022-04-012022-06-300001045609pld:DevelopmentPortfolioIncludingCostOfLandPrestabilizedMember2023-06-300001045609pld:GlobalCreditFacility2023Member2023-04-052023-04-050001045609pld:UnconsolidatedCoInvestmentVenturesMembercountry:US2022-01-012022-06-300001045609us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-06-300001045609us-gaap:OperatingSegmentsMemberpld:RealEstateOperationsSegmentMembercountry:US2022-04-012022-06-300001045609srt:PartnershipInterestMemberpld:ClassACapitalMember2022-04-012022-06-300001045609us-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMember2022-04-012022-06-300001045609pld:JuneTwoThousandTwentyEightSeniorNotesMemberpld:IssuanceOfSeniorNotesMembercurrency:USDsrt:WeightedAverageMember2023-01-012023-06-300001045609us-gaap:LandImprovementsMember2022-12-3100010456092023-01-012023-06-300001045609srt:PartnershipInterestMemberus-gaap:LimitedPartnerMemberpld:ClassACapitalMember2023-01-012023-06-300001045609us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembercurrency:USD2023-06-300001045609srt:PartnershipInterestMemberpld:CommonCapitalMemberus-gaap:LimitedPartnerMember2022-01-012022-06-300001045609pld:UnconsolidatedCoInvestmentsVenturesMembersrt:WeightedAverageMember2023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembercurrency:USDus-gaap:InterestRateSwapMember2023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMembercurrency:CADus-gaap:ForeignExchangeContractMember2023-01-012023-06-300001045609us-gaap:OperatingSegmentsMembersrt:AsiaMemberpld:StrategicCapitalSegmentMember2022-04-012022-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberpld:BritishPoundSterlingSeniorNotesMember2022-12-310001045609us-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMembercountry:US2022-04-012022-06-300001045609us-gaap:NondesignatedMembercurrency:EURus-gaap:ForeignExchangeContractMember2022-12-310001045609pld:RealEstateOperationsSegmentMemberus-gaap:OperatingSegmentsMemberpld:OtherAmericasMember2023-04-012023-06-300001045609srt:PartnershipInterestMemberus-gaap:LimitedPartnerMemberpld:ClassACapitalMember2022-06-300001045609us-gaap:SeniorNotesMember2023-06-300001045609us-gaap:CorporateNonSegmentMember2023-04-012023-06-300001045609srt:PartnershipInterestMemberpld:ClassACapitalMember2022-01-012022-06-300001045609pld:UnconsolidatedCoInvestmentVenturesMember2022-04-012022-06-300001045609pld:UnconsolidatedCoInvestmentVenturesMember2023-01-012023-06-300001045609us-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMember2022-12-310001045609us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMembercurrency:JPY2022-06-300001045609pld:PropertiesUnderDevelopmentMember2022-12-310001045609pld:GlobalCreditFacility2022Member2023-01-012023-06-300001045609pld:CommonUnitsMember2023-01-012023-06-300001045609pld:UnconsolidatedCoInvestmentVenturesMemberpld:OtherAmericasMember2022-04-012022-06-300001045609pld:UnconsolidatedCoInvestmentsVenturesMembercountry:USsrt:WeightedAverageMember2023-06-300001045609srt:MaximumMemberpld:IssuanceOfSeniorNotesMemberpld:JuneTwoThousandAndThirtyThreeSeniorNotesMembercurrency:USD2023-01-012023-06-300001045609srt:PartnershipInterestMember2022-03-310001045609us-gaap:SecuredDebtMember2022-12-310001045609us-gaap:DesignatedAsHedgingInstrumentMemberpld:UnconsolidatedCoInvestmentVenturesMember2022-01-012022-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2021-12-310001045609srt:MinimumMemberpld:OutperformancePlanMember2023-01-012023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2022-01-012022-06-300001045609pld:OtherCurrencyMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-06-300001045609us-gaap:NondesignatedMembercurrency:SEKus-gaap:ForeignExchangeContractMember2023-06-300001045609us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2022-12-310001045609us-gaap:GeneralPartnerMembersrt:PartnershipInterestMemberpld:CommonCapitalMember2023-03-310001045609us-gaap:CommonStockMember2023-01-012023-06-300001045609pld:PrologisUSLogisticsVentureMember2023-06-300001045609srt:PartnershipInterestMemberus-gaap:LimitedPartnerMemberpld:ClassACapitalMember2022-12-310001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembercurrency:EURus-gaap:InterestRateSwapMember2023-01-012023-06-300001045609srt:PartnershipInterestMemberus-gaap:NoncontrollingInterestMember2022-12-310001045609pld:RealEstateOperationsSegmentMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001045609pld:OutperformancePlanMemberpld:PriorToTwoThousandEighteenPerformancePeriodsMember2023-01-012023-01-310001045609pld:PrologisIncMember2023-06-300001045609pld:UnconsolidatedCoInvestmentVenturesMembercountry:US2022-04-012022-06-300001045609us-gaap:OperatingSegmentsMemberpld:OtherAmericasMemberpld:StrategicCapitalSegmentMember2022-04-012022-06-300001045609us-gaap:LandMember2023-06-300001045609us-gaap:NondesignatedMembercurrency:GBPus-gaap:ForeignExchangeContractMember2022-06-300001045609srt:PartnershipInterestMemberpld:CommonCapitalMemberus-gaap:LimitedPartnerMember2022-03-310001045609srt:AsiaMemberus-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMember2023-04-012023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembercurrency:EURus-gaap:InterestRateSwapMember2023-06-300001045609us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001045609us-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMembersrt:EuropeMember2023-06-3000010456092022-06-300001045609pld:LongTermIncentivePlanUnitsMember2022-12-310001045609srt:PartnershipInterestMember2021-12-310001045609pld:LongTermIncentivePlanUnitsMember2023-01-012023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberpld:NonDerivativeNetInvestmentHedgeMember2023-01-012023-06-3000010456092021-12-310001045609us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001045609pld:PrologisSterlingFinanceLLCMember2018-10-012018-10-310001045609srt:AsiaMemberus-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMember2022-01-012022-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2022-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberpld:UnconsolidatedCoInvestmentVenturesMember2023-01-012023-06-300001045609us-gaap:SegmentDiscontinuedOperationsMember2022-01-012022-06-300001045609pld:StrategicCapitalSegmentMembersrt:EuropeMember2022-12-310001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMembercurrency:GBPus-gaap:ForeignExchangeContractMember2022-12-310001045609srt:PartnershipInterestMemberus-gaap:LimitedPartnerMemberpld:ClassACapitalMember2023-04-012023-06-300001045609us-gaap:NondesignatedMembercurrency:JPYus-gaap:ForeignExchangeContractMember2022-12-310001045609us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001045609srt:MinimumMemberpld:IssuanceOfSeniorNotesMemberpld:JuneTwoThousandAndThirtyThreeSeniorNotesMembercurrency:USD2023-01-012023-06-300001045609us-gaap:GeneralPartnerMembersrt:PartnershipInterestMemberpld:PreferredCapitalMember2022-12-310001045609us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-03-310001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMembercurrency:GBPus-gaap:ForeignExchangeContractMember2021-12-310001045609us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMembercurrency:JPY2021-12-310001045609us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-12-310001045609us-gaap:OperatingSegmentsMemberpld:RealEstateOperationsSegmentMemberpld:OtherAmericasMember2022-01-012022-06-3000010456092023-06-292023-06-290001045609pld:ClassACapitalMember2023-06-300001045609pld:IssuanceOfSeniorNotesMemberpld:MayTwoThousandAndThirtyThreeSeniorNotesMembercurrency:EUR2023-06-300001045609pld:ThreePointZeroZeroZeroPercentNotesDueTwoThousandTwentySixMemberpld:PrologisLimitedPartnershipMember2023-01-012023-06-300001045609us-gaap:SegmentContinuingOperationsMember2023-04-012023-06-300001045609srt:PartnershipInterestMemberus-gaap:NoncontrollingInterestMember2023-06-300001045609pld:UnconsolidatedCoInvestmentsVenturesMembersrt:WeightedAverageMember2022-12-310001045609pld:DukeRealtyCorporationAndDukeRealtyLimitedPartnershipMember2022-10-030001045609us-gaap:RestrictedStockUnitsRSUMember2022-12-310001045609pld:TwoThousandNineteenToTwoThousandTwentyOnePerformancePeriodsMemberpld:OutperformancePlanMember2023-01-012023-01-310001045609pld:CommonUnitsMembersrt:PartnershipInterestMember2022-04-012022-06-300001045609pld:OtherCurrencyMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-12-3100010456092022-04-012022-06-300001045609us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001045609us-gaap:SegmentDiscontinuedOperationsMember2023-04-012023-06-300001045609us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001045609us-gaap:GeneralPartnerMemberpld:CommonCapitalMembersrt:PartnershipInterestMember2022-04-012022-06-300001045609us-gaap:NondesignatedMembercurrency:CADus-gaap:ForeignExchangeContractMember2023-06-300001045609pld:PrologisEuroFinanceLLCMember2018-07-012018-07-310001045609srt:AsiaMemberpld:UnconsolidatedCoInvestmentsVenturesMembersrt:WeightedAverageMember2022-12-310001045609pld:CommonUnitsMembersrt:PartnershipInterestMember2023-04-012023-06-300001045609us-gaap:OperatingSegmentsMember2023-06-300001045609pld:UnconsolidatedCoInvestmentVenturesMembersrt:EuropeMember2023-06-300001045609pld:OtherConsolidatedEntitiesMemberus-gaap:CommonStockMember2023-06-300001045609srt:AsiaMemberpld:UnconsolidatedCoInvestmentVenturesMember2023-06-300001045609pld:TwoThousandTwentyThreeToTwoThousandTwentyFivePerformancePeriodsMemberpld:OutperformancePlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2023-01-012023-01-310001045609pld:JuneTwoThousandTwentyEightSeniorNotesMembersrt:MaximumMemberpld:IssuanceOfSeniorNotesMembercurrency:USD2023-01-012023-06-300001045609srt:PartnershipInterestMemberpld:CommonUnitsMember2022-01-012022-06-300001045609us-gaap:CommonStockMember2023-04-012023-06-300001045609us-gaap:AdditionalPaidInCapitalMember2021-12-310001045609pld:UnconsolidatedCoInvestmentVenturesMember2023-01-012023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMembercurrency:CADus-gaap:ForeignExchangeContractMember2021-12-310001045609us-gaap:LineOfCreditMember2022-12-310001045609pld:RealEstateOperationsSegmentMemberus-gaap:OperatingSegmentsMembercountry:US2022-01-012022-06-3000010456092023-07-240001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMembercurrency:GBPus-gaap:ForeignExchangeContractMember2023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2022-06-300001045609us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001045609pld:YenCreditFacilityMember2023-06-300001045609srt:AsiaMemberus-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMember2022-12-310001045609us-gaap:CommonStockMember2022-04-012022-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembercurrency:USDus-gaap:InterestRateSwapMember2022-12-310001045609us-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300001045609pld:UnconsolidatedCoInvestmentVenturesMembersrt:EuropeMember2023-01-012023-06-300001045609us-gaap:CommonStockMember2023-06-300001045609pld:DevelopmentPortfolioIncludingCostOfLandPrestabilizedMember2022-12-310001045609us-gaap:OperatingSegmentsMembersrt:AsiaMemberpld:StrategicCapitalSegmentMember2023-01-012023-06-300001045609pld:RealEstateOperationsSegmentMemberus-gaap:OperatingSegmentsMemberpld:OtherAmericasMember2023-01-012023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMembercurrency:CADus-gaap:ForeignExchangeContractMember2022-06-300001045609pld:TermLoansAndOtherDebtMember2023-06-300001045609us-gaap:NondesignatedMembercurrency:EURus-gaap:ForeignExchangeContractMember2022-01-012022-06-300001045609currency:CAD2022-12-310001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2023-01-012023-06-300001045609us-gaap:PreferredStockMember2022-12-310001045609pld:JanuaryTwoThousandAndThirtySeniorNotesMemberpld:IssuanceOfSeniorNotesMembercurrency:EUR2023-06-300001045609us-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMember2023-06-300001045609srt:AsiaMemberpld:UnconsolidatedCoInvestmentVenturesMember2023-01-012023-06-300001045609currency:USD2022-12-310001045609us-gaap:CommonStockMember2022-12-310001045609us-gaap:SecuredDebtMember2023-01-012023-06-300001045609pld:RealEstateOperationsSegmentMemberus-gaap:OperatingSegmentsMembercountry:US2023-04-012023-06-300001045609us-gaap:NoncontrollingInterestMember2022-01-012022-06-300001045609us-gaap:SeniorNotesMember2023-01-012023-06-300001045609us-gaap:GeneralPartnerMembersrt:PartnershipInterestMemberpld:PreferredCapitalMember2023-03-310001045609pld:LessorMemberpld:DukeRealtyCorporationAndDukeRealtyLimitedPartnershipMember2022-10-030001045609pld:RealEstateOperationsSegmentMemberus-gaap:OperatingSegmentsMembersrt:EuropeMember2022-12-310001045609pld:UnconsolidatedCoInvestmentVenturesMembersrt:EuropeMember2023-04-012023-06-300001045609us-gaap:PreferredStockMember2023-03-310001045609us-gaap:GeneralPartnerMemberpld:PrologisLimitedPartnershipMember2023-01-012023-06-300001045609pld:UnconsolidatedCoInvestmentVenturesMembercountry:US2023-01-012023-06-300001045609us-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMembercountry:US2022-12-310001045609pld:GlobalCreditFacility2023Member2023-04-050001045609srt:PartnershipInterestMemberus-gaap:NoncontrollingInterestMember2022-03-310001045609us-gaap:NoncontrollingInterestMember2021-12-310001045609srt:PartnershipInterestMember2023-04-012023-06-300001045609us-gaap:BuildingAndBuildingImprovementsMember2023-06-300001045609us-gaap:OperatingSegmentsMemberpld:RealEstateOperationsSegmentMembercountry:US2023-01-012023-06-300001045609currency:CNYus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2023-06-300001045609currency:BRLus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-12-310001045609currency:EUR2022-12-310001045609us-gaap:SecuredDebtMember2022-01-012022-12-310001045609pld:PrologisIncMember2022-12-310001045609us-gaap:NondesignatedMembercurrency:CADus-gaap:ForeignExchangeContractMember2022-12-310001045609pld:JanuaryTwoThousandAndThirtySeniorNotesMembersrt:MaximumMemberpld:IssuanceOfSeniorNotesMembercurrency:EUR2023-01-012023-06-300001045609pld:ClassACapitalMember2023-01-012023-06-300001045609pld:TwoThousandTwentyThreeToTwoThousandTwentyFivePerformancePeriodsMemberpld:OutperformancePlanMember2023-01-012023-01-310001045609srt:PartnershipInterestMemberpld:CommonCapitalMemberus-gaap:LimitedPartnerMember2023-06-300001045609pld:UnconsolidatedCoInvestmentVenturesMemberpld:OtherAmericasMember2023-04-012023-06-300001045609us-gaap:NondesignatedMember2023-01-012023-06-300001045609us-gaap:CommonStockMember2021-12-310001045609us-gaap:NondesignatedMembercurrency:CADus-gaap:ForeignExchangeContractMember2021-12-310001045609us-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMembersrt:EuropeMember2023-04-012023-06-300001045609us-gaap:BuildingAndBuildingImprovementsMember2022-12-310001045609pld:OtherCurrencyMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-12-310001045609us-gaap:DesignatedAsHedgingInstrumentMemberpld:CanadianDollarSeniorNotesMember2022-12-310001045609us-gaap:SegmentDiscontinuedOperationsMember2022-04-012022-06-300001045609pld:PrologisJapanCoreLogisticsFundMemberpld:PrologisIncMember2023-06-300001045609pld:PropertiesUnderDevelopmentMember2023-06-300001045609us-gaap:LandImprovementsMember2023-06-300001045609us-gaap:NoncontrollingInterestMember2022-12-310001045609us-gaap:GeneralPartnerMembersrt:PartnershipInterestMemberpld:PreferredCapitalMember2022-03-310001045609us-gaap:AdditionalPaidInCapitalMember2022-12-310001045609us-gaap:NoncontrollingInterestMember2023-06-300001045609pld:YenCreditFacilityMember2023-01-012023-06-300001045609us-gaap:SeniorNotesMember2022-12-310001045609us-gaap:ForwardContractsMember2022-04-012022-06-300001045609us-gaap:AdditionalPaidInCapitalMember2023-03-310001045609pld:UnconsolidatedCoInvestmentVenturesMembersrt:EuropeMember2022-01-012022-06-300001045609srt:PartnershipInterestMemberus-gaap:NoncontrollingInterestMember2022-06-300001045609us-gaap:NoncontrollingInterestMember2022-04-012022-06-300001045609us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-06-300001045609srt:PartnershipInterestMemberpld:CommonCapitalMemberus-gaap:LimitedPartnerMember2023-03-310001045609pld:RealEstateOperationsSegmentMemberus-gaap:OperatingSegmentsMembersrt:EuropeMember2023-04-012023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-06-300001045609us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001045609srt:PartnershipInterestMemberus-gaap:LimitedPartnerMemberpld:ClassACapitalMember2023-03-310001045609srt:PartnershipInterestMember2022-06-300001045609pld:DukeRealtyCorporationAndDukeRealtyLimitedPartnershipMember2022-09-300001045609pld:IssuanceOfSeniorNotesMemberpld:JuneTwoThousandAndThirtyThreeSeniorNotesMembercurrency:USDsrt:WeightedAverageMember2023-01-012023-06-300001045609srt:PartnershipInterestMemberus-gaap:NoncontrollingInterestMember2021-12-310001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembercurrency:EURus-gaap:InterestRateSwapMember2022-01-012022-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2022-12-310001045609pld:JuneTwoThousandTwentyEightSeniorNotesMembersrt:MinimumMemberpld:IssuanceOfSeniorNotesMembercurrency:USD2023-01-012023-06-300001045609pld:TwoPointTwoFiveZeroPercentNotesDueTwoThousandTwentyNineMemberpld:PrologisLimitedPartnershipMember2023-01-012023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMembercurrency:GBPus-gaap:ForeignExchangeContractMember2023-01-012023-06-300001045609us-gaap:NondesignatedMembercurrency:GBPus-gaap:ForeignExchangeContractMember2021-12-310001045609us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-06-300001045609srt:PartnershipInterestMemberus-gaap:LimitedPartnerMemberpld:ClassACapitalMember2022-04-012022-06-300001045609pld:RealEstateOperationsSegmentMemberus-gaap:OperatingSegmentsMember2023-04-012023-06-300001045609pld:RealEstateOperationsSegmentMemberus-gaap:OperatingSegmentsMemberpld:OtherAmericasMember2023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembercurrency:USDus-gaap:InterestRateSwapMember2023-01-012023-06-300001045609us-gaap:NondesignatedMembercurrency:GBPus-gaap:ForeignExchangeContractMember2023-06-300001045609pld:GlobalCreditFacility2022Member2023-04-050001045609pld:CommonCapitalMembersrt:PartnershipInterestMemberus-gaap:LimitedPartnerMember2023-04-012023-06-300001045609pld:UnaffiliatedInvestorsAndCertainCurrentAndFormerDirectorsAndOfficersMember2023-01-012023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberpld:NonDerivativeNetInvestmentHedgeMember2023-04-012023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMembercurrency:BRLus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2022-06-300001045609us-gaap:CommonStockMember2023-03-310001045609srt:PartnershipInterestMemberus-gaap:LimitedPartnerMemberpld:ClassACapitalMember2022-03-310001045609us-gaap:OperatingSegmentsMemberpld:RealEstateOperationsSegmentMembersrt:EuropeMember2022-04-012022-06-300001045609us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember2023-06-300001045609pld:PrologisIncMemberus-gaap:NoncontrollingInterestMember2022-12-310001045609srt:PartnershipInterestMember2022-01-012022-06-300001045609srt:PartnershipInterestMemberus-gaap:NoncontrollingInterestMember2023-04-012023-06-300001045609us-gaap:CorporateNonSegmentMember2022-04-012022-06-300001045609us-gaap:PreferredStockMember2022-06-300001045609pld:UnconsolidatedCoInvestmentVenturesMember2023-06-300001045609us-gaap:OperatingSegmentsMemberpld:RealEstateOperationsSegmentMember2022-01-012022-06-300001045609us-gaap:NondesignatedMembercurrency:SEKus-gaap:ForeignExchangeContractMember2022-12-310001045609pld:UnconsolidatedCoInvestmentVenturesMembersrt:EuropeMember2022-12-310001045609currency:GBP2022-12-310001045609us-gaap:DesignatedAsHedgingInstrumentMemberpld:BritishPoundSterlingSeniorNotesMember2023-06-300001045609srt:PartnershipInterestMemberpld:ClassACapitalMember2022-12-310001045609pld:OtherConsolidatedEntitiesMember2023-06-300001045609pld:UnconsolidatedCoInvestmentsVenturesMemberpld:OtherAmericasMembersrt:WeightedAverageMember2023-06-300001045609currency:CNYus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2023-06-300001045609us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-01-012022-06-300001045609us-gaap:NoncontrollingInterestMember2022-03-310001045609us-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMembersrt:EuropeMember2022-12-310001045609us-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMembercountry:US2022-01-012022-06-300001045609pld:OtherCurrencyMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-01-012022-06-300001045609pld:RealEstateOperationsSegmentMemberus-gaap:OperatingSegmentsMembercountry:US2022-12-310001045609us-gaap:AdditionalPaidInCapitalMember2023-01-012023-06-300001045609us-gaap:SegmentContinuingOperationsMember2022-01-012022-06-300001045609us-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMembersrt:EuropeMember2022-01-012022-06-300001045609pld:LessorMemberus-gaap:OtherLiabilitiesMemberpld:DukeRealtyCorporationAndDukeRealtyLimitedPartnershipMember2022-10-030001045609srt:AsiaMemberpld:UnconsolidatedCoInvestmentVenturesMember2023-04-012023-06-300001045609pld:TermLoansAndOtherDebtMember2023-01-012023-06-300001045609pld:RealEstateOperationsSegmentMember2023-06-300001045609us-gaap:LandMember2022-12-310001045609us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2023-06-300001045609pld:SecuredMortgageDebtMember2022-12-310001045609us-gaap:DesignatedAsHedgingInstrumentMemberpld:UnconsolidatedCoInvestmentVenturesMember2022-04-012022-06-300001045609srt:MaximumMemberpld:OutperformancePlanMember2023-01-012023-06-300001045609us-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMember2023-01-012023-06-300001045609pld:CashFlowHedgesMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-06-300001045609pld:LongTermIncentivePlanUnitsMember2023-06-300001045609us-gaap:GeneralPartnerMembersrt:PartnershipInterestMemberpld:CommonCapitalMember2023-06-300001045609srt:PartnershipInterestMemberpld:ClassACapitalMember2023-01-012023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2022-12-310001045609us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001045609srt:AsiaMemberpld:UnconsolidatedCoInvestmentsVenturesMembersrt:WeightedAverageMember2023-06-300001045609pld:UnconsolidatedCoInvestmentsVenturesMembersrt:WeightedAverageMembersrt:EuropeMember2022-12-310001045609pld:PrologisJapanCoreLogisticsFundMember2023-04-012023-04-300001045609srt:PartnershipInterestMember2022-04-012022-06-300001045609pld:UnconsolidatedCoInvestmentVenturesMember2022-01-012022-06-300001045609srt:AsiaMemberpld:UnconsolidatedCoInvestmentVenturesMember2022-01-012022-06-300001045609pld:UnconsolidatedCoInvestmentVenturesMemberpld:OtherAmericasMember2022-01-012022-06-300001045609us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-04-012023-06-300001045609us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembercurrency:USD2022-12-310001045609srt:PartnershipInterestMemberus-gaap:LimitedPartnerMemberpld:ClassACapitalMember2021-12-310001045609us-gaap:PreferredStockMember2023-06-300001045609currency:JPY2023-06-300001045609us-gaap:NondesignatedMembercurrency:CADus-gaap:ForeignExchangeContractMember2022-01-012022-06-300001045609pld:ClassACapitalMember2022-01-012022-12-310001045609us-gaap:OperatingSegmentsMemberpld:RealEstateOperationsSegmentMembersrt:EuropeMember2023-06-300001045609us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-03-310001045609pld:RealEstateOperationsSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-06-300001045609us-gaap:OperatingSegmentsMemberpld:OtherAmericasMemberpld:StrategicCapitalSegmentMember2023-01-012023-06-300001045609us-gaap:OperatingSegmentsMemberpld:RealEstateOperationsSegmentMembersrt:AsiaMember2023-06-300001045609us-gaap:GeneralPartnerMembersrt:PartnershipInterestMemberpld:PreferredCapitalMember2023-06-300001045609us-gaap:PreferredStockMember2022-03-310001045609us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembercurrency:EUR2022-12-310001045609pld:UnconsolidatedCoInvestmentVenturesMemberpld:OtherAmericasMember2023-01-012023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMembercurrency:BRLus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2022-01-012022-06-300001045609pld:OtherCurrencyMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2023-01-012023-06-300001045609us-gaap:GeneralPartnerMemberpld:CommonCapitalMembersrt:PartnershipInterestMember2021-12-310001045609currency:BRLus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2023-06-300001045609us-gaap:NoncontrollingInterestMember2023-03-310001045609pld:DukeRealtyCorporationAndDukeRealtyLimitedPartnershipMember2022-10-032022-10-030001045609us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-12-310001045609srt:PartnershipInterestMemberpld:CommonCapitalMemberus-gaap:LimitedPartnerMember2022-06-300001045609us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember2022-12-310001045609us-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMembercountry:US2023-06-300001045609srt:PartnershipInterestMember2023-06-300001045609us-gaap:OperatingSegmentsMember2022-12-310001045609pld:UnconsolidatedCoInvestmentsVenturesMemberpld:OtherAmericasMembersrt:WeightedAverageMember2022-12-310001045609us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-12-310001045609pld:UnconsolidatedCoInvestmentsVenturesMembercountry:USsrt:WeightedAverageMember2022-12-310001045609pld:ClassACapitalMember2022-12-310001045609us-gaap:NondesignatedMembercurrency:EURus-gaap:ForeignExchangeContractMember2023-01-012023-06-300001045609pld:CommonUnitsMembersrt:PartnershipInterestMember2023-01-012023-06-300001045609pld:UnconsolidatedCoInvestmentVenturesMemberpld:OtherAmericasMember2023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembercurrency:EURus-gaap:InterestRateSwapMember2022-12-310001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMembercurrency:GBPus-gaap:ForeignExchangeContractMember2022-01-012022-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMembercurrency:GBPus-gaap:ForeignExchangeContractMember2022-06-300001045609us-gaap:NondesignatedMembercurrency:JPYus-gaap:ForeignExchangeContractMember2023-06-300001045609us-gaap:LineOfCreditMember2023-06-300001045609us-gaap:NondesignatedMembercurrency:EURus-gaap:ForeignExchangeContractMember2023-06-300001045609srt:PartnershipInterestMemberpld:PreferredCapitalMember2022-12-310001045609pld:CashFlowHedgesMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-04-012022-06-300001045609srt:PartnershipInterestMember2023-01-012023-06-300001045609srt:PartnershipInterestMemberus-gaap:NoncontrollingInterestMember2022-01-012022-06-300001045609pld:IssuanceOfSeniorNotesMemberpld:MayTwoThousandAndThirtyThreeSeniorNotesMembercurrency:EURsrt:WeightedAverageMember2023-01-012023-06-3000010456092022-03-310001045609srt:AsiaMemberus-gaap:OperatingSegmentsMemberpld:RealEstateOperationsSegmentMember2022-04-012022-06-300001045609srt:PartnershipInterestMemberpld:CommonCapitalMember2022-12-310001045609us-gaap:OperatingSegmentsMemberpld:OtherAmericasMemberpld:StrategicCapitalSegmentMember2022-01-012022-06-300001045609pld:PrologisYenFinanceLLCMember2018-08-012018-08-310001045609pld:OtherVenturesMember2023-06-300001045609us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001045609pld:IssuanceOfSeniorNotesMember2023-06-300001045609us-gaap:GeneralPartnerMembersrt:PartnershipInterestMemberpld:CommonCapitalMember2022-01-012022-06-300001045609us-gaap:CorporateNonSegmentMember2022-01-012022-06-300001045609srt:PartnershipInterestMemberpld:ClassACapitalMember2023-06-300001045609srt:AsiaMemberus-gaap:OperatingSegmentsMemberpld:RealEstateOperationsSegmentMember2022-12-310001045609srt:PartnershipInterestMemberpld:ClassACapitalMember2023-04-012023-06-300001045609pld:UnconsolidatedCoInvestmentVenturesMembercountry:US2022-12-310001045609us-gaap:OperatingSegmentsMemberpld:RealEstateOperationsSegmentMemberpld:OtherAmericasMember2022-04-012022-06-300001045609us-gaap:NondesignatedMembercurrency:GBPus-gaap:ForeignExchangeContractMember2022-12-310001045609pld:LongTermIncentivePlanUnitsMember2022-01-012022-12-310001045609us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberpld:UnconsolidatedCoInvestmentVenturesMember2023-04-012023-06-300001045609us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-01-012023-06-300001045609us-gaap:NondesignatedMembercurrency:EURus-gaap:ForeignExchangeContractMember2021-12-310001045609pld:StrategicCapitalSegmentMembersrt:EuropeMember2023-06-300001045609us-gaap:ForwardContractsMember2023-04-012023-06-300001045609us-gaap:AdditionalPaidInCapitalMember2023-06-300001045609us-gaap:NoncontrollingInterestMember2022-06-300001045609srt:AsiaMemberpld:UnconsolidatedCoInvestmentVenturesMember2022-12-310001045609currency:CNYus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2023-01-012023-06-300001045609srt:PartnershipInterestMemberus-gaap:NoncontrollingInterestMember2023-01-012023-06-300001045609pld:RealEstateOperationsSegmentMembersrt:AsiaMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001045609us-gaap:AdditionalPaidInCapitalMember2022-03-310001045609us-gaap:NoncontrollingInterestMember2023-01-012023-06-300001045609pld:OtherConsolidatedEntitiesMember2023-01-012023-06-300001045609pld:SecuredMortgageDebtMember2023-06-300001045609srt:PartnershipInterestMemberus-gaap:LimitedPartnerMemberpld:ClassACapitalMember2023-06-300001045609pld:OutperformancePlanMember2023-01-012023-06-300001045609pld:UnconsolidatedCoInvestmentVenturesMemberpld:OtherAmericasMember2022-12-310001045609us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-12-3100010456092023-06-300001045609pld:RealEstateOperationsSegmentMemberus-gaap:OperatingSegmentsMembersrt:EuropeMember2023-01-012023-06-300001045609pld:IssuanceOfSeniorNotesMembercurrency:USD2023-06-300001045609currency:GBP2023-06-300001045609us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-12-310001045609pld:UnconsolidatedCoInvestmentVenturesMember2022-12-310001045609us-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMembercountry:US2023-04-012023-06-300001045609pld:IssuanceOfSeniorNotesMemberpld:JuneTwoThousandAndThirtyThreeSeniorNotesMembercurrency:USD2023-06-300001045609us-gaap:CorporateNonSegmentMember2022-12-310001045609us-gaap:CommonStockMember2022-01-012022-06-300001045609us-gaap:CommonStockMember2022-03-310001045609us-gaap:PreferredStockMember2021-12-310001045609us-gaap:LineOfCreditMember2022-01-012022-12-310001045609currency:EUR2023-06-300001045609us-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMembercountry:US2023-01-012023-06-300001045609us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-06-300001045609us-gaap:SegmentContinuingOperationsMember2022-04-012022-06-300001045609currency:CAD2023-06-300001045609us-gaap:NondesignatedMembercurrency:EURus-gaap:ForeignExchangeContractMember2022-06-300001045609us-gaap:GeneralPartnerMemberpld:CommonCapitalMembersrt:PartnershipInterestMember2023-04-012023-06-300001045609srt:PartnershipInterestMember2023-03-310001045609pld:RealEstateOperationsSegmentMember2022-12-310001045609currency:CNYus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2023-06-300001045609us-gaap:OperatingSegmentsMemberpld:RealEstateOperationsSegmentMemberpld:OtherAmericasMember2022-12-310001045609us-gaap:OperatingSegmentsMembersrt:AsiaMemberpld:StrategicCapitalSegmentMember2023-06-300001045609currency:CNYus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2022-12-310001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMembercurrency:GBP2023-06-300001045609us-gaap:OperatingSegmentsMembersrt:AsiaMemberpld:RealEstateOperationsSegmentMember2023-04-012023-06-300001045609us-gaap:NondesignatedMembercurrency:JPYus-gaap:ForeignExchangeContractMember2023-01-012023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMember2022-04-012022-06-300001045609us-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMember2022-01-012022-06-3000010456092022-01-012022-12-310001045609pld:OtherConsolidatedEntitiesMemberus-gaap:CommonStockMember2022-12-310001045609us-gaap:OperatingSegmentsMembersrt:AsiaMemberpld:RealEstateOperationsSegmentMember2023-01-012023-06-300001045609pld:LessorMemberus-gaap:OtherAssetsMemberpld:DukeRealtyCorporationAndDukeRealtyLimitedPartnershipMember2022-10-030001045609pld:CashFlowHedgesMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-06-300001045609pld:OtherCurrencyMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2023-06-300001045609currency:USD2023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMembercurrency:CADus-gaap:ForeignExchangeContractMember2023-06-300001045609us-gaap:NondesignatedMembercurrency:JPYus-gaap:ForeignExchangeContractMember2022-01-012022-06-300001045609us-gaap:SegmentDiscontinuedOperationsMember2023-01-012023-06-300001045609pld:IssuanceOfSeniorNotesMembersrt:WeightedAverageMember2023-01-012023-06-300001045609pld:UnconsolidatedEntitiesMember2022-01-012022-06-300001045609us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembercurrency:EUR2023-06-300001045609us-gaap:CorporateNonSegmentMember2023-06-300001045609pld:JanuaryTwoThousandAndThirtySeniorNotesMemberpld:IssuanceOfSeniorNotesMembercurrency:EURsrt:WeightedAverageMember2023-01-012023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMembercurrency:CAD2023-06-300001045609pld:PrologisJapanCoreLogisticsFundMemberpld:PrologisIncMemberpld:UnconsolidatedEntitiesMember2023-06-300001045609pld:PrologisIncMember2023-01-012023-06-300001045609us-gaap:ForwardContractsMember2023-01-012023-06-300001045609us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-04-012022-06-300001045609us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-06-300001045609us-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMembersrt:EuropeMember2022-04-012022-06-300001045609pld:CommonUnitsMember2022-01-012022-12-310001045609currency:JPY2022-12-310001045609pld:TermLoansAndOtherDebtMember2022-12-310001045609us-gaap:CommonStockMember2022-06-300001045609pld:UnconsolidatedCoInvestmentVenturesMembercountry:US2023-04-012023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2023-06-300001045609us-gaap:GeneralPartnerMembersrt:PartnershipInterestMemberpld:CommonCapitalMember2022-06-300001045609us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2023-06-300001045609us-gaap:NondesignatedMembercurrency:CADus-gaap:ForeignExchangeContractMember2022-06-300001045609pld:PrologisJapanCoreLogisticsFundMember2023-06-300001045609us-gaap:NondesignatedMembercurrency:GBPus-gaap:ForeignExchangeContractMember2023-01-012023-06-300001045609us-gaap:GeneralPartnerMemberpld:CommonCapitalMembersrt:PartnershipInterestMember2022-12-310001045609srt:PartnershipInterestMemberpld:CommonCapitalMemberus-gaap:LimitedPartnerMember2023-01-012023-06-300001045609pld:AccumulatedGainLossOnNetInvestmentHedgesMember2023-01-012023-06-300001045609srt:PartnershipInterestMemberus-gaap:LimitedPartnerMemberpld:ClassACapitalMember2022-01-012022-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMember2023-04-012023-06-300001045609us-gaap:OperatingSegmentsMemberpld:RealEstateOperationsSegmentMembercountry:US2023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-06-300001045609pld:UnconsolidatedCoInvestmentsVenturesMembersrt:WeightedAverageMembersrt:EuropeMember2023-06-300001045609us-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMember2023-04-012023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2022-01-012022-06-300001045609us-gaap:OperatingSegmentsMemberpld:OtherAmericasMemberpld:StrategicCapitalSegmentMember2023-04-012023-06-300001045609us-gaap:RestrictedStockUnitsRSUMember2023-06-300001045609us-gaap:SecuredDebtMember2023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMembercurrency:GBP2022-12-310001045609pld:UnconsolidatedCoInvestmentVenturesMembercountry:US2023-06-300001045609currency:CNYus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2022-12-3100010456092022-12-310001045609pld:OtherConsolidatedEntitiesMember2022-01-012022-12-310001045609pld:CanadianTermLoanMember2023-06-300001045609pld:AccumulatedGainLossOnNetInvestmentHedgesMember2022-01-012022-12-310001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMembercurrency:CAD2022-12-310001045609pld:PrologisIncMemberus-gaap:NoncontrollingInterestMember2023-06-300001045609pld:CashFlowHedgesMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-04-012023-06-300001045609us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-06-300001045609us-gaap:ShareBasedCompensationAwardTrancheTwoMemberpld:OutperformancePlanMemberpld:TwoThousandTwentyThreeToTwoThousandTwentyFivePerformancePeriodsMember2023-01-012023-01-310001045609us-gaap:CommonStockMember2023-01-012023-06-300001045609pld:OtherConsolidatedEntitiesMember2022-12-310001045609pld:TermLoansAndOtherDebtMember2022-01-012022-12-310001045609us-gaap:LineOfCreditMember2023-01-012023-06-300001045609us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2023-01-012023-06-300001045609srt:AsiaMemberpld:UnconsolidatedCoInvestmentVenturesMember2022-04-012022-06-300001045609currency:CNYus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-12-310001045609us-gaap:DesignatedAsHedgingInstrumentMembercurrency:BRLus-gaap:NetInvestmentHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310001045609pld:UnconsolidatedCoInvestmentVenturesMembersrt:EuropeMember2022-04-012022-06-300001045609pld:PrologisUSLogisticsVentureMember2022-12-310001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembercurrency:EURus-gaap:InterestRateSwapMember2022-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberpld:NonDerivativeNetInvestmentHedgeMember2022-01-012022-06-300001045609us-gaap:GeneralPartnerMemberpld:CommonCapitalMembersrt:PartnershipInterestMember2023-01-012023-06-300001045609us-gaap:AdditionalPaidInCapitalMember2022-06-300001045609us-gaap:OperatingSegmentsMemberpld:RealEstateOperationsSegmentMembersrt:EuropeMember2022-01-012022-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMembercurrency:EURus-gaap:InterestRateSwapMember2021-12-310001045609pld:UnconsolidatedCoInvestmentVenturesMember2023-04-012023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMembercurrency:CADus-gaap:ForeignExchangeContractMember2022-12-310001045609pld:CommonCapitalMembersrt:PartnershipInterestMemberus-gaap:LimitedPartnerMember2021-12-310001045609us-gaap:GeneralPartnerMembersrt:PartnershipInterestMemberpld:PreferredCapitalMember2022-06-300001045609pld:PrologisLimitedPartnershipMember2023-01-012023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberpld:CanadianDollarSeniorNotesMember2023-06-300001045609srt:PartnershipInterestMemberpld:CommonCapitalMemberus-gaap:LimitedPartnerMember2022-12-310001045609srt:PartnershipInterestMemberpld:PreferredCapitalMember2023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberpld:NonDerivativeNetInvestmentHedgeMember2022-04-012022-06-3000010456092022-01-012022-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2023-01-012023-06-300001045609us-gaap:ForwardContractsMember2022-01-012022-06-300001045609us-gaap:CorporateNonSegmentMember2023-01-012023-06-300001045609pld:JanuaryTwoThousandAndThirtySeniorNotesMembersrt:MinimumMemberpld:IssuanceOfSeniorNotesMembercurrency:EUR2023-01-012023-06-300001045609us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMembercurrency:CADus-gaap:ForeignExchangeContractMember2022-01-012022-06-300001045609srt:PartnershipInterestMemberpld:CommonCapitalMemberus-gaap:LimitedPartnerMember2022-04-012022-06-300001045609us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-06-3000010456092023-03-310001045609us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-01-012022-06-300001045609us-gaap:SeniorNotesMember2022-01-012022-12-310001045609srt:PartnershipInterestMember2022-12-310001045609srt:PartnershipInterestMemberpld:CommonCapitalMember2023-06-300001045609us-gaap:GeneralPartnerMembersrt:PartnershipInterestMemberpld:CommonCapitalMember2022-03-310001045609us-gaap:NondesignatedMembercurrency:CADus-gaap:ForeignExchangeContractMember2023-01-012023-06-300001045609us-gaap:OperatingSegmentsMemberpld:StrategicCapitalSegmentMembersrt:EuropeMember2023-01-012023-06-3000010456092023-04-012023-06-300001045609us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001045609pld:PrologisIncMemberpld:OutperformancePlanMemberpld:TwoThousandTwentyThreeToTwoThousandTwentyFivePerformancePeriodsMember2023-01-012023-01-310001045609us-gaap:SegmentContinuingOperationsMember2023-01-012023-06-300001045609us-gaap:GeneralPartnerMembersrt:PartnershipInterestMemberpld:PreferredCapitalMember2021-12-310001045609pld:TwoThousandTwentyThreeToTwoThousandTwentyFivePerformancePeriodsMemberpld:OutperformancePlanMemberpld:MsciUsReitIndexMember2023-01-012023-01-310001045609us-gaap:NondesignatedMembercurrency:GBPus-gaap:ForeignExchangeContractMember2022-01-012022-06-300001045609pld:OtherVenturesMember2022-12-310001045609srt:PartnershipInterestMemberus-gaap:NoncontrollingInterestMember2023-03-31utr:acrepld:Derivativeiso4217:EURpld:Venturexbrli:pureiso4217:JPYutr:sqftpld:Buildingiso4217:USDxbrli:sharespld:Contractxbrli:sharespld:Segmentpld:Propertyiso4217:USD

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2023

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______________ to ______________

 

Commission File Number: 001-13545 (Prologis, Inc.) 001-14245 (Prologis, L.P.)

 

img138999463_0.jpg 

Prologis, Inc.

Prologis, L.P.

(Exact name of registrant as specified in its charter)

 

Maryland (Prologis, Inc.)

Delaware (Prologis, L.P.)

94-3281941 (Prologis, Inc.)

94-3285362 (Prologis, L.P.)

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

 

Pier 1, Bay 1, San Francisco, California

 

94111

(Address or principal executive offices)

 

(Zip Code)

 

(415) 394-9000

(Registrants’ telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Each Exchange on Which Registered

Prologis, Inc.

 

Common Stock, $0.01 par value

 

PLD

 

New York Stock Exchange

Prologis, L.P.

 

3.000% Notes due 2026

 

PLD/26

 

New York Stock Exchange

Prologis, L.P.

 

2.250% Notes due 2029

 

PLD/29

 

New York Stock Exchange

 

 

 

 

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing for the past 90 days.

Prologis, Inc.

Yes

No

Prologis, L.P.

Yes

No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter periods that the registrant was required to submit such files).

Prologis, Inc.

Yes

No

Prologis, L.P.

Yes

No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Prologis, Inc.:

 

 

 

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

Prologis, L.P.:

 

 

 

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).

Prologis, Inc.

Yes

No

Prologis, L.P.

Yes

No

 

The number of shares of Prologis, Inc.’s common stock outstanding at July 24, 2023, was approximately 923,862,000.

 

 

 


EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2023, of Prologis, Inc. and Prologis, L.P. Unless stated otherwise or the context otherwise requires, references to “Prologis, Inc.” or the “Parent” mean Prologis, Inc. and its consolidated subsidiaries; and references to “Prologis, L.P.” or the “Operating Partnership” or the “OP” mean Prologis, L.P., and its consolidated subsidiaries. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and the OP collectively.

 

The Parent is a real estate investment trust (a “REIT”) and the general partner of the OP. At June 30, 2023, the Parent owned a 97.61% common general partnership interest in the OP and substantially all of the preferred units in the OP. The remaining 2.39% common limited partnership interests are owned by unaffiliated investors and certain current and former directors and officers of the Parent.

 

We operate the Parent and the OP as one enterprise. The management of the Parent consists of the same members as the management of the OP. These members are officers of the Parent and employees of the OP or one of its subsidiaries. As sole general partner, the Parent has control of the OP through complete responsibility and discretion in the day-to-day management and therefore, consolidates the OP for financial reporting purposes. Because the only significant asset of the Parent is its investment in the OP, the assets and liabilities of the Parent and the OP are the same on their respective financial statements.

We believe combining the quarterly reports on Form 10-Q of the Parent and the OP into this single report results in the following benefits:

enhances investors’ understanding of the Parent and the OP by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined and readable presentation as a substantial portion of the Company’s disclosure applies to both the Parent and the OP; and
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

 

It is important to understand the few differences between the Parent and the OP in the context of how we operate the Company. The Parent does not conduct business itself, other than acting as the sole general partner of the OP and issuing public equity from time to time. The OP holds substantially all the assets of the business, directly or indirectly. The OP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent, which are contributed to the OP in exchange for partnership units, the OP generates capital required by the business through the OP’s operations, incurrence of indebtedness and issuance of partnership units to third parties.

 

The presentation of noncontrolling interests, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of the Parent and those of the OP. The differences in the presentations between stockholders’ equity and partners’ capital result from the differences in the equity and capital issuances in the Parent and in the OP.

The preferred stock, common stock, additional paid-in capital, accumulated other comprehensive income (loss) and distributions in excess of net earnings of the Parent are presented as stockholders’ equity in the Parent’s consolidated financial statements. These items represent the common and preferred general partnership interests held by the Parent in the OP and are presented as general partner’s capital within partners’ capital in the OP’s consolidated financial statements. The common limited partnership interests held by the limited partners in the OP are presented as noncontrolling interest within equity in the Parent’s consolidated financial statements and as limited partners’ capital within partners’ capital in the OP’s consolidated financial statements.

To highlight the differences between the Parent and the OP, separate sections in this report, as applicable, individually discuss the Parent and the OP, including separate financial statements and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure of the Parent and the OP, this report refers to actions or holdings as being actions or holdings of Prologis.

 

 

 


PROLOGIS

INDEX

 

Page

Number

PART I.

Financial Information

 

Item 1.

Financial Statements

1

            Prologis, Inc.:

Consolidated Balance Sheets – June 30, 2023 and December 31, 2022

1

 

Consolidated Statements of Income – Three and Six Months Ended June 30, 2023 and 2022

2

Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2023 and 2022

3

Consolidated Statements of Equity – Three and Six Months Ended June 30, 2023 and 2022

4

Consolidated Statements of Cash Flows – Six Months Ended June 30, 2023 and 2022

5

            Prologis, L.P.:

 

Consolidated Balance Sheets – June 30, 2023 and December 31, 2022

6

Consolidated Statements of Income – Three and Six Months Ended June 30, 2023 and 2022

7

Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2023 and 2022

8

Consolidated Statements of Capital – Three and Six Months Ended June 30, 2023 and 2022

9

Consolidated Statements of Cash Flows – Six Months Ended June 30, 2023 and 2022

10

            Prologis, Inc. and Prologis, L.P.:

 

Notes to the Consolidated Financial Statements

11

 

 

 

Note 1. General

11

 

 

 

 

Note 2. Duke Transaction

 

11

 

 

 

 

Note 3. Real Estate

12

 

 

 

 

Note 4. Unconsolidated Entities

13

 

 

 

 

Note 5. Assets Held for Sale or Contribution

15

 

 

 

 

Note 6. Debt

15

 

 

 

 

Note 7. Noncontrolling Interests

17

 

 

 

 

Note 8. Long-Term Compensation

18

 

 

 

 

Note 9. Earnings Per Common Share or Unit

19

 

 

 

 

Note 10. Financial Instruments and Fair Value Measurements

20

 

 

 

 

Note 11. Business Segments

24

 

 

 

 

Note 12. Supplemental Cash Flow Information

26

Reports of Independent Registered Public Accounting Firm

27

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

29

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

49

 

 

 

Item 4.

Controls and Procedures

 

50

 

PART II.

 

Other Information

 

Item 1.

Legal Proceedings

51

Item 1A.

Risk Factors

51

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

51

Item 3.

Defaults Upon Senior Securities

51

Item 4.

Mine Safety Disclosures

51

Item 5.

Other Information

51

Item 6.

Exhibits

51

 

 

 

 

 

 


Index

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. Financial Statements

 

PROLOGIS, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except per share data)

 

 

 

 

 

 

 

June 30, 2023

 

 

December 31, 2022

 

ASSETS

 

 

 

 

 

Investments in real estate properties

$

86,550,420

 

 

$

81,623,396

 

Less accumulated depreciation

 

9,977,207

 

 

 

9,036,085

 

Net investments in real estate properties

 

76,573,213

 

 

 

72,587,311

 

Investments in and advances to unconsolidated entities

 

9,931,261

 

 

 

9,698,898

 

Assets held for sale or contribution

 

616,571

 

 

 

531,257

 

Net investments in real estate

 

87,121,045

 

 

 

82,817,466

 

 

 

 

 

 

 

Cash and cash equivalents

 

531,110

 

 

 

278,483

 

Other assets

 

4,739,886

 

 

 

4,801,499

 

Total assets

$

92,392,041

 

 

$

87,897,448

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

Liabilities:

 

 

 

 

 

Debt

$

28,129,473

 

 

$

23,875,961

 

Accounts payable and accrued expenses

 

1,582,205

 

 

 

1,711,885

 

Other liabilities

 

4,602,539

 

 

 

4,446,509

 

Total liabilities

 

34,314,217

 

 

 

30,034,355

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

Prologis, Inc. stockholders’ equity:

 

 

 

 

 

Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value;
     
1,279 shares issued and outstanding and 100,000 preferred shares authorized at
          June 30, 2023 and December 31, 2022

 

63,948

 

 

 

63,948

 

Common stock; $0.01 par value; 923,861 shares and 923,142 shares issued and outstanding at
     June 30, 2023 and December 31, 2022, respectively

 

9,239

 

 

 

9,231

 

Additional paid-in capital

 

54,115,592

 

 

 

54,065,407

 

Accumulated other comprehensive loss

 

(332,370

)

 

 

(443,609

)

Distributions in excess of net earnings

 

(390,779

)

 

 

(457,695

)

Total Prologis, Inc. stockholders’ equity

 

53,465,630

 

 

 

53,237,282

 

Noncontrolling interests

 

4,612,194

 

 

 

4,625,811

 

Total equity

 

58,077,824

 

 

 

57,863,093

 

Total liabilities and equity

$

92,392,041

 

 

$

87,897,448

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

1

 


Index

 

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

1,651,454

 

 

$

1,093,452

 

 

$

3,285,224

 

 

$

2,170,313

 

Strategic capital

 

 

799,035

 

 

 

156,239

 

 

 

933,736

 

 

 

290,164

 

Development management and other

 

 

482

 

 

 

2,389

 

 

 

598

 

 

 

10,731

 

Total revenues

 

 

2,450,971

 

 

 

1,252,080

 

 

 

4,219,558

 

 

 

2,471,208

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

387,938

 

 

 

270,465

 

 

 

800,492

 

 

 

546,139

 

Strategic capital

 

 

150,906

 

 

 

57,052

 

 

 

222,615

 

 

 

108,863

 

General and administrative

 

 

95,647

 

 

 

83,114

 

 

 

195,424

 

 

 

157,760

 

Depreciation and amortization

 

 

602,168

 

 

 

402,313

 

 

 

1,204,535

 

 

 

798,960

 

Other

 

 

12,160

 

 

 

11,621

 

 

 

19,344

 

 

 

21,210

 

Total expenses

 

 

1,248,819

 

 

 

824,565

 

 

 

2,442,410

 

 

 

1,632,932

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income before gains on real estate transactions, net

 

 

1,202,152

 

 

 

427,515

 

 

 

1,777,148

 

 

 

838,276

 

Gains on dispositions of development properties and land, net

 

 

184,877

 

 

 

105,802

 

 

 

184,877

 

 

 

316,008

 

Gains on other dispositions of investments in real estate, net

 

 

24,761

 

 

 

-

 

 

 

28,808

 

 

 

584,835

 

Operating income

 

 

1,411,790

 

 

 

533,317

 

 

 

1,990,833

 

 

 

1,739,119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from unconsolidated entities, net

 

 

70,642

 

 

 

79,594

 

 

 

146,421

 

 

 

156,556

 

Interest expense

 

 

(149,818

)

 

 

(60,293

)

 

 

(285,829

)

 

 

(124,357

)

Foreign currency and derivative gains and other income, net

 

 

26,104

 

 

 

144,382

 

 

 

34,718

 

 

 

192,791

 

Gains (losses) on early extinguishment of debt, net

 

 

-

 

 

 

(730

)

 

 

3,275

 

 

 

(18,895

)

Total other income (expense)

 

 

(53,072

)

 

 

162,953

 

 

 

(101,415

)

 

 

206,095

 

Earnings before income taxes

 

 

1,358,718

 

 

 

696,270

 

 

 

1,889,418

 

 

 

1,945,214

 

Income tax expense

 

 

(79,227

)

 

 

(49,834

)

 

 

(111,298

)

 

 

(79,056

)

Consolidated net earnings

 

 

1,279,491

 

 

 

646,436

 

 

 

1,778,120

 

 

 

1,866,158

 

Less net earnings attributable to noncontrolling interests

 

 

63,463

 

 

 

35,043

 

 

 

97,469

 

 

 

103,980

 

Net earnings attributable to controlling interests

 

 

1,216,028

 

 

 

611,393

 

 

 

1,680,651

 

 

 

1,762,178

 

Less preferred stock dividends

 

 

1,475

 

 

 

1,538

 

 

 

2,928

 

 

 

3,069

 

Net earnings attributable to common stockholders

 

$

1,214,553

 

 

$

609,855

 

 

$

1,677,723

 

 

$

1,759,109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

924,191

 

 

 

740,637

 

 

 

924,087

 

 

 

740,506

 

Weighted average common shares outstanding – Diluted

 

 

951,706

 

 

 

766,074

 

 

 

951,638

 

 

 

765,859

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to common stockholders – Basic

 

$

1.31

 

 

$

0.82

 

 

$

1.82

 

 

$

2.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to common stockholders – Diluted

 

$

1.31

 

 

$

0.82

 

 

$

1.81

 

 

$

2.36

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

2

 


Index

 

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Consolidated net earnings

 

$

1,279,491

 

 

$

646,436

 

 

$

1,778,120

 

 

$

1,866,158

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gains, net

 

 

166,049

 

 

 

332,517

 

 

 

137,948

 

 

 

522,040

 

Unrealized gains (losses) on derivative contracts, net

 

 

2,153

 

 

 

28,979

 

 

 

(23,700

)

 

 

42,328

 

Comprehensive income

 

 

1,447,693

 

 

 

1,007,932

 

 

 

1,892,368

 

 

 

2,430,526

 

Net earnings attributable to noncontrolling interests

 

 

(63,463

)

 

 

(35,043

)

 

 

(97,469

)

 

 

(103,980

)

Other comprehensive income attributable to noncontrolling interests

 

 

(4,148

)

 

 

(9,137

)