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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 September 30, 2025

 

☐ 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.)

 

img140849388_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 of 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

Prologis, L.P.

 

5.625% Notes due 2040

 

PLD/40

 

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 requirements 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 Exchange Act).

Prologis, Inc.

Yes

☐

No

☒

Prologis, L.P.

Yes

☐

No

☒

 

The number of shares of Prologis, Inc.’s common stock outstanding at October 24, 2025, was approximately 928,867,000.

 

 

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2025, 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 September 30, 2025, the Parent owned a 97.68% common general partnership interest in the OP and substantially all of the preferred units in the OP. The remaining 2.32% 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 – September 30, 2025 and December 31, 2024

1

 

Consolidated Statements of Income – Three and Nine Months Ended September 30, 2025 and 2024

2

Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2025 and 2024

3

Consolidated Statements of Equity – Three and Nine Months Ended September 30, 2025 and 2024

4

Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2025 and 2024

5

            Prologis, L.P.:

 

Consolidated Balance Sheets – September 30, 2025 and December 31, 2024

6

Consolidated Statements of Income – Three and Nine Months Ended September 30, 2025 and 2024

7

Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2025 and 2024

8

Consolidated Statements of Capital – Three and Nine Months Ended September 30, 2025 and 2024

9

Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2025 and 2024

10

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

 

Notes to the Consolidated Financial Statements

11

 

 

 

Note 1. General

11

 

 

 

 

Note 2. Real Estate

12

 

 

 

 

Note 3. Unconsolidated Entities

13

 

 

 

 

Note 4. Assets Held for Sale or Contribution

15

 

 

 

 

Note 5. Debt

15

 

 

 

 

Note 6. Noncontrolling Interests

18

 

 

 

 

Note 7. Long-Term Compensation

19

 

 

 

 

Note 8. Earnings Per Common Share or Unit

20

 

 

 

 

Note 9. Financial Instruments and Fair Value Measurements

21

 

 

 

 

Note 10. Reportable Segments

25

 

 

 

 

Note 11. Supplemental Cash Flow Information

28

Reports of Independent Registered Public Accounting Firm

29

 

 

Item 2.

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

 

31

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

51

 

 

 

Item 4.

Controls and Procedures

 

52

 

PART II.

 

Other Information

 

Item 1.

Legal Proceedings

53

Item 1A.

Risk Factors

53

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

53

Item 3.

Defaults Upon Senior Securities

53

Item 4.

Mine Safety Disclosures

53

Item 5.

Other Information

53

Item 6.

Exhibits

53

 

 

 

 

 

 

Index

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. Financial Statements

 

PROLOGIS, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except per share data)

 

 

September 30, 2025

 

 

December 31, 2024

 

ASSETS

 

 

 

 

 

Investments in real estate properties

$

95,037,476

 

 

$

91,246,176

 

Less accumulated depreciation

 

14,345,033

 

 

 

12,758,159

 

Net investments in real estate properties

 

80,692,443

 

 

 

78,488,017

 

Investments in and advances to unconsolidated entities

 

10,543,057

 

 

 

10,079,448

 

Assets held for sale or contribution

 

358,851

 

 

 

248,511

 

Net investments in real estate

 

91,594,351

 

 

 

88,815,976

 

 

 

 

 

 

 

Cash and cash equivalents

 

1,186,022

 

 

 

1,318,591

 

Other assets

 

5,560,768

 

 

 

5,194,342

 

Total assets

$

98,341,141

 

 

$

95,328,909

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

Liabilities:

 

 

 

 

 

Debt

$

35,302,901

 

 

$

30,879,263

 

Accounts payable and accrued expenses

 

1,847,369

 

 

 

1,769,327

 

Other liabilities

 

3,978,762

 

 

 

4,063,549

 

Total liabilities

 

41,129,032

 

 

 

36,712,139

 

 

 

 

 

 

 

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
          September 30, 2025 and December 31, 2024

 

63,948

 

 

 

63,948

 

Common stock; $0.01 par value; 928,664 and 926,283 shares issued and outstanding at
    September 30, 2025 and December 31, 2024, respectively

 

9,287

 

 

 

9,263

 

Additional paid-in capital

 

54,658,643

 

 

 

54,464,055

 

Accumulated other comprehensive loss

 

(736,100

)

 

 

(120,215

)

Distributions in excess of net earnings

 

(1,360,237

)

 

 

(465,913

)

Total Prologis, Inc. stockholders’ equity

 

52,635,541

 

 

 

53,951,138

 

Noncontrolling interests

 

4,576,568

 

 

 

4,665,632

 

Total equity

 

57,212,109

 

 

 

58,616,770

 

Total liabilities and equity

$

98,341,141

 

 

$

95,328,909

 

 

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

2,054,200

 

 

$

1,897,164

 

 

$

6,066,797

 

 

$

5,577,198

 

Strategic capital

 

 

150,351

 

 

 

135,367

 

 

 

438,652

 

 

 

418,521

 

Development management and other

 

 

9,330

 

 

 

3,858

 

 

 

31,966

 

 

 

5,245

 

Total revenues

 

 

2,213,881

 

 

 

2,036,389

 

 

 

6,537,415

 

 

 

6,000,964

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

484,635

 

 

 

427,425

 

 

 

1,460,915

 

 

 

1,326,917

 

Strategic capital

 

 

69,270

 

 

 

61,342

 

 

 

194,964

 

 

 

210,689

 

General and administrative

 

 

110,662

 

 

 

98,154

 

 

 

332,234

 

 

 

316,041

 

Depreciation and amortization

 

 

647,999

 

 

 

649,265

 

 

 

1,957,278

 

 

 

1,924,075

 

Other

 

 

8,724

 

 

 

15,683

 

 

 

30,079

 

 

 

39,371

 

Total expenses

 

 

1,321,290

 

 

 

1,251,869

 

 

 

3,975,470

 

 

 

3,817,093

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income before gains on real estate transactions, net

 

 

892,591

 

 

 

784,520

 

 

 

2,561,945

 

 

 

2,183,871

 

Gains on dispositions of development properties and land, net

 

 

15,435

 

 

 

32,005

 

 

 

53,363

 

 

 

159,487

 

Gains on other dispositions of investments in real estate, net

 

 

32,235

 

 

 

434,446

 

 

 

116,078

 

 

 

651,306

 

Operating income

 

 

940,261

 

 

 

1,250,971

 

 

 

2,731,386

 

 

 

2,994,664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from unconsolidated entities, net

 

 

92,827

 

 

 

84,749

 

 

 

268,418

 

 

 

259,558

 

Interest expense

 

 

(258,274

)

 

 

(230,113

)

 

 

(741,891

)

 

 

(631,700

)

Foreign currency, derivative and other gains (losses) and other income
     (expense), net

 

 

100,981

 

 

 

(37,942

)

 

 

(53,506

)

 

 

62,774

 

Gains (losses) on early extinguishment of debt, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

536

 

Total other income (expense)

 

 

(64,466

)

 

 

(183,306

)

 

 

(526,979

)

 

 

(308,832

)

Earnings before income taxes

 

 

875,795

 

 

 

1,067,665

 

 

 

2,204,407

 

 

 

2,685,832

 

Income tax expense

 

 

(54,535

)

 

 

(4,214

)

 

 

(121,323

)

 

 

(80,073

)

Consolidated net earnings

 

 

821,260

 

 

 

1,063,451

 

 

 

2,083,084

 

 

 

2,605,759

 

Less net earnings attributable to noncontrolling interests

 

 

56,994

 

 

 

57,732

 

 

 

154,636

 

 

 

152,977

 

Net earnings attributable to controlling interests

 

 

764,266

 

 

 

1,005,719

 

 

 

1,928,448

 

 

 

2,452,782

 

Less preferred stock dividends

 

 

1,369

 

 

 

1,452

 

 

 

4,326

 

 

 

4,407

 

Net earnings attributable to common stockholders

 

$

762,897

 

 

$

1,004,267

 

 

$

1,924,122

 

 

$

2,448,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

928,851

 

 

 

926,427

 

 

 

928,186

 

 

 

926,017

 

Weighted average common shares outstanding – Diluted

 

 

956,603

 

 

 

953,813

 

 

 

955,824

 

 

 

953,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to common stockholders – Basic

 

$

0.82

 

 

$

1.08

 

 

$

2.07

 

 

$

2.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to common stockholders – Diluted

 

$

0.82

 

 

$

1.08

 

 

$

2.06

 

 

$

2.63

 

 

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Consolidated net earnings

 

$

821,260

 

 

$

1,063,451

 

 

$

2,083,084

 

 

$

2,605,759

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gains (losses), net

 

 

26,432

 

 

 

(417,102

)

 

 

(633,211

)

 

 

(87,659

)

Unrealized gains (losses) on derivative contracts, net

 

 

3,666

 

 

 

(8,669

)

 

 

5,135

 

 

 

26,854

 

Comprehensive income

 

 

851,358

 

 

 

637,680

 

 

 

1,455,008

 

 

 

2,544,954

 

Net earnings attributable to noncontrolling interests

 

 

(56,994

)

 

 

(57,732

)

 

 

(154,636

)

 

 

(152,977

)

Other comprehensive loss (income) attributable to noncontrolling interests

 

 

(691

)

 

 

9,573

 

 

 

12,191

 

 

 

2,755

 

Comprehensive income attributable to common stockholders

 

$

793,673

 

 

$

589,521

 

 

$

1,312,563

 

 

$

2,394,732

 

 

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

3

 

Index

 

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands)

 

Three Months Ended September 30, 2025 and 2024

 

 

 

 

 

Common Stock

 

 

 

 

 

Accumulated

 

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

Additional

 

 

Other

 

 

in Excess of

 

 

Non-

 

 

 

 

 

Preferred

 

 

of

 

 

Par

 

 

Paid-in

 

 

Comprehensive

 

 

Net

 

 

controlling

 

 

Total

 

 

Stock

 

 

Shares

 

 

Value

 

 

Capital

 

 

Income (Loss)

 

 

Earnings

 

 

Interests

 

 

Equity

 

Balance at July 1, 2025

$

63,948

 

 

 

928,037

 

 

$

9,280

 

 

$

54,604,092

 

 

$

(765,507

)

 

$

(1,183,239

)

 

$

4,578,240

 

 

$

57,306,814

 

Consolidated net earnings

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

764,266

 

 

 

56,994

 

 

 

821,260

 

Effect of equity compensation plans

 

-

 

 

 

67

 

 

 

1

 

 

 

15,572

 

 

 

-

 

 

 

-

 

 

 

31,105

 

 

 

46,678

 

Capital contributions

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

32,743

 

 

 

32,743

 

Purchase of noncontrolling interests

 

-

 

 

 

-

 

 

 

-

 

 

 

(421

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(421

)

Redemption of noncontrolling interests

 

-

 

 

 

560

 

 

 

6

 

 

 

31,696

 

 

 

-

 

 

 

-

 

 

 

(33,308

)

 

 

(1,606

)

Foreign currency translation gains (losses), net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

25,825

 

 

 

-

 

 

 

607

 

 

 

26,432

 

Unrealized gains (losses) on
     derivative contracts, net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,582

 

 

 

-

 

 

 

84

 

 

 

3,666

 

Reallocation of equity

 

-

 

 

 

-

 

 

 

-

 

 

 

7,704

 

 

 

-

 

 

 

-

 

 

 

(7,704

)

 

 

-

 

Dividends ($1.01 per common share) and
     other distributions

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(941,264

)

 

 

(82,193

)

 

 

(1,023,457

)

Balance at September 30, 2025

$

63,948

 

 

 

928,664

 

 

$

9,287

 

 

$

54,658,643

 

 

$

(736,100

)

 

$

(1,360,237

)

 

$

4,576,568

 

 

$

57,212,109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

Accumulated

 

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

Additional

 

 

Other

 

 

in Excess of

 

 

Non-

 

 

 

 

 

Preferred

 

 

of

 

 

Par

 

 

Paid-in

 

 

Comprehensive

 

 

Net

 

 

controlling

 

 

Total

 

 

Stock

 

 

Shares

 

 

Value

 

 

Capital

 

 

Income (Loss)

 

 

Earnings

 

 

Interests

 

 

Equity

 

Balance at July 1, 2024

$

63,948

 

 

 

925,880

 

 

$

9,259

 

 

$

54,392,526

 

 

$

(156,053

)

 

$

(964,620

)

 

$

4,578,261

 

 

$

57,923,321

 

Consolidated net earnings

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,005,719

 

 

 

57,732

 

 

 

1,063,451

 

Effect of equity compensation plans

 

-

 

 

 

112

 

 

 

1

 

 

 

16,167

 

 

 

-

 

 

 

-

 

 

 

30,565

 

 

 

46,733

 

Capital contributions

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

15,214

 

 

 

15,214

 

Redemption of noncontrolling interests

 

-

 

 

 

154

 

 

 

1

 

 

 

8,814

 

 

 

-

 

 

 

-

 

 

 

(8,815

)

 

 

-

 

Foreign currency translation gains (losses), net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(407,729

)

 

 

-

 

 

 

(9,373

)

 

 

(417,102

)

Unrealized gains (losses) on
     derivative contracts, net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(8,469

)

 

 

-

 

 

 

(200

)

 

 

(8,669

)

Reallocation of equity

 

-

 

 

 

-

 

 

 

-

 

 

 

5,071

 

 

 

-

 

 

 

-

 

 

 

(5,071

)

 

 

-

 

Dividends ($0.96 per common share) and
     other distributions

 

-

 

 

 

-

 

 

 

-

 

 

 

(4

)

 

 

-

 

 

 

(892,862

)

 

 

(65,990

)

 

 

(958,856

)

Balance at September 30, 2024

$

63,948

 

 

 

926,146

 

 

$

9,261

 

 

$

54,422,574

 

 

$

(572,251

)

 

$

(851,763

)

 

$

4,592,323

 

 

$

57,664,092

 

 

Nine Months Ended September 30, 2025 and 2024

 

 

 

 

 

Common Stock

 

 

 

 

 

Accumulated

 

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

Additional

 

 

Other

 

 

in Excess of

 

 

Non-

 

 

 

 

 

Preferred

 

 

of

 

 

Par

 

 

Paid-in

 

 

Comprehensive

 

 

Net

 

 

controlling

 

 

Total

 

 

Stock

 

 

Shares

 

 

Value

 

 

Capital

 

 

Income (Loss)

 

 

Earnings

 

 

Interests

 

 

Equity

 

Balance at January 1, 2025

$

63,948

 

 

 

926,283

 

 

$

9,263

 

 

$

54,464,055

 

 

$

(120,215

)

 

$

(465,913

)

 

$

4,665,632

 

 

$

58,616,770

 

Consolidated net earnings

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,928,448

 

 

 

154,636

 

 

 

2,083,084

 

Effect of equity compensation plans

 

-

 

 

 

405

 

 

 

4

 

 

 

66,151

 

 

 

-

 

 

 

-

 

 

 

87,508

 

 

 

153,663

 

Capital contributions

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

59,216

 

 

 

59,216

 

Purchase of noncontrolling interests

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,677

)

 

 

-

 

 

 

-

 

 

 

(11,984

)

 

 

(13,661

)

Redemption of noncontrolling interests

 

-

 

 

 

1,976

 

 

 

20

 

 

 

113,883

 

 

 

-

 

 

 

-

 

 

 

(120,216

)

 

 

(6,313

)

Foreign currency translation gains (losses), net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(620,902

)

 

 

-

 

 

 

(12,309

)

 

 

(633,211

)

Unrealized gains (losses) on derivative
     contracts, net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,017

 

 

 

-

 

 

 

118

 

 

 

5,135

 

Reallocation of equity

 

-

 

 

 

-

 

 

 

-

 

 

 

15,282

 

 

 

-

 

 

 

-

 

 

 

(15,282

)

 

 

-

 

Dividends ($3.03 per common share) and
     other distributions

 

-

 

 

 

-

 

 

 

-

 

 

 

949

 

 

 

-

 

 

 

(2,822,772

)

 

 

(230,751

)

 

 

(3,052,574

)

Balance at September 30, 2025

$

63,948

 

 

 

928,664

 

 

$

9,287

 

 

$

54,658,643

 

 

$

(736,100

)

 

$

(1,360,237

)

 

$

4,576,568

 

 

$

57,212,109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

Accumulated

 

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

Additional

 

 

Other

 

 

in Excess of

 

 

Non-

 

 

 

 

 

Preferred

 

 

of

 

 

Par

 

 

Paid-in

 

 

Comprehensive

 

 

Net

 

 

controlling

 

 

Total

 

 

Stock

 

 

Shares

 

 

Value

 

 

Capital

 

 

Income (Loss)

 

 

Earnings

 

 

Interests

 

 

Equity

 

Balance at January 1, 2024

$

63,948

 

 

 

924,391

 

 

$

9,244

 

 

$

54,249,801

 

 

$

(514,201

)

 

$

(627,068

)

 

$

4,641,996

 

 

$

57,823,720

 

Consolidated net earnings

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,452,782

 

 

 

152,977

 

 

 

2,605,759

 

Effect of equity compensation plans

 

-

 

 

 

405

 

 

 

4

 

 

 

49,516

 

 

 

-

 

 

 

-

 

 

 

130,443

 

 

 

179,963

 

Capital contributions

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

21,245

 

 

 

21,245

 

Redemption of noncontrolling interests

 

-

 

 

 

1,350

 

 

 

13

 

 

 

77,453

 

 

 

-

 

 

 

-

 

 

 

(77,965

)

 

 

(499

)

Foreign currency translation gains (losses), net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(84,257

)

 

 

-

 

 

 

(3,402

)

 

 

(87,659

)

Unrealized gains (losses) on derivative
     contracts, net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

26,207

 

 

 

-

 

 

 

647

 

 

 

26,854

 

Reallocation of equity

 

-

 

 

 

-

 

 

 

-

 

 

 

45,815

 

 

 

-

 

 

 

-

 

 

 

(45,815

)

 

 

-

 

Dividends ($2.88 per common share) and
     other distributions

 

-

 

 

 

-

 

 

 

-

 

 

 

(11

)

 

 

-

 

 

 

(2,677,477

)

 

 

(227,803

)

 

 

(2,905,291

)

Balance at September 30, 2024

$

63,948

 

 

 

926,146

 

 

$

9,261

 

 

$

54,422,574

 

 

$

(572,251

)

 

$

(851,763

)

 

$

4,592,323

 

 

$

57,664,092

 

 

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

4

 

Index

 

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2025

 

 

2024

 

Operating activities:

 

 

 

 

 

 

Consolidated net earnings

 

$

2,083,084

 

 

$

2,605,759

 

Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Straight-lined rents and amortization of above and below market leases

 

 

(530,691

)

 

 

(470,289

)

Equity-based compensation awards

 

 

141,654

 

 

 

164,302

 

Depreciation and amortization

 

 

1,957,278

 

 

 

1,924,075

 

Earnings from unconsolidated entities, net

 

 

(268,418

)

 

 

(259,558

)

Operating distributions from unconsolidated entities

 

 

454,682

 

 

 

417,296

 

Decrease (increase) in operating receivables from unconsolidated entities

 

 

8,166

 

 

 

37,769

 

Amortization of debt discounts and debt issuance costs, net

 

 

64,450

 

 

 

58,446

 

Gains on dispositions of development properties and land, net

 

 

(53,363

)

 

 

(159,487

)

Gains on other dispositions of investments in real estate, net

 

 

(116,078

)

 

 

(651,306

)

Unrealized foreign currency and derivative losses (gains), net

 

 

155,348

 

 

 

61,188

 

Losses (gains) on early extinguishment of debt, net

 

 

-

 

 

 

(536

)

Deferred income tax expense (benefit)

 

 

(2,948

)

 

 

2,201

 

Decrease (increase) in other assets

 

 

(127,522

)

 

 

(209,901

)

Increase (decrease) in accounts payable and accrued expenses and other liabilities

 

 

84,556

 

 

 

56,799

 

Net cash provided by (used in) operating activities

 

 

3,850,198

 

 

 

3,576,758

 

Investing activities:

 

 

 

 

 

 

Real estate development

 

 

(1,958,714

)

 

 

(2,376,890

)

Real estate acquisitions

 

 

(1,246,417

)

 

 

(1,820,308

)

Tenant improvements and lease commissions on previously leased space

 

 

(413,577

)

 

 

(347,488

)

Property improvements

 

 

(212,536

)

 

 

(248,868

)

Proceeds from dispositions and contributions of real estate

 

 

340,944

 

 

 

1,788,924

 

Investments in and advances to unconsolidated entities

 

 

(50,657

)

 

 

(479,897

)

Return of investment from unconsolidated entities

 

 

76,156

 

 

 

54,067

 

Proceeds from the settlement of net investment hedges

 

 

4,852

 

 

 

12,797

 

Payments on the settlement of net investment hedges

 

 

(18,908

)

 

 

(1,350

)

Purchase of short-term investments

 

 

(176,715

)

 

 

-

 

Net cash provided by (used in) investing activities

 

 

(3,655,572

)

 

 

(3,419,013

)

Financing activities:

 

 

 

 

 

 

Dividends paid on common and preferred stock

 

 

(2,822,772

)

 

 

(2,677,477

)

Noncontrolling interests contributions

 

 

59,216

 

 

 

21,245

 

Noncontrolling interests distributions

 

 

(230,751

)

 

 

(227,803

)

Settlement of noncontrolling interests

 

 

(19,974

)

 

 

(499

)

Tax paid with shares withheld

 

 

(18,757

)

 

 

(26,893

)

Debt and equity issuance costs paid

 

 

(30,706

)

 

 

(28,965

)

Net proceeds from (payments on) credit facilities and commercial paper

 

 

(27,937

)

 

 

(334,164

)

Repurchase of and payments on debt

 

 

(209,068

)

 

 

(917,560

)

Proceeds from the issuance of debt

 

 

2,955,412

 

 

 

4,283,768

 

Net cash provided by (used in) financing activities

 

 

(345,337

)

 

 

91,652

 

 

 

 

 

 

 

 

Effect of foreign currency exchange rate changes on cash

 

 

18,142

 

 

 

1,086

 

Net increase (decrease) in cash and cash equivalents

 

 

(132,569

)

 

 

250,483

 

Cash and cash equivalents, beginning of period

 

 

1,318,591

 

 

 

530,388

 

Cash and cash equivalents, end of period

 

$

1,186,022

 

 

$

780,871

 

 

See Note 11 for information on noncash investing and financing activities and other information.

 

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

5

 

Index

 

PROLOGIS, L.P.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

 

 

September 30, 2025

 

 

December 31, 2024

 

ASSETS

 

 

 

 

 

Investments in real estate properties

$

95,037,476

 

 

$

91,246,176

 

Less accumulated depreciation

 

14,345,033

 

 

 

12,758,159

 

Net investments in real estate properties

 

80,692,443

 

 

 

78,488,017

 

Investments in and advances to unconsolidated entities

 

10,543,057

 

 

 

10,079,448

 

Assets held for sale or contribution

 

358,851

 

 

 

248,511

 

Net investments in real estate

 

91,594,351

 

 

 

88,815,976

 

 

 

 

 

 

 

Cash and cash equivalents

 

1,186,022

 

 

 

1,318,591

 

Other assets

 

5,560,768

 

 

 

5,194,342

 

Total assets

$

98,341,141

 

 

$

95,328,909

 

 

 

 

 

 

 

LIABILITIES AND CAPITAL

 

 

 

 

 

Liabilities:

 

 

 

 

 

Debt

$

35,302,901

 

 

$

30,879,263

 

Accounts payable and accrued expenses

 

1,847,369

 

 

 

1,769,327

 

Other liabilities

 

3,978,762

 

 

 

4,063,549

 

Total liabilities

 

41,129,032

 

 

 

36,712,139

 

 

 

 

 

 

 

Capital:

 

 

 

 

 

Partners’ capital:

 

 

 

 

 

General partner – preferred

 

63,948

 

 

 

63,948

 

General partner – common

 

52,571,593

 

 

 

53,887,190

 

Limited partners – common

 

1,247,495

 

 

 

913,227

 

Limited partners – Class A common

 

969

 

 

 

429,358

 

Total partners’ capital

 

53,884,005

 

 

 

55,293,723

 

Noncontrolling interests

 

3,328,104

 

 

 

3,323,047

 

Total capital

 

57,212,109

 

 

 

58,616,770

 

Total liabilities and capital

$

98,341,141

 

 

$

95,328,909

 

 

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

6

 

Index

 

PROLOGIS, L.P.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per unit amounts)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

2,054,200

 

 

$

1,897,164

 

 

$

6,066,797

 

 

$

5,577,198

 

Strategic capital

 

 

150,351

 

 

 

135,367

 

 

 

438,652

 

 

 

418,521

 

Development management and other

 

 

9,330

 

 

 

3,858

 

 

 

31,966

 

 

 

5,245

 

Total revenues

 

 

2,213,881

 

 

 

2,036,389

 

 

 

6,537,415

 

 

 

6,000,964

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

484,635

 

 

 

427,425

 

 

 

1,460,915

 

 

 

1,326,917

 

Strategic capital

 

 

69,270

 

 

 

61,342

 

 

 

194,964

 

 

 

210,689

 

General and administrative

 

 

110,662

 

 

 

98,154

 

 

 

332,234

 

 

 

316,041

 

Depreciation and amortization

 

 

647,999

 

 

 

649,265

 

 

 

1,957,278

 

 

 

1,924,075

 

Other

 

 

8,724

 

 

 

15,683

 

 

 

30,079

 

 

 

39,371

 

Total expenses

 

 

1,321,290

 

 

 

1,251,869

 

 

 

3,975,470

 

 

 

3,817,093

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income before gains on real estate transactions, net

 

 

892,591

 

 

 

784,520

 

 

 

2,561,945

 

 

 

2,183,871

 

Gains on dispositions of development properties and land, net

 

 

15,435

 

 

 

32,005

 

 

 

53,363

 

 

 

159,487

 

Gains on other dispositions of investments in real estate, net

 

 

32,235

 

 

 

434,446

 

 

 

116,078

 

 

 

651,306

 

Operating income

 

 

940,261

 

 

 

1,250,971

 

 

 

2,731,386

 

 

 

2,994,664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from unconsolidated entities, net

 

 

92,827

 

 

 

84,749

 

 

 

268,418

 

 

 

259,558

 

Interest expense

 

 

(258,274

)

 

 

(230,113

)

 

 

(741,891

)

 

 

(631,700

)

Foreign currency, derivative and other gains (losses) and other income
     (expense), net

 

 

100,981

 

 

 

(37,942

)

 

 

(53,506

)

 

 

62,774

 

Gains (losses) on early extinguishment of debt, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

536

 

Total other income (expense)

 

 

(64,466

)

 

 

(183,306

)

 

 

(526,979

)

 

 

(308,832

)

Earnings before income taxes

 

 

875,795

 

 

 

1,067,665

 

 

 

2,204,407

 

 

 

2,685,832

 

Income tax expense

 

 

(54,535

)

 

 

(4,214

)

 

 

(121,323

)

 

 

(80,073

)

Consolidated net earnings

 

 

821,260

 

 

 

1,063,451

 

 

 

2,083,084

 

 

 

2,605,759

 

Less net earnings attributable to noncontrolling interests

 

 

38,329

 

 

 

32,728

 

 

 

107,044

 

 

 

91,838

 

Net earnings attributable to controlling interests

 

 

782,931

 

 

 

1,030,723

 

 

 

1,976,040

 

 

 

2,513,921

 

Less preferred unit distributions

 

 

1,369

 

 

 

1,452

 

 

 

4,326

 

 

 

4,407

 

Net earnings attributable to common unitholders

 

$

781,562

 

 

$

1,029,271

 

 

$

1,971,714

 

 

$

2,509,514

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common units outstanding – Basic

 

 

951,116

 

 

 

942,137

 

 

 

946,726

 

 

 

941,545

 

Weighted average common units outstanding – Diluted

 

 

956,603

 

 

 

953,813

 

 

 

955,824

 

 

 

953,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per unit attributable to common unitholders – Basic

 

$

0.82

 

 

$

1.08

 

 

$

2.07

 

 

$

2.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per unit attributable to common unitholders – Diluted

 

$

0.82

 

 

$

1.08

 

 

$

2.06

 

 

$

2.63

 

 

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

7

 

Index

 

PROLOGIS, L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Consolidated net earnings

 

$

821,260

 

 

$

1,063,451

 

 

$

2,083,084

 

 

$

2,605,759

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gains (losses), net

 

 

26,432

 

 

 

(417,102

)

 

 

(633,211

)

 

 

(87,659

)

Unrealized gains (losses) on derivative contracts, net

 

 

3,666

 

 

 

(8,669

)

 

 

5,135

 

 

 

26,854

 

Comprehensive income

 

 

851,358

 

 

 

637,680

 

 

 

1,455,008

 

 

 

2,544,954

 

Net earnings attributable to noncontrolling interests

 

 

(38,329

)

 

 

(32,728

)

 

 

(107,044

)

 

 

(91,838

)

Other comprehensive loss (income) attributable to noncontrolling interests

 

 

198

 

 

 

(605

)

 

 

(2,437

)

 

 

1,324

 

Comprehensive income attributable to common unitholders

 

$

813,227

 

 

$

604,347

 

 

$

1,345,527

 

 

$

2,454,440

 

 

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

8

 

Index

 

PROLOGIS, L.P.

CONSOLIDATED STATEMENTS OF CAPITAL

(Unaudited)

(In thousands)

 

Three Months Ended September 30, 2025 and 2024

 

 

General Partner

 

 

Limited Partners

 

 

Non-

 

 

 

 

 

Preferred

 

 

Common

 

 

Common

 

 

Class A Common

 

 

controlling

 

 

Total

 

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

 

Interests

 

 

Capital

 

Balance at July 1, 2025

 

1,279

 

 

$

63,948

 

 

 

928,037

 

 

$

52,664,626

 

 

 

16,524

 

 

$

937,698

 

 

 

5,941

 

 

$

328,656

 

 

$

3,311,886

 

 

$

57,306,814

 

Consolidated net earnings

 

-

 

 

 

-

 

 

 

-

 

 

 

764,266

 

 

 

-

 

 

 

17,601

 

 

 

-

 

 

 

1,064

 

 

 

38,329

 

 

 

821,260

 

Effect of equity compensation plans

 

-

 

 

 

-

 

 

 

67

 

 

 

15,573

 

 

 

314

 

 

 

31,105

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

46,678

 

Capital contributions

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

32,743

 

 

 

32,743

 

Purchase of noncontrolling interests

 

-

 

 

 

-

 

 

 

-

 

 

 

(421

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(421

)

Redemption of limited partnership units

 

-

 

 

 

-

 

 

 

560

 

 

 

31,702

 

 

 

5,198

 

 

 

293,556

 

 

 

(5,923

)

 

 

(326,864

)

 

 

-

 

 

 

(1,606

)

Foreign currency translation gains
     (losses), net

 

-

 

 

 

-

 

 

 

-

 

 

 

25,825

 

 

 

-

 

 

 

(3,219

)

 

 

-

 

 

 

4,024

 

 

 

(198

)

 

 

26,432

 

Unrealized gains (losses) on
     derivative contracts, net

 

-

 

 

 

-

 

 

 

-

 

 

 

3,582

 

 

 

-

 

 

 

93

 

 

 

-

 

 

 

(9

)

 

 

-

 

 

 

3,666

 

Reallocation of capital

 

-

 

 

 

-

 

 

 

-

 

 

 

7,704

 

 

 

-

 

 

 

(1,813

)

 

 

-

 

 

 

(5,891

)

 

 

-

 

 

 

-

 

Distributions ($1.01 per common unit)
     and other

 

-

 

 

 

-

 

 

 

-

 

 

 

(941,264

)

 

 

-

 

 

 

(27,526

)

 

 

-

 

 

 

(11

)

 

 

(54,656

)

 

 

(1,023,457

)

Balance at September 30, 2025

 

1,279

 

 

$

63,948

 

 

 

928,664

 

 

$

52,571,593

 

 

 

22,036

 

 

$

1,247,495

 

 

 

18

 

 

$

969

 

 

$

3,328,104

 

 

$

57,212,109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General Partner

 

 

Limited Partners

 

 

Non-

 

 

 

 

 

Preferred

 

 

Common

 

 

Common

 

 

Class A Common

 

 

controlling

 

 

Total

 

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

 

Interests

 

 

Capital

 

Balance at July 1, 2024

 

1,279

 

 

$

63,948

 

 

 

925,880

 

 

$

53,281,112

 

 

 

15,291

 

 

$

879,924

 

 

 

7,650

 

 

$

421,376

 

 

$

3,276,961

 

 

$

57,923,321

 

Consolidated net earnings

 

-

 

 

 

-

 

 

 

-

 

 

 

1,005,719

 

 

 

-

 

 

 

16,986

 

 

 

-

 

 

 

8,018

 

 

 

32,728

 

 

 

1,063,451

 

Effect of equity compensation plans

 

-

 

 

 

-

 

 

 

112

 

 

 

16,168

 

 

 

364

 

 

 

30,565

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

46,733

 

Capital contributions

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

15,214

 

 

 

15,214

 

Redemption of limited partnership units

 

-

 

 

 

-

 

 

 

154

 

 

 

8,815

 

 

 

(154

)

 

 

(8,815

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Foreign currency translation gains
     (losses), net

 

-

 

 

 

-

 

 

 

-

 

 

 

(407,729

)

 

 

-

 

 

 

(6,752

)

 

 

-

 

 

 

(3,226

)

 

 

605

 

 

 

(417,102

)

Unrealized gains (losses) on
     derivative contracts, net

 

-

 

 

 

-

 

 

 

-

 

 

 

(8,469

)

 

 

-

 

 

 

(134

)

 

 

-

 

 

 

(66

)

 

 

-

 

 

 

(8,669

)

Reallocation of capital

 

-

 

 

 

-

 

 

 

-

 

 

 

5,071

 

 

 

-

 

 

 

(4,208

)

 

 

-

 

 

 

(863

)

 

 

-

 

 

 

-

 

Distributions ($0.96 per common unit)
     and other

 

-

 

 

 

-

 

 

 

-

 

 

 

(892,866

)

 

 

-

 

 

 

(20,380

)

 

 

-

 

 

 

(4,947

)

 

 

(40,663

)

 

 

(958,856

)

Balance at September 30, 2024

 

1,279

 

 

$

63,948

 

 

 

926,146

 

 

$

53,007,821

 

 

 

15,501

 

 

$

887,186

 

 

 

7,650

 

 

$

420,292

 

 

$

3,284,845

 

 

$

57,664,092

 

 

Nine Months Ended September 30, 2025 and 2024

 

 

General Partner

 

 

Limited Partners

 

 

Non-

 

 

 

 

 

Preferred

 

 

Common

 

 

Common

 

 

Class A Common

 

 

controlling

 

 

Total

 

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

 

Interests

 

 

Capital

 

Balance at January 1, 2025

 

1,279

 

 

$

63,948

 

 

 

926,283

 

 

$

53,887,190

 

 

 

15,699

 

 

$

913,227

 

 

 

7,650

 

 

$

429,358

 

 

$

3,323,047

 

 

$

58,616,770

 

Consolidated net earnings

 

-

 

 

 

-

 

 

 

-

 

 

 

1,928,448

 

 

 

-

 

 

 

38,434

 

 

 

-

 

 

 

9,158

 

 

 

107,044

 

 

 

2,083,084

 

Effect of equity compensation plans

 

-

 

 

 

-

 

 

 

405

 

 

 

66,155

 

 

 

896

 

 

 

87,508

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

153,663

 

Capital contributions

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

59,216

 

 

 

59,216

 

Purchase of noncontrolling interests

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,677

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(11,984

)

 

 

(13,661

)

Redemption of noncontrolling interests

 

-

 

 

 

-

 

 

 

-

 

 

 

757

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(757

)

 

 

-

 

Redemption of limited partnership units

 

-

 

 

 

-

 

 

 

1,976

 

 

 

113,146

 

 

 

5,441

 

 

 

302,893

 

 

 

(7,632

)

 

 

(422,352

)

 

 

-

 

 

 

(6,313

)

Foreign currency translation gains
     (losses), net

 

-

 

 

 

-

 

 

 

-

 

 

 

(620,902

)

 

 

-

 

 

 

(14,734

)

 

 

-

 

 

 

(12

)

 

 

2,437

 

 

 

(633,211

)

Unrealized gains (losses) on derivative
     contracts, net

 

-

 

 

 

-

 

 

 

-

 

 

 

5,017

 

 

 

-

 

 

 

118

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,135

 

Reallocation of capital

 

-

 

 

 

-

 

 

 

-

 

 

 

15,282

 

 

 

-

 

 

 

(8,898

)

 

 

-

 

 

 

(6,384

)

 

 

-

 

 

 

-

 

Distributions ($3.03 per common unit)
     and other

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,821,823

)

 

 

-

 

 

 

(71,053

)

 

 

-

 

 

 

(8,799

)

 

 

(150,899

)

 

 

(3,052,574

)

Balance at September 30, 2025

 

1,279

 

 

$

63,948

 

 

 

928,664

 

 

$

52,571,593

 

 

 

22,036

 

 

$

1,247,495

 

 

 

18

 

 

$

969

 

 

$

3,328,104

 

 

$

57,212,109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General Partner

 

 

Limited Partners

 

 

Non-

 

 

 

 

 

Preferred

 

 

Common

 

 

Common

 

 

Class A Common

 

 

controlling

 

 

Total

 

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

 

Units

 

 

Amount

 

 

Interests

 

 

Capital

 

Balance at January 1, 2024

 

1,279

 

 

$

63,948

 

 

 

924,391

 

 

$

53,117,776

 

 

 

14,760

 

 

$

848,160

 

 

 

8,595

 

 

$

469,561

 

 

$

3,324,275

 

 

$

57,823,720

 

Consolidated net earnings

 

-

 

 

 

-

 

 

 

-

 

 

 

2,452,782

 

 

 

-

 

 

 

41,055

 

 

 

-

 

 

 

20,084

 

 

 

91,838

 

 

 

2,605,759

 

Effect of equity compensation plans

 

-

 

 

 

-

 

 

 

405

 

 

 

49,520

 

 

 

1,202

 

 

 

130,443

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

179,963

 

Capital contributions

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

21,245

 

 

 

21,245

 

Redemption of limited partnership units

 

-

 

 

 

-

 

 

 

1,350

 

 

 

77,466

 

 

 

(461

)

 

 

(26,127

)

 

 

(945

)

 

 

(51,838

)

 

 

-

 

 

 

(499

)

Foreign currency translation gains
     (losses), net

 

-

 

 

 

-

 

 

 

-

 

 

 

(84,257

)

 

 

-

 

 

 

(1,410

)

 

 

-

 

 

 

(668

)

 

 

(1,324

)

 

 

(87,659

)

Unrealized gains (losses) on derivative
     contracts, net

 

-

 

 

 

-

 

 

 

-

 

 

 

26,207

 

 

 

-

 

 

 

439

 

 

 

-

 

 

 

208

 

 

 

-

 

 

 

26,854

 

Reallocation of capital

 

-

 

 

 

-

 

 

 

-

 

 

 

45,815

 

 

 

-

 

 

 

(44,212

)

 

 

-

 

 

 

(1,603

)

 

 

-

 

 

 

-

 

Distributions ($2.88 per common unit)
     and other

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,677,488

)

 

 

-

 

 

 

(61,162

)

 

 

-

 

 

 

(15,452

)

 

 

(151,189

)

 

 

(2,905,291

)

Balance at September 30, 2024

 

1,279

 

 

$

63,948

 

 

 

926,146

 

 

$

53,007,821

 

 

 

15,501

 

 

$

887,186

 

 

 

7,650

 

 

$

420,292

 

 

$

3,284,845

 

 

$

57,664,092

 

 

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

9

 

Index

 

PROLOGIS, L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2025

 

 

2024

 

Operating activities:

 

 

 

 

 

 

Consolidated net earnings

 

$

2,083,084

 

 

$

2,605,759

 

Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Straight-lined rents and amortization of above and below market leases

 

 

(530,691

)

 

 

(470,289

)

Equity-based compensation awards

 

 

141,654

 

 

 

164,302

 

Depreciation and amortization

 

 

1,957,278

 

 

 

1,924,075

 

Earnings from unconsolidated entities, net

 

 

(268,418

)

 

 

(259,558

)

Operating distributions from unconsolidated entities

 

 

454,682

 

 

 

417,296

 

Decrease (increase) in operating receivables from unconsolidated entities

 

 

8,166

 

 

 

37,769

 

Amortization of debt discounts and debt issuance costs, net

 

 

64,450

 

 

 

58,446

 

Gains on dispositions of development properties and land, net

 

 

(53,363

)

 

 

(159,487

)

Gains on other dispositions of investments in real estate, net

 

 

(116,078

)

 

 

(651,306

)

Unrealized foreign currency and derivative losses (gains), net

 

 

155,348

 

 

 

61,188

 

Losses (gains) on early extinguishment of debt, net

 

 

-

 

 

 

(536

)

Deferred income tax expense (benefit)

 

 

(2,948

)

 

 

2,201

 

Decrease (increase) in other assets

 

 

(127,522

)

 

 

(209,901

)

Increase (decrease) in accounts payable and accrued expenses and other liabilities

 

 

84,556

 

 

 

56,799

 

Net cash provided by (used in) operating activities

 

 

3,850,198

 

 

 

3,576,758

 

Investing activities:

 

 

 

 

 

 

Real estate development

 

 

(1,958,714

)

 

 

(2,376,890

)

Real estate acquisitions

 

 

(1,246,417

)

 

 

(1,820,308

)

Tenant improvements and lease commissions on previously leased space

 

 

(413,577

)

 

 

(347,488

)

Property improvements

 

 

(212,536

)

 

 

(248,868

)

Proceeds from dispositions and contributions of real estate

 

 

340,944

 

 

 

1,788,924

 

Investments in and advances to unconsolidated entities

 

 

(50,657

)

 

 

(479,897

)

Return of investment from unconsolidated entities

 

 

76,156

 

 

 

54,067

 

Proceeds from the settlement of net investment hedges

 

 

4,852

 

 

 

12,797

 

Payments on the settlement of net investment hedges

 

 

(18,908

)

 

 

(1,350

)

Purchase of short-term investments

 

 

(176,715

)

 

 

-

 

Net cash provided by (used in) investing activities

 

 

(3,655,572

)

 

 

(3,419,013

)

Financing activities:

 

 

 

 

 

 

Distributions paid on common and preferred units

 

 

(2,902,624

)

 

 

(2,754,091

)

Noncontrolling interests contributions

 

 

59,216

 

 

 

21,245

 

Noncontrolling interests distributions

 

 

(150,899

)

 

 

(151,189

)

Settlement of noncontrolling interests

 

 

(13,661

)

 

 

-

 

Redemption of common limited partnership units

 

 

(6,313

)

 

 

(499

)

Tax paid with shares of the Parent withheld

 

 

(18,757

)

 

 

(26,893

)

Debt and equity issuance costs paid

 

 

(30,706

)

 

 

(28,965

)

Net proceeds from (payments on) credit facilities and commercial paper

 

 

(27,937

)

 

 

(334,164

)

Repurchase of and payments on debt

 

 

(209,068

)

 

 

(917,560

)

Proceeds from the issuance of debt

 

 

2,955,412

 

 

 

4,283,768

 

Net cash provided by (used in) financing activities

 

 

(345,337

)

 

 

91,652

 

 

 

 

 

 

 

 

Effect of foreign currency exchange rate changes on cash

 

 

18,142

 

 

 

1,086

 

Net increase (decrease) in cash and cash equivalents

 

 

(132,569

)

 

 

250,483

 

Cash and cash equivalents, beginning of period

 

 

1,318,591

 

 

 

530,388

 

Cash and cash equivalents, end of period

 

$

1,186,022

 

 

$

780,871

 

 

See Note 11 for information on noncash investing and financing activities and other information.

 

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

10

 

Index

 

PROLOGIS, INC. AND PROLOGIS, L.P.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. GENERAL

 

Business. Prologis, Inc. (or the “Parent”) commenced operations as a fully integrated real estate company in 1997, elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”), and believes the current organization and method of operation will enable it to maintain its status as a REIT. The Parent is the general partner of Prologis, L.P. (or the “Operating Partnership” or “OP”). Through the OP, we are engaged in the ownership, acquisition, development and management of logistics facilities with a focus on key markets in 20 countries on four continents. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors. We maintain a significant level of ownership in these co-investment ventures, which may be consolidated or unconsolidated based on our level of control of the entity. Our current business strategy consists of two reportable segments: Real Estate (Rental Operations and Development) and Strategic Capital. Our Real Estate Segment represents the ownership, leasing and development of logistics properties. Our Strategic Capital Segment represents the management of properties owned by our unconsolidated co-investment ventures and other ventures. See Note 10 for further discussion of our reportable segments. Unless otherwise indicated, the Notes to the Consolidated Financial Statements apply to both the Parent and the OP. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and OP collectively.

 

For each share of preferred or common stock the Parent issues, the OP issues a corresponding preferred or common partnership unit, as applicable, to the Parent in exchange for the contribution of the proceeds from the stock issuance. At September 30, 2025, the Parent owned a 97.68% common general partnership interest in the OP and substantially all of the preferred units in the OP. The remaining 2.32% common limited partnership interests, are owned by unaffiliated investors and certain current and former directors and officers of the Parent. Each partner’s percentage interest in the OP is determined based on the number of OP units held, compared to total OP units outstanding at each period end and is used as the basis for the allocation of net income or loss to each partner. At the end of each reporting period, a capital adjustment is made in the OP to reflect the appropriate ownership interest for each of the common unitholders. These adjustments are reflected in the line items Reallocation of Equity in the Consolidated Statements of Equity of the Parent and Reallocation of Capital in the Consolidated Statements of Capital of the OP.

 

As the sole general partner of the OP, the Parent has complete responsibility and discretion in the day-to-day management and control of the OP, and 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 general partner with control of the OP, the Parent is the primary beneficiary and therefore consolidates the OP. Because the Parent’s only significant asset is its investment in the OP, the assets and liabilities of the Parent and the OP are the same on their respective financial statements.

 

Basis of Presentation. The accompanying Consolidated Financial Statements are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and are presented in our reporting currency, the U.S. dollar. Intercompany transactions with consolidated entities have been eliminated.

 

The accompanying unaudited interim financial information has been prepared according to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. Our management believes that the disclosures presented in these financial statements are adequate to make the information presented not misleading. In our opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for both the Parent and the OP for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited interim financial information should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC, and other public information.

 

Accounting Pronouncements.

 

New Accounting Standards Issued but not yet Adopted

 

Income Taxes. In December 2023, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update ("ASU") to enhance the transparency and decision usefulness of income tax disclosures on an annual basis. The ASU requires additional disclosures around income tax categories and further disaggregation of federal, state and foreign tax information and eliminates certain existing requirements. The standard is effective for the fiscal year ended December 31, 2025. We do not expect the standard to have a material impact on our Consolidated Financial Statements.

 

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued an ASU to enhance disclosures about certain expense types in commonly presented expense captions on the Consolidated Statements of Income. The ASU requires additional disclosures that disaggregate expense captions into specific components with qualitative descriptions. This standard is effective for the

11

 

Index

 

fiscal year ended December 31, 2027, and interim periods thereafter, on a prospective or retrospective basis. We do not expect the standard to have a material impact on our Consolidated Financial Statements as we anticipate the primary change will be additional disclosure in our Consolidated Financial Statements.

 

NOTE 2. REAL ESTATE

 

Investments in real estate properties consisted of the following (dollars and square feet in thousands):

 

 

Square Feet

 

Number of Buildings

 

 

 

 

Sep 30,

 

Dec 31,

 

Sep 30,

 

Dec 31,

 

Sep 30,

 

Dec 31,

 

 

2025

 

2024

 

2025

 

2024

 

2025

 

2024

 

Operating properties:

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements

 

654,051

 

 

643,929

 

 

3,016

 

 

2,987

 

$

56,500,079

 

$

54,840,666

 

Improved land

 

 

 

 

 

 

 

 

 

24,188,824

 

 

23,438,687

 

Development portfolio, including
     land costs:

 

 

 

 

 

 

 

 

 

 

 

 

Prestabilized

 

8,386

 

 

5,387

 

 

32

 

 

19

 

 

1,314,347

 

 

813,029

 

Properties under development

 

13,030

 

 

18,306

 

 

38

 

 

66

 

 

1,434,064

 

 

2,016,584

 

Land (1)

 

 

 

 

 

 

 

 

 

5,095,671

 

 

4,453,522

 

Other real estate investments (2)

 

 

 

 

 

 

 

 

 

6,504,491

 

 

5,683,688

 

Total investments in real estate
     properties

 

 

 

 

 

 

 

 

 

95,037,476

 

 

91,246,176

 

Less accumulated depreciation

 

 

 

 

 

 

 

 

 

14,345,033

 

 

12,758,159

 

Net investments in real estate
     properties

 

 

 

 

 

 

 

 

$

80,692,443

 

$

78,488,017

 

 

(1)
At September 30, 2025 and December 31, 2024, our land was comprised of 8,730 and 8,708 acres, respectively.

 

(2)
Included in other real estate investments were principally: (i) land parcels we own and lease to third parties; (ii) renewable energy assets, including solar, electric vehicle charging and energy storage; (iii) non-strategic real estate assets that we do not intend to operate long term; (iv) data centers; and (v) non-industrial real estate assets that we intend to redevelop as industrial properties or data centers.

 

Acquisitions

 

The following table summarizes our real estate acquisition activity (dollars and square feet in thousands):

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024 (1)

 

 

2025

 

 

2024 (1)

 

Number of operating properties

 

 

1

 

 

 

46

 

 

 

11

 

 

 

54

 

Square feet

 

 

600

 

 

 

8,770

 

 

 

3,883

 

 

 

11,047

 

Acres of land

 

 

38

 

 

 

342

 

 

 

486

 

 

 

707

 

Acquisition cost of net investments in real estate, excluding other real
     estate investments

 

$

77,360

 

 

$

1,431,598

 

 

$

1,012,134

 

 

$

1,999,129

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition cost of other real estate investments

 

$

15,391

 

 

$

184,761

 

 

$

295,764

 

 

$

235,004

 

 

(1)
During the three and nine months ended September 30, 2024, we acquired our partners' interest in an unconsolidated venture and began consolidating the properties, including 30 operating properties aggregating 6.0 million square feet.

 

12

 

Index

 

 

Dispositions

 

The following table summarizes our dispositions of net investments in real estate which include contributions to unconsolidated co-investment ventures and dispositions to third parties (dollars and square feet in thousands):

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Dispositions of development properties and land, net (1)

 

 

 

 

 

 

 

 

 

 

 

 

Number of properties

 

 

1

 

 

 

3

 

 

 

2

 

 

 

10

 

Square feet

 

 

57

 

 

 

1,284

 

 

 

459

 

 

 

3,123

 

Net proceeds

 

$

49,661

 

 

$

202,386

 

 

$

150,938

 

 

$

580,876

 

Gains on dispositions of development properties and land, net

 

$

15,435

 

 

$

32,005

 

 

$

53,363

 

 

$

159,487

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other dispositions of investments in real estate, net (2)

 

 

 

 

 

 

 

 

 

 

 

 

Number of properties

 

 

1

 

 

 

19

 

 

 

7

 

 

 

71

 

Square feet

 

 

284

 

 

 

6,131

 

 

 

1,308

 

 

 

13,954

 

Net proceeds

 

$

42,328

 

 

$

893,054

 

 

$

211,487

 

 

$

1,776,112

 

Gains on other dispositions of investments in real estate, net

 

$

32,235

 

 

$

434,446

 

 

$

116,078

 

 

$

651,306

 

 

(1)
The gains we recognize in Gains on Dispositions of Development Properties and Land, Net in the Consolidated Statements of Income are principally driven by the contribution of newly developed properties to our unconsolidated co-investment ventures and occasionally sales to a third party.

 

(2)
The three and nine months ended September 30, 2024 include the contribution of operating properties to our unconsolidated co-investment venture in the U.S.

Leases

 

We recognized lease right-of-use assets of $653.0 million and $707.8 million within Other Assets and lease liabilities of $618.2 million and $615.3 million within Other Liabilities, principally for land and office space leases in which we are the lessee, in the Consolidated Balance Sheets at September 30, 2025 and December 31, 2024, respectively.

 

NOTE 3. UNCONSOLIDATED ENTITIES

 

Summary of Investments

 

We have investments in entities through a variety of ventures. We co-invest in entities that own multiple properties with partners and investors and we provide asset management and property management services to these entities, which we refer to as co-investment ventures. These entities may be consolidated or unconsolidated depending on the structure, our partner’s participation and other rights and our level of control of the entity. This note details our investments in unconsolidated co-investment ventures, which are related parties and accounted for using the equity method of accounting. See Note 6 for more detail regarding our consolidated investments that are not wholly owned.

 

We also have investments in other ventures, generally with one partner, which we primarily account for using the equity method. We refer to our investments in both unconsolidated co-investment ventures and other ventures, collectively, as unconsolidated entities.

 

The following table summarizes our investments in and advances to unconsolidated entities (in thousands):

 

 

 

September 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Unconsolidated co-investment ventures

 

$

9,730,490

 

 

$

9,274,762

 

Other ventures

 

 

812,567

 

 

 

804,686

 

Total

 

$

10,543,057

 

 

$

10,079,448

 

 

13

 

Index

 

 

Unconsolidated Co-Investment Ventures

 

The following table summarizes the Strategic Capital Revenues we recognized in the Consolidated Statements of Income related to our unconsolidated co-investment ventures (in thousands):

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Recurring fees

 

$

130,425

 

 

$

117,855

 

 

$

383,914

 

 

$

345,776

 

Transactional fees

 

 

16,577

 

 

 

14,372

 

 

 

47,096

 

 

 

39,786

 

Promote revenue

 

 

1,245

 

 

 

908

 

 

 

1,245

 

 

 

25,027

 

Total strategic capital revenues from unconsolidated
     co-investment ventures (1)

 

$

148,247

 

 

$

133,135

 

 

$

432,255

 

 

$

410,589

 

 

(1)
These amounts exclude strategic capital revenues from other ventures.

 

The following table summarizes the key property information, financial position and operating information of our unconsolidated co-investment ventures on a U.S. GAAP basis (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to these ventures (dollars and square feet in millions):

 

 

U.S.

 

 

Other Americas (1)

 

 

Europe

 

 

Asia

 

 

Total

 

At:

Sep 30,
2025

 

 

Dec 31,
2024

 

 

Sep 30,
2025

 

 

Dec 31,
2024

 

 

Sep 30,
2025

 

 

Dec 31,
2024

 

 

Sep 30,
2025

 

 

Dec 31,
2024

 

 

Sep 30,
2025

 

 

Dec 31,
2024

 

Key property information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ventures

 

1

 

 

 

1

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

2

 

 

 

4

 

 

 

4

 

 

 

9

 

 

 

9

 

Operating properties

 

767

 

 

 

767

 

 

 

390

 

 

 

391

 

 

 

1,047

 

 

 

1,037

 

 

 

243

 

 

 

241

 

 

 

2,447

 

 

 

2,436

 

Square feet

 

134

 

 

 

134

 

 

 

85

 

 

 

85

 

 

 

235

 

 

 

232

 

 

 

101

 

 

 

100

 

 

 

555

 

 

 

551

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial position:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets ($)

 

13,687

 

 

 

13,903

 

 

 

7,274

 

 

 

7,112

 

 

 

26,242

 

 

 

23,873

 

 

 

9,573

 

 

 

9,404

 

 

 

56,776

 

 

 

54,292

 

Third-party debt ($)

 

5,398

 

 

 

5,399

 

 

 

2,210

 

 

 

2,242

 

 

 

6,905

 

 

 

6,343

 

 

 

4,064

 

 

 

3,942

 

 

 

18,577

 

 

 

17,926

 

Total liabilities ($)

 

6,400

 

 

 

6,466

 

 

 

2,503

 

 

 

2,422

 

 

 

9,134

 

 

 

8,375

 

 

 

4,478

 

 

 

4,362

 

 

 

22,515

 

 

 

21,625

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Our investment balance ($) (2)

 

2,984

 

 

 

3,023

 

 

 

1,189

 

 

 

1,168

 

 

 

4,807

 

 

 

4,371

 

 

 

750

 

 

 

713

 

 

 

9,730

 

 

 

9,275

 

Our weighted average ownership (3)

 

30.5

%

 

 

30.5

%

 

 

31.0

%

 

 

30.9

%

 

 

32.8

%

 

 

33.0

%

 

 

15.4

%

 

 

15.2

%

 

 

29.1

%

 

 

29.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

Other Americas (1)(4)

 

 

Europe

 

 

Asia

 

 

Total

 

Operating Information:

Sep 30,
2025

 

 

Sep 30,
2024

 

 

Sep 30,
2025

 

 

Sep 30,
2024

 

 

Sep 30,
2025

 

 

Sep 30,
2024

 

 

Sep 30,
2025

 

 

Sep 30,
2024

 

 

Sep 30,
2025

 

 

Sep 30,
2024

 

For the three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues ($)

 

411

 

 

 

355

 

 

 

206

 

 

 

110

 

 

 

527

 

 

 

467

 

 

 

164

 

 

 

162

 

 

 

1,308

 

 

 

1,094

 

Net earnings ($)

 

102

 

 

 

103

 

 

 

41

 

 

 

41

 

 

 

89

 

 

 

96

 

 

 

46

 

 

 

11

 

 

 

278

 

 

 

251

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Our earnings from unconsolidated
     co-investment ventures, net ($)

 

32

 

 

 

31

 

 

 

17

 

 

 

13

 

 

 

31

 

 

 

36

 

 

 

8

 

 

 

2

 

 

 

88

 

 

 

82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues ($)

 

1,224

 

 

 

1,070

 

 

 

620

 

 

 

350

 

 

 

1,504

 

 

 

1,359

 

 

 

490

 

 

 

475

 

 

 

3,838

 

 

 

3,254

 

Net earnings ($)

 

304

 

 

 

322

 

 

 

172

 

 

 

150

 

 

 

258

 

 

 

259

 

 

 

100

 

 

 

48

 

 

 

834

 

 

 

779

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Our earnings from unconsolidated
     co-investment ventures, net ($)

 

96

 

 

 

97

 

 

 

54

 

 

 

49

 

 

 

90

 

 

 

91

 

 

 

17

 

 

 

9

 

 

 

257

 

 

 

246

 

 

(1)
Prologis Brazil Logistics Venture and our other Brazilian joint ventures are combined as one venture for the purpose of this table.

 

(2)
Prologis’ investment balance is presented at our adjusted basis. The difference between our ownership interest of a venture’s equity and our investment balance at September 30, 2025 and December 31, 2024, results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018; (ii) recording additional costs associated with our investment in the venture; (iii) receivables, principally for fees and promotes; and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. and Prologis Japan Core Logistics Fund.

 

(3)
Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets before depreciation, net of other liabilities.

 

(4)
In 2024, FIBRA Prologis acquired an 89.9% ownership interest in Terrafina, a Mexican FIBRA, and began consolidating Terrafina in August 2024.

 

14

 

Index

 

Equity Commitments Related to Certain Unconsolidated Co-Investment Ventures

 

At September 30, 2025, our outstanding equity commitments were $194.1 million, principally for Prologis Japan Core Logistics Fund and Prologis China Logistics Venture. The equity commitments expire from 2025 to 2033 if they have not been previously called.

 

NOTE 4. ASSETS HELD FOR SALE OR CONTRIBUTION

 

We had investments in certain real estate properties that met the criteria to be classified as held for sale or contribution at September 30, 2025 and December 31, 2024. At the time of classification, these properties were expected to be sold to third parties or were recently stabilized and expected to be contributed to unconsolidated co-investment ventures within twelve months. The amounts included in Assets Held for Sale or Contribution in the Consolidated Balance Sheets represented real estate investment balances and the related assets and liabilities.

 

Assets held for sale or contribution consisted of the following (dollars and square feet in thousands):

 

 

 

September 30,
2025

 

 

December 31,
2024

 

Number of operating properties

 

 

11

 

 

 

8

 

Square feet

 

 

3,158

 

 

 

2,229

 

Total assets held for sale or contribution

 

$

358,851

 

 

$

248,511

 

Total liabilities associated with assets held for sale or contribution – included in Other Liabilities

 

$

17,141

 

 

$

1,951

 

 

NOTE 5. DEBT

 

All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt (dollars in thousands):

 

 

 

September 30, 2025

 

 

December 31, 2024

 

 

 

Weighted Average

 

Amount

 

 

Weighted Average

 

Amount

 

 

 

Interest Rate (1)

 

Years (2)

 

Outstanding (3)

 

 

Interest Rate (1)

 

Years (2)

 

Outstanding (3)

 

Credit facilities and
     commercial paper

 

2.9%

 

 

1.8

 

 

 

$

224,922

 

 

4.1%

 

1.8

 

 

$

224,966

 

Senior notes

 

3.2%

 

 

9.0

 

 

 

 

32,777,234

 

 

3.2%

 

9.8

 

 

 

28,322,163

 

Term loans and
     unsecured other

 

1.9%

 

 

4.1

 

 

 

 

1,979,040

 

 

2.0%

 

4.4

 

 

 

2,013,317

 

Secured mortgage

 

4.3%

 

 

2.4

 

 

 

 

321,705

 

 

4.3%

 

3.2

 

 

 

318,817

 

Total

 

3.2%

 

 

8.6

 

 

 

$

35,302,901

 

 

3.1%

 

9.4

 

 

$

30,879,263

 

 

(1)
The weighted average interest rates presented represent the effective interest rates (including amortization of debt issuance costs and noncash premiums or discounts) at the end of the period for the debt outstanding and include the impact of designated interest rate contracts, which effectively fix the interest rate on certain variable rate debt.

 

(2)
The weighted average years represents the remaining maturity in years on the debt outstanding at period end.

 

(3)
We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies:

 

 

 

 

September 30, 2025

 

 

December 31, 2024

 

 

 

 

Weighted Average Interest Rate

 

Amount Outstanding

 

 

% of Total

 

 

Weighted Average Interest Rate

 

Amount Outstanding

 

 

% of Total

 

 

British pound sterling

 

3.0%

 

$

1,840,612

 

 

 

5.2

%

 

3.1%

 

$

1,714,653

 

 

 

5.6

%

 

Canadian dollar

 

4.5%

 

 

1,767,772

 

 

 

5.0

%

 

4.7%

 

 

1,262,508

 

 

 

4.1

%

 

Euro

 

2.2%

 

 

12,291,550

 

 

 

34.8

%

 

2.1%

 

 

9,900,602

 

 

 

32.1

%

 

Japanese yen

 

1.2%

 

 

3,110,101

 

 

 

8.8

%

 

1.1%

 

 

2,910,755

 

 

 

9.4

%

 

U.S. dollar

 

4.1%

 

 

15,733,734

 

 

 

44.6

%

 

4.1%

 

 

14,457,872

 

 

 

46.8

%

 

Other

 

3.8%

 

 

559,132

 

 

 

1.6

%

 

3.6%

 

 

632,873

 

 

 

2.0

%

 

Total

 

3.2%

 

$

35,302,901

 

 

 

100.0

%

 

3.1%

 

$

30,879,263

 

 

 

100.0

%

 

15

 

Index

 

Credit Facilities and Commercial Paper

 

The following table summarizes information about our available liquidity at September 30, 2025 (in millions):

 

Aggregate lender commitments

 

 

 

Credit facilities

 

$

6,524

 

Less:

 

 

 

Credit facility borrowings outstanding

 

 

225

 

Commercial paper borrowings outstanding (1)

 

 

-

 

Outstanding letters of credit

 

 

27

 

Current availability

 

 

6,272

 

Cash and cash equivalents

 

 

1,186

 

Total liquidity

 

$

7,458

 

 

(1)
We are required to maintain available commitments under our credit facilities in an amount at least equal to the commercial paper borrowings outstanding.

 

Credit Facilities

 

In May 2025, we amended and restated one of our global senior credit facilities (the "2022 Global Facility") as the 2025 Global Facility. Each of the global senior credit facilities, the 2023 Global Facility and the 2025 Global Facility, have a borrowing capacity of $3.0 billion (subject to currency fluctuations). We may draw on both facilities in British pounds sterling, Canadian dollars, euro, Japanese yen, Mexican pesos and U.S. dollars on a revolving basis. The 2023 Global Facility is scheduled to mature in June 2027 and the 2025 Global Facility in June 2029; however, we can extend the maturity date for each facility by six months on two occasions, subject to the payment of extension fees. We also have the ability to increase each credit facility to $4.0 billion, subject to currency fluctuations and obtaining additional lender commitments.

 

We also have a Japanese yen revolver (the "Yen Credit Facility") with a borrowing capacity of ¥58.5 billion ($395.3 million at September 30, 2025). We have the ability to increase the borrowing capacity of the Yen Credit Facility to ¥75.0 billion ($506.8 million at September 30, 2025), subject to obtaining additional lender commitments. The Yen Credit Facility is scheduled to mature in August 2027; however, we may extend the maturity date for one year, subject to the payment of extension fees.

 

We refer to the 2023 Global Facility, the 2025 Global Facility and the Yen Credit Facility, collectively, as our “Credit Facilities.” Pricing for the Credit Facilities, including the spread over the applicable benchmark and the rates applicable to facility fees and letter of credit fees, varies based on the public debt ratings of the OP.

 

Our Credit Facilities are utilized to support our cash needs for general corporate purposes on a short-term basis. The maturities of the borrowings under the Credit Facilities generally range from overnight to three months.

 

Commercial Paper

 

We have commercial paper programs under which we may issue, repay and re-issue short-term unsecured commercial paper notes. Under our existing U.S. dollar-denominated program, the aggregate principal amount of notes outstanding at any time cannot exceed $1.0 billion. In June 2025, we established an additional multicurrency program under which we may issue notes denominated in British pound sterling, euros or U.S. dollars. The aggregate principal amount of notes outstanding under this program cannot exceed €1.0 billion (or its equivalent in other currencies) ($1.2 billion at September 30, 2025).The net proceeds from both programs are expected to be used for general corporate purposes. The maturities of the notes generally range from overnight to three months. Under customary terms in the commercial paper market, the notes are issued either at a discount to par or at par with fixed or floating interest rates. At any point in time, we are required to maintain available commitments under our Credit Facilities in an amount at least equal to the amount of notes outstanding under both programs.

 

16

 

Index

 

Senior Notes

 

The following table summarizes the issuances of senior notes during the nine months ended September 30, 2025 (principal in thousands):

 

 

 

Aggregate Principal

 

 

Issuance Date Weighted Average

 

 

Issuance Date

 

Borrowing Currency

 

 

USD (1)

 

 

Interest Rate

 

Years

 

Maturity Dates

February

 

C$

 

750,000

 

 

$

520,428

 

 

4.2%

 

 

8.0

 

 

 

February 2033

May

 

$

 

1,250,000

 

 

$

1,250,000

 

 

5.1%

 

 

8.3

 

 

 

January 2031 – May 2035

September

 

€

 

1,000,000

 

 

$

1,178,100

 

 

3.6%

 

 

9.5

 

 

 

September 2032 – 2037

Total

 

 

 

 

 

$

2,948,528

 

 

4.3%

 

 

8.7

 

 

 

 

 

(1)
The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date.

 

Long-Term Debt Maturities

 

Scheduled principal payments due on our debt for the remainder of 2025 and for each year through the period ended December 31, 2029, and thereafter were as follows at September 30, 2025 (in thousands):

 

 

 

Unsecured

 

 

 

 

 

 

 

 

Credit Facilities
and

 

 

Senior

 

 

Term Loans

 

 

Secured

 

 

 

 

Maturity

 

Commercial Paper

 

 

Notes

 

 

and Other

 

 

Mortgage

 

 

Total

 

2025 (1)

 

$

-

 

 

$

-

 

 

$

66

 

 

$

175,179

 

 

$

175,245

 

2026 (1)(2)

 

 

-

 

 

 

1,352,218

 

 

 

858,766

 

 

 

46,933

 

 

 

2,257,917

 

2027 (3)

 

 

224,922

 

 

 

1,988,319

 

 

 

54,056

 

 

 

4,156

 

 

 

2,271,453

 

2028

 

 

-

 

 

 

2,612,085

 

 

 

114,189

 

 

 

3,041

 

 

 

2,729,315

 

2029

 

 

-

 

 

 

3,417,121

 

 

 

-

 

 

 

3,191

 

 

 

3,420,312

 

Thereafter

 

 

-

 

 

 

23,969,327

 

 

 

954,175

 

 

 

82,903

 

 

 

25,006,405

 

Subtotal

 

 

224,922

 

 

 

33,339,070

 

 

 

1,981,252

 

 

 

315,403

 

 

 

35,860,647

 

Unamortized premiums (discounts), net

 

 

-

 

 

 

(427,241

)

 

 

-

 

 

 

6,568

 

 

 

(420,673

)

Unamortized debt issuance costs, net

 

 

-

 

 

 

(134,595

)

 

 

(2,212

)

 

 

(266

)

 

 

(137,073

)

Total

 

$

224,922

 

 

$

32,777,234

 

 

$

1,979,040

 

 

$

321,705

 

 

$

35,302,901

 

 

(1)
We expect to repay the amounts maturing in the next twelve months with cash generated from operations, proceeds from dispositions of real estate properties, or as necessary, with additional borrowings, including drawing on our available Credit Facilities.

 

(2)
Included in 2026 maturities was the Canadian dollar term loan ($143.7 million at September 30, 2025), which can be extended until 2027, subject to the payment of extension fees.

 

(3)
Included in the 2027 maturities were the amounts borrowed on the 2023 Global Facility and Yen Credit Facility ($169.5 million and $55.4 million, respectively, at September 30, 2025) which can be extended until 2028.

 

Financial Debt Covenants

 

Our Credit Facilities, senior notes and term loans outstanding at September 30, 2025 were subject to certain financial covenants under their related documents. At September 30, 2025, we were in compliance with all of our financial debt covenants.

 

Guarantee of Finance Subsidiary Debt

We have finance subsidiaries as part of our operations in Europe (Prologis Euro Finance LLC), Japan (Prologis Yen Finance LLC) and the U.K. (Prologis Sterling Finance LLC) in order to mitigate our foreign currency risk by borrowing in the currencies in which we invest. These entities are 100% indirectly owned by the OP and all unsecured debt issued or to be issued by each entity is or will be fully and unconditionally guaranteed by the OP. There are no restrictions or limits on the OP’s ability to obtain funds from its subsidiaries by dividend or loan. In reliance on Rule 13-01 of Regulation S-X, the separate financial statements of Prologis Euro Finance LLC, Prologis Yen Finance LLC and Prologis Sterling Finance LLC are not provided.

 

17

 

Index

 

NOTE 6. NONCONTROLLING INTERESTS

 

Prologis, L.P.

 

We report noncontrolling interests related to several entities we consolidate but of which we do not own 100% of the equity. These entities include two real estate partnerships that have issued limited partnership units to third parties. Depending on the specific partnership agreements, these limited partnership units are redeemable for cash or, at our option, shares of the Parent’s common stock, generally at a rate of one share of common stock to one limited partnership unit. We also consolidate certain entities in which we do not own 100% of the equity but the equity of these entities is not exchangeable into our common stock.

 

Prologis, Inc.

 

The noncontrolling interests of the Parent include the noncontrolling interests described above for the OP, as well as the limited partnership units in the OP that are not owned by the Parent. The outstanding limited partnership units receive quarterly cash distributions equal to the quarterly dividends paid on our common stock pursuant to the terms of the applicable partnership agreements.

 

The following table summarizes these entities (dollars in thousands):

 

 

Our Ownership Percentage

 

 

Noncontrolling Interests

 

 

Total Assets

 

 

Total Liabilities

 

 

Sep 30,
2025

 

 

Dec 31,
2024

 

 

Sep 30,
2025

 

 

Dec 31,
2024

 

 

Sep 30,
2025

 

 

Dec 31,
2024

 

 

Sep 30,
2025

 

 

Dec 31,
2024

 

Prologis U.S. Logistics Venture

 

55.0

%

 

 

55.0

%

 

$

3,069,949

 

 

$

3,091,941

 

 

$

6,987,367

 

 

$

7,014,774

 

 

$

171,603

 

 

$

149,823

 

Other consolidated entities (1)

various

 

 

various

 

 

 

258,155

 

 

 

231,106

 

 

 

3,346,060

 

 

 

3,031,608

 

 

 

439,185

 

 

 

399,277

 

Prologis, L.P.

 

 

 

 

 

 

 

3,328,104

 

 

 

3,323,047

 

 

 

10,333,427

 

 

 

10,046,382

 

 

 

610,788

 

 

 

549,100

 

Limited partners in Prologis,
     L.P. (2)(3)

 

 

 

 

 

 

 

1,248,464

 

 

 

1,342,585

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Prologis, Inc.

 

 

 

 

 

 

$

4,576,568

 

 

$

4,665,632

 

 

$

10,333,427

 

 

$

10,046,382

 

 

$

610,788

 

 

$

549,100

 

 

(1)
Includes two partnerships that have issued limited partnership units to third parties. The limited partnership units outstanding at September 30, 2025 and December 31, 2024 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock.

 

(2)
We had less than 0.1 million and 7.7 million Class A Units at September 30, 2025 and December 31, 2024, respectively, that were convertible into less than 0.1 million and 7.4 million, respectively, limited partnership units of the OP at the end of each period. During the three and nine months ended September 30, 2025, the majority of the Class A Units in the OP were converted to limited partnership units in the OP.

 

(3)
At September 30, 2025 and December 31, 2024, limited partnership units in the OP, excluding the Class A Units, were exchangeable into cash or, at our option, 15.1 million and 9.0 million shares of the Parent’s common stock, respectively, and vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans were exchangeable into 6.9 million and 6.7 million shares of the Parent’s common stock, respectively. See further discussion of LTIP Units in Note 7.

 

18

 

Index

 

NOTE 7. LONG-TERM COMPENSATION

 

Equity-Based Compensation Programs

 

Performance Stock Unit ("PSU") Program

 

PSUs are granted under the Company's 2020 Long-Term Incentive Plan and are settled in equity at the end of a three-year performance period if applicable market-based performance hurdles are met. Such hurdles are based on a performance scale of Prologis’ percentile ranking in the Morgan Stanley Capital International US REIT Index (the “Index”) for a three-year performance period. Prologis must perform at the 55th percentile to earn a target award of 100.0%. The award is capped at 200.0% of the target for performance at or above the 85th percentile, and there is no payout in the event Prologis’ performance is below the 35th percentile. There is a proportional scaling between the 35th and the 85th percentiles, starting with 50.0% of the target being earned at the 35th percentile. If an award meets applicable market-based performance hurdles and is earned at the end of the initial three-year performance period, one-third of the award vests at the end of the performance period and the remaining award vests equally one and two years after the award is earned. The award is subject to an additional three-year holding requirement. Awards are in the form of common stock, restricted stock units ("RSUs") and LTIP Units.

 

The fair value of the awards is measured at the grant date and amortized over the period from the grant date to the date at which the awards vest, regardless of whether the market condition has been satisfied, which ranges from three to five years. We granted PSUs for the 2025 – 2027 performance period in January 2025, with a fair value of $83.9 million. The fair value was calculated using a Monte Carlo valuation model that assumed a risk-free interest rate of 4.4% and an expected volatility of 29.0% for Prologis and 30.2% for the peer group companies.

 

Prologis Outperformance Plan (“POP”)

 

In prior years, we allocated participation points or a percentage of the compensation pool to participants under our POP, corresponding to three-year performance periods beginning each January 1. Commencing in 2024 for named executive officers (“NEOs”) and in 2025 for other employees who previously received participation points, those individuals received the PSUs discussed above. No new awards will be granted to these individuals under the POP. The RSUs and LTIP Units table below includes POP awards that were earned but are unvested, while any vested awards are reflected within the Consolidated Statements of Equity and Capital.

 

Other Equity-Based Compensation Programs

 

Our other equity-based compensation programs include: (i) the Prologis Promote Plan; (ii) the annual long-term incentive equity award program; and (iii) the annual bonus exchange program. Awards under these programs may be issued in the form of RSUs or LTIP Units at the participants' elections. RSUs and LTIP Units are valued based on the market price of the Parent’s common stock at the grant date, and the grant date fair value is recognized as compensation expense over the service period.

 

Summary of Award Activity

 

PSUs

 

The following table summarizes the activity for PSUs for the nine months ended September 30, 2025 (units in thousands):

 

 

 

PSUs

 

 

 

Unearned

 

 

Weighted Average Grant Date Fair Value

 

Balance at January 1, 2025

 

 

244

 

 

$

129.10

 

Granted

 

 

878

 

 

 

95.53

 

Earned

 

 

-

 

 

 

-

 

Forfeited

 

 

(6

)

 

 

95.53

 

Balance at September 30, 2025

 

 

1,116

 

 

$

102.88

 

 

19

 

Index

 

 

RSUs and LTIP Units

 

The following table summarizes the activity for RSUs and LTIP Units for the nine months ended September 30, 2025 (units in thousands):

 

 

 

RSUs

 

 

LTIP Units

 

 

 

Unvested

 

 

Weighted Average Grant Date Fair Value

 

 

Unvested

 

 

Weighted Average Grant Date Fair Value

 

Balance at January 1, 2025

 

 

2,063

 

 

$

99.39

 

 

 

5,250

 

 

$

72.15

 

Granted

 

 

468

 

 

 

109.30

 

 

 

586

 

 

 

109.46

 

Conversion of earned PSUs

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Vested

 

 

(573

)

 

 

122.79

 

 

 

(896

)

 

 

122.07

 

Forfeited

 

 

(72

)

 

 

121.04

 

 

 

-

 

 

 

-

 

Balance at September 30, 2025

 

 

1,886

 

 

$

93.92

 

 

 

4,940

 

 

$

67.51

 

 

NOTE 8. EARNINGS PER COMMON SHARE OR UNIT

 

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 three and nine months ended September 30, 2025, the majority of the 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.

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net earnings attributable to common stockholders – Basic

 

$

762,897

 

 

$

1,004,267

 

 

$

1,924,122

 

 

$

2,448,375

 

Net earnings attributable to exchangeable limited partnership units (1)

 

 

18,781

 

 

 

25,130

 

 

 

47,592

 

 

 

61,851

 

Adjusted net earnings attributable to common stockholders – Diluted

 

$

781,678

 

 

$

1,029,397

 

 

$

1,971,714

 

 

$

2,510,226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

928,851

 

 

 

926,427

 

 

 

928,186

 

 

 

926,017

 

Incremental weighted average effect on exchange of limited
     partnership units (1)

 

 

22,809

 

 

 

23,191

 

 

 

22,958

 

 

 

23,424

 

Incremental weighted average effect of equity awards

 

 

4,943

 

 

 

4,195

 

 

 

4,680

 

 

 

4,089

 

Weighted average common shares outstanding – Diluted (2)

 

 

956,603

 

 

 

953,813

 

 

 

955,824

 

 

 

953,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.82

 

 

$

1.08

 

 

$

2.07

 

 

$

2.64

 

Diluted

 

$

0.82

 

 

$

1.08

 

 

$

2.06

 

 

$

2.63

 

 

20

 

Index

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

Prologis, L.P.

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net earnings attributable to common unitholders

 

$

781,562

 

 

$

1,029,271

 

 

$

1,971,714

 

 

$

2,509,514

 

Net earnings attributable to Class A Units

 

 

(1,064

)

 

 

(8,018

)

 

 

(9,158

)

 

 

(20,084

)

Net earnings attributable to common unitholders – Basic

 

 

780,498

 

 

 

1,021,253

 

 

 

1,962,556

 

 

 

2,489,430

 

Net earnings attributable to Class A Units

 

 

1,064

 

 

 

8,018

 

 

 

9,158

 

 

 

20,084

 

Net earnings attributable to exchangeable other limited partnership
     units

 

 

116

 

 

 

126

 

 

 

-

 

 

 

712

 

Adjusted net earnings attributable to common unitholders – Diluted

 

$

781,678

 

 

$

1,029,397

 

 

$

1,971,714

 

 

$

2,510,226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common partnership units outstanding – Basic

 

 

951,116

 

 

 

942,137

 

 

 

946,726

 

 

 

941,545

 

Incremental weighted average effect on exchange of Class A Units

 

 

386

 

 

 

7,322

 

 

 

4,418

 

 

 

7,597

 

Incremental weighted average effect on exchange of other limited
     partnership units

 

 

158

 

 

 

159

 

 

 

-

 

 

 

299

 

Incremental weighted average effect of equity awards of Prologis, Inc.

 

 

4,943

 

 

 

4,195

 

 

 

4,680

 

 

 

4,089

 

Weighted average common units outstanding – Diluted (2)

 

 

956,603

 

 

 

953,813

 

 

 

955,824

 

 

 

953,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per unit attributable to common unitholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.82

 

 

$

1.08

 

 

$

2.07

 

 

$

2.64

 

Diluted

 

$

0.82

 

 

$

1.08

 

 

$

2.06

 

 

$

2.63

 

 

(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

 

 

Nine Months Ended

 

 

 

 

September 30,

 

 

September 30,

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

Class A Units

 

 

386

 

 

 

7,322

 

 

 

4,418

 

 

 

7,597

 

 

Other limited partnership units

 

 

259

 

 

 

299

 

 

 

265

 

 

 

299

 

 

Equity awards

 

 

7,210

 

 

 

7,314

 

 

 

7,423

 

 

 

7,942

 

 

Prologis, L.P.

 

 

7,855

 

 

 

14,935

 

 

 

12,106

 

 

 

15,838

 

 

Common limited partnership units

 

 

22,265

 

 

 

15,710

 

 

 

18,540

 

 

 

15,528

 

 

Prologis, Inc.

 

 

30,120

 

 

 

30,645

 

 

 

30,646

 

 

 

31,366

 

 

NOTE 9. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

 

Derivative Financial Instruments

 

In the normal course of business, our operations are exposed to market risks, including the effect of changes in foreign currency exchange rates and interest rates. We may enter into derivative financial instruments to offset these underlying market risks. There have been no significant changes in our policy and strategy from what was disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.

21

 

Index

 

 

The following table presents the fair value of our derivative financial instruments recognized within Other Assets and Other Liabilities in the Consolidated Balance Sheets (in thousands):

 

 

 

September 30, 2025

 

 

December 31, 2024

 

 

 

Asset

 

 

Liability

 

 

Asset

 

 

Liability

 

Undesignated derivatives

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency contracts

 

 

 

 

 

 

 

 

 

 

 

 

     Forwards

 

 

 

 

 

 

 

 

 

 

 

 

          Brazilian real

 

$

-

 

 

$

762

 

 

$

-

 

 

$

-

 

          British pound sterling

 

 

325

 

 

 

14,857

 

 

 

8,785

 

 

 

422

 

          Canadian dollar

 

 

8,397

 

 

 

17

 

 

 

15,503

 

 

 

-

 

          Euro

 

 

2,046

 

 

 

26,953

 

 

 

32,989

 

 

 

-

 

          Japanese yen

 

 

40,544

 

 

 

3

 

 

 

55,818

 

 

 

-

 

          Swedish krona

 

 

400

 

 

 

5,316

 

 

 

4,642

 

 

 

108

 

     Options

 

 

 

 

 

 

 

 

 

 

 

 

          Mexican peso

 

 

8,733

 

 

 

-

 

 

 

1,814

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Designated derivatives

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency contracts

 

 

 

 

 

 

 

 

 

 

 

 

     Net investment hedges

 

 

 

 

 

 

 

 

 

 

 

 

          British pound sterling

 

 

1,235

 

 

 

10,393

 

 

 

2,837

 

 

 

108

 

          Canadian dollar

 

 

2,891

 

 

 

-

 

 

 

5,454

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

 

 

 

 

 

 

 

 

 

 

 

     Cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

          U.S. dollar

 

 

1,018

 

 

 

1,808

 

 

 

9,587

 

 

 

-

 

Total fair value of derivatives

 

$

65,589

 

 

$

60,109

 

 

$

137,429

 

 

$

638

 

 

Undesignated Derivative Financial Instruments

 

Foreign Currency Contracts

 

The following table summarizes the activity of our undesignated foreign currency contracts for the nine months ended September 30 (in millions, except for weighted average forward rates and number of active contracts):

 

 

2025

 

 

2024

 

 

CAD

 

 

EUR

 

 

GBP

 

 

JPY

 

 

Other

 

 

Total

 

 

CAD

 

 

EUR

 

 

GBP

 

 

JPY

 

 

Other

 

 

Total

 

Notional amounts at January 1 ($)

 

254

 

 

 

526

 

 

 

386

 

 

 

312

 

 

 

(27

)

 

 

1,451

 

 

 

213

 

 

 

524

 

 

 

442

 

 

 

384

 

 

 

56

 

 

 

1,619

 

New contracts ($)

 

111

 

 

 

186

 

 

 

100

 

 

 

68

 

 

 

18

 

 

 

483

 

 

 

102

 

 

 

126

 

 

 

109

 

 

 

106

 

 

 

17

 

 

 

460

 

Matured, expired or settled contracts ($)

 

(49

)

 

 

(98

)

 

 

(66

)

 

 

(59

)

 

 

(19

)

 

 

(291

)

 

 

(32

)

 

 

(86

)

 

 

(120

)

 

 

(148

)

 

 

(61

)

 

 

(447

)

Notional amounts at September 30 ($)

 

316

 

 

 

614

 

 

 

420

 

 

 

321

 

 

 

(28

)

 

 

1,643

 

 

 

283

 

 

 

564

 

 

 

431

 

 

 

342

 

 

 

12

 

 

 

1,632

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average forward rate at September 30

 

1.33

 

 

 

1.16

 

 

 

1.29

 

 

 

123.15

 

 

 

 

 

 

 

 

 

1.31

 

 

 

1.15

 

 

 

1.26

 

 

 

120.22

 

 

 

 

 

 

 

Active contracts at September 30

 

120

 

 

 

127

 

 

 

108

 

 

 

93

 

 

 

 

 

 

 

 

 

109

 

 

 

92

 

 

 

96

 

 

 

88

 

 

 

 

 

 

 

 

The following table summarizes the undesignated derivative financial instruments exercised and associated realized and unrealized gains (losses), respectively, in Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net in the Consolidated Statements of Income (in millions, except for number of exercised contracts):

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024