FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
LYONS IRVING F III
  2. Issuer Name and Ticker or Trading Symbol
Prologis, Inc. [PLD]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O PROLOGIS, INC., PIER 1, BAY 1
3. Date of Earliest Transaction (Month/Day/Year)
12/30/2016
(Street)

SAN FRANCISCO, CA 94111
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock (1) 01/03/2017 01/03/2017 M   184 A $ 0 21,141 D  
Common Stock (2) 01/03/2017 01/03/2017 M   57 A $ 0 21,198 D  
Common Stock (3) 01/03/2017 01/03/2017 M   4,110 A $ 0 25,308 D  
Common Stock               92,532 I The Lyons Family Trust (CP)
Common Stock               1,000 I Katherine Ashley Lyons Trust

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Dividend Equivalent Units $ 0 (4) 12/30/2016 12/30/2016 A   5.6961     (4)   (4) Common Stock 5.6961 $ 0 (4) 721.6358 D  
Dividend Equivalent Units $ 0 (5) 12/30/2016 12/30/2016 A   65.6285     (5)   (5) Common Stock 65.6285 $ 0 (5) 8,314.4944 D  
Dividend Equivalent Units - NQDC $ 0 (6) 12/30/2016 12/30/2016 A   149.5799     (6)   (6) Common Stock 149.5799 $ 0 (6) 18,950.3507 D  
Phantom Stock $ 0 (1) 01/03/2017 01/03/2017 D     184   (1)   (1) Common Stock 184 $ 0 (1) 537.6358 D  
Dividend Equivalent Units $ 0 (2) 01/03/2017 01/03/2017 D     57.4196   (2)   (2) Common Stock 57.4196 $ 0 (2) 480.2162 D  
Deferred Stock Units and Dividend Equivalent Units NQDC $ 0 (3) 01/03/2017 01/03/2017 D     4,110.8866   (3)   (3) Common Stock 4,110.8866 $ 0 (3) 14,839.4641 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LYONS IRVING F III
C/O PROLOGIS, INC.
PIER 1, BAY 1
SAN FRANCISCO, CA 94111
  X      

Signatures

 /s/ Tammy Colvocoresses attorney in fact for Irving F. Lyons III   01/04/2017
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Conversion of deferred phantom stock that the reporting person earned for previous service on the ProLogis board of trustees. Settlement is in Prologis common stock on a 1-for-1 basis.
(2) Conversion of Dividend Equivalent Units (DEUs) earned on deferred phantom stock. Settlement is in Prologis common stock on a 1-for-1 basis.
(3) Conversion of Deferred Stock Units (DSUs) and Dividend Equivalent Units (DEUs) that were deferred under the Prologis, Inc. Nonqualified Deferred Compensation Plan (the NQDC Plan). Original grant terms provided for release of shares on third anniversary of the grant date (May 2, 2016). Shares were further deferred until January 3, 2017 and released on January 3, 2017. DSUs and DEUs convert into Prologis common stock upon vesting on a 1-for-1 basis, and have no exercise price or expiration date.
(4) Represents DEUs earned on phantom shares associated with previous service on the board of ProLogis, our merger partner, and assumed by us in June 2011. DEUs accrue on outstanding phantom shares at the Prologis common stock dividend rate at the time dividends are paid on Prologis common stock. DEUs vest upon issuance and the receipt of such DEUs is deferred in accordance with the deferral election made by the reporting person applicable to the underlying phantom shares. Phantom shares and DEUs are paid in the form of Prologis common stock at the rate of one common share per phantom share or DEU. Balance in column 9 includes phantom shares and DEUs.
(5) Represents Dividend Equivalent Units (DEUs) earned on Deferred Stock Units (DSUs) associated with previous service on the board of ProLogis, our merger partner, and assumed by us in June 2011. DEUs accrue on outstanding DSUs at the Prologis common stock dividend rate at the time dividends are paid on Prologis common stock. DEUs vest upon issuance and the receipt of such DEUs is deferred, as are the underlying DSUs, during the period the reporting person serves as a director. DSUs and DEUs are paid in the form of Prologis common stock at the rate of one common share per DSU or DEU. Balance in column 9 includes DSUs and DEUs.
(6) Represents DEUs earned on DSUs associated with current service on our board that are deferred under the Prologis, Inc. Nonqualified Deferred Compensation Plan (the NQDC Plan). DEUs accrue on outstanding DSUs at the Prologis common stock dividend rate at the time dividends are paid on Prologis common stock. DEUs and the underlying DSUs vest 100% on the earlier of the first anniversary of the grant date or the first annual meeting of the stockholders of Prologis after the grant date (generally in May each year). The receipt of such DEUs is deferred along with the underlying DSUs. DSUs and DEUs are paid in the form of Prologis common stock at the rate of one common share per DSU or DEU. Balance in column 9 includes DSUs and DEUs.

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