Company: PLDGP
Filing Date: 2025-10-03
Form Type: 424B3
Source: 0001104659-25-096724
Chunk: 15

Company: Prologis, Inc.
Filing Date: 2025-10-03
Form: 424B3
Chunk 15
---
 stock received, plus the amount of liabilities of the Operating Partnership allocable to their common units being exchanged, less their tax basis in those units. The recognition of any loss is subject to a number of limitations set forth in the Code. The character of any gain or loss as capital or ordinary will depend on the nature of the assets of the Operating Partnership at the time of the exchange.

The tax treatment of any acquisition of common units by the Operating Partnership in exchange for cash may be similar, depending on the circumstances.

<div align='center'>S-14</div>

TABLE OF CONTENTS

SELLING STOCKHOLDERS Selling stockholders may receive shares of our common stock, on a one-for-one basis, upon exchange or redemption, as applicable, of the common limited partnership units, including the performance units, of the Operating Partnership. This prospectus supplement relates to the issuance and resale of 1,627,738 shares of our common stock issuable upon exchange of the common limited partnership units, including the performance units, of the Operating Partnership set forth in the table under the heading “Issuance and Resale” below. For additional information on the performance units of the operating partnership, see “Description of Certain Provisions of the Partnership Agreement of Prologis, L.P. — Performance Units” in the accompanying prospectus. This prospectus supplement also relates to the resale only (and not the issuance) of 10,376,231 shares of our common stock issuable upon redemption of the Operating Partnership’s partnership units held by certain of the selling stockholders, set forth in the table under the heading “Resale Only” below. The tables below assume that each selling stockholder tenders all of its units for redemption and that we elect to redeem all of those units for shares of our common stock instead of cash. The information in the tables below is based on information provided by or on behalf of the selling stockholders. Because the selling stockholders may sell all, some or none of their shares, we cannot estimate the aggregate number of shares of common stock that the selling stockholders will offer pursuant to this prospectus supplement or that each selling stockholder will own upon completion of the offering to which this prospectus supplement relates. Issuance and Resale The selling stockholders named below and their permitted transferees, pledgees, donees or other successors may from time to time offer the shares of common stock offered by this prospectus supplement:

| ​ | Name                                                                        | ​ | ​ | Maximum Number ofShares of Common