Document:

Exhibit 4.2

 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
EUROCLEAR BANK, SA/NV, AS OPERATOR OF THE EUROCLEAR SYSTEM (“EUROCLEAR”), AND CLEARSTREAM BANKING, S.A. (“CLEARSTREAM”
AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO PROLOGIS YEN FINANCE LLC (THE “COMPANY”) OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK) LIMITED OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF Elavon Financial Services DAC,
AS COMMON DEPOSITARY (THE “COMMON DEPOSITARY”) FOR EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO USB NOMINEES (UK) LIMITED
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, USB NOMINEES (UK) LIMITED, HAS AN INTEREST
HEREIN.

 

THIS SECURITY IS A GLOBAL SECURITY AND IS REGISTERED IN THE NAME
OF USB NOMINEES (UK) LIMITED, AS NOMINEE OF THE COMMON DEPOSITARY. UNLESS AND UNTIL THIS SECURITY IS EXCHANGED IN WHOLE OR IN PART FOR
SECURITIES IN DEFINITIVE, CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE COMMON DEPOSITARY TO A
NOMINEE THEREOF OR BY A NOMINEE THEREOF TO THE COMMON DEPOSITARY OR ANOTHER NOMINEE OF THE COMMON DEPOSITARY OR BY THE COMMON DEPOSITARY
OR A NOMINEE OF THE COMMON DEPOSITARY TO A SUCCESSOR COMMON DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR COMMON DEPOSITARY.

 

	REGISTERED 	PRINCIPAL AMOUNT
	No. R-1 	¥9,300,000,000
	ISIN No.: XS2357812986 	 
	COMMON CODE: 235781298	 
	
    CUSIP No.: 74346G AL6

    
	 

 

PROLOGIS YEN FINANCE LLC

0.448% NOTES DUE 2028

 

PROLOGIS YEN FINANCE LLC, a limited liability company
organized and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term shall include
any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to USB Nominees (UK) Limited, or
registered assigns, upon presentation, the principal sum of NINE BILLION THREE HUNDRED MILLION YEN (¥9,300,000,000) on June 29,
2028 and to pay interest on the outstanding principal amount thereon at the rate of 0.448% per annum, until the entire principal hereof
is paid or made available for payment.

 

Interest shall accrue from and including June 29,
2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, and be payable semi-annually
in arrears on June 29 and December 29 of each year, commencing on December 29, 2021. The interest so payable, and punctually
paid or duly provided for on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest which shall
be the June 14 or the December 14 (whether or not a Yen Business Day), as the case may be, next preceding such Interest Payment
Date. Interest on this Security shall be computed on the basis of a 360-day year consisting of twelve 30-day months. If any Interest Payment
Date, maturity date or earlier date of redemption falls on a day that is not a Yen Business Day, the required payment shall be made on
the next Yen Business Day as if it were made on the date the payment was due and no interest shall accrue on the amount so payable for
the period from and after that Interest Payment Date, that maturity date or that date of redemption, as the case may be, until the next
Yen Business Day. For purposes of the notes, “Yen Business Day” means any day, other than a Saturday or Sunday, which is not
a day on which banking institutions in The City of New York, London or the Tokyo are authorized or required by law, regulation or executive
order to close. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such
Regular Record Date, and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof
shall be given to Holders of Securities of this series not more than 15 days and not less than 10 days prior to such Special
Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on
which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

 

    1

     

    

 

Payment of the principal of, or premium or Redemption
Price, if applicable, on, and interest on this Security shall be made at the office or agency maintained for such purpose in St. Paul,
Minnesota, initially the corporate trust office of the Paying Agent, located at 111 Fillmore Ave. East, St. Paul, Minnesota 55107, in
yen.

 

Payments of principal of, premium or Redemption
Price, if any, and interest in respect of this Security shall be made by wire transfer of immediately available funds in yen. If the yen
is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control, then
all payments in respect of the Securities shall be made in U.S. Dollars until the yen is again available to the Company. In such circumstances,
the amount payable on any date in yen will be converted into U.S. Dollars at the rate mandated by the Board of Governors of the Federal
Reserve System as of the close of business on the second Yen Business Day prior to the relevant payment date, or if the Board of Governors
of the Federal Reserve System has not announced a rate of conversion, on the basis of the most recent U.S. dollar/yen exchange rate published
in The Wall Street Journal on or prior to the second Yen Business Day prior to the relevant payment date or, in the event The Wall Street
Journal has not published such exchange rate, the rate will be determined in our sole discretion on the basis of the most recently available
Market Exchange Rate on or before the date that payment is due. Any payment in respect of this Security so made in U.S. Dollars shall
not constitute an event of default under the Indenture. Neither the Trustee nor the Paying Agent (as defined below) shall be responsible
for obtaining exchange rates, effecting conversions or otherwise handling redenominations. “Market Exchange Rate” means the
noon buying rate in The City of New York for cable transfers of yen as certified for customs purposes (or, if not so certified, as otherwise
determined) by the Federal Reserve Bank of New York.

 

Each Security of this series is one of a duly authorized
issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an
Indenture, dated as of September 25, 2018 (herein called the “Base Indenture”), among the Company, Prologis, L.P. (herein
called the “Parent Guarantor,” which term includes any successor under the Indenture) and U.S. Bank National Association,
as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture with respect to the
series of which this Security is a part), as amended by the first supplemental indenture, dated as of September 25, 2018 (together
with the Base Indenture, the “Indenture”), among the Company, the Parent Guarantor, the Trustee, Transfer Agent, Paying Agent
(which term includes any successor paying agent under the Indenture with respect to the series of which this Security is a part) and Security
Registrar, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Parent Guarantor, the Trustee, the Paying Agent and the Holders
of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.

 

    2

     

    

 

On or after April 29, 2028 (the “Par
Call Date”), the Securities of this series may be redeemed in whole at any time or in part from time to time at the option of the
Company at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest,
if any, to, but not including, the Redemption Date.

 

Notice of redemption will be mailed not more than
60 nor less than 15 days prior to the date fixed for redemption to each Holder to be redeemed at its registered address. The notice of
redemption for the Securities shall state, among other things, the amount of the Securities to be redeemed, the Redemption Date, the Redemption
Price and the place or places that payment will be made upon presentation and surrender of the Securities to be redeemed. Unless the Company
defaults in payment of the redemption price, interest will cease to accrue on any series of notes that have been called for redemption
at the Redemption Date.

 

If less than all of the Securities are to be redeemed
at the Company’s option, the Company will notify the Trustee at least 45 days prior to the Redemption Date, or any shorter
period as may be satisfactory to the Trustee, of the aggregate principal amount of the Securities to be redeemed and the Redemption Date.
The Trustee will select, in accordance with the rules and procedures of Euroclear and Clearstream (or their respective successors),
the Securities to be redeemed. The Securities may be redeemed in part in the minimum authorized denomination for the Securities or in
any integral multiple of such amount.

 

The Securities are subject in all cases to any
tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the Securities. Except as specifically
provided for herein, the Company shall not be required to make any payment for any tax, duty, assessment or governmental charge of whatever
nature imposed by any government or a political subdivision or taxing authority of or in any government or political subdivision.

 

If, as a result of any change in, or amendment
to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any taxing authority thereof or therein),
or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings,
which change or amendment is announced or becomes effective on or after June 23, 2021, the Company becomes or, based upon a written
opinion of independent counsel selected by the Company, will become or there is a substantial probability that the Company will become
obligated to pay Additional Amounts (as defined below) with respect to the Securities, then the Securities may be redeemed at the option
of the Company, in whole, but not in part, at a redemption price equal to 100% of the principal amount of the Securities, together with
accrued and unpaid interest on the Securities to, but not including, the Redemption Date. Notice of any redemption shall be transmitted
to Holders not more than 60 nor less than 15 days prior to the date fixed for redemption.

 

    3

     

    

 

All payments in respect of the Securities shall
be made by or on behalf of the Company without withholding or deduction for, or on account of, any present or future taxes, duties, assessments
or governmental charges of whatever nature, imposed or levied by the United States or any taxing authority thereof or therein, unless
such withholding or deduction is required by law. If such withholding or deduction is required by law, the Company shall, subject to certain
exceptions provided for in the Officers’ Certificate dated June 29, 2021 pursuant to the Indenture, pay to a Holder who is
not a United States person (as defined in the Indenture) such additional amounts (the “Additional Amounts”) on the Securities
as are necessary in order that the net payment by the Company or a paying agent of the principal of, and premium or Redemption Price,
if any, and interest on, the Securities to such Holder, after such withholding or deduction, shall not be less than the amount provided
in the Securities to be then due and payable.

 

The Indenture contains provisions for defeasance
at any time of (a) the entire indebtedness of the Company on this Security and (b) certain restrictive covenants and the related
defaults and Events of Default applicable to the Company, in each case, upon compliance by the Company with certain conditions set forth
in the Indenture, which provisions apply to this Security.

 

If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of, and premium or Redemption Price, if any, on, all of the Securities of
this series at the time Outstanding may be declared due and payable in the manner and with the effect provided in the Indenture.

 

As provided in and subject to the provisions of
the Indenture, unless the principal of all of the Securities of this series at the time Outstanding shall already have become due and
payable, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment
of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of
the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall not have received from the Holders
of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and
the Trustee shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity.
The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof
or any interest on or after the respective due dates expressed herein.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders
of the Securities of each series to be affected under the Indenture at any time by the Company, the Parent Guarantor and the Trustee with
the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series of Securities
then Outstanding affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance
by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security.

 

    4

     

    

 

No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of, premium or Redemption Price, if applicable, on, and interest on this Security at the times, place and rate, and in the
coin or currency, herein prescribed.

 

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any Place of Payment where the principal of, premium or Redemption
Price, if applicable, on, and interest on this Security are payable duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Securities of this series, of authorized denominations and for the same aggregate principal amount,
shall be issued to the designated transferee or transferees.

 

The Securities of this series are issuable only
in registered form without coupons in minimum denominations of ¥100,000,000 and any integral multiple of ¥10,000,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable
for a like aggregate principal amount of Securities of this series of a different authorized denomination, as requested by the Holder
surrendering the same.

 

No service charge shall be made for any such registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith.

 

Prior to due presentment of this Security for registration
of transfer, the Company, the Trustee, the Paying Agent and any agent of the Company, the Trustee or the Paying Agent may treat the Person
in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Company, the Trustee, the Paying Agent nor any such agent shall be affected by notice to the contrary.

 

Except as provided in Article Sixteen of the
Indenture, no recourse under or upon any obligation, covenant or agreement contained in the Indenture or in this Security, or because
of any indebtedness evidenced thereby, shall be had against any promoter, as such, or against any past, present or future stockholder,
member, partner, director, officer, employee, agent thereof or trustee, as such, of the Company or any Guarantor or of any successor thereof,
either directly or through the Company or any Guarantor or any successor thereof, under any rule of law, statute or constitutional
provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly
waived and released by the acceptance of this Security by the Holder thereof and as part of the consideration for the issue of the Securities
of this series.

 

    5

     

    

 

THE INDENTURE AND THE SECURITIES, INCLUDING
THIS SECURITY, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

 

Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused “ISIN,” “Common Code” and “CUSIP”
numbers to be printed on the Securities of this series as a convenience to the Holders of such Securities. No representation is made as
to the correctness or accuracy of such ISIN, Common Code and CUSIP numbers as printed on the Securities of this series, and reliance may
be placed only on the other identification numbers printed hereon.

 

Capitalized terms used in this Security which are
not defined herein shall have the meanings assigned to them in the Indenture.

 

[This space intentionally left blank.]

 

    6

     

    

 

Unless the certificate of authentication hereon
has been executed by or on behalf of the Trustee by manual signature, this Security shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed by the undersigned officer.

 

	 	PROLOGIS YEN FINANCE LLC
	 	 
	 	 
	 	By:	 
	 	 	Name:	Michael T. Blair
	 	 	Title:	Assistant Secretary and Managing Director, Deputy General Counsel

 

	Attest	 	 
	 	 	 
	 	 	 
	By:	 	 
	 	Name:	Jessica Polgar	 
	 	Title:	Assistant Secretary 	 

 

  Dated: June 29, 2021  

 

    7

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION:

 

This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.

 

U.S. BANK NATIONAL ASSOCIATION, as trustee

 

 

	By:	 	 
	 	Authorized Officer	 

 

    8

     

    

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto

 

PLEASE INSERT SOCIAL

SECURITY OR OTHER IDENTIFYING

NUMBER OF ASSIGNEE

 

 

(Please Print or Typewrite Name and Address including

Zip Code of Assignee)

 

the within-mentioned Security of
Prologis Yen Finance LLC and __________________ hereby does irrevocably constitute and appoint
______________ Attorney to transfer said Security on the books of the within-named Company with full power of substitution in
the premises.

 

Dated: ______________

 

NOTICE: The signature to this assignment must correspond with the name
as it appears on the first page of the within-mentioned Security in every particular, without alteration or enlargement or any change
whatever.

 

    9

     

    

 

GUARANTEE

 

FOR VALUE RECEIVED, the undersigned hereby, jointly
and severally with any other Guarantors, unconditionally guarantees to the Holder of the accompanying 0.448% Notes due 2028 (the “Yen
Note”) issued by Prologis Yen Finance LLC (the “Company”) under an Indenture, dated as of September 25, 2018 (together
with the First Supplemental Indenture thereto, the “Indenture”) among the Company, Prologis, L.P., as parent guarantor, U.S.
Bank National Association, as trustee thereunder (the “Trustee”), transfer agent, paying agent and security registrar, (a) the
full and prompt payment of the principal of and premium or Redemption Price, if any, on such Yen Note when and as the same shall become
due and payable, whether at Stated Maturity, by acceleration, by redemption or otherwise, and (b) the full and prompt payment of
the interest on such Yen Note when and as the same shall become due and payable, according to the terms of such Yen Note and of the Indenture.
In case of the failure of the Company punctually to pay any such principal, premium or interest, the undersigned hereby agrees to cause
any such payment to be made punctually when and as the same shall become due and payable, whether at Stated Maturity, upon acceleration,
by redemption or otherwise, and as if such payment were made by the Company. The undersigned hereby agrees, jointly and severally with
any other Guarantors, that its obligations hereunder shall be as principal and not merely as surety, and shall be absolute and unconditional,
and shall not be affected, modified or impaired by the following: (a) the failure to give notice to the Guarantors of the occurrence
of an Event of Default under the Indenture; (b) the waiver, surrender, compromise, settlement, release or termination of the payment,
performance or observance by the Company or the Guarantors of any or all of the obligations, covenants or agreements of either of them
contained in the Indenture or the Yen Notes; (c) the acceleration, extension or any other changes in the time for payment of any
principal of or interest or any premium on any Yen Note or for any other payment under the Indenture or of the time for performance of
any other obligations, covenants or agreements under or arising out of the Indenture or the Yen Notes; (d) the modification or amendment
(whether material or otherwise) of any obligation, covenant or agreement set forth in the Indenture or the Yen Notes; (e) the taking
or the omission of any of the actions referred to in the Indenture and in any of the actions under the Yen Notes; (f) any failure,
omission, delay or lack on the part of the Trustee to enforce, assert or exercise any right, power or remedy conferred on the Trustee
in the Indenture, or any other action or acts on the part of the Trustee or any of the Holders from time to time of the Yen Notes; (g) the
voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all the assets, marshaling of assets
and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition
with creditors or readjustment of, or other similar proceedings affecting the Guarantors or the Company or any of the assets of any of
them, or any allegation or contest of the validity of this Guarantee in any such proceeding; (h) to the extent permitted by law,
the release or discharge by operation of law of the Guarantors from the performance or observance of any obligation, covenant or agreement
contained in the Indenture; (i) to the extent permitted by law, the release or discharge by operation of law of the Company from
the performance or observance of any obligation, covenant or agreement contained in the Indenture; (j) the default or failure of
the Company or the Trustee fully to perform any of its obligations set forth in the Indenture or the Yen Notes; (k) the invalidity,
irregularity or unenforceability of the Indenture or the Yen Notes or any part of any thereof; (l) any judicial or governmental action
affecting the Company or any Yen Notes or consent or indulgence granted to the Company by the Holders or by the Trustee; or (m) the
recovery of any judgment against the Company or any action to enforce the same or any other circumstance which might constitute a legal
or equitable discharge of a surety or guarantor. The undersigned hereby waives diligence, presentment, demand of payment, filing of claims
with a court in the event of merger, sale, lease or conveyance of all or substantially all of its assets, insolvency or bankruptcy of
the Company, any right to require a proceeding first against the Company, protest or notice with respect to such Notice or the indebtedness
evidenced thereby and all demands whatsoever, and covenants that this Guarantee shall not be discharged except by complete performance
of the obligations contained in such Yen Note and in this Guarantee.

 

    10

     

    

 

No reference herein to such Indenture and no provision
of this Guarantee or of such Indenture shall alter or impair the guarantee of the undersigned, which is absolute and unconditional, of
the full and prompt payment of the principal of and premium, if any, and interest on the Yen Note.

 

THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK.

 

This Guarantee shall not be valid or obligatory
for any purpose until the certificate of authentication on the Yen Note shall have been executed by the Trustee under the Indenture referred
to above by the manual signature of one of its authorized officers. The validity and enforceability of this Guarantee shall not be affected
by the fact that it is not affixed to any particular Yen Note.

 

An Event of Default under the Indenture or the
Yen Notes shall constitute an event of default under this Guarantee, and shall entitle the Holders of Yen Notes to accelerate the obligations
of the undersigned hereunder in the same manner and to the same extent as the obligations of the Company.

 

Notwithstanding any other provision of this Guarantee
to the contrary, the undersigned hereby waives any claims or other rights which it may now have or hereafter acquire against the Company
that arise from the existence or performance of its obligations under this Guarantee (all such claims and rights are referred to as “Guarantor’s
Conditional Rights”), including, without limitation, any right of subrogation, reimbursement, exoneration, contribution, or indemnification,
any right to participate in any claim or remedy against the Company, whether or not such claim, remedy or right arises in equity or under
contract, statute or common law, by any payment made hereunder or otherwise, including without limitation, the right to take or receive
from the Company, directly or indirectly, in cash or other property or by setoff or in any other manner, payment or security on account
of such claim or other rights. Guarantor hereby agrees not to exercise any rights which may be acquired by way of contribution under this
Guarantee or any other agreement, by any payment made hereunder or otherwise, including, without limitation, the right to take or receive
from any other Guarantor, directly or indirectly, in cash or other property or by setoff or in any other manner, payment or security on
account of such contribution rights. If, notwithstanding the foregoing provisions, any amount shall be paid to the undersigned on account
of the Guarantor’s Conditional Rights and either (i) such amount is paid to such undersigned party at any time when the indebtedness
shall not have been paid or performed in full, or (ii) regardless of when such amount is paid to such undersigned party, any payment
made by the Company to a Holder that is at any time determined to be a Preferential Payment (as defined below), then such amount paid
to the undersigned shall be held in trust for the benefit of Holder and shall forthwith be paid to such Holder to be credited and applied
upon the indebtedness, whether matured or unmatured. Any such payment is herein referred to as a “Preferential Payment” to
the extent the Company makes any payment to Holder in connection with the Yen Note, and any or all of such payment is subsequently invalidated,
declared to be fraudulent or preferential, set aside or required to be repaid or paid over to a trustee, receiver or any other entity,
whether under any bankruptcy act or otherwise.

 

    11

     

    

 

To the extent that any of the provisions of the
immediately preceding paragraph shall not be enforceable, the undersigned agrees that until such time as the indebtedness has been paid
and performed in full and the period of time has expired during which any payment made by the Company or the undersigned to a Holder may
be determined to be a Preferential Payment, Guarantor’s Conditional Rights to the extent not validly waived shall be subordinate
to Holders’ right to full payment and performance of the indebtedness and the undersigned shall not enforce any of Guarantor’s
Conditional Rights until such time as the indebtedness has been paid and performed in full and the period of time has expired during which
any payment made by the Company or the undersigned to Holders may be determined to be a Preferential Payment.

 

The obligations of the undersigned to the Holders
of the Yen Notes and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in Article Sixteen of the
Indenture and reference is hereby made to the Indenture for the precise terms of this Guarantee and all of the other provisions of the
Indenture to which this Guarantee relates.

 

Capitalized terms used in this Guarantee which
are not defined herein shall have the meanings assigned to them in the Indenture.

 

[Remainder of page intentionally left blank]

 

    12

     

    

 

IN WITNESS WHEREOF, the undersigned has caused this Guarantee to be
duly executed.

 

Dated: June 29, 2021

 

	 	PROLOGIS, L.P.
	 	By: Prologis, Inc., its general partner
	 	 
	 	 
	 	By:	 
	 	 	Name: 	Michael T. Blair
	 	 	Title:	 Assistant Secretary and Managing Director, Deputy General Counsel

 

    13Exhibit 4.3

 

PROLOGIS YEN FINANCE LLC

 

Officers’ Certificate

 

June 29, 2021

 

The undersigned officers of
Prologis Yen Finance LLC (the “Company”), acting pursuant to the written consents of Prologis, Inc., its ultimate
parent, on April 29, 2021 and June 22, 2021, hereby establish a series of debt securities by means of this Officers’ Certificate
in accordance with the Indenture, dated as of September 25, 2018 (the “Base Indenture,” and as supplemented by
the First Supplemental Indenture thereto, the “Indenture”), among the Company, Prologis, L.P., as parent guarantor,
and U.S. Bank National Association, as trustee (the “Trustee”). Capitalized terms used but not defined in this Officers’
Certificate shall have the meanings ascribed to them in the Indenture.

 

0.564% Notes due 2031

 

1.            The
series shall be entitled the “0.564% Notes due 2031” (the “Notes”) and shall be a series of Yen Notes as
defined in the First Supplemental Indenture.

 

2.            The
Notes initially shall be limited to an aggregate principal amount of ¥11,700,000,000 (except in each case for Notes authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of or within the Series pursuant to
Section 304, 305, 306, 906, 1107 or 1305 of the Base Indenture); provided, the Company may increase such aggregate principal amount
upon the action of the Board of Directors to do so from time to time.

 

3.            The
Notes shall bear interest at the rate of 0.564% per annum. The aggregate principal amount of the Notes is payable at maturity on June 27,
2031. The interest on this Series shall accrue from and including June 29, 2021 or from the most recent Interest Payment Date
(as defined below) to which interest has been paid or duly provided for. Interest on the Notes shall be payable semi-annually in arrears
on June 29 and December 29 of each year (each an “Interest Payment Date”), commencing on December 29,
2021. Interest shall be paid to persons in whose names the Notes are registered on the June 14 or the December 14, as the case
may be, preceding the Interest Payment Date, whether or not a Yen Business Day (each a “Regular Record Date”).

 

4.            The
Notes may be surrendered for registration of transfer or exchange and notices or demands to or upon the Company in respect of the Notes
and the Indenture may be served at the Corporate Trust Office of the Paying Agent, located at 111 Fillmore Ave. East, St. Paul, Minnesota
55107. The principal of the Notes payable at maturity or upon earlier redemption shall be paid against presentation and surrender of the
Notes at the Corporate Trust Office of the Paying Agent.

 

5.            If,
as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States
(or any taxing authority thereof or therein), or any change in, or amendments to, an official position regarding the application or interpretation
of such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after June 23, 2021, the
Company becomes or, based upon a written opinion of independent counsel selected by the Company, will become or there is a substantial
probability that the Company will become obligated to pay Additional Amounts with respect to the Notes, then the Notes may be redeemed
at the option of the Company, in whole, but not in part, at a redemption price (the “Tax Redemption Price”) equal to
100% of the principal amount of the Notes, together with accrued and unpaid interest on the Notes to, but not including, the Redemption
Date. Notice of any redemption shall be transmitted to Holders not more than 60 nor less than 15 days prior to the Redemption Date.

 

    

     

    

If notice of redemption has
been given as provided in the Base Indenture and the preceding paragraph, and funds for the redemption of any Notes called for redemption
shall have been made available on the Redemption Date referred to in such notice, such Notes shall cease to bear interest on the Redemption
Date and the only right of the Holders of the Notes from and after the Redemption Date shall be to receive payment of the Tax Redemption
Price upon surrender of such Notes in accordance with such notice.

 

6.            On
or after March 27, 2031 (the “Par Call Date”), the Notes may be redeemed in whole at any time or in part from
time to time at the option of the Company at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus
accrued and unpaid interest, if any, to, but not including, the Redemption Date. Notice of redemption will be mailed not more than 60
nor less than 15 days prior to the date fixed for redemption to each Holder to be redeemed at its registered address.

 

The notice of redemption will
state, among other things, the amount of the Notes to be redeemed, the Redemption Date, the Redemption Price and the place or places that
payment will be made upon presentation and surrender of the Notes to be redeemed. Unless the Company defaults in payment of the Redemption
Price, interest shall cease to accrue on the Notes on the Redemption Date

 

If less than all of the Notes
are to be redeemed at the Company’s option, the Company will notify the Trustee at least 45 days prior to the Redemption Date, or
any shorter period as may be satisfactory to the Trustee, of the aggregate principal amount of the Notes to be redeemed and the Redemption
Date. The Trustee will select, in accordance with the rules and procedures of Euroclear and Clearstream (or their respective successors),
the Notes to be redeemed. The Notes may be redeemed in part in the minimum authorized denomination for the Notes or in any integral multiple
of such amount.

 

    2

     

    

7.            All
payments in respect of the Notes shall be made by or on behalf of the Company without withholding or deduction for, or on account of,
any present or future taxes, duties, assessments or governmental charges of whatever nature, imposed or levied by the United States or
any taxing authority thereof or therein, unless such withholding or deduction is required by law. If such withholding or deduction is
required by law, the Company shall, subject to certain exceptions provided for herein, pay to a holder who is not a United States person
such additional amounts (the “Additional Amounts”) on the Notes as are necessary in order that the net payment by the
Company or the Paying Agent of the principal of, and premium or Redemption Price, if any, and interest on, the Notes to such holder, after
such withholding or deduction, shall not be less than the amount provided in the Notes to be then due and payable; provided, however,
that the foregoing obligation to pay Additional Amounts shall not apply:

 

(i)            to
any tax, assessment or other governmental charge that would not have been imposed but for the holder, or a fiduciary, settlor, beneficiary,
member or shareholder of the holder if the holder is an estate, trust, partnership or corporation, or a person holding a power over an
estate or trust administered by a fiduciary holder, being considered as:

 

(a)            being
or having been engaged in a trade or business in the United States or having or having had a permanent establishment in the United States
or having or having had a qualified business unit which has the U.S. Dollar as its functional currency;

 

(b)            having
a current or former connection with the United States (other than a connection arising solely as a result of the ownership of the Notes,
the receipt of any payment or the enforcement of any rights thereunder) or being considered as having such relationship, including being
or having been a citizen or resident of the United States;

 

(c)            being
or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation with respect to the
United States or a foreign personal holding company that has accumulated earnings to avoid United States federal income tax;

 

(d)            being
or having been an owner of a 10% or greater interest in the capital or profits of Prologis, L.P. within the meaning of Section 871(h)(3) of
the United States Internal Revenue Code of 1986, as amended (the “Code”), or any successor provision; or

 

(e)            being
a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade
or business;

 

(ii)            to
any Holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a fiduciary, partnership or limited
liability company, but only to the extent that a beneficiary or settlor with respect to the fiduciary, a beneficial owner or member of
the partnership or limited liability company would not have been entitled to the payment of an Additional Amount had the beneficiary,
settlor, beneficial owner or member received directly its beneficial or distributive share of the payment;

 

(iii)            to
any tax, assessment or other governmental charge that would not have been imposed but for the failure of the Holder or any other person
to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or
connection with the United States of the Holder or beneficial owner of the Notes, if compliance is required by statute, by regulation
of the United States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a
precondition to exemption from such tax, assessment or other governmental charge;

 

(iv)            to
any tax, assessment or other governmental charge that is imposed otherwise than by withholding by the Company or a paying agent from the
payment;

 

    3

     

    

(v)            to
any tax, assessment or other governmental charge that would not have been imposed but for a change in law, regulation, or administrative
or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs
later;

 

(vi)            to
any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property tax or similar tax, assessment or other
governmental charge;

 

(vii)            to
any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal of or interest
on any Note, if such payment can be made without such withholding by at least one other paying agent;

 

(viii)            to
any tax, assessment or other governmental charge that would not have been imposed but for the presentation by the Holder of any Note,
where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the
date on which payment thereof is duly provided for, whichever occurs later;

 

(ix)            to
any withholding or deduction that is imposed on a payment pursuant to Sections 1471 through 1474 of the Code and related Treasury
regulations, pronouncements relating thereto or official interpretations thereof or any successor provisions, any agreements entered into
pursuant to Section 1471(b)(1) of the Code, any applicable intergovernmental agreement entered into between the United States
and any other governmental authority in connection with the implementation of the foregoing and any regulations or official law, agreement
or interpretations thereof implementing an intergovernmental approach thereto; or

 

(x)            in
the case of any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix).

 

The Notes are subject in all
cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the Notes. Except as specifically
provided under this Paragraph 7, the Company shall not be required to make any payment for any tax, duty, assessment or governmental charge
of whatever nature imposed by any government or a political subdivision or taxing authority of or in any government or political subdivision.

 

8.            The
Notes shall not provide for any sinking fund or analogous provision. None of the Notes shall be redeemable at the option of the Holder.

 

9.            The
Notes shall be issuable in registered form in the form set out in Exhibit A of the First Supplemental Indenture without coupons in
minimum denominations of ¥100,000,000 and any integral multiple of ¥10,000,000 in excess thereof.

 

10.           The
principal amount of, and the Tax Redemption Price, if any, on, the Notes shall be payable upon declaration of acceleration pursuant to
Section 502 of the Base Indenture.

 

    4

     

    

11.            The
Notes shall be denominated in and principal of or interest on the Notes (or Tax Redemption Price, if applicable) shall be payable in yen.
If the yen is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s
control, then all payments in respect of the Notes shall be made in U.S. Dollars until the yen is again available to the Company. In such
circumstances, the amount payable on any date in yen shall be converted into U.S. Dollars at the rate mandated by the Board of Governors
of the Federal Reserve System as of the close of business on the second business day prior to the relevant payment date or, if the Board
of Governors of the Federal Reserve System has not announced a rate of conversion, on the basis of the most recent U.S. Dollar/yen exchange
rate published in The Wall Street Journal on or prior to the second business day prior to the relevant payment date or, in the event The
Wall Street Journal has not published such exchange rate, the rate shall be determined in the Company’s sole discretion on the basis
of the most recently available market exchange rate for yen. Any payment in respect of the Notes so made in U.S. Dollars shall not constitute
an Event of Default. Neither the Trustee nor the Paying Agent shall be responsible for obtaining exchange rates, effecting conversions
or otherwise handling redenominations.

 

12.            Except
as provided in Paragraphs 3 and 5 of this Officers’ Certificate, the amount of payments of principal of or interest on the Notes
(or Tax Redemption Price, if applicable) shall not be determined with reference to an index or formula.

 

13.            Except
as set forth herein, in the Indenture or in the Notes, none of the principal of or interest on the Notes (or Tax Redemption Price, if
applicable) shall be payable at the election of the Company or a Holder thereof in a currency or currencies, currency unit or units or
composite currency or currencies other than that in which the Notes are denominated or stated to be payable.

 

14.            Except
as set forth in the Indenture or the Trust Indenture Act, the Notes shall not contain any provisions granting special rights to the Holders
of Notes upon the occurrence of specified events.

 

15.            The
Notes shall not contain any deletions from, modifications of or additions to the Events of Default or covenants of the Company contained
in the Indenture.

 

16.            Except
as set forth herein, in the Indenture or in the Notes, the Notes shall not be issued in the form of bearer Securities or temporary global
Securities.

 

17.            Sections
1402 and 1403 of the Base Indenture shall be applicable to the Notes.

 

18.            The
Notes shall not be issued upon the exercise of debt warrants.

 

19.            Article Sixteen
of the Base Indenture shall be applicable to the Notes.

 

20.            The
other terms and conditions of the Notes shall be substantially as set forth in the Indenture, in the Prospectus dated March 24, 2020
and the Prospectus Supplement dated June 23, 2021 relating to the Notes.

 

[The remainder of this page intentionally
left blank.]

 

    5

     

    

IN WITNESS WHEREOF, the undersigned
have executed this Officers’ Certificate on the date first written above.

 

	 	By:	 
	 	 	Name: Michael T. Blair
 Title:  Assistant
    Secretary and
    Managing Director,
    Deputy General               Counsel
	 
	 	By:	 
	 	 	Name:  Jessica Polgar
	 	 	Title:    Assistant Secretary

 

[Signature Page to Officers’
Certificate – 0.564% Notes due 2031]

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