Prologis, Inc. (NYSE: PLD) filed a preliminary prospectus supplement on August 4, 2026, disclosing a proposed public offering of 15,000,000 shares of common stock, with underwriters granted an option to purchase up to 2,250,000 additional shares to cover over-allotments.

Key Highlights

  • Share count: Prologis is offering 15,000,000 shares of common stock, par value $0.01 per share.
  • Over-allotment option: Underwriters may purchase up to 2,250,000 additional shares within 30 days of the prospectus supplement date to cover over-allotments.
  • Reference price: The last reported sale price of Prologis common stock on the NYSE on August 3, 2026 was $144.15 per share.
  • Joint book-running managers: J.P. Morgan and BofA Securities are serving as joint book-running managers for the offering.
  • Ownership restriction: The company's charter contains an ownership limit of 9.8% in value or number of shares of common stock, whichever is more restrictive.
  • Operating structure: As of June 30, 2026, Prologis, Inc. owned an approximate 98.01% common general partnership interest in Prologis, L.P.

Prologis Common Stock Offering: Terms and Structure Disclosed in Preliminary Prospectus

According to the preliminary prospectus supplement filed pursuant to Rule 424(b)(3) under Registration No. 333-289636, Prologis, Inc. is offering 15,000,000 shares of its common stock at a price to be determined. The per-share price to the public, underwriting discount, and net proceeds to the company were not yet specified in the preliminary document, as the filing is marked "subject to completion, dated August 4, 2026." The accompanying base prospectus is dated August 15, 2025.

The filing discloses that the underwriters have been granted an option, "exercisable in whole or in part from time to time," to purchase up to 2,250,000 additional shares at the offering purchase price within 30 days from the date of the final prospectus supplement, solely to cover over-allotments. Delivery of shares to purchasers is expected to occur through the book-entry facilities of The Depository Trust Company on or about the closing date, which was left blank in the preliminary document.

The prospectus supplement notes that Prologis is "organized and conduct[s] our operations in a manner which we believe allows us to qualify as a real estate investment trust, or REIT, for federal income tax purposes." The company operates primarily through its consolidated subsidiary, Prologis, L.P., a Delaware limited partnership. The filing also references a combination with SEGRO plc among items addressed in forward-looking statements, which the company's cautionary language identifies as subject to uncertainties that "could significantly impact our financial results."

What Was Disclosed

Prologis filed a preliminary 424B3 prospectus supplement on August 4, 2026, disclosing a 15,000,000-share common stock offering with a 2,250,000-share over-allotment option, joint book-runners J.P. Morgan and BofA Securities, and a reference share price of $144.15 as of August 3, 2026.