Form 8-K - Current report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

--------------

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 21, 2025

Prologis, Inc.

Prologis, L.P.

(Exact name of registrant as specified in charter)



Maryland (Prologis, Inc.) Delaware (Prologis, L.P.) (State or other jurisdiction of Incorporation)	001-13545 (Prologis, Inc.) 001-14245 (Prologis, L.P.) (Commission File Number)	94-3281941 (Prologis, Inc.) 94-3285362 (Prologis, L.P.) (I.R.S. Employer Identification No.)



Pier 1, Bay 1, San Francisco, California		94111

(Address of Principal Executive Offices)		(Zip Code)

Registrants’ Telephone Number, including Area Code: (415) 394-9000

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02. Results of Operations and Financial Condition (Prologis, Inc.) and

Item 7.01. Regulation FD Disclosure (Prologis, Inc. and Prologis, L.P.).

On January 21, 2025, Prologis, Inc., the general partner of Prologis, L.P., issued a press release announcing fourth quarter 2024 financial results. A copy of the supplemental information as well as the press release is furnished with this report as Exhibit 99.1 and Exhibit 99.2, respectively, and incorporated herein by reference.

The information in this report and the exhibits attached hereto is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to Items 2.02 and 7.01 of Form 8-K will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1 Supplemental information, dated January 21, 2025.

99.2 Press release, dated January 21, 2025.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.


	PROLOGIS, INC.

January 21, 2025	By:	/s/ Timothy D. Arndt
		Name: Timothy D. Arndt
		Title: Chief Financial Officer


	PROLOGIS, L.P.,
January 21, 2025	By: Prologis, Inc., its general partner

	By:	/s/ Timothy D. Arndt
		Name: Timothy D. Arndt
		Title: Chief Financial Officer

Prologis Supplemental Information FOURTH QUARTER 2024 Unaudited Prologis Park Dutra RJ, Rio de Janeiro, Brazil

Contents Highlights 3 Company Profile 5 Company Performance 7 Prologis Leading Indicators and Proprietary Metrics 8 Guidance Financial Information 9 Consolidated Balance Sheets 10 Consolidated Statements of Income 11 Reconciliations of Net Earnings to FFO 12 Reconciliations of Net Earnings to Adjusted EBITDA Operations 13 Overview 14 Operating Metrics 16 Operating Portfolio 19 Customer Information Capital Deployment 20 Overview 21 Development Stabilizations 22 Development Starts 23 Development Portfolio 24 Third-Party Acquisitions 25 Dispositions and Contributions 26 Land Portfolio 28 Solar Operating and Development Portfolios Strategic Capital 29 Overview 30 Summary and Financial Highlights 31 Operating and Balance Sheet Information of the Unconsolidated Co-Investment Ventures 32 Non-GAAP Pro-Rata Financial Information Capitalization 33 Overview 34 Debt Components - Consolidated 35 Debt Components - Noncontrolling Interests and Unconsolidated Net Asset Value 36 Components Notes and Definitions 38 Notes and Definitions

$41.5B Build Out of Land (TEI) * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. NOI calculation based on Prologis Share of the Operating Portfolio. Overview Prologis, Inc., is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At December 31, 2024, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.3 billion square feet (120 million square meters) in 20 countries. Prologis leases modern logistics facilities to a diverse base of approximately 6,500 customers principally across two major categories: business-to-business and retail/online fulfillment. 5,866 Buildings 1.3B Square Feet Europe 248M SF 8% of NOI*(A) Asia 115M SF 1% of NOI*(A) U.S. 797M SF 86% of NOI*(A) Other Americas 128M SF 5% of NOI*(A)

Company Profile * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. 4Q 2024 Prologis Share of NOI of the Operating Portfolio annualized. 4Q 2024 third-party share of asset management fees annualized plus trailing twelve months third-party share of transactional fees and Net Promote Income (Expense). Prologis Share of trailing twelve month Estimated Value Creation from development stabilizations. Mexico is included in the U.S. as it is U.S. dollar functional. Highlights OPERATIONS $6.2B in annual NOI*(A) DEVELOPMENT $773M in value creationfrom stabilizations(C) GROSS AUM $198B PROLOGIS SHARE AUM $136B MARKET EQUITY $100B STRATEGIC CAPITAL $408M of fees and promotes(B) (D) (D) (D)

Company Performance * This is a non-GAAP financial measure. Please see reconciliations from Net Earnings Attributable to Common Stockholders on page 8 and reference our Notes and Definitions for further explanation. Highlights NET EARNINGS ATTRIBUTABLE TO COMMON STOCKHOLDERS CORE FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS/UNITHOLDERS* AFFO ATTRIBUTABLE TO COMMONSTOCKHOLDERS/UNITHOLDERS* dollars in millions, except per share/unit data Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Rental and other revenues $ 1,947 $ 1,759 $ 7,530 $ 6,823 Strategic capital revenues 254 130 672 1,200 Total revenues 2,201 1,889 8,202 8,023 Net earnings attributable to common stockholders 1,277 629 3,726 3,053 Core FFO attributable to common stockholders/unitholders* 1,435 1,202 5,305 5,334 AFFO attributable to common stockholders/unitholders* 1,303 1,034 4,422 4,711 Adjusted EBITDA attributable to common stockholders/unitholders* 2,112 1,724 7,162 7,048 Estimated value creation from development stabilizations - Prologis Share 298 276 773 917 Common stock dividends and common limited partnership unit distributions 917 830 3,667 3,315 Per common share - diluted: Net earnings attributable to common stockholders $ 1.37 $ 0.68 $ 4.01 $ 3.29 Core FFO attributable to common stockholders/unitholders* 1.50 1.26 5.56 5.61 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)* 1.42 1.29 5.53 5.10 Business line reporting: Real estate* 1.34 1.23 5.25 4.84 Strategic capital* 0.16 0.03 0.31 0.77 Core FFO attributable to common stockholders/unitholders* 1.50 1.26 5.56 5.61 Realized development gains, net of taxes* 0.29 0.18 0.45 0.44 Dividends and distributions per common share/unit 0.96 0.87 3.84 3.48

NET EARNINGS ATTRIBUTABLE TO COMMON STOCKHOLDERS in millions CORE FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS/UNITHOLDERS* in millions AFFO ATTRIBUTABLE TO COMMON STOCKHOLDERS/UNITHOLDERS* in millions * This is a non-GAAP financial measure. Please see reconciliations from Net Earnings Attributable to Common Stockholders on page 8 and reference our Notes and Definitions for further explanation. Highlights Company Performance DIVIDENDS AND DISTRIBUTIONS in millions

LEASE PROPOSALS in millions of square feet U.S. IBI ACTIVITY INDEX diffusion index, points NEW LEASE NEGOTIATION GESTATION in days U.S. SPACE UTILIZATION percent * Please see our Notes and Definitions for further explanation. Prologis Leading Indicators and Proprietary Metrics* Highlights 91 Average 75 58.4 Average 57.8 59 Average 54 83.8% Average 85.4% Average 40% 37% Net rentable area of proposals Proposals as a % of available net rentable area

Guidance(A) * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Our guidance for 2025 is based on management’s current beliefs and assumptions about our business, the industry and the markets in which we operate. Please refer to “Forward-Looking Statements” and “Risk Factors” referred to in our annual and quarterly financial statements on Forms 10-K and 10-Q filed with the Securities and Exchange Commission (“SEC”) for more information. The difference between Core FFO and Net Earnings predominately relates to real estate depreciation and amortization and gains or losses on dispositions of real estate. See the Notes and Definitions for a reconciliation. We are further adjusting Core FFO to exclude $0.05 of net promote expense. The expense relates to amortization of stock compensation issued to employees related to promote income recognized in prior periods. Highlights dollars in millions, except per share amounts 2025 Guidance Low High Net earnings attributable to common stockholders(B) $ 3.45 $ 3.70 Core FFO attributable to common stockholders/unitholders*(B) $ 5.65 $ 5.81 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*(C) $ 5.70 $ 5.86 Operations Average occupancy - Prologis Share 94.50 % 95.50 % Same store NOI - cash - Prologis Share* 4.00 % 5.00 % Same store NOI - net effective - Prologis Share* 3.50 % 4.50 % Other Assumptions Strategic capital revenue, excluding promote revenue $ 560 $ 580 Net Promote Income (Expense) $ (50) $ (50) General & administrative expenses $ 440 $ 460 Realized development gains $ 450 $ 600 Capital Deployment PROLOGIS SHARE OWNED AND MANAGED Low High Development stabilizations $ 2,250 $ 2,750 $ 2,500 $ 3,000 Development starts $ 2,250 $ 2,750 $ 2,500 $ 3,000 Acquisitions $ 750 $ 1,250 $ 1,250 $ 1,750 Dispositions $ 1,000 $ 1,500 $ 1,750 $ 2,250 Contributions $ 1,500 $ 2,000 $ 2,250 $ 2,750 Exchange Rates We have hedged the rates for the majority of our estimated 2025 Euro, Sterling and Yen Core FFO, effectively insulating 2025 results from FX movements in these currencies. For purposes of capital deployment and other metrics, we assumed effective rates for EUR, GBP and JPY of 1.04 ($/€), 1.25 ($/£) and 156.95 (¥/$), respectively.

Consolidated Balance Sheets Financial Information in thousands December 31, 2024 September 30, 2024 December 31, 2023 Assets: Investments in real estate properties: Operating properties $ 78,279,353 $ 79,178,259 $ 75,435,497 Development portfolio 2,829,613 3,143,543 4,367,455 Land 4,453,522 4,395,022 3,775,553 Other real estate investments 5,683,688 5,376,749 5,088,070 91,246,176 92,093,573 88,666,575 Less accumulated depreciation 12,758,159 12,332,799 10,931,485 Net investments in real estate properties 78,488,017 79,760,774 77,735,090 Investments in and advances to unconsolidated entities 10,079,448 10,092,765 9,543,970 Assets held for sale or contribution 248,511 325,987 461,657 Net investments in real estate 88,815,976 90,179,526 87,740,717 Cash and cash equivalents 1,318,591 780,871 530,388 Other assets 5,194,342 4,944,799 4,749,735 Total assets $ 95,328,909 $ 95,905,196 $ 93,020,840 Liabilities and Equity: Liabilities: Debt $ 30,879,263 $ 32,289,832 $ 29,000,501 Accounts payable, accrued expenses and other liabilities 5,832,876 5,951,272 6,196,619 Total liabilities 36,712,139 38,241,104 35,197,120 Equity: Stockholders' equity 53,951,138 53,071,769 53,181,724 Noncontrolling interests 3,323,047 3,284,845 3,324,275 Noncontrolling interests - limited partnership unitholders 1,342,585 1,307,478 1,317,721 Total equity 58,616,770 57,664,092 57,823,720 Total liabilities and equity $ 95,328,909 $ 95,905,196 $ 93,020,840

Consolidated Statements of Income Financial Information Three Months Ended Twelve Months Ended December 31, December 31, in thousands, except per share amounts 2024 2023 2024 2023 Revenues: Rental $ 1,937,507 $ 1,755,959 $ 7,514,705 $ 6,818,542 Strategic capital 253,386 129,648 671,907 1,200,232 Development management and other 9,753 3,640 14,998 4,695 Total revenues 2,200,646 1,889,247 8,201,610 8,023,469 Expenses: Rental 438,468 408,225 1,765,385 1,624,793 Strategic capital 81,167 78,858 291,856 385,542 General and administrative 102,724 98,309 418,765 390,406 Depreciation and amortization 656,444 638,346 2,580,519 2,484,891 Other 7,673 21,668 47,044 53,354 Total expenses 1,286,476 1,245,406 5,103,569 4,938,986 Operating income before gains on real estate transactions, net $ 914,170 $ 643,841 $ 3,098,041 $ 3,084,483 Gains on dispositions of development properties and land, net 254,256 188,363 413,743 462,270 Gains on other dispositions of investments in real estate, net 252,830 2,647 904,136 161,039 Operating income $ 1,421,256 $ 834,851 $ 4,415,920 $ 3,707,792 Other income (expense): Earnings from unconsolidated entities, net 94,065 89,441 353,623 307,227 Interest expense (232,232) (174,450) (863,932) (641,332) Foreign currency, derivative and other gains (losses) and other income (expense), net 145,957 (15,461) 208,731 87,221 Gains (losses) on early extinguishment of debt, net – – 536 3,275 Total other income (expense) 7,790 (100,470) (301,042) (243,609) Earnings before income taxes 1,429,046 734,381 4,114,878 3,464,183 Current income tax benefit (expense) (67,910) (50,625) (145,782) (193,330) Deferred income tax benefit (expense) (18,960) (7,872) (21,161) (17,708) Consolidated net earnings 1,342,176 675,884 3,947,935 3,253,145 Net earnings attributable to noncontrolling interests (31,354) (28,824) (123,192) (116,657) Net earnings attributable to noncontrolling interests - limited partnership units (31,969) (16,124) (93,108) (77,274) Net earnings attributable to controlling interests 1,278,853 630,936 3,731,635 3,059,214 Preferred stock dividends (1,474) (1,460) (5,881) (5,841) Net earnings attributable to common stockholders $ 1,277,379 $ 629,476 $ 3,725,754 $ 3,053,373 Weighted average common shares outstanding - Diluted 954,080 952,399 953,590 951,791 Net earnings per share attributable to common stockholders - Diluted $ 1.37 $ 0.68 $ 4.01 $ 3.29

Reconciliations of Net Earnings to FFO* *This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Financial Information Three Months Ended Twelve Months Ended December 31, December 31, in thousands 2024 2023 2024 2023 Net earnings attributable to common stockholders $ 1,277,379 $ 629,476 $ 3,725,754 $ 3,053,373 Add (deduct) NAREIT defined adjustments: Real estate related depreciation and amortization 633,940 622,829 2,504,001 2,433,610 Gains on other dispositions of investments in real estate, net of taxes (excluding development properties and land) (248,705) (2,232) (899,270) (157,940) Adjustments related to noncontrolling interests 58 (14,006) (31,334) (38,246) Our proportionate share of adjustments related to unconsolidated entities 162,573 112,964 495,448 455,355 NAREIT defined FFO attributable to common stockholders/unitholders* $ 1,825,245 $ 1,349,031 $ 5,794,599 $ 5,746,152 Add (deduct) our modified adjustments: Unrealized foreign currency, derivative and other losses (gains), net (129,109) 43,646 (68,095) 17,619 Deferred income tax expense (benefit) 18,960 7,872 21,161 17,708 Current income tax benefit on dispositions related to acquired tax liabilities – (11,003) – (11,003) Adjustments related to noncontrolling interests – 403 – 403 Our proportionate share of adjustments related to unconsolidated entities (3,379) (5,129) (7,038) (11,224) FFO, as modified by Prologis attributable to common stockholders/unitholders* $ 1,711,717 $ 1,384,820 $ 5,740,627 $ 5,759,655 Add (deduct) Core FFO defined adjustments: Gains on dispositions of development properties and land, net (254,256) (188,363) (413,743) (462,270) Current income tax expense on dispositions 18,311 12,515 24,876 36,125 Losses (gains) on early extinguishment of debt, net – – (536) (3,275) Adjustments related to noncontrolling interests 6,166 – 6,244 9,359 Our proportionate share of adjustments related to unconsolidated entities (47,276) (7,124) (52,529) (5,344) Core FFO attributable to common stockholders/unitholders* $ 1,434,662 $ 1,201,848 $ 5,304,939 $ 5,334,250 Add (deduct) AFFO defined adjustments: Gains on dispositions of development properties and land, net 254,256 188,363 413,743 462,270 Current income tax expense on dispositions (18,311) (12,515) (24,876) (36,125) Straight-lined rents and amortization of lease intangibles (174,317) (147,558) (644,606) (625,356) Property improvements (137,613) (146,522) (386,481) (303,042) Turnover costs (152,439) (117,803) (499,927) (388,814) Amortization of debt discount, financing costs and management contracts, net 20,695 19,382 80,028 76,294 Stock compensation amortization expense 67,445 57,626 231,747 267,648 Adjustments related to noncontrolling interests 14,558 24,468 53,432 48,049 Our proportionate share of adjustments related to unconsolidated co-investment ventures (5,681) (33,746) (106,433) (124,544) AFFO attributable to common stockholders/unitholders* $ 1,303,255 $ 1,033,543 $ 4,421,566 $ 4,710,630

Reconciliations of Net Earnings to Adjusted EBITDA* * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Financial Information Three Months Ended Twelve Months Ended December 31, December 31, in thousands 2024 2023 2024 2023 Net earnings attributable to common stockholders $ 1,277,379 $ 629,476 $ 3,725,754 $ 3,053,373 Gains on other dispositions of investments in real estate, net (excluding development properties and land) (252,830) (2,647) (904,136) (161,039) Depreciation and amortization expense 656,444 638,346 2,580,519 2,484,891 Interest charges 214,550 164,239 804,541 599,283 Current and deferred income tax expense, net 86,870 58,497 166,943 211,038 Net earnings attributable to noncontrolling interests - limited partnership units 31,969 16,124 93,108 77,274 Pro forma adjustments (16,970) 6,498 (4,043) 39,904 Preferred stock dividends 1,474 1,460 5,881 5,841 Unrealized foreign currency, derivative and other losses (gains), net (129,109) 43,646 (68,095) 17,619 Stock compensation amortization expense 67,445 57,626 231,747 267,648 Losses (gains) on early extinguishment of debt, net – – (536) (3,275) Adjustments related to noncontrolling interests (32,590) (30,020) (126,308) (118,534) Our proportionate share of adjustments related to unconsolidated entities 206,904 140,806 656,825 574,310 Adjusted EBITDA attributable to common stockholders/unitholders* $ 2,111,536 $ 1,724,051 $ 7,162,200 $ 7,048,333

97.4% 96.9% 96.3% 96.1% 95.8% Average occupancy - Prologis Share OCCUPANCY - OWNED AND MANAGED CUSTOMER RETENTION SAME STORE CHANGE OVER PRIOR YEAR - PROLOGIS SHARE* RENT CHANGE - PROLOGIS SHARE * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Operations Overview 76.4% 75.9% 74.8% 70.4% 68.7% Trailing four quarters - net effective

Operating Metrics – Owned and Managed Operations square feet in thousands Leasing Activity(A) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Square feet of leases commenced: Operating Portfolio: Renewals 23,422 34,760 27,839 34,661 31,676 New leases 13,364 10,268 11,775 14,331 11,284 Total Operating Portfolio 36,786 45,028 39,614 48,992 42,960 Properties under development 6,864 3,082 7,027 1,772 3,531 Total Square Feet of Leases Commenced 43,650 48,110 46,641 50,764 46,491 Total square feet of Operating Portfolio leases commenced, including leases greater than one month 42,021 51,121 47,232 57,939 52,315 Weighted average term of leases started (in months) 65 55 64 60 64 Operating Portfolio: Trailing four quarters - square feet of leases commenced 159,052 162,465 163,701 170,420 176,594 Trailing four quarters - average % of portfolio 14.4 % 14.5 % 14.4 % 14.9 % 15.2 % Rent change (net effective) 57.5 % 55.5 % 62.7 % 57.6 % 52.2 % Rent change (net effective) - Prologis Share 74.1 % 67.6 % 73.9 % 67.8 % 66.3 % Rent change (cash) 37.6 % 37.3 % 41.0 % 36.2 % 29.1 % Rent change (cash) - Prologis Share 51.8 % 48.2 % 51.4 % 44.1 % 40.1 % PERIOD ENDING OCCUPANCY U.S. Other Americas Europe Asia Amounts exclusive of leases of less than one year, unless otherwise noted.

Operating Metrics – Owned and Managed * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. This data includes recurring capital expenditures and NOI of our Operating Portfolio. Excluded from recurring capital expenditures is spend for our properties that is structural in nature and therefore non-recurring. Operations CAPITAL EXPENDITURES Thousands, except for percentages SAME STORE INFORMATION Thousands, except for percentages PROPERTY IMPROVEMENTS TURNOVER COSTS ON LEASES COMMENCED COMPOSITION OF PORTFOLIO (BY UNIT SIZE) Trailing four quarter average Per square foot ($) As a % of lease value Per square foot ($) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Property improvements(A) $ 241,246 $ 62,227 $ 153,773 $ 197,260 $ 244,170 Tenant improvements 75,631 69,722 84,835 78,106 92,980 Leasing commissions 83,699 74,866 73,050 102,343 100,879 Total turnover costs 159,330 144,588 157,885 180,449 193,859 Total Capital Expenditures - Owned and Managed $ 400,576 $ 206,815 $ 311,658 $ 377,709 $ 438,029 Trailing four quarters - % of NOI*(A) 13.9% 13.9% 14.6% 15.3% 15.3% Weighted average ownership percentage 70.1% 71.5% 71.9% 72.8% 69.4% Total Capital Expenditures - Prologis Share $ 280,932 $ 147,822 $ 223,947 $ 275,089 $ 304,195 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Square feet 894,478 1,079,607 1,076,277 1,073,873 1,070,194 Average occupancy 97.1% 97.0% 96.6% 96.5% 96.3% Average occupancy - annual percentage change (1.0%) (1.2%) (1.1%) (0.8%) (1.0%) Period ending occupancy 97.4% 97.1% 96.8% 96.6% 96.4% Percentage change - Prologis Share*: NOI - cash 8.5% 5.7% 7.2% 7.2% 6.7% NOI - net effective 7.8% 4.1% 5.5% 6.2% 6.6% 1.8% 1.9% 2.2% 2.6% 2.8% 94.1% 95.1% 97.2% 98.2% Period ending occupancy Free rent as a % of lease value - trailing four quarters

Operating Portfolio – Square Feet, Occupied and Leased Operations # of Buildings Square Feet Occupied % Leased % square feet in thousands and ordered by Prologis Share of NOI (%) Owned and Managed Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share Owned and Managed Prologis Share Southern California 551 125,449 105,029 13.7 96.9 97.2 96.9 97.2 New Jersey/New York City 206 54,052 42,480 5.6 95.3 95.2 95.7 95.7 Chicago 328 70,095 55,183 7.2 97.4 98.0 97.4 98.0 San Francisco Bay Area 285 28,309 23,459 3.1 93.8 93.5 94.4 94.2 Dallas/Ft. Worth 276 60,311 51,176 6.7 94.9 94.8 95.5 95.3 Atlanta 236 52,125 46,084 6.0 98.8 98.9 99.0 99.0 South Florida 224 29,411 23,321 3.0 94.6 93.8 95.1 94.4 Lehigh Valley 82 37,120 32,882 4.3 92.9 92.6 92.9 92.6 Houston 235 38,046 32,154 4.2 96.5 96.3 96.6 96.4 Seattle 164 24,838 17,694 2.3 96.5 96.3 96.5 96.3 Central Valley 45 22,945 21,772 2.8 97.3 97.1 97.3 97.1 Baltimore/Washington 134 18,145 14,396 1.9 95.0 94.9 95.0 94.9 Nashville 66 17,335 14,297 1.9 98.3 97.9 98.3 97.9 Orlando 109 14,115 12,657 1.7 98.2 98.1 98.5 98.4 Phoenix 82 16,737 14,311 1.9 90.1 88.9 91.5 90.5 Las Vegas 79 14,298 9,141 1.2 92.9 95.1 92.9 95.1 Central PA 37 18,723 13,946 1.8 97.6 98.2 98.2 98.7 Cincinnati 69 19,023 16,665 2.2 94.0 94.5 94.1 94.6 Indianapolis 57 20,580 16,368 2.1 96.9 96.6 96.9 96.6 Remaining U.S. markets (11 markets) 382 71,832 61,650 8.1 95.1 95.8 95.2 95.8 Total U.S. 3,647 753,489 624,665 81.7 95.9 96.0 96.1 96.2 Mexico 349 66,239 22,780 3.0 98.0 97.5 98.0 97.5 Canada 37 12,548 12,548 1.6 97.7 97.7 97.7 97.7 Brazil 46 19,499 3,980 0.5 96.5 96.6 96.5 96.6 Total Other Americas 432 98,286 39,308 5.1 97.7 97.5 97.7 97.5 United Kingdom 175 33,283 12,829 1.7 93.9 89.5 93.9 89.5 France 148 35,786 12,423 1.6 96.9 97.4 96.9 97.4 Germany 136 32,583 9,590 1.3 97.8 97.3 97.8 97.3 Netherlands 115 30,191 9,757 1.3 98.3 98.6 98.3 98.6 Remaining European countries (8 countries) 496 103,993 36,841 4.8 95.2 93.4 95.6 93.9 Total Europe 1,070 235,836 81,440 10.7 96.0 94.5 96.2 94.7 Japan 73 50,887 10,215 1.3 96.4 85.8 97.4 90.3 China 177 52,466 8,008 1.1 91.9 91.9 92.5 92.5 Singapore 5 951 951 0.1 98.3 98.3 98.3 98.3 Total Asia 255 104,304 19,174 2.5 94.1 89.0 94.9 91.6 8.0 Total Outside the U.S. 1,757 438,426 139,922 18.3 95.9 94.6 96.2 95.0 97.7 98.2 Total Operating Portfolio 5,404 1,191,915 764,587 100.0 95.9 95.8 96.2 96.0

Operating Portfolio – NOI* and Gross Book Value * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Operations Fourth Quarter NOI* Gross Book Value dollars in thousands and ordered by Prologis Share of NOI (%) Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share % of Total Southern California $ 361,148 $ 311,091 19.9 $ 20,562,935 $ 17,915,219 19.8 New Jersey/New York City 168,478 135,909 8.7 9,638,876 7,840,264 8.7 Chicago 115,170 92,748 5.9 6,752,577 5,342,832 5.9 San Francisco Bay Area 98,733 82,662 5.3 4,574,407 3,815,404 4.2 Dallas/Ft. Worth 97,490 81,930 5.2 5,509,766 4,659,534 5.1 Atlanta 91,014 72,168 4.6 4,399,366 3,908,398 4.3 South Florida 85,612 67,466 4.3 5,183,436 4,226,001 4.7 Lehigh Valley 68,583 60,725 3.9 4,662,223 4,219,233 4.7 Houston 57,563 49,273 3.2 3,871,518 3,343,652 3.7 Seattle 67,057 48,344 3.1 3,748,298 2,891,625 3.2 Central Valley 43,557 40,592 2.6 1,989,710 1,885,226 2.1 Baltimore/Washington 47,115 37,505 2.4 2,624,609 2,118,184 2.3 Nashville 31,492 26,916 1.7 1,548,940 1,349,467 1.5 Orlando 27,214 24,638 1.6 1,497,133 1,355,965 1.5 Phoenix 29,661 24,344 1.6 1,878,660 1,574,887 1.7 Las Vegas 35,183 22,618 1.4 1,650,594 1,026,367 1.1 Central PA 28,578 21,454 1.4 1,663,724 1,277,673 1.4 Cincinnati 23,588 21,174 1.4 1,319,335 1,184,936 1.3 Indianapolis 25,789 20,934 1.3 1,365,902 1,133,909 1.3 Remaining U.S. markets (11 markets) 118,205 100,951 6.5 6,153,111 5,263,167 5.8 Total U.S. 1,621,230 1,343,442 86.0 90,595,120 76,331,943 84.3 Mexico 101,112 34,673 2.2 5,164,382 1,768,686 2.0 Canada 30,663 30,663 2.0 1,202,426 1,202,426 1.3 Brazil 23,722 5,228 0.3 864,725 197,983 0.2 Total Other Americas 155,497 70,564 4.5 7,231,533 3,169,095 3.5 United Kingdom 94,193 34,180 2.2 8,068,530 3,235,482 3.5 France 48,658 16,497 1.1 3,421,319 1,095,979 1.2 Germany 50,450 14,632 0.9 3,469,878 990,164 1.1 Netherlands 44,821 14,501 0.9 3,188,692 979,840 1.1 Remaining European countries (8 countries) 133,205 45,699 2.9 8,328,193 2,889,392 3.2 Total Europe 371,327 125,509 8.0 26,476,612 9,190,857 10.1 Japan 88,554 15,086 1.0 7,009,069 1,287,188 1.4 China 33,053 5,080 0.3 2,933,911 450,253 0.5 Singapore 2,414 2,414 0.2 140,882 140,882 0.2 Total Asia 124,021 22,580 1.5 10,083,862 1,878,323 2.1 Total Outside the U.S. 650,845 218,653 14.0 43,792,007 14,238,275 15.7 Total Operating Portfolio $ 2,272,075 $ 1,562,095 100.0 $ 134,387,127 $ 90,570,218 100.0

Operating Portfolio – Summary by Division * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Operations # of Buildings Square Feet Occupied % Leased % square feet and dollars in thousands Owned and Managed Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share Owned and Managed Prologis Share Consolidated Total U.S. 2,881 619,978 583,917 76.4 95.9 96.0 96.1 96.2 Total Outside the U.S. 100 24,285 24,285 3.2 83.7 83.7 85.8 85.8 Total Operating Portfolio - Consolidated 2,981 644,263 608,202 79.6 95.4 95.5 95.7 95.8 Unconsolidated Total U.S. 766 133,511 40,748 5.3 96.2 96.2 96.4 96.4 Total Outside the U.S. 1,657 414,141 115,637 15.1 96.7 96.8 96.8 97.0 Total Operating Portfolio - Unconsolidated 2,423 547,652 156,385 20.4 96.6 96.7 96.7 96.8 Total Total U.S. 3,647 753,489 624,665 81.7 95.9 96.0 96.1 96.2 Total Outside the U.S. 1,757 438,426 139,922 18.3 95.9 94.6 96.2 95.0 Total Operating Portfolio 5,404 1,191,915 764,587 100.0 95.9 95.8 96.2 96.0 Value added properties - consolidated 12 1,620 1,587 20.6 20.4 20.6 20.4 Value added properties - unconsolidated 13 3,277 1,321 51.8 60.4 51.8 60.4 Total Operating Properties 5,429 1,196,812 767,495 95.7 95.6 95.9 95.8 Fourth Quarter NOI* Gross Book Value Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share % of Total Consolidated Total U.S. $ 1,317,396 $ 1,250,712 80.1 $ 75,630,799 $ 71,764,832 79.2 Total Outside the U.S. 42,100 42,083 2.7 2,478,815 2,478,815 2.8 Total Operating Portfolio - Consolidated $ 1,359,496 $ 1,292,795 82.8 $ 78,109,614 $ 74,243,647 82.0 Unconsolidated Total U.S. $ 303,834 $ 92,730 5.9 $ 14,964,321 $ 4,567,111 5.0 Total Outside the U.S. 608,745 176,569 11.3 41,313,192 11,759,460 13.0 Total Operating Portfolio - Unconsolidated $ 912,579 $ 269,299 17.2 $ 56,277,513 $ 16,326,571 18.0 Value added properties - consolidated $ (55) $ (7) $ 254,640 $ 239,239 Value added properties - unconsolidated $ 1,491 $ 735 $ 390,430 $ 156,877

Customer Information We have signed leases, which were due to expire in 2025, totaling 66 million square feet in our Owned and Managed portfolio (4.2% of total net effective rent) and 38 million square feet on a Prologis Share basis (3.7% of total net effective rent). These are excluded from 2025 expirations and are reflected in the new year of expiration. Operations Top Customers Remaining Lease Expirations - Operating Portfolio square feet in thousands square feet and dollars in thousands, except per square foot amounts Owned and Managed Owned and Managed % of Net Effective Rent Total Square Feet Occupied Sq Ft Net Effective Rent $ % of Total $ Per Sq Ft 1 Amazon 4.9 45,625 2025(A) 153,876 931,837 10.4 6.06 2 Home Depot 1.8 19,056 2026 185,220 1,254,076 14.0 6.77 3 FedEx 1.3 10,574 2027 183,307 1,361,485 15.2 7.43 4 DHL 1.1 13,008 2028 158,702 1,298,917 14.5 8.18 5 Geodis 1.1 15,328 2029 130,010 1,150,629 12.9 8.85 6 CEVA Logistics 1.0 13,271 Thereafter 332,338 2,952,143 33.0 8.88 7 GXO 0.8 10,132 Total 1,143,453 8,949,087 100.0 7.83 8 UPS 0.8 9,434 Weighted average term of leases remaining (based on net effective rent) 3.9 years 9 Maersk 0.8 6,901 10 Kuehne + Nagel 0.7 8,580 Top 10 Customers 14.3 151,909 Prologis Share 11 DSV A/S 0.7 7,873 Occupied Sq Ft Net Effective Rent 12 Walmart 0.6 8,179 $ % of Total $ Per Sq Ft 13 NFI Industries 0.5 4,029 2025(A) 83,499 553,459 9.1 6.63 14 Pepsi 0.4 4,317 2026 114,341 821,973 13.5 7.19 15 GigaCloud 0.4 3,147 2027 118,094 921,080 15.1 7.80 16 Lululemon 0.4 2,481 2028 100,684 875,702 14.3 8.70 17 Mercado Libre 0.4 5,183 2029 89,528 821,383 13.4 9.17 18 Ryder 0.4 3,500 Thereafter 226,114 2,112,712 34.6 9.34 19 Burlington Stores 0.4 3,130 Total 732,260 6,106,309 100.0 8.34 20 Samsung 0.4 4,823 Weighted average term of leases remaining (based on net effective rent) 4.2 years 21 DB Schenker 0.4 5,556 22 Wayfair 0.4 5,783 23 ZOZO 0.4 4,886 24 Nippon Express 0.4 4,126 25 Imperial Dade 0.3 2,180 Top 25 Customers 20.8 221,102

M&A and Significant Portfolio Activity $14,600 — $23,200 $3,100 $800 DEVELOPMENT STARTS (TEI) in millions DEVELOPMENT STABILIZATIONS (TEI) dollars in millions ACQUISITION ACTIVITY(A) in millions LAND PORTFOLIO in millions This data excludes acquisitions of land. The estimated build out includes the land portfolio, Covered Land Plays and other land that we could develop through options, ground leases, unconsolidated joint ventures and other contractual arrangements. Capital Deployment Overview – Prologis Share Outside the U.S. U.S. Est Value Creation $942 $1,326 $1,583 $917 $773 Est Wtd Avg Stabilized Yield 6.3% 6.1% 6.3% 6.3% 6.1% Est Build Out(B): Sq. Ft. 215 TEI $38,300

Development Stabilizations Capital Deployment Q4 2024 FY 2024 TEI TEI square feet and dollars in thousands Square Feet Owned and Managed Prologis Share Square Feet Owned and Managed Prologis Share Central(A) 541 $ 76,356 $ 76,356 4,508 $ 700,478 $ 682,810 East(A) 641 184,483 177,370 2,485 476,007 468,712 West 500 119,544 119,544 7,967 1,745,059 1,744,627 Total U.S. 1,682 380,383 373,270 14,960 2,921,544 2,896,149 Canada 977 129,421 129,421 977 129,421 129,421 Mexico 442 36,138 36,138 716 57,109 57,109 Brazil 1,131 74,451 14,890 1,131 74,451 14,890 Total Other Americas 2,550 240,010 180,449 2,824 260,981 201,420 Northern Europe 832 135,939 135,939 1,347 187,814 176,919 Southern Europe 249 29,518 22,855 906 91,172 78,140 Central Europe 166 15,132 3,978 1,379 130,950 119,796 United Kingdom – – – 1,298 351,543 351,543 Total Europe 1,247 180,589 162,772 4,930 761,479 726,398 Japan 1,001 110,507 110,507 2,663 312,162 312,162 China(A) – – – 3,786 212,904 31,936 India – – – – – – Total Asia 1,001 110,507 110,507 6,449 525,066 344,098 Total Outside the U.S. 4,798 531,106 453,728 14,203 1,547,526 1,271,916 Total Development Stabilizations 6,480 $ 911,489 $ 826,998 29,163 $ 4,469,070 $ 4,168,065 Percent build-to-suit 54.0 % 32.8 % Estimated weighted average stabilized yield 7.0 % 6.1 % Annualized estimated NOI $ 57,990 $ 255,895 Estimated weighted average stabilized cap rate 5.1 % 5.0 % Estimated weighted average margin 36.1 % 18.5 % Estimated value creation $ 298,284 $ 772,872 TEI amount includes development on yards, parking lots, data centers, and other non-industrial assets that will be included in other real estate investments upon completion.

Development Starts Capital Deployment Q4 2024 FY 2024 TEI TEI square feet and dollars in thousands Square Feet Leased % at Start Owned and Managed Prologis Share Square Feet Leased % at Start Owned and Managed Prologis Share Central(A) – – $ – $ – 30 100.0 $ 264,715 $ 141,086 East – – – – 1,309 0.0 265,847 260,102 West(A) – – 25,861 25,861 670 0.0 121,469 121,085 Total U.S. – – 25,861 25,861 2,009 1.5 652,031 522,273 Canada – – – – – – – – Mexico – – – – 1,609 0.0 173,434 173,434 Brazil 2,147 100.0 159,006 31,801 2,147 100.0 159,006 31,801 Total Other Americas 2,147 100.0 159,006 31,801 3,756 57.1 332,440 205,235 Northern Europe – – – – 1,402 70.4 201,782 170,428 Southern Europe – – – – 423 34.9 40,698 40,698 Central Europe – – – – 846 74.4 59,327 59,327 United Kingdom(A) 115 0.0 179,019 179,019 115 0.0 179,019 179,019 Total Europe 115 0.0 179,019 179,019 2,786 63.3 480,826 449,472 Japan 618 63.9 116,855 116,855 730 69.5 140,919 140,919 China – – – – – – – – India 561 0.0 28,109 21,081 561 0.0 28,109 21,081 Total Asia 1,179 33.5 144,964 137,936 1,291 39.3 169,028 162,000 Total Outside the U.S. 3,441 73.9 482,989 348,756 7,833 56.4 982,294 816,707 Total Development Starts 3,441 73.9 $ 508,850 $ 374,617 9,842 45.2 $ 1,634,325 $ 1,338,980 Percent build-to-suit 37.3 % 33.4 % Estimated weighted average stabilized yield 5.9 % 7.3 % Annualized estimated NOI $ 22,168 $ 97,594 Estimated weighted average stabilized cap rate 4.8 % 5.4 % Estimated weighted average margin 17.5 % 26.9 % Estimated value creation $ 65,415 $ 365,965 TEI amount includes development on yards, parking lots, data centers, and other non-industrial assets that will be included in other real estate investments upon completion.

Development Portfolio TEI amount includes development on yards, parking lots, data centers, and other non-industrial assets that will be included in other real estate Investments upon completion. The data centers in our Development Portfolio have a TEI of $0.9 billion and $0.8 billion and cost to complete of $0.6 billion and $0.5 billion on an Owned and Managed basis and Prologis Share basis, respectively. Capital Deployment Under Development Pre-Stabilized Developments 2025 Expected Completion 2026 and Thereafter Expected Completion Total Development Portfolio TEI TEI TEI Owned and Managed Prologis Share square feet and dollars in thousands Sq Ft Leased % Owned and Managed Prologis Share Sq Ft Owned and Managed Prologis Share Sq Ft Owned and Managed Prologis Share Sq Ft Leased % TEI Sq Ft Leased % TEI Central (A) 399 0.0 $ 63,145 $ 63,145 1,144 $ 782,111 $ 716,526 1,037 $ 395,750 $ 367,550 2,580 39.2 $ 1,241,006 2,477 36.7 $ 1,147,221 East(A) 1,255 0.0 274,966 274,966 1,777 399,717 393,535 351 56,546 56,546 3,383 10.3 731,229 3,343 10.5 725,047 West(A) 1,347 0.0 295,387 295,387 2,846 488,417 487,871 524 67,877 67,877 4,717 45.3 851,681 4,712 45.3 851,135 Total U.S. 3,001 0.0 633,498 633,498 5,767 1,670,245 1,597,932 1,912 520,173 491,973 10,680 32.7 2,823,916 10,532 32.2 2,723,403 Canada 317 0.0 81,752 81,752 1,217 209,898 209,898 — — — 1,534 0.0 291,650 1,534 0.0 291,650 Mexico 690 41.3 69,685 69,685 2,035 205,092 205,092 735 69,689 69,689 3,460 17.3 344,466 3,460 17.3 344,466 Brazil 240 57.8 15,113 3,023 118 7,677 1,535 2,147 159,006 31,801 2,505 91.2 181,796 501 91.2 36,359 Total Other Americas 1,247 34.0 166,550 154,460 3,370 422,667 416,525 2,882 228,695 101,490 — 7,499 38.5 817,912 5,495 19.2 672,475 Northern Europe 1,174 32.9 122,975 115,964 1,528 233,008 196,097 – – – 2,702 53.1 355,983 2,498 51.8 312,061 Southern Europe – – – – 750 72,623 72,623 – – – 750 63.2 72,623 750 63.2 72,623 Central Europe 311 55.8 25,374 25,374 845 56,138 56,138 – – – 1,156 69.4 81,512 1,156 69.4 81,512 United Kingdom(A) 28 0.0 12,088 3,178 362 152,063 152,063 115 179,019 179,019 505 14.4 343,170 485 15.1 334,260 Total Europe 1,513 37.0 160,437 144,516 3,485 513,832 476,921 115 179,019 179,019 5,113 54.5 853,288 4,889 54.1 800,456 Japan – – – – 1,489 255,051 255,051 1,290 209,704 209,704 2,779 34.2 464,755 2,779 34.2 464,755 China(A) 824 94.3 39,059 5,859 – – – 2,382 158,756 23,814 3,206 24.2 197,815 481 24.2 29,673 India – – – – 561 28,109 21,081 – – – 561 0.0 28,109 421 0.0 21,081 Total Asia 824 94.3 39,059 5,859 2,050 283,160 276,132 3,672 368,460 233,518 6,546 26.4 690,679 3,681 29.0 515,509 Total Outside the U.S. 3,584 49.1 366,046 304,835 8,905 1,219,659 1,169,578 6,669 776,174 514,027 19,158 38.6 2,361,879 14,065 33.9 1,988,440 Total Development Portfolio 6,585 26.7 $ 999,544 $ 938,333 14,672 $ 2,889,904 $ 2,767,510 8,581 $ 1,296,347 $ 1,006,000 29,838 36.5 $ 5,185,795 24,597 33.2 $ 4,711,843 Cost to complete $ 115,138 $ 100,082 $ 991,560 $ 940,413 $ 969,772 $ 737,421 $ 2,076,470 $ 1,777,916 Percent build-to-suit 2.6 % 37.8 % 38.2 % 30.9 % Estimated weighted average stabilized yield 6.7 % 6.9 % 6.3 % 6.7 % Annualized estimated NOI $ 316,276 Estimated weighted average stabilized cap rate 5.3 % Estimated weighted average margin 23.3 % Estimated value creation $ 1,098,608

Third-Party Acquisitions Capital Deployment Q4 2024 FY 2024 Square Feet Acquisition Price Square Feet Acquisition Price square feet and dollars in thousands Owned and Managed Prologis Share Owned and Managed Prologis Share Owned and Managed Prologis Share Owned and Managed Prologis Share Prologis Wholly-Owned – – $ – $ – 9,418 9,418 $ 806,644 $ 806,644 Total U.S. – – – – 9,418 9,418 806,644 806,644 Prologis Wholly-Owned – – – – 1,629 1,629 390,834 390,834 FIBRA Prologis – – – – 1,565 559 199,875 71,323 Prologis European Logistics Fund 204 54 21,076 5,541 1,158 299 179,322 46,185 Prologis European Logistics Partners 849 425 110,250 55,125 1,499 750 185,681 92,840 Total Outside the U.S. 1,053 479 131,326 60,666 5,851 3,237 955,712 601,182 Total Third-Party Building Acquisitions 1,053 479 $ 131,326 $ 60,666 15,269 12,655 $ 1,762,356 $ 1,407,826 Weighted average stabilized cap rate 5.9 % 5.1 % Acquisitions of other real estate investments 322,936 322,936 508,918 508,918 Total Third-Party Acquisitions $ 454,262 $ 383,602 $ 2,271,274 $ 1,916,744

Dispositions and Contributions Capital Deployment Q4 2024 FY 2024 Square Feet Sales Price Square Feet Sales Price square feet and dollars in thousands Owned and Managed Prologis Share Owned and Managed Prologis Share Owned and Managed Prologis Share Owned and Managed Prologis Share Third-Party Building Dispositions Prologis Wholly-Owned 1,822 1,822 $ 231,661 $ 231,661 11,153 11,153 $ 1,135,094 $ 1,135,094 Prologis Targeted U.S. Logistics Fund 1,449 442 163,947 50,038 2,597 782 285,799 86,010 Total U.S. 3,271 2,264 395,608 281,699 13,750 11,935 1,420,893 1,221,104 Prologis European Logistics Fund 476 125 45,687 12,011 476 125 45,687 12,011 Total Europe 476 125 — 45,687 12,011 476 125 — 45,687 12,011 Total Outside the U.S. 476 125 45,687 12,011 476 125 45,687 12,011 Total Third-Party Building Dispositions 3,747 2,389 $ 441,295 $ 293,710 14,226 12,060 $ 1,466,580 $ 1,233,115 Building Contributions to Co-Investment Ventures Prologis Targeted U.S. Logistics Fund 5,473 5,473 $ 967,150 $ 671,975 10,910 10,910 $ 1,869,179 $ 1,300,959 Total U.S. 5,473 5,473 967,150 671,975 10,910 10,910 1,869,179 1,300,959 FIBRA Prologis 411 411 61,800 40,430 685 685 85,358 54,263 Total Other Americas 411 411 61,800 40,430 685 685 85,358 54,263 Prologis European Logistics Fund 2,025 2,025 266,481 196,423 3,864 3,864 643,519 476,874 Prologis European Logistics Partners 2,164 2,164 356,261 178,132 2,164 2,164 356,261 178,132 Total Europe 4,189 4,189 622,742 374,555 6,028 6,028 999,780 655,006 Nippon Prologis REIT 1,428 1,428 259,778 220,629 1,428 1,428 259,778 220,629 Japan Core Logistics Fund 520 520 — 90,256 75,589 520 520 — 90,256 75,589 Total Asia 1,948 1,948 — 350,034 296,218 $0 1,948 1,948 — 350,034 296,218 Total Outside the U.S. 6,548 6,548 1,034,576 711,203 8,661 8,661 1,435,172 1,005,487 Total Building Contributions to Co-Investment Ventures 12,021 12,021 $ 2,001,726 $ 1,383,178 19,571 19,571 $ 3,304,351 $ 2,306,446 Total Building Dispositions and Contributions 15,768 14,410 $ 2,443,021 $ 1,676,888 33,797 31,631 $ 4,770,931 $ 3,539,561 Weighted average stabilized cap rate 4.4 % 4.8 % Land dispositions 12,831 12,796 13,629 13,594 Dispositions of other real estate investments(A) 521,780 265,279 688,266 431,765 Grand Total Dispositions and Contributions $ 2,977,632 $ 1,954,963 $ 5,472,826 $ 3,984,920 Amounts include the disposition of non-industrial assets, including yards and data centers. Dispositions of Non-Strategic Assets are included as third-party building dispositions.

Land Portfolio – Owned and Managed Capital Deployment Acres Current Book Value square feet and dollars in thousands, including markets where we own land ordered by Prologis Share of Operating Portfolio NOI (%) Owned and Managed Prologis Share Estimated Build Out (sq ft) Owned and Managed Prologis Share % of Total Southern California 652 606 12,030 $ 799,026 $ 760,345 17.0 New Jersey/New York City 168 168 2,462 363,517 363,517 8.1 Chicago 84 84 1,451 23,758 23,693 0.5 San Francisco Bay Area 56 56 1,010 94,924 94,924 2.1 Dallas/Ft. Worth 392 392 5,846 139,424 139,349 3.1 Atlanta 464 464 4,767 52,705 52,705 1.2 South Florida 100 99 1,475 110,512 110,245 2.5 Lehigh Valley 105 105 1,029 37,849 37,849 0.8 Houston 428 416 6,311 165,081 163,410 3.6 Seattle 61 61 1,130 54,499 54,499 1.2 Central Valley 802 802 12,841 206,281 206,279 4.6 Baltimore/Washington 120 120 1,279 62,102 62,102 1.4 Nashville 365 365 5,085 142,054 142,054 3.2 Orlando 154 131 2,071 47,372 40,416 0.9 Phoenix 92 92 1,431 42,077 42,077 0.9 Las Vegas 980 980 14,826 304,715 304,715 6.8 Central PA 104 104 1,117 28,454 28,454 0.6 Indianapolis 4 4 38 284 284 0.0 Remaining U.S. markets (7 markets) 585 576 8,519 249,527 243,813 5.5 Total U.S. 5,716 5,625 84,718 2,924,161 2,870,730 64.0 Mexico 856 723 15,625 241,825 229,051 5.1 Canada 272 272 4,807 442,234 442,234 9.9 Brazil 673 581 14,193 222,052 210,801 4.7 Total Other Americas 1,801 1,576 34,625 906,111 882,086 19.7 United Kingdom 311 311 5,670 233,078 233,078 5.2 France 184 137 3,613 133,559 125,899 2.8 Germany 101 67 2,192 83,898 52,287 1.2 Netherlands 55 55 1,437 52,017 52,017 1.2 Remaining European countries (7 countries) 761 700 14,724 145,460 132,035 2.9 Total Europe 1,412 1,270 27,636 648,012 595,316 13.3 Japan 89 89 5,448 95,464 95,464 2.1 China 47 7 1,275 10,433 1,565 0.0 India 196 147 4,637 53,665 40,249 0.9 Total Asia 332 243 11,360 159,562 137,278 3.0 Total Outside the U.S. 3,545 3,089 73,621 1,713,685 1,614,680 36.0 Total Land Portfolio 9,261 8,714 158,339 $ 4,637,846 $ 4,485,410 100.0

Land Portfolio – Summary and Roll Forward Amounts include approximately 3,400 acres that we could develop through options, ground leases, unconsolidated joint ventures and other contractual arrangements. Capital Deployment Acres Current Book Value dollars in thousands Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share % of Total Central 1,600 1,579 18.0 $ 601,914 $ 594,441 13.3 East 1,251 1,227 14.1 708,819 701,596 15.6 West 2,865 2,819 32.4 1,613,428 1,574,693 35.1 Total U.S. 5,716 5,625 64.5 2,924,161 2,870,730 64.0 Mexico 856 723 8.3 241,825 229,051 5.1 Canada 272 272 3.1 442,234 442,234 9.9 Brazil 673 581 6.7 222,052 210,801 4.7 Total Other Americas 1,801 1,576 18.1 906,111 882,086 19.7 Central Europe 498 474 5.4 99,074 95,059 2.1 Northern Europe 199 147 1.7 146,398 110,182 2.5 Southern Europe 404 338 3.9 169,462 156,997 3.5 United Kingdom 311 311 3.6 233,078 233,078 5.2 Total Europe 1,412 1,270 14.6 648,012 595,316 13.3 Japan 89 89 1.0 95,464 95,464 2.1 China 47 7 0.1 10,433 1,565 0.0 India 196 147 1.7 53,665 40,249 0.9 Total Asia 332 243 2.8 159,562 137,278 3.0 Total Outside the U.S. 3,545 3,089 35.5 1,713,685 1,614,680 36.0 Total Land Portfolio 9,261 8,714 100.0 $ 4,637,846 $ 4,485,410 100.0 Estimated build out of land portfolio (in TEI) $ 25,600,000 $ 24,600,000 Estimated build out of Covered Land Plays (in TEI) 7,500,000 6,200,000 Estimated build out of other land (in TEI)(A) 8,400,000 7,500,000 Total $ 41,500,000 $ 38,300,000 Land Roll Forward - Prologis Share U.S. Other Americas Europe Asia Total At September 30, 2024 $ 2,721,062 $ 880,543 $ 678,311 $ 151,329 $ 4,431,245 Acquisitions 34,011 68,843 27,688 14,632 145,174 Reclassification of Covered Land Plays 59,232 — — — 59,232 Dispositions — — (7,481) — (7,481) Development starts (13,060) (5,368) (11,521) (19,730) (49,679) Infrastructure costs 73,157 7,478 12,558 2,065 95,258 Effect of changes in foreign exchange rates and other (3,672) (69,410) (104,239) (11,018) (188,339) At December 31, 2024 $ 2,870,730 $ 882,086 $ 595,316 $ 137,278 $ 4,485,410

Solar Operating and Development Portfolios – Owned and Managed Capital Deployment dollars in thousands, including markets where we own solar ordered by Prologis Share of Operating Portfolio NOI (%) Operating Portfolio Development Portfolio Solar Capacity (MW) Gross Book Value Solar Capacity (MW) Current Investment TEI Southern California 20 $ 44,323 50 $ 79,209 $ 156,380 New Jersey/New York City 55 108,779 32 90,144 116,117 Chicago – – 33 62,717 98,291 San Francisco Bay Area 6 14,097 13 12,797 40,195 Central Valley 16 32,829 14 27,988 41,451 Remaining U.S. markets (4 markets) – – 9 6,940 18,686 Total U.S. 97 200,028 151 279,795 471,120 Mexico – – 23 13,147 23,381 Total Other Americas – – 23 13,147 23,381 Germany 23 17,187 22 3,777 20,419 Italy 12 6,035 5 1,356 5,774 Remaining European countries (5 countries) 7 7,361 6 1,000 4,992 Total Europe 42 30,583 33 6,133 31,185 Japan 45 66,471 17 7,664 12,136 China 16 9,307 10 3,799 4,414 Singapore 5 3,661 – – – Total Asia 66 79,439 27 11,463 16,550 Total Outside the U.S 108 110,022 83 30,743 71,116 Total Owned and Managed 205 310,050 234 $ 310,538 $ 542,236 Third-party owned solar 339 – Total Solar Capacity (MW) 544 234 Investment Tax Credits ("ITC") (156,241) TEI, Net of ITCs $ 385,995 Estimated weighted average stabilized yield 10.9 %

THIRD-PARTY AUM dollars in billions THIRD-PARTY FEE RELATED AND PROMOTE REVENUE in millions FEE RELATED EARNINGS ANNUALIZED* in millions NET PROMOTE INCOME (EXPENSE) dollars in millions *This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Strategic Capital Overview 27.2 21.6 37.1 51.5 50.9 Trailing 3-year basis points of third-party AUM 91.4% 94.9% 95.0% 93.0% 95.0% % Open end/Public

Summary and Financial Highlights * The next promote opportunity is related to the Stabilization of individual development project(s). Throughout this document we use the most recent public information for these co-investment ventures. Values represent the entire venture at 100%, not Prologis’ proportionate share. Values are presented at Prologis’ adjusted basis derived from the ventures’ U.S. GAAP information and may not be comparable to values reflected in the ventures’ stand alone financial statements calculated on a different basis. Strategic Capital Co-Investment Ventures Region Type Established Accounting Method Ownership Structure Next Promote Opportunity Prologis U.S. Logistics Venture U.S. Core 2014 Consolidated 55.0 % Open end Q4 2025* Prologis Targeted U.S. Logistics Fund U.S. Core 2004 Unconsolidated 30.5 % Open end Q2 2026 FIBRA Prologis(A) Mexico Core 2014 Unconsolidated 34.6 % Public, Mexican Exchange Q2 2025 Prologis Brazil Logistics Venture Brazil Core/Development 2019 Unconsolidated 20.0 % Closed end Q4 2025* Prologis European Logistics Fund Europe Core 2007 Unconsolidated 26.3 % Open end Q3 2025 Prologis European Logistics Partners Europe Core 2013 Unconsolidated 50.0 % Open end Q4 2025* Nippon Prologis REIT(A) Japan Core 2013 Unconsolidated 15.1 % Public, Tokyo Exchange N/A Prologis Japan Core Logistics Fund Japan Core 2023 Unconsolidated 16.3 % Closed end Q2 2025 Prologis China Core Logistics Fund China Core 2019 Unconsolidated 15.5 % Open end Q3 2025 Prologis China Logistics Venture China Development 2011 Unconsolidated 15.0 % Closed end Q4 2025 Venture (at 100%)(B) in thousands Square Feet GBV of Operating Bldgs GBV of Real Estate Debt Unconsolidated Co-Investment Ventures Prologis Targeted U.S. Logistics Fund 133,729 $ 15,004,148 $ 15,528,087 $ 5,398,546 FIBRA Prologis(A) 66,049 5,169,872 6,395,168 2,241,613 Prologis Brazil Logistics Venture and other joint ventures 19,048 819,636 880,834 – Prologis European Logistics Fund 168,692 18,778,585 18,918,236 6,342,846 Prologis European Logistics Partners 63,027 7,217,268 7,459,404 – Nippon Prologis REIT(A) 44,799 6,215,440 6,215,440 2,298,020 Prologis Japan Core Logistics Fund 3,119 529,083 529,083 282,832 Prologis China Core Logistics Fund 30,002 2,210,037 2,253,726 976,569 Prologis China Logistics Venture 22,464 723,874 778,676 385,106 Total Unconsolidated Co-Investment Ventures 550,929 56,667,943 58,958,654 17,925,532 Consolidated Co-Investment Ventures Prologis U.S. Logistics Venture 77,567 8,279,091 8,348,887 – Total Unconsolidated Co-Investment Ventures 77,567 8,279,091 8,348,887 – Total 628,496 $ 64,947,034 $ 67,307,541 $ 17,925,532

Operating and Balance Sheet Information of the Unconsolidated Co-Investment Ventures (at 100%)(A) * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Values represent the entire venture at 100%, not Prologis’ proportionate share. Values are presented at Prologis’ adjusted basis derived from the ventures’ U.S. GAAP information and may not be comparable to values reflected in the ventures’ stand alone financial statements calculated on a different basis. Strategic Capital dollars in thousands U.S. Other Americas Europe Asia Total Operating Information For the Three Months Ended December 31, 2024 Rental revenue $ 381,817 $ 175,358 $ 458,365 $ 162,746 $ 1,178,286 Rental expense (94,616) (29,367) (94,706) (45,239) (263,928) General and administrative expense (21,767) (21,272) (19,482) (16,286) (78,807) Depreciation and amortization expense and impairment charges (120,652) (30,822) (191,870) (480,624) (823,968) Other operating revenue (expense) (736) 1,344 (979) (43) (414) Operating income (expense) before gains on real estate transactions, net 144,046 95,241 151,328 (379,446) 11,169 Gains (losses) on dispositions of investments in real estate, net 248,913 (1,377) 6,263 (2,148) 251,651 Operating income (expense) 392,959 93,864 157,591 (381,594) 262,820 Interest expense (58,571) (29,817) (49,835) (22,583) (160,806) Current and deferred income tax benefit (expense) (211) 2 (18,686) (4,609) (23,504) Foreign currency, derivative and other gains (losses) and other income (expense), net 8,915 3,019 3,808 6,118 21,860 Net earnings (loss) 343,092 67,068 92,878 (402,668) 100,370 Real estate related depreciation and amortization expense and impairment charges 116,790 30,822 188,229 478,285 814,126 (Gains) losses on dispositions of investments in real estate, net of taxes (86,494) 1,377 (6,798) 2,148 (89,767) Unrealized foreign currency, derivative and other losses (gains), net – (4,827) 715 (5,372) (9,484) Deferred income tax expense (benefit) – – (5,074) 110 (4,964) FFO, as modified by Prologis* 373,388 94,440 269,950 72,503 810,281 Core FFO defined adjustments (162,428) 750 4,856 6 (156,816) Core FFO* $ 210,960 $ 95,190 $ 274,806 $ 72,509 $ 653,465 Balance Sheet Information At December 31, 2024 Operating properties, before depreciation $ 15,004,148 $ 5,989,508 $ 25,995,853 $ 9,678,434 $ 56,667,943 Accumulated depreciation (2,866,479) (718,996) (4,292,213) (1,169,210) (9,046,898) Properties under development, land and other real estate 523,939 1,286,494 381,787 98,491 2,290,711 Other assets 1,241,507 554,897 1,788,101 796,233 4,380,738 Total assets $ 13,903,115 $ 7,111,903 $ 23,873,528 $ 9,403,948 $ 54,292,494 Third-party debt $ 5,398,546 $ 2,241,613 $ 6,342,846 $ 3,942,527 $ 17,925,532 Other liabilities 1,067,924 179,882 2,032,358 419,064 3,699,228 Total liabilities $ 6,466,470 $ 2,421,495 $ 8,375,204 $ 4,361,591 $ 21,624,760 Weighted average ownership 30.5 % 30.9 % 33.0 % 15.2 % 29.0 %

Non-GAAP Pro-Rata Financial Information(A) * This is a non-GAAP financial measure, please see our Notes and Definitions for further explanation. See our Notes and Definitions for further explanation of how these amounts are calculated. Strategic Capital dollars in thousands Noncontrolling Interests included in Consolidated Amounts* Prologis Share of Unconsolidated Co-Investment Ventures* Operating Information For the Three Months Ended December 31, 2024 Rental revenue $ 92,749 $ 339,823 Rental expense (23,869) (73,744) General and administrative expense (11,899) (24,387) Depreciation and amortization expenses and impairment charges (32,743) (186,625) Other operating income (expense) 711 (331) Operating income before gains 24,949 54,736 Gains (losses) on dispositions of investments in real estate, net 6,177 76,781 Operating income 31,126 131,517 Interest expense (792) (43,424) Current and deferred income tax benefit (expense) (50) (4,999) Foreign currency, derivative and other gains (losses) and other income (expense), net 1,035 7,927 Earnings from unconsolidated co-investment ventures, net 35 – Net earnings 31,354 91,021 Real estate related depreciation and amortization expenses and impairment charges 31,921 183,937 Gains on other dispositions of investments in real estate, net of taxes (excluding development properties and land) (11) (28,042) NAREIT defined FFO* 63,264 246,916 Unrealized foreign currency, derivative and other losses (gains), net – (1,729) Deferred income tax expense (benefit) – (1,569) FFO, as modified by Prologis* 63,264 243,618 Core FFO defined adjustments (6,166) (47,276) Core FFO* $ 57,098 $ 196,342 Balance Sheet Information At December 31, 2024 Operating properties, before depreciation $ 3,881,368 $ 16,483,448 Accumulated depreciation (823,532) (2,684,934) Properties under development, land and other real estate 172,307 726,238 Other assets 195,613 851,547 Total assets $ 3,425,756 $ 15,376,299 Third-party debt $ 18,398 $ 4,653,326 Other liabilities 84,311 1,008,397 Total liabilities $ 102,709 $ 5,661,723 Weighted average ownership 35.0 % 29.0 % Noncontrolling interests investment $ 3,323,047 Investment in and advances to unconsolidated co-investment ventures $ 9,274,762 Investment in and advances to other unconsolidated ventures 804,686 Investment in and advances to unconsolidated entities $ 10,079,448

Overview * This is a non-GAAP financial measure. Please see our Notes and Definitions for detailed calculation. Enterprise value is calculated using Prologis’ stock price of $105.70 at December 31, 2024. Prologis’ stock price was $126.28 at September 30, 2024. Mexico is included in the U.S. as it is U.S. dollar functional. The detailed calculations are included in the Notes and Definitions section and are not in accordance with the applicable SEC rules. A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time by the rating organization. Capitalization ASSETS UNDER MANAGEMENT dollars in millions U.S. DOLLAR EXPOSURE dollars in millions DEBT BY CURRENCY – PROLOGIS SHARE UNENCUMBERED ASSETS – PROLOGIS SHARE: $103.3B in billions Prologis Share - Debt Metrics(C) December 31, 2024 September 30, 2024 Debt as % of gross Market Capitalization* 25.6 % 23.1 % Debt as % of gross real estate assets* 33.0 % 34.4 % Secured debt as % of gross real estate assets* 0.5 % 0.5 % Unencumbered gross real estate assets to unsecured debt* 290.4 % 282.5 % Fixed charge coverage ratio* 6.8x 6.6x Fixed charge coverage ratio, excluding development gains* 6.4x 6.2x Debt/Adjusted EBITDA* 4.6x 5.1x Debt/Adjusted EBITDA, excluding development gains* 4.9x 5.3x Weighted average interest rate 3.2 % 3.1 % Weighted average remaining maturity in years 9.0 9.2 Percentage of floating rate debt 4.8 % 5.2 % Credit Ratings at December 31, 2024(D) Moody's A3 (Outlook Positive) Standard & Poor's A (Outlook Stable) $135,925 $197,559 $197,559 Investment Capacity $1,439 AUM Strategic Captial $92,455 Total Enterprise Value(A) $135,925 $135,925 $35,514 $100,411 Direct owned and other Market Equity Debt Prologis Share of ventures $30,821 Investors' share of ventures $60,195 U.S.(B) 75.5% Europe 15.9% Other Americas 2.1% Asia 6.5% U.S. Dollar (B) 84.7% Outside U.S. 15.3% U.S. Dollar(B) Outside U.S. 54.1% U.S. Dollar (B) 96.0% Outside U.S. 4.0% 45.9% Enterprise Value(A) Debt Market Equity Enterprise Value(A) AUM by Ownership AUM by Geography

Debt Components – Consolidated The maturities for the 2022 Global Facility ($163 million) and 2023 Global Facility ($62 million) are reflected at the extended maturity date, as the extension is at our option. The maturity of certain debt ($309 million) is reflected at the extended maturity dates as the extension is at our option. We manage our exposure to changes in foreign currency exchange rates using foreign currency forward contracts, including those that are accounted for as net investment hedges, to economically reduce our exposure to fluctuations in foreign currency rates. The effect is reflected in the table under Investment Hedges. See also page 30 for our market equity exposure by currency. We are required to maintain available commitments under our credit facilities in an amount at least equal to the commercial paper borrowings outstanding. Capitalization dollars in thousands Unsecured Maturity Senior Notes Credit Facilities and Commercial Paper(A) Term Loans and Other(B) Secured Mortgage Total Wtd. Avg. Interest Rate % Fixed 2025 $ 31,856 $ – $ 314 $ 173,389 $ 205,559 4.1 % 78 % 2026 1,284,618 – 780,861 45,542 2,111,021 2.9 % 74 % 2027 1,898,055 162,632 254,376 4,156 2,319,219 2.6 % 84 % 2028 2,518,708 62,334 94,295 3,041 2,678,378 3.2 % 95 % 2029 3,193,130 – – 3,191 3,196,321 2.7 % 100 % 2030 2,766,181 – 31,856 3,345 2,801,382 2.7 % 99 % 2031 1,993,129 – 127,425 17,607 2,138,161 2.5 % 100 % 2032 1,561,460 – 191,138 18,715 1,771,313 1.8 % 100 % 2033 2,256,856 – 166,510 43,236 2,466,602 4.4 % 97 % 2034 2,900,570 – 369,659 – 3,270,229 3.8 % 97 % 2035 1,771,343 – – – 1,771,343 2.9 % 100 % Thereafter 6,720,381 – – – 6,720,381 3.6 % 100 % Subtotal $ 28,896,287 $ 224,966 $ 2,016,434 $ 312,222 $ 31,449,909 3.1 % 96 % Unamortized net premiums (discounts) (447,874) – – 7,163 (440,711) Unamortized finance costs (126,250) – (3,117) (568) (129,935) Total consolidated debt, net of unamortized premiums (discounts) and finance costs $ 28,322,163 $ 224,966 $ 2,013,317 $ 318,817 $ 30,879,263 Weighted average interest rate 3.2 % 4.1 % 2.0 % 4.3 % 3.1 % Weighted average remaining maturity in years 9.8 2.8 4.7 3.2 9.4 Prologis consolidated debt by local currency Liquidity Senior Notes Credit Facilities and Commercial Paper Term Loans and Other Secured Mortgage Total Investment Hedges(C) Total % of Total Aggregate lender commitments: USD $ 14,297,717 $ – $ 7,570 $ 152,585 $ 14,457,872 $ (594,459) $ 13,863,413 45 % Credit facilities $ 6,312,755 EUR 9,628,158 62,334 210,110 – 9,900,602 – 9,900,602 32 % Less: Credit facilities borrowings outstanding 224,966 GBP 1,714,653 – – – 1,714,653 431,847 2,146,500 7 % Less: Commercial paper borrowings outstanding(D) – JPY 1,562,078 – 1,348,677 – 2,910,755 – 2,910,755 9 % Less: Outstanding letters of credit 24,583 CAD 725,274 162,632 208,370 166,232 1,262,508 162,612 1,425,120 5 % Current availability 6,063,206 Other 394,283 – 238,590 – 632,873 – 632,873 2 % Cash and cash equivalents 1,318,591 Total debt $ 28,322,163 $ 224,966 $ 2,013,317 $ 318,817 $ 30,879,263 $ – $ 30,879,263 100 % Total liquidity $ 7,381,797

Debt Components – Noncontrolling Interests and Unconsolidated(A) Refer to Notes and Definitions under Non-GAAP Pro-Rata Financial Information for further explanation on how these amounts are calculated. The maturity of certain unsecured debt (Prologis Share $287 million) is reflected at the extended maturity dates as the extension is at the venture’s option. We manage our exposure to changes in foreign currency exchange rates using foreign currency forward contracts, including those that are accounted for as net investment hedges, to economically reduce our exposure to fluctuations in foreign currency rates. The effect is reflected in the table under Investment Hedges. See also page 30 for our market equity exposure by currency. Capitalization dollars in thousands Noncontrolling Interests Prologis Share of Unconsolidated Co-Investment Ventures Maturity Unsecured Secured Total Wtd. Avg. Interest Rate % Fixed Unsecured(B) Secured Total Wtd. Avg. Interest Rate % Fixed 2025 $ – $ 5,226 $ 5,226 6.7 % 15 % $ 353,611 $ 7,975 $ 361,586 4.1 % 47 % 2026 – 796 796 3.6 % 100 % 87,829 70,141 157,970 3.4 % 77 % 2027 – 829 829 3.6 % 100 % 249,987 34,340 284,327 3.9 % 75 % 2028 – 390 390 3.4 % 100 % 357,373 72,290 429,663 3.8 % 76 % 2029 – 410 410 3.4 % 100 % 661,116 4,226 665,342 4.0 % 94 % 2030 – 430 430 3.4 % 100 % 444,552 1,410 445,962 3.0 % 99 % 2031 – 1,861 1,861 3.4 % 100 % 337,650 807 338,457 2.9 % 100 % 2032 – 473 473 3.4 % 100 % 441,270 570 441,840 2.6 % 100 % 2033 – 6,809 6,809 3.4 % 100 % 289,411 38,585 327,996 2.5 % 100 % 2034 – – – – – 377,516 7,607 385,123 4.5 % 100 % 2035 – – – – – 404,984 – 404,984 4.6 % 100 % Thereafter – – – – – 437,896 – 437,896 4.1 % 100 % Subtotal $ – $ 17,224 $ 17,224 4.4 % 74 % $ 4,443,195 $ 237,951 $ 4,681,146 3.7 % 90 % Unamortized net premiums (discounts) – 1,226 1,226 (13,255) 705 (12,550) Unamortized finance costs – (52) (52) (14,183) (1,087) (15,270) Noncontrolling interests and Prologis Share of unconsolidated debt, net of unamortized premiums (discounts) and finance costs $ – $ 18,398 $ 18,398 $ 4,415,757 $ 237,569 $ 4,653,326 Weighted average interest rate – 4.4 % 4.4 % 3.6 % 4.0 % 3.7 % Weighted average remaining maturity in years – 6.0 6.0 6.6 4.3 6.4 Noncontrolling interests share of consolidated debt by local currency Prologis Share of unconsolidated debt by local currency Unsecured Secured Total % of Total Unsecured Secured Total Investment Hedges(C) Total % of Total USD $ – $ 18,398 $ 18,398 100 % $ 2,396,548 $ 64,783 $ 2,461,331 $ – $ 2,461,331 53 % EUR – – – – 1,395,140 43,506 1,438,646 (482,069) 956,577 21 % GBP – – – – 179,647 22,815 202,462 393,303 595,765 13 % JPY – – – – 346,312 45,960 392,272 – 392,272 8 % CAD – – – – – – – – – – Other – – – – 98,110 60,505 158,615 88,766 247,381 5 % Total debt $ – $ 18,398 $ 18,398 100 % $ 4,415,757 $ 237,569 $ 4,653,326 $ – $ 4,653,326 100 %

Components – Prologis Share Net Asset Value Operating Portfolio Square Feet Gross Book Value GBV per Sq Ft Adjusted Cash NOI (Actual)* Adjusted Cash NOI (Pro Forma)* Annualized Adjusted Cash NOI* Percent Occupied Consolidated U.S. 583,917 $ 71,764,832 $ 123 $ 1,194,126 $ 1,194,126 $ 4,776,504 96.0 % Other Americas 13,715 1,305,167 95 30,100 30,100 120,400 96.6 % Europe 6,650 768,221 116 4,503 4,503 18,012 68.5 % Asia 3,920 405,427 103 4,583 4,583 18,332 64.3 % Pro forma adjustments for mid-quarter acquisitions/development completions 6,497 25,988 Total consolidated operating portfolio 608,202 74,243,647 122 1,233,312 1,239,809 4,959,236 95.5 % Unconsolidated U.S. 40,748 4,567,111 112 92,265 92,265 369,060 96.2 % Other Americas 25,593 1,863,928 73 38,804 38,804 155,216 98.0 % Europe 74,790 8,422,636 113 117,250 117,250 469,000 96.8 % Asia 15,254 1,472,896 97 17,668 17,668 70,672 95.3 % Net Property Management Income 10,115 35,836 Pro forma adjustments for mid-quarter acquisitions/development completions 5,977 23,908 Total unconsolidated operating portfolio 156,385 16,326,571 104 265,987 282,079 1,123,692 96.7 % Total Operating Portfolio 764,587 $ 90,570,218 $ 118 $ 1,499,299 $ 1,521,888 $ 6,082,928 95.8 % Development Portfolio Square Feet Investment Balance TEI TEI per Sq Ft Annualized Estimated NOI Percent Leased Consolidated Prestabilized U.S. 3,001 $ 551,970 $ 633,498 $ 211 $ 42,680 0.0% Other Americas 1,007 137,470 151,437 150 10,451 28.3 % Europe 1,378 123,588 134,328 97 8,734 32.9 % Asia — — — — — — Properties under development U.S. 7,531 1,292,883 2,089,905 278 145,330 Other Americas 3,987 308,342 484,679 122 40,166 Europe 3,300 219,817 619,027 188 36,435 Asia 3,200 155,171 485,837 152 26,124 Total consolidated development portfolio 23,404 2,789,241 4,598,711 196 309,920 Unconsolidated U.S. – – – – – Other Americas 501 9,884 36,359 73 2,737 Europe 211 40,131 47,101 223 2,535 Asia 481 6,523 29,672 62 1,083 Total unconsolidated development portfolio 1,193 56,538 113,132 95 6,355 Total Development Portfolio 24,597 $ 2,845,779 $ 4,711,843 $ 192 $ 316,275 Prologis Share of est. value creation (see Capital Deployment - Development Portfolio) 1,098,608 Total Development Portfolio, including est. value creation $ 3,944,387 in thousands, except for percentages and per square foot amounts * This is a non-GAAP financial measure. Please see our Notes and Definitions for detailed calculation.

Components – Continued Net Promote Income (Expense) includes promote revenue of $115 million and ($32 million) of expenses from the amortization of stock compensation issued to employees related to promote income recognized in current and prior periods. Net Asset Value in thousands Balance Sheet and Other Items Other assets Cash and cash equivalents $ 1,318,591 Restricted cash 67,420 Accounts receivable, prepaid assets and other tangible assets 1,516,005 Gross book value of other real estate investments and assets held for sale 5,705,493 Value added operating properties 254,640 Prologis receivable from unconsolidated co-investment ventures 332,273 Investments in and advances to other unconsolidated joint ventures 804,686 Total other assets $ 9,999,108 Other liabilities Accounts payable and other current liabilities $ 1,769,327 Deferred income taxes 141,126 Value added tax and other tax liabilities 60,838 Tenant security deposits 403,707 Other liabilities 662,115 Total other liabilities $ 3,037,113 Noncontrolling Interests and Unconsolidated Co-investment Ventures Less: noncontrolling interests share of net tangible other liabilities (assets) $ (66,394) Prologis Share of unconsolidated net tangible other assets (liabilities) $ 432,209 Less: noncontrolling interests share of value added operating properties $ (15,401) Prologis Share of unconsolidated value added operating properties $ 156,877 Land Current book value of land $ 4,453,522 Less: noncontrolling interests share of the current book value of land $ (24,835) Prologis Share of book value of land in unconsolidated co-investment ventures $ 56,723 Strategic Capital / Development Management Strategic Capital Third party share of asset management fees from consolidated and unconsolidated co-investment and other ventures (current quarter/annualized) $ 86,885 $ 347,540 Third party share of transactional fees from consolidated and unconsolidated co-investment and other ventures (current quarter/trailing twelve months) 10,541 29,126 Strategic capital expenses for asset management and transactional fees (current quarter/trailing twelve months) (28,182) (110,678) Fee Related Earnings $ 69,244 $ 265,988 Net Promote Income (Expense) (current quarter/trailing twelve months)(A) $ 82,674 $ 31,714 Net Promote Income (Expense) (five year average) $ 232,815 Development management revenue (current quarter/trailing twelve months) $ 9,753 $ 14,998 Debt (at par) and Preferred Stock Consolidated debt $ 31,449,909 Noncontrolling interests share of consolidated debt $ (17,224) Prologis Share of unconsolidated co-investment ventures' debt $ 4,681,146 Preferred stock $ 63,948 Common Stock and Limited Partnership Units Outstanding shares of common stock and limited partnership units 949,362

Notes and Definitions Prologis Park Cajamar 1, São Paulo, Brazil

Notes and Definitions Please refer to our annual and quarterly financial statements filed with the Securities and Exchange Commission on Forms 10-K and 10-Q and other public reports for further information about us and our business. Certain amounts from previous periods presented in the Supplemental Information have been reclassified to conform to the current presentation. Acquisition Price, as presented for building acquisitions, represents economic cost. This amount includes the building purchase price plus 1) transaction closing costs, 2) due diligence costs, 3) immediate capital expenditures (including two years of property improvements and all leasing commissions and tenant improvements required to stabilize the property), and 4) the effects of marking assumed debt to market. Adjusted Cash NOI (Actual) is a non-Generally Accepted Accounting Principles ("GAAP") financial measure and a component of Net Asset Value ("NAV"). It is used to assess the operating performance of our properties and enables both management and investors to estimate the fair value of our Operating Portfolio. A reconciliation for the most recent quarter ended of our rental income and rental expenses included in our Consolidated Statement of Income to Adjusted Cash NOI for the consolidated Operating Portfolio is as follows (in thousands): Adjusted EBITDA. We use Adjusted EBITDA attributable to common stockholders/unitholders (“Adjusted EBITDA”), a non-GAAP financial measure, as a measure of our operating performance. The most directly comparable GAAP measure to Adjusted EBITDA is net earnings. We calculate Adjusted EBITDA by beginning with consolidated net earnings attributable to common stockholders and removing the effect of: interest charges, income taxes, depreciation and amortization, impairment charges, gains or losses from the disposition of investments in real estate (excluding development properties and land), gains from the revaluation of equity investments upon acquisition of a controlling interest, gains or losses on early extinguishment of debt and derivative contracts (including cash charges), similar adjustments we make to our FFO measures (see definition below), and other items, such as, amortization of stock based compensation and unrealized gains or losses on foreign currency and derivatives. We also include a pro forma adjustment to reflect a full period of NOI on the operating properties we acquire or stabilize during the quarter and to remove NOI on properties we dispose of during the quarter, assuming all transactions occurred at the beginning of the quarter. For properties we contribute, we make an adjustment to reflect NOI at the new ownership percentage for the full quarter. We believe Adjusted EBITDA provides investors relevant and useful information because it permits investors to view our operating performance, analyze our ability to meet interest payment obligations and make quarterly preferred stock dividends on an unleveraged basis before the effects of income tax, depreciation and amortization expense, gains and losses on the disposition of non-development properties and other items (outlined above), that affect comparability. While all items are not infrequent or unusual in nature, these items may result from market fluctuations that can have inconsistent effects on our results of operations. The economics underlying these items reflect market and financing conditions in the short-term but can obscure our performance and the value of our long-term investment decisions and strategies. We calculate our Adjusted EBITDA, based on our proportionate ownership share of both our unconsolidated and consolidated ventures. We reflect our share of our Adjusted EBITDA measures for unconsolidated ventures by applying our average ownership percentage for the period to the applicable adjusting items on an entity by entity basis. We reflect our share for consolidated ventures in which we do not own 100% of the equity by adjusting our Adjusted EBITDA measures to remove the noncontrolling interests share of the applicable adjusting items based on our average ownership percentage for the applicable periods. While we believe Adjusted EBITDA is an important measure, it should not be used alone because it excludes significant components of net earnings, such as our historical cash expenditures or future cash requirements for working capital, capital expenditures, distribution requirements, contractual commitments or interest and principal payments on our outstanding debt and is therefore limited as an analytical tool. Our computation of Adjusted EBITDA may not be comparable to EBITDA reported by other companies in both the real estate industry and other industries. We compensate for the limitations of Adjusted EBITDA by providing investors with financial statements prepared according to GAAP, along with this detailed discussion of Adjusted EBITDA and a reconciliation to Adjusted EBITDA from consolidated net earnings attributable to common stockholders. Annualized Estimated NOI for the properties in our Development Portfolio is based on current TEI multiplied by the Estimated Weighted Average Stabilized Yield. Assets Under Management (“AUM”) represents the estimated fair value of the real estate we own or manage through both our consolidated and unconsolidated entities. We calculate AUM by adding Investment Capacity and the third-party investors’ share of the estimated fair value of the assets in the co-investment ventures to Enterprise Value. Net termination fees generally represent the gross fee negotiated at the time a customer is allowed to terminate its lease agreement. The termination fee is offset by that customer's rent leveling asset or liability and fair value lease asset or liability write off, if any, that has been previously recognized. Removing the net termination fees from rental income allows for the calculation of Adjusted Cash NOI (Actual) to include only rental income that is indicative of the property's recurring operating performance. Actual NOI for properties that were contributed or sold during the three-month period is removed. Straight-line rents, free rent and amortization of lease intangibles (above and below market leases) are removed from the rental income of our Operating Portfolio to allow for the calculation of a cash yield. Actual NOI and related adjustments are calculated in local currency and translated at the period end rate to allow for consistency with other assets and liabilities as of the reporting date. Adjusted Cash NOI (Pro forma) is a non-GAAP financial measure and consists of Adjusted Cash NOI (Actual) for the properties in our Operating Portfolio adjusted to reflect NOI for a full quarter for operating properties that were acquired or stabilized during the quarter. Rental revenues $ 1,937,507 Rental expenses (438,468) NOI 1,499,039 Net termination fees and adjustments (a) (7,674) Less: actual NOI for Development Portfolio and Other Real Estate Investments and other (54,390) Less: Net Property Management Income (40,834) Less: properties contributed or sold (b) (34,991) Less: noncontrolling interests share of NOI less termination fees and adjustments (68,355) Prologis Share of adjusted NOI for consolidated Operating Portfolio at December 31, 2024 $ 1,292,795 Straight-line rents (c) (59,409) Free rent (c) 48,539 Amortization of lease intangibles (c) (83,828) Net Property Management Income 40,834 Effect of foreign currency exchange (d) (718) Less: noncontrolling interests (4,901) Fourth Quarter Adjusted Cash NOI (Actual) $ 1,233,312

Notes and Definitions (continued) Business Line Reporting is a non-GAAP financial measure. Core FFO and development gains are generated by our three lines of business: (i) real estate operations; (ii) strategic capital; and (iii) development. The real estate operations line of business represents total Prologis Core FFO, less the amount allocated to the strategic capital line of business. The amount of Core FFO allocated to the strategic capital line of business represents the third-party share of asset management fees and transactional fees that we earn from our consolidated and unconsolidated co-investment ventures less costs directly associated with our strategic capital group and Net Promote Income (Expense). Realized development gains include our share of gains on dispositions of development properties and land, net of taxes. To calculate the per share amount, the amount generated by each line of business is divided by the weighted average diluted common shares outstanding used in our Core FFO per share calculation. Management believes evaluating our results by line of business is a useful supplemental measure of our operating performance because it helps the investing public compare the operating performance of Prologis' respective businesses to other companies' comparable businesses. Prologis' computation of FFO by line of business may not be comparable to that reported by other real estate companies as they may use different methodologies in computing such measures. Calculation of Per Share Amounts Three Months Ended Twelve Months Ended Dec. 31, Dec. 31, in thousands, except per share amount 2024 2023 2024 2023 Net earnings Net earnings attributable to common stockholders $ 1,277,379 $ 629,476 $ 3,725,754 $ 3,053,373 Noncontrolling interest attributable to exchangeable limited partnership units 32,201 16,191 94,052 77,806 Adjusted net earnings attributable to common stockholders - Diluted $ 1,309,580 $ 645,667 $ 3,819,806 $ 3,131,179 Weighted average common shares outstanding - Basic 926,637 924,605 926,172 924,351 Incremental weighted average effect on exchange of limited partnership units 23,496 23,687 23,445 23,693 Incremental weighted average effect of equity awards 3,947 4,107 3,973 3,747 Weighted average common shares outstanding - Diluted 954,080 952,399 953,590 951,791 Net earnings per share - Basic $ 1.38 $ 0.68 $ 4.02 $ 3.30 Net earnings per share - Diluted $ 1.37 $ 0.68 $ 4.01 $ 3.29 Three Months Ended Twelve Months Ended Dec. 31, Dec. 31, in thousands, except per share amount 2024 2023 2024 2023 Core FFO Core FFO attributable to common stockholders/unitholders $ 1,434,662 $ 1,201,848 $ 5,304,939 $ 5,334,250 Noncontrolling interest attributable to exchangeable limited partnership units 314 271 1,177 862 Core FFO attributable to common stockholders /unitholders - Diluted $ 1,434,976 $ 1,202,119 $ 5,306,116 $ 5,335,112 Net Promote Income (Expense) 82,674 (26,401) 31,714 478,944 Core FFO attributable to common stockholders /unitholders, excluding Net Promote Income (Expense) - Diluted $ 1,352,302 $ 1,228,520 $ 5,274,402 $ 4,856,168 Weighted average common shares outstanding - Basic 926,637 924,605 926,172 924,351 Incremental weighted average effect on exchange of limited partnership units 23,496 23,846 23,445 23,693 Incremental weighted average effect of equity awards 3,947 4,107 3,973 3,747 Weighted average common shares outstanding - Diluted 954,080 952,558 953,590 951,791 Core FFO per share - Diluted $ 1.50 $ 1.26 $ 5.56 $ 5.61 Core FFO per share, excluding Net Promote Income (Expense) - Diluted $ 1.42 $ 1.29 $ 5.53 $ 5.10 Covered Land Plays are income generating assets acquired with the intention to redevelop for higher and better use as industrial properties. These assets may be included in our Operating Portfolio, Value-Added Properties or other real estate Investments. Debt Metrics. We evaluate the following debt metrics to monitor the strength and flexibility of our capital structure and evaluate the performance of our management. Investors can utilize these metrics to make a determination about our ability to service or refinance our debt. See below for the calculations.

Notes and Definitions (continued) Refer to page 9 for a reconciliation to Adjusted EBITDA from Consolidated Net Earnings Attributable to Common Stockholders. Prologis Share of gains on dispositions of development properties and land for the trailing 12 months was $461.5 million and $360.2 million for the current quarter and the previous quarter, respectively. Development Portfolio includes industrial and non-industrial properties, yards and parking lots that are under development and properties that are developed but have not met Stabilization. At December 31, 2024, total TEI for yards, parking lots and non-industrial assets was $1.2 billion and $1.1 billion on an Owned and Managed and Prologis Share basis, respectively. We do not disclose square footage for yards and parking lots. Enterprise Value equals our Market Equity plus our share of total debt. Estimated Build Out (TEI and sq ft) represents the estimated TEI and finished square feet available for lease upon completion of an industrial building on existing parcels of land. Estimated Value Creation represents the value that we expect to create through our development and leasing activities. We calculate Estimated Value Creation by estimating the Stabilized NOI that the property will generate and applying a stabilized capitalization rate applicable to that property. Estimated Value Creation is calculated as the amount by which the value exceeds our TEI, including closing costs and taxes, if any, and does not include any fees or promotes we may earn. Estimated Weighted Average Margin is calculated on development properties as Estimated Value Creation, less estimated closing costs and taxes, if any, on properties expected to be sold or contributed, divided by TEI. Three Months Ended Dec. 31, Sep. 30, dollars in thousands 2024 2024 Debt as a % of gross real estate assets: Consolidated debt $ 30,879,263 $ 32,289,832 Unamortized deferred financing costs and discount, net 570,646 594,594 Consolidated debt (at par) 31,449,909 32,884,426 Noncontrolling interests share of consolidated debt (at par) (17,224) (17,286) Prologis Share of unconsolidated debt (at par) 4,681,146 4,210,978 Total Prologis Share of debt (at par) 36,113,831 37,078,118 Prologis Share of outstanding foreign currency derivatives 4,440 43,350 Consolidated cash and cash equivalents (1,318,591) (780,871) Noncontrolling interests share of consolidated cash and cash equivalents 39,200 29,691 Prologis Share of unconsolidated cash and cash equivalents (339,850) (436,278) Total Prologis Share of debt, net of adjustments $ 34,499,030 $ 35,934,010 Consolidated gross investments in real estate 91,246,176 92,093,573 Investments in and advances to other unconsolidated ventures 804,686 817,154 Assets held for sale or contribution 248,511 325,987 Acquired intangible liabilities, net of assets (1,031,461) (1,113,003) Consolidated gross real estate assets 91,267,912 92,123,711 Noncontrolling interests share of consolidated gross real estate assets (3,957,472) (3,902,626) Prologis Share of unconsolidated gross real estate assets 17,195,940 16,276,688 Total Prologis Share of gross real estate assets $ 104,506,380 $ 104,497,773 Debt as a % of gross real estate assets 33.0 % 34.4 % Debt as a % of gross Market Capitalization: Total Prologis Share of debt, net of adjustments $ 34,499,030 $ 35,934,010 Total outstanding common stock and limited partnership units 949,362 948,990 Share price at quarter end $ 105.70 $ 126.28 Total equity capitalization $ 100,347,563 $ 119,838,457 Total Prologis Share of debt, net of adjustments 34,499,030 35,934,010 Gross Market Capitalization $ 134,846,593 $ 155,772,467 Debt as a % of gross Market Capitalization 25.6 % 23.1 % Secured debt as a % of gross real estate assets: Consolidated secured debt (at par) $ 312,222 $ 279,171 Noncontrolling interests share of consolidated secured debt (at par) (17,224) (17,286) Prologis Share of unconsolidated secured debt (at par) 237,951 246,299 Total Prologis Share of secured debt (at par) $ 532,949 $ 508,184 Total Prologis Share of gross real estate assets $ 104,506,380 $ 104,497,773 Secured debt as a % of gross real estate assets 0.5 % 0.5 % Unencumbered gross real estate assets to unsecured debt: Consolidated unencumbered gross real estate assets $ 90,550,127 $ 91,414,380 Noncontrolling interests share of consolidated unencumbered gross real estate assets (3,898,954) (3,847,965) Prologis Share of unconsolidated unencumbered gross real estate assets 16,686,864 15,733,829 Total Prologis Share of unencumbered gross real estate assets $ 103,338,037 $ 103,300,244 Consolidated unsecured debt (at par) 31,137,687 32,605,255 Noncontrolling interests share of consolidated unsecured debt (at par) — — Prologis Share of unconsolidated unsecured debt (at par) 4,443,195 3,964,679 Total Prologis Share of unsecured debt (at par) $ 35,580,882 $ 36,569,934 Unencumbered gross real estate assets to unsecured debt 290.4 % 282.5 % Three Months Ended Dec. 31, Sep. 30, dollars in thousands 2024 2024 Fixed Charge Coverage ratio: Adjusted EBITDA (a) $ 2,111,536 $ 1,733,598 Adjusted EBITDA-annualized including trailing 12 months of development gains and excluding Net Promote Income (Expense) (b) $ 7,488,112 $ 7,171,318 Net Promote Income (Expense) for the trailing 12 months 31,714 (77,361) Adjusted EBITDA-annualized $ 7,519,826 $ 7,093,957 Pro forma adjustment annualized 67,880 (21,544) Adjusted EBITDA, including NOI from disposed properties, annualized $ 7,587,706 $ 7,072,413 Interest expense $ 232,232 $ 230,113 Amortization and write-off of deferred loan costs (6,654) (6,581) Amortization of debt discount, net (13,785) (13,753) Capitalized interest 24,504 23,912 Preferred stock dividends 1,474 1,452 Noncontrolling interests share of consolidated fixed charges (347) (367) Prologis Share of unconsolidated fixed charges 42,106 34,013 Total Prologis Share of fixed charges $ 279,530 $ 268,789 Total Prologis Share of fixed charges, annualized $ 1,118,120 $ 1,075,156 Fixed charge coverage ratio 6.8x 6.6x Debt to Adjusted EBITDA: Total Prologis Share of debt, net of adjustments $ 34,499,030 $ 35,934,010 Adjusted EBITDA-annualized $ 7,519,826 $ 7,093,957 Debt to Adjusted EBITDA ratio 4.6x 5.1x

Notes and Definitions (continued) Estimated Weighted Average Stabilized Yield is calculated on the properties in the Development Portfolio as Stabilized NOI divided by TEI. The yields on a Prologis Share basis were as follows: Pre-Stabilized Developments 2025 Expected Completion 2026 and Thereafter Expected Completion Total Development Portfolio U.S. 6.7 % 7.0 % 6.8 % 6.9 % Other Americas 6.9 % 8.4 % 7.6 % 7.9 % Europe 6.5 % 6.0 % 5.3 % 6.0 % Asia 2.7 % 5.2 % 5.4 % 5.3 % Total 6.7 % 6.9 % 6.3 % 6.7 % Fee Related Earnings ("FRE") is a non-GAAP financial measure and component of NAV. It is used to assess the performance of our strategic capital business and enables management and investors to estimate the corresponding fair value. FRE is calculated as the third-party share of asset management fees and transactional fees from our consolidated and unconsolidated co-investment ventures and other ventures, net of direct and allocated related expenses. As non-GAAP financial measures, FRE has certain limitations as an analytical tool and may vary among real estate and asset management companies. As a result, we provide a reconciliation of Strategic Capital Revenues (from our Consolidated Financial Statements prepared in accordance with U.S. GAAP) to our FRE measure, as follows: Three Months Ended Twelve Months Ended in thousands Dec. 31, 2024 Strategic capital revenues $ 253,386 $ 671,907 Less: Strategic capital revenue from property management fees (32,751) (130,521) Less: Prologis Share of asset management fees and transactional fees from unconsolidated entities (19,665) (76,990) Add: Third-party share of asset management fees and transactional fees from consolidated ventures 11,961 47,024 Effect of foreign currency exchange (63) 791 Third-party share of fee related and promote revenue $ 212,868 $ 512,211 Less: Promote revenue (115,442) (140,316) Fee related revenue $ 97,426 $ 371,895 Less: Strategic capital expenses for asset management fees and transactional fees (28,182) Fee Related Earnings $ 69,244 Fee Related Earnings Annualized utilizes the components of the current quarter FRE to calculate an estimated annual FRE amount. FRE annualized is calculated as the current quarter third-party share of asset management fees from consolidated and unconsolidated co-investment ventures multiplied by four plus the third-party share of transactional fees from consolidated and unconsolidated co-investment ventures for the trailing twelve months. This total is reduced by trailing twelve months of strategic capital expenses for asset management and transactional fees. FFO, as modified by Prologis attributable to common stockholders/unitholders ("FFO, as modified by Prologis"); Core FFO attributable to common stockholders/unitholders ("Core FFO"); AFFO attributable to common stockholders/unitholders ("AFFO"); (collectively referred to as "FFO"). FFO is a non-GAAP financial measure that is commonly used in the real estate industry. The most directly comparable GAAP measure to FFO is net earnings. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as earnings computed under GAAP to exclude historical cost depreciation and gains and losses from sales net of any related tax, along with impairment charges, of previously depreciated properties. We also exclude the gains on revaluation of equity investments upon acquisition of a controlling interest and the gain recognized from a partial sale of our investment, as these are similar to gains from the sales of previously depreciated properties. We exclude similar adjustments from our unconsolidated entities and the third parties' share of our consolidated ventures. Our FFO Measures Our FFO measures begin with NARElT’s definition and we make certain adjustments to reflect our business and the way that management plans and executes our business strategy. While not infrequent or unusual, the additional items we adjust for in calculating FFO, as modified by Prologis, Core FFO and AFFO, as defined below, are subject to significant fluctuations from period to period. Although these items may have a material impact on our operations and are reflected in our financial statements, the removal of the effects of these items allows us to better understand the core operating performance of our properties over the long term. These items have both positive and negative short-term effects on our results of operations in inconsistent and unpredictable directions that are not relevant to our long-term outlook. We calculate our FFO measures, as defined below, based on our proportionate ownership share of both our unconsolidated entities and consolidated ventures. We reflect our share of our FFO measures for unconsolidated entities by applying our average ownership percentage for the period to the applicable adjusting items on an entity-by-entity basis. We reflect our share for consolidated ventures in which we do not own 100% of the equity by adjusting our FFO measures to remove the noncontrolling interests share of the applicable adjusting items based on our average ownership percentage for the applicable periods. These FFO measures are used by management as supplemental financial measures of operating performance and we believe that it is important that stockholders, potential investors and financial analysts understand the measures management uses. We do not use our FFO measures as, nor should they be considered to be, alternatives to net earnings computed under GAAP, as indicators of our operating performance, as alternatives to cash from operating activities computed under GAAP or as indicators of our ability to fund our cash needs. We analyze our operating performance principally by the rental revenues of our real estate and the revenues from our strategic capital business, net of operating, administrative and financing expenses. This income stream is not directly impacted by fluctuations in the market value of our investments in real estate or debt securities. FFO, as modified by Prologis To arrive at FFO, as modified by Prologis, we adjust the NAREIT defined FFO measure to exclude the impact of foreign currency related items and deferred tax, specifically: deferred income tax benefits and deferred income tax expenses recognized by our subsidiaries; current income tax expense related to acquired tax liabilities that were recorded as deferred tax liabilities in an acquisition, to the extent the expense is offset with a deferred income tax benefit in earnings that is excluded from our defined FFO measure; foreign currency exchange gains and losses resulting from (a) debt transactions between us and our foreign entities; (b) third-party debt that is used to hedge our investment in foreign entities; (c) derivative financial instruments related to any such debt transactions; and (d) mark-to-market adjustments associated with derivative and other financial instruments.

Notes and Definitions (continued) We use FFO, as modified by Prologis, so that management, analysts and investors are able to evaluate our performance against other REITs that do not have similar operations or operations in jurisdictions outside the U.S. Core FFO In addition to FFO, as modified by Prologis, we also use Core FFO. To arrive at Core FFO, we adjust FFO, as modified by Prologis, to exclude the following recurring and nonrecurring items that we recognize directly in FFO, as modified by Prologis: gains or losses from the disposition of land and development properties that were developed with the intent to contribute or sell; income tax expense related to the sale of investments in real estate; impairment charges recognized related to our investments in real estate generally as a result of our change in intent to contribute or sell these properties; and gains or losses from the early extinguishment of debt and redemption and repurchase of preferred stock. We use Core FFO, including by segment and region, to: (i) assess our operating performance as compared to other real estate companies; (ii) evaluate our performance and the performance of our properties in comparison with expected results and results of previous periods; (iii) evaluate the performance of our management; (iv) budget and forecast future results to assist in the allocation of resources; (v) provide guidance to the financial markets to understand our expected operating performance; and (vi) evaluate how a specific potential investment will impact our future results. AFFO To arrive at AFFO, we adjust Core FFO to include realized gains from the disposition of land and development properties, net of current tax expense, and recurring capital expenditures and exclude the following items that we recognize directly in Core FFO: straight-line rents; amortization of above- and below-market lease intangibles; amortization of management contracts; amortization of debt premiums and discounts and financing costs, net of amounts capitalized, and; stock compensation amortization expense. We use AFFO to (i) assess our operating performance as compared to other real estate companies; (ii) evaluate our performance and the performance of our properties in comparison with expected results and results of previous periods; (iii) evaluate the performance of our management; (iv) budget and forecast future results to assist in the allocation of resources; and (v) evaluate how a specific potential investment will impact our future results. Limitations on the use of our FFO measures While we believe our modified FFO measures are important supplemental measures, neither NAREIT's nor our measures of FFO should be used alone because they exclude significant economic components of net earnings computed under GAAP and are, therefore, limited as an analytical tool. Accordingly, these are only a few of the many measures we use when analyzing our business. Some of the limitations are: The current income tax expenses that are excluded from our modified FFO measures represent the taxes that are payable. Depreciation and amortization of real estate assets are economic costs that are excluded from FFO. FFO is limited, as it does not reflect the cash requirements that may be necessary for future replacements of the real estate assets. Furthermore, the amortization of capital expenditures and leasing costs necessary to maintain the operating performance of logistics facilities are not reflected in FFO. Gains or losses from property dispositions and impairment charges related to expected dispositions represent changes in value of the properties. By excluding these gains and losses, FFO does not capture realized changes in the value of disposed properties arising from changes in market conditions. The deferred income tax benefits and expenses that are excluded from our modified FFO measures result from the creation of a deferred income tax asset or liability that may have to be settled at some future point. Our modified FFO measures do not currently reflect any income or expense that may result from such settlement. The foreign currency exchange gains and losses that are excluded from our modified FFO measures are generally recognized based on movements in foreign currency exchange rates through a specific point in time. The ultimate settlement of our foreign currency-denominated net assets is indefinite as to timing and amount. Our FFO measures are limited in that they do not reflect the current period changes in these net assets that result from periodic foreign currency exchange rate movements. The gains and losses on extinguishment of debt or preferred stock that we exclude from our Core FFO, may provide a benefit or cost to us as we may be settling our obligation at less or more than our future obligation. We compensate for these limitations by using our FFO measures only in conjunction with net earnings computed under GAAP when making our decisions. This information should be read with our complete Consolidated Financial Statements prepared under GAAP. To assist investors in compensating for these limitations, we reconcile our modified FFO measures to our net earnings computed under GAAP. General and Administrative Expenses ("G&A"). Our property management personnel perform the property-level management of the properties in our owned and managed portfolio, which include properties we consolidate and those we manage that are owned by the unconsolidated co-investment ventures. We allocate the costs of our property management function to the properties we consolidate (included in Rental Expenses) and the properties owned by the unconsolidated co-investment ventures (included in Strategic Capital Expenses) by using the square feet owned by the respective portfolios. Strategic Capital Expenses also include the direct expenses associated with the asset management of the unconsolidated co-investment ventures provided by our employees who are assigned to our strategic capital segment as well as promote expenses. We do not allocate indirect costs to Strategic Capital Expenses. We capitalize certain costs directly related to our development. Capitalized G&A expenses include salaries and related costs as well as other G&A costs. The capitalized costs were as follows: Three Months Ended Twelve Months Ended Dec. 31, Dec. 31, in thousands 2024 2023 2024 2023 Building and land development activities $ 30,069 $ 27,228 $ 133,349 $ 123,522 Operating building improvements and other 13,293 12,916 55,451 51,895 Total capitalized G&A $ 43,362 $ 40,144 $ 188,800 $ 175,417

Notes and Definitions (continued) Guidance. The following is a reconciliation of our annual guided Net Earnings per share to our guided Core FFO per share: G&A as a Percent of Assets Under Management (dollars in thousands) Adjusted G&A (trailing twelve months): Net G&A $ 418,765 Add: strategic capital expenses (excluding promote expense) 195,219 Less: strategic capital property management expenses (84,541) Adjusted G&A $ 529,443 Gross book value at period end (a): Operating properties $ 135,032,197 Development portfolio - TEI 5,185,795 Land portfolio 4,637,846 Other real estate investments and assets held for sale 8,162,868 Total value of assets under management $ 153,018,706 G&A as % of assets under management 0.35 % (a) This does not represent enterprise value Low High Net earnings attributable to common stockholders (a) $ 3.45 $ 3.70 Our share of: Depreciation and amortization 3.07 3.12 Net gains on real estate transactions, net of taxes (0.87) (1.01) Unrealized foreign currency losses (gains), losses (gains) on early extinguishment of debt and other, net — — Core FFO attributable to common stockholders/unitholders $ 5.65 $ 5.81 Add (deduct): Net Promote Expense (Income) 0.05 0.05 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense) $ 5.70 $ 5.86 IBI Activity Index is a seasonally-adjusted diffusion index based on a monthly survey of business activity from a geographically-diverse group of respondents across the U.S. Readings greater than 50 reflect growth in activity. These are proprietary metrics for the U.S. Prologis portfolio. Income Taxes. Three Months Ended Twelve Months Ended Dec. 31, Dec. 31, in thousands 2024 2023 2024 2023 Current income tax expense $ 45,474 $ 48,698 $ 116,040 $ 165,109 Current income tax expense on dispositions 22,436 12,930 29,742 39,224 Current income tax benefit on dispositions related to acquired tax liabilities — (11,003) — (11,003) Total current income tax expense 67,910 50,625 145,782 193,330 Deferred income tax expense (benefit) 18,960 7,872 21,161 17,708 Total income tax expense $ 86,870 $ 58,497 $ 166,943 $ 211,038 Three Months Ended Twelve Months Ended Dec. 31, Dec. 31, in thousands 2024 2023 2024 2023 Gross interest expense $ 236,297 $ 193,163 $ 892,612 $ 683,363 Amortization of debt discounts, net 13,785 13,230 52,249 51,980 Amortization of finance costs 6,654 5,833 26,636 22,609 Interest expense before capitalization 256,736 212,226 971,497 757,952 Capitalized amounts (24,504) (37,776) (107,565) (116,620) Interest Expense $ 232,232 $ 174,450 $ 863,932 $ 641,332 Interest Expense. Investment Capacity is our estimate of the gross real estate that could be acquired by our co-investment ventures through the use of existing equity commitments, less any unpaid redemption requests, assuming a midpoint of the target leverage range of the ventures. Lease Negotiation Gestation is the measurement of the number of days between the first proposal exchange with the prospective customer and the final lease signing, including lease terms less than twelve months. This is for new leases in our Operating Portfolio only and excludes renewals. Lease Proposals are the total initial proposals sent to prospective customers in our Operating Portfolio, measured by net rentable area in square feet. Proposals as a percent of available net rentable area refers to proposals on units vacant or expiring in the next twelve months. Includes proposals with lease terms less than twelve months, as well as customer expansions and renewals. Market Capitalization equals Market Equity, less liquidation preference of the preferred shares/units, plus our share of total debt. Market Equity equals outstanding shares of common stock and units multiplied by the closing stock price plus the liquidation preference of the preferred shares/units. Net Asset Value ("NAV"). We consider NAV to be a useful supplemental measure of our operating performance because it enables both management and investors to estimate the fair value of our business. The assessment of the fair value of a particular line of our business is subjective in that it involves estimates and can be calculated using various methods. Therefore, we have presented the financial results and investments related to our business components that we believe are important in calculating our NAV but we have not presented any specific methodology nor provided any guidance on the assumptions or estimates that should be used in the calculation. The components of NAV do not consider the potential changes in rental and fee income streams or the franchise value associated with our global operating platform, strategic capital platform or development platform. Net Effective Rent is calculated at the beginning of the lease using estimated total cash base rent to be received over the term and annualized, and excludes fair value lease amortization from acquisitions. Amounts derived in a currency other than the U.S. dollar have been translated using the average rate from the previous twelve months. The per square foot number is calculated by dividing the Net Effective Rent by the occupied square feet of the lease. Net Operating Income ("NOI") is a non-GAAP financial measure used to evaluate our operating performance and represents rental revenue less rental expenses. For our consolidated properties, it is calculated directly from our Consolidated Financial Statements as Rental Revenue less Rental Expenses. Earnings guidance includes potential future gains recognized from real estate transactions, but excludes future foreign currency or derivative gains or losses as these items are difficult to predict.

Notes and Definitions (continued) Net Promote Income (Expense) is promote revenue earned from third-party investors during the period, net of related cash and stock compensation expenses, and taxes and foreign currency derivative gains and losses, if applicable. Net Property Management Income represents property management fees less the actual costs of providing property management services. Non-GAAP Pro-Rata Financial Information. This information includes non-GAAP financial measures. The Prologis Share of unconsolidated co-investment ventures are derived on an entity-by-entity basis by applying our ownership percentage to each line item in the GAAP financial statements of these ventures to calculate our share of that line item. For purposes of balance sheet data, we use our ownership percentage at the end of the period and for operating information we use our average ownership percentage during the period consistent with how we calculate our share of net earnings (loss) during the period for our consolidated financial statements. We use a similar calculation to derive the noncontrolling interests share of each line item in our consolidated financial statements. We believe this form of presentation offers insights into the financial performance and condition of our company as a whole, given the significance of our co-investment ventures that are accounted for either under the equity method or consolidated with the third parties' share included in noncontrolling interests, although the presentation of such information may not accurately depict the legal and economic implications of holding a noncontrolling interest in the co-investment venture. Other companies may calculate their proportionate interest differently than we do, limiting the usefulness as a comparative measure. We do not control the unconsolidated co-investment ventures for purposes of GAAP and the presentation of the assets and liabilities and revenues and expenses do not represent a legal claim to such items. The operating agreements of the unconsolidated co-investment ventures generally provide that investors, including Prologis, may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale, or (3) upon liquidation of the venture. The amount of cash each investor receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each investor and whether any contributions are entitled to priority distributions. Upon liquidation of the co-investment venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the investors generally would be entitled to any residual cash remaining based on their respective legal ownership percentages. Because of these limitations, the Non-GAAP Pro-Rata Financial Information should not be considered in isolation or as a substitute for our consolidated financial statements as reported under GAAP. Non-Strategic Assets are industrial properties, which we acquired primarily through Merger and Acquisition ("M&A") transactions, that we do not intend to hold long-term. These industrial properties are classified as other real estate Investments. Operating Portfolio represents industrial properties in our Owned and Managed portfolio that have reached Stabilization. Assets held for sale, Non-Strategic Assets and non-industrial assets are excluded from the portfolio. Prologis Share of NOI excludes termination fees and adjustments and includes NOI for the properties contributed to or acquired from co-investment ventures at our actual share prior to and subsequent to change in ownership. The U.S. markets not presented consist of Austin, Charlotte, Columbus, Denver, Louisville, Portland, Raleigh-Durham, Reno, San Antonio, Savannah and Tampa. The European countries not presented consist of Belgium, Czech Republic, Hungary, Italy, Poland, Slovakia, Spain and Sweden. Owned and Managed represents the consolidated properties as well as properties owned by our unconsolidated co-investment ventures, which we manage. Prologis Share represents our proportionate economic ownership of each entity, or property included in our total Owned and Managed portfolio, whether consolidated or unconsolidated. Rental Revenues. Three Months Ended Twelve Months Ended Dec. 31, Dec. 31, in thousands 2024 2023 2024 2023 Rental revenues $ 1,355,048 $ 1,238,445 $ 5,220,806 $ 4,688,137 Rental recoveries 405,611 367,702 1,637,737 1,504,053 Amortization of lease intangibles 93,691 100,608 393,776 406,194 Straight-lined rents 83,157 49,204 262,386 220,158 Rental Revenues $ 1,937,507 $ 1,755,959 $ 7,514,705 $ 6,818,542 Rent Change (Cash) represents the percentage change in starting rental rates per the lease agreement, on new and renewed leases, commenced during the period compared with the previous ending rental rates in that same space. This measure excludes any short-term leases of less than one-year, holdover payments, free rent periods and introductory (teaser rates) defined as 50% or less of the stabilized rate. Rent Change (Net Effective) represents the percentage change in net effective rental rates (average rate over the lease term), on new and renewed leases, commenced during the period compared with the previous net effective rental rates in that same space. This measure excludes any short-term leases of less than one year and holdover payments. Retention is the square footage of all leases commenced during the period that are rented by existing tenants divided by the square footage of all expiring leases during the reporting period. The square footage of tenants that default or buy-out prior to expiration of their lease and short-term leases of less than one year, are not included in the calculation. Same Store. Our same store metrics are non-GAAP financial measures, which are commonly used in the real estate industry and expected from the financial community, on both a net effective and cash basis. We evaluate the performance of the operating properties we own and manage using a "same store" analysis because the population of properties in this analysis is consistent from period to period, which allows us and investors to analyze our ongoing business operations. We determine our same store metrics on property NOI, which is calculated as rental revenue less rental expense for the applicable properties in the same store population for both consolidated and unconsolidated properties based on our ownership interest, as further defined below. We define our same store population for the three months ended December 31, 2024 as the properties in our Owned and Managed Operating Portfolio, including the property NOI for both consolidated properties and properties owned by the unconsolidated co-investment ventures at January 1, 2023 and owned throughout the same three-month period in both 2023 and 2024. We believe the drivers of property NOI for the consolidated portfolio are generally the same for the properties owned by the ventures in which we invest and therefore we evaluate the same store metrics of the Owned and Managed portfolio based on Prologis' ownership in the properties ("Prologis Share").

Notes and Definitions (continued) The same store population excludes properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the period (January 1, 2023) and properties acquired or disposed of to third parties during the period. To derive an appropriate measure of period- to-period operating performance, we remove the effects of foreign currency exchange rate movements by using the reported period-end exchange rate to translate from local currency into the U.S dollar, for both periods. As non-GAAP financial measures, the same store metrics have certain limitations as an analytical tool and may vary among real estate companies. As a result, we provide a reconciliation of Rental Revenues less Rental Expenses ("Property NOI") (from our Consolidated Financial Statements prepared in accordance with U.S GAAP) to our Same Store Property NOI measures, as follows: We exclude properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the period and properties acquired or disposed of to third parties during the period. We also exclude net termination and renegotiation fees to allow us to evaluate the growth or decline in each property's rental revenues without regard to one-time items that are not indicative of the property's recurring operating performance. Net termination and renegotiation fees represent the gross fee negotiated to allow a customer to terminate or renegotiate their lease offset by the write-off of the asset recorded due to the adjustment to straight-line rents over the lease term. Same Store Property NOI is adjusted to include an allocation of property management expenses for our consolidated properties based on the property management services provided to each property (generally, based on a percentage of revenues). On consolidation, these amounts are eliminated and the actual costs of providing property management and leasing services are recognized as part of our consolidated rental expense. We include the Property NOI for the same store portfolio for both consolidated properties and properties owned by the co-investment ventures based on our investment in the underlying properties. In order to calculate our share of Same Store Property NOI from the co-investment ventures in which we own less than 100%, we use the co-investment ventures' underlying Property NOI for the same store portfolio and apply our ownership percentage at December 31, 2024 to the Property NOI for both periods, including the properties contributed during the period. We adjust the total Property NOI from the same store portfolio of the co-investment ventures by subtracting the third parties' share of both consolidated and unconsolidated co-investment ventures. During the periods presented certain wholly owned properties were contributed to a co-investment venture and are included in the same store portfolio. Neither our consolidated results nor those of the co-investment ventures, when viewed individually, would be comparable on a same store basis because of the changes in composition of the respective portfolios from period to period (e.g. the results of a contributed property are included in our consolidated results through the contribution date and in the results of the venture subsequent to the contribution date based on our ownership interest at the end of the period). As a result only line items labeled "Prologis Share of Same Store Property NOI" are comparable period over period. We further remove certain noncash items (straight-line rent and fair value lease amortization) included in the financial statements prepared in accordance with U.S. GAAP to reflect a Same Store Property NOI - Cash measure. We manage our business and compensate our executives based on the same store results of our Owned and Managed portfolio at 100% as we manage our portfolio on an ownership blind basis. We calculate those results by including 100% of the properties included in our same store portfolio. Same Store Average Occupancy represents the average occupied percentage of the Same Store portfolio for the period. Space Utilization is our customer's assessment of their utilization of their unit on a scale of 0-100% and is based on a monthly survey of a geographically-diverse group of respondents across the U.S portfolio. Stabilization is defined as the earlier of when a property that was developed has been completed for one year, is contributed to a co-investment venture following completion or is 90% occupied. Upon Stabilization, a property is moved into our Operating Portfolio. Stabilized NOI is equal to the estimated twelve months of potential gross rental revenue (base rent, including above or below market rents plus operating expense reimbursements) multiplied by 95% to adjust income to a stabilized vacancy factor of 5% minus estimated operating expenses. Total Expected Investment ("TEI") represents total estimated cost of development or expansion, including land, development and leasing costs. TEI is based on current projections and is subject to change. Turnover Costs represent the estimated obligations incurred in connection with the signing of a lease; including leasing commissions and tenant improvements and are presented for leases that commenced during the period. Tenant improvements include costs to prepare a space for a new tenant or a lease renewal with the current tenant. It excludes costs for a first generation lease (i.e. a new development property) and short-term leases of less than one year. Value-Added Properties are properties we have either acquired at a discount and believe we could provide greater returns post-stabilization or properties we expect to repurpose to a higher and better use. Weighted Average Interest Rate is based on the effective rate, which includes the amortization of related premiums and discounts and finance costs. Weighted Average Stabilized Capitalization ("Cap") Rate is calculated as Stabilized NOI divided by the Acquisition Price. Three Months Ended Dec. 31, dollars in thousands 2024 2023 Change (%) Reconciliation of Consolidated Property NOI to Same Store Property NOI measures: Rental revenues $ 1,937,507 $ 1,755,959 Rental expenses (438,468) (408,225) Consolidated Property NOI $ 1,499,039 $ 1,347,734 Adjustments to derive same store results: Property NOI from consolidated properties not included in same store portfolio and other adjustments (a) (263,141) (173,966) Property NOI from unconsolidated co-investment ventures included in same store portfolio (a)(b) 806,993 753,521 Third parties' share of Property NOI from properties included in same store portfolio (a)(b) (641,212) (612,336) Prologis Share of Same Store Property NOI - Net Effective (b) $ 1,401,679 $ 1,314,953 6.6 % Consolidated properties straight-line rent and fair value lease amortization included in the same store portfolio (c) $ (116,016) $ (113,440) Unconsolidated co-investment ventures straight-line rent and fair value lease amortization included in the same store portfolio (c) (16,938) (10,998) Third parties' share of straight-line rent and fair value lease amortization included in the same store portfolio (b)(c) $ 10,792 $ 8,942 Prologis Share of Same Store Property NOI - Cash (b)(c) $ 1,279,517 $ 1,199,457 6.7 %

FOR IMMEDIATE RELEASE

Prologis Reports Fourth Quarter and Full Year 2024 Results

Strong uptick in leasing activity post-election

SAN FRANCISCO (January 21, 2025) – Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today announced the following results for the quarter and fiscal year ended December 31, 2024, as compared to the corresponding periods in 2023:

4Q24

•

Net earnings per diluted share was $1.37 and increased 101.5%, due to higher gains and promotes.

•

Core funds from operations (Core FFO)* per diluted share was $1.50 and increased 19.0%.

•

Core FFO, excluding Net Promote Income (Expense)* per diluted share was $1.42 and increased 10.1%.

FY 2024

•

Net earnings per diluted share was $4.01 and increased 21.9%.

•

Core FFO* per diluted share was $5.56 and decreased 0.9%.

•

Core FFO, excluding Net Promote Income (Expense)* per diluted share was $5.53 and increased 8.4%.

“We closed out 2024 with solid results. It was capped off with the sale of our Elk Grove data center – a turnkey facility under development – that led to significant value creation and demonstrated the end-to-end capabilities of our platform,” said Dan Letter, president of Prologis. “Looking ahead, our team is focused on anticipating customer needs and staying ahead of market trends to deliver on our 2025 plan.”

“Post-election leasing activity has been strong, and our ongoing conversations with customers support our expectation that the market is nearing an inflection point,” said Hamid R. Moghadam, co-founder and CEO of Prologis. “Meanwhile, our platform is uniquely positioned to seize the opportunities created by favorable trends in our data center and energy businesses. The long-term outlook for Prologis is bright."

OPERATING PERFORMANCE


Owned & Managed	4Q24
Average Occupancy	95.6%
Leases Commenced (Operating and Development Portfolio)	46.5MSF
Retention	78.4%


Prologis Share	4Q24
Average Occupancy	95.8%
Cash Same Store NOI*	6.7%
Net Effective Rent Change	66.3%
Cash Rent Change	40.1%

DEPLOYMENT ACTIVITY


Prologis Share	4Q24	FY 2024
Acquisitions	$384M	$1,917M
Weighted avg stabilized cap rate (excluding other real estate)	5.9%	5.1%
Development Stabilizations	$827M	$4,168M
Estimated weighted avg yield	7.0%	6.1%
Estimated weighted avg margin	36.1%	18.5%
Estimated value creation	$298M	$773M
% Build-to-suit	54.0%	32.8%
Development Starts	$375M	$1,339M
Estimated weighted avg yield	5.9%	7.3%
Estimated weighted avg margin	17.5%	26.9%
Estimated value creation	$65M	$366M
% Build-to-suit	37.3%	33.4%
Total Dispositions and Contributions	$1,955M	$3,985M
Weighted avg stabilized cap rate (excluding land and other real estate)	4.4%	4.8%

BALANCE SHEET STRENGTH & LIQUIDITY

During the quarter, the company:

•

Issued, together with its co-investment ventures, an aggregate of $1.5 billion of debt at a weighted average interest rate of 3.5% and a weighted average term of 7.1 years.

As of quarter-end:

•

Total available liquidity was approximately $7.4 billion.

•

Debt-to-EBITDA was 4.6x and debt as a percentage of total market capitalization was 25.6%.

•

The weighted average interest rate on the company’s share of total debt was 3.2%, with a weighted average term of 9.0 years.

•

Forecasted earnings for 2025, 2026 and 2027 are 99%, 98% and 96%, respectively, in USD or hedged through derivative contracts and 96.0% of Prologis’ equity was in USD.

2025 GUIDANCE

Prologis’ guidance for net earnings is included in the table below as well as guidance for Core FFO*, which are reconciled in our supplemental information.

2025 GUIDANCE

Earnings (per diluted share)


Net earnings attributable to common stockholders	$3.45 to $3.70
Core FFO attributable to common stockholders/unitholders*	$5.65 to $5.81
Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*	$5.70 to $5.86

Operations - Prologis Share


Average occupancy	94.50% to 95.50%
Cash Same Store NOI*	4.00% to 5.00%
Net Effective Same Store NOI*	3.50% to 4.50%

Strategic Capital (in millions)


Strategic Capital revenue, excluding promote revenue	$560 to $580
Net Promote Income (Expense)1	$(50)

G&A (in millions)


General & administrative expenses	$440 to $460

Capital Deployment - Prologis Share (in millions)


Development stabilizations	$2,250 to $2,750
Development starts	$2,250 to $2,750
Acquisitions	$750 to $1,250
Contributions	$1,500 to $2,000
Dispositions	$1,000 to $1,500
Realized development gains	$450 to $600

Net promote expense relates to amortization of stock compensation issued to employees related to promote income recognized in prior periods.



This is a non-GAAP financial measure. See the Notes and Definitions in our supplemental information for further explanation and a reconciliation to the most directly comparable GAAP measure.

The earnings guidance described above includes potential gains recognized from real estate transactions but excludes any future or potential foreign currency or derivative gains or losses as our guidance assumes constant foreign currency rates. In reconciling from net earnings to Core FFO*, Prologis makes certain adjustments, including but not limited to real estate depreciation and amortization expense, gains (losses) recognized from real estate transactions and early extinguishment of debt, impairment charges, deferred taxes and unrealized gains or losses on foreign currency or derivative activity. The difference between the company's Core FFO* and net earnings guidance relates predominantly to these items. Please refer to our quarterly Supplemental Information, which is available on our Investor Relations website at https://ir.prologis.com and on the SEC’s website at www.sec.gov for a definition of Core FFO* and other non-GAAP measures used by Prologis, along with reconciliations of these items to the closest GAAP measure for our results and guidance.

January 21, 2025, CALL DETAILS
The call will take place on Tuesday, January 21, 2025, at 9:00 a.m. PT/12:00 p.m. ET. To access a live broadcast of the call, please dial +1 (877) 897-2615 (toll-free from the United States and Canada) or +1 (201) 689-8514 (from all other countries). A live webcast can be accessed from the Investor Relations section of www.prologis.com.

A telephonic replay will be available January 21 – February 4 at +1 (877) 660-6853 (from the United States and Canada) or +1 (201) 612-7415 (from all other countries) using access code 13750493. The webcast replay will be posted in the Investor Relations section of www.prologis.com under “Events & Presentations.”

ABOUT PROLOGIS
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At December 31, 2024, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.3 billion square feet (120 million square meters) in 20 countries. Prologis leases modern logistics facilities to a diverse base of approximately 6,500 customers principally across two major categories: business-to-business and retail/online fulfillment.

FORWARD-LOOKING STATEMENTS

The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," and "estimates" including variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future—including statements relating to rent and occupancy growth, acquisition and development activity, contribution and disposition activity, general conditions in the geographic areas where we operate, expectations regarding new lines of business, our debt, capital structure and financial position, our ability to earn revenues from co-investment ventures, form new co-investment ventures and the availability of capital in existing or new co-investment ventures—are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) international, national, regional and local economic and political climates and conditions; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties, including the integration of the operations of significant real estate portfolios; (v) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; (x) risks related to global pandemics; and (xi) those additional factors discussed in reports filed with the Securities and Exchange Commission by us under the heading "Risk Factors." We undertake no duty to update any forward-looking statements appearing in this document except as may be required by law.

CONTACTS

Investors: Prologis Investor Relations

Media: Prologis Corporate Communications

Cover	Jan. 21, 2025
Entity Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 21, 2025
Entity File Number	001-13545
Entity Registrant Name	Prologis, Inc.
Entity Central Index Key	0001045609
Entity Tax Identification Number	94-3281941
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	Pier 1
Entity Address, Address Line Two	Bay 1
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
City Area Code	415
Local Phone Number	394-9000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	PLD
Security Exchange Name	NYSE
Prologis LP [Member]
Entity Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 21, 2025
Entity File Number	001-14245
Entity Registrant Name	Prologis, L.P.
Entity Central Index Key	0001045610
Entity Tax Identification Number	94-3285362
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	Pier 1
Entity Address, Address Line Two	Bay 1
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
City Area Code	415
Local Phone Number	394-9000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Prologis LP [Member] \| Notes 3.000 Percent Due 2026 [Member]
Entity Information [Line Items]
Title of 12(b) Security	3.000% Notes due 2026
Trading Symbol	PLD/26
Security Exchange Name	NYSE
Prologis LP [Member] \| Notes 2.250 Percent Due 2029 [Member]
Entity Information [Line Items]
Title of 12(b) Security	2.250% Notes due 2029
Trading Symbol	PLD/29
Security Exchange Name	NYSE
Prologis LP [Member] \| Notes 5.625 Percent Due 2040 [Member]
Entity Information [Line Items]
Title of 12(b) Security	5.625% Notes due 2040
Trading Symbol	PLD/40
Security Exchange Name	NYSE

ProLogis (QB) (USOTC:PLDGP)
Historical Stock Chart
From Dec 2024 to Jan 2025

Click Here for more ProLogis (QB) Charts.

ProLogis (QB) (USOTC:PLDGP)
Historical Stock Chart
From Jan 2024 to Jan 2025

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

PLDGP ProLogis Inc (QB)

ProLogis Inc (QB) News

Your Recent History

Company

Business

Popular

Get The App

Trending Now

Toplists