ProLogis : Supplemental Financial Report Q2 2025

Published: 2025-07-16 08:06:16 ET PLD

Published on 07/16/2025 at 08:06

Prologis Ports Elizabeth Triport, Elizabeth, New Jersey

Unaudited

Company Profile

Company Performance

Prologis Leading Indicators and Proprietary Metrics

Guidance

Consolidated Balance Sheets

Consolidated Statements of Income

Reconciliations of Net Earnings to FFO

Reconciliations of Net Earnings to Adjusted EBITDA

Overview

Operating Metrics

13 Operating Portfolio

Customer Information

Overview

Development Stabilizations

Development Starts

Development Portfolio

Third-Party Acquisitions

Dispositions and Contributions

Land Portfolio

Solar and Energy Storage Portfolios

Overview

Summary and Financial Highlights

Operating and Balance Sheet Information of the Unconsolidated Co-Investment Ventures

Non-GAAP Pro-Rata Financial Information

Overview

Debt Components - Consolidated

Debt Components - Noncontrolling Interests and Unconsolidated

Components

35 Notes and Definitions

‌Prologis, Inc., is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At June 30, 2025, 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 (121 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.

5,895

Buildings

1.3B

Square Feet

$41.5B

Build Out of Land (TEI)

U.S. 801M SF

85% of NOI*(A)

5% of NOI*(A)

Europe 253M SF

8% of NOI*(A)

Asia 115M SF

2% of NOI*(A)

* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

A. NOI calculation based on Prologis Share of the Operating Portfolio.

Company Profile

OPERATIONS

85%

15%

U.S. Outside the U.S.

STRATEGIC CAPITAL

49% 51%

U.S. Outside the U.S.

DEVELOPMENT

66%

34%

U.S. Outside the U.S.

GROSS AUM

PROLOGIS SHARE AUM

MARKET EQUITY

73%

83%

96%

27%

17%

(D) (D) (D)

U.S. Outside the U.S.

* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

Q2 2025 Prologis Share of NOI of the Operating Portfolio annualized.

Q2 2025 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. 1

Mexico is included in the U.S. as it is U.S. dollar functional.

‌dollars in millions, except per share/unit data

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Rental and other revenues

$ 2,037

$ 1,853

$ 4,036

$ 3,682

Strategic capital revenues

147

155

288

283

Total revenues

2,184

2,008

4,324

3,965

Net earnings attributable to common stockholders

570

860

1,161

1,444

Core FFO attributable to common stockholders/unitholders*

1,396

1,281

2,752

2,504

AFFO attributable to common stockholders/unitholders*

1,036

1,072

2,120

2,104

Adjusted EBITDA attributable to common stockholders/unitholders*

1,789

1,719

3,561

3,317

Estimated value creation from development stabilizations - Prologis Share

296

304

346

Common stock dividends and common limited partnership unit distributions

966

917

1,931

1,833

Per common share - diluted:

Net earnings attributable to common stockholders

$ 0.61

$ 0.92

$ 1.25

$ 1.55

Core FFO attributable to common stockholders/unitholders*

1.46

1.34

2.88

2.63

Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*

1.47

1.36

2.91

2.66

Business line reporting:

Real estate*

1.40

1.29

2.76

2.54

Strategic capital*

0.06

0.05

0.12

0.09

Core FFO attributable to common stockholders/unitholders*

1.46

1.34

2.88

2.63

Realized development gains, net of taxes*

0.01

0.09

0.04

0.13

Dividends and distributions per common share/unit

1.01

0.96

2.02

1.92

NET EARNINGS ATTRIBUTABLE TO COMMON STOCKHOLDERS

CORE FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS/UNITHOLDERS*

AFFO ATTRIBUTABLE TO COMMON STOCKHOLDERS/UNITHOLDERS*

$1,500

$1,200

$900

$600

$300

$1,277

Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025

$1,500

$1,004

$860

$592 $570

$1,200

$900

$600

$300

$1,435

$1,281

$1,367

$1,356

$1,396

Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025

$1,500

$1,200

$900

$600

$300

$1,303

$1,072

$1,014

$1,084

$1,036

Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025

* 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.

NET EARNINGS ATTRIBUTABLE TO COMMON STOCKHOLDERS

in millions

CORE FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS/UNITHOLDERS*

in millions

$5,000

$4,000

$3,000

$7,500

$6,000

$4,500

$4,188

$3,172

$2,752

$5,334 $5,305

$2,000

$1,000

2021 2022 2023 2024 YTD 2025

$3,000

$1,500

$3,359

$3,726

$2,934

$3,053

$1,161

2021 2022 2023 2024 YTD 2025

AFFO ATTRIBUTABLE TO COMMON STOCKHOLDERS/UNITHOLDERS*

in millions

DIVIDENDS AND DISTRIBUTIONS

in millions

$4,056

$3,332

$2,120

$5,000

$4,000

$3,000

$2,000

$4,711 $4,422

$5,000

$3,667

$3,315

$2,565

$1,931

$4,000

$3,000

$2,000

$1,000 $1,000

2021 2022 2023 2024 YTD 2025

* 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. 3

‌Prologis Leading Indicators and Proprietary Metrics*

LEASE PROPOSALS

in millions of square feet

U.S. IBI ACTIVITY INDEX

diffusion index, points

140

136 60%

Average 57.8

105

Average 79

Average 40% 40%45%

30%

53.4

35 15% 20

2019

2020

2021

2022

2023

2024

2025

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

0 0% 0

NEW LEASE NEGOTIATION GESTATION

in days

U.S. SPACE UTILIZATION

percent

Average 54

85.0%

Average 85.4%

20 81

2019

2020

2021

2022

2023

2024

2025

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

0 78

* Please see our Notes and Definitions for further explanation. 4

‌Guidance(A)

dollars in millions, except per share amounts

2025 Guidance

Low

High

Net earnings attributable to common stockholders(B)

$ 3.00

$ 3.15

Core FFO attributable to common stockholders/unitholders*(B)

$ 5.75

$ 5.80

Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*(C)

$ 5.80

$ 5.85

Operations

Average occupancy - Prologis Share

94.75%

95.25%

Same store NOI - cash - Prologis Share*

4.25%

4.75%

Same store NOI - net effective - Prologis Share*

3.75%

4.25%

Other Assumptions

Strategic capital revenue, excluding promote revenue

$ 570

$ 590

Net Promote Income (Expense)

$ (50)

General & administrative expenses

$ 450

$ 470

Realized development gains

$ 150

$ 250

Capital Deployment PROLOGIS SHARE OWNED AND MANAGED

Low

High

Development stabilizations

$ 1,900

$ 2,300

$ 2,000

$ 2,500

Development starts

$ 2,250

$ 2,750

$ 2,500

$ 3,000

Acquisitions

$ 1,000

$ 1,250

$ 1,500

$ 1,750

Dispositions

$ 500

$ 750

$ 500

$ 750

Contributions

$ 500

$ 1,000

$ 750

$ 1,250

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 1.17 ($/€), 1.37 ($/£) and 144.34 (¥/$), respectively.

* 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. 5

‌Consolidated Balance Sheets

in thousands

June 30, 2025

March 31, 2025

December 31, 2024

Assets:

Investments in real estate properties:

Operating properties

$ 80,115,830

$ 79,492,052

$ 78,279,353

Development portfolio

2,891,025

2,596,069

2,829,613

Land

4,826,727

4,660,431

4,453,522

Other real estate investments

6,498,929

5,992,839

5,683,688

94,332,511

92,741,391

91,246,176

Less accumulated depreciation

13,827,462

13,290,678

12,758,159

Net investments in real estate properties

80,505,049

79,450,713

78,488,017

Investments in and advances to unconsolidated entities

10,618,184

10,287,314

10,079,448

Assets held for sale or contribution

253,331

545,542

248,511

Net investments in real estate

91,376,564

90,283,569

88,815,976

Cash and cash equivalents

1,066,081

671,117

1,318,591

Other assets

5,274,405

5,038,705

5,194,342

Total assets

$ 97,717,050

$ 95,993,391

$ 95,328,909

Liabilities and Equity:

Liabilities:

Debt

$ 34,666,551

$ 32,262,055

$ 30,879,263

Accounts payable, accrued expenses and other liabilities

5,743,685

5,655,898

5,832,876

Total liabilities

40,410,236

37,917,953

36,712,139

Equity:

Stockholders' equity

52,728,574

53,467,210

53,951,138

Noncontrolling interests

3,311,886

3,320,473

3,323,047

Noncontrolling interests - limited partnership unitholders

1,266,354

1,287,755

1,342,585

Total equity

57,306,814

58,075,438

58,616,770

Total liabilities and equity

$ 97,717,050

$ 95,993,391

$ 95,328,909

‌Consolidated Statements of Income

in thousands, except per share amounts

Three Months Ended

June 30,

Six Months Ended

June 30,

2025

2024

2025

2024

Revenues:

Rental

Strategic capital

Development management and other Total revenues

Expenses:

Rental

Strategic capital

General and administrative Depreciation and amortization Other

Total expenses

$ 2,025,332

$ 1,852,376

$ 4,012,597

$ 3,680,034

147,162

154,742

288,301

283,154

11,375

836

22,636

1,387

2,183,869

2,007,954

4,323,534

3,964,575

487,963

445,235

976,280

899,492

64,917

70,536

125,694

149,347

106,871

106,596

221,572

217,887

657,221

637,305

1,309,279

1,274,810

11,706

11,444

21,355

23,688

1,328,678

1,271,116

2,654,180

2,565,224

Operating income before gains on real estate transactions, net

$ 855,191

$ 736,838

$ 1,669,354

$ 1,399,351

Gains on dispositions of development properties and land, net

10,477

87,174

37,928

127,482

Gains on other dispositions of investments in real estate, net

47,044

199,326

83,843

216,860

Operating income

$ 912,712

$ 1,023,338

$ 1,791,125

$ 1,743,693

Other income (expense):

Earnings from unconsolidated entities, net

107,692

102,337

175,591

174,809

Interest expense

(251,866)

(208,267)

(483,617)

(401,587)

Foreign currency, derivative and other gains (losses) and other income (expense), net

(122,829)

37,152

(154,487)

100,716

Gains (losses) on early extinguishment of debt, net

536

Total other income (expense)

(267,003)

(68,778)

(462,513)

(125,526)

Earnings before income taxes

645,709

954,560

1,328,612

1,618,167

Current income tax benefit (expense)

(27,723)

(32,888)

(64,424)

(65,354)

Deferred income tax benefit (expense)

4,318

(10,171)

(2,364)

(10,505)

Consolidated net earnings

622,304

911,501

1,261,824

1,542,308

Net earnings attributable to noncontrolling interests

(37,139)

(28,802)

(68,715)

(59,110)

Net earnings attributable to noncontrolling interests - limited partnership units

(13,936)

(21,351)

(28,927)

(36,135)

Net earnings attributable to controlling interests

571,229

861,348

1,164,182

1,447,063

Preferred stock dividends

(1,505)

(1,503)

(2,957)

(2,955)

Net earnings attributable to common stockholders

$ 569,724

$ 859,845

$ 1,161,225

$ 1,444,108

Weighted average common shares outstanding - Diluted

955,882

953,200

955,601

953,439

Net earnings per share attributable to common stockholders - Diluted

$ 0.61

$ 0.92

$ 1.25

$ 1.55

‌Reconciliations of Net Earnings to FFO*

in thousands

Three Months Ended

June 30,

Six Months Ended

June 30,

2025

2024

2025

2024

Net earnings attributable to common stockholders Add (deduct) NAREIT defined adjustments:

Real estate related depreciation and amortization

Gains on other dispositions of investments in real estate, net of taxes (excluding development properties and land) Adjustments related to noncontrolling interests

Our proportionate share of adjustments related to unconsolidated entities

$ 569,724

638,199

(46,964)

(17,339)

133,734

$ 859,845

617,822

(198,857)

(9,808)

101,905

$ 1,161,225

1,270,885

(82,771)

(35,746)

284,358

$ 1,444,108

1,239,984

(216,391)

(25,904)

221,436

NAREIT defined FFO attributable to common stockholders/unitholders*

$ 1,277,354

$ 1,370,907

$ 2,597,951

$ 2,663,233

Add (deduct) our modified adjustments:

Unrealized foreign currency, derivative and other losses (gains), net Deferred income tax expense (benefit)

Our proportionate share of adjustments related to unconsolidated entities

137,817

(4,318)

(3,136)

(3,035)

10,171

(4,520)

192,715

2,364

(1,765)

(38,108)

10,505

(4,211)

FFO, as modified by Prologis attributable to common stockholders/unitholders*

$ 1,407,717

$ 1,373,523

$ 2,791,265

$ 2,631,419

Add (deduct) Core FFO defined adjustments:

Gains on dispositions of development properties and land, net Current income tax expense (benefit) on dispositions

Losses (gains) on early extinguishment of debt, net Adjustments related to noncontrolling interests

Our proportionate share of adjustments related to unconsolidated entities

(10,477)

659 -2,748

(4,665)

(87,174)

(493) -

(4,647)

(37,928)

803 -2,821

(4,948)

(127,482)

4,836

(536)

(4,649)

Core FFO attributable to common stockholders/unitholders*

$ 1,395,982

$ 1,281,287

$ 2,752,013

$ 2,503,666

Add (deduct) AFFO defined adjustments:

Gains on dispositions of development properties and land, net Current income tax benefit (expense) on dispositions

Straight-lined rents and amortization of lease intangibles Property improvements

Turnover costs

Amortization of debt discount, financing costs and management contracts, net Stock compensation amortization expense

Adjustments related to noncontrolling interests

Our proportionate share of adjustments related to unconsolidated entities

10,477

(659)

(187,801)

(68,772)

(152,242)

22,209

43,984

18,594

(45,863)

87,174

493

(144,349)

(96,112)

(111,400)

20,362

54,545

11,652

(31,547)

37,928

(803)

(368,162)

(103,139)

(275,365)

43,321

97,145

32,576

(95,682)

127,482

(4,836)

(303,309)

(126,312)

(215,706)

38,700

121,782

20,683

(57,688)

AFFO attributable to common stockholders/unitholders*

$ 1,035,909

$ 1,072,105

$ 2,119,832

$ 2,104,462

*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

‌Reconciliations of Net Earnings to Adjusted EBITDA*

in thousands

Three Months Ended

June 30,

Six Months Ended

June 30,

2025

2024

2025

2024

Net earnings attributable to common stockholders

$ 569,724

$ 859,845

$ 1,161,225

$ 1,444,108

Gains on other dispositions of investments in real estate, net (excluding development properties and land)

(47,044)

(199,326)

(83,843)

(216,860)

Depreciation and amortization expense

657,221

637,305

1,309,279

1,274,810

Interest charges

235,858

193,413

451,508

377,425

Current and deferred income tax expense, net

23,405

43,059

66,788

75,859

Net earnings attributable to noncontrolling interests - limited partnership units

13,936

21,351

28,927

36,135

Pro forma adjustments

2,481

5,817

10,310

7,541

Preferred stock dividends

1,505

1,503

2,957

2,955

Unrealized foreign currency, derivative and other losses (gains), net

137,817

(3,035)

192,715

(38,108)

Stock compensation amortization expense

43,984

54,545

97,145

121,782

Losses (gains) on early extinguishment of debt, net

(536)

Adjustments related to noncontrolling interests

(31,819)

(31,496)

(65,669)

(62,847)

Our proportionate share of adjustments related to unconsolidated entities

182,264

135,926

389,426

294,802

Adjusted EBITDA attributable to common stockholders/unitholders*

$ 1,789,332

$ 1,718,907

$ 3,560,768

$ 3,317,066

* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. 9

‌Overview

OCCUPANCY - OWNED AND MANAGED CUSTOMER RETENTION

100%

95%

Average

100%

73.2%

75.7%

78.4%

72.9%

74.9%

80%

96.1% 96.4% 95.9% 95.9% 95.6%95.9% 94.9% 95.2% 94.9% 95.1%

90% 60%

85%

Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025

96.3% 96.1% 95.8% 94.8% 94.8%

Average occupancy - Prologis Share

40%

Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025

SAME STORE CHANGE OVER PRIOR YEAR - PROLOGIS SHARE* RENT CHANGE - PROLOGIS SHARE

7.2%

6.6% 6.7%

5.5%

6.2%

5.9% 6.2%

4.8% 4.9%

90%

73.9%

67.8%

66.3%

51.4%

53.7%

53.4%

40.1%

32.1%

34.8%

44.1%

6% 60%

3% 30%

Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025

74.8% 70.4% 68.7% 64.5% 59.9%

Trailing four quarters - net effective

* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. 10

‌PERIOD ENDING OCCUPANCY

98.0%

97.7% 97.7%

96.6%

97.0%

97.1%

96.3%

95.9%

96.5%

96.0% 96.0%

95.2%

95.1%

95.6%

95.3%

94.1%

93.2%

92.3%

92.5%

100%

95%

90%

Q2 24 Q3 24 Q4 24 Q1 25 Q2 25

U.S. Other Americas Europe Asia

square feet in thousands

Leasing Activity(A)

Square feet of leases commenced: Operating Portfolio:

Renewals New leases

Total Operating Portfolio

Properties under development

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

27,839

11,775

34,661

14,331

31,676

11,284

42,136

21,115

36,528

13,906

39,614

7,027

48,992

1,772

42,960

3,531

63,251

1,868

50,434

747

Total Square Feet of Leases Commenced

46,641

50,764

46,491

65,119

51,181

Total square feet of Operating Portfolio leases commenced, including leases greater than one month

47,232

57,939

52,315

70,648

59,237

Weighted average term of leases started (in months)

Operating Portfolio:

Trailing four quarters - square feet of leases commenced

163,701

170,420

176,594

194,817

205,637

Trailing four quarters - average % of portfolio

14.4%

14.9%

15.2%

16.6%

17.4%

Rent change (net effective)

62.7%

57.6%

52.2%

43.4%

44.2%

Rent change (net effective) - Prologis Share

73.9%

67.8%

66.3%

53.7%

53.4%

Rent change (cash)

41.0%

36.2%

29.1%

23.8%

26.7%

Rent change (cash) - Prologis Share

51.4%

44.1%

40.1%

32.1%

34.8%

A. Amounts exclusive of leases of less than one year, unless otherwise noted. 11

CAPITAL EXPENDITURES

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Property improvements(A)

$ 153,773

$ 197,260

$ 244,170

$ 63,040

$ 127,020

Tenant improvements Leasing commissions

84,835

73,050

78,106

102,343

92,980

100,879

91,378

92,391

122,474

94,151

Total turnover costs

157,885

180,449

193,859

183,769

216,625

Thousands, except for percentages

SAME STORE INFORMATION

Thousands, except for percentages

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Square feet

1,076,277

1,073,873

1,070,194

1,129,114

1,128,630

Average occupancy

Average occupancy - annual percentage

96.6%

(1.1%)

96.5%

(0.8%)

96.3%

(1.0%)

95.5%

(1.5%)

95.4%

(1.2%)

change

Total Capital Expenditures - Owned and $ 311,658 $ 377,709 $ 438,029 $ 246,809 $ 343,645 Period ending occupancy

96.8%

96.6%

96.4%

95.5%

95.4%

NOI - cash

7.2%

6.7%

6.2%

4.9%

Trailing four quarters - % of NOI*(A)

14.6%

15.3%

15.4%

NOI - net effective

5.5%

6.2%

6.6%

5.9%

4.8%

Weighted average ownership percentage

71.9%

72.8%

69.4%

69.1%

69.3%

Total Capital Expenditures - Prologis Share $ 223,947 $ 275,089 $ 304,195 $ 170,468 $ 238,311

PROPERTY IMPROVEMENTS TURNOVER COSTS ON LEASES COMMENCED COMPOSITION OF PORTFOLIO (BY UNIT SIZE)

$0.25

Per square foot ($)

Trailing four quarter average

$4.00

Per square foot ($) As a % of lease value

10%

30%

$0.20

$0.15

$3.20

$2.40

8% 25%

7.6%

7.9%

7.2%

7.4% 7.5%

$3.38 $3.59 $3.76 $3.25 $3.47

21%

23%

28%

6% 20%

$0.10

$1.60

4% 15%

$0.05

$0.80

2% 10%

$0.00

$0.13

$0.14 $0.14 $0.14

$0.13

$0.17 $0.20

$0.05

$0.11

$0.13

Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025

$0.00

Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025

2.2% 2.6% 2.8% 2.9% 2.9%

<100KSF 100-250KSF 250-500KSF >500KSF

92.7% 94.8% 96.1% 97.7%

Free rent as a % of lease value - trailing four quarters

* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

Period ending occupancy

A. 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- 12

recurring.

‌Operating Portfolio - Square Feet, Occupied and Leased

square feet in thousands and ordered by Prologis Share of NOI (%)

# of Buildings

Square Feet

Occupied %

Leased %

Owned and Managed

Prologis Share

% of Total

Owned and Managed

Prologis Share

Owned and Managed

Prologis Share

Southern California

556

126,991

106,451

13.8

95.3

95.7

95.5

95.9

New Jersey/New York City

207

54,183

42,586

5.5

94.3

94.0

94.3

94.0

Chicago

329

70,310

55,364

7.2

97.3

97.2

97.9

Dallas/Ft. Worth

278

61,030

51,875

6.7

95.2

95.5

San Francisco Bay Area

286

28,510

23,648

3.1

94.1

94.6

94.8

South Florida

225

29,576

23,467

3.0

93.8

93.2

94.2

93.6

Atlanta

237

52,474

46,417

6.0

96.3

96.5

96.7

Lehigh Valley

37,120

32,869

4.3

90.7

90.6

90.7

90.6

Houston

233

37,868

31,960

4.1

96.2

95.8

96.2

95.8

Seattle

164

25,017

17,855

2.3

96.1

97.2

96.2

97.3

Baltimore/Washington

135

18,377

14,617

1.9

92.6

93.4

92.7

93.5

Central Valley

22,945

21,772

2.8

95.8

95.6

95.8

95.6

Nashville

17,335

14,287

1.8

98.9

98.7

98.9

98.7

Phoenix

16,838

14,403

1.9

91.5

90.7

93.0

92.4

Orlando

109

14,115

12,656

1.6

96.8

96.7

97.7

97.6

Las Vegas

14,451

9,281

1.2

91.2

94.1

91.6

94.3

Cincinnati

19,023

16,659

2.2

96.1

Indianapolis

20,580

16,353

2.1

96.7

95.9

96.7

95.9

Central PA

19,097

14,316

1.9

91.0

92.6

91.0

92.6

Remaining U.S. markets (11 markets)

382

72,432

62,226

8.1

96.0

96.2

96.7

Total U.S.

3,661

758,272

629,062

81.5

95.1

95.3

95.4

95.5

Mexico

350

66,363

22,944

3.0

97.5

97.0

97.5

97.0

Canada

12,837

1.6

96.0

96.2

Brazil

19,499

3,980

0.5

96.6

96.7

96.6

96.7

Total Other Americas

434

98,699

39,761

5.1

97.1

96.7

97.1

96.7

United Kingdom

177

33,426

12,917

1.7

92.6

89.2

92.6

89.2

Germany

144

36,299

10,809

1.4

98.5

97.9

98.5

97.9

France

147

35,582

12,300

1.6

94.8

95.3

94.8

95.3

Netherlands

115

30,367

9,750

1.2

96.5

97.1

97.4

97.9

Remaining European countries (8 countries)

502

105,676

37,677

4.9

94.8

92.6

95.5

93.8

Total Europe

1,085

241,350

83,453

10.8

95.3

93.7

95.7

94.3

Japan

50,508

10,331

1.3

96.4

87.1

97.4

91.3

China

180

53,287

8,131

1.1

90.2

91.1

91.2

Singapore

951

0.1

90.6

98.3

India

478

407

0.1

88.3

Total Asia

260

105,224

19,820

2.6

93.2

88.6

94.2

91.5

Total Outside the U.S.

1,779

445,273

143,034

18.5

95.2

93.8

95.7

94.6

Total Operating Portfolio

5,440

1,203,545

772,096

100.0

95.1

95.0

95.5

95.4

Operating Portfolio - NOI* and Gross Book Value

Second 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

380,467

323,075

20.1

20,884,730

18,180,544

19.4

New Jersey/New York City

173,421

139,307

8.7

9,780,098

7,971,750

8.5

Chicago

110,617

87,102

5.4

6,788,509

5,369,069

5.7

Dallas/Ft. Worth

102,163

85,742

5.3

5,596,872

4,742,474

5.1

San Francisco Bay Area

101,934

85,561

5.3

4,657,970

3,894,396

4.2

South Florida

89,169

70,104

4.3

5,240,759

4,278,234

4.6

Atlanta

79,389

69,360

4.3

4,464,148

3,970,073

4.2

Lehigh Valley

66,139

58,941

3.7

4,678,389

4,230,057

4.5

Houston

57,759

48,594

3.0

3,881,398

3,350,384

3.6

Seattle

66,620

48,458

3.0

3,811,884

2,945,490

3.2

Baltimore/Washington

49,892

40,426

2.5

2,728,755

2,216,481

2.4

Central Valley

42,538

39,565

2.5

1,992,199

1,887,711

2.0

Nashville

34,261

29,530

1.8

1,553,986

1,353,347

1.5

Phoenix

32,124

26,903

1.7

1,913,450

1,607,908

1.7

Orlando

27,834

24,948

1.5

1,504,032

1,362,547

1.5

Las Vegas

36,703

24,078

1.5

1,686,459

1,056,193

1.1

Cincinnati

24,794

21,957

1.4

1,325,881

1,190,614

1.3

Indianapolis

26,585

21,849

1.4

1,391,830

1,158,678

1.2

Central PA

27,409

20,899

1.3

1,743,668

1,352,160

1.4

Remaining U.S. markets (11 markets)

122,080

104,446

6.5

6,242,962

5,346,182

5.7

Total U.S.

1,651,898

1,370,845

85.2

91,867,979

77,464,292

82.8

Mexico

116,701

40,180

2.5

5,317,842

1,828,811

2.0

Canada

32,750

2.0

1,363,138

1.4

Brazil

26,619

5,769

0.4

985,292

225,409

0.2

Total Other Americas

176,070

78,699

4.9

7,666,272

3,417,358

3.6

United Kingdom

85,926

30,745

1.9

8,921,982

3,615,423

3.9

Germany

62,330

18,609

1.2

4,535,468

1,322,046

1.4

France

55,333

18,522

1.1

3,849,806

1,226,730

1.3

Netherlands

49,679

16,187

1.0

3,631,874

1,107,526

1.2

Remaining European countries (8 countries)

147,807

51,318

3.2

9,633,831

3,361,246

3.6

Total Europe

401,075

135,381

8.4

30,572,961

10,632,971

11.4

Japan

94,192

17,035

1.0

7,612,551

1,437,289

1.5

China

29,025

4,456

0.3

2,960,565

454,284

0.5

Singapore

2,729

0.2

151,256

0.2

India

215

183

0.0

18,786

15,968

0.0

Total Asia

126,161

24,403

1.5

10,743,158

2,058,797

2.2

Total Outside the U.S.

703,306

238,483

14.8

48,982,391

16,109,126

17.2

Total Operating Portfolio

2,355,204

1,609,328

100.0

140,850,370

93,573,418

100.0

* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

Operating Portfolio - Summary by Division

square feet and dollars in thousands

# of Buildings

Square Feet

Occupied %

Leased %

Owned and Managed

Prologis Share

% of Total

Owned and Managed

Prologis Share

Owned and Managed

Prologis Share

Consolidated

Total U.S.

2,894

624,686

588,626

76.3

95.2

95.3

95.4

95.6

Total Outside the U.S.

109

26,339

26,267

3.4

83.8

87.0

Total Operating Portfolio - Consolidated

3,003

651,025

614,893

79.7

94.7

94.8

95.1

95.2

Unconsolidated

Total U.S.

767

133,586

40,436

5.2

94.9

95.3

Total Outside the U.S.

1,670

418,934

116,767

15.1

95.9

96.1

96.2

96.3

Total Operating Portfolio - Unconsolidated

2,437

552,520

157,203

20.3

95.7

95.8

96.0

Total

Total U.S.

3,661

758,272

629,062

81.5

95.1

95.3

95.4

95.5

Total Outside the U.S.

1,779

445,273

143,034

18.5

95.2

93.8

95.7

94.6

Total Operating Portfolio

5,440

1,203,545

772,096

100.0

95.1

95.0

95.5

95.4

Value added properties - consolidated

Value added properties - unconsolidated

2,000

2,277

1,990

801

45.9

57.4

45.6

57.6

45.9

57.4

45.6

57.6

Total Operating Properties

5,461

1,207,822

774,887

95.0

94.8

95.3

95.2

Second Quarter NOI*

Gross Book Value

Owned and Managed

Prologis Share

% of Total

Owned and Managed

Prologis Share

% of Total

Consolidated

Total U.S.

$ 1,354,935

$ 1,280,954

79.6

$ 76,796,925

$ 72,902,284

77.9

Total Outside the U.S.

49,560

49,528

3.1

3,008,658

3,005,841

3.2

Total Operating Portfolio - Consolidated

$ 1,404,495

$ 1,330,482

82.7

$ 79,805,583

$ 75,908,125

81.1

Unconsolidated

Total U.S.

$ 296,963

$ 89,891

5.6

$ 15,071,054

$ 4,562,008

4.9

Total Outside the U.S.

653,746

188,955

11.7

45,973,733

13,103,285

14.0

Total Operating Portfolio - Unconsolidated

$ 950,709

$ 278,846

17.3

$ 61,044,787

$ 17,665,293

18.9

Value added properties - consolidated Value added properties - unconsolidated

$ 2,687

$ 772

$ 2,671

$ 398

$ 397,629

$ 351,188

$ 393,378

$ 118,194

* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. 15

‌Customer Information

Top Customers Remaining Lease Expirations - Operating Portfolio

square feet in thousands square feet and dollars in thousands, except per square foot amounts

% of Net Effective

Rent

Total Square Feet

1 Amazon

5.0

46,010

2 Home Depot

1.9

19,057

3 FedEx

1.3

10,722

4 DHL

1.2

13,743

5 Geodis

1.1

15,260

6 UPS

0.9

10,558

7 GXO

0.8

9,725

8 CEVA Logistics

0.8

11,370

9 DSV

0.7

8,201

10 Maersk

0.7

6,690

Top 10 Customers

14.4

151,336

11 Kuehne + Nagel

0.7

8,173

12 Walmart

0.6

7,832

13 Pepsi

0.5

4,509

14 GigaCloud

0.4

3,494

15 NFI Industries

0.4

3,543

16 Ryder

0.4

3,500

17 Lululemon

0.4

2,481

18 Burlington Stores

0.4

3,130

19 DB Schenker

0.4

5,501

20 Mercado Libre

0.4

5,183

21 Wayfair

0.4

5,783

22 Nippon Express

0.4

4,134

23 ZOZO

0.3

4,886

24 Samsung

0.3

5,097

25 Berkshire Hathaway

0.3

3,049

Top 25 Customers

20.7

221,631

Owned and Managed Owned and Managed

Occupied Sq Ft

Net Effective Rent

% of Total

$ Per Sq Ft

2025(A)

63,621

355,918

3.8

5.59

2026(A)

186,790

1,245,374

13.5

6.67

2027

193,191

1,422,912

15.4

7.37

2028

170,860

1,390,241

15.0

8.14

2029

134,911

1,188,221

12.8

8.81

Thereafter

395,716

3,651,837

39.5

9.23

Total

1,145,089

9,254,503

100.0

8.08

Weighted average term of leases remaining (based on net effective rent) 4.1 years

Prologis Share

Occupied Sq Ft

Net Effective Rent

% of Total

$ Per Sq Ft

2025(A)

32,287

197,795

3.1

6.13

2026(A)

110,919

801,322

12.6

7.22

2027

122,443

957,215

15.1

7.82

2028

106,574

924,504

14.6

8.67

2029

91,709

842,472

13.3

9.19

Thereafter

269,469

2,620,433

41.3

9.72

Total

733,401

6,343,741

100.0

8.65

Weighted average term of leases remaining (based on net effective rent) 4.4 years

A. We have signed leases, which were due to expire in 2025 and 2026, totaling 47 million square feet and 22 million square feet, in our Owned and Managed portfolio (3.2% and 1.7% of total net effective rent) and 29 million square feet and 13 million square feet on a Prologis Share basis (3.1% and 1.5% of total net effective rent). These are excluded from 2025 and 2026 expirations and are reflected in the new year of expiration. 16

‌Overview - Prologis Share

U.S.

Outside the U.S.

YTD Q2

DEVELOPMENT STARTS (TEI)

in millions

DEVELOPMENT STABILIZATIONS (TEI)

dollars in millions

$5,000

$4,000

$3,000

$2,000

$1,000

$4,675

$5,000

$4,000

$3,000

$2,000

$1,000

$4,168

$3,625

$3,397

$1,339

$1,491

2021 2022 2023 2024 YTD 2025

$2,888

$3,151

$2,501

$1,117

2021 2022 2023 2024 YTD 2025

Est Value

Creation

$1,326

$1,583

$917

$773

$304

Est Wtd Avg Stabilized Yield

6.1%

6.3%

6.1%

6.9%

ACQUISITION ACTIVITY(A)

in millions

LAND PORTFOLIO

dollars in millions

$5,000

$4,000

$3,000

$2,532

$2,000

$1,000

$2,070

$1,917

$4,485

$4,866

$3,814

$3,353

$2,000

$1,000

2021 2022 2023 2024 YTD 2025

Est Build Out(B):

$1,569

$1,146

$733

12/31/21 12/31/22 12/31/23 12/31/24 6/30/25

M&A and Significant Portfolio Activity

Sq. Ft. in millions

216

- $23,200

$3,100

$800

- TEI

$37,900

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. 17

‌Development Stabilizations

square feet and dollars in thousands

Q2 2025

FY 2025

TEI

Square Feet

Owned and Managed

Prologis Share

Square Feet

Owned and Managed

Prologis Share

Central(A)

$ -

545

$ 358,800

$ 328,977

East

1,031

216,274

West(A)

230

73,755

1,980

327,967

Total U.S.

230

73,755

3,556

903,041

873,218

Canada

Mexico

164

17,862

Brazil

Total Other Americas

164

17,862

Northern Europe

559

54,972

807

94,144

87,363

Southern Europe

10,222

474

55,187

Central Europe

252

21,112

252

21,112

United Kingdom

29,712

Total Europe

956

116,018

1,606

200,155

193,374

Japan

26,870

China(A)

308

13,806

2,071

824

36,220

5,433

India

Total Asia

308

13,806

2,071

904

63,090

32,303

Total Outside the U.S.

1,264

129,824

118,089

2,674

281,107

243,539

Total Development Stabilizations

1,494 $

203,579 $

191,844

6,230

$ 1,184,148

$ 1,116,757

Percent build-to-suit

5.3%

54.3%

Estimated weighted average stabilized yield

6.9%

Annualized estimated NOI

$ 13,190

$ 76,634

Estimated weighted average stabilized cap rate

5.0%

5.2%

Estimated weighted average margin

33.2%

27.2%

Estimated value creation

$ 63,762

$ 304,176

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. 18

‌Development Starts

square feet and dollars in thousands

Q2 2025

FY 2025

Square Feet

Leased % at

Start

TEI

Square Feet

Leased % at

Start

TEI

Owned and Managed

Prologis Share

Owned and Managed

Prologis Share

Central(A)

113

100.0

$ 305,619

$ 276,025

520

21.6

$ 350,934

$ 321,340

East(B)

933

100.0

142,623

2,062

86.3

491,298

West

318

100.0

51,450

1,618

100.0

205,719

Total U.S.

1,364

100.0

499,692

470,098

4,200

83.6

1,047,951

1,018,357

Canada

Mexico

Brazil

Total Other Americas

Northern Europe

275

100.0

38,826

10,099

275

100.0

38,826

10,099

Southern Europe

527

51.7

97,688

Central Europe

682

100.0

49,886

682

100.0

49,886

United Kingdom

Total Europe

957

100.0

88,712

59,985

1,484

82.8

186,400

157,673

Japan

1,514

0.0

304,535

1,514

0.0

304,535

China

India

269

0.0

12,834

10,908

269

0.0

12,834

10,908

Total Asia

1,783

317,369

315,443

1,783

0.0

317,369

315,443

Total Outside the U.S.

2,740

34.9

406,081

375,428

3,267

37.6

503,769

473,116

Total Development Starts

4,104

56.6 $

905,773 $

845,526

7,467

63.5

$ 1,551,720

$ 1,491,473

Percent build-to-suit

62.7%

69.3%

Estimated weighted average stabilized yield

6.3%

6.5%

Annualized estimated NOI

$ 53,647

$ 96,383

Estimated weighted average stabilized cap rate

5.1%

5.3%

Estimated weighted average margin

21.4%

19.8%

Estimated value creation

$ 180,616

$ 295,942

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.

Amounts include a development recorded as a note receivable in the first quarter that is included in other real estate investments. 19

Pre-Stabilized Developments

TEI

2025 Expected Completion

TEI

Under Development

2026 and Thereafter Expected

square feet and dollars in thousands Central (A)

East(A)(B)

Leased Owned and

Sq Ft % Managed

Prologis Owned and Share Sq Ft Managed

Completion

TEI

Prologis Owned and Prologis Share Sq Ft Managed Share

Sq Ft %

Owned and Managed

Leased

TEI

Sq Ft %

Total Development Portfolio

Prologis Share Leased

TEI

566

1,291

0.0 $ 125,729 $ 125,729

432 $ 645,628 $ 581,066 1,557 $ 453,884 $ 425,475

10.6

281,441

275,347

712

170,213

2,413

523,261

2,555

4,416

38.2 $ 1,225,241

43.4

974,915

2,466

4,376

36.1 $ 1,132,270

43.3

968,821

‌Development Portfolio

West(A)

1,543

0.0

359,396

359,269

670

84,595

84,324

2,142

274,028

4,355

48.4

718,019

4,352

48.4

717,621

Total U.S.

3,400

4.0

766,566

760,345

1,814

900,436

835,603

6,112

1,251,173

1,222,764

11,326

44.1

2,918,175

11,194

43.7

2,818,712

Canada

563

0.0

137,171

971

173,779

1,534

0.0

310,950

1,534

0.0

310,950

Mexico

2,136

20.4

231,931

1,160

106,644

3,296

13.2

338,575

3,296

13.2

338,575

Brazil

240

78.1

22,297

4,459

118

13,175

2,635

2,147

151,799

30,360

2,505

93.2

187,271

501

93.2

37,454

Total Other Americas

2,939

21.2

391,399

373,561

1,089

186,954

176,414

3,307

258,443

137,004

7,335

37.8

836,796

5,331

16.9

686,979

Northern Europe

1,158

17.9

207,391

167,102

733

86,409

275

38,826

10,099

2,166

56.1

332,626

1,813

50.1

263,610

Southern Europe

276

0.0

23,839

145

21,201

382

84,770

803

43.4

129,810

803

43.4

129,810

Central Europe

450

40.9

36,639

447

33,173

682

49,886

1,579

83.2

119,698

1,579

83.2

119,698

United Kingdom(A)

222

0.0

98,021

87,095

53,685

115

195,741

432

0.0

347,447

412

0.0

336,521

Total Europe

2,106

18.6

365,890

314,675

1,420

194,468

1,454

369,223

340,496

4,980

57.8

929,581

4,607

55.8

849,639

Japan

1,046

16.5

194,444

364

54,975

2,693

531,839

4,103

35.6

781,258

4,103

35.6

781,258

China(A)

2,382

153,722

23,058

2,382

0.0

153,722

357

0.0

23,058

India

561

28,135

17,936

269

12,834

10,909

830

0.0

40,969

586

0.0

28,845

Total Asia

1,046

16.5

194,444

925

83,110

72,911

5,344

698,395

565,806

7,315

20.0

975,949

5,046

29.0

833,161

Total Outside the U.S.

6,091

19.5

951,733

882,680

3,434

464,532

443,793

10,105

1,326,061

1,043,306

19,630

36.2

2,742,326

14,984

32.9

2,369,779

Total Development Portfolio

9,491

14.0

$ 1,718,299

$1,643,025

5,248

$ 1,364,968

$1,279,396

16,217 $

2,577,234

$2,266,070

30,956

39.1

$ 5,660,501

26,178

37.5

$5,188,491

Cost to complete

$ 211,746

$ 208,893

$ 482,905

$ 439,546

1,690,708

$ 1,459,390

$ 2,385,359

$ 2,107,829

Percent build-to-suit

1.5%

55.6%

50.1%

36.1%

Estimated weighted average stabilized yield

6.4%

7.2%

6.2%

6.5%

Annualized estimated NOI

$ 339,604

Estimated weighted average stabilized cap rate

5.2%

Estimated weighted average margin

21.5%

Estimated value creation

$1,116,830

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 $0.5 billion and $0.5 billion on an Owned and Managed basis and Prologis Share basis, respectively.

Amounts include a development recorded as a note receivable that is included in other real estate investments. 20

‌Third-Party Acquisitions

square feet and dollars in thousands

Q2 2025

FY 2025

Square Feet

Acquisition Price

Square Feet

Acquisition Price

Owned and Managed

Prologis Share

Owned and Managed

Prologis Share

Owned and Managed

Prologis Share

Owned and Managed

Prologis Share

Prologis Wholly-Owned

546

$ 69,856

2,415

$ 570,686

Prologis Targeted U.S. Logistics Fund

252

101,094

30,600

252

101,094

30,600

Total U.S.

798

623

170,950

100,456

2,667

2,492

671,780

601,286

Prologis Wholly-Owned(A)

479

407

19,035

16,180

868

796

148,977

146,122

Prologis European Logistics Fund

3,376

888

454,912

119,732

Total Outside the U.S.

479

407

19,035

16,180

4,244

1,684

603,889

265,854

Total Third-Party Building Acquisitions

1,277

1,030

$ 189,985 $

116,636

6,911

4,176

$ 1,275,669

$ 867,140

Weighted average stabilized cap rate

5.7%

4.4%

Acquisitions of other real estate investments(B)

218,404

278,675

278,567

Total Third-Party Acquisitions

$ 408,389

$ 335,040

$ 1,554,344

$ 1,145,707

Amounts include the acquisition of properties by a consolidated entity in which we have less than 100% ownership interest.

Amounts include the acquisition of non-industrial assets, including yards and renewable energy assets. 21

‌Dispositions and Contributions

square feet and dollars in thousands

Q2 2025

FY 2025

Square Feet

Sales Price

Square Feet

Sales Price

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

487

$ 65,650

946

$ 128,636

Total U.S.

487

487 65,650

65,650

946

128,636

FIBRA Prologis

- -

128

7,663

2,385

Total Other Americas

- -

128

7,663

2,385

Total Outside the U.S.

- -

128

7,663

2,385

Total Third-Party Building Dispositions

487

487 65,650

65,650

1,074

986

136,299

131,021

Building Contributions to Co-Investment Ventures

Prologis European Logistics Fund

402

48,307

35,593

Total Europe

- -

402

48,307

35,593

Total Outside the U.S.

- -

402

48,307

35,593

Total Building Contributions to Co-Investment Ventures

- -

402

48,307

35,593

Total Building Dispositions and Contributions

487

487 $ 65,650

$ 65,650

1,476

1,388

$ 184,606

$ 166,614

Weighted average stabilized cap rate

Land dispositions

Dispositions of other real estate investments(A)

Grand Total Dispositions and Contributions

15,100

18,540

$ 99,290

4.5%

12,133

17,745

$ 95,528

16,087

35,540

$ 236,233

4.2%

12,440

34,745

$ 213,799

A. Amounts include the disposition of non-industrial assets, including yards, renewable energy assets and data centers. Dispositions of Non-Strategic Assets are included as third-party building dispositions. 22

‌Land Portfolio - Owned and Managed

square feet and dollars in thousands, including markets where we own land ordered by Prologis Share of Operating Portfolio NOI (%)

Acres

Current Book Value

Owned and Managed

Prologis Share

Estimated Build Out

(sq ft)

Owned and Managed

Prologis Share

% of Total

Southern California

652

606

10,802

$ 826,891

$ 787,509

16.2

New Jersey/New York City

360

3,291

407,092

8.4

Chicago

1,451

23,775

23,729

0.5

Dallas/Ft. Worth

392

5,846

140,431

140,376

2.9

San Francisco Bay Area

1,010

101,127

2.1

South Florida

1,109

97,179

97,159

2.0

Atlanta

319

3,032

44,309

0.9

Lehigh Valley

105

876

38,243

0.8

Houston

401

389

5,904

156,789

155,021

3.2

Seattle

1,130

55,909

1.1

Baltimore/Washington

988

61,520

1.3

Central Valley

699

11,312

191,259

191,257

3.9

Nashville

365

5,085

158,318

3.3

Phoenix

1,426

42,114

0.9

Orlando

154

131

2,071

47,174

40,249

0.8

Las Vegas

980

14,826

313,224

6.4

Indianapolis

284

0.0

Central PA

104

1,117

29,148

0.6

Remaining U.S. markets (7 markets)

589

580

8,509

261,957

255,605

5.2

Total U.S.

5,584

5,494

79,823

2,996,743

2,942,193

60.5

Mexico

856

723

15,625

247,759

234,976

4.8

Canada

272

4,807

469,915

9.7

Brazil

690

599

14,578

279,223

266,445

5.5

Total Other Americas

1,818

1,594

35,010

996,897

971,336

20.0

United Kingdom

311

5,641

258,058

5.3

Germany

128

2,800

149,057

112,569

2.3

France

171

124

3,340

150,296

141,634

2.9

Netherlands

1,437

59,325

1.2

Remaining European countries (7 countries)

741

680

14,037

178,671

163,468

3.4

Total Europe

1,406

1,264

27,255

795,407

735,054

15.1

Japan

114

6,689

152,777

3.1

China

1,275

10,618

1,593

0.0

India

231

196

5,464

74,179

63,052

1.3

Total Asia

392

317

13,428

237,574

217,422

4.4

Total Outside the U.S.

3,616

3,175

75,693

2,029,878

1,923,812

39.5

Total Land Portfolio

9,200

8,669

155,516

$ 5,026,621

$ 4,866,005

100.0

Land Portfolio - Summary and Roll Forward

dollars in thousands

Acres

Current Book Value

Owned and Managed

Prologis Share

% of Total

Owned and Managed

Prologis Share

% of Total

Central

1,469

1,448

16.7

$ 589,166

$ 580,983

11.9

East

1,349

1,326

15.3

759,923

752,978

15.5

West

2,766

2,720

31.4

1,647,654

1,608,232

33.1

Total U.S.

5,584

5,494

63.4

2,996,743

2,942,193

60.5

Mexico

856

723

8.4

247,759

234,976

4.8

Canada

272

3.1

469,915

9.7

Brazil

690

599

6.9

279,223

266,445

5.5

Total Other Americas

1,818

1,594

18.4

996,897

971,336

20.0

Central Europe

489

465

5.4

130,625

126,089

2.6

Northern Europe

226

174

2.0

220,208

178,506

3.7

Southern Europe

380

314

3.6

186,516

172,401

3.5

United Kingdom

311

3.6

258,058

5.3

Total Europe

1,406

1,264

14.6

795,407

735,054

15.1

Japan

114

1.3

152,777

3.1

China

0.1

10,618

1,593

0.0

India

231

196

2.2

74,179

63,052

1.3

Total Asia

392

317

3.6

237,574

217,422

4.4

Total Outside the U.S.

3,616

3,175

36.6

2,029,878

1,923,812

39.5

Total Land Portfolio

9,200

8,669

100.0

$ 5,026,621

$ 4,866,005

100.0

Estimated build out of land portfolio (in TEI)

$ 25,100,000

$ 24,000,000

Estimated build out of Covered Land Plays (in TEI)

8,400,000

6,800,000

Estimated build out of other land (in TEI)(A)

8,000,000

7,100,000

Total

$ 41,500,000

$ 37,900,000

Land Roll Forward - Prologis Share

U.S.

Other Americas

Europe

Asia

Total

At March 31, 2025 $ 2,899,546

$ 931,956

$ 664,207

$ 190,064

$ 4,685,773

Acquisitions 57,644

19,097

38,254

114,995

Reclassification of Covered Land Plays -

Dispositions (8,813)

(8,813)

Development starts (35,527)

(2,067)

(37,282)

(74,876)

Infrastructure costs 43,436

3,720

4,049

10,079

61,284

Effect of changes in foreign exchange rates and other (14,093)

35,660

49,768

16,307

87,642

At June 30, 2025

$ 2,942,193

$ 971,336

$ 735,054

$ 217,422

$ 4,866,005

A. Amounts include approximately 3,500 acres that we could develop through options, ground leases, unconsolidated joint ventures and other contractual arrangements. 24

‌Solar and Energy Storage Portfolios - Owned and Managed

dollars in thousands, including markets we own solar ordered by Prologis Share of Operating Portfolio NOI (%)

Operating Portfolio

Under Development

Capacity (MW)

Gross Book Value

Capacity (MW)

Current Investment

TEI

Southern California

New Jersey/New York City Chicago

San Francisco Bay Area Central Valley

Remaining U.S. markets (6 markets)

16 -

$ 66,649

105,565

8,126

17,012

31,920

$ 111,541

132,967

109,871

26,606

35,798

18,404

$ 185,483

165,942

169,095

80,480

54,313

38,290

Total U.S.

112

229,272

224

435,187

693,603

Mexico

15,384

24,641

Total Other Americas

15,384

24,641

Germany Italy

Remaining European countries (5 countries)

23,821

7,978

8,559

9,131

3,378

4,348

18,951

3,603

9,273

Total Europe

40,358

16,857

31,827

Japan China

Singapore

78,848

13,728

4,118

9 -

4,829

6,702

Total Asia

96,694

4,829

6,702

Total Outside the U.S

132

137,052

37,070

63,170

Total Solar Portfolio

244

366,324

298

472,257

756,773

Energy Storage Portfolio

55,207

33,297

44,771

Total Solar and Energy Storage Portfolio

284

$ 421,531

330

$ 505,554

$ 801,544

Third party and other

Projects awaiting final commissioning(A)

Total installed capacity

466

796

Investment Tax Credits ("ITC")

TEI, Net of ITCs Estimated weighted average stabilized yield

(294,551)

$ 506,993

11.7 %

A. These projects are also included as under development in the solar and energy storage portfolio. 25

‌Overview

THIRD-PARTY AUM

dollars in billions

THIRD-PARTY FEE RELATED AND PROMOTE REVENUE

in millions

$80

$60

$40

$20

$1,200

$900

$600

$300

$1,046

$66

$62

$60

$61

$65

12/31/21 12/31/22 12/31/23 12/31/24 6/30/25

94.9% 95.0% 93.0% 95.0% 94.9%

% Open end/Public

$901

$456

$512

$199

2021 2022 2023 2024 YTD 2025

FEE RELATED EARNINGS ANNUALIZED*

in millions

NET PROMOTE INCOME (EXPENSE)

dollars in millions

$400

$300

$200

$313 $303 $298

$244 $266

$600

$450

$300

$445 $479

$100

$150

12/31/21

12/31/22

12/31/23

12/31/24

6/30/25

2021

2022

2023

2024

YTD 2025(A)

21.6

37.1

51.5

50.9

$44

$32

Trailing 3-year basis points of third-party AUM

*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

A. Net Promote Income (Expense) in 2025 is negative due to expense from the amortization of stock compensation issued to employees related to promote income recognized in prior periods. Please refer to Highlights for Guidance for 2025 Net Promote Income (Expense). 26

‌Summary and Financial Highlights

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

30.3%

Open end

Q2 2026

FIBRA Prologis(A)

Mexico

Core

2014

Unconsolidated

34.6%

Public, Mexican Exchange

Q2 2026

Prologis Brazil Logistics Venture

Brazil

Core/Development

2019

Unconsolidated

20.0%

Closed end

Q4 2025*

Prologis European Logistics Fund

Europe

Core

2007

Unconsolidated

26.0%

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

15.3%

Public, Tokyo Exchange

N/A

Prologis Japan Core Logistics Fund

Japan

Core

2023

Unconsolidated

16.3%

Closed end

Q2 2026

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

133,981

$ 15,171,307

$ 15,701,436

$ 5,397,477

FIBRA Prologis(A)

65,903

5,295,409

6,613,564

2,217,765

Prologis Brazil Logistics Venture and other joint ventures

19,048

934,100

1,013,928

Prologis European Logistics Fund

172,000

21,681,242

21,848,885

6,889,718

Prologis European Logistics Partners

63,120

8,056,151

8,320,710

Nippon Prologis REIT(A)

44,339

6,721,844

6,799,520

2,497,230

Prologis Japan Core Logistics Fund

3,119

575,357

307,683

Prologis China Core Logistics Fund

30,037

2,217,233

2,261,039

973,099

Prologis China Logistics Venture

23,250

743,332

781,165

364,194

Total Unconsolidated Co-Investment Ventures

554,797

61,395,975

63,915,604

18,647,166

Consolidated Co-Investment Ventures

Prologis U.S. Logistics Venture

77,568

8,322,675

8,391,256

Total Consolidated Co-Investment Ventures

77,568

8,322,675

8,391,256

Total

632,365 $

69,718,650 $

72,306,860

$ 18,647,166

* 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. 27

Disclaimer

ProLogis Inc. published this content on July 16, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 16, 2025 at 12:05 UTC.