2023-24

ESG
ReportLetters

Overview

Ahead of What’s Next

Sustainable Logistics

Our Inspired People

Resilient Communities

Prologis 2023-24 ESG Report

Appendix

Prologis Chicago 10 Mural, Chicago, Illinois.

Contents
3

Letter from our Co-Founder, Chairman and CEO

4

Letter from our Chief Energy and Sustainability Officer

5
6
9
10
12

Overview of Our Business
Prologis at a glance
Goals and progress
Net-zero update
Awards and recognitions

13
14
16
20

Ahead of What’s Next
What makes us different?
Governance and ethics
Supply chain responsibility

21
22
24
27

Sustainable Logistics
Climate strategy
Driving sustainable operations
Siting, design and construction

31
32
34
36

Our Inspired People
Employee engagement
Diversity, equity, inclusion and belonging
Employee health and safety

37
38
39
42

Resilient Communities
Stakeholder engagement
Economic and social impact
Community involvement

44
45
46
48
49
58
61
65
66

Appendix
Performance data
Assurance statement
ESG materiality assessment
GRI index
SASB disclosure
TCFD disclosure
Forward-looking statements
Glossary and definitions

On our cover: Prologis Cajamar mural, Cajamar, Brazil. Murals can improve the local quality of life and help our customers attract and retain workers.

About this report

This report describes the performance of Prologis’ portfolio
as of December 31, 2023: approximately 1.2 billion square feetof properties and development projects that we owned or had
investments in, on a wholly owned basis or through co-investment
ventures. This report also describes the 10 co-investment vehicles
in our Strategic Capital business. We include some highlights fromearly 2024.
This report focuses on the topics identified by our 2024 ESG
materiality assessment, and was prepared in accordance with the
Global Reporting Initiative (GRI) Universal Standards 2021 andaligns with the Sustainability Accounting Standards Board (SASB)
2023 Real Estate Standards; the Task Force on Climate-related
Financial Disclosures (TCFD); and the Greenhouse Gas Protocol.
LRQA, Inc. has provided limited assurance using the AA1000
AccountAbility Principles (AA1000AP 2018).
We welcome comments and encourage feedback. Please email
esg@prologis.com.

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I’ve said this many times, and it remains
true: At Prologis, we focus on and invest
in environmental, social and governancebecause it makes good business sense.
More efficient buildings with features such as solar, energy
storage and electric vehicle charging bring our customers a
range of benefits. These services and features also enhancethe value of our real estate, a priority for our investors. All of
this will help us achieve net-zero greenhouse gas emissions
by 2040.
We’re also creating social and community value through thejobs we support and from the economic value we create —more than 1 million people work under a Prologis roof everyday. As a long-term owner, we value long-term relationships
with the people in the communities where we do business.
That means we listen and respond to their feedback andcreate programs and partnerships, such as the Morehouse
College Real Estate Institute, PARKlife and Space for Good.
Our focus on good governance goes back to our founding
some 40 years ago. Our culture is a key driver, as is our
drive to stay ahead of what’s next. Our policies, systems andprocesses encourage integrity, accountability and sounddecision-making across our company. We spend significant
time and effort fostering a culture of inclusion and belonging,which we believe helps us attract and retain the talent weneed to implement our business plan. Finally, we set boldtargets and base our decisions on data. When we knowhow our buildings are being used, we can better serve ourcustomers. This remains a continuing area of focus.

Our Inspired People

Resilient Communities

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Appendix

This ESG report describes our 2023 performance, outlines
our continuing priorities and shows where we are headed.
In the past year:− We achieved more than 500 megawatts (MW) of installed
solar and energy storage capacity.
− Our net-zero goal was validated by the Science Based
Targets initiative.
− Prologis employees gave more than 16,400 hours of theirtime to community organizations.
− We announced a $3 million donation to Morehouse
College to create an endowed fund for the new
Morehouse Real Estate Institute (MREI).
These and many other highlights are a source of pride forour people and demonstrate our continuing commitment toleadership — in our industry and beyond.
Driven by our innovative employees, guided by ourcustomers’ priorities and aligned around a clear vision, welook forward to the future with tremendous optimism.
Thank you for your interest in – and engagement with –Prologis. We welcome your input and ideas.

We set bold targets
and base our decisions
on data.

Sincerely,
Hamid R. Moghadam
Hamid R. Moghadam
Co-Founder, Chairman and CEO

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At Prologis, we are driven by a powerful purpose: to empower a thriving futurefor our customers, communities and the planet. We recognize our impact andare committed to addressing emissions from our operations and value chain
to lead in decarbonization and sustainable logistics.

Our unique scale allows
us to drive meaningfulchange across theentire supply chain.

As Prologis' chief energy and sustainability officer, my mission is to turn our commitment
into reality by leading our customers as their partner in decarbonization, supporting thecommunities we serve and delivering strong results for our shareholders.
Our unique scale allows us to drive meaningful change across the entire supply chain. This ESG
report serves as a roadmap for our journey toward resilient and responsible operations.
Driving Decarbonization: Partnering for a Net-Zero Future
We are deeply committed to addressing emissions across our operations and value chain.
We see ourselves as a decarbonization partner for our customers and utilities. By providing
innovative and sustainable warehousing solutions, we empower customers to achieve theirenvironmental goals. We collaborate with utilities to support their clean energy initiatives,
working together towards a more sustainable future.
Technology and Innovation: Catalysts for Sustainability
Technology and innovation are at the forefront of our sustainability strategy. We madesignificant progress toward our goal of 1 gigawatt (GW) of installed solar and storage
capacity by 2025, reaching over 500 MW in 2023. Our Prologis Mobility program charged
22% of California's registered Class 8 electric trucks at our sites and has electrified over 2
million miles of clean transportation. We are constantly identifying and implementing newtechnologies to further decarbonize our operations and push the boundaries of sustainability
within our industry.
Beyond the Building: Building Strong Communities
We remain steadfast in our commitment to transparency, continuous improvement and aculture of sustainability, both within Prologis and in the communities where we do business.

Susan Uthayakumar

Our employees are a driving force behind our success, contributing over 16,400 volunteer
hours in 2023 and propelling us towards our goal of 75,000 hours by 2025. Through our
Community Workforce Initiative, we trained nearly 8,800 individuals in 2023, addressing thelogistics talent gap while creating economic opportunities in the communities we call home.
The road ahead demands continued innovation and collaboration. But with a shared vision andunwavering commitment, we will create a more sustainable future, not just for ourselves, but for
generations to come. We look forward to making further progress on our goals, together.
Sincerely,

Susan Uthayakumar
Chief Energy and Sustainability Officer4Letters

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Prologis 2023-24 ESG Report

Overview of Our Business

Prologis Franklin Park, Chicago, Illinois.

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Prologis at a glance
Prologis is the global leader in logistics real estate. Our more than 5,600 facilities serve some 6,700 customers in key global
and regional markets. Through the Prologis Essentials platform, we help our customers address their operations and energy +sustainability needs.

Our Global Portfolio

By the Numbers

6,700

1.2 BSF$219B

8,630-acre

10

2.8%

#65

~2,570

customers

U.S.

803 MSF
3,877 Buildings

assets undermanagement (AUM)

Europe242 MSF
1,112 Buildings

Other
Americas

83 MSF
341 Buildings

Asia

114 MSF
283 Buildings

investment vehicles
through our Strategic
Capital businesson the S&P 500 Index

A3/A

credit ratings

1.
2.

From Moody’s and S&P, respectively. A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
Net Promoter Score (NPS) is an indicator of customer loyalty, ranging from -100 to +100. A higher score is desirable.

1of space in 19 countries

land bankof the world’s GDP flows
through our buildings
each year

employees around the world

53

net promoter score2

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Vision, mission and values
Our vision is "enduring excellence." Our mission is to be theleading logistics real estate company in terms of customer
service, employee engagement, financial performanceand balance sheet strength. Our core values are Integrity,
Mentorship, Passion, Accountability, Courage andTeamwork (IMPACT).

Well-planned logistics
real estate reduces
environmental impacts,
creates social benefits,
reduces risks and increases
revenue opportunities.

Strategy
We develop, own, lease and manage properties in the world’s
most vibrant centers of trade and commerce: markets thathave high growth potential and are difficult to penetrate.
By implementing this strategy, we make the global supply
chain stronger and more efficient. This is consistent
with environmental, social and governance principles:
Efficient and well-planned logistics real estate reduces
environmental impacts, creates social and economic
benefits, reduces risks to our business, and increases
revenue and recruitment opportunities.
Real estate operations
Our real estate operations include capital deployment,
development and leasing. Put simply, we determine how
best to invest in properties; we develop or improve those
properties; and then we lease them out to customers inneed of logistics space. In 2023, we achieved:− $1B in acquisitions covering nearly 7 MSF across
six countries;− $3.63B of development starts;

Prologis 2023-24 ESG Report

Forklift at Prologis Irwindale Distribution Center, Irwindale, California.

− Weighted average net effective rent change of 61.2%;
and− Occupancy of 98% at year-end.
Our 8,630-acre land bank can support an estimated $40B
of future development. It allows us to build at the right timeand in the right locations, optimizing the value we create forour shareholders.
Strategic Capital
Our strategic capital business gives institutional
investors a unique opportunity to co-invest in the Prologis
platform. We operate 10 co-investment vehicles: threeopen-ended funds, five private joint ventures and two
Prologis-sponsored publicly traded funds, each with a trackrecord of delivering industry-leading, risk-adjusted returns
with a superior investor experience. At year-end 2023,
these vehicles comprised approximately 40% of our assets
under management (AUM).
Prologis Essentials
With our Prologis Essentials platform, we address someof the most critical challenges facing our customers
by providing solutions in operations and energy +sustainability. With Essentials, our customers can maximize
the value of the warehouse from day one.

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Resilient Communities

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Appendix

Record revenue
Forty years young

Prologis teams around the world celebrated
our 40th anniversary as each of our six regions
received $40,000 from the Prologis Foundation
to donate to nonprofits of their choice.

We earned a company record of $8.02B in revenue
in 2023, driven by the strength of our portfolio andbusiness model.

Targeted growth

We announced an agreement to acquire nearly 14 MSF ofindustrial properties from real estate funds affiliated withBlackstone for $3.1B.

Renewable energy

We surpassed 500 MW of installed solar
and storage capacity across our portfolio.1

World’s first

Our Eindhoven DC4 warehouse in the
Netherlands received a Zero Carbon
Certification from the International Living Future
Institute (ILFI), a first for an industrial building.

Community service

Industry leadership

GROUNDBREAKERS, our signature thought leadershipforum, focused on global supply chain opportunities inenergy transition, workforce transformation and artificial
intelligence. It received approximately 775,000 views
worldwide, making it one of the premiere supply chain
events in the world.

Diversity in real estate

The Prologis Foundation announced a $3M donation toMorehouse College to create an endowed fund for the new
Morehouse Real Estate Institute (MREI).

Our employees donated more than 16,400 hours tocommunity organizations in 2023, including more than
10,800 hours on our 11th annual IMPACT Day, a record
number of hours for our annual global day of service.

1.

Across our owned and managed portfolio.

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Appendix

Goals and progress

1.
2.
3.
4.

GOAL

2023 PROGRESSSTATUS

Net-zero emissions. Achieve net-zero greenhouse gas emissions
across our value chain by 2040 from a 2019 baseline. This goal has
been validated by the Science Based Targets initiative.

Reduced Scope 1 emissions by 25%, Scope 2
emissions by 99%,1 and Scope 3 emissions by 29%
from our 2019 baseline.

On track

Renewable energy. Achieve 1 GW of installed solar and storage
capacity by 2025.

Achieved 506 MW of installed capacity.2

On track

Building certifications. Achieve a sustainable certification forevery eligible3 new development and redevelopment.

Achieved, or in progress of achieving, sustainablebuilding certifications for 96% of eligible3 projects.

On track

LED lighting. Install LED lighting across 100% of new
developments and redevelopments each year and across 80%
of our portfolio by 2025.4

Achieved LED lighting across 74% of our portfolio.
We will begin reporting on LED lighting in new
developments in our 2025 ESG report.4

On track

Workforce inclusion. Achieve two DEIB certifications by 2025:
Management Leadership for Tomorrow’s “Black Equity at Work”
and “Hispanic Equity at Work.”

Completed a baseline assessment and submitted
initial goals for the certification process.

On track

Community engagement. Achieve 75,000 hours of volunteer time
supporting our local communities around the globe by 2025 (2019baseline).

Donated 16,400 hours in 2023, bringing our total toapproximately 54,500 hours donated since 2019.

On track

Logistics workforce training. Train 25,000 people in logistics by2025 (2018 baseline) through our Community Workforce Initiative.

Trained 8,760 people in 2023, reaching 29,700
people by year-end 2023 and achieving our goal
two years early.

Achieved

Ethics. Train 100% of our employees in ethics each year.

100% of our employees completed ethics training.

Achieved

Our goals demonstrate ambition, create accountability
and drive integration with our business strategy. They arealigned with the following targets within the UN Sustainable
Development Goals (SDGs):
Our Renewable energy, Building
certifications and LED lighting goals arealigned with UNSDGs 7 and 9:− Reliance on clean fuels and technology;− Renewable energy consumption; and− CO2 emissions per unit of value added.

Our Logistics workforce training andWorkforce inclusion goals are aligned withUNSDG 10:− Growth rate of household income;− Population living below median income; and− Population experiencing discrimination.
Our Net-zero emissions goal is aligned withUNSDG 13:
− Total annual greenhouse gas emissions.

Market based, achieved through the purchase of RECs.
Across our owned and managed portfolio.
Includes projects approved from June 2021. Due to customer requirements and/or the limitations of certain co-development agreements, a small number of projects are ineligible to receive a sustainable building certification.
We have updated our LED lighting goal to allow time to convert newly acquired properties to LED. Across our owned and managed operating properties. Data from a portfolio of properties acquired in June 2023 will be included in our 2024-25 ESG report.

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Net-zero update
In June 2022, we made a commitment to achieve net-zero greenhousegas emissions across our value chain (Scopes 1, 2 and 3) by 2040. In
early 2024, the Science Based Targets initiative (SBTi) validated thiscommitment, along with our near-term (2030) targets: to reduce Scope
1 and 2 emissions by 90% and Scope 3 emissions by 27.5%. Our baseline
year for all targets is 2019.1
Our goal represents a significant opportunity to serve our customers
in new ways, as many of them are also working to decarbonize theiroperations and value chains.
Scope 1 and 2 emissions represent approximately 0.2%—and Scope 3
emissions represent approximately 99.8%—of our total emissions.
Detail on emissions performance and our climate strategy can be found in
Sustainable Logistics.

Timeline
2022

2025

2030

Committed to
net zero andlaunched key
partnerships​

Deploy 1
GW of solar
and storage
capacity

Achieve a 90%
reduction in
Scope 1 and 2
emissions
Achieve a 27.5%
reduction in
Scope 3 emissions

1.
2.

2040

Progress
Scope 1 and 2 – Operational Emissions:We’re working to electrify the Prologis fleet, with a goal of 100% by year-end 2030. This will
help us reduce emissions from mobile fuels.
We purchase renewable energy credits (RECs) to cover 100% of our annual office electricity.
This has helped us achieve zero emissions from office electricity.

Scope 3 – Supply Chain Emissions:
We complete life cycle assessments (LCAs) to determine the embodied and operational emissionsof every new development.
We participate in a wide range of industry partnerships and collaborations (see Climate Strategy
for examples) to identify ways to reduce emissions from our supply chain. This will help us reduce
embodied carbon emissions, including from the production of concrete and steel.
Scope 3 – Leased Asset Emissions:
We have more than 500 MW of solar and storage capacity across our portfolio. When this energy isused by our customers, we reduce our emissions from downstream leased assets (emissions from theenergy our customers purchase and use).
We implemented net-zero-ready building design standards for 60% of new builds in 2023, with a goal
to reach 100% in 2024. Net-zero-ready building design standards include solar-ready roofs, efficient
LED lighting and, where feasible, electric heat pumps in place of natural gas-fired heating systems.

Achieve net-zeroemissions acrossScopes 1, 2 and 3

The target boundary includes land-related emissions and removals from bioenergy feedstocks.
Across our owned and managed operating properties. Does not include a portfolio of properties acquired in June 2023.

We’ve installed efficient LED lighting across 74% of our portfolio,2 also reducing emissions fromdownstream leased assets (emissions from the energy our customers purchase and use).
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AppendixAchieving net zero at distribution centers
As we work to achieve net-zero emissions by 2040, we expect an increasing percentage of our portfolio will include sustainable features.

Onsite Solar

EV Charging andFleet Electrification

Energy Efficiency

Building Management
Systems & Smart Metering

LED Lighting

Embodied Carbon andEnergy Solutions

Energy Monitoring

Electrification

Battery Storage

Building Certifications

Low Global-WarmingPotential Refrigerants

Offsite Power
Purchase Agreements

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Prologis 2023-24 ESG ReportAwards and recognitions
The following is a selection of recent ESG-related awards and recognitions.

1.

As of January 2024.

Dow Jones Sustainability World Index(Top 10% globally) – Prologis and Nippon
Prologis REIT – 2023

100 Most Sustainable Companies in
the World – 2024

Industrial “Leader in the Light” – 2023
(12th consecutive year)
Investor CARE Award (Gold) – 2022

Green Star Recognition – Prologis andseven of our co-investment vehicles – 2023
Regional Sector Leader in the Americas –Prologis – 2023

Leadership Award – 2022

ESG Rating of “A”1

#1 in Real Estate – 2023

ISS Corporate ESG Rating of “Prime”1

Leading REIT in Corporate Governance(21st consecutive year) – 2023

Organizational Leadership Award – 2023

#2 for Onsite Solar Generation
Capacity (U.S.) – 2022

"A-" rating on Climate Change
Response – 2023

All-American Executive Team Rankings
REIT Sector – #1 CEO, #1 CFO, #1 IR
Professional, #1 in IR, #1 in ESG – 2023

World's Most Admired Companies –2024

10 Most Sustainable REITs – 2023

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Prologis 2023-24 ESG Report

Ahead of
What’s Next
Prologis works to stay ahead of what’s next. Using both
our scale and our role in the global supply chain, we
promote innovation and demonstrate leadership in ESG.

$200M

Since 2016, Prologis Ventures has invested
approximately $200M in 45 companies to drive
innovation in logistics.

100

We hosted nearly 100 customer appreciation events
across our portfolio.

5 years in a row

We were included in the Dow Jones Sustainability World
Index for the fifth year in a row for ESG performance
among the top 10% of companies globally.

10%

10% of our 2023 employee bonus scorecard waslinked to ESG metrics.

Cambridge Life Sciences, Cambridge, UK.

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Prologis 2023-24 ESG Report

What makes us different?
Prologis combines the spirit of a startup with the resources of a seasoned business. We pilot
and implement a wide range of solutions for our customers. We encourage our employees
to “simplify and sprint” and to “fail fast.” And we participate in—and contribute to—thecommunities where we do business. Our “3Cs” have been developed based on decades ofexperience. They describe what we value and how we work:

Customer Centricity
Change through Innovation and Operational Excellence
Culture and Talent

Customer focus
We learn about the challenges our customers are facing – and work to address them:− Our Customer Led Solutions group builds a customized experience for major customers
through strategic account management, which includes a partnership with the Prologis
Essentials team to drive scalable solutions across operations and energy + sustainability.
− Customer Led Innovation improves day-to-day customer interactions with a dual focus onreal estate and creating value across the supply chain.
− Customer Led Development ensures consistency across our global platform, while
streamlining the build-to-suit process for targeted multi-market customers.
In 2023, we hosted nearly 100 customer appreciation events where we connected with ourcustomers to thank them for trusting us with their logistics real estate needs. Examples include
an appreciation caravan in Japan that reached more than 3,400 customers; a biodiversity
event in France that focused on native bees; and a cultural showcase event in China with
Sichuan opera face-changing and Chinese shadow puppetry.

Thought Leadership
At our annual GROUNDBREAKERS
forum, we discuss key trends in logistics
with leaders from our industry andbeyond. The 2023 edition focusedon opportunities in energy transition,
workforce and artificial intelligence andreceived more than 775,000 views fromaround the world. In connection with theevent, Prologis also convened an energy
and sustainability leadership roundtablewith 80 key customers, utility executives
and partners to discuss cross-sector
challenges and identify opportunities forcollective action on decarbonization.

To further understand customer sentiment, we conduct customer experience surveys on
a rolling basis. In 2023, we achieved a net promoter score of 53 on a scale of -100 to 100,
indicating very strong customer loyalty.
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Prologis Ventures
Since its launch in 2016, Prologis Ventures has invested
approximately $200M in 45 early- and growth-stage
companies across three main verticals: supply chaintransformation; digital buildings and infrastructure; andreal estate and construction. Recent Ventures investments,
which focus on energy or ESG related topics, include:
Terminal Industries, a yard visibility
platform that allows customers toreport and reduce truck dwell time at
the gate, lowering overall emissions.
Trove, a recommerce operating
system that helps retailers develop
resale programs that keep pre-loved
items out of landfills.
Relay, a tech-enabled delivery
network that accelerates
e-commerce parcel delivery andreduces overall miles traveled.
Solarcycle, a solar panel recycling
company that uses a proprietaryprocess to extract up to 95% of thematerials in a solar panel, addressing
both end-of-life and supply chain
challenges.

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AppendixGlobal Insights and Research
Our in-house Global Insights and Research team analyzes
proprietary or third-party data and complex market drivers to:− Establish a dependable view on the economy and thelogistics real estate sector;− Develop methodologies that help us make informed
investment decisions about markets and properties;− Produce white papers, trend reports and outlooks to
inform our leaders and our investors on factors that
influence real estate performance.
The team’s latest work is available on prologis.com.

Prologis 2023-24 ESG Report

Multiple Differentiators Define
One Unique Business

Data centricity and governance
Early investments in technology and our access to vast
proprietary and public data pools provide actionable insightsthat drive optimization and competitive advantage for
Prologis and our customers. Our focus on innovating throughdata analytics and digitization is central to the success of ourcritical operations: developing new properties, managing ourfacilities, introducing innovative solutions and delivering ahigh-quality customer experience.
Data centricity is also critical to our work in environmental,social and governance. During 2023, we made investments
in new systems and processes to increase data coverageand drive increased automation of data collection acrossour global portfolio. This included new systems for energy
and carbon data management, stakeholder and regulatory
issues tracking and ESG reporting. We also continued toincrease the implementation of smart meters, Internet ofthings (we now have more than 100,000 sensors across ourportfolio that stream real-time data and enable decision
automation) and other building technologies.

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Governance and ethics
Our culture, policies, systems and processes guide how
we do business: We focus on serving our customers andencourage integrity, accountability and sound decisionmaking. We set ambitious goals and base decisions on
data—a continuing area of focus.
Board oversight
The Prologis board of directors serves our stockholders’best interests, sets company strategy and provides
independent and experienced oversight. The board has fourstanding committees:− Audit Committee− Board Governance and Nomination Committee− Talent and Compensation Committee− Executive Committee
Ninety-one percent of the members of our board qualify
as independent, according to the principles and standards
established by the New York Stock Exchange. Our latest
Proxy Statement describes the rights and responsibilities of
our lead independent director and provides detail on eachboard member’s qualifications and experience, including thefact that two of our board members have experience withclimate, energy or ESG.

of climate change risks and performance against our ESG
goals, including our net-zero goal. In 2023, climate- or
energy-related matters were on the agenda at every
meeting of both the Board Governance and Nomination
Committee and the full board. Other board committees
provide oversight on relevant ESG topics:− Our Audit Committee oversees the development ofdata systems and disclosures to comply with emerging
regulation.
− Our Talent and Compensation Committee oversees
human capital development and diversity, equity,
inclusion and belonging (DEIB) performance, initiatives
and related risks.

Board Diversity1
Ethnic and Geographic

Women
27%

Asian/Asian
American/West Asian/Middle Eastern
18%

Men
73%

The Prologis board believes that diversity promotes robust
discussion and the consideration of a range of viewpoints.
Our board governance guidelines state:
In any formal search for new directors, the Board
Governance and Nomination Committee will consider,and will instruct any third-party search firm to include,
candidates from diverse backgrounds, including in its
initial list both gender and racial/ethnic diversity.

GenderAfricanAmerican9%White/Caucasian73%

Number of Directors
by years of tenure

0-6 Years
6-13 Years
13+ Years

By committee charter, the Board Governance andNomination Committee oversees ESG matters and updates
the full board on ESG developments, including management

7 new directors

in the last nine years

1.

As of May 10, 2024.

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Ethics, compliance and human rights
We hold our employees and board members to thehighest ethical standards and seek to do business withcustomers and business partners who share our values.
We describe our expectations for suppliers in Supply Chain
Responsibility.
Our ethics and compliance program reflects ourcommitment to integrity. Each year, every active employee
acknowledges their understanding of our Code of Ethics
and Business Conduct (“The Code”) and completes
training on topics covered in The Code. The Code has beentranslated into 15 languages and covers a range of topics,
including our Anti-Corruption and FCPA Policy; our Insider
Trading Policy; equal employment; nondiscrimination;
antitrust and fair dealing; political activities andcontributions; conflicts of interest; bribery; retaliation; anddiscrimination and harassment. Non-U.S. employees receive
special training on—and our internal audit group conducts
an annual audit of—FCPA compliance.
Employees and other stakeholders may report any ethicalissue or concern to their supervisor, their supervisor’s
supervisor, human resources, the ethics and complianceteam, any member of the Ethics Committee or the ethics
helpline. The helpline is operated by a third party; isavailable 24 hours a day, seven days a week; and includes
options for reporting from any of the 19 countries where we
do business. Prologis maintains a policy of anti-retaliation
against anyone who reports a concern in good faith orparticipates in an investigation. In 2023, Prologis received

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Prologis 2023-24 ESG Reportand investigated 12 ethics helpline inquiries and tookcorrective action, as appropriate.
Prologis’ chief legal officer and general counsel, chief
human resources officer, chief financial officer and chiefcompliance officer sit on our Ethics Committee. This
committee provides ethics-related advice and guidance
to employees, investigates reported incidents of potential
noncompliance and reports any significant concerns to the
Audit Committee of our board of directors in accordancewith The Code and the Audit Committee Charter.
We are committed to operating our business in an ethicalmanner that respects human rights. This includes surveying
suppliers about their human rights practices, consistent
with our Supplier Code of Conduct. Our Global Human
Rights Policy outlines our commitment to:− Fair hiring, compensation and promotion.
− Prevent the use of child and indentured or forced labor,
including in our supply chain.
− Maintain a safe and healthy work environment.
− Follow all applicable laws and regulations that govern
working hours, guarantee fair and equal compensation,and protect the right to collective bargaining andfreedom of association.

We are committed tooperating our businessin an ethical manner that
respects human rights.

Our Ethics and Compliance and ESG departments are
responsible for this policy and for tracking emerging issues
and regulations. We are not aware of any significant humanrights issues that occurred in 2023.

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Risk management
Effective risk management can help us achieve strong
business outcomes. Our risk assessment processes include
scenario testing, audit controls, probabilistic modeling andinput from third-party experts. Risk assessment findings arereported to the executive committee, audit committee andboard of directors.
We use a global risk management framework to identify,
assess and manage risks facing our company and industry.
Examples include:− Investment Committee: All material capital deployment(development, acquisitions and dispositions) is subject
to review by our Investment Committee, which evaluates
investment considerations as well as environmental
matters; natural hazard exposures; and legal andregulatory considerations. Our CEO and chairman,
president, CFO, chief investment officer (CIO), chiefcustomer officer (CCO) and other senior leaders serve on
this committee.
− Cybersecurity: We use robust and constantly
changing measures to defend against emerging cyber

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Appendixrisk scenarios. We review our cybersecurity posturethrough regular participation in a third-party security
benchmarking survey. Our IT infrastructure is externallyaudited as part of our Sarbanes Oxley audit process,and our controls include information security standards
following the NIST Framework. Our Information Security
Policy includes mandatory annual training for all
employees. To our knowledge, no material information
security or privacy incidents occurred in 2023.
− Climate risk: Before we acquire land or buildings, weevaluate vulnerability to natural hazards and climate risks
as part of our due diligence process. In 2023, across ourportfolio, there were 73 instances when natural hazard
events resulted in insurance claims. These included
windstorms, severe storms and extreme cold weather.
Our planning and risk mitigation measures protected
our customers’ business continuity: Only three of these
events led to business-continuity-insured damage inexcess of $500,000.

Prologis 2023-24 ESG Report

A Tool for Evaluating Climate Risk
Our climate risk tool helps us evaluate risks and opportunities
across our portfolio.
The tool uses data from a leading global reinsurer and includes
a range of natural hazard factors and three GHG emissions
trajectories. It helps Prologis leaders assess the potential
impacts of more extreme climate conditions, including more
frequent and intense natural disasters. Through our use of thistool, we can be more strategic in how we improve our assets tomake them more resilient.
In 2023, we incorporated assessment of future climate riskhazards into our investment committee process. This expandson the current assessment of natural hazards already being
performed by looking at storm, flood and heat exposures at atimeframe of 2050 using IPCC's RCP4.5 scenario as our basecase. This assessment increases awareness among our capital
deployment teams of possible future hazards and allows us toconsider potential risk mitigation measures in conjunction with
our investment decisions.

More Information on risk can be found in the “Risk Factors”
section of our 10-K and in the Appendix of this report.

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ESG governance
ESG at Prologis is not a separate program or initiative.
Instead, it is integrated into our business strategy,
processes and KPIs, with robust data management andmultiple systems to track our performance. Integrated ESG
reduces risk, improves efficiency, differentiates our brandand expands revenue and talent-recruitment opportunities.
It influences the way we design, build and operate
distribution centers. This includes providing our customers
with services, such as renewable energy, electric vehicle
charging and workforce development. Our ESG Policy andthe Stakeholder Engagement section of this report provide
additional detail.
A periodic ESG materiality assessment informs our ESG
reporting and the priorities of the Global ESG team. The
senior leaders who comprise our Global ESG Steering
Committee provide strategic direction and guidance,
ensuring our ESG efforts are aligned with businesspriorities. Please see the appendix for our most recent ESG
materiality assessment.
In 2023, ESG performance represented 10% of our bonus
scorecard. Environmental metrics included solar andstorage installed capacity, LED lighting and sustainablebuilding certifications. Social metrics included culture,
talent and inclusion scores, the number of new participantsin our Community Workforce Initiative and employee
volunteer hours in our communities. Governance metrics
included third-party assessments of our corporate
governance performance. Please see our latest Proxy
Statement for detail on our performance in these areas. Our
2024 bonus scorecard will include similar ESG metrics to2023 and will continue to represent 10% of the scorecard.

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Appendix

ESG Governance Creates Accountability and Drives Action

Board of Directors

By charter, our Governance and Nomination Committee
oversees ESG. Other board committees oversee related issues,
as appropriate.

Executive Team

Global ESG Office

Our chief energy and sustainability officer reports to our president and sitson our Executive Committee. Through our Investment Committee process,we assess the ESG profile and net-zero alignment of every investment.

Our Global ESG Office is responsible for integrating ESG into ourbusiness strategy, processes and KPIs. This includes convening
our Global ESG Steering Committee and collaborating acrossdepartments to improve systems, policies and processes.

At Prologis, ESG is everyone’s business.

Global Leaders

Regional ESG Leadersand Committees

Prologis Employees

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Supply chain responsibility
We work to manage and mitigate risk in our supply chain.
Our procurement spend is divided into three categories:
opex, capex and development. Opex (operational
expenses) includes the services we need to operate our
distribution centers and offices. Capex (capital expenses)
includes expenses related to maintaining and improving
our properties. Development includes the goods andservices we need to grow our business — to develop andbuild properties.
We purchase goods and services directly from our tier
1 suppliers who, in turn, purchase goods and services
from our tier 2 suppliers. Language in our purchasing andengineering, procurement and construction agreements
states that suppliers must not procure, incorporate orutilize any part or equipment that is manufactured fromany country or region suspected of using — or known
to use — forced or child labor. Tier 1 suppliers are
responsible for tier 2 supplier compliance.
Our procurement team leverages Prologis’ scale to securefavorable pricing and lead times while mitigating supply
chain risk. We pass this value on to our customers. As
an example, in 2023 we selected a new vendor for dockequipment to reduce costs, increase the availability of
replacement equipment and improve lead times. Also in
2023, we sourced 30-year solar-ready roofing, switchgear
and heat pumps at below-market prices and improved
lead times, in support of our net-zero goal.

Our Vendor Optimization team evaluates opex vendor
performance in the U.S. across four metrics: customer
satisfaction, Prologis satisfaction (including adherence
to our Supplier Code of Conduct), responsiveness tocustomer tickets and compliance with service-levelagreements. In 2023, based on these metrics, we
reviewed and refined this vendor pool to improve quality
and achieve significant operational cost savings.
Our Supplier Code of Conduct outlines our expectations
for supplier practices, including ESG-related practices andthe use and conduct of subcontractors. Suppliers must:− Prohibit the use of involuntary and child labor.
− Provide a safe and healthy work environment, free of
discrimination and harassment.
− Reduce energy and water consumption and implement
waste-minimization programs.
An independent third party evaluates and screenspotential suppliers based on their adherence to ourstandards, including their responses to ESG questions on
topics such as sustainable sourcing and human rights, inour standard RFP.
For our approach and performance on employee andcontractor safety, please see Employee health and safety.
For information on our approach to supplier diversity,
please see Diversity, equity, inclusion and belonging.

Significant Procurement Categories− General contractors – the companies that build and upgrade
our distribution centers. (We select general contractors
based on competitive pricing, past performance andsafety performance. All our contractors are required to beapproved in Avetta, a third-party safety prequalification andcompliance program.)− Steel joists and decking – crucial to warehouse
construction− Electrical and lighting – used in both construction
and operations− Roofing systems – our new construction standards specify
that roofs be solar ready− Heating and cooling systems – including the maintenanceof these systems− Facilities management services – landscaping, snow
removal, paving, painting and more

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Prologis 2023-24 ESG Report

Sustainable
Logistics
Our customers are interested in operating more
efficiently—and in reducing their energy use andemissions. We provide them with a range of solutions,
including renewable energy, energy storage andmobility infrastructure.

2040

Our goal to achieve net-zero emissions by 2040 has beenvalidated by the Science Based Targets initiative.

>500 MWWe achieved more than 500 MW of solar and storage
capacity in 2023, halfway to our goal of 1 GW by 2025.

$9.9B

Since 2018, we’ve issued 29 green bonds worth $9.9B tohelp fund green building design and innovation.

2M

We have provided 2 million miles worth of EV truckcharging services.

Battery storage installation at Great Southwest 45, Grand Prairie, Texas.

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Climate strategy
As the global leader in logistics real estate, our climate
strategy is to site, develop and operate our buildings
with efficiency in mind. We create additional emissions
reductions through our operations and energy +sustainability solutions.
Our goal to achieve net-zero emissions by 2040
demonstrates our ambition. This goal includes Scopes 1,
2 and 3 emissions and has been validated by the Science
Based Targets initiative.

Collaborating on Climate
Our path to net zero includes tackling some big challenges.
Innovation and collaboration will be key. In 2023, ourdevelopment teams piloted a range of solutions, including theuse of recyclable modular building materials, mass timber andstronger lower-carbon concrete. And by collaborating withindustry and academic organizations, we can accelerate ourindustry’s progress and ramp up our impact:

MIT’s Climate & Sustainability Consortiumis an academic and industry group
working to develop and implement largescale climate solutions, including intransportation, value chain resilience andlow-carbon building materials.

Climate Group’s EV100+ and RE100 are
industry groups working to accelerate
the industry’s transition to zero-emission
medium- and heavy-duty vehicles andincrease the use of renewable energy.

The Climate Pledge is a cross-sector
community launched by Prologis’ customer
Amazon to develop and implement
decarbonization strategies and measure
and report on results.

ZEROGrid Initiative is building a newframework to accelerate the transition toa reliable and affordable zero-emissions
electric grid.

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Greenhouse gas emissions

In 2023, 99.8% of Prologis emissions were Scope 3, with approximately 69% from customer energy use in our buildings and 31% from construction and operations. Just 0.2% of our emissions were
Scope 1 and 2: emissions from our own operations and emissions from our energy use. For detail on how we are working to reduce our emissions, please see our Net-Zero update.

2023 GHG Emissions1

Emissions Sources, Scope 1 and 2(market-based)
Scope 1 – fugitive

Scope 1 and 2 Emissions:0.2%
of total

3.7%

Emissions Performance, Scope 1 and 2 (market-based)
Metric tons CO2e

Scope 2 – indirectpurchased energy

Scope 1 – stationary

0.3%

Scope 1

8,100

Scope 2

7,879

10%

6,025
6,063

Scope 1 –mobile

86%

2,653
2019

Emissions Sources, Scope 3(location-based)

2,362

20

4,458
2,451
21

22

23

Emissions Performance, Scope 3 (location-based)

99.8%
of total

5%

5.43

5.09
4.51

Capital
Goods

25%

4.22

Downstream
LeasedAssets

3.84

69%

2019

1.
2.
3.

Our Scope 2 emissions remained consistent from2022 to 2023 and were 99% below our 2019 baseline.
We purchase RECs to account for our purchased
electricity (Scope 2 market-based).

Million metric tons CO2e

Purchased Goods
and Services

Scope 3Emissions:

Our Scope 1 emissions increased by 36% from2022 to 2023, as corporate jet travel returned to
pre-pandemic levels, and were 25% below our 2019baseline. We're working to electrify our fleet and areinvestigating the use of sustainable aviation fuel toreduce our Scope 1 emissions.

20

21

22

Our Scope 3 emissions declined from 2022 to 2023
by 9% and were 29% below our 2019 baseline. Ourdata indicate this is due to decreases in development
activity and in customer consumption of bothelectricity and natural gas. We continue to work to
improve data quality for our Scope 3 emissions,
including by improving data coverage to reducereliance on estimates and updating emissions factors
and methodology to reflect evolving standards.

23

Based on improved data quality and alignment with SBTi, we have updated our emissions methodology and historical data. We now include updated emissions factors; more precise fleet- and office-related emissions data; and Scope 1 and Scope 2 emissions from fugitive refrigerants
and chilled water. We now exclude energy related spend from purchased goods and services. Additionally, across all years, we now exclude as immaterial: FERA (indirect emissions associated with the production, transmission and delivery of fuels and energy we purchased), employee
commuting, business travel and emissions from properties outside of our owned and managed operating properties and development portfolio.
We have purchased RECs to account for our purchased electricity since 2019. For 2019-2021, we include emissions from offices included in the Duke acquisition, per GHG Protocol requirements. For 2022 and 2023, our Scope 2 emissions were 7 and 17 metric tons of CO2e, respectively.
Total does not add up to 100% due to rounding. Excludes upstream leased assets at 0.001%.

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Driving sustainable operations
Through the Prologis Essentials platform, we provide ourcustomers with operations and energy + sustainability
solutions. These solutions can reduce our customers’emissions, costs and environmental impact—and can help
them achieve their sustainability goals.
Our work in siting, design and construction also supports
customer sustainability. This includes sustainable build-tosuit, building certifications and other solutions.
EnergyWe build, operate and maintain rooftop solar and energy
storage systems to meet the needs of our customers,
including to reduce their GHG emissions. This includes
onsite and offsite solutions. The Prologis Clear Lease®
is critical to our work in this area. Clear Lease language
protects our ability to add rooftop solar to a building. It also

improves our access to our customers’ utility data, which we
can use to help our customers reduce their energy use andoperating costs. Approximately 35% of leases across ourportfolio are Clear Leases, an increase from approximately
31% at year-end 2022. At year-end 2023, we had more than
500 MW of solar and storage capacity from approximately
425 buildings in 16 countries.1 That’s enough to power morethan 85,000 typical U.S. homes.
We also offer our solar and energy storage resources tolocal communities through our community solar program.
In 2023, this included projects in various stages in Illinois,
Maryland, New Jersey and Oregon. We also started
construction in Southern California on projects that will
provide 5 MW of solar generation capacity to Clean Power
Alliance, a local utility provider.

Growth in Solar and Storage Capacity
MW of solar and storage capacity

1,000

212

252

285

2019

20

21

405

22

506

23

24F

25F

Solar + Storage Satisfaction
A brand-new speculative building in Northern
California provided an opportunity to bring in a key
retail customer, but the customer had one request:that the building include onsite solar and energy
storage to support their GHG reduction goals.
Because this was a new site, the energy team at
Prologis Essentials took an innovative approach.
They analyzed the customer’s energy consumption
profile at other locations to estimate how muchenergy would be needed at this site. They verified
this estimate with the customer and then began1.

Within our owned and managed portfolio.

installation of two solar and two energy storage
projects, totaling 1.75 MW and 1.11 MWh ofgenerating capacity and storage, respectively.
Follow through and attention to detail were criticalas we worked to expedite permitting, installequipment and commence operation.
The resulting project demonstrates Prologis’ ability
to integrate clean energy and deliver sustainability
solutions for our customers.

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Mobility
Many Prologis customers are transitioning their fleets tolow- or zero-emissions vehicles. Prologis Mobility provides
expertise and critical infrastructure through a range ofsolutions:− Hubs – subscription-based fleet charging at dedicatedsites along common routes and near key locations.
− Depots – onsite fleet charging at warehouses for drayage,
last-mile delivery, yard tractors, forklifts and more.
− Workplace Charging – passenger vehicle charging for
distribution center employees.
At year-end 2022, some 22% of the registered Class 8 EV
trucks in California had charged at Prologis sites. At year-end
2023, we had provided enough EV charging to our customers
to enable approximately 2 million miles of EV truck travel.
By 2030, to better support the fleet needs of ourcustomers, we aim to achieve 900 MW of EV charging
capacity at a network of charging locations across ourportfolio. At this scale, we will be able to help local utilities
improve grid resilience through vehicle-to-grid and load
management services.

Building a 9 MW Heavy-Duty Truck Charging Project
In late 2023 and early 2024, Prologis created North America’s largest heavy-duty truck charging project in Torrance, California. The
project is capable of using hydrogen as a fuel source and features innovative microgrid technology, up to 9 MW of EV charging capacity(enough to charge nearly 100 trucks) and 18 MWh of energy storage.
The project is one of the largest EV charging projects of its kind in the world, with best-in-class operational flexibility (provided via six 1.5
MW microgrids). It was delivered at an extraordinary pace, thanks, in large part, to a strong partnership with the Los Angeles Departmentof Water and Power, the City of Los Angeles and SoCalGas.
This project is a testament to the power of collaboration and innovation, strategic partnerships, pioneering technology and forwardthinking approaches. It represents a new standard for electrified logistics hubs.

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Sustainability solutions
With our sustainability solutions offering, we serve ourcustomers by tackling enterprise-level logistics challenges
beyond those covered by our energy or mobility teams.
These include:− LED lighting− Smart-building technologies− Power purchase agreements (PPAs) and RECs
− EnergyStar certification
Our customers can upgrade to LED lighting with no upfront
capital costs. They can reduce their lighting-related energy
use by approximately 60%-80% and enjoy the benefitsof better illumination: improved safety, productivity andemployee satisfaction. At year-end 2023, we had installed
LED lighting across 74% of our owned and managed
operating properties.1 For detail on our LED lighting goal,
see Goals and Progress.
Our smart-building technologies include sensor-controlled
smart meters (controlled by a mobile app) to help ourcustomers manage their utility consumption and analyze
their facility operations. In many cases, this includes theability to control temperature, humidity and pressure levels.
We also offer microgrids to provide resilience and control tocustomers for whom reliability is critical.

1.

Does not include a portfolio of properties acquired in June 2023.

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Appendix

Growth in LED Lighting%, owned and managed operating properties1

71%

80%

74%

57%
42%
33%
2019

20

21

22

23

24F

25F

Through the use of PPAs and RECs, our customers can
reduce the emissions associated with their energy use.
For information on sustainable building design and green
financing, please see Siting, design and construction.
Electricity consumption at modern distribution centers
is likely to increase with the addition of automation and
EV-charging services. We help our customers optimize
energy efficiency, which can result in a building receiving an
EnergyStar certification.

LED lighting installation at Irwindale Distribution Center,
Irwindale, California.

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Siting, design and construction
We locate, design and build our distribution centers in a way that helps maximize efficiency and minimize impact.
SitingA distribution center’s location is a key aspect of sustainable logistics. Siting our buildings near major metropolitan
areas helps our customers shorten delivery routes and reduce delivery times and related emissions. The
sustainability benefits of smart siting cannot be overstated. We describe our approach to project permitting andstakeholder engagement in Resilient Communities.
Design and construction
We follow circular design principles (e.g., reduce, reuse, refurbish, recycle) in new construction, where feasible. We
report contractor-provided waste data on our ESG data page. In some cases, we use a digital material passport tocatalog materials and components used, making it easier to reuse them at the end of the building’s life.
We reduce embodied carbon through the use of the latest construction technologies and materials, including
mass timber, flexible office walls and lower-carbon concrete and steel. We intend to increase our use of thesematerials and leverage our significant purchasing power to encourage innovation. See Innovation in New
Development for examples.
Our design standards require that buildings be rooftop-solar ready, have LED lighting and have heat pumps
where feasible. We complete a life cycle assessment of the GHG impacts of every new building.

Green Financing
Prologis and our co-investment ventures in Europe, Japan, Mexico and the U.S.
have issued 29 green bonds and 12 green private placements of debt since
2018. These bonds and private placements attract environmentally conscious
investors from around the world.
In 2024, we updated our Green Financing Framework to align with the latest
global standards: The Green Bond Principles 2021, administered by theInternational Capital Market Association, and the Green Loan Principles 2023,
administered by the Loan Market Association. We also updated the types ofprojects eligible for the use of proceeds, including the following categories:
Green Buildings; Renewable Energy; Energy Efficiency; Clean Transportation;
and Circular Economy and Pollution Prevention & Control.
Our green financing efforts also include our global line of credit (GLOC), ourYen revolver and additional sustainability linked lines of credit and term loansthat support the operations of the FIBRA, PELF and USLF. Our GLOC key
performance indicators include sustainably certified space and onsite solar
generation/storage capacity. At year-end 2023, these figures were 287 MSF
and 506 MW, respectively.
Prologis is also a signatory to the UN Principles for Responsible Investment (PRI).

We aim to achieve carbon-neutral construction by 2025 through our purchase of high-quality carbon offsets.
Our offset strategy is based on the principles of additionality (mitigation or removal would not otherwise haveoccurred); co-location (in same geographic region as our operations); and ESG co-benefits (local social andenvironmental benefit beyond emissions reduction). We require offsets to have been verified by Gold Standard,
Voluntary Carbon Standard(VCS)/Verra, Climate Action Reserve and/or American Carbon Registry. Each ofthese registries has been accepted by one or more of the following third parties: ILFI, The Task Force on Scaling
Voluntary Carbon Markets and/or California’s Cap and Trade program.
In 2023, we retired, or utilized, offsets to account for approximately 60% of our construction-related GHG emissions.
Rooftop solar installations,
Prologis Park Sendai-Izumi 2, Sendai City, Miyagi, Japan.
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Our focus on achieving sustainable
certifications does not constrain ouracquisition strategy. We operate a newly
acquired building in an efficient mannerand seek a sustainable certification if we
redevelop the property.
For additional building certification data,
please see our ESG data page.

The Prologis team that manages new development projects is always on the lookout for ways tomake Prologis buildings better. Ideas come from new development employees as well as fromregional teams. The team has piloted many innovative ideas, including:

Sustainable Building Certifications
A development can achieve a sustainable
certification once it has been built and stabilized.

MSF
25%

400

Prologis 2023-24 ESG ReportInnovation in New Development

Building certifications
We have committed that every eligible new construction or redevelopment project that has
been approved by our investment committee from June 2021 will achieve a sustainable
certification. At year-end 2023, this included 54 projects, 22 of which had achieved acertification and 32 of which were in the process of achieving a certification. A building canachieve a sustainable certification once it is built and stabilized (substantially occupied).
Some 23% of our 1.2 BSF owned andmanaged portfolio has received asustainable certification. These include
EnergyStar, LEED, BREEAM, CASBEE, DGNB
and WELL. They measure a range of factors,
including site selection; building materials;
biodiversity; energy and water efficiency;
and indoor environmental quality. Nearly
one-third of the space leased by our 25
largest customers is sustainably certified.

Appendix% of portfolio certified− The Falkbuilt prefabricated wall system, where walls and cladding are fabricated offsite using
recycled aluminum and MDF. The walls can be easily reconfigured as tenant needs change,
reducing waste and the need for demolition and rework. This product has been installed on 10
projects, with more in the pipeline.
− OptiPave, a synthetic-fiber-reinforced exterior concrete paving system that allows for theconcrete thickness to be significantly reduced and can achieve a 20%-40% reduction in
embodied carbon compared to baseline pavement. This solution has been piloted on threeprojects to date.
− Pozzotive, a company that uses recycled glass to produce a powder that replaces cement in
concrete. This innovation has been piloted on one project and can achieve a reduction of as muchas 50% in embodied carbon.
The bottom line: Prologis is always looking for ways to improve our buildings. Our culture ofinnovation and the hard work and creative thinking of our employees make this possible.

20%

300

15%
200

Certified area
(MSF)

100

0

10%

5%

2019

20

21

22

23

0

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Sustainable Distribution Centers
Prologis distribution centers offer a wide range of sustainable features (detailed below). As we continue toward net-zero emissions
by 2040, we expect an increasing percentage of our portfolio will include these features.

Rooftop solar

We are the #2 company
in the U.S. for solar
and storage capacity,
according to SEIA, withmore than 500 MW acrossour global portfolio.

Geothermal energy

Prologis Park Moissy
II DC1 in Paris relies
on design efficiencies,
rooftop solar, purchased
renewable energy andborehole geothermalenergy storage forheating, cooling andpower.

Support for biodiversity

Prologis RFI DIRFT in the UK
includes a Prologis-funded
193-acre nature reservewith extensive wetland
habitat that supports a wide
range of birds, including
short-eared owls, little
ringed plovers, curlews
and wigeons; great crested
newts; a population of bats;
and a rare breed of sheep.

Sustainable building
certificatesThrough the purchase ofrenewable energy andthe use of LED lighting,heat pumps and insulatingexterior metal “sandwich”
panels, Inagawa I is thefirst Japanese property
in our portfolio to be ZEB
certified (zero emissions).

Lower-carbon
construction materials

EV charging

Construction
circularity

Electrification

Our development teams
have piloted a rangeof solutions, including
the use of recyclable
modular building
materials, mass timberand stronger lowercarbon concrete.

Some 95% of the wastefrom the construction of
our Dutra RJ Building 100
in Brazil was reused or
recycled.

At a distribution centerin New York, we added
charging capacity tosupport 60 EV routetrucks, making thecustomer’s fleet at thisfacility 100% electrified.

At our Perris DC 6 andPerris DC 8 buildings inSouthern California, we
use electric heat pumps
for heating and coolinginstead of natural
gas-powered climate
control systems.

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Responsible water use
We are committed to responsible water use and water
management practices.
During construction, surface water runoff is managed
according to local regulations (in the U.S., it is governedby a Stormwater Pollution and Prevention Plan). Oncea building is complete, surface water runoff flows
through systems designed to applicable civil engineering
standards. Although we do not track water used inconstruction, we require general contractors to reduce
waste; to reduce energy and water consumption; and tocomply with federal, state and local laws and regulations,
including those related to water quality and availability.
We also work to reduce water consumption during
operation of our buildings. More than half of theproperties in our portfolio are in areas of high or extremely
high water stress. Customers are responsible for their use
and discharge of water during their lease. To help themminimize their water use, we install smart pump kits, highefficiency fixtures and native plants. In California, we’ve
removed all ornamental and non-functional turf grasses
from most of our properties, replacing them with droughttolerant vegetation. This has reduced water usage atthese properties by an estimated 50%.

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Biodiversity
A typical distribution center has a minimal impact on
biodiversity. This is due, in part, to our strategy of locating
distribution centers in urban locations where biodiversity
impacts are negligible.
Although we have minimal impact, we support biodiversity
where feasible, as detailed in our ESG Policy. This
includes enhancing landscaping and adjacent habitatwith native plants to support native wildlife, including
hedgehogs, bees, bats, insects, newts and birds,
including short-eared owls, little ringed plovers, curlews
and wigeons. Consistent with the biodiversity practices ofmany customers in the United Kingdom, we help protect
biodiversity-rich rainforest in Peru and Papua New Guinea
through a partnership with Cool Earth.

Twenty Types of Trees
At our Mitry II DC1 building in Paris, we’re planting a
Miyawaki forest.
The Miyawaki method was developed decades ago as
a way to spur a quicker maturing native forest. At Mitry
DC1, this means we’re planting 20 to 25 different types ofnative trees specifically selected to speed the process of
ecological succession and growth. As an added benefit, thisforest should eventually require little to no maintenance. As
you might expect, higher levels of biodiversity have beenrecorded in Miyawaki forests because more diverse trees
support more diverse wildlife.
The outcome is designed to benefit the environment,
our customers and the surrounding community: a nextlevel PARKlife™ project with measurable and meaningful
biodiversity impact.

Where required, we perform an Environmental Impact
Assessment (EIA) as part of the project permitting
process. We follow local environmental laws andregulations during construction. Some developments
improve environmental health and biodiversity byremoving historic contaminants from the soil and waterthat might negatively impact biodiversity.

Data for water consumption in our offices may be foundon our ESG Data page.

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Our Inspired
PeopleOur people are the key to our success. They contributeto our communities and create value for our customers
and investors. They work to build an inclusive
workplace and innovate to create the future.

88%

We achieved an 88% employee engagement survey score.

+6% and +9%

We improved the diversity of our senior leadership team,with increases of 6% and 9% for women (globally) andpeople of color (U.S. only), respectively, since renewing
our focus on diversity in 2021.

$3M

In October, we announced a $3 million Prologis
Foundation donation to Morehouse College to create
an endowed fund for the new Morehouse Real Estate
Institute (MREI).

13,600Our employees completed more than 13,600 hours ofcompany-provided or -sponsored training.

IMPACT Day volunteers, Hamburg, Germany.

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Employee engagement
Our employees are the foundation of our business. They
create new ways to better serve our customers and help us
stay ahead of what’s next.
We create a world-class employee experience withcompetitive compensation and performance-based
incentives; support for diversity, equity, inclusion andbelonging (DEIB); challenging professional development
opportunities; and best-in-class collaborative office space.
Each year, every employee receives two performance
reviews and professional development support.
According to our 2023 employee engagement survey, 88% of
our employees are engaged based on their responses to thefive statements that comprise our engagement driver index,
including "I am proud to work for this company," which scoresat 95%. Our overall engagement score compares favorablywith the financial services sector average of 80%. We analyze
survey results for significant differences based on age group,
gender, management level, race/ethnicity, nationality/countryof origin or cultural background.
Based on survey results, company leaders create employee
engagement action plans and incorporate them into theirgoals. In 2023, we improved year-over-year survey resultsin two of our three lowest-scoring areas: “manageable
workload” (from 67% to 72%) and “employees rewarded
for performance” (from 64% to 70%). In 2024, we continue

1.

Employee Benefits

Employee Engagement 2023

We offer a range of benefits, depending on location:− Life, medical, disability, dental, vision and identify theftinsurance.
− Paid time off, bereavement time off, parental andpartner leave and company-sponsored volunteer time.
− Telemedicine, including virtual exercise and physicaltherapy services.
− An employee assistance program and a mental healthservices program.
− Fertility/surrogacy and adoption assistance andcounseling.
− Flexible spending and health savings accounts.
− Backup childcare assistance.
− Free or subsidized public transit passes, which help
reduce greenhouse gas emissions from commuting.
− Health and financial wellness coaching.
− Pension and/or 401(K) benefits.
− Tuition reimbursement for continuing education.

to work on improving the third area: “how we shareknowledge across business lines.” (Our score remained
consistent at 68%.)

Prologis
Score

Engagement Survey

88%
+8%

Financial
Services
Sector Score(average)Engagement Survey

80%

Our CEO approval rating was
95%, and 91% of our employees
said they would recommend
Prologis to a friend.

In 2023, our regrettable turnover was 1.0% and our nonregrettable turnover was 8.4%. As of December 31, 2023, ourCEO approval rating on Glassdoor was 95%, and 91% of ouremployees said they would recommend Prologis to a friend.

Regrettable turnover is defined as “eligible for rehire in the same role.” Non-regrettable turnover is defined as “ineligible for rehire in the same role.”

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Talent acquisition, learning and development
We recruit talented employees with varied experiences andviewpoints and create opportunities for them to learn anddevelop. Our goal is to have the right people in the rightroles at the right times in their careers. Our culture is key.
We are committed to DEIB and try to create a workplace
where employees feel that they can take risks; simplify andsprint; and fail fast. Members of our executive committee
directly participate in new employee orientations and speak
about the importance of our company culture.
Prologis employee learning and development includes
training on:− Prologis’ core competencies and traits.
− Business fundamentals, including the fundamentals of
real estate.
− Leadership, presentation skills, effective communicationand time management.
− Manager-related skills, including performance
management, career development, mentoring and DEIB
in a workplace setting.

Our Inspired People

Resilient Communities

Appendix

Prologis 2023-24 ESG Report

In 2023, Prologis spent approximately $1,900
per employee on learning and development, andemployees completed more than 13,600 hours of
training (not including required compliance, ethics
and information security training), a year-over-yearincrease from three to five hours per employee.
This was due, in part, to expanded new employee
orientation sessions.
Through BetterUp and the Prologis Mentorship
Connect programs, we match mentors and mentees
based on shared needs and interests. This includes
both experienced and early career mentors andmentees. More than 300 Prologis employees
participate in the program.
For additional examples of our workforce
development, including internships and college/
university partnerships, please see Diversity, Equity,
Inclusion and Belonging.

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Diversity, equity, inclusion and belonging
DEIB is important to our mission to be the leading
logistics real estate company. Our workforce should look
like the communities where we do business, and ourpriorities should reflect the needs of those communities.
Our DEIB strategy is supported by three pillars: people,
procurement and philanthropy. Our Global DEIB Steering
Committee guides this strategy, and our CEO is asignatory to CEO Action for Diversity & Inclusion.
PeopleWe recognize the importance of inclusion and diverse
representation at every level of our organization. We
partner with organizations—including Urban Land
Institute, NAIOP, NAREIT and Management Leadershipfor Tomorrow—to stay informed of workforce trends,
identify areas of opportunity and expand our pool ofcandidates. As an example, Prologis leaders mentor
members of under-represented groups at annual NAIOP
I-CON conferences and participate in the organization’s“Inclusion in Commercial Real Estate” scholarshipprogram. More than 75 mentees have graduated from theprogram, and 15 students received scholarships at themost recent conference.
At year-end 2023, 50% of our employees, 45% of ourmanagers and 23% of our senior leaders were women. At
year-end 2023, 34% of our U.S. employees, 29% of our
U.S. managers and 15% of our U.S.-based senior leaders
were people of color.

1.

Workforce Diversity1
Women (companywide)

51%

47%

People of Color (U.S.)

Total Workforce
50%

45%

50%

46%
Managers

Senior Leaders
16%

17%

17%

2019

20

21

Total Workforce
49%

50%

44%

45%

20%

22

28%

24%

8%

23

In 2024, we retained a third party to conduct our annual
pay equity analysis. This analysis included base salary,

25%
Managers

32%

27%

34%
29%

15%

23%

In 2024, we continue to work to improve representation
at our senior leadership level. Additional information may
be found in our EEO-1 report, Bloomberg Gender Equality
Index and ESG Data page.

"Managers" includes managers, directors and vice presidents. "Senior leaders" includes those at or above the senior vice president level.

23%

29%

32%

2019

Senior Leaders
6%

6%

20

21

9%

22

23

bonus and long-term incentives, and was reviewed byour executive committee and board of directors. Results
indicate that after controlling for relevant factors, women(globally) and people of color (in the U.S.) were paid within+/-3% of their male and white peers. If we find differencesin compensation not explained by relevant job factors, we
adjust compensation accordingly.

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An inclusive work environment fosters innovation andallows everyone to do their best work. Our DEIB offerings
include training resources, cultural awareness campaigns
and celebrations such as Asian Heritage Month, Black
History Month, Hispanic/Latin-American Heritage Month,
Pride Month and Women's History Month. Prologis provides
dedicated funding and staffing resources to support our
five employee resource groups (ERGs): the Asian Leadership
Network, the Black Industrial Leadership Network, Hispanic/
Latinx Organization for Leadership and Advancement,
Leadership Empowerment Alliance at Prologis (women)
and the Prologis Pride Network (LGBTQIA+). In 2023, each
ERG doubled in size and ERG-sponsored webinars drew
an average audience of more than 400 employees. DEIBfocused questions in our biannual employee engagement
survey measure our progress in building an inclusive work
environment. We analyze full engagement survey results
for significant differences based on age group, gender,
management level, race/ethnicity, nationality/country oforigin or cultural background.
Procurement
In 2023, we launched a supplier diversity initiative toencourage diverse-owned businesses (BIPOC, women,
veteran, disabled and LGBTQIA+) to bid on Prologis
business; to make our supply chain more resilient; andto support our customers’ supplier diversity efforts. We
established a baseline for diverse supplier spend to
guide our diverse supplier strategy and capacity building
efforts. And in 2024, we are comparing this baseline tothat of our peers. We also engaged with the National
Minority Supplier Diversity Council to learn and share bestpractices in supplier diversity.

Our Inspired People

Resilient Communities

Appendix

Prologis 2023-24 ESG Report

Our CEO’s statement of support for supplier diversity may
be found on our website. Prospective suppliers, whether
diverse or not, may register through our supplier portal. At
year-end 2023, we had more than 500 diverse suppliersin our active supplier database. For additional information,please see Supply Chain Responsibility.
Philanthropy
Giving back to the communities where we work, including
diverse communities, is an important part of our social
impact. This includes building diversity within our industry:
According to the U.S. Bureau of Labor Statistics, only 10% of
real estate professionals and 5% of real estate brokers are
Black.
In 2023, Prologis announced a $3 million Prologis Foundation
donation to Morehouse College to create an endowed
fund for the new Morehouse Real Estate Institute (MREI).
This donation will expand opportunities for students from
Morehouse College, Spelman College and Clark Atlanta
University, three Atlanta-area historically Black colleges
and universities (HBCUs). Students will be able to learn
about commercial real estate and prepare for careers in
the industry. The institute will also connect students withinternship and entrepreneurship opportunities.
Prologis leaders will contribute their time to MREI throughguest lectures, specialized workshops, site tours andon-campus training programs. To launch this ongoing
relationship, leaders from across the U.S. joined Hamid
Moghadam, our co-founder, chairman and CEO, for the
kickoff event, where they provided guidance on course
curriculum and shared career advice with students.

Prologis announced a $3 million Prologis Foundation donation toMorehouse College to create an endowed fund for the new Morehouse
Real Estate Institute (MREI).

It is our hope that through this partnership, and by
maintaining diversity as a priority in our philanthropy, we
can be a catalyst for change. We believe our industry will
be stronger and more resilient with a workforce that moreclosely reflects the diversity of the communities we serve.
In addition to the MREI donation, the Prologis Foundation
also worked closely with our ERGs in 2023 to identify anddonate approximately $100,000 to nonprofit organizations
serving ERG communities. For additional information on
corporate giving, please see Community Involvement.

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Employee health and safety
Safety is a high priority at Prologis. Oursafety program is overseen by a global
safety committee of senior executives fromrelevant functions. This committee meetsquarterly; identifies and implements bestpractices and standards; and facilitates
employee and contractor training.
For building construction and renovation,
our design guidelines require safety
features—such as anchor points,
railings and skylight screens—at every
development site around the world. We
require our contractor partners, worldwide,
to provide a competent full-time safety
professional on all projects while hazardous
work, such as trenching and work atheights, is taking place. We also require ourcontractor partners to perform a weekly
job site safety survey — and we requirethat our development managers completea monthly safety survey — on every active
project. Once a building is complete, we
work to maintain a safe work environment:
Every maintenance technician in the U.S.
is required to complete the OSHA 10-hour
safety training.
Prologis employees, contractor employees
and anyone else may report a job-site

Employee Lost Time
Injury Frequency (U.S. only)

National Safety Awareness Month

Number of injuries per 1 million hours worked
5

As one of the largest projects in Prologis history, the Merrill Commerce Center serves as a great
example of what safety success looks like. The event included:− Short talks about safety awareness by company leaders and general contractors− Lunch at a food truck market for all participants− Raffles and giveaways.

4

Jim Thornton, Prologis director of Construction Safety, noted, “Events like this go a long way indifferentiating us from other owners and developers and show that we really care about the healthand safety of the workers on our project sites. I was struck by the energy from the workers during
the event, showing that they really appreciated the recognition for the hard work.”

3

Moving forward, the team plans to host similar safety events at project sites throughout the region
and beyond.

2

1

0

In honor of National Safety Awareness Month in June, our Inland Empire team held a first-of-itskind event at The Merrill Commerce Center in Ontario, California. Some 300 local employees andcontractors attended.

1.1

2019

1.34
0.94

20

21

0.68

0.67

22

23

safety concern using our anonymous
third-party-administered safety helpline:
1-833-SAFE-PLD in the U.S. and Canada.
In 2023, we had no employee work-related
fatalities and received no calls to thesafety hotline.

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ResilientCommunities
Logistics real estate drives economic development andfosters resilient communities. We work in partnershipwith local leaders and organizations to provide job
training programs; promote community health andsafety; and enhance park and transit infrastructure.

1.1M

Approximately 1.1 million people work under a Prologis
roof every day.

29,700Through our Community Workforce Initiative, we trained
8,760 people in 2023, reaching 29,700 people by year-end
2023 and achieving our goal for this program two years early.

40 years

Prologis teams around the world celebrated our 40th
anniversary, and each of our six regions received $40,000
from the Prologis Foundation to donate to nonprofits of
their choice.

16,400Our employees donated more than 16,400 hours tocommunity organizations.

University students tour DIRFT, Northampton, East Midlands, United Kingdom.

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Stakeholder engagement
We are more effective when we incorporate ideas and input from our stakeholders. The social
impact section of our ESG Policy describes our approach.
We engage with our employees through webinars, intranet storytelling and interactive town
hall meetings. We aim to create a people-first culture that prioritizes well-being and connects
Prologis employees around the world in an authentic, fun and human way.
During project planning and development, we work closely with city staff to align our
projects with applicable ordinances, regulations and guidelines. As appropriate, we engage
with community members to learn about community needs and find ways to help address
them. Depending on the project, this can include face-to-face meetings, presentations andcommunity workshops. We also participate in community organizations and volunteer with local
nonprofits in the communities where we do business.
We work closely with policymakers to strengthen the supply chain, improve sustainability andadvance our core business objectives. This includes working to advance positive economic
development, smart land use planning, rooftop solar, battery storage and mobility policy.
In December 2023, our senior leaders provided an in-depth view of Prologis’ market position tomore than 1,000 investors and analysts during our Investor Forum in New York City. From May
2023 to March 2024, we engaged with shareholders representing 71%1 of the shares held byour 100 largest shareholders, or 56% of total outstanding shares. In response to their feedback
over the years, we have made enhancements to our executive compensation and corporate
governance. For more detail, please see our most recent Proxy Statement.

Laying the Groundwork: Community Engagement Done RightAs a long-term owner, Prologis is part of the fabric of the community. We recognize that community
engagement is most successful when it is consistent and authentic.
The Prologis team in Japan provides a good example of this approach. They reach out to the full rangeof stakeholders, including local residents, landowners, government agencies, neighboring companies,
customers and warehouse workers. Their engagement is consistent, often beginning years prior toland acquisition, and continues through entitlement (permitting) and on to construction and operation.
Community engagement in Japan takes many forms, allowing each stakeholder many different
opportunities to learn about a project and share their ideas. These include town hall meetings,
property tours, individual meetings with elected leaders, urban planning meetings, participation in
local and regional economic councils, hosting or sponsoring local events, warehouse tours for local
elementary students and disaster response demonstrations and trainings. As one example, the Japanteam put together a contest for local children to design the artwork that will be displayed on the sideof the Prologis shuttle bus.
During warehouse operation, the Japan team works to create community value, including by runningjob training programs; conducting emergency response drills; maintaining PARKlife spaces; and even
operating public convenience stores and dining spaces.
The outcome, in most cases, is that local stakeholders see the benefit of having a Prologis
warehouse nearby—and Prologis and Prologis customers enjoy a positive and productive
relationship with the local community.

1.

Calculated by outstanding shares of common stock of our top 100 stockholders. Our top 100 stockholders hold 79% of our outstanding shares.

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Economic and social impact
Logistics real estate drives economic development and supports the needsof surrounding communities. A 2022 study by the independent advisory
firm Oxford Economics determined that $2.7T in goods flow through our
distribution centers each year. This represents 2.8% of global GDP and 4.0%of the GDP for the 19 countries where we do business. Some 1.1 million
people work under a Prologis roof each day. Oxford Economics will be
updating their study in the second half of 2024.
As a long-term owner, we value long-term relationships with the people inthe communities where we do business. Our goal is to be the logistics facility
provider of choice by creating value not only for our customers, but also forthe communities where we operate. As an example, in the United Kingdom
in 2023, according to the Social Value Portal, five Prologis projects provided
more than $28M of local social and economic value, including but not limited
to indirect local spending; training and apprenticeships; and 68 construction
and logistics jobs.

By locating our logistics facilities close to urban centers, we create
economic and social value through shorter delivery routes, reduced
greenhouse gas emissions and next-day or even same-day delivery of
the crucial goods and services, including food and medicine, that local
residents and businesses need.
Prologis is committed to openness and transparency regarding taxes,
an important aspect of our economic impact. Our global head of tax
is responsible for our tax policies and procedures. We comply with allapplicable rules and regulations and report current and deferred domestic
and international tax liabilities in our Form 10-K. Our tax planning is alignedwith our commercial business activities.
Community safety
Protecting health and safety is a key part of our commitment to thecommunities where we operate.
Prologis leases require customers to comply with all applicable laws
and regulations in their operations and occupancy. We conduct financial
due diligence on a customer before entering into a lease agreement andthen work closely with the customer during the lease. Once leased, thecustomer has exclusive possession and control of the premises under
the terms of the lease as well as under tenant-landlord law. When we
become aware of conditions that might impact community safety, we
notify relevant authorities and take appropriate action, including seeking
to evict the customer if warranted by the circumstances and permitted
by applicable law. If a community safety incident occurs at or near a
Prologis property, we work with the customer to mitigate and minimize
the community impact.

$2.7T

in goods flow through our
distribution centers each year

2.8%

of global GDP

4.0%

of the GDP for the 19
countries where we dobusiness

1.1 M

people work under a Prologis
roof each day

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Transparency Trendsetter

Logistics skills training
With Prologis’ custom workforce solutions, we address ourcustomers’ need for logistics talent and create economic
opportunity in the communities where we do business.
− Prologis Learning Academy – In collaboration withlocal workforce development experts, our academy
provides skill-building training and education for avariety of positions in warehousing, distribution andlogistics.
− Community Workforce Initiative (CWI) – CWI
leverages digital learning and development tools tolevel up a customer’s logistics workforce and place
trained individuals in logistics jobs. We’ve trained
approximately 29,700 people with this program since
its inception in 2018.
− Training and Certification – Our training and logistics
programs provide basic workforce skills, upskillingand certification opportunities and individualized
placement support. The online courses leverage thelatest technologies, including virtual reality tools, toenhance the learning experience.
PARKlife™
At some logistics centers, we create PARKlife spaces toimprove the local quality of life and help our customers
attract and retain workers. Examples of PARKlife include
green spaces, sports facilities, fitness trails, job training
centers and other community features. PARKlife murals
and other artwork, created in partnership with local artists,brighten the walls of our distribution centers, bringing atouch of whimsy, a different perspective or a refreshingvisual break from the day to day.

Prologis 2023-24 ESG Report

Appendix

In 2023, Prologis was named a “Trendsetterin Political Disclosure and Accountability”
by Center for Political Accountability witha score of 92.9 out of 100 points on the
CPA-Zicklin Index of Corporate Political
Disclosure and Accountability.

92.9

out of 100 on
the CPA-Zicklin
Index

Our political participation policy prohibits the use of corporate
funds or assets to support U.S. federal or state candidates
or political parties without the prior approval of our Ethics
Committee.
Prologis Mexico launched several PARKlife initiatives, including new
sports and recreation areas with multi-use courts, fields and barbecues.

In 2023, Prologis Mexico launched several PARKlife initiatives.
They installed free little libraries at 25 locations; opened
new sports and recreation areas in Mexico City; and hosted
two soccer tournaments in Monterrey that drew hundreds ofcustomers’ employees. With PARKlife, Prologis Mexico can help
provide needed resources to serve our customers’ employees
as well as the broader community.

We engage with policymakers through our membership in tradeassociations, including NAREIT and the California Chamber ofCommerce. We post annual lobbying expenditures, including
the total amount paid in trade association membership fees, toour website. We have informed major U.S. trade associations
and relevant 501(c)(4) organizations that they are prohibitedfrom using any Prologis funds to support any U.S. federal orstate candidate or political party. The governance committeeof our board of directors receives an annual update on our
public policy priorities, lobbying expenditures and payments totrade associations.

Space for Good
Through our Space for Good program, we donate rentfree space in unoccupied parts of our logistics buildings tocharitable organizations that provide short-term community
services such as disaster relief. In 2023, in response to a rangeof crises around the world, we donated some 2.1 MSF worth
nearly $5M of in-kind rent to 25 charities. (Since 2019, we've
donated nearly 6 MSF worth approximately $24M in in-kind
rent.) As an example, following the devastating earthquake thatstruck Turkey and Syria in early 2023, Prologis Spain provided
warehouse space in Prologis Park Coslada to organize goods
for delivery to the disaster zone.

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The Hub at DIRFT: Centre for Logistics Training
The Hub at DIRFT (The Hub) is a nearly 10,000 square footbuilding in Northampton, UK. The facility provides amenities
for the Prologis distribution centre and the local community.
It also hosts the Prologis Warehousing and Logistics Training
Programme (PWLTP).
PWLTP is designed to provide young people with the skills theyneed to start a career in logistics and a pathway to employment
in the sector. This creates value to our customers, providingthem with a pool of skilled workers. The program recently
started delivering inclusive apprenticeship and training forindividuals with special educational needs and disabilities.
To help inspire and educate local kids about the logistics sector
as part of National Careers Week, Prologis UK welcomed 160
students to The Hub in 2023. Students​​​​​​​
between ages 11 and 14
from six schools were treated to a highly interactive day withdifferent learning experiences on topics such as packaging,technology and automation. Activities included:− Tour: To help bring the work to life, students could tour anoperating GXO warehouse and a rail terminal operation.
− Networking: The students were given the opportunity to
speed network with a range of logistics operators and tradeassociations, allowing them to hear directly from industry
professionals about their roles.
− Problem solving: Students were given practical problems
they needed to solve throughout the course of the day,including what to consider when shipping products (e.g.,
fastest, cheapest, most sustainable).
As a continuation of Prologis’ community outreach work, theactivities were specifically designed to raise awareness about
the exciting career opportunities that the sector and ourcustomers have to offer, especially in Central England where
logistics companies are a key employer.

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AppendixCommunity involvement
We focus our community giving and volunteering in threeareas: education, the environment and community support.
In 2023, we made significant progress toward our goal,
established in 2019, to donate 75,000 hours to community
organizations by 2025: Employees donated 16,400 hours in
2023 to reach approximately 54,500 hours.
On IMPACT Day, our annual global day of service, we close
our offices and encourage every employee to volunteer
with a local organization. In addition, every employee
receives 32 paid hours per year to volunteer with nonprofit
organizations in their community, subject to manager
approval. As an additional benefit, employees can turnservice hours performed outside of working hours into afinancial contribution from the Prologis Foundation throughour Dollars for Doers program.

Foundation Funds 40th Festivities
In connection with Prologis’ 40th anniversary, the Prologis
Foundation granted $240,000 in funds, $40,000 per region (U.S.
East, U.S. Central, U.S. West, Europe, Latin America, Asia), tocharitable organizations across the globe. With guidance fromthe Foundation, organizations were chosen by regional leaders,
ensuring the grants made the biggest impact in their local
communities. These included:− Rocking the Boat, which teaches children in the Bronx(New York) the art of wooden boat building, rowing, sailing andecological preservation along the Bronx River.
− Generation One in Houston, Texas, which helps tackle
childhood education in Houston’s roughest neighborhoods.
− Birmingham Children’s Hospital Charity in the United Kingdom.

The Prologis Foundation helps local communities thriveby supporting economic, educational and environmental
causes and organizations. In 2023, Prologis and the Prologis
Foundation made approximately $8 million in contributions
to community organizations around the world. This included
a $3 million Foundation donation to create an endowed
fund for the new Morehouse Real Estate Institute (MREI) to
expand career opportunities in commercial real estate forstudents of Morehouse College, Spelman College and Clark
Atlanta University. (See Diversity, Equity, Inclusion andBelonging for more.) Additionally in 2023, the Foundation
provided $356,000 in matching funds through thecompany’s Matching Gifts and Dollars for Doers programs
to support employee giving and volunteering.

Charitable and Volunteer Contributions
2019

2020

2021

2022

2023

Charitable
contributions(million USD)

$2.30

$8.20

$4.70

$6.48

$7.92

Employeevolunteer time(hours)11,872

4,428

7,324

14,557

16,406− The San Leandro Education Foundation in Northern
California, an organization that helps high school students
prepare for and land paid part-time summer internships.
− Banco de Alimentos Associacao Civil in Brazil, which helps
meet the needs of local families, beyond providing basic
food baskets.
− The Kinderhilfezentrum Düsseldorf, a children’s welfare
center, which has been taking care of young people in needof support for more than 50 years.
− Yahaba Yurikago and the Tokai Social Welfare Program,organizations in Japan that provide child care/parenting
support and services to all age groups.
− Beijing Meet Charity Foundation in Beijing, China, which
focuses on providing funds for the health and educationof children.
42

Letters

Overview

Ahead of What’s Next

Sustainable Logistics

Our Inspired People

Resilient Communities

Appendix

Prologis 2023-24 ESG Report

IMPACT Day
IMPACT Day 2023 saw Prologis employees donating more than 10,800 hours to local organizations,
including Build with Love (Amsterdam), The Food Project at Ingalls School Farm (Boston), Zero Waste Farm
(China), Cuddles Foundation (India), Jardín de Niños Rodolfo Morales (Mexico), Leybourne Grange Riding
Centre for the Disabled (United Kingdom) and Habitat for Humanity (19 projects around the world).
Since 2015, Prologis volunteers have worked on 119 Habitat for Humanity homes and community
revitalization projects to help provide families and individuals with affordable housing. On IMPACT Day 2023,
more than 250 employees participated in 19 Habitat for Humanity projects in three countries, supporting
local homeownership and helping to revitalize neighborhoods in the communities where we do business.

43

Letters

Overview

Ahead of What’s Next

Sustainable Logistics

Our Inspired People

Resilient Communities

Appendix

Prologis 2023-24 ESG Report

Appendix

Oakland Global Logistics Center, Oakland, California.

44Letters

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Sustainable Logistics

Our Inspired People

Performance data

Resilient Communities

Prologis 2023-24 ESG Report

Appendix

2019

2020

2021

2022

2023

Revenue (dollars in billions)

$3.33

$4.44

$4.76

$5.97

$8.02

Assets under management (dollars in billions)

$118

$148

$215

$196

$219

Square footage of real estate portfolio (MSF)

814

984

1,001

1,213

1,242

Number of buildings (owned and managed portfolio)

3,840

4,703

4,735

5,495

5,613

Number of customers

5,000

5,500

5,800

6,600

6,700

Global occupancy rate at year-end

97%

96%

98%

98%

98%

Global customer retention rate

79%

77%

74%

78%

74%

Number of employees

1,713

1,945

2,053

2,466

2,574

Scope 1 and 2 GHG emissions (mtCO2e—market based)

10,753

10,241

8,476

4,465

6,081

Scope 1 and 2 GHG emissions (mtCO2e—location based)

13,493

12,869

11,135

6,498

8,302

5,429,592

5,094,320

4,514,735

4,215,247

3,841,252

18,70822,786

20,671

9,831

9,967

72

72

214

346

765

Our Business

Environment

1

Scope 3 GHG emissions (mtCO2e—location based)
Energy consumption (MWh)Total renewable energy purchased or generated for our operations (MWh)Solar and storage capacity (in MW)

212

252

285

405

506

Area of sustainably certified space (million square feet)

145

170

195

235

287

LED lighting (% of owned and managed operating properties)3

33%

42%

57%

71%

74%

51%

50%

50%

49%

50%

28%

29%

32%

32%

34%

597

4,036

6,809

10,1198,760

Employee volunteer hours

11,872

4,428

7,324

14,557

16,406

Charitable giving (dollars in millions)

$2.30

$8.20

$4.70

$6.48

$7.92

Employee ethics training completed

100%

100%

100%

100%

100%

1.10

0.94

1.34

0.68

0.67

2

Social & Governance
Women in global workforce
People of color in U.S. workforce
People trained through Community Workforce Initiative

4

Employee lost time injury frequency rate (U.S. only, per 1 million hours worked)
1.
2.
3.
4.

Based on improved data quality and alignment with SBTi, we have updated our emissions methodology and historical data. We now include updated emissions factors; more precise fleet- and office-related emissions data; and Scope 1 andScope 2 emissions from fugitive refrigerants and chilled water. We now exclude energy related spend from purchased goods and services. Additionally, across all years, we now exclude as immaterial: FERA (indirect emissions associatedwith the production, transmission and delivery of fuels and energy we purchased), employee commuting, business travel and emissions from properties outside of our owned and managed operating properties and development portfolio.
Across our owned and managed portfolio.
Across our owned and managed operating properties. Data from a portfolio of properties acquired in June 2023 will be included in our 2024-25 ESG report.
Historical data has been updated. 2020-2023 data includes participants in online program only.

45

Letters

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Sustainable Logistics

Our Inspired People

Resilient Communities

Prologis 2023-24 ESG Report

Appendix

Assurance statement
Our full assurance statement and GHG emissions validation
statement are available on our ESG data page.

 ) + ) )/..0-) // ( )/ '/$)"/*Prologis’ )1$-*)( )/'Ѷ*$')*1 -))  +*-/!*-' )- -спст
#$...0-) // ( )/#. )+- +- !*--*'*"$.Ѷ )ѵҗ-*'*"$.Ҙ$)*-) 2$/#*0-*)/-/0/$.$)/ ) !*-/# -  -.*!/#$. +*-/ѵ -(.*!)"" ( )/ 2. *(($..$*)  4 -*'*"$. /* +-*1$  $) + ) )/ ..0-)  *) $/. спст )1$-*)( )/'Ѷ *$' )
*1 -)) җҘ +*-/җ/# - +*-/Ҙ/*(* -/ ' 1 '*!..0-) )(/ -$'$/4*!/# +-*! ..$*)'%0" ( )/*!
the verifier using AccountAbility’s AA 1000AS (v3), where the scope was a Type 2 engagement. 
Our assurance engagement covered Prologis’ global operations and activities and .+ $!$''4ѷ• 1 -$!$ *)!*-() 2$/#рппп*0)/$'$/4-$)$+' .җрпппспрчҘѸ)
•1'0/ /# 0-4)- '$$'$/4*!/)$)!*-(/$*)ѵ

Our assurance engagement excluded the data and information of Prologis’ suppliers, *)/-/*-.))4/#$-Ҋ+-/$ .
( )/$*) $)/# - +*-/ѵ
’s responsibility is only to Prologis. LR$.'$(.)4'$$'$/4*-- .+*).$$'$/4/**/# -.. 3+'$) $)/#  )
footnote. Prologis’ responsibility is for collecting, aggregating, analysing and presenting all the data and information
2$/#$) /#  - +*-/ ) !*- ($)/$)$)" !! /$1  $)/ -)' *)/-*'. *1 - /#  .4./ (. !-*( 2#$# /#  - +*-/ $.  -$1 ѵ'/$(/ '4Ѷ/# - +*-/#. )++-*1 4Ѷ)- ($)./# - .+*).$$'$/4*!-*'*"$.ѵ’.*-- .+*)$)"- )#*0. . -$!$/$*)..0-) // ( )/.#*0' - ! -- /*$)*)%0)/$*)2$/#/#$.
..0-) // ( )/ѵ

LRQA’s Opinion. *) ’s approach nothing has come to our attention that would cause us to believe that -*'*"$.#.)*/Ѷ$)''(/ -$'- .+ /.ѷ•  //# - ,0$- ( )/.*1 Ѹ• $.'*. 0-/ )- '$' + -!*-() /)$)!*-(/$*).)* --*-.*-*($..$*).2 -  / / Ѹ)• *1 - ''/# $..0 ./#/- $(+*-/)//*/# ./& #*' -.)-  -.*!/#$.- +*-/ѵ# *+$)$*) 3+- .. $.!*-( *)/# .$.*!(* -/ ' 1 '*!..0-) )//# (/ -$'$/4*!/# +-*! ..$*)'
%0" ( )/*!/# 1 -$!$ -ѵNote: The extent of evidence-gathering for a moderate assurance engagement is less than for a high assurance engagement. Moderate assurance
engagements focus on aggregated data rather than physically checking source data at sites. Consequently, the level of assurance obtained in a moderate
assurance engagement is substantially lower than the assurance that would have been obtained had a high assurance engagement been performed.

-.(+'$)".+ $!$.*0- )""- "/ /+*$)/.- ! - ) $)/#  +*-/Ѷ.+ &$)"2$/#& 4+ *+' - .+*).$' !*-*(+$'$)"/# /)-!/$)"/#  +*-/Ѹ)
$)/ -1$ 2$)" ( ( -. *! /#  3 0/$1  *(($// Ѷ . )$*- ()" ( )/Ѷ ) 1-$*0. */# - -*' . 2$/#$) /# *(+)441$-/0'( /$)".ѵ. -1/$*).

0-/# -*. -1/$*).)!$)$)".Ѷ( 0-$)"/# ..0-)  )"" ( )/Ѷ- ѷ• /& #*' -$)'0.$1$/4ѷ  are not aware of any stakeholder groups that have been excluded from Prologis’ stakeholder engagement+-* ..ѵ  -*'*"$. - !- .#  /#  спрц ./& #*' - )"" ( )/ +-* .. $) спрш )  )*0-" . !0-/# -)"" ( )/*! 3/ -)'./& #*' -./*.0++*-/- .0'/.ѵ# +-* ..$.$ ))$')2. 3+ / /* *(+' / "$) $) спсрѵ  0  /* '$($/  - .*0- .Ѷ -*'*"$. *)0/  /#  спср - 1$ 2 4 )""$)" $)/ -)' ./& #*' -.$)'0$)" /#*.  2#* #1  $- / *)// 2$/# -*'*"$. 3/ -)' ./& #*' -.ѵ   (/ -$'$/4 .. ..( )/ 2.*)0/ $)спст/#/$)'0 */#$)/ -)') 3/ -)'./& #*' -.ѵ• / -$'$/4ѷ
We are not aware of any material issues concerning Prologis’ sustainability performance that have been excluded!-*(/#  +*-/ѵ#  +*-/*1 -.-)" *!+ -!*-() ѵ# +0'$.# ))0'- +*-/+-*1$ .#$"#'$"#/.
*!& 4*(+'$.#( )/.)$)$/$/$1 .ѵ +*-/$)"$.'.**).$./ )/2$/# ) '.// - +*-/$)"ѵ•  .+*).$1 ) ..ѷ
-*'*"$. )"" . - "0'-'4 2$/# $)/ -)' ) 3/ -)' ./& #*' -.Ѷ 2$/# ) (+#.$. *) 0./*( -.ѵ  + $!$
3(+' . *! - .+*).$1 ) .. $) спст $)'0  *)./-0/$*) $-0'-$/4Ѷ '*2 - -*) *)./-0/$*) (/ -$'. )
.0++*-/!*-$*$1 -.$/4ѵ•  '$$'$/4ѷ   '$ 1  /#/ /#  -$/ -$ ++'$  -  ++-*+-$/  ) .0!!$$ )/ /* +-*0  *).$./ )/Ѷ 0)$.  )0) -./)' *)/ )/!*-/#  )0. -ѵ•(+/ѷ
-*'*"$s’"*'.)./-/ "$ .- (/0- )$)'$) 2$/#+#$'*.*+#4ѵ (+/.-*../# +-*+ -/4'$! 4' - *).$ - Ѷ$(+-*1 ( )/.- *(($// /*Ѷ+-*"- ..$.( .0- Ѷ)( /-$.- - +*-/ ѵ2*+-*($) )/'$! 4'  3(+' .$)'0 .*'-) ѵ*)/$)0/$*)$)/#$../-/ "4$.. )$)"-*2$)"+-*($) ) *!#-"$)"
.//$*).) 3+)$)".*'- 4*)2#//# 0$'$)"/ ))/)0/$'$5 ѵ*./-  )/'4$(+/$.$)!'0 ) /#-*0"#*)./-0/$*)$-0'-$/4)'*2 --*)*)./-0/$*)(/ -$'.ѵ

LRQA’s /)-.Ѷ*(+ / ) ) ) + ) )  ).0- ./# . ' /$*)*!++-*+-$/ '4,0'$!$ $)$1$0'.. *)/# $-,0'$!$/$*).Ѷ/-$)$)") 3+ -$ ) ѵ
# *0/*( *!''1 -$!$/$*)) -/$!$/$*).. ..( )/.$./# )$)/ -)''4- 1$ 2 4. )$*-()" ( )//* ).0- /#//# ++-*#++'$ $.-$"*-*0.)/-).+- )/ѵ# 1 -$!$/$*).. ..( )/'*)"2$/# 1 -$!$/$*)$./# *)'42*-&0) -/& )4 !*--*'*"$.)..0#* .)*/*(+-*($. *0-$) + ) ) *-$(+-/$'$/4ѵ$")  








/ ѷ4рх/#Ѷспсу

LRQA’s ++-*#

LRQA’s assurance engagements are carried out in accordance with our verification procedure. Th !*''*2$)"/.&./#*0"#
2 - 0) -/& ).+-/*!/#  1$ ) "/# -$)"+-* ..!*-/#$...0-)  )"" ( )/ѷ
• Assessing Prologis’ approach to stakeholder engagement to confirm that issues raised by stakeholders were captured
*-- /'4ѵ $/#$./#-*0"#$)/ -1$ 2.2$/#. )$*-()" ( )/)- 1$ 2*!+-* 0- .)+-* .. .$)+' /*()" ./& #*' - )"" ( )/ѵ
• Reviewing Prologis’ process for identifying and determining material issues to confirm that the right issues were
included in their Report. We did this by independently reviewing Prologis’ internal materiality process, - 1$ 2$)"
- +*-/. 2-$// ) 4 -*'*"$. ) $/. + -. /* ).0-  /#/ . /*- .+ $!$ $..0 . 2 -  $)'0  !*- *(+-$'$/4Ѷ- ! - )$)"/# '*' +*-/$)" )$/$/$1 җ Ҙ)$1 -.'/)-.)*+$Ҋ.+ $!$/)-.)- ! - )$)"
0./$)$'$/4*0)/$)"/)-.*-җҘ- ' .// . /*-./)-ѵ• Auditing Prologis’ data management systems to confirm that there were no significant errors, omissions or($..// ( )/.$)/#  +*-/ѵ $/#$.4ѷ)- ѵ*&-/#  -$!$ -
















On behalf of Lloyd’s Register Quality Assurance, Inc.
чрп 1 )/#1 )0 Ѷ0$/ рррп 2*-&Ѷ 2*-&рппрш- ! - ) ѷпппппушхѶ$/.!!$'$/ .).0.$$-$ .Ѷ)/# $-- .+ /$1 *!!$ -.Ѷ (+'*4 .*-" )/.- Ѷ$)$1$0''4)*'' /$1 '4Ѷ- ! -- /*$)/#$.'0. .Ѿ Ѿѵ ..0( .)*- .+*).$$'$/4).#'')*/ '$' /*)4+ -.*)!*-)4'*..Ѷ(" *- 3+ ). 0. 4- '$) *)/# $)!*-(/$*)*-1$ $)/#$.*0( )/*-#*2.* 1 -+-*1$ Ѷ0)' ../#/+ -.*)#..$") *)/-/2$/#/# - ' 1)/  )/$/4!*-/# +-*1$.$*)*!/#$.$)!*-(/$*)*-1$ )$)/#/. )4
- .+*).$$'$/4*-'$$'$/4$. 3'0.$1 '4*)/# / -(.)*)$/$*).. /*0/$)/#/*)/-/ѵ# )"'$.#1 -.$*)*!/#$...0-) // ( )/$./# *)'41'$1 -.$*)ѵ ..0( .)*- .+*).$$'$/4!*-1 -.$*)./-).'/ $)/**/# -')"0" .ѵ
#$...0-) // ( )/$.*)'41'$2# )+0'$.# 2$/#/#  +*-//*2#$#$/- ! -.ѵ /(4*)'4 - +-*0 $)$/. )/$- /4ѵ
*+4-$"#/Ҷ Ѷспсу

46

Letters

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Sustainable Logistics

LRQA Independent Assurance Statement

Relating to Prologis’ Greenhouse Gas Emissions and Environmental, Social &Governance Metrics for the 2023 Calendar Year

Our Inspired People

LRQA was commissioned by Prologis, L.P. (Prologis) to provide independent assurance of its greenhouse gas (GHG)
emissions inventory and its environmental, social and governance (ESG) metrics (“the Report”) for the Calendar Year2023 against the assurance criteria below to a limited level of assurance using LRQA’s verification procedure and ISO
14064 - Part 3 for greenhouse gas emissions data. LRQA’s verification procedure is based on current best practise and isin accordance with ISAE 3000 and ISAE 3410.

1

Scope 1

Direct GHG Emissions
Energy indirect GHG emissions (Location-based)

6,063
2,239

Energy indirect electricity GHG emissions (Market-based)
Energy indirect total GHG emissions (Market-based)

017Category 1 Purchased goods and services

202,491

Category 2 Capital goods

973,765

Category 3: Fuel and Energy Related Activities

1,941

Category 6: Business Travel

5,630

Category 7: Employee Commuting
Category 8 Upstream leased assets

2,921
57

Category 13 Downstream leased assets2
Category 15: Investments

2,664,938
2,752

Note 1: Scope 2 Location-based and Scope 2 Market-based are defined in the WRI/WBCSD GHG Protocol Scope 2 Guidance, 2015.
Note 2: Scope 3 Category 13 includes all energy for Prologis tenant portfolio buildings. Properties from the following funds were included in the verification
activities of Scope 3 Downstream Leased Assets: FIBRA Prologis (FIBRA); Nippon Prologis REIT, Inc. (NPR); PBLV; PCCLF; PELF; PELP; USLF; and USLV.

Table 2. REIT GHG Emissions Inventory for CY 2023
Scope of GHG emissions
Nippon Prologis REIT1

Tonnes CO2e

Scope 1

Nippon Prologis REIT Direct GHG Emissions

2

Scope 2

Nippon Prologis REIT Energy Indirect GHG emissions (Location-based)2

14

Nippon Prologis REIT Energy Indirect total GHG emissions (Market-based)20

FIBRA Prologis1
Scope 1FIBRA Prologis Direct Emissions

303

Scope 2FIBRA Prologis Energy Indirect GHG emissions (Location-based) 2

188

FIBRA Prologis Energy Indirect total GHG emissions (Market-based) 20Note 1: Nippon Prologis REIT (NPR) and FIBRA Prologis GHG emissions are included in the total Prologis emissions in Table 1 and are also listed separately in Table
2 for CDP reporting purposes. Emissions for NPR only include those associated with Prologis REIT Management K.K. (PLDRM), NPR's Asset Manager as specified on
NPR's Corporate Governance webpage. Scope 1 and 2 data reflects emissions from Prologis Mexico’s operations that are under FIBRA's operational control.
Note 2: Scope 2, Location-based and Scope 2, Market-based are defined in the WRI/WBCSD GHG Protocol Scope 2 Guidance, 2015

Table 3.2 CY 2023 ESG Metrics by Entity and Funds
Funds and Entity
Data Parameter
PLD
FIBRA NPR
Onsite installed solar capacity
506
1
59
supported by storage (MW)1
Percentage of LED lighting
74%
81%
89%
installed by area
Percentage of owned and
23%
85%
92%
managed portfolio sustainability
certified by area

Percentage of new developments that are sustainability certified or in the process of
being certified (by building count)
Number of people trained through the Community Workforce Initiative since CY 2020
Number of volunteer hours since CY 2019
Percentage of women in workforce (globally)

PBLV
0.1

PCCLF
3

PELF
150

PELP
39

USLF
44

USLV
31

77%

72%

81%

83%

66%

68%

70%

15%

36%

20%

10%

5%

Note 1: Capacity in megawatts (MW) is expressed in terms of the peak capacity of the installed solar energy systems.

LRQA’s Approach

LRQA’s assurance engagements are carried out in accordance with our verification procedure. The following tasks were
undertaken as part of the evidence gathering process for this assurance engagement:• interviewing relevant employees of the organization responsible for managing GHG emissions and ESG data andrecords;• reviewing Prologis’ systems for collecting, recording and reporting data;• verifying direct and indirect GHG emissions and ESG data and records at an aggregated level for the calendar year2023; and• reviewing Prologis’ Base Year recalculation policy and confirming that recalculation is not required at this time.
LRQA’s Standards, Competence and Independence
LRQA implements and maintains a comprehensive management system that meets accreditation requirements for ISO
14065 Greenhouse gases – Requirements for greenhouse gas validation and verification bodies for use in accreditationor other forms of recognition and ISO/IEC 17021 Conformity assessment – Requirements for bodies providing audit andcertification of management systems that are at least as demanding as the requirements of the International Standard
on Quality Control 1 and comply with the Code of Ethics for Professional Accountants issued by the International Ethics
Standards Board for Accountants.
LRQA ensures the selection of appropriately qualified individuals based on their qualifications, training and experience.
The outcome of all verification and certification assessments is then internally reviewed by senior management toensure that the approach applied is rigorous and transparent.

SignedTable 3.1 CY 2023 ESG Metrics
Data Parameter

LRQA’s Opinion

The opinion expressed is formed on the basis of a limited level of assurance 2 and at the materiality of the professional
judgement of the verifier.

Tonnes CO2e

Scope 21

Scope 3

LRQA’s responsibility is only to Prologis. LRQA disclaims any liability or responsibility to others as explained in the end
footnote. Prologis’ responsibility is for collecting, aggregating, analysing and presenting all the data and information
within the Report and for maintaining effective internal controls over the systems from which the Report is derived.
Ultimately, the Report has been approved by, and remains the responsibility of Prologis.

Based on LRQA’s approach, nothing has come to our attention that would cause us to believe that Prologis has not, inall material respects:• Met the requirements of the criteria listed above; and• Disclosed accurate and reliable performance data and information as summarized in Table 1 below.

Prologis 2023-24 ESG Report

Appendix

Table 1. Summary of Prologis’ GHG Emissions Data for CY 2023
Scope of GHG emissions

This Assurance Statement has been prepared for Prologis, L.P. in accordance with our contract.

Our assurance engagement covered Prologis corporate operations and activities worldwide and specifically thefollowing requirements:• Verifying conformance with:• Prologis’ reporting methodologies for the selected datasets• Corporate offices and GHG emissions from Prologis’ wholly-owned subsidiaries, Nippon Prologis
REIT and FIBRA Prologis, are included in the total emissions and also listed separately for CDP
reporting purposes.
• World Resources Institute / World Business Council for Sustainable Development Greenhouse Gas
Protocol: A corporate accounting and reporting standard, revised edition (otherwise referred to as the
WRI/WBCSD GHG Protocol) for the GHG data1.
• Evaluating the accuracy and reliability of data and information for only the selected indicators listed below:• Direct (Scope 1), Energy Indirect (Scope 2) and Other Indirect (Scope 3) GHG emissions;▪ Scope 3 GHG emissions verified by LRQA only include Purchased Goods and Services, Capital
Goods, Fuel and Energy Related Activities, Business Travel, Employee Commuting, Upstream
Leased Assets, Downstream Leased Assets and Investments.
▪ Properties from the following funds were included in the verification activities of Scope 3
Downstream Leased Assets: FIBRA Prologis (FIBRA); Nippon Prologis REIT, Inc. (NPR); PBLV; PCCLF;
PELF; PELP; USLF; and USLV.
• ESG metrics including:▪ Site solar capacity, percentage of LED lighting installed by area, percentage of new developmentsthat are sustainability certified or in the process of being certified (by building count), percentageof owned and managed portfolio (by area) that is sustainability certified, number of people
trained through the Community Workforce Initiative since CY 2020, number of volunteer hours
since CY 2019, percentage of women in workforce and in senior leadership (globally), percentageof people of color in workforce and in senior leadership (U.S. only).

Resilient Communities

Dated: May 25, 2024

Value
96%

Percentage of women in senior leadership (globally)

29,72454,58750%
23%

Percentage of people of color in workforce (U.S. only)

34%

Percentage of people of color in senior leadership (U.S. only)15%

2 Note: The extent of evidence-gathering for a limited assurance engagement is less than for a reasonable assurance engagement.

Joycelyn Swamidoss
LRQA Lead Verifier
On behalf of LRQA, Inc.
810 Seventh Avenue, Suite 1110, NY 10019
LRQA reference: UQA00000496/6751384
LRQA Group Limited, its affiliates and subsidiaries, and their respective officers, employees or agents are, individually and collectively, referred to inthis clause as 'LRQA'. LRQA assumes no responsibility and shall not be liable to any person for any loss, damage or expense caused by reliance on theinformation or advice in this document or howsoever provided, unless that person has signed a contract with the relevant LRQA entity for theprovision of this information or advice and in that case any responsibility or liability is exclusively on the terms and conditions set out in that contract.
The English version of this Assurance Statement is the only valid version. LRQA assumes no responsibility for versions translated into other languages.

Limited assurance engagements focus on aggregated data rather than physically checking source data at sites. Consequently, thelevel of assurance obtained in a limited assurance engagement is lower than the assurance that would have been obtained had areasonable assurance engagement been performed.

This Assurance Statement is only valid when published with the Report to which it refers. It may only be reproduced in its entirety.

.

.

Copyright © LRQA, 2024.

http://www.ghgprotocol.org/.

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Resilient Communities

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Appendix

ESG materiality assessment
In early 2024, we completed an ESG materiality assessment to identify key issues,
risks and opportunities that might impact our business and our stakeholders. We
used an AI-driven platform to analyze real estate industry-level data and regulations,applying Prologis-specific filters for geography, customers, suppliers and investors.
We evaluated the initial ranking of issues, which consisted of separate numericalscores for impacts on our business (outside-in) and stakeholders and the environment(inside-out), making adjustments based on our knowledge of the current logistics realestate business environment and our business model. The final list of material ESG
topics, in order of importance, has been reviewed and approved by our Global ESG
Steering Committee.

TOPIC

REPORT SECTION(S)Climate change and GHG emissions

Net zero, Climate strategy

Renewable energy and energy management

Driving sustainable logistics

Data governance and information security

What makes us different; Governance and ethics

Business model resilience

What makes us different

Employee diversity and inclusion

Diversity, equity, inclusion and belonging

Governance and ethics

Governance and ethics

Employee health and safety

Employee health and safety

Innovation and technology

What makes us different

Sustainable buildings

Driving sustainable logistics; Siting, design and construction

Stakeholder engagement

Stakeholder engagement

Talent management

Our inspired people

Waste and water management and circularity

Siting, design and construction

Supply chain responsibility

Supply chain responsibility

Ecological Impacts

Siting, design and construction

Local social and economic impact

Resilient communities

Management of the legal and regulatoryenvironment

Governance and ethics; Stakeholder engagement

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Resilient Communities

Prologis 2023-24 ESG Report

Appendix

GRI index
This report was prepared in accordance with the Global Reporting Initiative (GRI) Universal Standards
2021 and covers the topics identified in our most recent ESG materiality assessment.
GRI STANDARD/OTHER SOURCEDISCLOSURE

LOCATIONOMISSION

ADDITIONAL RESOURCES

GRI 2: General Disclosures 2021

2-1

2-1 Organizational details

Prologis Inc.

What We Do

2-2

2-2 Entities included in the organization’ssustainability reporting

ESG Report: About Prologis

Prologis ESG

2-3

2-3 Reporting period, frequency and contact pointESG Report: About this report

Reports and Resources

2-4

2-4 Restatements of information

ESG Report: Climate strategy; Greenhouse gas
emissions; Assurance Statement

Assurance Page

2-5

2-5 External assurance

ESG Report: Assurance Statement

Assurance Page

2-6

2-6 Activities, value chain and other business
relationships

ESG Report: Sustainable Logistics

ESG Policy

2-7

2-7 Employees

ESG Report: Our Inspired People; Inclusion &diversity performance, Proxy Statement

Human Rights Policy; SEC
Filings

2-8

2-8 Workers who are not employees

ESG Report: Our Inspired People

2-9

2-9 Governance structure and composition

ESG Report: Ahead of What's Next, Proxy
Statement

SEC Filings

2-10

2-10 Nomination and selection of the highest
governance body

Proxy Statement, SEC Filings

SEC Filings

2-11

2-11 Chair of the highest governance body

Proxy Statement

SEC Filings

2-12

2-12 Role of the highest governance body inoverseeing the management of impacts

Proxy Statement

SEC Filings

2-13

2-13 Delegation of responsibility for managing
impacts

ESG Report: Ahead of What's Next; Governance

SEC Filings

2-14

2-14 Role of the highest governance body insustainability reporting

Proxy Statement

SEC Filings

2-15

2-15 Conflicts of interest

ESG Report: Ethics, compliance and human rights

Code of Ethics and BusinessConduct

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Appendix

DISCLOSURE

LOCATIONOMISSION

ADDITIONAL RESOURCES

2-16

2-16 Communication of critical concerns

ESG Report: Employee Health and Safety

Code of Ethics and BusinessConduct

2-17

2-17 Collective knowledge of the highest
governance body

Proxy Statement

SEC Filings; Annual Report

2-18

2-18 Evaluation of the performance of the highest
governance body

Proxy Statement

SEC Filings

2-19

2-19 Remuneration policies

Proxy Statement

SEC Filings

2-20

2-20 Process to determine remuneration

Proxy Statement

SEC Filings

2-21

2-21 Annual total compensation ratio

Proxy Statement

SEC Filings

2-22

2-22 Statement on sustainable development
strategy

ESG Report: Letter from our Co-Founder, CEO
and Chairman, and Chief Energy & Sustainability
Officer

ESG Policy; Annual Report

2-23

2-23 Policy commitments

ESG Report: Ethics, compliance and human rights

Code of Ethics and BusinessConduct

2-24

2-24 Embedding policy commitments

ESG Report: Ethics, compliance and human rights

Code of Ethics and BusinessConduct

2-25

2-25 Processes to remediate negative impacts

ESG Report: Ahead of What's Next, Risk
management

ESG Policy

2-26

2-26 Mechanisms for seeking advice and raisingconcerns

ESG Report: Ethics, compliance and human rights

Code of Ethics and BusinessConduct

2-27

2-27 Compliance with laws and regulations

ESG Report: Ethics, compliance and human rights

Code of Ethics and BusinessConduct

2-28

2-28 Membership associations

ESG Report: Awards and recognitions; Stakeholder
engagement

Memberships and Associations

2-29

2-29 Approach to stakeholder engagement

ESG Report: Stakeholder engagement

2-30

2-30 Collective bargaining agreements

ESG Report: Ethics, compliance and human rights

3-1

3-1 Process to determine material topics

ESG Report: ESG Materiality Assessment

3-2

3-2 List of material topics

ESG Report: ESG Materiality Assessment

Code of Ethics and BusinessConduct

MATERIAL TOPICSGRI 3: Material Topics 2021

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DISCLOSURE

LOCATIONOMISSION

ADDITIONAL RESOURCES

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 201: Economic Performance
2016

201-1

201-1 Direct economic value generated anddistributed

201-2

201-2 Financial implications and other risks andopportunities due to climate change

ESG Report: Risk Management

201-3

201-3 Defined benefit plan obligations and otherretirement plans

Proxy Statement

201-4

201-4 Financial assistance received from thegovernment—

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 203: Indirect Economic
Impacts 2016

203-1

203-1 Infrastructure investments and services
supported

ESG Report: Siting, design and construction

Human Rights Policy

203-2

203-2 Significant indirect economic impacts

ESG Report: Economic and social impact

Human Rights Policy

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 204: Procurement Practices
2016

204-1

204-1 Proportion of spending on local suppliers—

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 205: Anti-corruption 2016

205-1

205-1 Operations assessed for risks related tocorruption

ESG Report: Ethics, compliance and human rights

Code of Ethics and BusinessConduct

205-2

205-2 Communication and training about anticorruption policies and procedures

ESG Report: Ethics, compliance and human rights

Code of Ethics and BusinessConduct

205-3

205-3 Confirmed incidents of corruption andactions taken

ESG Report: Ethics, compliance and human rights

Code of Ethics and BusinessConduct

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 206: Anti-competitive
Behavior

206-1

206-1 Legal actions for anti-competitive behavior,anti-trust, and monopoly practices

ESG Report: Ethics, compliance and human rights

Economic performance
10-K

Confidentiality constraints

Indirect economic impacts

Procurement Practices
Information unavailable/
incomplete

Anti-corruption

Anti-competitive behavior
Code of Ethics and BusinessConduct
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Appendix

DISCLOSURE

LOCATIONOMISSION

ADDITIONAL RESOURCES

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 207: Tax 2019

207-1

207-1 Approach to tax

Proxy Statement

10-K

207-2

207-2 Tax governance, control, and risk
management

Proxy Statement

10-K

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 301: Materials 2016

301-1

301-1 Materials used by weight or volume

ESG Report: Siting, design and construction

Additional data will beavailable once LCAs arecompleted across ourportfolio.

ESG Data Page

301-2

301-2 Recycled input materials used

ESG Report: Siting, design and construction

Additional data will beavailable once LCAs arecompleted across ourportfolio.

ESG Data Page

301-3

301-3 Reclaimed products and their packaging
materials—

Not applicable

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 302: Energy 2016

302-1

302-1 Energy consumption within the organization

ESG Report: Driving sustainable operations; SASB
disclosure

ESG Data Page

302-2

302-2 Energy consumption outside of theorganization

ESG Report: Driving sustainable operations; SASB
disclosure

ESG Data Page

302-3

302-3 Energy intensity

ESG Report: Driving sustainable operations; SASB
disclosure

ESG Data Page

302-4

302-4 Reduction of energy consumption

ESG Report: Driving sustainable operations; SASB
disclosure

ESG Data Page

302-5

302-5 Reductions in energy requirements ofproducts and services

ESG Report: Driving sustainable operations; SASB
disclosure

ESG Data Page

Tax

Materials

Energy52

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LOCATIONOMISSION

ADDITIONAL RESOURCES

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 303: Water and Effluents 2018

303-1

303-1 Interactions with water as a shared resource

—

303-2

303-2 Management of water discharge-related
impacts

ESG Report: Siting, design and construction; SASB
disclosure

303-3

303-3 Water withdrawal—

Not applicable

303-4

303-4 Water discharge—

Not applicable

303-5

303-5 Water consumption

ESG Report: Siting, design and construction; SASB
disclosure

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 304: Biodiversity 2016

304-1

304-1 Operational sites owned, leased, managed
in, or adjacent to, protected areas and areas ofhigh biodiversity value outside protected areas

ESG Report: Biodiversity

304-2

304-2 Significant impacts of activities, products
and services on biodiversity

ESG Report: Biodiversity

304-3

304-3 Habitats protected or restored

ESG Report: Biodiversity

304-4

304-4 IUCN Red List species and national
conservation list species with habitats in areas
affected by operations—

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 305: Emissions 2016305-1

305-1 Direct (Scope 1) GHG emissions

ESG Report: Greenhouse gas emissions

ESG Data Page

305-2

305-2 Energy indirect (Scope 2) GHG emissions

ESG Report: Greenhouse gas emissions

ESG Data Page

305-3

305-3 Other indirect (Scope 3) GHG emissions

ESG Report: Greenhouse gas emissions

ESG Data Page

305-4

305-4 GHG emissions intensity

ESG Report: Greenhouse gas emissions

ESG Data Page

305-5

305-5 Reduction of GHG emissions

ESG Report: Greenhouse gas emissions

ESG Data Page

305-6

305-6 Emissions of ozone-depleting substances
(ODS)

—

Information unavailable/
incomplete

305-7 Nitrogen oxides (NOx), sulfur oxides (SOx),
and other significant air emissions—

Information unavailable/
incomplete

Water and effluents
Not applicable

ESG Data Page

Biodiversity

Information unavailable/
incomplete

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Appendix

DISCLOSURE

LOCATIONOMISSION

ADDITIONAL RESOURCES

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 306: Waste 2020

306-1

306-1 Waste generation and significant wasterelated impacts

ESG Report: Siting, design and construction;
Building certification; SASB disclosure

ESG Data Page

306-2

306-2 Management of significant waste-related
impacts

ESG Report: Siting, design and construction;
Building certification; SASB disclosure

ESG Data Page

306-3

306-3 Waste generated

ESG Data Page

306-4

306-4 Waste diverted from disposal

ESG Data Page

306-5

306-5 Waste directed to disposal

—

Waste

Information unavailable/
incomplete

Supplier environmental assessment
GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 308: Supplier Environmental
Assessment 2016

308-1

308-1 New suppliers that were screened using
environmental criteria

ESG Report: Supply chain responsibility

308-2

308-2 Negative environmental impacts in the
supply chain and actions taken

ESG Report: Collaborating on climate

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 401: Employment 2016

401-1

401-1 New employee hires and employee turnover

ESG Report: Our Inspired People

ESG Data Page

401-2

401-2 Benefits provided to full-time employeesthat are not provided to temporary or part-time
employees

ESG Report: Employee Engagement

ESG Data Page

401-3

401-3 Parental leave

ESG Report: Our Inspired People

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 402: Labor/Management
Relations 2016

402-1

402-1 Minimum notice periods regarding
operational changes

ESG Report: Stakeholder engagement

Employment

Labor/management relations

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DISCLOSURE

LOCATIONOMISSION

ADDITIONAL RESOURCES

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 403: Occupational Health and
Safety 2018

403-1

403-1 Occupational health and safety
management system

ESG Report: Employee health and safety; Resilient
Communities

Code of Ethics and BusinessConduct; Human Rights Policy

403-2

403-2 Hazard identification, risk assessment, andincident investigation

ESG Report: Employee health and safety; Resilient
Communities

Code of Ethics and BusinessConduct; Human Rights Policy

403-3

403-3 Occupational health services

ESG Report: Employee health and safety; Resilient
Communities

Code of Ethics and BusinessConduct

403-4

403-4 Worker participation, consultation, andcommunication on occupational health and safety

ESG Report: Employee health and safety; Resilient
Communities

Code of Ethics and BusinessConduct

403-5

403-5 Worker training on occupational health andsafetyESG Report: Employee health and safety; Resilient
Communities

Code of Ethics and BusinessConduct

403-6

403-6 Promotion of worker health

ESG Report: Employee health and safety; Resilient
Communities

Code of Ethics and BusinessConduct

403-7

403-7 Prevention and mitigation of occupational
health and safety impacts directly linked bybusiness relationships

ESG Report: Employee health and safety; Resilient
Communities

Code of Ethics and BusinessConduct

403-8

403-8 Workers covered by an occupational healthand safety management system

ESG Report: Employee health and safety; Resilient
Communities

Human Rights Policy; Code of
Ethics and Business Conduct403-9

403-9 Work-related injuries

ESG Report: Employee health and safety

ESG Data Page

403-10403-10 Work-related ill health

ESG Report: Employee health and safety

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 404: Training and Education
2016

404-1

404-1 Average hours of training per year per
employee

ESG Report: Our Inspired People

404-2

404-2 Programs for upgrading employee skills andtransition assistance programs

ESG Report: Employee engagement

404-3

404-3 Percentage of employees receiving regularperformance and career development reviews

ESG Report: Employee engagement

Occupational health and safety

Training and education

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DISCLOSURE

LOCATION

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 405: Diversity and Equal
Opportunity 2016

405-1

405-1 Diversity of governance bodies andemployees

ESG Report: Ahead of What’s Next, Governance;
Diversity, equity, inclusion and belonging; Proxy
Statement

405-2

405-2 Ratio of basic salary and remuneration of
women to men

ESG Report: Diversity, equity, inclusion andbelonging

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 406: Non-discrimination 2016

406-1

406-1 Incidents of discrimination and corrective
actions taken

ESG Report: Ethics, compliance and human rights

OMISSION

ADDITIONAL RESOURCES

Diversity and equal opportunity
SEC Filings

Non-discrimination

Freedom of association and collective bargaining
GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 407: Freedom of Association
and Collective Bargaining 2016

407-1

407-1 Operations and suppliers in which theright to freedom of association and collective
bargaining may be at risk

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

GRI 409: Forced or Compulsory
Labor 2016

409-1

409-1 Operations and suppliers at significant risk
for incidents of forced or compulsory labor

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 413: Local Communities 2016

413-1

413-1 Operations with local community
engagement, impact assessments, anddevelopment programs

ESG Report: Economic and social impact

Human Rights Policy

413-2

413-2 Operations with significant actual andpotential negative impacts on local communities

ESG Report: Economic and social impact

Human Rights Policy

Code of Ethics and BusinessConduct

Forced or compulsory labor
ESG Report: ESG Materiality Assessment
Human Rights Policy; Supplier
Code of Conduct

Local communities

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LOCATIONOMISSION

ADDITIONAL RESOURCES

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 414: Supplier Social
Assessment 2016

414-1

414-1 New suppliers that were screened usingsocial criteria

Supplier Code of Conduct414-2

414-2 Negative social impacts in the supply chain
and actions taken

Supplier Code of Conduct

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 415: Public Policy 2016

415-1

415-1 Political contributions

ESG Report: Increasing political transparency;
Transparency Trendsetter

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 416: Customer Health and
Safety 2016

416-1

416-1 Assessment of the health and safety impacts —of product and service categories

416-2

416-2 Incidents of non-compliance concerning
the health and safety impacts of products andservices

ESG Report: Employee health and safety

GRI 3: Material Topics 2021

3-3

3-3 Management of material topics

ESG Report: ESG Materiality Assessment

GRI 418: Customer Privacy 2016

418-1

418-1 Substantiated complaints concerning
breaches of customer privacy and losses ofcustomer data

ESG Report: Ahead of What's Next, Risk
management; Proxy Statement

Supplier social assessment

Public Policy
Code of Ethics and BusinessConduct; SEC Filings

Customer health and safety
Not applicable
Code of Ethics and BusinessConduct; SEC Filings

Customer privacy
Code of Ethics and BusinessConduct; SEC Filings

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SASB disclosure
The following table contains our disclosure on the topics included in SASB’s Real Estate Standard (2023). Additional metrics may be found throughout our 2023-24 ESG Report.
CODE

ACCOUNTING METRICPROLOGIS INFORMATION

IF-RE-130a.1

Energy consumption data coverage as apercentage of total floor area, by property
subsector

Energy consumption data coverage from the global Prologis operating portfolio as a percentage of floor area was equal to 65% in 2023.

IF-RE-130a.2(1) Total energy consumed by portfolio areawith data coverage, (2) percentage gridelectricity, and (3) percentage renewable, byproperty subsector

From the portfolio with available energy data coverage from 2023, the following details pertain to energy:(1) The total energy consumption: 9,635,104 MWh(2) Percentage grid electricity: 61%(3) Percentage of electricity that is renewable (Logistics/Distribution Warehouse): 3%

IF-RE-130a.3

Like-for-like percentage change in energy
consumption for the portfolio area with data
coverage, by property subsector

Like-for-like change in energy consumption for the global Prologis operating portfolio was a 16% decrease from 2022 to 2023. Our data
indicates this is due to decreases in customer consumption of both electricity and natural gas.

IF-RE-130a.4

Percentage of eligible portfolio that (1) has anenergy rating and (2) is certified to ENERGY
STAR, by property subsector

Prologis has a goal to certify 100% of eligible new developments and redevelopments approved from June 2021. These sustainable building
certification standards incorporate energy efficiency features, as well as other features for water efficiency, waste reduction, and others that
promote tenant health and well-being, to name a few. Prologis is exploring EnergyStar Certification as a sustainability solution for customers
looking for certifications on energy efficiency. In certain regions like Europe, where Energy Performance Certificates (EPCs) are required to be
maintained by various country requirements, we manage the EPCs to maintain local compliance. In 2023, we engaged a third party to complete
an analysis of our EPC records across our European portfolio and established enhanced processes for managing EPCs moving forward.

IF-RE-130a.5

Description of how building energy
management considerations are integrated into
property investment analysis and operational
strategy

Prologis integrates energy and water reduction technologies into our new buildings as part or our goal approved from June 2021 to have
100% of eligible new developments and redevelopments achieve sustainable building certification. These strategies ensure the resilienceand enduring value of our buildings, creating value for our customers and our company. In addition, Prologis has a customer-centric approach
focused on helping further the operational efficiency of our customers. We have energy, mobility and sustainability solutions available throughour Essentials marketplace, which were significantly expanded in 2023. We also allocate a portion of our capital expenditure for existingbuildings to LED lighting retrofits and other energy-saving technologies, water-saving features, cool roofing technology and solar installations.

Energy Information

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Prologis 2023-24 ESG Report

ACCOUNTING METRICPROLOGIS INFORMATION

IF-RE-140a.1

Water withdrawal data coverage as apercentage of (1) total floor area and (2) floorarea in regions with High or Extremely HighBaseline Water Stress, by property sector

Water withdrawals from logistics facilities are typically lower compared to other types of buildings, and thus less material than energy andemissions.
(1) For 2023, we report on data available on water consumption across a portion of our global offices. In 2023, we had water consumption
reporting from 33 of our global corporate offices, with 5.58 million gallons consumed. We continue to work to improve data coverage.
(2) Using the WRI Aqueduct dataset, we identified that more than half of the properties in our portfolio are in areas of high or extremely highwater stress. Customers are responsible for their use and discharge of water during their lease. To help them minimize their water use, we
install smart pump kits, high efficiency fixtures and native plants. In California, we’ve removed all ornamental and non-functional turf grasses
from most of our properties, replacing them with drought tolerant vegetation. This has reduced water usage at these properties by an estimated
50%. Prologis is also using third-party data for mapping and evaluating physical climate risk exposure at the asset level through science-based
climate scenarios. Based on the data of our physical climate risk assessments, we can proactively implement mitigation strategies that further
the resilience of our global portfolio. This includes implementing site-specific mitigation measures, such as raising a property out of the baseflood elevation and other measures to ensure the long-term resilience of our assets.

IF-RE-140a.2(1) Total water withdrawn by portfolio area withdata coverage and (2) percentage in regionswith High or Extremely High Baseline Water
Stress, by property sector

Using the WRI Aqueduct dataset, we identified that more than half of the properties in our portfolio are in areas of high or extremely high water
stress. Customers are responsible for their use and discharge of water during their lease. To help them minimize their water use, we install
smart pump kits, high efficiency fixtures and native plants. In California, we’ve removed all ornamental and non-functional turf grasses frommost of our properties, replacing them with drought tolerant vegetation. This has reduced water usage at these properties by an estimated
50%. Prologis is also using third-party data for mapping and evaluating physical climate risk exposure at the asset level through science-based
climate scenarios. Based on the data of our physical climate risk assessments, we can proactively implement mitigation strategies that further
the resilience of our global portfolio. This includes implementing site-specific mitigation measures, such as raising a property out of the baseflood elevation and other measures to ensure the long-term resilience of our assets.

IF-RE-140a.3

Like-for-like percentage change in water
withdrawn for portfolio area with data
coverage, by property sector

Like-for-like change in water consumption was available for 15 offices that had both 2022 and 2023 data. From the water data provided by the
15 offices with like-for-like data, there was a 12% decrease in water withdrawals from 2022 to 2023.

IF-RE-140a.4

Description of water management risks anddiscussion of strategies and practices tomitigate those risks

Even though logistics facilities typically have a lower water footprint compared to other types of buildings, we have adopted various sustainable
water management practices and technologies to minimize water use and the impact of our assets on water quality. Many of these efforts area result of pursuing sustainable building certifications for 100% of new developments and redevelopments globally. All of our water-related
actions are project specific, taking into account the site's soil conditions, rainfall patterns, topography and infrastructure. Inside our buildings,
we install low-flow toilets and motion-activated faucets to reduce consumption. Outside, we landscape using native plants that are adapted
to the local climate and require limited additional watering. In California, we’ve removed all ornamental and non-functional turf grasses frommost of our properties, replacing them with drought tolerant vegetation. This has reduced water usage at these properties by an estimated
50%. Several of our buildings also capture rainwater that is used when irrigation is required. We continually monitor the evolution of watermanagement technologies, seeking to pass cost savings on to our customers

Water Management

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PROLOGIS INFORMATIONManagement of Tenant Sustainability Impacts
IF-RE-410a.1(1) Percentage of new leases that contain acost recovery clause for resource efficiencyrelated capital improvements and (2)associated leased floor area, by property
subsector

Within the Prologis Clear Lease, we have adopted green lease language that seeks to better collaborate with our customers in sharing data, as wellas providing options to install systems that can help our customers to operate more efficiently and sustainably, such as solar. In the future, we may
have more quantifiable metrics on the coverage of our portfolio with leases that specifically contain cost recovery clauses for resource efficiencyrelated capital improvements. At the end of 2023, approximately 35% of total leases globally were the Prologis Clear Lease, as measured by area.
In early 2024, Prologis was once again recognized as a Gold-level Green Lease Leader by the Green Lease Leaders program, which was developedby the Institute for Market Transformation (IMT) with support from the U.S. Department of Energy's Better Buildings Alliance.

IF-RE-410a.2

Percentage of tenants that are separately
metered or submetered for (1) grid electricity
consumption and (2) water withdrawals, byproperty subsector

During 2023, we made investments in new systems and processes to increase data coverage and drive increased automation of data collection
across our global portfolio. This included new systems for energy and carbon data management and expanding our global data gatheringsystems while evaluating various solutions, including submeter systems for our various tenant spaces. Within the Prologis Clear Lease, wehave adopted green lease language that seeks to better collaborate with our customers in sharing data, as well as providing options to installsystems that can help our customers to operate more efficiently and sustainably. In the future, we may have more quantifiable metrics on the
coverage for spaces that are using these types of metering systems.

IF-RE-410a.3

Discussion of approach to measuring,
incentivizing, and improving sustainability
impacts of tenants

During 2023, we made investments in new systems and processes to increase data coverage and drive increased automation of data collection
across our global portfolio. This included new systems for energy and carbon data management. Prologis Essentials LED is a program dedicatedto collaborating with customers to accelerate LED lighting upgrades that improve the operational efficiency of our customers' businesses anddecrease customer energy consumption and associated emissions. 74% of our owned and managed operating properties, excluding a portfolio
of properties acquired in June 2023, had LED lighting at the end of 2023. Our modern, efficient and resilient building design saves money forour customers and minimizes impacts on our communities. Our focus on urban locations allows our customers to meet consumer expectations
around expedited delivery, while also reducing overall transportation emissions from shortened delivery distances. By incorporating ESG
concepts into our lease agreements, deploying sustainability solutions through the Prologis Essentials Marketplace and providing our customers
with information packets that include sustainable practices, Prologis improves the sustainability impacts of our customers. We monitor local
benchmarking ordinances and work with our property management team to educate customers on how utility data collection can be automated,
as well as emerging regulations like building energy performance standards (BEPS).

IF-RE-450a.1

Area of properties located in 100-year floodzones, by property subsector

Using third-party data for mapping and evaluating physical climate risk exposure at the asset level through science-based climate scenarios,
we can proactively implement mitigation strategies that further the resilience of our global portfolio. This includes implementing site-specificmitigation measures, such as raising a property out of the base flood elevation and other measures to ensure the long-term resilience of
our assets. Disclosing a metric on the area of properties within 100-year flood zones would need additional context to understand the sitespecific mitigation measures that have been put in place to lower the associated risk from the flood zone. We will continue to explore additional
disclosure of this data in response to stakeholder feedback.

IF-RE-450a.2

Description of climate change risk exposure
analysis, degree of systematic portfolio
exposure, and strategies for mitigating risks

Prologis takes a proactive approach to assessing natural hazards and climate exposures across our portfolio, including earthquakes, storms,
floods and coastal exposure. Prologis’ Risk Management team is actively evaluating our portfolio exposure to ensure that we have sufficient
coverage and protection for our buildings, as well as using third-party data to look ahead and evaluate climate scenarios that may impact
our properties in the future. These assessments allow us to determine the appropriate risk mitigation measures for our portfolio and plan for
longer term trends. We take preventative measures to improve the resiliency of our buildings to promote business continuity in our customers’
operations. As a result of our long-term planning, resiliency measures implemented and diverse portfolio footprint, we believe impacts to ourportfolio arising from climate change are well managed.

Climate Change

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TCFD disclosure
Prologis’ approach to identifying and managing
climate-related risks and opportunities aligns with therecommendations of the Task Force on Climate-related
Financial Disclosures (TCFD) and encompasses:− Dynamic risk management strategy focused on resilience− Evaluating physical climate risk exposure at the asset
level using science-based climate scenarios− Following a Science Based Target (SBT) for determining
GHG emissions reduction targets across Scopes 1, 2 and3 emissions
Prologis works to maintain portfolio resilience for its
customers and stakeholders. This commitment focuseson acute, near-term risks such as hurricanes and flooding
as well as longer-term risks resulting from the changing
climate. We site, develop and maintain assets with a longterm ownership horizon in mind and a focus on deliveringbusiness continuity to our customers. Looking forward,
we continue to work with third parties on climate-related
scenario analysis to evaluate the exposure of our global
assets to physical, natural hazards across our portfolio,
and to ensure we continue to be prepared for changes
in frequency and severity of extreme weather events. In
addition to being a listed TCFD supporter and having TCFDaligned public disclosures, we have strong engagementfrom our executive team and board members in evaluatingclimate-related risks through briefings by the ESG,
Accounting and Risk Management groups, and a robust
program to track our efforts through metrics and targets.

For our SBT, we have received validation from the Science
Based Targets initiative that our target to achieve net zero
greenhouse gas emissions across our value chain (Scopes
1, 2 and 3) is aligned with a 1.5 degree Celsius scenario. Our
updated SBT guides our transition to a low-carbon future by
reducing GHG emissions across our operations, portfolio ofassets and throughout our value chain.
Governance

Dynamic Risk
Oversight
Process

Board
Oversight

Risk
Management
Framework

The organization’s governance around climate-related risks
and opportunities.
− Risk, including climate-related risks, are part of thePrologis board’s oversight responsibility. Board updates
have focused on Prologis’ climate-related physicalrisk assessments, coastal risks, GHG reductions, theexpansion of our sustainability offering for customers(e.g., solar installations, etc.), and new and emerging
climate-related disclosure requirements.

Management
Executive Committee
Oversight

Our chief legal officer and general counsel oversees the
Risk Management team. Our chief energy and sustainability
officer reports to the company president and oversees ourEnergy, Mobility, Sustainability and ESG teams, with broad
support and engagement across the entire organization.
One example is our structured Investment Committee
process, overseen by our Executive Committee, that requires
risks and ESG considerations, including the complianceof each proposed investment (above a certain threshold)with our net-zero-ready building design standards for new
developments.

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Strategy and risk management
The actual and potential impacts of climate-related risks andopportunities on the organization’s businesses, strategy andfinancial planning. The processes used by the organization
to identify, assess and manage climate-related risks.
− Prologis is a long-term owner of logistics realestate. This requires us to evaluate material risks
and opportunities that may arise over short- (out to2030), medium- (2030-2040) and long-term (20402050) time horizons, as well as risks that are acuteor chronic, including those associated with climatechange. Evaluating risks and opportunities and thepotential financial implications ensures the resilienceof our assets and of our customers’ operations. Thisevaluation also helps us identify opportunities to deliver
sustainable solutions to our customers.
Our process for identifying and prioritizing risks & opportunities:
Prologis utilizes a dynamic risk oversight process to identify,
evaluate and manage risks across our enterprise, including
ESG-related risks such as climate change.
By embedding ESG and risk management throughout
the organization, Prologis evaluates the material risks
and opportunities associated with climate change.
This can include risks from severe weather, flooding or
coastal risk, and opportunities with enhanced energy
efficiency products and renewable energy development.
Our Investment Committee evaluates these risks andopportunities as part of the process it uses to assess a
potential investment.
− Prologis takes a proactive and customer centric
approach to mitigate our exposure to risks and create
sustainable solutions that benefit our customers:

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Appendix− Products and services− Examples include Onsite Solar and Energy
Storage solutions to create resilience and reduce
dependence on fossil fuel energy sources.
− Supply chain and/or value chain− Prologis is supporting its customers in thetransition to electric vehicles by incorporating
EV infrastructure into our new developments. We
are also developing a turnkey solution to help
customers transition to EVs within our existingbuildings, while also establishing collaborative
partnerships with local utilities.
− Operations (including types of operations andlocation of facilities)− Responsible investment practices advance green
design principles and mitigate environmental,
climate and other ESG risks.
− Our portfolio is diversified across multiple
geographies in 19 countries, minimizing the material
risk to our portfolio from any one asset being
exposed to a particular physical climate-related risk.
− Using third-party data and internal tools forevaluating physical climate risk exposure at
the asset level through science-based climate
scenarios, we can proactively implement mitigation
strategies that further the resilience of our owned
and managed portfolio. This includes implementingsite specific mitigation measures, such as raising aproperty out of the base flood elevation, and taking
other measures to ensure the long-term resilienceof our assets.

Prologis 2023-24 ESG Report− Adaptation and mitigation activities− Local and regional teams have a long track recordof adapting to regional natural hazards throughrobust disaster response plans that take various
risks into consideration. These disaster responseplans are developed and maintained to make surethat our assets remain resilient to climate-relatedrisks like flooding or extreme weather events.
− We implement site specific mitigation measures,some examples include: raising properties out of
the base flood elevation; increasing the thicknessof roof materials in hail prone areas; and othermeasures to ensure the long-term resilience of ourassets to various natural hazards.
− For various acute risks including storm damage andflooding, Prologis has a comprehensive insurance
program in place to transfer risk.
− Investment in research and development− The Prologis Ventures group is making investments
in various startups that are helping our customers
to address ESG-related needs, including tools to
help track and report the related emissions fromfleet vehicles in our customers’ operations.
− Our Risk Management team has sourced thirdparty data from one of the world’s largest
reinsurers, Munich RE, that allows us to map, scoreand evaluate the exposure of our assets to current
natural hazards and climate-related physical risks
under the following climate-related scenarios (seefollowing page):62

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Representative Concentration Pathways (RCP) Effort-Outcomes Model

Appendix

Prologis 2023-24 ESG Report

Munich RE Location Risk Intelligence

Examples of climate-related risks and opportunities
TIME
HORIZONS

CLIMATE-RELATEDPHYSICAL RISKS

CLIMATE-RELATEDTRANSITION RISKS

CLIMATE-RELATEDOPPORTUNITIESShort-Term(Out to 2030)

Increased severity andfrequency of floods andstorms (Acute)Enhanced emission reporting and energy
benchmarking requirements (Policies & Laws)

Opportunities from increased customer focus on sustainable building practices and efficiency solutions(Markets); LED upgrades (Resource Efficiency; Products & Services); Solar installations (Energy Sources;
Products & Services); High efficiency HVAC systems (Technology; Resource Efficiency; Products &Services); Green Bonds tied to sustainability initiatives (Products & Services; Markets)

Medium-Term(2030-2040)

Increased heat stressrequiring more cooling(Chronic)

Building performance standards and other upgrade
requirements (Policies & Laws; Resource Efficiency;
Technology; Products & Services)

Further renewable energy deployment (Energy Source); Customer fleet electrification (Technology; Markets;
Products & Services); Carbon storage in building materials (Technology)

Long-Term(2040-2050)

Sea level rise/coastal risk
(Chronic)

Net-Zero building requirements (Policies & Laws;
Resource Efficiency; Energy Source; Technology;
Products & Services)

Building and supply chain electrification and resilience planning (Resource Efficiency; Energy Source;
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Metrics and targets
The metrics and targets used to assess and manage
relevant climate-related risks and opportunities.
− One of the primary metrics for assessing climate-relatedrisks and opportunities is Prologis’ SBT for reducing
Scope 1, 2 and 3 GHG emissions. For our SBT, we havereceived validation of our net-zero target by the Science
Based Targets initiative, aligning our commitment withthe ambition of a 1.5 degree Celsius scenario through acommitment to net zero across our value chain (Scopes
1, 2 and 3) by 2040.
− In addition to measuring progress toward our SBT,
Prologis also measures progress towards enhancing
the efficiency and sustainability of our assets. Metrics
on numerous ESG-related initiatives were again
incorporated into our 2023 bonus targets for all Prologis
employees and executives. In 2023, these included:

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Appendix

Quantitative ESG bonus metrics in our 2023 bonus scorecard
In 2023, ESG metrics again accounted for 10% of our bonus scorecard, including 4% for environmental/climate-related performance metrics
summarized in the table below. For 2024, ESG metrics will continue to comprise 10% of the bonus scorecard and will include targets for thesame three environmental metrics.

TARGET PERFORMANCESUB-METRIC
WEIGHTINGSCORED 2023

535MW

2%

535MW

% LED installed Across O&M Portfolio(by area)

75%

1%

74%

% of New eligible Developments Certified
Sustainable (LEED or equivalent)2

95%

1%

97%

PERFORMANCE METRIC
Solar and Storage Megawatts (MW)installed1

1.
2.

Within our owned and managed portfolio. This includes approximately 20 megawatts related to properties that have been disposed of after the time of installation or assets that have been
decommissioned and an acquired battery energy storage system with approximately 10 megawatts of capacity.
Due to customer requirements and/or the limitations of certain co-development agreements, a small number of projects are ineligible to receive a sustainable certification.

− Solar and Storage Megawatts Installed− Percentage of LED Lighting Installed across ourowned and managed operating properties (by area)− Percentage of New Developments Certified
Sustainable (LEED or equivalent)
Further information on our progress toward these targets
can be found in our 2023-24 ESG Report and 2024 Proxy
Statement.

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Forward-looking statements
The statements in this report that are not historical facts
are forward-looking statements. These forward-looking
statements are based on current expectations, estimatesand 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 and/or operating results. Words such as”goal,” “commits,” “expects,” “anticipates,” “intends,” “plans,”“believes,” “seeks,” and “estimates,” including variationsof 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, progress toward goals, events ordevelopments that we expect or anticipate will occur in the
future are forward-looking statements. These statements
are not guarantees of future performance and involve certain
risks, uncertainties and assumptions that are difficult topredict. Although we believe the expectations reflected inany forward-looking statements are based on reasonableassumptions, 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 insuch forward-looking statements.

Please refer to the “Risk Factors” set forth in our mostrecent Annual Report on Form 10-K for a non-exhaustive
list of factors that could cause such forward-looking
statements to differ from actual results. The statements inthis report are not intended to expand upon or modify theregulatory disclosures of Prologis Management II S.à r.l.
or of our funds as found, for instance, in the SFDR
Annex II templates that are part of the pre-contractual
documentation of said funds and which include, among
others, what we define as environmental and/ or social
characteristics promoted for SFDR (EU 2019/2088)
purposes. Moreover, the statements in this report apply to
Prologis as a whole and are not specific to our Strategic
Capital business or to any one fund or regulated entity.

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Glossary and definitions
AUM: assets under management

LEED: Leadership in Energy and Environmental Design

Behind the meter: not connected to the local utility

LGBTQIA+: lesbian, gay, bisexual, transgender ortranssexual, queer or questioning, intersex, asexual and allother identities

Biodiversity: variety of life
Carbon neutral: a state in which GHG emissions are offset
by removals
Carbon offset: removal of GHG emissions
DEIB: diversity, equity, inclusion and belonging
Development portfolio: industrial and non-industrial
properties, yards and parking lots that are underdevelopment and properties that are developed but havenot stabilized

Net zero: a state in which a company's Scope 1, 2 and3 emissions have been reduced by at least 90% from abaseline year
Operating portfolio: industrial properties in our Owned andManaged portfolio that have stabilized, excluding assets
held for sale

EEO: equal employment opportunity

Owned and managed portfolio: the consolidated properties
owned by our unconsolidated co-investment ventures,
which we manage

EHS: environmental, health and safety

REC: renewable energy credit

EPS: earnings per share

REIT: real estate investment trust

ERG: employee resource group

SASB: Sustainability Accounting Standards Board

ESG: environmental, social and governance

SBTi: Science Based Targets initiative

GHG: greenhouse gas emissions

Stabilized: completed for one year or 90% occupied,whichever comes first

GRESB: an assessment of the sustainability performance ofreal estate and infrastructure portfolios

TCFD: Task Force on Climate-related Financial Disclosures

ISO: International Organization for Standardization

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Prologis
Pier 1, Bay 1
San Francisco, CA 94111
United States+1 415 394 9000
www.prologis.com© Prologis, Inc. 2024 All rights reserved.

Eindhoven DC4, Eindhoven, Netherlands,
the world’s first industrial building to receive a Zero Carbon
Certification from the International Living Future Institute.