Company: PLDGP
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001193125-25-067058
Chunk: 50

Company: Prologis, Inc.
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 50
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. This transaction substantially increased our footprint in Mexico, demonstrating a continued commitment to key markets and our ability to successfully execute significant M&A transactions to drive growth.   –  We continued to leverage our unique vantage point in the heart of global commerce by bringing industry innovators from around the world together in London at our fourth annual GROUNDBREAKERS forum, an event which strengthens our customer relationships and extends our thought leadership in supply chain, digital infrastructure and sustainability—demonstrating Prologis’ unique position as a category of one. |

| l |     | Portfolio Operations: We delivered Core FFO per share(2) of $5.53, which represented 8.4% year-over-year growth but was slightly below our ambitious target of $5.55. While Same Store NOI(2) grew 5.4% but ended below target due to higher vacancies and lower market rents, teams under the direction of Mr. Letter and Mr. Andrus enabled us to outperform market occupancy by approximately 260 bps. Thanks to our organization-wide focus spearheaded by our NEO team, we again met 100% of our data quality goal—key to maintaining our competitive edge, integrating AI and leveraging a mix of proprietary and public data for actionable insights and efficiency. |

| l |     | Prologis Essentials: Realizing the benefit of fundamental changes we made to the organization of our Essentials business in the second half of 2023, our 2024 Essentials Contribution exceeded its target as well as actual performance in 2023. |

| l |     | Deployment and Development Stabilizations: While Development Stabilizations of $3.91B fell short of target, our margin on those stabilizations of 22.1% exceeded its rigorous stretch goal. Meanwhile, teams under the direction of Mr. Letter and Mr. Ghazal successfully advanced our land-bank readiness to support future development. Mr. Letter successfully recruited highly experienced leaders to run our data centers initiative, which positions us to capitalize on significant value-creation opportunities in this high-demand sector. In 2024, we completed the sale of our Elk Grove data center, which showcased our comprehensive data center development capabilities. Elk Grove was originally a logistics asset that we ultimately converted into a data center in a build-to-suit, turn-key transaction with a hyperscaler. This generated tremendous value and demonstrated that we have the team, customer relationships, development and energy expertise, advanced procurement capabilities and capital required to successfully complete data center