Company: PLDGP
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001193125-25-067058
Chunk: 36

Company: Prologis, Inc.
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 36
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AGR due to unrealized foreign currency fluctuations, which affect our net earnings per share but do not impact our Core FFO per share. |

| (4) | Core FFO per share excluding Net Promote Income (Expense). Core FFO per share is a non-GAAP measure. Please see Appendix A for a discussion and reconciliation to the most directly comparable GAAP measure. See Appendix A for a calculation of the CAGR of our Core FFO per share. Excludes companies that did not report FFO at all or for the full 10-year period and uses FFO adjusted for comparability to Core FFO measures for companies that do not report Core FFO. |

| COMPENSATION DISCUSSION AND ANALYSIS |

Our interconnected enterprise excels across categories to drive growth. Our industry-leading balance sheet positions us for strength in any operating environment and enables us to act decisively when favorable opportunities arise. In addition, our scale allows us to go beyond the capabilities of a typical real estate company, providing multiple avenues for growth and giving us distinct competitive advantages.

| Strong Foundation for Growth                                   |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Fortress balance sheet                                         |     | l   One of the top credit-rated REITs, rated A2 and A by Moody’s and S&P,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
 respectively.(1)   l   Enables us to access financial markets globally on favorable terms: being an A-rated company provides significant value by reducing our cost of capital across multiple currencies.   l   Over $7.4B of liquidity at year-end 2024, readily available to deploy opportunistically.                                                                                                                                                                                                                                                                                                                                                    |
| Strategic Capital                                              |     | l   Leading global logistics-focused asset manager with $60B of third-party assets under management (AUM).   l   We partner with institutional investors to jointly own properties through co-investment vehicles.                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Proven M&A track record                                        |     | l   2011 to 2023: Acquired five real estate companies in transactions collectively valued at $54B and overdelivered on our underwritten synergies. Also acquired and successfully integrated a $3.1B portfolio of high-quality U.S. assets.   l   2024: Our Strategic Capital vehicle in Mexico acquired a controlling interest in Terrafina, which manages approximately