Company: PLDGP
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001193125-25-067058
Chunk: 35

Company: Prologis, Inc.
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 35
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, respectively.

| UNMATCHED GLOBAL LOGISTICS PORTFOLIO DELIVERS LONG-TERM VALUE   Over the past decade, our worldwide business has delivered long-term growth that outpaced other REITs(1): 
 Total Stockholder Return CAGR (10-Year Period)                                                                                                                            |     |                                             |     |                              |
|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:--------------------------------------------|:----|:-----------------------------|
|                                                                                                                                                                           |     | 416bps   greater 10-year TSR                
 CAGR than Large-Cap                         
 REITs                                       |     | 119bps   greater 10-year TSR 
 CAGR than Other              
 Logistics REITs              |
| Stock Price CAGR (10-Year Period)                                                                                                                                         |     | Dividend CAGR(2) (10-Year Period)           |     |                              |
| Net Earnings Per Share CAGR(3) (10-Year Period)                                                                                                                           |     | Core FFO Per Share CAGR(4) (10-Year Period) |     |                              |

| (1) | Based on the weighted average market capitalization over the 10-year period for Large-Cap REITs and Other Logistics REITs. “Large-Cap REITs” consists of ARE, AMT, AVB, BXP, CCI, DLR, EQIX, EQR, PSA, SPG, VTR, VICI and WELL. “Other Logistics REITs” consists of EGP, FR, GMGSF, REXR, STAG, SEGXF and TRNO. Percentages are rounded. |

| (2) | Excludes companies that did not report dividends for the full 10-year period. |

| (3) | Net earnings per share excluding Net Promote Income (Expense). Prologis’ net earnings per share CAGR is impacted by non-cash depreciation expense generated as a result of our M&A activity. Prologis’ acquisitions of other real estate companies and assets from other companies creates non-cash depreciation expense at the fair market value of the assets acquired, which is one of the primary factors that lowers our net earnings per share CAGR as compared to the companies that constitute the Other Logistics REITs Group, which do not have comparable M&A transaction volume. From 2011 to 2022, we completed five significant M&A transactions collectively valued at approximately $54B. In addition, our net earnings per share CAGR has more variability than our Core FFO per share C