Company: PLDGP
Filing Date: 2025-10-03
Form Type: 424B3
Source: 0001104659-25-096724
Chunk: 3

Company: Prologis, Inc.
Filing Date: 2025-10-03
Form: 424B3
Chunk 3
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 Delaware limited partnership, is the primary operating subsidiary of Prologis, Inc., a Maryland corporation. As of June 30, 2025, Prologis, Inc. owned an approximate 97.65% common general partnership interest in Prologis, L.P., and substantially all of the preferred units in Prologis, L.P. Prologis, Inc. only holds a de minimis amount of assets outside of Prologis, L.P. Unless otherwise indicated or unless the context requires otherwise, each reference in this prospectus supplement and the accompanying prospectus to

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“Prologis,” “we,” “us,” or “our” means Prologis, Inc. and its consolidated subsidiaries, including Prologis, L.P., except where it is made clear that the terms mean Prologis, Inc., Prologis, L.P. or both only; and

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the “Operating Partnership” means Prologis, L.P., a Delaware limited partnership.

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TABLE OF CONTENTS

### RISK FACTORS
Potential investors and selling stockholders should consider the risks set forth below as well as the risks factors discussed in our annual report on Form 10-K, which is incorporated into this prospectus supplement and the accompanying prospectus by reference. Potential investors and selling stockholders should consider those risk factors together with all of the other information included and incorporated by reference in this prospectus supplement and the accompanying prospectus before deciding to purchase our common stock.

The exchange of common limited partnership units for common stock is a taxable transaction.

The exchange of the common limited partnership units held by a limited partner of the Operating Partnership for shares of our common stock will be treated for U.S. federal tax purposes as a sale of the common limited partnership units by the limited partner. A limited partner will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the difference between the “amount realized” by the limited partner in the exchange and the limited partner’s adjusted tax basis in the common limited partnership units exchanged. Generally, the amount realized by a limited partner on an exchange will be the fair market value of the exchanged shares received in the exchange, plus the amount of the Operating Partnership’s liabilities, as the case may be, allocable to the common limited partnership units being exchanged. The recognition of any loss resulting from an exchange of common limited partnership units for shares of common stock is subject to a number of limitations set forth in the Internal Revenue