Company: PLDGP
Filing Date: 2025-10-03
Form Type: 424B3
Source: 0001104659-25-096724
Chunk: 4

Company: Prologis, Inc.
Filing Date: 2025-10-03
Form: 424B3
Chunk 4
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 Code. It is possible that the amount of gain recognized or even the tax liability resulting from the gain could exceed the value of the shares of common stock received upon the exchange. In addition, the ability of a limited partner to sell a substantial number of shares of common stock in order to raise cash to pay tax liabilities associated with the exchange of limited partnership units may be restricted and, as a result of stock price fluctuations, the price the holder receives for the shares of common stock may not equal the value of the limited partnership units at the time of exchange.

An investment in common stock is different from an investment in limited partnership units.

If a limited partner exchanges its common limited partnership units in the Operating Partnership for shares of common stock, it will become one of our stockholders rather than a limited partner in the Operating Partnership. Although the nature of an investment in our common stock is similar to an investment in limited partnership units, there are also differences between ownership of limited partnership units and ownership of our common stock. These differences include:

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form of organization;

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permitted investments;

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policies and restrictions;

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management structure;

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compensation and fees;

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investor rights; and

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federal income taxation.

See “Redemption/Exchange of Common Limited Partnership Units for Common Stock — Comparison of Ownership of Common Limited Partnership Units and Common Stock” and “Redemption/Exchange of Class B Common Limited Partnership Units for Common Stock — Comparison of Ownership of Class B Common Limited Partnership Units and Common Stock” in this prospectus supplement.

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TABLE OF CONTENTS

#### PROLOGIS, INC.
Prologis, Inc., a Maryland corporation, is the global leader in logistics real estate, operating in high-barrier, high-growth markets. As of June 30, 2025, we owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.3 billion square feet (121 million square meters) in 20 countries across four continents. We lease modern logistics facilities to a diverse base of approximately 6,500 customers principally across two major categories: business-to-business and retail/online fulfillment.

Prologis, Inc. began operating as a fully integrated real estate company in 1997 and elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the “Code”), and believes the current organization and method of operation will enable Prologis,