# EDGAR Filing Document

**Accession Number:** 0001045610
**File Stem:** 0001193125-25-239551
**Filing Date:** 2025-10
**Character Count:** 135603
**Document Hash:** 150ba61d04514318f522dbb884872f6f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-239551.hdr.sgml**: 20251015

**ACCESSION NUMBER**: 0001193125-25-239551

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20251015

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251015

**DATE AS OF CHANGE**: 20251015

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Prologis, Inc.
- **CENTRAL INDEX KEY:** 0001045609
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 943281941
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13545
- **FILM NUMBER:** 251393437

**BUSINESS ADDRESS:**
- **STREET 1:** PIER 1 BAY 1
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** 4153949000

**MAIL ADDRESS:**
- **STREET 1:** PIER 1 BAY 1
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMB PROPERTY CORP
- **DATE OF NAME CHANGE:** 19970916
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Prologis, L.P.
- **CENTRAL INDEX KEY:** 0001045610
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 943285362
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14245
- **FILM NUMBER:** 251393438

**BUSINESS ADDRESS:**
- **STREET 1:** PIER 1 BAY 1
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** 4153949000

**MAIL ADDRESS:**
- **STREET 1:** PIER 1 BAY 1
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMB PROPERTY LP
- **DATE OF NAME CHANGE:** 19980421

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

--------------

**FORM** 8-K

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** October 15, 2025

![img140870473_0.jpg](img140870473_0.jpg)

Prologis, Inc.

Prologis, L.P.

(Exact name of registrant as specified in charter)

<br> Maryland (Prologis, Inc.)Delaware (Prologis, L.P.)(State or other jurisdictionof Incorporation) 001-13545 (Prologis, Inc.)001-14245 (Prologis, L.P.)(Commission File Number) 94-3281941 (Prologis, Inc.)94-3285362 (Prologis, L.P.)(I.R.S. Employer IdentificationNo.)

---

| | |
|:---|:---|
| Pier 1, Bay 1, San Francisco, California  | 94111 |
| (Address of Principal Executive Offices)  | (Zip Code) |

---

Registrants' Telephone Number, including Area Code: (415) 394-9000

N/A

(Former name or former address, if changed since last report.)

------

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | | |
|:---|:---|:---|:---|
|  | Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
| Prologis, Inc. | Common Stock, $0.01 par value | PLD | New York Stock Exchange |
| Prologis, L.P. | 3.000% Notes due 2026 | PLD/26 | New York Stock Exchange |
| Prologis, L.P. | 2.250% Notes due 2029 | PLD/29 | New York Stock Exchange |
| Prologis, L.P. | 5.625% Notes due 2040 | PLD/40 | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition (Prologis, Inc.) and**

**Item 7.01. Regulation FD Disclosure (Prologis, Inc. and Prologis, L.P.).**

On October 15, 2025, Prologis, Inc., the general partner of Prologis, L.P., issued a press release announcing third quarter 2025 financial results. A copy of the supplemental information as well as the press release is furnished with this report as Exhibit 99.1 and Exhibit 99.2, respectively, and incorporated herein by reference.

The information in this report and the exhibits attached hereto is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to Items 2.02 and 7.01 of Form 8-K will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

<u>Exhibit No.</u> <u>Description</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 [<u>Supplemental information, dated October 15, 2025.</u>](pld-ex99_1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2 [<u>Press release, dated October 15, 2025.</u>](pld-ex99_2.htm)

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | PROLOGIS, INC. | PROLOGIS, INC. |
| October 15, 2025 | By: | /s/ Timothy D. Arndt  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Timothy D. Arndt |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
|  | PROLOGIS, L.P., | PROLOGIS, L.P., |
| October 15, 2025 | By: Prologis, Inc., its general partner | By: Prologis, Inc., its general partner |
|  | By: | /s/ Timothy D. Arndt  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Timothy D. Arndt |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Financial Officer |

---

------

## Exhibit 99.1

![Slide 1](pld-ex99_1s1.jpg)

Prologis Supplemental Information THIRD QUARTER 2025 Unaudited Prologis Apex Park, Daventry, United Kingdom

------

![Slide 2](pld-ex99_1s2.jpg)

Contents Highlights 3 Company Profile 5 Company Performance 7 Prologis Leading Indicators and Proprietary Metrics 8 Guidance Financial Information 9 Consolidated Balance Sheets 10 Consolidated Statements of Income 11 Reconciliations of Net Earnings to FFO 12 Reconciliations of Net Earnings to Adjusted EBITDA Operations 13 Overview 14 Operating Metrics 16 Operating Portfolio 19 Customer Information Capital Deployment 20 Overview 21 Development Stabilizations 22 Development Starts 23 Development Portfolio 24 Third-Party Acquisitions 25 Dispositions and Contributions 26 Land Portfolio 28 Solar and Energy Storage Portfolios Strategic Capital 29 Overview 30 Summary and Financial Highlights 31 Operating and Balance Sheet Information of the Unconsolidated Co-Investment Ventures 32 Non-GAAP Pro-Rata Financial Information Capitalization 33 Overview 34 Debt Components - Consolidated 35 Debt Components - Noncontrolling Interests and Unconsolidated Net Asset Value 36 Components Notes and Definitions 38 Notes and Definitions

------

![Slide 3](pld-ex99_1s3.jpg)

$42.3B Build Out of Land (TEI) \* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. NOI calculation based on Prologis Share of the Operating Portfolio. Overview Prologis, Inc., is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At September 30, 2025, the company 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 (120 million square meters) in 20 countries. Prologis leases modern logistics facilities to a diverse base of approximately 6,500 customers principally across two major categories: business-to-business and retail/online fulfillment. 5,887 Buildings 1.3B Square Feet Europe 252M SF 9% of NOI\*(A) Asia 114M SF 1% of NOI\*(A) U.S. 802M SF 85% of NOI\*(A) Other Americas 128M SF 5% of NOI\*(A)

------

![Slide 4](pld-ex99_1s4.jpg)

Company Profile Highlights OPERATIONS $6.6B in annual NOI\*(A) DEVELOPMENT $771M in value creationfrom stabilizations(C) GROSS AUM $215B PROLOGIS SHARE AUM $149B MARKET EQUITY $109B STRATEGIC CAPITAL $454M of fees and promotes(B) (D) (D) (D) \* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Q3 2025 Prologis Share of NOI of the Operating Portfolio annualized. Q3 2025 third-party share of asset management fees annualized plus trailing twelve months third-party share of transactional fees and Net Promote Income (Expense). Prologis Share of trailing twelve month Estimated Value Creation from development stabilizations. Mexico is included in the U.S. as it is U.S. dollar functional.

------

![Slide 5](pld-ex99_1s5.jpg)

Company Performance Highlights NET EARNINGS ATTRIBUTABLE TO COMMON STOCKHOLDERS CORE FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS/UNITHOLDERS\* AFFO ATTRIBUTABLE TO COMMONSTOCKHOLDERS/UNITHOLDERS\* dollars in millions, except per share/unit data Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Rental and other revenues $2,064 $1,901 $6,098 $5,583 Strategic capital revenues 150 135 439 418 Total revenues 2,214 2,036 6,537 6,001 Net earnings attributable to common stockholders 763 1,004 1,924 2,448 Core FFO attributable to common stockholders/unitholders\* 1,426 1,367 4,178 3,870 AFFO attributable to common stockholders/unitholders\* 1,064 1,014 3,184 3,118 Adjusted EBITDA attributable to common stockholders/unitholders\* 1,868 1,734 5,428 5,051 Estimated value creation from development stabilizations - Prologis Share 169 129 473 475 Common stock dividends and common limited partnership unit distributions 967 917 2,898 2,750 Per common share - diluted: Net earnings attributable to common stockholders $0.82 $1.08 $2.06 $2.63 Core FFO attributable to common stockholders/unitholders\* 1.49 1.43 4.37 4.06 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)\* 1.50 1.45 4.41 4.11 Business line reporting: Real estate\* 1.43 1.37 4.19 3.91 Strategic capital\* 0.06 0.06 0.18 0.15 Core FFO attributable to common stockholders/unitholders\* 1.49 1.43 4.37 4.06 Realized development gains, net of taxes\* 0.01 0.03 0.05 0.16 Dividends and distributions per common share/unit 1.01 0.96 3.03 2.88 \* This is a non-GAAP financial measure. Please see reconciliations from Net Earnings Attributable to Common Stockholders on pages 8 and 9 and reference our Notes and Definitions for further explanation.

------

![Slide 6](pld-ex99_1s6.jpg)

NET EARNINGS ATTRIBUTABLE TO COMMON STOCKHOLDERS in millions CORE FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS/UNITHOLDERS\* in millions AFFO ATTRIBUTABLE TO COMMON STOCKHOLDERS/UNITHOLDERS\* in millions Highlights Company Performance DIVIDENDS AND DISTRIBUTIONS in millions \* This is a non-GAAP financial measure. Please see reconciliations from Net Earnings Attributable to Common Stockholders on page 8 and reference our Notes and Definitions for further explanation.

------

![Slide 7](pld-ex99_1s7.jpg)

LEASE PROPOSALS in millions of square feet U.S. IBI ACTIVITY INDEX diffusion index, points NEW LEASE NEGOTIATION GESTATION in days U.S. SPACE UTILIZATION percent Prologis Leading Indicators and Proprietary Metrics\* Highlights 115 Average 80 54.1 Average 57.7 52 Average 54 84.6% Average 85.4% Average 40% 42% Net rentable area of proposals Proposals as a % of available net rentable area \* Please see our Notes and Definitions for further explanation.

------

![Slide 8](pld-ex99_1s8.jpg)

Guidance(A) Highlights dollars in millions, except per share amounts 2025 Guidance Low High Net earnings attributable to common stockholders(B) $3.40 $3.50 Core FFO attributable to common stockholders/unitholders\*(B) $5.78 $5.81 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)\*(C) $5.83 $5.86 Operations Average occupancy - Prologis Share 94.75 % 95.25 % Same store NOI - cash - Prologis Share\* 4.75 % 5.25 % Same store NOI - net effective - Prologis Share\* 4.25 % 4.75 % Other Assumptions Strategic capital revenue, excluding promote revenue $580 $590 Net Promote Income (Expense) $(50) $(50) General & administrative expenses $460 $470 Realized development gains $150 $250 Capital Deployment PROLOGIS SHARE OWNED AND MANAGED Low High Development stabilizations $1,900 $2,300 $2,000 $2,500 Development starts $2,750 $3,250 $3,000 $3,500 Acquisitions $1,250 $1,500 $1,750 $2,000 Dispositions $750 $1,000 $1,000 $1,250 Contributions $750 $1,250 $1,000 $1,500 Exchange Rates We have hedged the rates for the majority of our estimated 2025 Euro, Sterling and Yen Core FFO, effectively insulating 2025 results from FX movements in these currencies. For purposes of capital deployment and other metrics, we assumed effective rates for EUR, GBP and JPY of 1.17 ($/€), 1.34 ($/£) and 147.99 (¥/$), respectively. \* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Our guidance for 2025 is based on management's current beliefs and assumptions about our business, the industry and the markets in which we operate. Please refer to "Forward-Looking Statements" and "Risk Factors" referred to in our annual and quarterly financial statements on Forms 10-K and 10-Q filed with the Securities and Exchange Commission ("SEC") for more information. The difference between Core FFO and Net Earnings predominately relates to real estate depreciation and amortization and gains or losses on dispositions of real estate. See the Notes and Definitions for a reconciliation. We are further adjusting Core FFO to exclude $0.05 of net promote expense. The expense relates to amortization of stock compensation issued to employees related to promote income recognized in prior periods.

------

![Slide 9](pld-ex99_1s9.jpg)

Consolidated Balance Sheets Financial Information in thousands September 30, 2025 June 30, 2025 December 31, 2024 Assets: Investments in real estate properties: Operating properties $80,688,903 $80,115,830 $78,279,353 Development portfolio 2,748,411 2,891,025 2,829,613 Land 5,095,671 4,826,727 4,453,522 Other real estate investments 6,504,491 6,498,929 5,683,688 95,037,476 94,332,511 91,246,176 Less accumulated depreciation 14,345,033 13,827,462 12,758,159 Net investments in real estate properties 80,692,443 80,505,049 78,488,017 Investments in and advances to unconsolidated entities 10,543,057 10,618,184 10,079,448 Assets held for sale or contribution 358,851 253,331 248,511 Net investments in real estate 91,594,351 91,376,564 88,815,976 Cash and cash equivalents 1,186,022 1,066,081 1,318,591 Other assets 5,560,768 5,274,405 5,194,342 Total assets $98,341,141 $97,717,050 $95,328,909 Liabilities and Equity: Liabilities: Debt $35,302,901 $34,666,551 $30,879,263 Accounts payable, accrued expenses and other liabilities 5,826,131 5,743,685 5,832,876 Total liabilities 41,129,032 40,410,236 36,712,139 Equity: Stockholders' equity 52,635,541 52,728,574 53,951,138 Noncontrolling interests 3,328,104 3,311,886 3,323,047 Noncontrolling interests - limited partnership unitholders 1,248,464 1,266,354 1,342,585 Total equity 57,212,109 57,306,814 58,616,770 Total liabilities and equity $98,341,141 $97,717,050 $95,328,909

------

![Slide 10](pld-ex99_1s10.jpg)

Consolidated Statements of Income Financial Information Three Months Ended Nine Months Ended September 30, September 30, in thousands, except per share amounts 2025 2024 2025 2024 Revenues: Rental $2,054,200 $1,897,164 $6,066,797 $5,577,198 Strategic capital 150,351 135,367 438,652 418,521 Development management and other 9,330 3,858 31,966 5,245 Total revenues 2,213,881 2,036,389 6,537,415 6,000,964 Expenses: Rental 484,635 427,425 1,460,915 1,326,917 Strategic capital 69,270 61,342 194,964 210,689 General and administrative 110,662 98,154 332,234 316,041 Depreciation and amortization 647,999 649,265 1,957,278 1,924,075 Other 8,724 15,683 30,079 39,371 Total expenses 1,321,290 1,251,869 3,975,470 3,817,093 Operating income before gains on real estate transactions, net $892,591 $784,520 $2,561,945 $2,183,871 Gains on dispositions of development properties and land, net 15,435 32,005 53,363 159,487 Gains on other dispositions of investments in real estate, net 32,235 434,446 116,078 651,306 Operating income $940,261 $1,250,971 $2,731,386 $2,994,664 Other income (expense): Earnings from unconsolidated entities, net 92,827 84,749 268,418 259,558 Interest expense (258,274) (230,113) (741,891) (631,700) Foreign currency, derivative and other gains (losses) and other income (expense), net 100,981 (37,942) (53,506) 62,774 Gains (losses) on early extinguishment of debt, net – – – 536 Total other income (expense) (64,466) (183,306) (526,979) (308,832) Earnings before income taxes 875,795 1,067,665 2,204,407 2,685,832 Current income tax benefit (expense) (59,847) (12,518) (124,271) (77,872) Deferred income tax benefit (expense) 5,312 8,304 2,948 (2,201) Consolidated net earnings 821,260 1,063,451 2,083,084 2,605,759 Net earnings attributable to noncontrolling interests (38,329) (32,728) (107,044) (91,838) Net earnings attributable to noncontrolling interests - limited partnership units (18,665) (25,004) (47,592) (61,139) Net earnings attributable to controlling interests 764,266 1,005,719 1,928,448 2,452,782 Preferred stock dividends (1,369) (1,452) (4,326) (4,407) Net earnings attributable to common stockholders $762,897 $1,004,267 $1,924,122 $2,448,375 Weighted average common shares outstanding - Diluted 956,603 953,813 955,824 953,530 Net earnings per share attributable to common stockholders - Diluted $0.82 $1.08 $2.06 $2.63

------

![Slide 11](pld-ex99_1s11.jpg)

Reconciliations of Net Earnings to FFO\* \*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Financial Information Three Months Ended Nine Months Ended September 30, September 30, in thousands 2025 2024 2025 2024 Net earnings attributable to common stockholders $762,897 $1,004,267 $1,924,122 $2,448,375 Add (deduct) NAREIT defined adjustments: Real estate related depreciation and amortization 626,093 630,077 1,896,978 1,870,061 Gains on other dispositions of investments in real estate, net of taxes (excluding development properties and land) (32,277) (434,174) (115,048) (650,565) Adjustments related to noncontrolling interests (13,142) (5,488) (48,888) (31,392) Our proportionate share of adjustments related to unconsolidated entities 138,279 111,439 422,637 332,875 NAREIT defined FFO attributable to common stockholders/unitholders\* $1,481,850 $1,306,121 $4,079,801 $3,969,354 Add (deduct) our modified adjustments: Unrealized foreign currency, derivative and other losses (gains), net (37,767) 99,122 154,948 61,014 Deferred income tax expense (benefit) (5,312) (8,304) (2,948) 2,201 Our proportionate share of adjustments related to unconsolidated entities (1,183) 552 (2,948) (3,659) FFO, as modified by Prologis attributable to common stockholders/unitholders\* $1,437,588 $1,397,491 $4,228,853 $4,028,910 Add (deduct) Core FFO defined adjustments: Gains on dispositions of development properties and land, net (15,435) (32,005) (53,363) (159,487) Current income tax expense (benefit) on dispositions 2,799 1,729 3,602 6,565 Losses (gains) on early extinguishment of debt, net – – – (536) Adjustments related to noncontrolling interests 675 – 3,496 78 Our proportionate share of adjustments related to unconsolidated entities 3 (604) (4,945) (5,253) Core FFO attributable to common stockholders/unitholders\* $1,425,630 $1,366,611 $4,177,643 $3,870,277 Add (deduct) AFFO defined adjustments: Gains on dispositions of development properties and land, net 15,435 32,005 53,363 159,487 Current income tax benefit (expense) on dispositions (2,799) (1,729) (3,602) (6,565) Straight-lined rents and amortization of lease intangibles (162,529) (166,980) (530,691) (470,289) Property improvements (109,397) (122,556) (212,536) (248,868) Turnover costs (138,212) (131,782) (413,577) (347,488) Amortization of debt discount, financing costs and management contracts, net 21,989 20,633 65,310 59,333 Stock compensation amortization expense 44,509 42,520 141,654 164,302 Adjustments related to noncontrolling interests 25,052 18,191 57,628 38,874 Our proportionate share of adjustments related to unconsolidated entities (55,987) (43,064) (151,669) (100,752) AFFO attributable to common stockholders/unitholders\* $1,063,691 $1,013,849 $3,183,523 $3,118,311

------

![Slide 12](pld-ex99_1s12.jpg)

Reconciliations of Net Earnings to Adjusted EBITDA\* Financial Information Three Months Ended Nine Months Ended September 30, September 30, in thousands 2025 2024 2025 2024 Net earnings attributable to common stockholders $762,897 $1,004,267 $1,924,122 $2,448,375 Gains on other dispositions of investments in real estate, net (excluding development properties and land) (32,235) (434,446) (116,078) (651,306) Depreciation and amortization expense 647,999 649,265 1,957,278 1,924,075 Interest charges 242,992 212,566 694,500 589,991 Current and deferred income tax expense, net 54,535 4,214 121,323 80,073 Net earnings attributable to noncontrolling interests - limited partnership units 18,665 25,004 47,592 61,139 Pro forma adjustments 1,353 5,386 11,663 12,927 Preferred stock dividends 1,369 1,452 4,326 4,407 Unrealized foreign currency, derivative and other losses (gains), net (37,767) 99,122 154,948 61,014 Stock compensation amortization expense 44,509 42,520 141,654 164,302 Losses (gains) on early extinguishment of debt, net – – – (536) Adjustments related to noncontrolling interests (32,315) (30,871) (97,984) (93,718) Our proportionate share of adjustments related to unconsolidated entities 195,704 155,119 585,130 449,921 Adjusted EBITDA attributable to common stockholders/unitholders\* $1,867,706 $1,733,598 $5,428,474 $5,050,664 \*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

------

![Slide 13](pld-ex99_1s13.jpg)

96.1% 95.8% 94.8% 94.8% 94.7% Average occupancy - Prologis Share OCCUPANCY - OWNED AND MANAGED CUSTOMER RETENTION SAME STORE CHANGE OVER PRIOR YEAR - PROLOGIS SHARE\* RENT CHANGE - PROLOGIS SHARE Operations Overview 70.4% 68.7% 64.5% 59.9% 55.0% Trailing four quarters - net effective \*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

------

![Slide 14](pld-ex99_1s14.jpg)

Operating Metrics – Owned and Managed Operations square feet in thousands Leasing Activity(A) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Square feet of leases commenced: Operating Portfolio: Renewals 34,661 31,676 42,136 36,528 42,720 New leases 14,331 11,284 21,115 13,906 19,631 Total Operating Portfolio 48,992 42,960 63,251 50,434 62,351 Properties under development 1,772 3,531 1,868 747 3,252 Total Square Feet of Leases Commenced 50,764 46,491 65,119 51,181 65,603 Total square feet of Operating Portfolio leases commenced, including leases greater than one month 57,939 52,315 70,648 59,237 70,227 Weighted average term of leases started (in months) 60 64 63 56 59 Operating Portfolio: Trailing four quarters - square feet of leases commenced 170,420 176,594 194,817 205,637 218,996 Trailing four quarters - average % of portfolio 14.9 % 15.2 % 16.6 % 17.4 % 18.3 % Rent change (net effective) 57.6 % 52.2 % 43.4 % 44.2 % 42.5 % Rent change (net effective) - Prologis Share 67.8 % 66.3 % 53.7 % 53.4 % 49.4 % Rent change (cash) 36.2 % 29.1 % 23.8 % 26.7 % 24.3 % Rent change (cash) - Prologis Share 44.1 % 40.1 % 32.1 % 34.8 % 29.4 % PERIOD ENDING OCCUPANCY U.S. Other Americas Europe Asia Amounts exclusive of leases of less than one year, unless otherwise noted.

------

![Slide 15](pld-ex99_1s15.jpg)

Operating Metrics – Owned and Managed Operations CAPITAL EXPENDITURES Thousands, except for percentages SAME STORE INFORMATION Thousands, except for percentages PROPERTY IMPROVEMENTS TURNOVER COSTS ON LEASES COMMENCED COMPOSITION OF PORTFOLIO (BY UNIT SIZE) Trailing four quarter average Per square foot ($) As a % of lease value Per square foot ($) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Property improvements(A) $197,260 $244,170 $63,040 $127,020 $162,406 Tenant improvements 78,106 92,980 91,378 122,474 104,823 Leasing commissions 102,343 100,879 92,391 94,151 108,666 Total turnover costs 180,449 193,859 183,769 216,625 213,489 Total Capital Expenditures - Owned and Managed $377,709 $438,029 $246,809 $343,645 $375,895 Trailing four quarters - % of NOI\*(A) 15.3% 15.3% 15.4% 15.4% 15.0% Weighted average ownership percentage 72.8% 69.4% 69.1% 69.3% 70.7% Total Capital Expenditures - Prologis Share $275,089 $304,195 $170,468 $238,311 $265,774 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Square feet 1,073,873 1,070,194 1,129,114 1,128,630 1,125,601 Average occupancy 96.5% 96.3% 95.5% 95.4% 95.2% Average occupancy - annual percentage <br> change (0.8%) (1.0%) (1.5%) (1.2%) (1.3%) Period ending occupancy 96.6% 96.4% 95.5% 95.4% 95.4% Percentage change - Prologis Share\*: NOI - cash 7.2% 6.7% 6.2% 4.9% 5.2% NOI - net effective 6.2% 6.6% 5.9% 4.8% 3.9% 2.6% 2.8% 2.9% 2.9% 3.2% 92.7% 95.2% 96.2% 97.6% Period ending occupancy Free rent as a % of lease value - trailing four quarters \* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. This data includes recurring capital expenditures and NOI of our Operating Portfolio. Excluded from recurring capital expenditures is spend for our properties that is structural in nature and therefore non-recurring.

------

![Slide 16](pld-ex99_1s16.jpg)

Operating Portfolio – Square Feet, Occupied and Leased Operations # of Buildings Square Feet Occupied % Leased % square feet in thousands and ordered by Prologis Share of NOI (%) Owned and Managed Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share Owned and Managed Prologis Share Southern California 556 126,991 106,497 13.7 94.9 94.8 95.3 95.3 New Jersey/New York City 208 54,764 43,193 5.6 95.5 95.5 95.5 95.5 Chicago 329 70,276 55,392 7.1 97.0 97.2 97.2 97.2 San Francisco Bay Area 286 28,528 23,670 3.1 94.5 94.9 94.9 95.3 Dallas/Ft. Worth 278 61,030 51,897 6.7 96.0 96.1 96.3 96.4 South Florida 224 29,614 23,594 3.0 95.2 95.1 95.8 95.9 Atlanta 237 52,474 46,434 6.0 96.5 96.6 96.6 96.7 Lehigh Valley 82 37,120 32,881 4.2 90.7 91.6 90.7 91.6 Seattle 164 25,017 17,875 2.3 95.1 95.9 95.4 96.3 Houston 233 37,868 31,975 4.1 98.1 98.2 98.1 98.2 Baltimore/Washington 135 18,377 14,628 1.9 92.4 94.0 94.2 95.5 Central Valley 44 22,661 21,492 2.8 96.9 96.7 96.9 96.7 Nashville 66 17,335 14,296 1.8 98.2 98.5 98.2 98.5 Phoenix 83 16,838 14,412 1.9 94.5 93.7 95.9 95.5 Orlando 110 14,253 12,773 1.6 97.6 97.5 97.6 97.6 Las Vegas 81 14,760 9,602 1.2 89.8 91.5 90.4 92.1 Cincinnati 69 19,023 16,665 2.2 94.9 94.5 95.5 95.3 Central PA 38 19,097 14,320 1.8 91.0 92.6 91.0 92.6 Indianapolis 57 20,580 16,368 2.1 97.3 96.6 98.0 97.5 Remaining U.S. markets (11 markets) 383 72,601 62,418 8.1 96.5 96.6 96.9 97.0 Total U.S. 3,663 759,207 630,382 81.2 95.4 95.6 95.8 96.0 Mexico 355 67,419 23,855 3.1 97.8 97.4 97.8 97.4 Canada 38 12,837 12,837 1.6 93.9 93.9 94.0 94.0 Brazil 46 19,605 4,001 0.5 95.0 95.1 95.5 95.6 Total Other Americas 439 99,861 40,693 5.2 96.8 96.1 96.9 96.2 United Kingdom 179 33,468 12,951 1.7 94.8 92.4 95.1 92.7 Germany 146 37,157 11,253 1.4 97.1 95.6 98.7 98.2 France 147 35,582 12,313 1.6 94.8 95.2 95.6 95.8 Netherlands 118 31,601 10,996 1.4 95.5 93.3 95.5 93.3 Remaining European countries (8 countries) 503 106,115 38,199 4.9 94.7 92.4 95.0 93.0 Total Europe 1,093 243,923 85,712 11.0 95.2 93.3 95.7 94.0 Japan 73 50,508 10,331 1.3 96.5 87.5 97.4 91.6 China 180 53,287 8,131 1.1 89.3 89.2 90.4 90.4 Singapore 5 951 951 0.1 98.3 98.3 98.3 98.3 India 2 478 407 0.1 88.3 88.3 88.3 88.3 Total Asia 260 105,224 19,820 2.6 92.8 88.8 93.8 91.4 Total Outside the U.S. 1,792 449,008 146,225 18.8 95.0 93.5 95.5 94.3 Total Operating Portfolio 5,455 1,208,215 776,607 100.0 95.3 95.2 95.7 95.6

------

![Slide 17](pld-ex99_1s17.jpg)

Operating Portfolio – NOI\* and Gross Book Value Operations Third Quarter NOI\* Gross Book Value dollars in thousands and ordered by Prologis Share of NOI (%) Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share % of Total Southern California $378,039 $317,570 19.2 $20,919,610 $18,210,181 19.3 New Jersey/New York City 183,210 145,849 8.8 9,876,336 8,070,381 8.6 Chicago 120,899 94,714 5.7 6,807,214 5,387,882 5.7 San Francisco Bay Area 105,874 88,931 5.4 4,674,770 3,910,745 4.2 Dallas/Ft. Worth 102,915 87,203 5.3 5,613,234 4,757,608 5.0 South Florida 92,246 73,127 4.4 5,288,752 4,331,234 4.6 Atlanta 79,645 69,458 4.2 4,475,746 3,982,225 4.2 Lehigh Valley 71,809 64,357 3.9 4,686,604 4,238,411 4.5 Seattle 67,825 50,313 3.1 3,826,964 2,956,959 3.1 Houston 58,743 49,475 3.0 3,891,730 3,359,741 3.6 Baltimore/Washington 50,469 40,900 2.5 2,741,403 2,227,511 2.4 Central Valley 42,717 39,766 2.4 1,980,350 1,875,962 2.0 Nashville 33,331 28,666 1.7 1,558,951 1,358,057 1.4 Phoenix 32,937 27,150 1.6 1,920,230 1,614,579 1.7 Orlando 28,673 25,647 1.6 1,526,557 1,382,147 1.5 Las Vegas 36,773 24,416 1.5 1,738,530 1,107,873 1.2 Cincinnati 26,214 23,120 1.4 1,332,724 1,197,383 1.3 Central PA 28,078 21,786 1.3 1,746,624 1,354,459 1.4 Indianapolis 26,313 21,352 1.3 1,395,076 1,162,302 1.2 Remaining U.S. markets (11 markets) 124,268 105,980 6.4 6,286,907 5,389,800 5.7 Total U.S. 1,690,978 1,399,780 84.7 92,288,312 77,875,440 82.6 Mexico 121,304 43,084 2.6 5,439,559 1,924,525 2.0 Canada 33,356 33,356 2.0 1,341,753 1,341,753 1.4 Brazil 29,020 6,325 0.4 1,012,224 231,488 0.3 Total Other Americas 183,680 82,765 5.0 7,793,536 3,497,766 3.7 United Kingdom 95,194 34,938 2.1 8,780,579 3,564,558 3.8 Germany 68,701 20,978 1.3 4,675,358 1,390,852 1.5 France 54,876 18,530 1.1 3,865,520 1,233,195 1.3 Netherlands 54,904 18,179 1.1 3,779,438 1,247,230 1.3 Remaining European countries (8 countries) 152,680 53,290 3.2 9,716,904 3,419,703 3.6 Total Europe 426,355 145,915 8.8 30,817,799 10,855,538 11.5 Japan 94,398 17,216 1.0 7,426,106 1,402,838 1.5 China 27,338 4,195 0.3 2,982,046 457,581 0.5 Singapore 3,187 3,187 0.2 149,718 149,718 0.2 India 324 276 0.0 18,811 15,989 0.0 Total Asia 125,247 24,874 1.5 10,576,681 2,026,126 2.2 Total Outside the U.S. 735,282 253,554 15.3 49,188,016 16,379,430 17.4 Total Operating Portfolio $2,426,260 $1,653,334 100.0 $141,476,328 $94,254,870 100.0 \* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

------

![Slide 18](pld-ex99_1s18.jpg)

Operating Portfolio – Summary by Division Operations # of Buildings Square Feet Occupied % Leased % square feet and dollars in thousands Owned and Managed Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share Owned and Managed Prologis Share Consolidated Total U.S. 2,898 625,757 589,667 75.9 95.6 95.7 96.0 96.1 Total Outside the U.S. 117 28,930 28,858 3.7 84.4 84.4 86.3 86.3 Total Operating Portfolio - Consolidated 3,015 654,687 618,525 79.6 95.1 95.2 95.6 95.6 Unconsolidated Total U.S. 765 133,450 40,715 5.3 94.4 94.4 94.7 94.7 Total Outside the U.S. 1,675 420,078 117,367 15.1 95.7 95.7 96.2 96.2 Total Operating Portfolio - Unconsolidated 2,440 553,528 158,082 20.4 95.4 95.4 95.8 95.8 Total Total U.S. 3,663 759,207 630,382 81.2 95.4 95.6 95.8 96.0 Total Outside the U.S. 1,792 449,008 146,225 18.8 95.0 93.5 95.5 94.3 Total Operating Portfolio 5,455 1,208,215 776,607 100.0 95.3 95.2 95.7 95.6 Value added properties - consolidated 10 2,432 2,152 30.8 34.3 30.8 34.3 Value added properties - unconsolidated 7 1,403 400 58.4 59.6 58.4 59.6 Total Operating Properties 5,472 1,212,050 779,159 95.1 95.0 95.5 95.5 Third Quarter NOI\* Gross Book Value Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share % of Total Consolidated Total U.S. $1,386,184 $1,306,787 79.1 $77,174,556 $73,264,233 77.7 Total Outside the U.S. 55,123 55,075 3.3 3,239,216 3,236,395 3.5 Total Operating Portfolio - Consolidated $1,441,307 $1,361,862 82.4 $80,413,772 $76,500,628 81.2 Unconsolidated Total U.S. $304,794 $92,993 5.6 $15,113,756 $4,611,207 4.9 Total Outside the U.S. 680,159 198,479 12.0 45,948,800 13,143,035 13.9 Total Operating Portfolio - Unconsolidated $984,953 $291,472 17.6 $61,062,556 $17,754,242 18.8 Value added properties - consolidated $2,214 $2,210 $434,809 $407,907 Value added properties - unconsolidated $1,576 $479 $247,444 $70,858 \* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

------

![Slide 19](pld-ex99_1s19.jpg)

Customer Information Operations Top Customers Remaining Lease Expirations - Operating Portfolio square feet in thousands square feet and dollars in thousands, except per square foot amounts Owned and Managed Owned and Managed % of Net Effective Rent Total Square Feet Occupied Sq Ft Net Effective Rent $% of Total $ Per Sq Ft 1 Amazon 4.9 46,400 2025(A) 29,515 176,278 1.8 5.97 2 Home Depot 1.8 19,501 2026(A) 176,304 1,155,405 12.2 6.55 3 FedEx 1.4 10,688 2027 196,442 1,446,387 15.2 7.36 4 DHL 1.2 13,506 2028 174,693 1,429,210 15.1 8.18 5 DSV 1.1 13,724 2029 140,083 1,231,786 13.0 8.79 6 Geodis 1.1 15,022 Thereafter 433,959 4,048,326 42.7 9.33 7 UPS 0.9 10,566 Total 1,150,996 9,487,392 100.0 8.24 8 GXO 0.8 9,548 Weighted average term of leases remaining (based on net effective rent) 4.1 years 9 CEVA Logistics 0.8 11,301 10 Walmart 0.7 8,653 Top 10 Customers 14.7 158,909 Prologis Share 11 Kuehne + Nagel 0.7 8,173 Occupied Sq Ft Net Effective Rent 12 Maersk 0.7 6,506 $% of Total $ Per Sq Ft 13 Pepsi 0.5 4,509 2025(A) 16,346 103,904 1.6 6.36 14 Mercado Libre 0.5 6,213 2026(A) 102,345 737,737 11.3 7.21 15 GigaCloud 0.4 3,494 2027 124,184 972,847 14.9 7.83 16 Ryder 0.4 3,778 2028 108,726 949,314 14.6 8.73 17 NFI Industries 0.4 3,543 2029 94,072 864,569 13.3 9.19 18 Lululemon 0.4 2,481 Thereafter 293,868 2,887,432 44.3 9.83 19 Burlington Stores 0.4 3,130 Total 739,541 6,515,803 100.0 8.81 20 Samsung 0.4 4,540 Weighted average term of leases remaining (based on net effective rent) 4.3 years 21 Wayfair 0.4 5,783 22 Nippon Express 0.4 4,120 23 ZOZO 0.3 4,886 24 Berkshire Hathaway 0.3 3,049 25 U.S. Government 0.3 2,343 Top 25 Customers 21.2 225,457 We have signed leases, which were due to expire in 2025 and 2026, totaling 23 million square feet and 39 million square feet, in our Owned and Managed portfolio (1.7% and 2.9% of total net effective rent) and 15 million square feet and 23 million square feet on a Prologis Share basis (1.7% and 2.6% of total net effective rent). These are excluded from 2025 and 2026 expirations and are reflected in the new year of expiration.

------

![Slide 20](pld-ex99_1s20.jpg)

M&A and Significant Portfolio Activity — $23,200 $3,100 $800 — DEVELOPMENT STARTS (TEI) in millions DEVELOPMENT STABILIZATIONS (TEI) dollars in millions ACQUISITION ACTIVITY(A) in millions LAND PORTFOLIO dollars in millions Capital Deployment Overview – Prologis Share Outside the U.S. U.S. Est Value Creation $1,326 $1,583 $917 $773 $473 Est Wtd Avg Stabilized Yield 6.1% 6.3% 6.3% 6.1% 6.8% Est Build Out(B): Sq. Ft. in millions 218 TEI $38,700 YTD Q3 This data excludes acquisitions of land. The estimated build out includes the land portfolio, Covered Land Plays and other land that we could develop through options, ground leases, unconsolidated joint ventures and other contractual arrangements.

------

![Slide 21](pld-ex99_1s21.jpg)

Development Stabilizations Capital Deployment Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 TEI TEI square feet and dollars in thousands Square Feet Owned and Managed Prologis Share Square Feet Owned and Managed Prologis Share Central(A) – $– $– 545 $358,800 $328,977 East(A) 853 181,796 178,779 1,884 398,070 395,053 West(A) 309 72,555 72,555 2,289 400,522 400,522 Total U.S. 1,162 254,351 251,334 4,718 1,157,392 1,124,552 Canada – – – – – – Mexico 833 95,168 95,168 997 113,030 113,030 Brazil – – – – – – Total Other Americas 833 95,168 95,168 997 113,030 113,030 Northern Europe 1,442 198,039 173,986 2,249 292,183 261,349 Southern Europe – – – 474 55,187 55,187 Central Europe 506 41,209 41,209 758 62,321 62,321 United Kingdom 48 20,950 11,001 121 50,662 40,713 Total Europe 1,996 260,198 226,196 3,602 460,353 419,570 Japan 57 31,723 31,723 137 58,593 58,593 China(A) – – – 824 36,220 5,433 India – – – – – – Total Asia 57 31,723 31,723 961 94,813 64,026 Total Outside the U.S. 2,886 387,089 353,087 5,560 668,196 596,626 Total Development Stabilizations 4,048 $641,440 $604,421 10,278 $1,825,588 $1,721,178 Percent build-to-suit 23.4 % 43.4 % Estimated weighted average stabilized yield 6.7 % 6.8 % Annualized estimated NOI $40,657 $117,292 Estimated weighted average stabilized cap rate 5.1 % 5.2 % Estimated weighted average margin 27.9 % 27.5 % Estimated value creation $168,925 $473,101 TEI amount includes development on yards, parking lots, data centers, and other non-industrial assets that will be included in other real estate investments upon completion.

------

![Slide 22](pld-ex99_1s22.jpg)

Development Starts Capital Deployment Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 Square Feet Leased % at Start TEI Square Feet Leased % at Start TEI square feet and dollars in thousands Owned and Managed Prologis Share Owned and Managed Prologis Share Central(A) – – $– $– 520 21.6 $350,934 $321,340 East(B) 249 100.0 42,539 35,839 2,311 87.8 533,837 527,137 West 2,128 79.9 345,167 345,167 3,746 88.6 550,886 550,886 Total U.S. 2,377 82.0 387,706 381,006 6,577 83.0 1,435,657 1,399,363 Canada – – – – – – – – Mexico – – – – – – – – Brazil 106 100.0 8,538 1,708 106 100.0 8,538 1,708 Total Other Americas 106 100.0 8,538 1,708 106 100.0 8,538 1,708 Northern Europe – – – – 275 100.0 38,826 10,099 Southern Europe – – – – 527 51.7 97,688 97,688 Central Europe – – – – 682 100.0 49,886 49,886 United Kingdom 218 100.0 50,561 50,561 218 100.0 50,561 50,561 Total Europe 218 100.0 50,561 50,561 1,702 85.0 236,961 208,234 Japan – – – – 1,514 0.0 304,535 304,535 China – – – – – – – – India 307 0.0 14,413 12,251 576 0.0 27,247 23,159 Total Asia 307 0.0 14,413 12,251 2,090 0.0 331,782 327,694 Total Outside the U.S. 631 51.3 73,512 64,520 3,898 39.9 577,281 537,636 Total Development Starts 3,008 75.6 $461,218 $445,526 10,475 66.9 $2,012,938 $1,936,999 Percent build-to-suit 63.9 % 68.0 % Estimated weighted average stabilized yield 6.3 % 6.4 % Annualized estimated NOI $27,991 $124,375 Estimated weighted average stabilized cap rate 5.4 % 5.3 % Estimated weighted average margin 15.0 % 18.7 % Estimated value creation $66,830 $362,772 TEI amount includes development on yards, parking lots, data centers, and other non-industrial assets that will be included in other real estate investments upon completion. Amounts include a development recorded as a note receivable in the first quarter that is included in other real estate investments.

------

![Slide 23](pld-ex99_1s23.jpg)

Development Portfolio Capital Deployment Under Development Pre-Stabilized Developments 2025 Expected Completion 2026 and Thereafter Expected Completion Total Development Portfolio TEI TEI TEI Owned and Managed Prologis Share square feet and dollars in thousands Sq Ft Leased % Owned and Managed Prologis Share Sq Ft Owned and Managed Prologis Share Sq Ft Owned and Managed Prologis Share Sq Ft Leased % TEI Sq Ft Leased % TEI Central(A) 566 0.0 $125,623 $125,623 216 $211,684 $190,516 1,168 $800,635 $726,230 1,950 50.1 $1,137,942 1,863 47.8 $1,042,369 East(B) 439 0.0 97,476 94,535 712 170,331 170,331 2,662 562,174 555,474 3,813 53.2 829,981 3,755 53.0 820,340 West(A) 1,904 49.9 370,588 370,188 – – – 3,746 539,634 539,634 5,650 75.5 910,222 5,647 75.5 909,822 Total U.S. 2,909 32.7 593,687 590,346 928 382,015 360,847 7,576 1,902,443 1,821,338 11,413 63.7 2,878,145 11,265 63.4 2,772,531 Canada 1,534 6.2 305,228 305,228 – – – – – – 1,534 6.2 305,228 1,534 6.2 305,228 Mexico 1,304 24.2 142,690 142,690 – – – – – – 1,304 24.2 142,690 1,304 24.2 142,690 Brazil 239 78.1 20,703 4,141 118 10,458 2,092 2,253 190,541 38,108 2,610 93.5 221,702 522 93.5 44,341 Total Other Americas 3,077 19.4 468,621 452,059 118 10,458 2,092 2,253 190,541 38,108 5,448 52.3 669,620 3,360 26.7 492,259 Northern Europe 446 8.8 90,923 75,561 – – – 275 39,231 10,224 721 43.6 130,154 472 19.4 85,785 Southern Europe 276 0.0 23,909 23,909 145 21,258 21,258 382 85,016 85,016 803 43.4 130,183 803 43.4 130,183 Central Europe 391 63.8 29,243 29,243 – – – 682 49,980 49,980 1,073 86.8 79,223 1,073 86.8 79,223 United Kingdom(A) 271 0.0 127,339 127,339 – – – 333 242,634 242,634 604 36.0 369,973 604 36.0 369,973 Total Europe 1,384 20.9 271,414 256,052 145 21,258 21,258 1,672 416,861 387,854 3,201 56.6 709,533 2,952 53.8 665,164 Japan 1,347 41.4 209,397 209,397 – – – 2,693 518,449 518,449 4,040 37.6 727,846 4,040 37.6 727,846 China(A) – – – – – – – 1,158 70,582 10,587 1,158 0.0 70,582 174 0.0 10,587 India – – – – 561 27,105 17,280 576 26,305 22,359 1,137 0.0 53,410 847 0.0 39,639 Total Asia 1,347 41.4 209,397 209,397 561 27,105 17,280 4,427 615,336 551,395 6,335 24.0 851,838 5,061 30.0 778,072 Total Outside the U.S. 5,808 25.5 949,432 917,508 824 58,821 40,630 8,352 1,222,738 977,357 14,984 41.3 2,230,991 11,373 35.2 1,935,495 Total Development Portfolio 8,717 27.9 $1,543,119 $1,507,854 1,752 $440,836 $401,477 15,928 $3,125,181 $2,798,695 26,397 51.0 $5,109,136 22,638 49.3 $4,708,026 Cost to complete $158,122 $156,181 $26,480 $17,435 $1,837,356 $1,605,989 $2,021,958 $1,779,605 Percent build-to-suit 0.0 % 50.3 % 65.2 % 43.0 % Estimated weighted average stabilized yield 6.4 % 6.6 % 6.4 % 6.4 % Annualized estimated NOI $301,863 Estimated weighted average stabilized cap rate 5.2 % Estimated weighted average margin 20.2 % Estimated value creation $953,294 TEI amount includes development on yards, parking lots, data centers, and other non-industrial assets that will be included in other real estate investments upon completion. The data centers in our Development Portfolio have a TEI of $1.0 billion and $0.9 billion and cost to complete of $0.5 billion and $0.5 billion on an Owned and Managed basis and Prologis Share basis, respectively. Amounts include a development recorded as a note receivable that is included in other real estate investments.

------

![Slide 24](pld-ex99_1s24.jpg)

Third-Party Acquisitions Capital Deployment Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 Square Feet Acquisition Price Square Feet Acquisition Price square feet and dollars in thousands Owned and Managed Prologis Share Owned and Managed Prologis Share Owned and Managed Prologis Share Owned and Managed Prologis Share Prologis Wholly-Owned – – $– $– 2,415 2,415 $570,686 $570,686 Prologis U.S. Logistics Venture 600 330 58,339 32,110 600 330 58,339 32,110 Prologis Targeted U.S. Logistics Fund – – – – 252 77 101,094 30,600 Total U.S. 600 330 58,339 32,110 3,267 2,822 730,119 633,396 Prologis Wholly-Owned(A) – – – – 868 796 148,977 146,122 Prologis European Logistics Fund – – – – 3,376 888 454,912 119,732 Total Outside the U.S. – – – – 4,244 1,684 603,889 265,854 Total Third-Party Building Acquisitions 600 330 $58,339 $32,110 7,511 4,506 $1,334,008 $899,250 Weighted average stabilized cap rate 6.2 % 4.5 % Acquisitions of other real estate investments(B) 15,391 15,391 294,066 293,958 Total Third-Party Acquisitions $73,730 $47,501 $1,628,074 $1,193,208 Amounts include the acquisition of properties by a consolidated entity in which we have less than 100% ownership interest. Amounts include the acquisition of non-industrial assets, including yards and renewable energy assets.

------

![Slide 25](pld-ex99_1s25.jpg)

Dispositions and Contributions Capital Deployment Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 Square Feet Sales Price Square Feet Sales Price square feet and dollars in thousands Owned and Managed Prologis Share Owned and Managed Prologis Share Owned and Managed Prologis Share Owned and Managed Prologis Share Third-Party Building Dispositions Prologis Wholly-Owned 284 284 $42,400 $42,400 1,230 1,230 $171,036 $171,036 Total U.S. 284 284 42,400 42,400 1,230 1,230 171,036 171,036 FIBRA Prologis – – – – 128 40 7,663 2,385 Total Other Americas – – – – 128 40 7,663 2,385 Nippon Prologis REIT 236 36 35,823 5,481 236 36 35,823 5,481 Total Asia 236 36 35,823 5,481 236 36 35,823 5,481 Total Outside the U.S. 236 36 35,823 5,481 364 76 43,486 7,866 Total Third-Party Building Dispositions 520 320 78,223 47,881 1,594 1,306 214,522 178,902 Building Contributions to Co-Investment Ventures Prologis European Logistics Fund – – – – 402 402 48,307 35,593 Total Europe – – – – 402 402 48,307 35,593 Total Outside the U.S. – – – – 402 402 48,307 35,593 Total Building Contributions to Co-Investment Ventures – – – – 402 402 48,307 35,593 Total Building Dispositions and Contributions 520 320 $78,223 $47,881 1,996 1,708 $262,829 $214,495 Weighted average stabilized cap rate 5.4 % 4.5 % Land dispositions – – 16,087 12,440 Dispositions of other real estate investments(A) 25,600 23,040 61,140 57,785 Grand Total Dispositions and Contributions $103,823 $70,921 $340,056 $284,720 Amounts include the disposition of non-industrial assets, including yards, renewable energy assets and data centers. Dispositions of Non-Strategic Assets are included as third-party building dispositions.

------

![Slide 26](pld-ex99_1s26.jpg)

Land Portfolio – Owned and Managed Capital Deployment Acres Current Book Value square feet and dollars in thousands, including markets where we own land ordered by Prologis Share of Operating Portfolio NOI (%) Owned and Managed Prologis Share Estimated Build Out (sq ft) Owned and Managed Prologis Share % of Total Southern California 646 601 10,743 $794,375 $754,542 14.7 New Jersey/New York City 360 360 3,305 410,929 410,929 8.0 Chicago 84 84 1,388 23,775 23,729 0.5 San Francisco Bay Area 56 56 1,010 103,188 103,188 2.0 Dallas/Ft. Worth 442 442 6,450 184,319 184,124 3.6 South Florida 90 83 1,357 107,958 103,822 2.0 Atlanta 319 319 3,032 44,449 44,449 0.9 Lehigh Valley 105 105 876 38,242 38,242 0.7 Seattle 53 53 943 39,078 39,078 0.8 Houston 400 388 5,754 161,467 159,637 3.1 Baltimore/Washington 111 111 1,253 82,373 82,373 1.6 Central Valley 633 633 9,516 198,891 198,890 3.9 Nashville 365 365 5,085 165,525 165,525 3.2 Phoenix 92 92 1,426 42,115 42,115 0.8 Orlando 129 111 1,848 38,319 32,788 0.6 Las Vegas 980 980 14,826 320,349 320,349 6.2 Central PA 104 104 1,117 30,054 30,054 0.6 Indianapolis 4 4 38 284 284 0.0 Remaining U.S. markets (7 markets) 589 581 8,608 267,917 261,382 5.0 Total U.S. 5,562 5,472 78,575 3,053,607 2,995,500 58.2 Mexico 911 778 16,785 304,748 291,965 5.7 Canada 362 362 6,570 651,381 651,381 12.6 Brazil 690 599 14,578 286,631 273,511 5.3 Total Other Americas 1,963 1,739 37,933 1,242,760 1,216,857 23.6 United Kingdom 284 284 5,796 234,644 234,644 4.6 Germany 128 94 2,800 150,103 113,193 2.2 France 171 124 3,340 150,681 141,991 2.8 Netherlands 55 55 1,437 59,430 59,430 1.1 Remaining European countries (7 countries) 764 694 14,637 193,748 173,751 3.4 Total Europe 1,402 1,251 28,010 788,606 723,009 14.1 Japan 106 106 6,689 152,000 152,000 2.9 China 78 12 2,499 19,252 2,888 0.1 India 228 193 5,331 65,505 55,679 1.1 Total Asia 412 311 14,519 236,757 210,567 4.1 Total Outside the U.S. 3,777 3,301 80,462 2,268,123 2,150,433 41.8 Total Land Portfolio 9,339 8,773 159,037 $5,321,730 $5,145,933 100.0

------

![Slide 27](pld-ex99_1s27.jpg)

Land Portfolio – Summary and Roll Forward Capital Deployment Acres Current Book Value dollars in thousands Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share % of Total Central 1,518 1,498 17.1 $646,794 $638,227 12.4 East 1,358 1,333 15.2 789,079 779,412 15.1 West 2,686 2,641 30.1 1,617,734 1,577,861 30.7 Total U.S. 5,562 5,472 62.4 3,053,607 2,995,500 58.2 Mexico 911 778 9.0 304,748 291,965 5.7 Canada 362 362 4.1 651,381 651,381 12.6 Brazil 690 599 6.8 286,631 273,511 5.3 Total Other Americas 1,963 1,739 19.9 1,242,760 1,216,857 23.6 Central Europe 489 465 5.3 132,311 127,764 2.5 Northern Europe 226 174 2.0 221,380 179,250 3.5 Southern Europe 403 328 3.7 200,271 181,351 3.5 United Kingdom 284 284 3.2 234,644 234,644 4.6 Total Europe 1,402 1,251 14.2 788,606 723,009 14.1 Japan 106 106 1.2 152,000 152,000 2.9 China 78 12 0.1 19,252 2,888 0.1 India 228 193 2.2 65,505 55,679 1.1 Total Asia 412 311 3.5 236,757 210,567 4.1 Total Outside the U.S. 3,777 3,301 37.6 2,268,123 2,150,433 41.8 Total Land Portfolio 9,339 8,773 100.0 $5,321,730 $5,145,933 100.0 Estimated build out of land portfolio (in TEI) $26,000,000 $24,800,000 Estimated build out of Covered Land Plays (in TEI) 8,200,000 6,700,000 Estimated build out of other land (in TEI)(A) 8,100,000 7,200,000 Total $42,300,000 $38,700,000 Land Roll Forward - Prologis Share U.S. Other Americas Europe Asia Total At June 30, 2025 $2,942,193 $971,336 $735,054 $217,422 $4,866,005 Acquisitions 20,682 – 8,546 2,131 31,359 Reclassifications 90,290 242,067 – 1,273 333,630 Dispositions – – – – – Development starts (114,152) – (20,771) (6,860) (141,783) Infrastructure costs 56,350 4,860 4,010 3,299 68,519 Effect of changes in foreign exchange rates and other 137 (1,406) (3,830) (6,698) (11,797) At September 30, 2025 $2,995,500 $1,216,857 $723,009 $210,567 $5,145,933 Amounts include approximately 3,400 acres that we could develop through options, ground leases, unconsolidated joint ventures and other contractual arrangements.

------

![Slide 28](pld-ex99_1s28.jpg)

Solar and Energy Storage Portfolios – Owned and Managed Capital Deployment dollars in thousands, including markets we own solar ordered by Prologis Share of Operating Portfolio NOI (%) Operating Portfolio Under Development Capacity (MW) Gross Book Value Capacity (MW) Current Investment TEI Southern California 39 $91,924 55 $100,093 $160,958 New Jersey/New York City 61 127,632 38 114,648 140,646 Chicago 6 14,410 51 114,787 159,060 San Francisco Bay Area 10 20,206 31 37,140 96,233 Central Valley 16 31,945 21 39,077 53,743 Remaining U.S. markets (6 markets) 3 4,979 12 19,084 32,251 Total U.S. 135 291,096 208 424,829 642,891 Mexico – – 32 18,954 32,583 Total Other Americas – – 32 18,954 32,583 Germany 35 29,964 18 9,229 18,921 Italy 13 7,911 6 3,946 6,340 Remaining European countries (5 countries) 9 9,848 12 4,825 11,353 Total Europe 57 47,723 36 18,000 36,614 Japan 53 76,907 14 5,861 10,046 China 25 13,779 – – – Singapore 5 4,070 – – – Total Asia 83 94,756 14 5,861 10,046 Total Outside the U.S 140 142,479 82 42,815 79,243 Total Solar Portfolio 275 433,575 290 467,644 722,134 Energy Storage Portfolio 62 83,731 12 9,696 17,932 Total Solar and Energy Storage Portfolio 337 $517,306 302 $477,340 $740,066 Third party and other 467 Investment Tax Credits ("ITC") (269,361) Projects awaiting final commissioning(A) 21 TEI, Net of ITCs $470,705 Total installed capacity 825 Estimated weighted average stabilized yield 11.7 % These projects are also included as under development in the solar and energy storage portfolio.

------

![Slide 29](pld-ex99_1s29.jpg)

THIRD-PARTY AUM dollars in billions THIRD-PARTY FEE RELATED AND PROMOTE REVENUE in millions FEE RELATED EARNINGS ANNUALIZED\* in millions NET PROMOTE INCOME (EXPENSE) dollars in millions Strategic Capital Overview 21.6 37.1 51.5 50.9 26.5 Trailing 3-year basis points of third-party AUM 94.9% 95.0% 93.0% 95.0% 94.9% % Open end/Public (A) \*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. A. Net Promote Income (Expense) in 2025 is negative due to expense from the amortization of stock compensation issued to employees related to promote income recognized in prior periods. Please refer to Highlights for Guidance for 2025 Net Promote Income (Expense).

------

![Slide 30](pld-ex99_1s30.jpg)

Summary and Financial Highlights Strategic Capital Co-Investment Ventures Region Type Established Accounting Method Ownership Structure Next Promote Opportunity Prologis U.S. Logistics Venture U.S. Core 2014 Consolidated 55.0 % Open end Q4 2025\* Prologis Targeted U.S. Logistics Fund U.S. Core 2004 Unconsolidated 30.5 % Open end Q2 2026 FIBRA Prologis(A) Mexico Core 2014 Unconsolidated 34.6 % Public, Mexican Exchange Q2 2026 Prologis Brazil Logistics Venture Brazil Core/Development 2019 Unconsolidated 20.0 % Closed end Q4 2025\* Prologis European Logistics Fund Europe Core 2007 Unconsolidated 26.1 % Open end Q3 2028 Prologis European Logistics Partners Europe Core 2013 Unconsolidated 50.0 % Open end Q4 2025\* Nippon Prologis REIT(A) Japan Core 2013 Unconsolidated 15.3 % Public, Tokyo Exchange N/A Prologis Japan Core Logistics Fund Japan Core 2023 Unconsolidated 16.3 % Closed end Q2 2026 Prologis China Core Logistics Fund China Core 2019 Unconsolidated 15.5 % Open end Q3 2028 Prologis China Logistics Venture China Development 2011 Unconsolidated 15.0 % Closed end Q4 2025 Venture (at 100%)(B) in thousands Square Feet GBV of Operating Bldgs GBV of Real Estate Debt Unconsolidated Co-Investment Ventures Prologis Targeted U.S. Logistics Fund 133,845 $15,214,025 $15,752,088 $5,398,141 FIBRA Prologis(A) 65,903 5,306,949 6,627,003 2,209,859 Prologis Brazil Logistics Venture and other joint ventures 19,154 959,699 1,048,088 – Prologis European Logistics Fund 171,964 21,677,706 21,838,145 6,905,299 Prologis European Logistics Partners 63,320 8,051,984 8,278,803 – Nippon Prologis REIT(A) 44,339 6,556,429 6,642,850 2,436,400 Prologis Japan Core Logistics Fund 3,119 561,162 561,162 300,159 Prologis China Core Logistics Fund 30,037 2,233,520 2,277,555 957,934 Prologis China Logistics Venture 23,250 748,526 786,554 369,113 Total Unconsolidated Co-Investment Ventures 554,931 61,310,000 63,812,248 18,576,905 Consolidated Co-Investment Ventures Prologis U.S. Logistics Venture 78,187 8,401,088 8,469,812 – Total Consolidated Co-Investment Ventures 78,187 8,401,088 8,469,812 – Total Co-Investment Ventures 633,118 $69,711,088 $72,282,060 $18,576,905 \* The next promote opportunity is related to the Stabilization of individual development projects. Throughout this document we use the most recent public information for these co-investment ventures. Values represent the entire venture at 100%, not Prologis' proportionate share. Values are presented at Prologis' adjusted basis derived from the ventures' U.S. GAAP information and may not be comparable to values reflected in the ventures' stand alone financial statements calculated on a different basis.

------

![Slide 31](pld-ex99_1s31.jpg)

Operating and Balance Sheet Information of the Unconsolidated Co-Investment Ventures (at 100%)(A) Strategic Capital dollars in thousands U.S. Other Americas Europe Asia Total Operating Information For the Three Months Ended September 30, 2025 Rental revenue $411,152 $205,675 $527,421 $163,453 $1,307,701 Rental expense (97,221) (27,802) (107,769) (44,604) (277,396) General and administrative expense (20,424) (19,582) (22,117) (16,454) (78,577) Depreciation and amortization expense (132,383) (57,887) (217,249) (55,449) (462,968) Other operating revenue (expense) (739) (142) (1,165) 19 (2,027) Operating income (expense) before gains on real estate transactions, net 160,385 100,262 179,121 46,965 486,733 Gains (losses) on dispositions of investments in real estate, net (21) (440) (28) 17,509 17,020 Operating income (expense) 160,364 99,822 179,093 64,474 503,753 Interest expense (59,112) (30,306) (52,554) (19,260) (161,232) Current and deferred income tax benefit (expense) (453) (348) (36,817) (5,391) (43,009) Foreign currency, derivative and other gains (losses) and other income (expense), net 1,334 (27,699) (994) 6,261 (21,098) Net earnings (loss) 102,133 41,469 88,728 46,084 278,414 Real estate related depreciation and amortization expense 128,082 58,474 212,772 52,936 452,264 (Gains) losses on dispositions of investments in real estate, net of taxes 23 440 28 (17,509) (17,018) Unrealized foreign currency, derivative and other losses (gains), net – 1,283 (368) (4,093) (3,178) FFO, as modified by Prologis\* 230,238 101,666 301,160 77,418 710,482 Core FFO defined adjustments (2) 12 – – 10 Core FFO\* $230,236 $101,678 $301,160 $77,418 $710,492 Balance Sheet Information At September 30, 2025 Operating properties, before depreciation $15,214,025 $6,266,648 $29,729,690 $10,099,637 $61,310,000 Accumulated depreciation (3,180,093) (937,804) (5,447,862) (1,372,758) (10,938,517) Properties under development, land and other real estate 538,063 1,408,443 387,258 168,484 2,502,248 Other assets 1,115,537 536,661 1,572,451 678,104 3,902,753 Total assets $13,687,532 $7,273,948 $26,241,537 $9,573,467 $56,776,484 Third-party debt $5,398,141 $2,209,859 $6,905,299 $4,063,606 $18,576,905 Other liabilities 1,002,021 293,371 2,228,741 413,850 3,937,983 Total liabilities $6,400,162 $2,503,230 $9,134,040 $4,477,456 $22,514,888 Weighted average ownership 30.5 % 31.0 % 32.8 % 15.4 % 29.1 % \* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Values represent the entire venture at 100%, not Prologis' proportionate share. Values are presented at Prologis' adjusted basis derived from the ventures' U.S. GAAP information and may not be comparable to values reflected in the ventures' stand alone financial statements calculated on a different basis.

------

![Slide 32](pld-ex99_1s32.jpg)

Non-GAAP Pro-Rata Financial Information(A) Strategic Capital dollars in thousands Noncontrolling Interests included in Consolidated Amounts\* Prologis Share of Unconsolidated Co-Investment Ventures\* Operating Information For the Three Months Ended September 30, 2025 Rental revenue $107,700 $384,670 Rental expense (26,155) (79,096) General and administrative expense (11,775) (24,667) Depreciation and amortization expense (32,431) (136,445) Other operating income (expense) 13 (815) Operating income before gains 37,352 143,647 Gains (losses) on dispositions of investments in real estate, net 748 2,648 Operating income 38,100 146,295 Interest expense (302) (44,624) Current and deferred income tax benefit (expense) (280) (12,645) Foreign currency, derivative and other gains (losses) and other income (expense), net 804 (777) Earnings from unconsolidated co-investment ventures, net 7 – Net earnings 38,329 88,249 Real estate related depreciation and amortization expense 31,643 133,436 (Gains) losses on other dispositions of investments in real estate, net of taxes (excluding development properties and land) 164 (2,647) NAREIT defined FFO\* 70,136 219,038 Unrealized foreign currency, derivative and other losses (gains), net – (1,181) FFO, as modified by Prologis\* 70,136 217,857 Core FFO defined adjustments (675) 3 Core FFO\* $69,461 $217,860 Balance Sheet Information At September 30, 2025 Operating properties, before depreciation $3,940,046 $17,825,100 Accumulated depreciation (906,072) (3,248,847) Properties under development, land and other real estate 197,769 774,140 Other assets 215,467 685,588 Total assets $3,447,210 $16,035,981 Third-party debt $22,103 $4,801,023 Other liabilities 97,003 1,085,337 Total liabilities $119,106 $5,886,360 Weighted average ownership 34.2 % 29.1 % Noncontrolling interests investment $3,328,104 Investment in and advances to unconsolidated co-investment ventures $9,730,490 Investment in and advances to other unconsolidated ventures 812,567 Investment in and advances to unconsolidated entities $10,543,057 \* This is a non-GAAP financial measure, please see our Notes and Definitions for further explanation. See our Notes and Definitions for further explanation of how these amounts are calculated.

------

![Slide 33](pld-ex99_1s33.jpg)

Overview Capitalization ASSETS UNDER MANAGEMENT dollars in millions U.S. DOLLAR EXPOSURE dollars in millions DEBT BY CURRENCY – PROLOGIS SHARE UNENCUMBERED ASSETS – PROLOGIS SHARE: $108.6B in billions Prologis Share - Debt Metrics(C) September 30, 2025 June 30, 2025 Debt as % of gross Market Capitalization\* 26.5 % 27.9 % Debt as % of gross real estate assets\* 35.8 % 35.6 % Secured debt as % of gross real estate assets\* 0.5 % 0.5 % Unencumbered gross real estate assets to unsecured debt\* 270.6 % 272.8 % Fixed charge coverage ratio\* 6.4x 6.3x Fixed charge coverage ratio, excluding development gains\* 6.1x 6.0x Debt/Adjusted EBITDA\* 5.0x 5.1x Debt/Adjusted EBITDA, excluding development gains\* 5.3x 5.3x Weighted average interest rate 3.2 % 3.2 % Weighted average remaining maturity in years 8.3 8.5 Percentage of floating rate debt 4.3 % 5.2 % Credit Ratings at September 30, 2025(D) Moody's A2 (Outlook Stable) Standard & Poor's A (Outlook Stable) $149,023 $214,517 $214,517 Investment Capacity $1,406 AUM Strategic Capital $97,912 Total Enterprise Value(A) $149,023 $149,023 $40,082 $108,941 Direct owned and other Market Equity Prologis Share of ventures $32,418 Investors' share of ventures $64,088 U.S.(B) 74.0% Other Americas 2.4% Asia 6.6% U.S. Dollar (B) 83.2% Outside U.S. 16.8% U.S. Dollar(B) Outside U.S. 56.7% U.S. Dollar (B) 96.1% Outside U.S. 3.9% 43.3% Enterprise Value(A) Debt Market Equity Enterprise Value(A) AUM by Ownership AUM by Geography \* This is a non-GAAP financial measure. Please see our Notes and Definitions for detailed calculation. Enterprise value is calculated using Prologis' stock price of $114.52 at September 30, 2025. Mexico is included in the U.S. as it is U.S. dollar functional. The detailed calculations are included in the Notes and Definitions section and are not in accordance with the applicable SEC rules. A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time by the rating organization. Debt Europe 17.0%

------

![Slide 34](pld-ex99_1s34.jpg)

Debt Components – Consolidated Capitalization dollars in thousands Unsecured Maturity Senior Notes Credit Facilities and Commercial Paper(A) Term Loans and Other(B) Secured Mortgage Total Wtd. Avg. Interest Rate % Fixed 2025 $– $– $66 $175,179 $175,245 4.7 % 73 % 2026 1,352,218 – 715,110 46,933 2,114,261 2.8 % 73 % 2027 1,988,319 – 197,712 4,156 2,190,187 2.3 % 93 % 2028 2,612,085 224,922 114,189 3,041 2,954,237 3.1 % 90 % 2029 3,417,121 – – 3,191 3,420,312 2.7 % 100 % 2030 2,851,313 – 33,785 3,345 2,888,443 2.7 % 99 % 2031 2,603,917 – 135,140 17,607 2,756,664 2.9 % 100 % 2032 2,275,041 – 202,711 18,715 2,496,467 2.1 % 100 % 2033 2,902,631 – 175,858 43,236 3,121,725 4.4 % 98 % 2034 3,076,330 – 406,681 – 3,483,011 3.7 % 97 % 2035 2,637,078 – – – 2,637,078 3.5 % 100 % Thereafter 7,623,017 – – – 7,623,017 3.6 % 100 % Subtotal $33,339,070 $224,922 $1,981,252 $315,403 $35,860,647 3.2 % 96 % Unamortized net premiums (discounts) (427,241) – – 6,568 (420,673) Unamortized finance costs (134,595) – (2,212) (266) (137,073) Total consolidated debt, net of premiums (discounts) $32,777,234 $224,922 $1,979,040 $321,705 $35,302,901 Weighted average interest rate 3.2 % 2.9 % 1.9 % 4.3 % 3.2 % Weighted average remaining maturity in years 9.0 2.8 4.2 2.4 8.6 Prologis consolidated debt by local currency Liquidity Senior Notes Credit Facilities and Commercial Paper Term Loans and Other Secured Mortgage Total Investment Hedges(C) Total % of Total Aggregate lender commitments: USD $15,574,817 $– $7,026 $151,891 $15,733,734 $(876,069) $14,857,665 41 % Credit facilities $6,523,731 EUR 12,054,190 – 237,360 – 12,291,550 – 12,291,550 35 % Less: Credit facilities borrowings outstanding 224,922 GBP 1,840,612 – – – 1,840,612 676,069 2,516,681 7 % Less: Commercial paper borrowings outstanding(D) – JPY 1,623,625 55,408 1,431,068 – 3,110,101 – 3,110,101 9 % Less: Outstanding letters of credit 26,875 CAD 1,284,873 169,514 143,571 169,814 1,767,772 200,000 1,967,772 6 % Current availability 6,271,934 Other 399,117 – 160,015 – 559,132 – 559,132 2 % Cash and cash equivalents 1,186,022 Total debt $32,777,234 $224,922 $1,979,040 $321,705 $35,302,901 $– $35,302,901 100 % Total liquidity $7,457,956 The maturities for the 2023 Global Facility ($170 million) and the Yen Revolver ($55 million) are reflected at the extended maturity date, as the extension is at our option. The maturity of certain debt ($144 million) is reflected at the extended maturity dates as the extension is at our option. We manage our exposure to changes in foreign currency exchange rates using foreign currency forward contracts, including those that are accounted for as net investment hedges, to economically reduce our exposure to fluctuations in foreign currency rates. The effect is reflected in the table under Investment Hedges. See page 30 for our market equity exposure by currency. We are required to maintain available commitments under our credit facilities in an amount at least equal to the commercial paper borrowings outstanding.

------

![Slide 35](pld-ex99_1s35.jpg)

Debt Components – Noncontrolling Interests and Unconsolidated(A) Capitalization dollars in thousands Noncontrolling Interests Prologis Share of Unconsolidated Co-Investment Ventures Maturity Unsecured Secured Total Wtd. Avg. Interest Rate % Fixed Unsecured(B) Secured Total Wtd. Avg. Interest Rate % Fixed 2025 $– $4,922 $4,922 6.7 % 4 % $97,139 $3,198 $100,337 5.0 % 0 % 2026 – 796 796 3.7 % 100 % 92,604 70,272 162,876 3.1 % 77 % 2027 1,959 829 2,788 6.2 % 30 % 198,856 38,710 237,566 3.3 % 96 % 2028 2,128 390 2,518 6.6 % 16 % 561,993 79,011 641,004 4.3 % 61 % 2029 – 410 410 3.4 % 100 % 720,474 4,074 724,548 3.8 % 90 % 2030 – 430 430 3.4 % 100 % 478,579 1,501 480,080 3.0 % 99 % 2031 – 1,861 1,861 3.3 % 100 % 374,807 816 375,623 2.9 % 100 % 2032 – 473 473 3.4 % 100 % 466,691 577 467,268 2.6 % 100 % 2033 – 6,810 6,810 3.4 % 100 % 308,451 40,902 349,353 2.4 % 100 % 2034 – – – – – 397,152 8,051 405,203 4.5 % 100 % 2035 – – – – – 424,611 – 424,611 4.6 % 100 % Thereafter – – – – – 460,592 – 460,592 3.9 % 100 % Subtotal $4,087 $16,921 $21,008 4.9 % 58 % $4,581,949 $247,112 $4,829,061 3.6 % 90 % Unamortized net premiums (discounts) – 1,123 1,123 (12,393) 419 (11,974) Unamortized finance costs – (28) (28) (15,150) (914) (16,064) Noncontrolling interests and Prologis Share of unconsolidated debt, net of unamortized premiums (discounts) and finance costs $4,087 $18,016 $22,103 $4,554,406 $246,617 $4,801,023 Weighted average interest rate 7.2 % 4.4 % 4.9 % 3.6 % 4.0 % 3.6 % Weighted average remaining maturity in years 2.4 5.2 5.8 6.1 3.5 6.0 Noncontrolling interests share of consolidated debt by local currency Prologis Share of unconsolidated debt by local currency Unsecured Secured Total % of Total Unsecured Secured Total Investment Hedges(C) Total % of Total USD $– $18,016 $18,016 82 % $2,439,144 $63,187 $2,502,331 $– $2,502,331 52 % EUR – – – – 1,504,537 48,793 1,553,330 (391,755) 1,161,575 24 % GBP – – – – 191,134 24,328 215,462 319,618 535,080 11 % JPY – – – – 372,769 48,776 421,545 – 421,545 9 % CAD – – – – – – – – – – Other 4,087 – 4,087 18 % 46,822 61,533 108,355 72,137 180,492 4 % Total debt $4,087 $18,016 $22,103 100 % $4,554,406 $246,617 $4,801,023 $– $4,801,023 100 % Refer to Notes and Definitions under Non-GAAP Pro-Rata Financial Information for further explanation on how these amounts are calculated. The maturity of certain unsecured debt (Prologis Share $455 million) is reflected at the extended maturity dates as the extension is at the venture's option. We manage our exposure to changes in foreign currency exchange rates using foreign currency forward contracts, including those that are accounted for as net investment hedges, to economically reduce our exposure to fluctuations in foreign currency rates. The effect is reflected in the table under Investment Hedges. See also page 30 for our market equity exposure by currency.

------

![Slide 36](pld-ex99_1s36.jpg)

Components – Prologis Share Net Asset Value Operating Portfolio Square Feet Gross Book Value GBV per Sq Ft Adjusted Cash NOI (Actual)\* Adjusted Cash NOI (Pro Forma)\* Annualized Adjusted Cash NOI\* Percent Occupied Consolidated U.S. 589,667 $73,264,233 $124 $1,269,614 $1,269,614 $5,078,456 95.7 % Other Americas 15,001 1,549,332 103 35,257 35,257 141,028 93.5 % Europe 9,450 1,212,841 128 10,591 10,591 42,364 75.9 % Asia 4,407 474,222 108 6,621 6,621 26,484 71.2 % Pro forma adjustments for mid-quarter acquisitions/development completions 2,100 8,400 Total consolidated operating portfolio 618,525 76,500,628 124 1,322,083 1,324,183 5,296,732 95.2 % Unconsolidated U.S. 40,715 4,611,207 113 104,125 104,125 416,500 94.4 % Other Americas 25,692 1,948,434 76 47,785 47,785 191,140 97.5 % Europe 76,262 9,642,697 126 143,010 143,010 572,040 95.5 % Asia 15,413 1,551,904 101 18,591 18,591 74,364 93.8 % Net Property Management Income 12,907 49,749 Pro forma adjustments for mid-quarter acquisitions/development completions (640) (2,560) Total unconsolidated operating portfolio 158,082 17,754,242 112 313,511 325,778 1,301,233 95.4 % Total Operating Portfolio 776,607 $94,254,870 $121 $1,635,594 $1,649,961 $6,597,965 95.2 % Development Portfolio Square Feet Investment Balance TEI TEI per Sq Ft Annualized Estimated NOI Percent Leased Consolidated Prestabilized U.S. 2,887 $505,963 $590,345 $204 $37,455 32.8 % Other Americas 2,838 374,528 447,919 158 33,966 14.5 % Europe 1,292 211,550 240,690 186 13,250 19.3 % Asia 1,347 198,774 209,397 155 10,168 17.1 % Properties under development U.S.(A) 8,378 1,349,290 2,182,186 260 151,001 Other Americas – – – – – Europe 1,542 49,010 398,889 259 22,149 Asia 3,540 99,078 558,088 158 28,582 Total consolidated development portfolio 21,824 2,788,193 4,627,514 212 296,571 Unconsolidated U.S. – – – – – Other Americas 522 15,013 44,340 85 3,342 Europe 118 16,306 25,585 217 1,346 Asia 174 2,541 10,587 61 604 Total unconsolidated development portfolio 814 33,860 80,512 99 5,292 Total Development Portfolio 22,638 $2,822,053 $4,708,026 $208 $301,863 Prologis Share of est. value creation (see Capital Deployment - Development Portfolio) 953,294 Total Development Portfolio, including est. value creation $3,775,347 in thousands, except for percentages and per square foot amounts \* This is a non-GAAP financial measure. Please see our Notes and Definitions for detailed calculation. Amounts include a development recorded as a note receivable that is included in other real estate investments.

------

![Slide 37](pld-ex99_1s37.jpg)

Components – Continued Net Asset Value in thousands Balance Sheet and Other Items Other assets Cash and cash equivalents $1,186,022 Restricted cash 221,540 Accounts receivable, prepaid assets and other tangible assets 1,518,155 Gross book value of other real estate investments and assets held for sale 6,413,180 Value added operating properties 434,809 Prologis receivable from unconsolidated co-investment ventures 335,717 Investments in and advances to other unconsolidated joint ventures 812,567 Total other assets $10,921,990 Other liabilities Accounts payable and other current liabilities $1,847,369 Deferred income taxes 149,394 Value added tax and other tax liabilities 27,258 Tenant security deposits 441,567 Other liabilities 862,948 Total other liabilities $3,328,536 Noncontrolling Interests and Unconsolidated Co-investment Ventures Less: noncontrolling interests share of net tangible other liabilities (assets) $(81,332) Prologis Share of unconsolidated net tangible other assets (liabilities) $343,381 Less: noncontrolling interests share of value added operating properties $(26,902) Prologis Share of unconsolidated value added operating properties $70,858 Land Current book value of land $5,095,671 Less: noncontrolling interests share of the current book value of land $(35,683) Prologis Share of book value of land in unconsolidated co-investment ventures $85,945 Strategic Capital / Development Management Strategic Capital Third party share of asset management fees from consolidated and unconsolidated co-investment and other ventures (current quarter/annualized) $93,712 $374,848 Third party share of transactional fees from consolidated and unconsolidated co-investment and other ventures (current quarter/trailing twelve months) 7,909 33,248 Strategic capital expenses for asset management and transactional fees (current quarter/trailing twelve months) (34,185) (122,542) Fee Related Earnings $67,436 $285,554 Net Promote Income (Expense) (current quarter/trailing twelve months)(A) $(12,268) $46,076 Net Promote Income (Expense) (five year average) $193,054 Development management revenue (current quarter/trailing twelve months) $9,330 $41,719 Debt (at par) and Preferred Stock Consolidated debt $35,860,647 Noncontrolling interests share of consolidated debt $(21,008) Prologis Share of unconsolidated co-investment ventures' debt $4,829,061 Preferred stock $63,948 Common Stock and Limited Partnership Units Outstanding shares of common stock and limited partnership units 950,718 Net Promote Income (Expense) is negative due to expense primarily from amortization of stock compensation issued to employees related to promote income recognized in prior periods.

------

![Slide 38](pld-ex99_1s38.jpg)

Notes and Definitions Prologis Park Grande, Tepotzotlán, Mexico

------

![Slide 39](pld-ex99_1s39.jpg)

Notes and Definitions Please refer to our annual and quarterly financial statements filed with the Securities and Exchange Commission on Forms 10-K and 10-Q and other public reports for further information about us and our business. Certain amounts from previous periods presented in the Supplemental Information have been reclassified to conform to the current presentation. Acquisition Price, as presented for building acquisitions, represents economic cost. This amount includes the building purchase price plus 1) transaction closing costs, 2) due diligence costs, 3) immediate capital expenditures (including two years of property improvements and all leasing commissions and tenant improvements required to stabilize the property), and 4) the effects of marking assumed debt to market. Adjusted Cash NOI (Actual) is a non-Generally Accepted Accounting Principles ("GAAP") financial measure and a component of Net Asset Value ("NAV"). It is used to assess the operating performance of our properties and enables both management and investors to estimate the fair value of our Operating Portfolio. A reconciliation for the most recent quarter ended of our rental income and rental expenses included in our Consolidated Statement of Income to Adjusted Cash NOI for the consolidated Operating Portfolio is as follows (in thousands): Adjusted EBITDA. We use Adjusted EBITDA attributable to common stockholders/unitholders ("Adjusted EBITDA"), a non-GAAP financial measure, as a measure of our operating performance. The most directly comparable GAAP measure is net earnings. We believe Adjusted EBITDA provides relevant and useful information by offering insight into our operating performance before the effects of financing decisions, income taxes, and certain non-cash or non-recurring charges. We calculate Adjusted EBITDA by beginning with consolidated net earnings attributable to common stockholders and removing the effect of: gains or losses from the disposition of investments in real estate (excluding development properties and land); depreciation and amortization expense; impairment charges; interest charges; current and deferred income taxes; preferred stock dividends; unrealized gains or losses on foreign currency and derivatives; stock compensation amortization expense; gains from the revaluation of equity investments upon acquisition of a controlling interest; and gains or losses on early extinguishment of debt and derivative contracts (including cash charges). We also include a pro forma adjustment to reflect a full period of NOI on the operating properties we acquire or stabilize during the quarter and to remove NOI on properties we dispose of during the quarter, assuming all transactions occurred at the beginning of the quarter. For properties we contribute, we make an adjustment to reflect NOI at the new ownership percentage for the full quarter. We calculate Adjusted EBITDA based on our proportionate ownership share of both our unconsolidated entities and consolidated ventures. We reflect our share of Adjusted EBITDA measures for unconsolidated entities by applying our average ownership percentage for the period to the applicable adjusting items on an entity-by-entity basis. We reflect our share for consolidated ventures in which we do not own 100% of the equity by removing the noncontrolling interests share of the applicable adjustments based on our average ownership percentage for the applicable periods. While we believe Adjusted EBITDA is an important supplemental measure for our stockholders, potential investors and financial analysts to understand, it should not be used alone as it excludes significant components of net earnings computed under GAAP and is therefore limited as an analytical tool. We do not use Adjusted EBITDA as an alternative measure to net earnings computed under GAAP or as an alternative to cash from operating activities computed under GAAP or as an indicator of our ability to fund our cash needs. Our computation of Adjusted EBITDA may not be comparable to EBITDA reported by other companies in both the real estate industry and other industries. We compensate for the limitations of Adjusted EBITDA by providing investors with financial statements prepared according to GAAP, along with this detailed discussion of Adjusted EBITDA and a reconciliation to Adjusted EBITDA from consolidated net earnings attributable to common stockholders. Annualized Estimated NOI for the properties in our Development Portfolio is based on current TEI multiplied by the Estimated Weighted Average Stabilized Yield. Net termination fees generally represent the gross fee negotiated at the time a customer is allowed to terminate its lease agreement. The termination fee is offset by that customer's rent leveling asset or liability and fair value lease asset or liability write off, if any, that has been previously recognized. Removing the net termination fees from rental income allows for the calculation of Adjusted Cash NOI (Actual) to include only rental income that is indicative of the property's recurring operating performance. Actual NOI for properties that were contributed or sold during the three-month period is removed. Straight-line rents, free rent and amortization of lease intangibles (above and below market leases) are removed from the rental income of our Operating Portfolio to allow for the calculation of a cash yield. Actual NOI and related adjustments are calculated in local currency and translated at the period end rate to allow for consistency with other assets and liabilities as of the reporting date. Adjusted Cash NOI (Pro forma) is a non-GAAP financial measure and consists of Adjusted Cash NOI (Actual) for the properties in our Operating Portfolio adjusted to reflect NOI for a full quarter for operating properties that were acquired or stabilized during the quarter. Rental revenues $2,054,200 Rental expenses (484,635) NOI 1,569,565 Net termination fees and adjustments (a) (1,676) Less: actual NOI for Development Portfolio and Other Real Estate Investments and other (81,531) Less: Net Property Management Income (43,302) Less: properties contributed or sold (b) 286 Less: noncontrolling interests share of NOI less termination fees and adjustments (81,480) Prologis Share of adjusted NOI for consolidated Operating Portfolio at September 30, 2025 $1,361,862 Straight-line rents (c) (70,873) Free rent (c) 59,862 Amortization of lease intangibles (c) (71,696) Net Property Management Income 43,302 Effect of foreign currency exchange (d) 138 Less: noncontrolling interests (512) Third Quarter Adjusted Cash NOI (Actual) $1,322,083

------

![Slide 40](pld-ex99_1s40.jpg)

Notes and Definitions (continued) Assets Under Management ("AUM") represents the estimated fair value of the real estate we own or manage through both our consolidated and unconsolidated entities. We calculate AUM by adding Investment Capacity and the third-party investors' share of the estimated fair value of the assets in the co-investment ventures to Enterprise Value. Business Line Reporting is a non-GAAP financial measure. Core FFO and development gains are generated by our three lines of business: (i) real estate operations; (ii) strategic capital; and (iii) development. The real estate operations line of business represents total Prologis Core FFO, less the amount allocated to the strategic capital line of business. The amount of Core FFO allocated to the strategic capital line of business represents the third-party share of asset management fees and transactional fees that we earn from our consolidated and unconsolidated co-investment ventures less costs directly associated with our strategic capital group and Net Promote Income (Expense). Realized development gains include our share of gains on dispositions of development properties and land, net of taxes. To calculate the per share amount, the amount generated by each line of business is divided by the weighted average diluted common shares outstanding used in our Core FFO per share calculation. Management believes evaluating our results by line of business is a useful supplemental measure of our operating performance because it helps the investing public compare the operating performance of Prologis' respective businesses to other companies' comparable businesses. Prologis' computation of FFO by line of business may not be comparable to that reported by other real estate companies as they may use different methodologies in computing such measures. Calculation of Per Share Amounts Three Months Ended Nine Months Ended Sep. 30, Sep. 30, in thousands, except per share amount 2025 2024 2025 2024 Net earnings Net earnings attributable to common stockholders $762,897 $1,004,267 $1,924,122 $2,448,375 Noncontrolling interest attributable to exchangeable limited partnership units 18,781 25,130 47,592 61,851 Adjusted net earnings attributable to common stockholders - Diluted $781,678 $1,029,397 $1,971,714 $2,510,226 Weighted average common shares outstanding - Basic 928,851 926,427 928,186 926,017 Incremental weighted average effect on exchange of limited partnership units 22,809 23,191 22,958 23,424 Incremental weighted average effect of equity awards 4,943 4,195 4,680 4,089 Weighted average common shares outstanding - Diluted 956,603 953,813 955,824 953,530 Net earnings per share - Basic $0.82 $1.08 $2.07 $2.64 Net earnings per share - Diluted $0.82 $1.08 $2.06 $2.63 Three Months Ended Nine Months Ended Sep. 30, Sep. 30, in thousands, except per share amount 2025 2024 2025 2024 Core FFO Core FFO attributable to common stockholders/ unitholders $1,425,630 $1,366,611 $4,177,643 $3,870,277 Noncontrolling interest attributable to exchangeable limited partnership units 273 299 825 863 Core FFO attributable to common stockholders/ unitholders - Diluted $1,425,903 $1,366,910 $4,178,468 $3,871,140 Net Promote Income (Expense) (12,268) (16,904) (36,598) (50,960) Core FFO attributable to common stockholders/ unitholders, excluding Net Promote Income (Expense) - Diluted $1,438,171 $1,383,814 $4,215,066 $3,922,100 Weighted average common shares outstanding - Basic 928,851 926,427 928,186 926,017 Incremental weighted average effect on exchange of limited partnership units 22,909 23,332 23,223 23,434 Incremental weighted average effect of equity awards 4,943 4,195 4,680 4,089 Weighted average common shares outstanding - Diluted 956,703 953,954 956,089 953,540 Core FFO per share - Diluted $1.49 $1.43 $4.37 $4.06 Core FFO per share, excluding Net Promote Income (Expense) - Diluted $1.50 $1.45 $4.41 $4.11 Covered Land Plays are income generating assets acquired with the intention to redevelop for higher and better use as industrial properties. These assets may be included in our Operating Portfolio, Value-Added Properties or other real estate investments. Debt Covenants are calculated in accordance with the respective debt agreements and may be different than other covenants or metrics presented. They are not calculated in accordance with the applicable Securities Exchange Commission rules. Please refer to the respective agreements for full financial covenant descriptions. Debt covenants as of the period end were as follows: Debt Metrics. We evaluate the following debt metrics to monitor the strength and flexibility of our capital structure and evaluate the performance of our management. Investors can utilize these metrics to make a determination about our ability to service or refinance our debt. See below for the calculations. Indenture Global Line Covenant Actual Covenant Actual Leverage ratio <60% 32.4 % <60% 24.7 % Fixed charge coverage ratio >1.5x 6.7x >1.5x 8.1x Secured debt leverage ratio <40% 0.3 % <40% 0.2 % Unencumbered asset to unsecured debt ratio >150% 279.8 % N/A N/A Unencumbered debt service coverage ratio N/A N/A >150% 786.8 %

------

![Slide 41](pld-ex99_1s41.jpg)

Notes and Definitions (continued) Refer to page 9 for a reconciliation to Adjusted EBITDA from Consolidated Net Earnings Attributable to Common Stockholders. Prologis Share of gains on dispositions of development properties and land for the trailing 12 months was $351.5 million and $369.6 million for the current quarter and the previous quarter, respectively. Development Portfolio includes industrial and non-industrial properties, data centers, yards and parking lots that are under development and properties that are developed but have not met Stabilization. At September 30, 2025, total TEI for yards, parking lots, data centers and non-industrial assets was $1.2 billion and $1.1 billion on an Owned and Managed and Prologis Share basis, respectively. We do not disclose square footage for yards and parking lots. Enterprise Value equals our Market Equity plus our share of total debt. Estimated Build Out (TEI and sq ft) represents the estimated TEI and finished square feet available for lease upon completion of an industrial building on existing parcels of land. Estimated Value Creation represents the value that we expect to create through our development and leasing activities. We calculate Estimated Value Creation by estimating the Stabilized NOI that the property will generate and applying a stabilized capitalization rate applicable to that property. Estimated Value Creation is calculated as the amount by which the value exceeds our TEI, including closing costs and taxes, if any, and does not include any fees or promotes we may earn. Three Months Ended Sep. 30, Jun. 30, dollars in thousands 2025 2025 Debt as a % of gross real estate assets: Consolidated debt $35,302,901 $34,666,551 Unamortized deferred financing costs and discount, net 557,746 566,938 Consolidated debt (at par) 35,860,647 35,233,489 Noncontrolling interests share of consolidated debt (at par) (21,008) (20,203) Prologis Share of unconsolidated debt (at par) 4,829,061 4,823,451 Total Prologis Share of debt (at par) 40,668,700 40,036,737 Prologis Share of outstanding foreign currency derivatives 2,516 33,975 Consolidated cash and cash equivalents (1,186,022) (1,066,081) Noncontrolling interests share of consolidated cash and cash equivalents 36,101 36,232 Prologis Share of unconsolidated cash and cash equivalents (252,765) (288,518) Total Prologis Share of debt, net of adjustments $39,268,530 $38,752,345 Consolidated gross investments in real estate 95,037,476 94,332,511 Investments in and advances to other unconsolidated ventures 812,567 796,742 Assets held for sale or contribution 358,851 253,331 Acquired intangible liabilities, net of assets (901,559) (941,166) Consolidated gross real estate assets 95,307,335 94,441,418 Noncontrolling interests share of consolidated gross real estate assets (4,037,004) (3,998,202) Prologis Share of unconsolidated gross real estate assets 18,534,150 18,503,202 Total Prologis Share of gross real estate assets $109,804,481 $108,946,418 Debt as a % of gross real estate assets 35.8 % 35.6 % Debt as a % of gross Market Capitalization: Total Prologis Share of debt, net of adjustments $39,268,530 $38,752,345 Total outstanding common stock and limited partnership units 950,718 950,352 Share price at quarter end $114.52 $105.12 Total equity capitalization $108,876,225 $99,901,002 Total Prologis Share of debt, net of adjustments 39,268,530 38,752,345 Gross Market Capitalization $148,144,755 $138,653,347 Debt as a % of gross Market Capitalization 26.5 % 27.9 % Secured debt as a % of gross real estate assets: Consolidated secured debt (at par) $315,403 $319,210 Noncontrolling interests share of consolidated secured debt (at par) (16,921) (17,020) Prologis Share of unconsolidated secured debt (at par) 247,112 248,928 Total Prologis Share of secured debt (at par) $545,594 $551,118 Total Prologis Share of gross real estate assets $109,804,481 $108,946,418 Secured debt as a % of gross real estate assets 0.5 % 0.5 % Unencumbered gross real estate assets to unsecured debt: Consolidated unencumbered gross real estate assets $94,581,546 $93,712,203 Noncontrolling interests share of consolidated unencumbered gross real estate assets (3,977,056) (3,938,535) Prologis Share of unconsolidated unencumbered gross real estate assets 17,983,677 17,951,293 Total Prologis Share of unencumbered gross real estate assets $108,588,167 $107,724,961 Consolidated unsecured debt (at par) 35,545,244 34,914,279 Noncontrolling interests share of consolidated unsecured debt (at par) (4,087) (3,183) Prologis Share of unconsolidated unsecured debt (at par) 4,581,949 4,574,523 Total Prologis Share of unsecured debt (at par) $40,123,106 $39,485,619 Unencumbered gross real estate assets to unsecured debt 270.6 % 272.8 % Three Months Ended Sep. 30, Jun. 30, dollars in thousands 2025 2025 Fixed Charge Coverage ratio: Adjusted EBITDA (a) $1,867,706 $1,789,332 Adjusted EBITDA-annualized including trailing 12 months of development gains and other and excluding Net Promote Income (Expense) (b) $7,755,071 $7,584,541 Net Promote Income (Expense) for the trailing 12 months 46,076 41,440 Adjusted EBITDA-annualized $7,801,147 $7,625,981 Pro forma adjustment annualized (5,412) (9,924) Adjusted EBITDA, including NOI from disposed properties, annualized $7,795,735 $7,616,057 Interest expense $258,274 $251,866 Amortization and write-off of deferred loan costs (7,459) (7,861) Amortization of debt discount, net (14,234) (14,061) Capitalized interest 25,701 26,267 Preferred stock dividends 1,369 1,505 Noncontrolling interests share of consolidated fixed charges (426) (431) Prologis Share of unconsolidated fixed charges 43,400 42,572 Total Prologis Share of fixed charges $306,625 $299,857 Total Prologis Share of fixed charges, annualized $1,226,500 $1,199,428 Fixed charge coverage ratio 6.4x 6.3x Debt to Adjusted EBITDA: Total Prologis Share of debt, net of adjustments $39,268,530 $38,752,345 Adjusted EBITDA-annualized $7,801,147 $7,625,981 Debt to Adjusted EBITDA ratio 5.0x 5.1x

------

![Slide 42](pld-ex99_1s42.jpg)

Notes and Definitions (continued) Estimated Weighted Average Margin is calculated on development properties as Estimated Value Creation, less estimated closing costs and taxes, if any, on properties expected to be sold or contributed, divided by TEI. Estimated Weighted Average Stabilized Yield is calculated on the properties in the Development Portfolio as Stabilized NOI divided by TEI. The yields on a Prologis Share basis were as follows: Pre-Stabilized Developments 2025 Expected Completion 2026 and Thereafter Expected Completion Total Development Portfolio U.S. 6.3 % 6.6 % 7.0 % 6.8 % Other Americas 7.6 % 7.5 % 7.5 % 7.6 % Europe 5.4 % 6.4 % 5.5 % 5.5 % Asia 4.9 % 7.5 % 5.1 % 5.1 % Total 6.4 % 6.6 % 6.4 % 6.4 % Fee Related Earnings ("FRE") is a non-GAAP financial measure and component of NAV. It is used to assess the performance of our strategic capital business and enables management and investors to estimate the corresponding fair value. FRE is calculated as the third-party share of asset management fees and transactional fees from our consolidated and unconsolidated co-investment ventures and other ventures, net of direct and allocated related expenses. As non-GAAP financial measures, FRE has certain limitations as an analytical tool and may vary among real estate and asset management companies. As a result, we provide a reconciliation of Strategic Capital Revenues (from our Consolidated Financial Statements prepared in accordance with U.S. GAAP) to our FRE measure, as follows: Three Months Ended Nine Months Ended in thousands Sep. 30, 2025 Strategic capital revenues $150,351 $438,652 Less: Strategic capital revenue from property management fees (36,988) (109,378) Less: Prologis Share of asset management fees and transactional fees from unconsolidated entities (22,491) (65,807) Add: Third-party share of asset management fees and transactional fees from consolidated ventures 11,884 35,755 Effect of foreign currency exchange 110 2,260 Third-party share of fee related and promote revenue $102,866 $301,482 Less: Promote revenue (1,245) (1,306) Fee related revenue $101,621 $300,176 Less: Strategic capital expenses for asset management fees and transactional fees (34,185) Fee Related Earnings $67,436 Fee Related Earnings Annualized utilizes the components of the current quarter FRE to calculate an estimated annual FRE amount. FRE annualized is calculated as the current quarter third-party share of asset management fees from consolidated and unconsolidated co-investment ventures multiplied by four plus the third-party share of transactional fees from consolidated and unconsolidated co-investment ventures for the trailing twelve months. This total is reduced by trailing twelve months of strategic capital expenses for asset management and transactional fees. FFO, as modified by Prologis attributable to common stockholders/unitholders ("FFO, as modified by Prologis"); Core FFO attributable to common stockholders/unitholders ("Core FFO"); AFFO attributable to common stockholders/unitholders ("AFFO"); (collectively referred to as "FFO"). FFO is a non-GAAP financial measure that is commonly used in the real estate industry, with net earnings as the most directly comparable GAAP measure. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as earnings computed under GAAP to exclude depreciation and gains and losses from sales net of any related tax, along with impairment charges, of previously depreciated properties. This measure excludes the gains on revaluation of equity investments upon acquisition of a controlling interest and the gain recognized from a partial sale of our investment, as these are similar to gains from the sales of previously depreciated properties. This measure excludes similar adjustments from our unconsolidated entities and the third parties' share of our consolidated ventures. Our FFO Measures Our FFO measures begin with NARElT's definition, with certain adjustments to calculate FFO, as modified by Prologis, and Core FFO, both as defined below, to reflect our business and execution of our management strategy. While these adjustments are subject to significant fluctuations from period to period, with both positive and negative short-term impacts, the removal of the effects of these items enhances our understanding of the core operating performance of our properties over the long term. We use FFO, as modified by Prologis, so that management, analysts and investors are able to evaluate our performance against other REITs that do not have similar operations or operations in jurisdictions outside the U.S. We use both Core FFO and AFFO to (i) assess our operating performance as compared to other real estate companies; (ii) evaluate our performance and the performance of our properties in comparison with expected results and results of previous periods; (iii) evaluate the performance of our management; (iv) budget and forecast future results to assist in the allocation of resources; and (v) evaluate how a specific potential investment will impact our future results. We calculate our FFO measures based on our proportionate ownership share of both our unconsolidated entities and consolidated ventures. We reflect our share of our FFO measures for unconsolidated entities by applying our average ownership percentage for the period to the applicable adjustments on an entity-by-entity basis. We reflect our share for consolidated ventures in which we do not own 100% of the equity by removing the noncontrolling interests share of the applicable adjustments based on our average ownership percentage for the applicable periods. FFO, as modified by Prologis To arrive at FFO, as modified by Prologis, we adjust the NAREIT defined FFO measure to exclude: deferred income tax benefits and deferred income tax expenses recognized by our subsidiaries; current income tax expense related to acquired tax liabilities that were recorded as deferred tax liabilities in an acquisition, to the extent the expense is offset with a deferred income tax benefit in earnings that is excluded from our defined FFO measure; and foreign currency exchange gains and losses resulting from (a) debt transactions between us and our foreign entities; (b) third-party debt that is used to hedge our investment in foreign entities; (c) derivative financial instruments related to any such debt transactions; and (d) mark-to-market adjustments associated with derivative and other financial instruments.

------

![Slide 43](pld-ex99_1s43.jpg)

Notes and Definitions (continued) Core FFO To arrive at Core FFO, we adjust FFO, as modified by Prologis, to exclude the following: gains or losses from the disposition of land and development properties that were developed with the intent to contribute or sell; income tax expense related to the sale of investments in real estate; impairment charges recognized related to our investments in real estate generally as a result of our change in intent to contribute or sell these properties; and gains or losses from the early extinguishment of debt and redemption and repurchase of preferred stock. AFFO To arrive at AFFO, we adjust Core FFO to include realized gains from the disposition of land and development properties, net of current tax expense, and recurring capital expenditures and exclude the following items that we recognize directly in Core FFO: straight-line rents; amortization of above- and below-market lease intangibles; amortization of management contracts; amortization of debt premiums and discounts and financing costs, net of amounts capitalized; and stock compensation amortization expense. Limitations on the use of our FFO measures While we believe our modified FFO measures are important supplemental measures, neither NAREIT's nor our measures of FFO should be used alone because they exclude significant components of net earnings computed under GAAP and are, therefore, limited as an analytical tool. We do not use NAREIT's nor our measures of FFO as alternatives to net earnings computed under GAAP or as alternatives to cash from operating activities computed under GAAP or as indicators of our ability to fund our cash needs. We compensate for the limitations by using our FFO measures only in conjunction with net earnings computed under GAAP when making our decisions. This information should be read with our complete Consolidated Financial Statements prepared under GAAP. To assist investors in compensating for these limitations, we reconcile our modified FFO measures from consolidated net earnings attributable to common stockholders. General and Administrative Expenses ("G&A"). Our property management personnel perform the property-level management of the properties in our owned and managed portfolio, which include properties we consolidate and those we manage that are owned by the unconsolidated co-investment ventures. We allocate the costs of our property management function to the properties we consolidate (included in Rental Expenses) and the properties owned by the unconsolidated co-investment ventures (included in Strategic Capital Expenses) by using the square feet owned by the respective portfolios. Strategic Capital Expenses also include the direct expenses associated with the asset management of the unconsolidated co-investment ventures provided by our employees who are assigned to our strategic capital segment as well as promote expenses. We do not allocate indirect costs to Strategic Capital Expenses. We capitalize certain costs directly related to our development. Capitalized G&A expenses include salaries and related costs as well as other G&A costs. The capitalized costs were as follows: Three Months Ended Nine Months Ended Sep. 30, Sep. 30, in thousands 2025 2024 2025 2024 Building and land development activities $29,002 $31,253 $84,787 $103,280 Operating building improvements and other 15,115 13,267 43,609 42,158 Total capitalized G&A $44,117 $44,520 $128,396 $145,438 G&A as a Percent of Assets Under Management (dollars in thousands) Adjusted G&A (trailing twelve months): Net G&A $434,958 Add: strategic capital expenses (excluding promote expense) 206,271 Less: strategic capital property management expenses (83,729) Adjusted G&A $557,500 Gross book value at period end (a): Operating properties $142,158,581 Development portfolio - TEI 5,109,136 Land portfolio 5,321,730 Other real estate investments and assets held for sale 8,931,683 Total value of assets under management $161,521,130 G&A as % of assets under management 0.35 % (a) This does not represent enterprise value Guidance. The following is a reconciliation of our annual guided Net Earnings per share to our guided Core FFO per share: Low High Net earnings attributable to common stockholders (a) $3.40 $3.50 Our share of: Depreciation and amortization 3.05 3.08 Net gains on real estate transactions, net of taxes (0.85) (0.95) Unrealized foreign currency losses (gains), losses (gains) on early extinguishment of debt and other, net 0.18 0.18 Core FFO attributable to common stockholders/unitholders $5.78 $5.81 Less: Net Promote Expense (Income) 0.05 0.05 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense) $5.83 $5.86 Earnings guidance includes potential future gains recognized from real estate transactions, but excludes future foreign currency or derivative gains or losses as these items are difficult to predict. IBI Activity Index is a seasonally-adjusted diffusion index based on a monthly survey of business activity from a geographically-diverse group of respondents across the U.S. Readings greater than 50 reflect growth in activity. These are proprietary metrics for the U.S. Prologis portfolio.

------

![Slide 44](pld-ex99_1s44.jpg)

Notes and Definitions (continued) Three Months Ended Nine Months Ended Sep. 30, Sep. 30, in thousands 2025 2024 2025 2024 Current income tax expense $57,090 $10,517 $119,639 $70,566 Current income tax expense (benefit) on dispositions 2,757 2,001 4,632 7,306 Total current income tax expense (benefit) 59,847 12,518 124,271 77,872 Deferred income tax expense (benefit) (5,312) (8,304) (2,948) 2,201 Total income tax expense (benefit) $54,535 $4,214 $121,323 $80,073 Income Taxes. Three Months Ended Nine Months Ended Sep. 30, Sep. 30, in thousands 2025 2024 2025 2024 Gross interest expense $262,282 $233,691 $752,770 $656,315 Amortization of debt discounts, net 14,234 13,753 42,061 38,464 Amortization of finance costs 7,459 6,581 22,389 19,982 Interest expense before capitalization 283,975 254,025 817,220 714,761 Capitalized amounts (25,701) (23,912) (75,329) (83,061) Interest Expense $258,274 $230,113 $741,891 $631,700 Interest Expense. Investment Capacity is our estimate of the gross real estate that could be acquired by our co-investment ventures through the use of existing equity commitments, less any unpaid redemption requests, assuming a midpoint of the target leverage range of the ventures. Lease Negotiation Gestation is the measurement of the number of days between the first proposal exchange with the prospective customer and the final lease signing, including lease terms less than twelve months. This is for new leases in our Operating Portfolio only and excludes renewals. Lease Proposals are the total initial proposals sent to prospective customers in our Operating Portfolio, measured by net rentable area in square feet. Proposals as a percent of available net rentable area refers to proposals on units vacant or expiring in the next twelve months. Includes proposals with lease terms less than twelve months, as well as customer expansions and renewals. Market Capitalization equals Market Equity, less liquidation preference of the preferred shares/units, plus our share of total debt. Market Equity equals outstanding shares of common stock and units multiplied by the closing stock price plus the liquidation preference of the preferred shares/units. Net Asset Value ("NAV"). We consider NAV to be a useful supplemental measure of our operating performance because it enables both management and investors to estimate the fair value of our business. The assessment of the fair value of a particular line of our business is subjective in that it involves estimates and can be calculated using various methods. Therefore, we have presented the financial results and investments related to our business components that we believe are important in calculating our NAV but we have not presented any specific methodology nor provided any guidance on the assumptions or estimates that should be used in the calculation. The components of NAV do not consider the potential changes in rental and fee income streams or the franchise value associated with our global operating platform, strategic capital platform or development platform. Net Effective Rent is calculated at the beginning of the lease using estimated total cash base rent to be received over the term and annualized, and excludes fair value lease amortization from acquisitions. Amounts derived in a currency other than the U.S. dollar have been translated using the average rate from the previous twelve months. The per square foot number is calculated by dividing the Net Effective Rent by the occupied square feet of the lease. Net Operating Income ("NOI") is a non-GAAP financial measure used to evaluate our operating performance and represents rental revenue less rental expenses. For our consolidated properties, it is calculated directly from our Consolidated Financial Statements as Rental Revenue less Rental Expenses. Net Promote Income (Expense) is promote revenue earned from third-party investors during the period, net of related cash and stock compensation expenses, and taxes and foreign currency derivative gains and losses, if applicable. Net Property Management Income represents property management fees less the actual costs of providing property management services. Non-GAAP Pro-Rata Financial Information. This information includes non-GAAP financial measures. The Prologis Share of unconsolidated co-investment ventures are derived on an entity-by-entity basis by applying our ownership percentage to each line item in the GAAP financial statements of these ventures to calculate our share of that line item. For purposes of balance sheet data, we use our ownership percentage at the end of the period and for operating information we use our average ownership percentage during the period consistent with how we calculate our share of net earnings (loss) during the period for our consolidated financial statements. We use a similar calculation to derive the noncontrolling interests share of each line item in our consolidated financial statements. We believe this form of presentation offers insights into the financial performance and condition of our company as a whole, given the significance of our co-investment ventures that are accounted for either under the equity method or consolidated with the third parties' share included in noncontrolling interests, although the presentation of such information may not accurately depict the legal and economic implications of holding a noncontrolling interest in the co-investment venture. Other companies may calculate their proportionate interest differently than we do, limiting the usefulness as a comparative measure. We do not control the unconsolidated co-investment ventures for purposes of GAAP and the presentation of the assets and liabilities and revenues and expenses do not represent a legal claim to such items. The operating agreements of the unconsolidated co-investment ventures generally provide that investors, including Prologis, may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale, or (3) upon liquidation of the venture. The amount of cash each investor receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each investor and whether any contributions are entitled to priority distributions. Upon liquidation of the co-investment venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the investors generally would be entitled to any residual cash remaining based on their respective legal ownership percentages. Because of these limitations, the Non-GAAP Pro-Rata Financial Information should not be considered in isolation or as a substitute for our consolidated financial statements as reported under GAAP.

------

![Slide 45](pld-ex99_1s45.jpg)

Notes and Definitions (continued) Non-Strategic Assets are industrial properties, which we acquired primarily through Merger and Acquisition ("M&A") transactions, that we do not intend to hold long-term. These industrial properties are classified as other real estate Investments. Operating Portfolio represents industrial properties in our Owned and Managed portfolio that have reached Stabilization. Assets held for sale, Non-Strategic Assets and non-industrial assets are excluded from the portfolio. NOI of our Operating Portfolio excludes net termination fees and adjustments. Prologis Share of NOI includes NOI for the properties contributed to or acquired from co-investment ventures at our actual share prior to and subsequent to change in ownership. The U.S. markets not presented consist of Austin, Charlotte, Columbus, Denver, Louisville, Portland, Raleigh-Durham, Reno, San Antonio, Savannah and Tampa. The European countries not presented consist of Belgium, Czech Republic, Hungary, Italy, Poland, Slovakia, Spain and Sweden. Owned and Managed represents the consolidated properties as well as properties owned by our unconsolidated co-investment ventures, which we manage. Prologis Share represents our proportionate economic ownership of each entity, or property included in our total Owned and Managed portfolio, whether consolidated or unconsolidated. Rental Revenues. Three Months Ended Nine Months Ended Sep. 30, Sep. 30, in thousands 2025 2024 2025 2024 Rental revenues $1,450,801 $1,329,367 $4,221,630 $3,865,758 Rental recoveries 438,473 397,298 1,311,976 1,232,126 Amortization of lease intangibles 79,647 97,542 254,026 300,085 Straight-lined rents 85,279 72,957 279,165 179,229 Rental Revenues $2,054,200 $1,897,164 $6,066,797 $5,577,198 We evaluate the performance of the operating properties we own and manage using a "same store" analysis because the population of properties in this analysis is consistent from period to period, which allows us and investors to analyze our ongoing business operations. We determine our same store metrics on property NOI, which is calculated as rental revenue less rental expense for the applicable properties in the same store population for both consolidated and unconsolidated properties based on our ownership interest, as further defined below. We define our same store population for the three months ended September 30, 2025 as the properties in our Owned and Managed Operating Portfolio, including the property NOI for both consolidated properties and properties owned by the unconsolidated co-investment ventures at January 1, 2024 and owned throughout the same three-month period in both 2024 and 2025. We believe the drivers of property NOI for the consolidated portfolio are generally the same for the properties owned by the ventures in which we invest and therefore we evaluate the same store metrics of the Owned and Managed portfolio based on Prologis' ownership in the properties ("Prologis Share"). The same store population excludes properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the period (January 1, 2024) and properties acquired or disposed of to third parties during the periods. To derive an appropriate measure of period- to-period operating performance, we remove the effects of foreign currency exchange rate movements by using the reported period-end exchange rate to translate from local currency into the U.S dollar, for both periods. As non-GAAP financial measures, the same store metrics have certain limitations as an analytical tool and may vary among real estate companies. As a result, we provide a reconciliation of Rental Revenues less Rental Expenses ("Property NOI") (from our Consolidated Financial Statements prepared in accordance with U.S GAAP) to our Same Store Property NOI measures, as follows: Rent Change (Cash) represents the percentage change in starting rental rates per the lease agreement, on new and renewed leases, commenced during the period compared with the previous ending rental rates in that same space. This measure excludes any short-term leases of less than one-year, holdover payments, free rent periods and introductory (teaser rates) defined as 50% or less of the stabilized rate. Rent Change (Net Effective) represents the percentage change in net effective rental rates (average rate over the lease term), on new and renewed leases, commenced during the period compared with the previous net effective rental rates for the same respective spaces. This measure excludes any short-term leases of less than one year and holdover payments. Retention is the square footage of all leases commenced during the period that are rented by existing tenants divided by the square footage of all expiring leases during the reporting period. The square footage of tenants that default or buy-out prior to expiration of their lease and short-term leases of less than one year, are not included in the calculation. Same Store. Our same store metrics are non-GAAP financial measures, which are commonly used in the real estate industry and expected from the financial community, on both a net effective and cash basis.

------

![Slide 46](pld-ex99_1s46.jpg)

Notes and Definitions (continued) We exclude properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the periods and properties acquired or disposed of to third parties during the periods. We also exclude one-time items due to early lease terminations, including termination fees received from customers and the write-off of related lease assets and liabilities, that are not indicative of the property's recurring operating performance in order to evaluate the growth or decline in each property's rental revenues. Same Store Property NOI is adjusted to include an allocation of property management expenses for our consolidated properties based on the property management services provided to each property (generally, based on a percentage of revenues). On consolidation, these amounts are eliminated and the actual costs of providing property management and leasing services are recognized as part of our consolidated rental expense. We include the Property NOI for the same store portfolio for both consolidated properties and properties owned by the co-investment ventures based on our investment in the underlying properties. In order to calculate our share of Same Store Property NOI from the co-investment ventures in which we own less than 100%, we use the co-investment ventures' underlying Property NOI for the same store portfolio and apply our ownership percentage at September 30, 2025 to the Property NOI for both periods, including the properties contributed during the periods. We adjust the total Property NOI from the same store portfolio of the co-investment ventures by subtracting the third parties' share of both consolidated and unconsolidated co-investment ventures. During the periods presented, certain wholly owned properties were contributed to a co-investment venture and are included in the same store portfolio. Neither our consolidated results nor those of the co-investment ventures, when viewed individually, would be comparable on a same store basis because of the changes in composition of the respective portfolios from period to period (e.g. the results of a contributed property are included in our consolidated results through the contribution date and in the results of the venture subsequent to the contribution date based on our ownership interest at the end of the period). As a result only line items labeled "Prologis Share of Same Store Property NOI" are comparable period over period. We further remove certain noncash items (straight-line rent and fair value lease amortization) included in the financial statements prepared in accordance with U.S. GAAP to reflect a Same Store Property NOI - Cash measure. We manage our business and compensate our executives based on the same store results of our Owned and Managed portfolio at 100% as we manage our portfolio on an ownership blind basis. We calculate those results by including 100% of the properties included in our same store portfolio. Same Store Average Occupancy represents the average occupied percentage of the Same Store portfolio for the period. Space Utilization is our customer's assessment of their utilization of their unit on a scale of 0-100% and is based on a monthly survey of a geographically-diverse group of respondents across the U.S portfolio. Stabilization is defined as the earlier of when a property that was developed has been completed for one year, is contributed to a co-investment venture following completion or is 90% occupied. Upon Stabilization, a property is moved into our Operating Portfolio. Stabilized NOI is equal to the estimated twelve months of potential gross rental revenue (base rent, including above or below market rents plus operating expense reimbursements) multiplied by 95% to adjust income to a stabilized vacancy factor of 5% minus estimated operating expenses. Total Expected Investment ("TEI") represents total estimated cost of development or expansion, including land, development and leasing costs. TEI is based on current projections and is subject to change. Turnover Costs represent the estimated obligations incurred in connection with the signing of a lease; including leasing commissions and tenant improvements and are presented for leases that commenced during the period. Tenant improvements include costs to prepare a space for a new tenant or a lease renewal with the current tenant. It excludes costs for a first generation lease (i.e. a new development property) and short-term leases of less than one year. Value-Added Properties are properties we have either acquired at a discount and believe we could provide greater returns post-stabilization or properties we expect to repurpose to higher uses. Weighted Average Interest Rate is based on the effective rate, which includes the amortization of related premiums and discounts and finance costs. Weighted Average Stabilized Capitalization ("Cap") Rate is calculated as Stabilized NOI divided by the Acquisition Price. Three Months Ended Sep. 30, dollars in thousands 2025 2024 Change (%) Reconciliation of Consolidated Property NOI to Same Store Property NOI measures: Rental revenues $2,054,200 $1,897,164 Rental expenses (484,635) (427,425) Consolidated Property NOI $1,569,565 $1,469,739 Adjustments to derive same store results: Property NOI from consolidated properties not included in same store portfolio and other adjustments (a) (221,195) (146,152) Property NOI from unconsolidated co-investment ventures included in same store portfolio (a)(b) 922,394 862,254 Third parties' share of Property NOI from properties included in same store portfolio (a)(b) (729,294) (702,105) Prologis Share of Same Store Property NOI - Net Effective (b) $1,541,470 $1,483,736 3.9 % Consolidated properties straight-line rent and fair value lease amortization included in the same store portfolio (c) (120,889) (132,304) Unconsolidated co-investment ventures straight-line rent and fair value lease amortization included in the same store portfolio (c) (31,569) (23,562) Third parties' share of straight-line rent and fair value lease amortization included in the same store portfolio (b)(c) 27,061 17,926 Prologis Share of Same Store Property NOI - Cash (b)(c) $1,416,073 $1,345,796 5.2 %

## Exhibit 99.2

![img206457342_0.jpg](img206457342_0.jpg)

# FOR IMMEDIATE RELEASE
**Prologis Reports Third Quarter 2025 Results**

*Record 62 million square feet of lease signings*

*Expands power capacity to support data center growth*

**SAN FRANCISCO (October 15, 2025)** – Prologis, Inc. (NYSE: PLD) today announced the following results for the quarter ended September 30, 2025, as compared to the corresponding period in 2024:

• Net earnings per diluted share was $0.82 and decreased 24.1%.

• Core funds from operations (Core FFO)\* per diluted share was $1.49 and increased 4.2%.

• Core FFO, excluding Net Promote Income (Expense)\* per diluted share was $1.50 and increased 3.4%.

"Our record leasing this quarter underscores the strength and resilience of our platform," said Hamid R. Moghadam, co-founder and CEO of Prologis. "With a solid pipeline, improving customer sentiment and limited new supply, the logistics market is setting up for the next inflection in rent and occupancy growth — one of the most compelling setups I've seen in 40 years."

"We are extending our leadership position in logistics to data centers, where we are investing to meet the growing power demands of digital infrastructure," said Dan Letter, president of Prologis. "With additional advanced power contracts, Prologis now has a 5.2-gigawatt allocation of utility-fed capacity secured or in advanced stages, which we expect to use to unlock significant data center opportunities."

**OPERATING PERFORMANCE** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Owned & Managed** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3Q25** |
| &nbsp;&nbsp;Average Occupancy | 94.8% |
| &nbsp;&nbsp;Period End Occupancy | 95.3% |
| &nbsp;&nbsp;Leases Commenced (Operating and Development Portfolio) | 65.6 MSF |
| &nbsp;&nbsp;Retention | 77.2% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Prologis Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3Q25** |
| &nbsp;&nbsp;Average Occupancy | 94.7% |
| &nbsp;&nbsp;Cash Same Store NOI\* | 5.2% |
| &nbsp;&nbsp;Net Effective Rent Change | 49.4%  |
| &nbsp;&nbsp;Cash Rent Change | 29.4%  |

---

**DEPLOYMENT ACTIVITY**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Prologis Share** | &nbsp;&nbsp;**3Q25** |
| &nbsp;&nbsp;Acquisitions | &nbsp;&nbsp;$48M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted avg stabilized cap rate *(excluding other real estate)* | &nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;Development Stabilizations | &nbsp;&nbsp;$604M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated weighted avg yield | &nbsp;&nbsp;6.7% |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated weighted avg margin | &nbsp;&nbsp;27.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated value creation | &nbsp;&nbsp;$169M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Build-to-suit | &nbsp;&nbsp;23.4% |
| &nbsp;&nbsp;Development Starts | &nbsp;&nbsp;$446M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated weighted avg yield | &nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated weighted avg margin | &nbsp;&nbsp;15.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated value creation | &nbsp;&nbsp;$67M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Build-to-suit | &nbsp;&nbsp;63.9% |
| &nbsp;&nbsp;Total Dispositions and Contributions | &nbsp;&nbsp;$71M |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted avg stabilized cap rate *(excluding land and other real estate)* | &nbsp;&nbsp;5.4% |

---

**BALANCE SHEET STRENGTH & LIQUIDITY**

During the quarter, the company:

• Issued, together with its co-investment ventures, an aggregate of $2.3 billion of debt at a weighted average interest rate of 4.2% and a weighted average term of 5.7 years.

As of quarter-end:

• Total available liquidity was approximately $7.5 billion.

• Debt-to-EBITDA\* was 5.0x and debt as a percentage of total market capitalization was 26.5%.

• The weighted average interest rate on the company's share of total debt was 3.2%, with a weighted average term of 8.3 years.

• Forecasted earnings for 2025, 2026 and 2027 are 98%, 99% and 98%, respectively, in USD or hedged through derivative contracts and 96% of Prologis' equity was in USD.

**2025 GUIDANCE** 

Prologis' guidance for net earnings is included in the table below as well as guidance for Core FFO\*, which are reconciled in our supplemental information.

## 2025 GUIDANCE
&nbsp;&nbsp;&nbsp;&nbsp;**Earnings (per diluted share) Previous Current** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net earnings attributable to common stockholders | $3.00 to $3.15 | $3.40 to $3.50 |
| &nbsp;&nbsp;Core FFO attributable to common stockholders/unitholders\* | $5.75 to $5.80 | $5.78 to $5.81 |
| &nbsp;&nbsp;Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)\* | $5.80 to $5.85 | $5.83 to $5.86 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**Operations - Prologis Share** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Average occupancy | 94.75% to 95.25% | 94.75% to 95.25% |
| &nbsp;&nbsp;Cash Same Store NOI\* | 4.25% to 4.75% | 4.75% to 5.25% |
| &nbsp;&nbsp;Net Effective Same Store NOI\* | 3.75% to 4.25% | 4.25% to 4.75% |

---

 **Strategic Capital (in millions)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Strategic Capital revenue, excluding promote revenue | $570 to $590 | $580 to $590 |
| &nbsp;&nbsp;Net Promote Income (Expense)<sup>1</sup> | $(50) | $(50) |

---

------

 **G&A (in millions) Previous Current** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;General & administrative expenses | $450 to $470 | $460 to $470 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**Capital Deployment - Prologis Share (in millions)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Development stabilizations | &nbsp;&nbsp;$1,900 to $2,300 | &nbsp;&nbsp;$1,900 to $2,300 |
| &nbsp;&nbsp;Development starts | &nbsp;&nbsp;$2,250 to $2,750 | &nbsp;&nbsp;$2,750 to $3,250 |
| &nbsp;&nbsp;Acquisitions | &nbsp;&nbsp;$1,000 to $1,250 | &nbsp;&nbsp;$1,250 to $1,500 |
| &nbsp;&nbsp;Contributions | &nbsp;&nbsp;$500 to $1,000 | &nbsp;&nbsp;$750 to $1,250 |
| &nbsp;&nbsp;Dispositions | &nbsp;&nbsp;$500 to $750 | &nbsp;&nbsp;$750 to $1,000 |
| &nbsp;&nbsp;Realized development gains | &nbsp;&nbsp;$150 to $250 | &nbsp;&nbsp;$150 to $250 |

---

1. Net promote expense relates to amortization of stock compensation issued to employees related to promote income recognized in prior periods.

This is a non-GAAP financial measure. See the Notes and Definitions in our supplemental information for further explanation and a reconciliation to the most directly comparable GAAP measure.

The earnings guidance described above includes potential gains recognized from real estate transactions but excludes any future or potential foreign currency or derivative gains or losses as our guidance assumes constant foreign currency rates. In reconciling from net earnings to Core FFO\*, Prologis makes certain adjustments, including but not limited to our share of real estate depreciation and amortization expense, gains (losses) recognized from real estate transactions and early extinguishment of debt, impairment charges, deferred taxes and unrealized gains or losses on foreign currency or derivative activity. The difference between the company's Core FFO\* and net earnings guidance relates predominantly to these items. Please refer to our quarterly Supplemental Information, which is available on our Investor Relations website at https://ir.prologis.com and on the SEC's website at www.sec.gov for a definition of Core FFO\* and other non-GAAP measures used by Prologis, along with reconciliations of these items to the closest GAAP measure for our results and guidance.

**October 15, 2025, CALL DETAILS****<br> The call will take place on Wednesday, October 15, 2025, at 9:00 a.m. PT/12:00 p.m. ET. To access a live broadcast of the call, please dial +1 (877) 897-2615 (toll-free from the United States and Canada) or +1 (201) 689-8514 (from all other countries). A live webcast can be accessed from the Investor Relations section of <u>www.prologis.com</u>.

A telephonic replay will be available October 16 – October 30 at +1 (877) 660-6853 (from the United States and Canada) or +1 (201) 612-7415 (from all other countries) using access code 13750493. The webcast replay will be posted in the Investor Relations section of <u>www.prologis.com</u> under "Events & Presentations."

**ABOUT PROLOGIS**<br> The world runs on logistics. At Prologis, we don't just lead the industry, we define it. We create the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. From agile supply chains to clean energy solutions, our ecosystems help your business move faster, operate smarter and grow sustainably. With unmatched scale, innovation and expertise, Prologis is a category of one–not just shaping the future of logistics but building what comes next. Learn more at Prologis.com.

## FORWARD-LOOKING STATEMENTS
The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities

------

Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," and "estimates" including variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future—including statements relating to rent and occupancy growth, acquisition and development activity, contribution and disposition activity, general conditions in the geographic areas where we operate, expectations regarding new lines of business, our debt, capital structure and financial position, our ability to earn revenues from co-investment ventures, form new co-investment ventures and the availability of capital in existing or new co-investment ventures—are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) international, national, regional and local economic and political climates and conditions; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties, including the integration of the operations of significant real estate portfolios; (v) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; (x) risks related to global pandemics; and (xi) those additional factors discussed in reports filed with the Securities and Exchange Commission by us under the heading "Risk Factors." We undertake no duty to update any forward-looking statements appearing in this document except as may be required by law.

## CONTACTS
**Investors:** <u>Prologis Investor Relations</u>

**Media:** <u>Prologis Corporate Communications</u>

------