# EDGAR Filing Document

**Accession Number:** 0001045609
**File Stem:** 0001193125-26-017256
**Filing Date:** 2026-1
**Character Count:** 137028
**Document Hash:** 48fe9a4e0a0716886fb2b34dc833de65
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-017256.hdr.sgml**: 20260121

**ACCESSION NUMBER**: 0001193125-26-017256

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20260121

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260121

**DATE AS OF CHANGE**: 20260121

**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:** 26544838

**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:** 26544839

**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):** January 21, 2026

![img181218490_0.jpg](img181218490_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.)

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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:

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| | | | |
|:---|:---|:---|:---|
|  | 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. | 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. ☐

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**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 January 21, 2026, Prologis, Inc., the general partner of Prologis, L.P., issued a press release announcing fourth 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 January 21, 2026.</u>](pld-ex99_1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2 [<u>Press release, dated January 21, 2026.</u>](pld-ex99_2.htm)

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

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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. |
| January 21, 2026 | 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., |
| January 21, 2026 | 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 |

---

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## Exhibit 99.1

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

Prologis Supplemental Information FOURTH QUARTER 2025 Unaudited Prologis Park Bottrop, Bottrop, Germany

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![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

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

$42.6B 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 December 31, 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 (121 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. 5,882 Buildings 1.3B Square Feet Europe 255M SF 9% of NOI\*(A) Asia 115M SF 1% of NOI\*(A) U.S. 802M SF 85% of NOI\*(A) Other Americas 128M SF 5% of NOI\*(A)

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

Company Profile Highlights OPERATIONS $6.7B in annual NOI\*(A) DEVELOPMENT $568M in value creationfrom stabilizations(C) GROSS AUM $230B PROLOGIS SHARE AUM $162B MARKET EQUITY $121B STRATEGIC CAPITAL $358M of fees and promotes(B) (D) (D) (D) \* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Q4 2025 Prologis Share of NOI of the Operating Portfolio annualized. Q4 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.

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![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 December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Rental and other revenues $2,099 $1,947 $8,198 $7,530 Strategic capital revenues 154 254 592 672 Total revenues 2,253 2,201 8,790 8,202 Net earnings attributable to common stockholders 1,398 1,277 3,322 3,726 Core FFO attributable to common stockholders/unitholders\* 1,384 1,435 5,561 5,305 AFFO attributable to common stockholders/unitholders\* 1,152 1,303 4,335 4,422 Adjusted EBITDA attributable to common stockholders/unitholders\* 2,002 2,112 7,431 7,162 Estimated value creation from development stabilizations - Prologis Share 95 298 568 773 Common stock dividends and common limited partnership unit distributions 968 917 3,866 3,667 Per common share - diluted: Net earnings attributable to common stockholders $1.49 $1.37 $3.56 $4.01 Core FFO attributable to common stockholders/unitholders\* 1.44 1.50 5.81 5.56 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)\* 1.46 1.42 5.86 5.53 Business line reporting: Real estate\* 1.39 1.34 5.58 5.25 Strategic capital\* 0.05 0.16 0.23 0.31 Core FFO attributable to common stockholders/unitholders\* 1.44 1.50 5.81 5.56 Realized development gains, net of taxes\* 0.18 0.29 0.23 0.45 Dividends and distributions per common share/unit 1.01 0.96 4.04 3.84 \* 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.

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![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.

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![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 101 Average 81 55.3 Average 57.7 54 Average 54 85.1% Average 85.4% Average 40% 35% Net rentable area of proposals Proposals as a % of available net rentable area \* Please see our Notes and Definitions for further explanation.

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

Guidance(A) Highlights dollars in millions, except per share amounts 2026 Guidance Low High Net earnings attributable to common stockholders(B) $3.70 $4.00 Core FFO attributable to common stockholders/unitholders\*(B) $6.00 $6.20 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)\*(B) $6.05 $6.25 Operations Average occupancy - Prologis Share 94.75 % 95.75 % Same store NOI - cash - Prologis Share\* 5.75 % 6.75 % Same store NOI - net effective - Prologis Share\* 4.25 % 5.25 % Other Assumptions Strategic capital revenue, excluding promote revenue $650 $670 Net Promote Income (Expense) $(50) $(50) General & administrative expenses $500 $520 Realized development gains $400 $600 Capital Deployment PROLOGIS SHARE OWNED AND MANAGED Low High Development stabilizations $2,250 $2,750 $2,500 $3,000 Development starts $3,000 $4,000 $4,000 $5,000 Acquisitions $1,000 $1,500 $2,000 $3,000 Dispositions $1,750 $2,250 $2,500 $3,000 Contributions $1,500 $2,000 $2,500 $3,000 Exchange Rates We have hedged the rates for the majority of our estimated 2026 Euro, Sterling and Yen Core FFO, effectively insulating 2026 results from FX movements in these currencies. For purposes of capital deployment and other metrics, we assumed effective rates for EUR, GBP and JPY of 1.18 ($/€), 1.35 ($/£) and 156.67 (¥/$), respectively. \* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Our guidance for 2026 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.

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

Consolidated Balance Sheets Financial Information in thousands December 31, 2025 September 30, 2025 December 31, 2024 Assets: Investments in real estate properties: Operating properties $80,561,020 $80,688,903 $78,279,353 Development portfolio 3,019,009 2,748,411 2,829,613 Land 4,888,153 5,095,671 4,453,522 Other real estate investments 6,661,174 6,504,491 5,683,688 95,129,356 95,037,476 91,246,176 Less accumulated depreciation 14,729,149 14,345,033 12,758,159 Net investments in real estate properties 80,400,207 80,692,443 78,488,017 Investments in and advances to unconsolidated entities 11,093,936 10,543,057 10,079,448 Assets held for sale or contribution 203,344 358,851 248,511 Net investments in real estate 91,697,487 91,594,351 88,815,976 Cash and cash equivalents 1,145,647 1,186,022 1,318,591 Other assets 5,881,122 5,560,768 5,194,342 Total assets $98,724,256 $98,341,141 $95,328,909 Liabilities and Equity: Liabilities: Debt $35,037,073 $35,302,901 $30,879,263 Accounts payable, accrued expenses and other liabilities 5,933,175 5,826,131 5,832,876 Total liabilities 40,970,248 41,129,032 36,712,139 Equity: Stockholders' equity 53,193,178 52,635,541 53,951,138 Noncontrolling interests 3,316,713 3,328,104 3,323,047 Noncontrolling interests - limited partnership unitholders 1,244,117 1,248,464 1,342,585 Total equity 57,754,008 57,212,109 58,616,770 Total liabilities and equity $98,724,256 $98,341,141 $95,328,909

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

Consolidated Statements of Income Financial Information Three Months Ended Twelve Months Ended December 31, December 31, in thousands, except per share amounts 2025 2024 2025 2024 Revenues: Rental $2,092,107 $1,937,507 $8,158,904 $7,514,705 Strategic capital 153,701 253,386 592,353 671,907 Development management and other 6,904 9,753 38,870 14,998 Total revenues 2,252,712 2,200,646 8,790,127 8,201,610 Expenses: Rental 503,222 438,468 1,964,137 1,765,385 Strategic capital 75,553 81,167 270,517 291,856 General and administrative 136,880 102,724 469,114 418,765 Depreciation and amortization 668,750 656,444 2,626,028 2,580,519 Other 15,950 7,673 46,029 47,044 Total expenses 1,400,355 1,286,476 5,375,825 5,103,569 Operating income before gains on real estate transactions, net $852,357 $914,170 $3,414,302 $3,098,041 Gains on dispositions of development properties and land, net 204,368 254,256 257,731 413,743 Gains on other dispositions of investments in real estate, net 569,753 252,830 685,831 904,136 Operating income $1,626,478 $1,421,256 $4,357,864 $4,415,920 Other income (expense): Earnings from unconsolidated entities, net 134,113 94,065 402,531 353,623 Interest expense (260,453) (232,232) (1,002,344) (863,932) Foreign currency, derivative and other gains (losses) and other income (expense), net 68,269 145,957 14,763 208,731 Gains (losses) on early extinguishment of debt, net (3,498) – (3,498) 536 Total other income (expense) (61,569) 7,790 (588,548) (301,042) Earnings before income taxes 1,564,909 1,429,046 3,769,316 4,114,878 Current income tax benefit (expense) (75,437) (67,910) (199,708) (145,782) Deferred income tax benefit (expense) (7,257) (18,960) (4,309) (21,161) Consolidated net earnings 1,482,215 1,342,176 3,565,299 3,947,935 Net earnings attributable to noncontrolling interests (49,020) (31,354) (156,064) (123,192) Net earnings attributable to noncontrolling interests - limited partnership units (33,412) (31,969) (81,004) (93,108) Net earnings attributable to controlling interests 1,399,783 1,278,853 3,328,231 3,731,635 Preferred stock dividends (1,556) (1,474) (5,882) (5,881) Net earnings attributable to common stockholders $1,398,227 $1,277,379 $3,322,349 $3,725,754 Weighted average common shares outstanding - Diluted 958,019 954,080 956,832 953,590 Net earnings per share attributable to common stockholders - Diluted $1.49 $1.37 $3.56 $4.01

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![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 Twelve Months Ended December 31, December 31, in thousands 2025 2024 2025 2024 Net earnings attributable to common stockholders $1,398,227 $1,277,379 $3,322,349 $3,725,754 Add (deduct) NAREIT defined adjustments: Real estate related depreciation and amortization 641,827 633,940 2,538,805 2,504,001 Gains on other dispositions of investments in real estate, net of taxes (excluding development properties and land) (569,806) (248,705) (684,854) (899,270) Adjustments related to noncontrolling interests 1,069 58 (47,819) (31,334) Our proportionate share of adjustments related to unconsolidated entities 128,407 162,573 551,044 495,448 NAREIT defined FFO attributable to common stockholders/unitholders\* $1,599,724 $1,825,245 $5,679,525 $5,794,599 Add (deduct) our modified adjustments: Unrealized foreign currency, derivative and other losses (gains), net (29,701) (129,109) 125,247 (68,095) Deferred income tax expense (benefit) 7,257 18,960 4,309 21,161 Adjustments related to noncontrolling interests (728) – (728) – Our proportionate share of adjustments related to unconsolidated entities (26,146) (3,379) (29,094) (7,038) FFO, as modified by Prologis attributable to common stockholders/unitholders\* $1,550,406 $1,711,717 $5,779,259 $5,740,627 Add (deduct) Core FFO defined adjustments: Gains on dispositions of development properties and land, net (204,368) (254,256) (257,731) (413,743) Current income tax expense (benefit) on dispositions 22,136 18,311 25,738 24,876 Losses (gains) on early extinguishment of debt, net 3,498 – 3,498 (536) Adjustments related to noncontrolling interests 11,448 6,166 14,944 6,244 Our proportionate share of adjustments related to unconsolidated entities 537 (47,276) (4,408) (52,529) Core FFO attributable to common stockholders/unitholders\* $1,383,657 $1,434,662 $5,561,300 $5,304,939 Add (deduct) AFFO defined adjustments: Gains on dispositions of development properties and land, net 204,368 254,256 257,731 413,743 Current income tax benefit (expense) on dispositions (22,136) (18,311) (25,738) (24,876) Straight-lined rents and amortization of lease intangibles (160,399) (174,317) (691,090) (644,606) Property improvements (114,819) (137,613) (327,355) (386,481) Turnover costs (148,620) (152,439) (562,197) (499,927) Amortization of debt discount, financing costs and management contracts, net 25,358 20,695 90,668 80,028 Stock compensation amortization expense 43,812 67,445 185,466 231,747 Adjustments related to noncontrolling interests 8,377 14,558 66,005 53,432 Our proportionate share of adjustments related to unconsolidated entities (68,077) (5,681) (219,746) (106,433) AFFO attributable to common stockholders/unitholders\* $1,151,521 $1,303,255 $4,335,044 $4,421,566

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

Reconciliations of Net Earnings to Adjusted EBITDA\* Financial Information Three Months Ended Twelve Months Ended December 31, December 31, in thousands 2025 2024 2025 2024 Net earnings attributable to common stockholders $1,398,227 $1,277,379 $3,322,349 $3,725,754 Gains on other dispositions of investments in real estate, net (excluding development properties and land) (569,753) (252,830) (685,831) (904,136) Depreciation and amortization expense 668,750 656,444 2,626,028 2,580,519 Interest charges 243,447 214,550 937,947 804,541 Current and deferred income tax expense, net 82,694 86,870 204,017 166,943 Net earnings attributable to noncontrolling interests - limited partnership units 33,412 31,969 81,004 93,108 NOI adjustments for real estate transactions (9,924) (16,970) 1,739 (4,043) Preferred stock dividends 1,556 1,474 5,882 5,881 Unrealized foreign currency, derivative and other losses (gains), net (29,701) (129,109) 125,247 (68,095) Stock compensation amortization expense 43,812 67,445 185,466 231,747 Losses (gains) on early extinguishment of debt, net 3,498 – 3,498 (536) Adjustments related to noncontrolling interests (31,359) (32,590) (129,343) (126,308) Our proportionate share of adjustments related to unconsolidated entities 167,572 206,904 752,702 656,825 Adjusted EBITDA attributable to common stockholders/unitholders\* $2,002,231 $2,111,536 $7,430,705 $7,162,200 \*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

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

95.8% 94.8% 94.8% 94.7% 95.2% Average occupancy - Prologis Share OCCUPANCY - OWNED AND MANAGED CUSTOMER RETENTION SAME STORE CHANGE OVER PRIOR YEAR - PROLOGIS SHARE\* RENT CHANGE - PROLOGIS SHARE Operations Overview 68.7% 64.5% 59.9% 55.0% 50.1% Trailing four quarters - net effective \*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

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

Operating Metrics – Owned and Managed Operations square feet in thousands Leasing Activity(A) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Square feet of leases commenced: Operating Portfolio: Renewals 31,676 42,136 36,528 42,720 27,581 New leases 11,284 21,115 13,906 19,631 14,712 Total Operating Portfolio 42,960 63,251 50,434 62,351 42,293 Properties under development 3,531 1,868 747 3,252 1,471 Total Square Feet of Leases Commenced 46,491 65,119 51,181 65,603 43,764 Total square feet of Operating Portfolio leases commenced, including leases greater than one month 52,315 70,648 59,237 70,227 51,686 Weighted average term of leases started (in months) 64 63 56 59 61 Operating Portfolio: Trailing four quarters - square feet of leases commenced 176,594 194,817 205,637 218,996 218,329 Trailing four quarters - average % of portfolio 15.2 % 16.6 % 17.4 % 18.3 % 18.1 % Rent change (net effective) 52.2 % 43.4 % 44.2 % 42.5 % 37.5 % Rent change (net effective) - Prologis Share 66.3 % 53.7 % 53.4 % 49.4 % 43.8 % Rent change (cash) 29.1 % 23.8 % 26.7 % 24.3 % 21.8 % Rent change (cash) - Prologis Share 40.1 % 32.1 % 34.8 % 29.4 % 27.3 % PERIOD ENDING OCCUPANCY U.S. Other Americas Europe Asia Amounts exclusive of leases of less than one year, unless otherwise noted.

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![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 ($) As a % of lease value Per square foot ($) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Property improvements(A) $244,170 $63,040 $127,020 $162,406 $205,383 Tenant improvements 92,980 91,378 122,474 104,823 114,505 Leasing commissions 100,879 92,391 94,151 108,666 108,667 Total turnover costs 193,859 183,769 216,625 213,489 223,172 Total Capital Expenditures - Owned and Managed $438,029 $246,809 $343,645 $375,895 $428,555 Trailing four quarters - % of Operating Portfolio NOI 15.3% 15.4% 15.4% 15.0% 14.6% Weighted average ownership percentage 69.4% 69.1% 69.3% 70.7% 69.1% Total Capital Expenditures - Prologis Share $304,195 $170,468 $238,311 $265,774 $296,158 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Square feet 1,070,194 1,129,114 1,128,630 1,125,601 1,121,839 Average occupancy 96.3% 95.5% 95.4% 95.2% 95.7% Average occupancy - annual percentage <br> change (1.0%) (1.5%) (1.2%) (1.3%) (0.6%) Period ending occupancy 96.4% 95.5% 95.4% 95.4% 95.8% Percentage change - Prologis Share\*: NOI - cash 6.7% 6.2% 4.9% 5.2% 5.7% NOI - net effective 6.6% 5.9% 4.8% 3.9% 4.7% 2.8% 2.9% 2.9% 3.2% 3.5% 93.3% 95.5% 96.7% 98.4% 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. Property improvements exclude expenditures related to one-time, structural work on our properties.

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![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 556 126,992 106,756 13.8 95.3 95.1 96.6 96.7 New Jersey/New York City 206 54,324 42,797 5.5 94.7 94.6 94.8 94.7 San Francisco Bay Area 294 29,265 24,179 3.1 95.1 95.4 95.3 95.6 Chicago 320 69,518 54,104 7.0 96.5 96.3 96.5 96.3 Dallas/Ft. Worth 278 61,030 52,021 6.7 96.3 96.5 96.7 96.9 South Florida 224 29,614 23,479 3.0 95.5 95.4 96.4 96.3 Atlanta 237 52,474 46,352 6.0 96.6 96.7 97.0 97.2 Lehigh Valley 81 36,108 31,941 4.1 92.7 92.7 92.7 92.7 Houston 224 37,305 31,498 4.1 98.5 98.6 98.5 98.6 Seattle 163 24,967 17,936 2.3 95.4 96.1 95.7 96.2 Baltimore/Washington 135 18,377 14,573 1.9 94.3 95.2 94.6 95.4 Central Valley 44 22,661 21,515 2.8 95.8 95.6 96.4 96.2 Phoenix 81 17,020 14,737 1.9 95.3 94.9 97.6 97.7 Nashville 66 17,335 13,504 1.8 98.2 98.4 98.2 98.4 Orlando 110 14,253 12,785 1.7 97.8 97.6 97.9 97.7 Las Vegas 81 14,760 9,079 1.2 92.1 94.5 92.2 94.7 Cincinnati 67 18,751 16,293 2.1 95.2 94.8 95.2 94.8 Indianapolis 57 20,580 16,450 2.1 97.7 97.7 97.7 97.7 Central PA 38 19,097 14,341 1.9 91.0 92.5 91.0 92.5 Remaining U.S. markets (11 markets) 376 71,585 61,254 7.9 95.8 95.8 96.8 96.8 Total U.S. 3,638 756,016 625,594 80.9 95.6 95.7 96.1 96.3 Mexico 355 67,358 24,236 3.1 96.3 95.2 97.2 96.1 Canada 40 13,154 13,154 1.7 95.1 95.1 95.1 95.1 Brazil 48 20,325 4,609 0.6 96.6 97.0 96.6 97.0 Total Other Americas 443 100,837 41,999 5.4 96.2 95.4 96.8 95.9 United Kingdom 179 33,466 13,024 1.7 95.7 94.4 95.7 94.4 Germany 151 38,250 11,873 1.5 98.4 98.0 98.4 98.0 France 147 35,767 12,220 1.6 96.7 97.0 96.7 97.0 Netherlands 116 31,335 10,477 1.4 97.6 98.1 97.6 98.1 Remaining European countries (8 countries) 505 106,129 37,946 4.9 96.8 94.9 96.9 95.0 Total Europe 1,098 244,947 85,540 11.1 97.0 95.9 97.0 96.0 Japan 74 50,872 10,349 1.3 97.4 93.4 97.5 93.9 China 180 53,290 8,336 1.1 91.2 91.3 91.7 91.9 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 261 105,591 20,043 2.6 94.2 92.6 94.6 93.1 Total Outside the U.S. 1,802 451,375 147,582 19.1 96.2 95.3 96.4 95.6 Total Operating Portfolio 5,440 1,207,391 773,176 100.0 95.8 95.6 96.2 96.2

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

Operating Portfolio – NOI\* and Gross Book Value Operations Fourth 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 $390,634 $331,422 19.8 $20,970,040 $18,282,499 19.3 New Jersey/New York City 179,545 143,602 8.6 9,879,440 8,067,917 8.5 San Francisco Bay Area 109,152 91,124 5.4 4,951,379 4,124,790 4.4 Chicago 118,768 90,295 5.4 6,842,197 5,317,481 5.6 Dallas/Ft. Worth 105,329 89,561 5.3 5,629,827 4,783,224 5.1 South Florida 93,402 73,610 4.4 5,371,476 4,357,462 4.6 Atlanta 83,100 72,055 4.3 4,491,468 3,979,818 4.2 Lehigh Valley 74,949 65,861 3.9 4,592,986 4,150,776 4.4 Houston 60,007 51,168 3.1 3,801,589 3,275,476 3.5 Seattle 66,891 49,626 3.0 3,831,198 2,967,678 3.1 Baltimore/Washington 52,024 41,770 2.5 2,776,954 2,233,017 2.4 Central Valley 42,795 39,977 2.4 1,985,482 1,882,511 2.0 Phoenix 33,731 28,423 1.7 1,950,569 1,663,036 1.8 Nashville 33,410 27,277 1.6 1,670,544 1,335,903 1.4 Orlando 29,130 26,097 1.6 1,532,195 1,388,337 1.5 Las Vegas 37,642 23,559 1.4 1,786,506 1,051,850 1.1 Cincinnati 25,616 22,309 1.3 1,325,779 1,176,116 1.2 Indianapolis 26,910 22,082 1.3 1,405,343 1,176,753 1.3 Central PA 27,573 21,411 1.3 1,755,686 1,364,906 1.4 Remaining U.S. markets (11 markets) 124,641 105,995 6.3 6,265,471 5,332,356 5.6 Total U.S. 1,715,249 1,417,224 84.6 92,816,129 77,911,906 82.4 Mexico 122,210 43,900 2.6 5,488,647 1,987,099 2.1 Canada 34,175 34,175 2.0 1,453,242 1,453,242 1.5 Brazil 31,183 7,118 0.4 1,027,879 254,740 0.3 Total Other Americas 187,568 85,193 5.0 7,969,768 3,695,081 3.9 United Kingdom 96,915 37,340 2.2 8,801,199 3,589,354 3.8 Germany 70,516 21,735 1.3 4,855,029 1,482,402 1.6 France 55,335 18,083 1.1 3,899,173 1,235,587 1.3 Netherlands 54,150 17,803 1.1 3,843,512 1,224,692 1.3 Remaining European countries (8 countries) 154,146 53,777 3.2 9,822,173 3,433,620 3.6 Total Europe 431,062 148,738 8.9 31,221,086 10,965,655 11.6 Japan 90,281 17,175 1.0 7,086,101 1,320,227 1.4 China 28,401 4,596 0.3 3,004,116 478,270 0.5 Singapore 2,771 2,771 0.2 150,330 150,330 0.2 India 294 250 0.0 18,454 15,686 0.0 Total Asia 121,747 24,792 1.5 10,259,001 1,964,513 2.1 Total Outside the U.S. 740,377 258,723 15.4 49,449,855 16,625,249 17.6 Total Operating Portfolio $2,455,626 $1,675,947 100.0 $142,265,984 $94,537,155 100.0 \* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

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![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. 2,856 617,576 581,487 75.2 95.7 95.8 96.3 96.4 Total Outside the U.S. 112 27,817 27,746 3.6 88.8 88.9 89.1 89.1 Total Operating Portfolio - Consolidated 2,968 645,393 609,233 78.8 95.4 95.4 96.0 96.0 Unconsolidated Total U.S. 782 138,440 44,107 5.7 95.1 95.1 95.4 95.4 Total Outside the U.S. 1,690 423,558 119,836 15.5 96.6 96.8 96.9 97.1 Total Operating Portfolio - Unconsolidated 2,472 561,998 163,943 21.2 96.3 96.4 96.5 96.6 Total Total U.S. 3,638 756,016 625,594 80.9 95.6 95.7 96.1 96.3 Total Outside the U.S. 1,802 451,375 147,582 19.1 96.2 95.3 96.4 95.6 Total Operating Portfolio 5,440 1,207,391 773,176 100.0 95.8 95.6 96.2 96.2 Value added properties - consolidated 15 3,963 3,682 24.3 25.9 24.3 25.9 Value added properties - unconsolidated 8 1,587 457 63.3 63.7 63.3 63.7 Total Operating Properties 5,463 1,212,941 777,315 95.5 95.3 96.0 95.8 Fourth Quarter NOI\* Gross Book Value Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share % of Total Consolidated Total U.S. $1,393,235 $1,314,631 78.5 $76,706,245 $72,779,297 77.0 Total Outside the U.S. 56,717 56,673 3.4 3,166,231 3,163,463 3.4 Total Operating Portfolio - Consolidated $1,449,952 $1,371,304 81.9 $79,872,476 $75,942,760 80.4 Unconsolidated Total U.S. $322,014 $102,593 6.1 $16,109,884 $5,132,609 5.4 Total Outside the U.S. 683,660 202,050 12.0 46,283,624 13,461,786 14.2 Total Operating Portfolio - Unconsolidated $1,005,674 $304,643 18.1 $62,393,508 $18,594,395 19.6 Value added properties - consolidated $1,978 $1,979 $687,496 $659,988 Value added properties - unconsolidated $1,531 $459 $280,843 $81,530 \* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

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![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 5.3 47,903 2026(A) 169,160 1,089,935 11.3 6.44 2 Home Depot 1.8 18,980 2027 197,700 1,447,184 15.0 7.32 3 FedEx 1.4 10,736 2028 177,957 1,454,319 15.1 8.17 4 DHL 1.2 13,596 2029 147,292 1,292,202 13.4 8.77 5 DSV 1.2 14,034 2030 140,776 1,277,726 13.2 9.08 6 Geodis 1.0 14,436 Thereafter 323,808 3,083,817 32.0 9.52 7 GXO 0.9 10,283 Total 1,156,693 9,645,183 100.0 8.34 8 UPS 0.9 10,566 Weighted average term of leases remaining (based on net effective rent) 3.9 years 9 CEVA Logistics 0.8 11,309 10 Walmart 0.7 8,643 Top 10 Customers 15.2 160,486 Prologis Share 11 Kuehne + Nagel 0.7 8,286 Occupied Sq Ft Net Effective Rent 12 Maersk 0.7 6,422 $% of Total $ Per Sq Ft 13 Pepsi 0.5 4,509 2026(A) 95,816 675,172 10.3 7.05 14 Mercado Libre 0.5 6,107 2027 124,562 974,810 14.8 7.83 15 GigaCloud 0.4 3,494 2028 110,301 960,795 14.6 8.71 16 NFI Industries 0.4 3,543 2029 97,537 894,640 13.6 9.17 17 Ryder 0.4 3,600 2030 90,932 873,464 13.3 9.61 18 Lululemon 0.4 2,481 Thereafter 220,155 2,197,374 33.4 9.98 19 Burlington Stores 0.4 3,130 Total 739,303 6,576,255 100.0 8.90 20 Samsung 0.4 4,540 Weighted average term of leases remaining (based on net effective rent) 4.2 years 21 Wayfair 0.4 5,783 22 Tesla 0.3 2,415 23 ZOZO 0.3 4,886 24 Berkshire Hathaway 0.3 2,985 25 Nippon Express 0.3 3,791 Top 25 Customers 21.6 226,458 We have signed leases, which were due to expire in 2026, totaling 67 million square feet, in our Owned and Managed portfolio (4.7% of total net effective rent) and 40 million square feet on a Prologis Share basis (4.4% of total net effective rent). These are excluded from 2026 expirations and are reflected in the new year of expiration.

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![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 in millions 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. Capital Deployment Overview – Prologis Share Outside the U.S. U.S. Est Value Creation $1,326 $1,583 $917 $773 $568 Est Wtd Avg Stabilized Yield 6.1% 6.3% 6.3% 6.1% 6.7% Est Build Out(B): Sq. Ft. 218 TEI $39,000

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

Development Stabilizations Capital Deployment Three Months Ended December 31, 2025 Twelve Months Ended December 31, 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) 216 $224,298 $201,868 761 $583,098 $530,845 East(A) – – – 1,884 398,070 395,053 West(A) 708 142,763 142,763 2,997 543,285 543,285 Total U.S. 924 367,061 344,631 5,642 1,524,453 1,469,183 Canada 317 88,067 88,067 317 88,067 88,067 Mexico 283 28,821 28,821 1,280 141,851 141,851 Brazil 240 19,065 3,813 240 19,065 3,813 Total Other Americas 840 135,953 120,701 1,837 248,983 233,731 Northern Europe 113 24,756 24,756 2,362 316,939 286,105 Southern Europe – – – 474 55,187 55,187 Central Europe – – – 758 62,321 62,321 United Kingdom – – – 121 50,662 40,713 Total Europe 113 24,756 24,756 3,715 485,109 444,326 Japan 364 48,843 48,843 501 107,436 107,436 China(A) – – – 824 36,220 5,433 India – – – – – – Total Asia 364 48,843 48,843 1,325 143,656 112,869 Total Outside the U.S. 1,317 209,552 194,300 6,877 877,748 790,926 Total Development Stabilizations 2,241 $576,613 $538,931 12,519 $2,402,201 $2,260,109 Percent build-to-suit 37.5 % 42.0 % Estimated weighted average stabilized yield 6.4 % 6.7 % Annualized estimated NOI $34,511 $151,803 Estimated weighted average stabilized cap rate 5.2 % 5.2 % Estimated weighted average margin 17.6 % 25.1 % Estimated value creation $94,902 $568,003 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.

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

Development Starts Capital Deployment Three Months Ended December 31, 2025 Twelve Months Ended December 31, 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(A) (B) – – 96,737 96,737 2,311 87.8 630,574 623,874 West 1,427 55.2 377,319 291,751 5,173 79.4 928,205 842,637 Total U.S. 1,427 55.2 474,056 388,488 8,004 78.0 1,909,713 1,787,851 Canada – – – – – – – – Mexico 963 0.0 106,681 106,681 963 0.0 106,681 106,681 Brazil – – – – 106 100.0 8,538 1,708 Total Other Americas 963 0.0 106,681 106,681 1,069 9.9 115,219 108,389 Northern Europe 220 0.0 34,424 34,424 495 55.6 73,250 44,523 Southern Europe 279 78.5 36,018 32,059 806 61.0 133,706 129,747 Central Europe – – – – 682 100.0 49,886 49,886 United Kingdom 1,573 100.0 372,729 372,729 1,791 100.0 423,290 423,290 Total Europe 2,072 86.5 443,171 439,212 3,774 85.8 680,132 647,446 Japan 497 0.0 75,917 75,917 2,011 0.0 380,452 380,452 China – – – – – – – – India 244 0.0 10,794 9,175 820 0.0 38,041 32,334 Total Asia 741 0.0 86,711 85,092 2,831 0.0 418,493 412,786 Total Outside the U.S. 3,776 47.5 636,563 630,985 7,674 43.6 1,213,844 1,168,621 Total Development Starts 5,203 49.6 $1,110,619 $1,019,473 15,678 61.2 $3,123,557 $2,956,472 Percent build-to-suit 47.9 % 61.1 % Estimated weighted average stabilized yield 6.1 % 6.3 % Annualized estimated NOI $62,298 $186,672 Estimated weighted average stabilized cap rate 4.9 % 5.2 % Estimated weighted average margin 20.3 % 19.3 % Estimated value creation $206,590 $569,362 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.

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

Development Portfolio Capital Deployment Under Development Pre-Stabilized Developments 2026 Expected Completion 2027 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 19.5 $125,824 $125,824 951 $292,082 $268,603 216 $451,113 $406,001 1,733 73.7 $869,019 1,669 72.7 $800,428 East(A) (B) 439 0.0 97,326 94,363 3,374 829,736 822,944 – – – 3,813 53.2 927,062 3,756 53.0 917,307 West(A) 1,197 74.3 225,124 224,724 3,202 681,201 595,635 1,972 246,340 246,340 6,371 78.4 1,152,665 6,015 77.2 1,066,699 Total U.S. 2,202 45.4 448,274 444,911 7,527 1,803,019 1,687,182 2,188 697,453 652,341 11,917 69.7 2,948,746 11,440 68.6 2,784,434 Canada 1,217 30.0 224,314 224,314 – – – – – – 1,217 30.0 224,314 1,217 30.0 224,314 Mexico 1,021 30.9 117,259 117,259 963 106,681 106,681 – – – 1,984 15.9 223,940 1,984 15.9 223,940 Brazil – – – – 2,371 194,313 38,863 – – – 2,371 95.0 194,313 474 95.0 38,863 Total Other Americas 2,238 30.4 341,573 341,573 3,334 300,994 145,544 – – – 5,572 52.6 642,567 3,675 30.8 487,117 Northern Europe 331 11.9 66,493 51,138 496 73,453 44,743 – – – 827 38.1 139,946 578 16.0 95,881 Southern Europe 421 18.1 45,219 45,219 661 121,263 117,304 – – – 1,082 52.5 166,482 1,052 54.0 162,523 Central Europe 396 64.2 29,265 29,265 682 50,018 50,018 – – – 1,078 86.9 79,283 1,078 86.9 79,283 United Kingdom(A) 269 0.0 127,545 127,545 1,906 615,772 615,772 – – – 2,175 82.3 743,317 2,175 82.3 743,317 Total Europe 1,417 26.1 268,522 253,167 3,745 860,506 827,837 – – – 5,162 69.9 1,129,028 4,883 69.4 1,081,004 Japan 983 63.5 148,472 148,472 1,179 209,241 209,241 2,011 356,380 356,380 4,173 37.1 714,093 4,173 37.1 714,093 China(A) – – – – 1,158 71,352 10,703 – – – 1,158 0.0 71,352 174 0.0 10,703 India – – – – 1,380 63,534 48,316 – – – 1,380 0.0 63,534 1,054 0.0 48,316 Total Asia 983 63.5 148,472 148,472 3,717 344,127 268,260 2,011 356,380 356,380 6,711 23.1 848,979 5,401 28.7 773,112 Total Outside the U.S. 4,638 36.1 758,567 743,212 10,796 1,505,627 1,241,641 2,011 356,380 356,380 17,445 46.4 2,620,574 13,959 43.5 2,341,233 Total Development Portfolio 6,840 39.1 $1,206,841 $1,188,123 18,323 $3,308,646 $2,928,823 4,199 $1,053,833 $1,008,721 29,362 55.8 $5,569,320 25,399 54.8 $5,125,667 Cost to complete $134,927 $134,387 $1,237,268 $1,013,424 $663,809 $639,731 $2,036,005 $1,787,542 Percent build-to-suit 1.0 % 55.0 % 64.7 % 44.4 % Estimated weighted average stabilized yield 6.1 % 6.3 % 6.6 % 6.3 % Annualized estimated NOI $323,049 Estimated weighted average stabilized cap rate 5.1 % Estimated weighted average margin 18.2 % Estimated value creation $933,220 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 $0.7 billion and $0.6 billion and cost to complete of $0.3 billion and $0.3 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.

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

Third-Party Acquisitions Capital Deployment Three Months Ended December 31, 2025 Twelve Months Ended December 31, 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 953 953 $324,703 $324,703 3,368 3,368 $895,389 $895,389 Prologis U.S. Logistics Venture – – – – 600 330 58,339 32,110 Prologis Targeted U.S. Logistics Fund – – – – 252 77 101,094 30,600 Total U.S. 953 953 324,703 324,703 4,220 3,775 1,054,822 958,099 Prologis Wholly-Owned(A) 580 580 29,814 29,814 1,448 1,376 178,791 175,936 Prologis European Logistics Fund 550 146 58,166 15,379 3,926 1,034 513,078 135,111 Prologis European Logistics Partners 980 492 132,272 66,136 980 492 132,272 66,136 Total Outside the U.S. 2,110 1,218 220,252 111,329 6,354 2,902 824,141 377,183 Total Third-Party Building Acquisitions 3,063 2,171 $544,955 $436,032 10,574 6,677 $1,878,963 $1,335,282 Weighted average stabilized cap rate 5.2 % 4.7 % Acquisitions of other real estate investments(B) 80,778 80,727 374,844 374,685 Total Third-Party Acquisitions $625,733 $516,759 $2,253,807 $1,709,967 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.

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Dispositions and Contributions Capital Deployment Three Months Ended December 31, 2025 Twelve Months Ended December 31, 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 2,846 2,845 $411,168 $411,086 4,076 4,075 $582,204 $582,122 Prologis Targeted U.S. Logistics Fund 195 62 41,925 13,357 195 62 41,925 13,357 Total U.S. 3,041 2,907 453,093 424,443 4,271 4,137 624,129 595,479 FIBRA Prologis – – – – 128 40 7,663 2,385 Total Other Americas – – – – 128 40 7,663 2,385 Prologis European Logistics Fund 267 71 32,982 8,720 267 71 32,982 8,720 Prologis European Logistics Partners 299 150 18,047 9,024 299 150 18,047 9,024 Total Europe 566 221 51,029 17,744 566 221 51,029 17,744 Nippon Prologis REIT – – – – 236 36 35,823 5,481 Total Asia – – – – 236 36 35,823 5,481 Total Outside the U.S. 566 221 51,029 17,744 930 297 94,515 25,610 Total Third-Party Building Dispositions 3,607 3,128 504,122 442,187 5,201 4,434 718,644 621,089 Building Contributions to Co-Investment Ventures Prologis Targeted U.S. Logistics Fund 5,185 5,185 1,000,986 682,072 5,185 5,185 1,000,986 682,072 Total U.S. 5,185 5,185 1,000,986 682,072 5,185 5,185 1,000,986 682,072 FIBRA Prologis 540 540 65,100 42,588 540 540 65,100 42,588 Total Other Americas 540 540 65,100 42,588 540 540 65,100 42,588 Prologis European Logistics Fund 1,891 1,891 287,741 211,663 2,293 2,293 336,048 247,256 Total Europe 1,891 1,891 287,741 211,663 2,293 2,293 336,048 247,256 Prologis Japan Core Logistics Fund 412 412 84,496 70,765 412 412 84,496 70,765 Total Asia 412 412 84,496 70,765 412 412 84,496 70,765 Total Outside the U.S. 2,843 2,843 437,337 325,016 3,245 3,245 485,644 360,609 Total Building Contributions to Co-Investment Ventures 8,028 8,028 1,438,323 1,007,088 8,430 8,430 1,486,630 1,042,681 Total Building Dispositions and Contributions 11,635 11,156 $1,942,445 $1,449,275 13,631 12,864 $2,205,274 $1,663,770 Weighted average stabilized cap rate 5.0 % 4.9 % Land dispositions 81,294 79,782 97,381 92,222 Dispositions of other real estate investments(A) 394,876 356,397 456,016 414,182 Grand Total Dispositions and Contributions $2,418,615 $1,885,454 $2,758,671 $2,170,174 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.

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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 602 576 9,881 $707,400 $697,531 14.0 New Jersey/New York City 343 343 3,305 360,129 360,129 7.2 San Francisco Bay Area 41 41 716 74,923 74,923 1.5 Chicago 84 84 1,388 23,781 23,735 0.5 Dallas/Ft. Worth 495 495 7,135 191,504 191,310 3.8 South Florida 90 84 1,357 110,616 106,128 2.1 Atlanta 319 319 3,032 44,472 44,472 0.9 Lehigh Valley 105 105 876 38,515 38,515 0.8 Houston 400 388 5,763 164,415 162,220 3.3 Seattle 45 45 892 39,176 39,176 0.8 Baltimore/Washington 111 111 1,253 83,058 83,058 1.7 Central Valley 633 633 9,516 202,779 202,778 4.1 Phoenix 92 92 1,531 42,135 42,135 0.9 Nashville 365 365 5,085 170,566 170,566 3.4 Orlando 119 102 1,701 37,689 32,258 0.7 Las Vegas 980 980 14,826 325,767 325,767 6.5 Cincinnati 146 146 882 22,153 22,153 0.4 Indianapolis 4 4 38 284 284 0.0 Central PA 104 104 1,117 36,562 36,562 0.7 Remaining U.S. markets (8 markets) 479 470 7,283 230,744 223,709 4.5 Total U.S. 5,557 5,487 77,577 2,906,668 2,877,409 57.8 Mexico 946 813 17,474 313,480 299,320 6.0 Canada 362 362 6,570 666,978 666,978 13.4 Brazil 726 635 15,310 280,962 268,280 5.4 Total Other Americas 2,034 1,810 39,354 1,261,420 1,234,578 24.8 United Kingdom 292 282 6,018 311,828 260,726 5.2 Germany 119 85 2,573 144,059 105,601 2.1 France 171 124 3,340 56,301 47,576 1.0 Netherlands 55 55 1,437 60,700 60,700 1.2 Remaining European countries (7 countries) 758 688 14,601 190,769 170,774 3.4 Total Europe 1,395 1,234 27,969 763,657 645,377 12.9 Japan 99 99 6,322 155,347 155,347 3.1 China 78 12 2,499 26,381 3,957 0.1 India 263 224 6,134 73,505 62,479 1.3 Total Asia 440 335 14,955 255,233 221,783 4.5 Total Outside the U.S. 3,869 3,379 82,278 2,280,310 2,101,738 42.2 Total Land Portfolio 9,426 8,866 159,855 $5,186,978 $4,979,147 100.0

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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 1,718 1,697 19.1 $689,258 $679,828 13.7 East 1,236 1,213 13.7 718,768 708,849 14.2 West 2,603 2,577 29.1 1,498,642 1,488,732 29.9 Total U.S. 5,557 5,487 61.9 2,906,668 2,877,409 57.8 Mexico 946 813 9.2 313,480 299,320 6.0 Canada 362 362 4.1 666,978 666,978 13.4 Brazil 726 635 7.2 280,962 268,280 5.4 Total Other Americas 2,034 1,810 20.5 1,261,420 1,234,578 24.8 Central Europe 489 465 5.2 133,106 128,556 2.6 Northern Europe 217 165 1.9 216,615 172,960 3.5 Southern Europe 397 322 3.6 102,108 83,135 1.6 United Kingdom 292 282 3.2 311,828 260,726 5.2 Total Europe 1,395 1,234 13.9 763,657 645,377 12.9 Japan 99 99 1.1 155,347 155,347 3.1 China 78 12 0.1 26,381 3,957 0.1 India 263 224 2.5 73,505 62,479 1.3 Total Asia 440 335 3.7 255,233 221,783 4.5 Total Outside the U.S. 3,869 3,379 38.1 2,280,310 2,101,738 42.2 Total Land Portfolio 9,426 8,866 100.0 $5,186,978 $4,979,147 100.0 Estimated build out of land portfolio (in TEI) $26,300,000 $25,000,000 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 7,300,000 Total $42,600,000 $39,000,000 Land Roll Forward - Prologis Share U.S. Other Americas Europe Asia Total At September 30, 2025 $2,995,500 $1,216,857 $723,009 $210,567 $5,145,933 Acquisitions 18,417 39,043 101,930 23,232 182,622 Reclassifications 2,144 1,005 – – 3,149 Dispositions (34,250) – – – (34,250) Development starts (170,229) (32,946) (106,278) (9,737) (319,190) Infrastructure costs 64,971 8,318 17,175 5,718 96,182 Effect of changes in foreign exchange rates and other 856 2,301 (90,459) (7,997) (95,299) At December 31, 2025 $2,877,409 $1,234,578 $645,377 $221,783 $4,979,147 Amounts include approximately 3,400 acres that we could develop through options, ground leases, unconsolidated joint ventures and other contractual arrangements.

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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 47 $107,382 53 $103,889 $152,153 New Jersey/New York City 70 156,902 47 123,734 181,520 Chicago 9 22,578 48 114,682 154,497 San Francisco Bay Area 12 30,007 28 39,011 80,923 Central Valley 26 51,465 12 20,384 30,472 Baltimore/Washington 2 4,672 14 43,891 61,536 Remaining U.S. markets (5 markets) 3 8,067 9 13,286 24,895 Total U.S. 169 381,073 211 458,877 685,996 Mexico 2 1,594 34 20,925 34,091 Total Other Americas 2 1,594 34 20,925 34,091 Germany 40 34,592 15 9,610 15,709 Italy 15 9,502 4 2,545 4,579 Remaining European countries (6 countries) 11 12,665 12 2,639 9,066 Total Europe 66 56,759 31 14,794 29,354 Japan 62 79,014 12 2,118 9,718 China 25 13,930 – – – Singapore 5 4,084 – – – Total Asia 92 97,028 12 2,118 9,718 Total Outside the U.S 160 155,381 77 37,837 73,163 Total Solar Portfolio 329 536,454 288 496,714 759,159 Energy Storage Portfolio 60 80,434 32 31,616 40,184 Total Solar and Energy Storage Portfolio 389 616,888 320 528,330 799,343 Third party and other 672 Investment Tax Credits ("ITC") (291,778) Projects awaiting final commissioning(A) 49 TEI, Net of ITCs 507,565 Total installed capacity 1,110 Estimated weighted average stabilized yield 11.4 % These projects are also included as under development in the solar and energy storage portfolio.

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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 24.8 Trailing 3-year basis points of third-party AUM 94.9% 95.0% 93.0% 95.0% 93.6% % Open end/Public \*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. (A)

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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 2026\* Prologis Targeted U.S. Logistics Fund U.S. Core 2004 Unconsolidated 31.9 % Open end Q2 2026 FIBRA Prologis(A) Mexico Core 2014 Unconsolidated 34.6 % Publicly listed Q2 2026 Prologis Brazil Logistics Venture Brazil Core/Development 2019 Unconsolidated 20.0 % Closed end Q4 2026\* Prologis European Logistics Fund Europe Core 2007 Unconsolidated 26.4 % Open end Q3 2028 Prologis European Logistics Partners Europe Core 2013 Unconsolidated 50.0 % Open end Q4 2026\* Nippon Prologis REIT(A) Japan Core 2013 Unconsolidated 15.3 % Publicly listed N/A Prologis Japan Core Logistics Fund Japan Core 2023 Unconsolidated 16.3 % Closed end Q2 2026 Prologis China Core Logistics Fund / CREIT(A) China Core 2019 / 2025 Unconsolidated 15.5% / 20.7% Open end / Publicly listed Q3 2028 / N/A Prologis China Logistics Venture China Development 2011 Unconsolidated 15.0 % Closed end Q3 2028 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 138,835 $16,210,179 $16,761,094 $6,385,630 FIBRA Prologis(A) 66,098 5,373,486 6,709,700 2,429,429 Prologis Brazil Logistics Venture and other joint ventures 19,295 950,690 1,036,669 – Prologis European Logistics Fund 174,193 22,117,251 22,283,947 7,101,008 Prologis European Logistics Partners 64,004 8,204,333 8,537,474 – Nippon Prologis REIT(A) 44,339 6,200,150 6,282,132 2,301,945 Prologis Japan Core Logistics Fund 3,531 614,146 614,146 333,714 Prologis China Core Logistics Fund / CREIT(A) 30,037 2,247,401 2,291,826 809,313 Prologis China Logistics Venture 23,253 756,715 805,693 312,464 Total Unconsolidated Co-Investment Ventures 563,585 62,674,351 65,322,681 19,673,503 Consolidated Co-Investment Ventures Prologis U.S. Logistics Venture 78,187 8,438,887 8,507,999 – Total Consolidated Co-Investment Ventures 78,187 8,438,887 8,507,999 – Total Co-Investment Ventures 641,772 $71,113,238 $73,830,680 $19,673,503 \* 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.

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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 December 31, 2025 Rental revenue $422,236 $211,160 $546,710 $160,346 $1,340,452 Rental expense (99,962) (32,419) (125,129) (45,519) (303,029) General and administrative expense (19,900) (19,555) (22,965) (16,952) (79,372) Depreciation and amortization expense (132,419) (58,537) (221,560) (54,702) (467,218) Other operating revenue (expense) (213) (105) 587 4 273 Operating income (expense) before gains on real estate transactions, net 169,742 100,544 177,643 43,177 491,106 Gains (losses) on dispositions of investments in real estate, net 24,081 (446) 10,772 37,674 72,081 Operating income (expense) 193,823 100,098 188,415 80,851 563,187 Interest expense (67,604) (33,119) (54,439) (20,222) (175,384) Current and deferred income tax benefit (expense) (605) (324) 34,508 (10,313) 23,266 Foreign currency, derivative and other gains (losses) and other income (expense), net 5,638 1,165 240 (4,095) 2,948 Net earnings (loss) 131,252 67,820 168,724 46,221 414,017 Real estate related depreciation and amortization expense 128,080 60,280 219,615 52,278 460,253 (Gains) losses on dispositions of investments in real estate, net of taxes (24,064) 446 (9,505) (37,418) (70,541) Unrealized foreign currency, derivative and other losses (gains), net – 1,606 (1,050) 3,240 3,796 Deferred income tax expense (benefit) – – (77,665) 88 (77,577) FFO, as modified by Prologis\* 235,268 130,152 300,119 64,409 729,948 Core FFO defined adjustments (17) 22 351 5 361 Core FFO\* $235,251 $130,174 $300,470 $64,414 $730,309 Balance Sheet Information At December 31, 2025 Operating properties, before depreciation $16,210,179 $6,324,176 $30,321,584 $9,818,412 $62,674,351 Accumulated depreciation (3,280,994) (989,340) (5,661,244) (1,322,216) (11,253,794) Properties under development, land and other real estate 550,915 1,422,193 499,837 175,385 2,648,330 Other assets 1,230,583 551,186 1,604,191 798,137 4,184,097 Total assets $14,710,683 $7,308,215 $26,764,368 $9,469,718 $58,252,984 Third-party debt $6,385,630 $2,429,429 $7,101,008 $3,757,436 $19,673,503 Other liabilities 996,969 324,029 2,208,575 434,515 3,964,088 Total liabilities $7,382,599 $2,753,458 $9,309,583 $4,191,951 $23,637,591 Weighted average ownership 31.9 % 32.3 % 33.1 % 15.6 % 29.9 % \* 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.

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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 December 31, 2025 Rental revenue $107,441 $400,734 Rental expense (26,217) (88,363) General and administrative expense (12,024) (25,132) Depreciation and amortization expense (31,213) (140,009) Other operating income (expense) 467 209 Operating income before gains 38,454 147,439 Gains (losses) on dispositions of investments in real estate, net 11,644 17,868 Operating income 50,098 165,307 Interest expense (245) (49,860) Current and deferred income tax benefit (expense) (774) 8,929 Foreign currency, derivative and other gains (losses) and other income (expense), net (94) 1,727 Earnings from unconsolidated co-investment ventures, net 35 – Net earnings 49,020 126,103 Real estate related depreciation and amortization expense 32,539 138,057 (Gains) losses on other dispositions of investments in real estate, net of taxes (excluding development properties and land) (196) (17,297) NAREIT defined FFO\* 81,363 246,863 Unrealized foreign currency, derivative and other losses (gains), net – 801 Deferred income tax expense (benefit) 728 (24,333) FFO, as modified by Prologis\* 82,091 223,331 Core FFO defined adjustments (11,448) 23 Core FFO\* $70,643 $223,354 Balance Sheet Information At December 31, 2025 Operating properties, before depreciation $3,957,224 $18,675,925 Accumulated depreciation (932,617) (3,422,492) Properties under development, land and other real estate 168,491 891,389 Other assets 260,769 979,925 Total assets $3,453,867 $17,124,747 Third-party debt $23,183 $5,329,877 Other liabilities 113,971 1,115,004 Total liabilities $137,154 $6,444,881 Weighted average ownership 34.1 % 29.9 % Noncontrolling interests investment $3,316,713 Investment in and advances to unconsolidated co-investment ventures $10,263,233 Investment in and advances to other unconsolidated ventures 830,703 Investment in and advances to unconsolidated entities $11,093,936 \* 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.

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Overview Capitalization ASSETS UNDER MANAGEMENT dollars in millions U.S. DOLLAR EXPOSURE dollars in millions DEBT BY CURRENCY – PROLOGIS SHARE UNENCUMBERED ASSETS – PROLOGIS SHARE: $109.9B in billions Prologis Share - Debt Metrics(C) December 31, 2025 September 30, 2025 Debt as % of gross Market Capitalization\* 24.6 % 26.5 % Debt as % of gross real estate assets\* 35.7 % 35.8 % Secured debt as % of gross real estate assets\* 0.3 % 0.5 % Unencumbered gross real estate assets to unsecured debt\* 271.1 % 270.6 % Fixed charge coverage ratio\* 5.9x 6.4x Fixed charge coverage ratio, excluding development gains\* 5.7x 6.1x Debt/Adjusted EBITDA\* 5.3x 5.0x Debt/Adjusted EBITDA, excluding development gains\* 5.4x 5.3x Weighted average interest rate 3.3 % 3.2 % Weighted average remaining maturity in years 8.2 8.3 Percentage of floating rate debt 3.8 % 4.3 % Credit Ratings at December 31, 2025(D) Moody's A2 (Outlook Stable) Standard & Poor's A (Outlook Stable) $161,802 $229,723 $229,723 Investment Capacity $2,798 AUM Strategic Capital $101,652 Total Enterprise Value(A) $161,802 $161,802 $40,344 $121,458 Direct owned and other Market Equity Prologis Share of ventures $33,731 Investors' share of ventures $65,123 U.S.(B) 75.2% U.S. Dollar (B) 83.0% Outside U.S. 17.0% U.S. Dollar(B) Outside U.S. 56.7% U.S. Dollar (B) 95.9% Outside U.S. 4.1% 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 $127.66 at December 31, 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 16.3% Asia 5.9% Other Americas 2.6%

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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 2026 $987,380 $– $684,819 $96,259 $1,768,458 2.5 % 67 % 2027 1,984,652 – 199,812 4,156 2,188,620 2.3 % 93 % 2028 2,594,128 44,679 110,919 3,041 2,752,767 3.2 % 95 % 2029 3,427,001 – – 3,191 3,430,192 2.7 % 100 % 2030 2,847,961 – 31,914 3,345 2,883,220 2.7 % 99 % 2031 2,606,207 – 127,655 17,607 2,751,469 2.9 % 100 % 2032 2,776,241 – 191,482 18,715 2,986,438 2.4 % 100 % 2033 2,912,505 – 166,413 43,216 3,122,134 4.4 % 98 % 2034 3,077,500 – 397,506 – 3,475,006 3.7 % 97 % 2035 2,633,363 – – – 2,633,363 3.5 % 100 % 2036 184,461 – – – 184,461 0.9 % 100 % Thereafter 7,401,918 – – – 7,401,918 3.6 % 100 % Subtotal $33,433,317 $44,679 $1,910,520 $189,530 $35,578,046 3.2 % 97 % Unamortized net premiums (discounts) (410,322) – – 6,368 (403,954) Unamortized finance costs (135,024) – (1,797) (198) (137,019) Total consolidated debt, net of premiums (discounts) $32,887,971 $44,679 $1,908,723 $195,700 $35,037,073 Weighted average interest rate 3.2 % 0.9 % 1.9 % 4.5 % 3.2 % Weighted average remaining maturity in years 8.8 2.7 4.0 3.7 8.5 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 $15,226,943 $– $6,858 $152,025 $15,385,826 $(882,616) $14,503,210 42 % Credit facilities $6,503,467 EUR 12,064,552 – 237,552 – 12,302,104 – 12,302,104 35 % Less: Credit facilities borrowings outstanding 44,679 GBP 1,843,931 – – – 1,843,931 682,616 2,526,547 7 % Less: Commercial paper borrowings outstanding(D) – JPY 1,533,881 44,679 1,352,034 – 2,930,594 – 2,930,594 8 % Less: Outstanding letters of credit 26,982 CAD 1,814,962 – 146,001 43,675 2,004,638 200,000 2,204,638 6 % Current availability 6,431,806 Other 403,702 – 166,278 – 569,980 – 569,980 2 % Cash and cash equivalents 1,145,647 Total debt $32,887,971 $44,679 $1,908,723 $195,700 $35,037,073 $– $35,037,073 100 % Total liquidity $7,577,453 The maturity for the Yen Revolver ($45 million) is reflected at the extended maturity date, as the extension is at our option. The maturity of certain debt ($146 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.

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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 2026 $– $5,633 $5,633 6.5 % 13 % $165,889 $34,367 $200,256 4.0 % 42 % 2027 2,822 829 3,651 6.3 % 23 % 200,139 39,799 239,938 3.3 % 95 % 2028 2,468 390 2,858 6.3 % 14 % 515,325 79,823 595,148 4.2 % 61 % 2029 – 410 410 3.3 % 100 % 799,398 3,725 803,123 3.8 % 84 % 2030 – 430 430 3.3 % 100 % 489,300 1,108 490,408 3.0 % 99 % 2031 – 1,861 1,861 3.3 % 100 % 506,145 342 506,487 3.3 % 100 % 2032 – 473 473 3.3 % 100 % 474,208 342 474,550 2.6 % 100 % 2033 – 6,806 6,806 3.3 % 100 % 315,425 38,662 354,087 2.4 % 100 % 2034 – – – – – 409,422 15,894 425,316 4.5 % 100 % 2035 – – – – – 610,996 – 610,996 4.9 % 100 % 2036 – – – – – 374,360 – 374,360 4.6 % 100 % Thereafter – – – – – 288,748 – 288,748 3.8 % 100 % Subtotal $5,290 $16,832 $22,122 5.0 % 54 % $5,149,355 $214,062 $5,363,417 3.7 % 91 % Unamortized net premiums (discounts) – 1,088 1,088 (14,970) 326 (14,644) Unamortized finance costs – (27) (27) (18,035) (861) (18,896) Noncontrolling interests and Prologis Share of unconsolidated debt, net of unamortized premiums (discounts) and finance costs $5,290 $17,893 $23,183 $5,116,350 $213,527 $5,329,877 Weighted average interest rate 6.9 % 4.4 % 5.0 % 3.7 % 3.8 % 3.7 % Weighted average remaining maturity in years 2.1 5.0 5.7 6.2 3.9 6.1 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 $– $17,893 $17,893 77 % $2,964,806 $28,282 $2,993,088 $– $2,993,088 56 % EUR – – – – 1,577,020 49,558 1,626,578 (548,333) 1,078,245 20 % GBP – – – – 194,291 24,739 219,030 447,365 666,395 13 % JPY – – – – 352,197 54,229 406,426 – 406,426 8 % CAD – – – – – – – – – – Other 5,290 – 5,290 23 % 28,036 56,719 84,755 100,968 185,723 3 % Total debt $5,290 $17,893 $23,183 100 % $5,116,350 $213,527 $5,329,877 $– $5,329,877 100 % 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 $456 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.

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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. 581,487 $72,779,297 $125 $1,277,786 $1,277,786 $5,111,144 95.8 % Other Americas 15,642 1,668,193 107 37,420 37,420 149,680 92.9 % Europe 7,745 1,057,448 137 10,927 10,927 43,708 82.6 % Asia 4,359 437,822 100 6,891 6,891 27,564 85.4 % NOI adjustments for mid-quarter acquisitions/development completions 1,894 7,576 Total consolidated operating portfolio 609,233 75,942,760 125 1,333,024 1,334,918 5,339,672 95.4 % Unconsolidated U.S. 44,107 5,132,609 116 113,023 113,023 452,092 95.1 % Other Americas 26,357 2,026,888 77 51,399 51,399 205,596 96.8 % Europe 77,795 9,908,207 127 148,857 148,857 595,428 97.3 % Asia 15,684 1,526,691 97 17,759 17,759 71,036 94.6 % Net Property Management Income 11,280 50,915 NOI adjustments for mid-quarter acquisitions/development completions 2,714 10,856 Total unconsolidated operating portfolio 163,943 18,594,395 113 331,038 345,032 1,385,923 96.4 % Total Operating Portfolio 773,176 $94,537,155 $122 $1,664,062 $1,679,950 $6,725,595 95.6 % Development Portfolio Square Feet Investment Balance TEI TEI per Sq Ft Annualized Estimated NOI Percent Leased Consolidated Prestabilized U.S. 2,181 $373,931 $444,911 $204 $29,445 45.7 % Other Americas 2,238 291,607 341,573 153 22,416 30.4 % Europe 1,325 214,917 237,812 179 13,349 24.9 % Asia 983 143,446 148,472 151 7,129 63.5 % Properties under development U.S.(A) 9,095 1,696,587 2,299,515 253 158,048 Other Americas 963 26,792 106,681 111 9,593 Europe 3,409 232,178 813,559 239 43,551 Asia 4,244 143,409 613,937 145 31,429 Total consolidated development portfolio 24,438 3,122,867 5,006,460 205 314,960 Unconsolidated U.S. 164 14,670 40,008 244 2,968 Other Americas 474 14,655 38,863 82 2,928 Europe 149 17,908 29,633 199 1,583 Asia 174 3,111 10,703 62 610 Total unconsolidated development portfolio 961 50,344 119,207 124 8,089 Total Development Portfolio 25,399 $3,173,211 $5,125,667 $202 $323,049 Prologis Share of est. value creation (see Capital Deployment - Development Portfolio) 933,220 Total Development Portfolio, including est. value creation $4,106,431 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.

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Components – Continued Net Asset Value in thousands Balance Sheet and Other Items Other assets Cash and cash equivalents $1,145,647 Restricted cash 227,945 Accounts receivable, prepaid assets and other tangible assets 1,752,351 Gross book value of other real estate investments and assets held for sale 6,536,700 Value added operating properties 687,496 Prologis receivable from unconsolidated co-investment ventures 341,103 Investments in and advances to other unconsolidated joint ventures 830,703 Total other assets $11,521,945 Other liabilities Accounts payable and other current liabilities $1,964,190 Deferred income taxes 156,024 Value added tax and other tax liabilities 37,950 Tenant security deposits 429,940 Other liabilities 846,749 Total other liabilities $3,434,853 Noncontrolling Interests and Unconsolidated Co-investment Ventures Less: noncontrolling interests share of net tangible other liabilities (assets) $(25,689) Prologis Share of unconsolidated net tangible other assets (liabilities) $455,772 Less: noncontrolling interests share of value added operating properties $(27,508) Prologis Share of unconsolidated value added operating properties $81,530 Land Current book value of land $4,888,153 Less: noncontrolling interests share of the current book value of land $(37,401) Prologis Share of book value of land in unconsolidated co-investment ventures $128,395 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) $93,511 $374,044 Third party share of transactional fees from consolidated and unconsolidated co-investment and other ventures (current quarter/trailing twelve months) 10,509 32,512 Strategic capital expenses for asset management and transactional fees (current quarter/trailing twelve months) (38,955) (133,314) Fee Related Earnings $65,065 $273,242 Net Promote Income (Expense) (current quarter/trailing twelve months)(A) $(12,362) $(48,960) Net Promote Income (Expense) (five year average) $190,150 Development management revenue (current quarter/trailing twelve months) $6,904 $38,870 Debt (at par) and Preferred Stock Consolidated debt $35,578,046 Noncontrolling interests share of consolidated debt $(22,122) Prologis Share of unconsolidated co-investment ventures' debt $5,363,417 Preferred stock $63,948 Common Stock and Limited Partnership Units Outstanding shares of common stock and limited partnership units 950,912 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.

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Notes and Definitions Prologis Park Dabrowa, Dąbrowa Górnicza, Poland

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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 an 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, 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 $2,092,107 Rental expenses (503,222) NOI 1,588,885 Net termination fees and adjustments (a) (5,073) Less: actual NOI for Development Portfolio and Other Real Estate Investments and other (70,390) Less: Net Property Management Income (42,257) Less: properties contributed or sold (b) (18,678) Less: noncontrolling interests share of NOI less termination fees and adjustments (81,183) Prologis Share of adjusted NOI for consolidated Operating Portfolio at December 31, 2025 $1,371,304 Straight-line rents (c) (69,974) Free rent (c) 61,572 Amortization of lease intangibles (c) (69,333) Net Property Management Income 42,257 Effect of foreign currency exchange (d) 662 Less: noncontrolling interests (3,464) Fourth Quarter Adjusted Cash NOI (Actual) $1,333,024

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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 Twelve Months Ended Dec. 31, Dec. 31, in thousands, except per share amount 2025 2024 2025 2024 Net earnings Net earnings attributable to common stockholders $1,398,227 $1,277,379 $3,322,349 $3,725,754 Noncontrolling interest attributable to exchangeable limited partnership units 33,600 32,201 81,773 94,052 Adjusted net earnings attributable to common stockholders - Diluted $1,431,827 $1,309,580 $3,404,122 $3,819,806 Weighted average common shares outstanding - Basic 929,527 926,637 928,473 926,172 Incremental weighted average effect on exchange of limited partnership units 22,473 23,496 23,034 23,445 Incremental weighted average effect of equity awards 6,019 3,947 5,325 3,973 Weighted average common shares outstanding - Diluted 958,019 954,080 956,832 953,590 Net earnings per share - Basic $1.50 $1.38 $3.58 $4.02 Net earnings per share - Diluted $1.49 $1.37 $3.56 $4.01 Three Months Ended Twelve Months Ended Dec. 31, Dec. 31, in thousands, except per share amount 2025 2024 2025 2024 Core FFO Core FFO attributable to common stockholders/ unitholders $1,383,657 $1,434,662 $5,561,300 $5,304,939 Noncontrolling interest attributable to exchangeable limited partnership units 207 314 1,032 1,177 Core FFO attributable to common stockholders/ unitholders - Diluted $1,383,864 $1,434,976 $5,562,332 $5,306,116 Less: Net Promote Income (Expense) (12,362) 82,674 (48,960) 31,714 Core FFO attributable to common stockholders/ unitholders, excluding Net Promote Income (Expense) - Diluted $1,396,226 $1,352,302 $5,611,292 $5,274,402 Weighted average common shares outstanding - Basic 929,527 926,637 928,473 926,172 Incremental weighted average effect on exchange of limited partnership units 22,473 23,496 23,034 23,445 Incremental weighted average effect of equity awards 6,019 3,947 5,325 3,973 Weighted average common shares outstanding - Diluted 958,019 954,080 956,832 953,590 Core FFO per share - Diluted $1.44 $1.50 $5.81 $5.56 Core FFO per share, excluding Net Promote Income (Expense) - Diluted $1.46 $1.42 $5.86 $5.53 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% 31.9 % <60% 24.3 % Fixed charge coverage ratio >1.5x 6.8x >1.5x 8.0x Secured debt leverage ratio <40% 0.2 % <40% 0.1 % Unencumbered asset to unsecured debt ratio >150% 282.5 % N/A N/A Unencumbered debt service coverage ratio N/A N/A >150% 763.1 %

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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 $247.0 million and $351.5 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 December 31, 2025, total TEI for yards, parking lots, data centers and non-industrial assets was $1.0 billion on an Owned and Managed and Prologis Share basis. 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 Dec. 31, Sep. 30, dollars in thousands 2025 2025 Debt as a % of gross real estate assets: Consolidated debt $35,037,073 $35,302,901 Unamortized deferred financing costs and discount, net 540,973 557,746 Consolidated debt (at par) 35,578,046 35,860,647 Noncontrolling interests share of consolidated debt (at par) (22,122) (21,008) Prologis Share of unconsolidated debt (at par) 5,363,417 4,829,061 Total Prologis Share of debt (at par) 40,919,341 40,668,700 Prologis Share of outstanding foreign currency derivatives 3,423 2,516 Consolidated cash and cash equivalents (1,145,647) (1,186,022) Noncontrolling interests share of consolidated cash and cash equivalents 26,685 36,101 Prologis Share of unconsolidated cash and cash equivalents (298,652) (252,765) Total Prologis Share of debt, net of adjustments $39,505,150 $39,268,530 Consolidated gross investments in real estate 95,129,356 95,037,476 Investments in and advances to other unconsolidated ventures 830,703 812,567 Assets held for sale or contribution 203,344 358,851 Acquired intangible liabilities, net of assets (856,305) (901,559) Consolidated gross real estate assets 95,307,098 95,307,335 Noncontrolling interests share of consolidated gross real estate assets (4,061,330) (4,037,004) Prologis Share of unconsolidated gross real estate assets 19,511,773 18,534,150 Total Prologis Share of gross real estate assets $110,757,541 $109,804,481 Debt as a % of gross real estate assets 35.7 % 35.8 % Debt as a % of gross Market Capitalization: Total Prologis Share of debt, net of adjustments $39,505,150 $39,268,530 Total outstanding common stock and limited partnership units 950,912 950,718 Share price at quarter end $127.66 $114.52 Total equity capitalization $121,393,426 $108,876,225 Total Prologis Share of debt, net of adjustments 39,505,150 39,268,530 Gross Market Capitalization $160,898,576 $148,144,755 Debt as a % of gross Market Capitalization 24.6 % 26.5 % Secured debt as a % of gross real estate assets: Consolidated secured debt (at par) $189,530 $315,403 Noncontrolling interests share of consolidated secured debt (at par) (16,832) (16,921) Prologis Share of unconsolidated secured debt (at par) 214,062 247,112 Total Prologis Share of secured debt (at par) $386,760 $545,594 Total Prologis Share of gross real estate assets $110,757,541 $109,804,481 Secured debt as a % of gross real estate assets 0.3 % 0.5 % Unencumbered gross real estate assets to unsecured debt: Consolidated unencumbered gross real estate assets $94,865,110 $94,581,546 Noncontrolling interests share of consolidated unencumbered gross real estate assets (4,001,217) (3,977,056) Prologis Share of unconsolidated unencumbered gross real estate assets 19,023,238 17,983,677 Total Prologis Share of unencumbered gross real estate assets $109,887,131 $108,588,167 Consolidated unsecured debt (at par) 35,388,516 35,545,244 Noncontrolling interests share of consolidated unsecured debt (at par) (5,290) (4,087) Prologis Share of unconsolidated unsecured debt (at par) 5,149,355 4,581,949 Total Prologis Share of unsecured debt (at par) $40,532,581 $40,123,106 Unencumbered gross real estate assets to unsecured debt 271.1 % 270.6 % Three Months Ended Dec. 31, Sep. 30, dollars in thousands 2025 2025 Fixed Charge Coverage ratio: Adjusted EBITDA (a) $2,002,231 $1,867,706 Adjusted EBITDA-annualized including trailing 12 months of development gains and other and excluding Net Promote Income (Expense) (b) $7,552,027 $7,755,071 Net Promote Income (Expense) for the trailing 12 months (48,960) 46,076 Adjusted EBITDA-annualized $7,503,067 $7,801,147 Annualized NOI adjustment for real estate transactions 39,696 (5,412) Adjusted EBITDA, including NOI from real estate transactions, annualized $7,542,763 $7,795,735 Interest expense $260,453 $258,274 Amortization and write-off of deferred loan costs (7,696) (7,459) Amortization of debt discount, net (13,501) (14,234) Capitalized interest 31,779 25,701 Preferred stock dividends 1,556 1,369 Noncontrolling interests share of consolidated fixed charges (371) (426) Prologis Share of unconsolidated fixed charges 48,122 43,400 Total Prologis Share of fixed charges $320,342 $306,625 Total Prologis Share of fixed charges, annualized $1,281,368 $1,226,500 Fixed charge coverage ratio 5.9x 6.4x Debt to Adjusted EBITDA: Total Prologis Share of debt, net of adjustments $39,505,150 $39,268,530 Adjusted EBITDA-annualized $7,503,067 $7,801,147 Debt to Adjusted EBITDA ratio 5.3x 5.0x

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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 2026 Expected Completion 2027 and Thereafter Expected Completion Total Development Portfolio U.S. 6.6 % 6.5 % 7.8 % 6.8 % Other Americas 6.6 % 8.6 % — 7.2 % Europe 5.5 % 5.4 % — 5.4 % Asia 4.8 % 5.9 % 4.6 % 5.1 % Total 6.1 % 6.3 % 6.6 % 6.3 % 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 Twelve Months Ended in thousands Dec. 31, 2025 Strategic capital revenues $153,701 $592,353 Less: Strategic capital revenue from property management fees (37,525) (146,903) Less: Prologis Share of asset management fees and transactional fees from unconsolidated entities (23,954) (89,761) Add: Third-party share of asset management fees and transactional fees from consolidated ventures 12,276 48,031 Effect of foreign currency exchange 382 2,642 Third-party share of fee related and promote revenue $104,880 $406,362 Less: Promote revenue (860) (2,166) Fee related revenue $104,020 $404,196 Less: Strategic capital expenses for asset management fees and transactional fees (38,955) Fee Related Earnings $65,065 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.

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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, turnover costs and property improvements 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. Some of these limitations arise from excluding income tax expense that may be payable or depreciation and amortization expenses that reflect costs necessary to maintain operating performance. In addition, our FFO measure does not reflect changes in asset values resulting from fluctuations in market conditions or foreign currency exchange rates nor costs or benefits from settlement of deferred income taxes or the extinguishment of debt. 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. Three Months Ended Twelve Months Ended Dec. 31, Dec. 31, in thousands 2025 2024 2025 2024 Building and land development activities $30,797 $30,069 $115,584 $133,349 Operating building improvements and other 15,875 13,293 59,484 55,451 Total capitalized G&A $46,672 $43,362 $175,068 $188,800 G&A as a Percent of Assets Under Management (dollars in thousands) Adjusted G&A (trailing twelve months): Net G&A $469,114 Add: strategic capital expenses (excluding promote expense) 220,203 Less: strategic capital property management expenses (86,889) Adjusted G&A $602,428 Gross book value at period end (a): Operating properties $143,234,323 Development portfolio - TEI 5,569,320 Land portfolio 5,186,978 Other real estate investments and assets held for sale 9,090,913 Total value of assets under management $163,081,534 G&A as % of assets under management 0.37 % (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) $3.70 $4.00 Our share of: Depreciation and amortization 3.10 3.15 Net gains on real estate transactions, net of taxes (0.80) (0.95) Unrealized foreign currency losses (gains), losses (gains) on early extinguishment of debt and other, net — — Core FFO attributable to common stockholders/unitholders $6.00 $6.20 Less: Net Promote Income (Expense) (0.05) (0.05) Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense) $6.05 $6.25 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. 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:

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

Notes and Definitions (continued) Three Months Ended Twelve Months Ended Dec. 31, Dec. 31, in thousands 2025 2024 2025 2024 Current income tax expense $53,354 $45,474 $172,993 $116,040 Current income tax expense (benefit) on dispositions 22,083 22,436 26,715 29,742 Total current income tax expense (benefit) 75,437 67,910 199,708 145,782 Deferred income tax expense (benefit) 7,257 18,960 4,309 21,161 Total income tax expense (benefit) $82,694 $86,870 $204,017 $166,943 Income Taxes. Three Months Ended Twelve Months Ended Dec. 31, Dec. 31, in thousands 2025 2024 2025 2024 Gross interest expense $271,035 $236,297 $1,023,805 $892,612 Amortization of debt discounts, net 13,501 13,785 55,562 52,249 Amortization of finance costs 7,696 6,654 30,085 26,636 Interest expense before capitalization 292,232 256,736 1,109,452 971,497 Capitalized amounts (31,779) (24,504) (107,108) (107,565) Interest Expense $260,453 $232,232 $1,002,344 $863,932 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 from us and third-party investors, 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.

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![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 Twelve Months Ended Dec. 31, Dec. 31, in thousands 2025 2024 2025 2024 Rental revenues $1,480,678 $1,355,048 $5,702,308 $5,220,806 Rental recoveries 446,277 405,611 1,758,253 1,637,737 Amortization of lease intangibles 77,771 93,691 331,797 393,776 Straight-lined rents 87,381 83,157 366,546 262,386 Rental Revenues $2,092,107 $1,937,507 $8,158,904 $7,514,705 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 December 31, 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.

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![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 December 31, 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 Dec. 31, dollars in thousands 2025 2024 Change (%) Reconciliation of Consolidated Property NOI to Same Store Property NOI measures: Rental revenues $2,092,107 $1,937,507 Rental expenses (503,222) (438,468) Consolidated Property NOI $1,588,885 $1,499,039 Adjustments to derive same store results: Property NOI from consolidated properties not included in same store portfolio and other adjustments (a) (227,993) (188,109) Property NOI from unconsolidated co-investment ventures included in same store portfolio (a)(b) 924,232 871,488 Third parties' share of Property NOI from properties included in same store portfolio (a)(b) (731,132) (697,778) Prologis Share of Same Store Property NOI - Net Effective (b) $1,553,992 $1,484,640 4.7 % Consolidated properties straight-line rent and fair value lease amortization included in the same store portfolio (c) (117,529) (124,064) Unconsolidated co-investment ventures straight-line rent and fair value lease amortization included in the same store portfolio (c) (36,692) (22,969) Third parties' share of straight-line rent and fair value lease amortization included in the same store portfolio (b)(c) 27,016 12,814 Prologis Share of Same Store Property NOI - Cash (b)(c) $1,426,787 $1,350,421 5.7 %

## Exhibit 99.2

![img206457342_0.jpg](img206457342_0.jpg)

# FOR IMMEDIATE RELEASE
**Prologis Reports Fourth Quarter and Full Year 2025 Results**

*Record 228 million square feet of leases signed in 2025*

*Further expands power capacity to support data center growth*

**SAN FRANCISCO (January 21, 2026)** – Prologis, Inc. (NYSE: PLD) today announced the following results for the quarter and fiscal year ended December 31, 2025:

• Net earnings per diluted share was $1.49 for the quarter and $3.56 for the year compared with $1.37 and $4.01 for the corresponding periods in 2024.

• Core funds from operations (Core FFO)\* per diluted share was $1.44 for the quarter and $5.81 for the year compared with $1.50 and $5.56 for the corresponding periods in 2024.

• Core FFO, excluding Net Promote Income (Expense)\* per diluted share was $1.46 for the quarter and $5.86 for the year compared with $1.42 and $5.53 for the corresponding periods in 2024.

"2025 was a record year for lease signings, setting the business up with strong momentum for 2026," said Daniel S. Letter, chief executive officer of Prologis. "Customers are making long-term decisions with greater conviction, and we are meeting that demand with a platform that brings logistics, digital infrastructure and energy together at a global scale."

"The company delivered excellent fourth quarter and full year results," said Timothy D. Arndt, chief financial officer of Prologis. "As we look ahead, embedded growth, disciplined investment activity, and unmatched global capital access give us confidence in our earnings growth outlook for 2026 and beyond."

**OPERATING PERFORMANCE** 

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| | |
|:---|:---|
| &nbsp;&nbsp;**Owned & Managed** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4Q25** |
| &nbsp;&nbsp;Average Occupancy | 95.3% |
| &nbsp;&nbsp;Period End Occupancy | 95.8% |
| &nbsp;&nbsp;Leases Commenced (Operating and Development Portfolio) | 43.8 MSF |
| &nbsp;&nbsp;Retention | 77.7% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Prologis Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4Q25** |
| &nbsp;&nbsp;Average Occupancy | 95.2% |
| &nbsp;&nbsp;Cash Same Store NOI\* | 5.7% |
| &nbsp;&nbsp;Net Effective Rent Change | 43.8%  |
| &nbsp;&nbsp;Cash Rent Change | 27.3%  |

---

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**DEPLOYMENT ACTIVITY**

During the quarter, the company expanded its data center power pipeline to 5.7 gigawatts of capacity secured or in advanced stages of procurement and surpassed its 1 gigawatt target for installed solar and battery storage.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Prologis Share** | &nbsp;&nbsp;**4Q25** |
| &nbsp;&nbsp;Acquisitions | &nbsp;&nbsp;$517M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted avg stabilized cap rate *(excluding other real estate)* | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;Development Stabilizations | &nbsp;&nbsp;$539M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated weighted avg yield | &nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated weighted avg margin | &nbsp;&nbsp;17.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated value creation | &nbsp;&nbsp;$95M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Build-to-suit | &nbsp;&nbsp;37.5% |
| &nbsp;&nbsp;Development Starts | &nbsp;&nbsp;$1,019M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated weighted avg yield | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated weighted avg margin | &nbsp;&nbsp;20.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated value creation | &nbsp;&nbsp;$207M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Build-to-suit | &nbsp;&nbsp;47.9% |
| &nbsp;&nbsp;Total Dispositions and Contributions | &nbsp;&nbsp;$1,885M |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted avg stabilized cap rate *(excluding land and other real estate)* | &nbsp;&nbsp;5.0% |

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**BALANCE SHEET STRENGTH & LIQUIDITY**

During the quarter, the company:

• Closed, together with its co-investment ventures, an aggregate of $3.0 billion of debt at a weighted average interest rate of 3.1% and a weighted average term of 7.2 years.

As of quarter-end:

• Total available liquidity was approximately $7.6 billion.

• Debt-to-Adjusted EBITDA\* was 5.3x and debt as a percentage of total market capitalization was 24.6%.

• The weighted average interest rate on the company's share of total debt was 3.3%, with a weighted average term of 8.2 years.

• Forecasted earnings for 2026, 2027 and 2028 are 98%, 98% and 97%, respectively, in USD or hedged through derivative contracts and 96% of Prologis' equity was in USD.

**2026 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.

## 2026 GUIDANCE
&nbsp;&nbsp;&nbsp;&nbsp;**Earnings (per diluted share)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net earnings attributable to common stockholders | $3.70 to $4.00 |
| &nbsp;&nbsp;Core FFO attributable to common stockholders/unitholders\* | $6.00 to $6.20 |
| &nbsp;&nbsp;Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)\* | $6.05 to $6.25 |

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Average occupancy | 94.75% to 95.75% |
| &nbsp;&nbsp;Cash Same Store NOI\* | 5.75% to 6.75% |
| &nbsp;&nbsp;Net Effective Same Store NOI\* | 4.25% to 5.25% |

---

 **Strategic Capital (in millions)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Strategic Capital revenue, excluding promote revenue | $650 to $670 |
| &nbsp;&nbsp;Net Promote Income (Expense)<sup>1</sup> | $(50) |

---

 **G&A (in millions)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;General & administrative expenses | $500 to $520 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**Capital Deployment - Prologis Share (in millions)**<sup>2</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Development stabilizations | &nbsp;&nbsp;$2,250 to $2,750 |
| &nbsp;&nbsp;Development starts | &nbsp;&nbsp;$3,000 to $4,000 |
| &nbsp;&nbsp;Acquisitions | &nbsp;&nbsp;$1,000 to $1,500 |
| &nbsp;&nbsp;Contributions | &nbsp;&nbsp;$1,500 to $2,000 |
| &nbsp;&nbsp;Dispositions | &nbsp;&nbsp;$1,750 to $2,250 |
| &nbsp;&nbsp;Realized development gains | &nbsp;&nbsp;$400 to $600 |

---

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

2. Inclusive of data centers.

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.

**January 21, 2026, CALL DETAILS****<br> The call will take place on Wednesday, January 21, 2026, 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 www.prologis.com.

A telephonic replay will be available January 21 - February 4 at +1 (877) 660-6853 (from the United States and Canada) or +1 (201) 612-7415 (from all other countries) using access code 13757425. The webcast replay will be posted in the Investor Relations section of www.prologis.com under "Events & Presentations."

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**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, including data center developments and power procurement related thereto, 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; and (x) 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>

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