# EDGAR Filing Document

**Accession Number:** 0001045609
**File Stem:** 0000950170-25-096077
**Filing Date:** 2025-7
**Character Count:** 135845
**Document Hash:** 714f99ee15adbf919d83e401180cc147
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-096077.hdr.sgml**: 20250716

**ACCESSION NUMBER**: 0000950170-25-096077

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20250716

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250716

**DATE AS OF CHANGE**: 20250716

**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:** 251126173

**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:** 251126174

**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):** July 16, 2025

![img140847410_0.jpg](img140847410_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.)

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| | |
|:---|:---|
| 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. | 3.000% Notes due 2026 | PLD/26 | New York Stock Exchange |
| Prologis, L.P. | 2.250% Notes due 2029 | PLD/29 | New York Stock Exchange |
| Prologis, L.P. | 5.625% Notes due 2040 | PLD/40 | New York Stock Exchange |

---

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

Emerging growth company ☐

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

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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 July 16, 2025, Prologis, Inc., the general partner of Prologis, L.P., issued a press release announcing second 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 July 16, 2025.</u>](pld-ex99_1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2 [<u>Press release, dated July 16, 2025.</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. |
| July 16, 2025 | By: | /s/ Timothy D. Arndt  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Timothy D. Arndt |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
|  | PROLOGIS, L.P., | PROLOGIS, L.P., |
| July 16, 2025 | By: Prologis, Inc., its general partner | By: Prologis, Inc., its general partner |
|  | By: | /s/ Timothy D. Arndt  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Timothy D. Arndt |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Financial Officer |

---

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## Exhibit 99.1

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

Prologis Supplemental Information SECOND QUARTER 2025 Unaudited Prologis Ports Elizabeth Triport, Elizabeth, New Jersey

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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)

$41.5B 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 June 30, 2025, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.3 billion square feet (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. 5,895 Buildings 1.3B Square Feet Europe 253M SF 8% of NOI\*(A) Asia 115M SF 2% of NOI\*(A) U.S. 801M SF 85% of NOI\*(A) Other Americas 130M SF 5% of NOI\*(A)

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

Company Profile Highlights OPERATIONS $6.4B in annual NOI\*(A) DEVELOPMENT $731M in value creationfrom stabilizations(C) GROSS AUM $205B PROLOGIS SHARE AUM $139B MARKET EQUITY $100B STRATEGIC CAPITAL $452M of fees and promotes(B) (D) (D) (D) \* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Q2 2025 Prologis Share of NOI of the Operating Portfolio annualized. Q2 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 June 30, Six Months Ended June 30, 2025 2024 2025 2024 Rental and other revenues $2,037 $1,853 $4,036 $3,682 Strategic capital revenues 147 155 288 283 Total revenues 2,184 2,008 4,324 3,965 Net earnings attributable to common stockholders 570 860 1,161 1,444 Core FFO attributable to common stockholders/unitholders\* 1,396 1,281 2,752 2,504 AFFO attributable to common stockholders/unitholders\* 1,036 1,072 2,120 2,104 Adjusted EBITDA attributable to common stockholders/unitholders\* 1,789 1,719 3,561 3,317 Estimated value creation from development stabilizations - Prologis Share 64 296 304 346 Common stock dividends and common limited partnership unit distributions 966 917 1,931 1,833 Per common share - diluted: Net earnings attributable to common stockholders $0.61 $0.92 $1.25 $1.55 Core FFO attributable to common stockholders/unitholders\* 1.46 1.34 2.88 2.63 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)\* 1.47 1.36 2.91 2.66 Business line reporting: Real estate\* 1.40 1.29 2.76 2.54 Strategic capital\* 0.06 0.05 0.12 0.09 Core FFO attributable to common stockholders/unitholders\* 1.46 1.34 2.88 2.63 Realized development gains, net of taxes\* 0.01 0.09 0.04 0.13 Dividends and distributions per common share/unit 1.01 0.96 2.02 1.92 \* 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 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 \* 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. Highlights Company Performance DIVIDENDS AND DISTRIBUTIONS in millions

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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 136 Average 79 53.4 Average 57.8 52 Average 54 85.0% Average 85.4% Average 40% 40% 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 2025 Guidance Low High Net earnings attributable to common stockholders(B) $3.00 $3.15 Core FFO attributable to common stockholders/unitholders\*(B) $5.75 $5.80 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)\*(C) $5.80 $5.85 Operations Average occupancy - Prologis Share 94.75 % 95.25 % Same store NOI - cash - Prologis Share\* 4.25 % 4.75 % Same store NOI - net effective - Prologis Share\* 3.75 % 4.25 % Other Assumptions Strategic capital revenue, excluding promote revenue $570 $590 Net Promote Income (Expense) $(50) $(50) General & administrative expenses $450 $470 Realized development gains $150 $250 Capital Deployment PROLOGIS SHARE OWNED AND MANAGED Low High Development stabilizations $1,900 $2,300 $2,000 $2,500 Development starts $2,250 $2,750 $2,500 $3,000 Acquisitions $1,000 $1,250 $1,500 $1,750 Dispositions $500 $750 $500 $750 Contributions $500 $1,000 $750 $1,250 Exchange Rates We have hedged the rates for the majority of our estimated 2025 Euro, Sterling and Yen Core FFO, effectively insulating 2025 results from FX movements in these currencies. For purposes of capital deployment and other metrics, we assumed effective rates for EUR, GBP and JPY of 1.17 ($/€), 1.37 ($/£) and 144.34 (¥/$), respectively. \* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Our guidance for 2025 is based on management's current beliefs and assumptions about our business, the industry and the markets in which we operate. Please refer to "Forward-Looking Statements" and "Risk Factors" referred to in our annual and quarterly financial statements on Forms 10-K and 10-Q filed with the Securities and Exchange Commission ("SEC") for more information. The difference between Core FFO and Net Earnings predominately relates to real estate depreciation and amortization and gains or losses on dispositions of real estate. See the Notes and Definitions for a reconciliation. We are further adjusting Core FFO to exclude $0.05 of net promote expense. The expense relates to amortization of stock compensation issued to employees related to promote income recognized in prior periods.

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

Consolidated Balance Sheets Financial Information in thousands June 30, 2025 March 31, 2025 December 31, 2024 Assets: Investments in real estate properties: Operating properties $80,115,830 $79,492,052 $78,279,353 Development portfolio 2,891,025 2,596,069 2,829,613 Land 4,826,727 4,660,431 4,453,522 Other real estate investments 6,498,929 5,992,839 5,683,688 94,332,511 92,741,391 91,246,176 Less accumulated depreciation 13,827,462 13,290,678 12,758,159 Net investments in real estate properties 80,505,049 79,450,713 78,488,017 Investments in and advances to unconsolidated entities 10,618,184 10,287,314 10,079,448 Assets held for sale or contribution 253,331 545,542 248,511 Net investments in real estate 91,376,564 90,283,569 88,815,976 Cash and cash equivalents 1,066,081 671,117 1,318,591 Other assets 5,274,405 5,038,705 5,194,342 Total assets $97,717,050 $95,993,391 $95,328,909 Liabilities and Equity: Liabilities: Debt $34,666,551 $32,262,055 $30,879,263 Accounts payable, accrued expenses and other liabilities 5,743,685 5,655,898 5,832,876 Total liabilities 40,410,236 37,917,953 36,712,139 Equity: Stockholders' equity 52,728,574 53,467,210 53,951,138 Noncontrolling interests 3,311,886 3,320,473 3,323,047 Noncontrolling interests - limited partnership unitholders 1,266,354 1,287,755 1,342,585 Total equity 57,306,814 58,075,438 58,616,770 Total liabilities and equity $97,717,050 $95,993,391 $95,328,909

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

Consolidated Statements of Income Financial Information Three Months Ended Six Months Ended June 30, June 30, in thousands, except per share amounts 2025 2024 2025 2024 Revenues: Rental $2,025,332 $1,852,376 $4,012,597 $3,680,034 Strategic capital 147,162 154,742 288,301 283,154 Development management and other 11,375 836 22,636 1,387 Total revenues 2,183,869 2,007,954 4,323,534 3,964,575 Expenses: Rental 487,963 445,235 976,280 899,492 Strategic capital 64,917 70,536 125,694 149,347 General and administrative 106,871 106,596 221,572 217,887 Depreciation and amortization 657,221 637,305 1,309,279 1,274,810 Other 11,706 11,444 21,355 23,688 Total expenses 1,328,678 1,271,116 2,654,180 2,565,224 Operating income before gains on real estate transactions, net $855,191 $736,838 $1,669,354 $1,399,351 Gains on dispositions of development properties and land, net 10,477 87,174 37,928 127,482 Gains on other dispositions of investments in real estate, net 47,044 199,326 83,843 216,860 Operating income $912,712 $1,023,338 $1,791,125 $1,743,693 Other income (expense): Earnings from unconsolidated entities, net 107,692 102,337 175,591 174,809 Interest expense (251,866) (208,267) (483,617) (401,587) Foreign currency, derivative and other gains (losses) and other income (expense), net (122,829) 37,152 (154,487) 100,716 Gains (losses) on early extinguishment of debt, net – – – 536 Total other income (expense) (267,003) (68,778) (462,513) (125,526) Earnings before income taxes 645,709 954,560 1,328,612 1,618,167 Current income tax benefit (expense) (27,723) (32,888) (64,424) (65,354) Deferred income tax benefit (expense) 4,318 (10,171) (2,364) (10,505) Consolidated net earnings 622,304 911,501 1,261,824 1,542,308 Net earnings attributable to noncontrolling interests (37,139) (28,802) (68,715) (59,110) Net earnings attributable to noncontrolling interests - limited partnership units (13,936) (21,351) (28,927) (36,135) Net earnings attributable to controlling interests 571,229 861,348 1,164,182 1,447,063 Preferred stock dividends (1,505) (1,503) (2,957) (2,955) Net earnings attributable to common stockholders $569,724 $859,845 $1,161,225 $1,444,108 Weighted average common shares outstanding - Diluted 955,882 953,200 955,601 953,439 Net earnings per share attributable to common stockholders - Diluted $0.61 $0.92 $1.25 $1.55

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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 Six Months Ended June 30, June 30, in thousands 2025 2024 2025 2024 Net earnings attributable to common stockholders $569,724 $859,845 $1,161,225 $1,444,108 Add (deduct) NAREIT defined adjustments: Real estate related depreciation and amortization 638,199 617,822 1,270,885 1,239,984 Gains on other dispositions of investments in real estate, net of taxes (excluding development properties and land) (46,964) (198,857) (82,771) (216,391) Adjustments related to noncontrolling interests (17,339) (9,808) (35,746) (25,904) Our proportionate share of adjustments related to unconsolidated entities 133,734 101,905 284,358 221,436 NAREIT defined FFO attributable to common stockholders/unitholders\* $1,277,354 $1,370,907 $2,597,951 $2,663,233 Add (deduct) our modified adjustments: Unrealized foreign currency, derivative and other losses (gains), net 137,817 (3,035) 192,715 (38,108) Deferred income tax expense (benefit) (4,318) 10,171 2,364 10,505 Our proportionate share of adjustments related to unconsolidated entities (3,136) (4,520) (1,765) (4,211) FFO, as modified by Prologis attributable to common stockholders/unitholders\* $1,407,717 $1,373,523 $2,791,265 $2,631,419 Add (deduct) Core FFO defined adjustments: Gains on dispositions of development properties and land, net (10,477) (87,174) (37,928) (127,482) Current income tax expense (benefit) on dispositions 659 (493) 803 4,836 Losses (gains) on early extinguishment of debt, net – – – (536) Adjustments related to noncontrolling interests 2,748 78 2,821 78 Our proportionate share of adjustments related to unconsolidated entities (4,665) (4,647) (4,948) (4,649) Core FFO attributable to common stockholders/unitholders\* $1,395,982 $1,281,287 $2,752,013 $2,503,666 Add (deduct) AFFO defined adjustments: Gains on dispositions of development properties and land, net 10,477 87,174 37,928 127,482 Current income tax benefit (expense) on dispositions (659) 493 (803) (4,836) Straight-lined rents and amortization of lease intangibles (187,801) (144,349) (368,162) (303,309) Property improvements (68,772) (96,112) (103,139) (126,312) Turnover costs (152,242) (111,400) (275,365) (215,706) Amortization of debt discount, financing costs and management contracts, net 22,209 20,362 43,321 38,700 Stock compensation amortization expense 43,984 54,545 97,145 121,782 Adjustments related to noncontrolling interests 18,594 11,652 32,576 20,683 Our proportionate share of adjustments related to unconsolidated entities (45,863) (31,547) (95,682) (57,688) AFFO attributable to common stockholders/unitholders\* $1,035,909 $1,072,105 $2,119,832 $2,104,462

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

Reconciliations of Net Earnings to Adjusted EBITDA\* Financial Information Three Months Ended Six Months Ended June 30, June 30, in thousands 2025 2024 2025 2024 Net earnings attributable to common stockholders $569,724 $859,845 $1,161,225 $1,444,108 Gains on other dispositions of investments in real estate, net (excluding development properties and land) (47,044) (199,326) (83,843) (216,860) Depreciation and amortization expense 657,221 637,305 1,309,279 1,274,810 Interest charges 235,858 193,413 451,508 377,425 Current and deferred income tax expense, net 23,405 43,059 66,788 75,859 Net earnings attributable to noncontrolling interests - limited partnership units 13,936 21,351 28,927 36,135 Pro forma adjustments 2,481 5,817 10,310 7,541 Preferred stock dividends 1,505 1,503 2,957 2,955 Unrealized foreign currency, derivative and other losses (gains), net 137,817 (3,035) 192,715 (38,108) Stock compensation amortization expense 43,984 54,545 97,145 121,782 Losses (gains) on early extinguishment of debt, net – – – (536) Adjustments related to noncontrolling interests (31,819) (31,496) (65,669) (62,847) Our proportionate share of adjustments related to unconsolidated entities 182,264 135,926 389,426 294,802 Adjusted EBITDA attributable to common stockholders/unitholders\* $1,789,332 $1,718,907 $3,560,768 $3,317,066 \* 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)

96.3% 96.1% 95.8% 94.8% 94.8% Average occupancy - Prologis Share OCCUPANCY - OWNED AND MANAGED CUSTOMER RETENTION SAME STORE CHANGE OVER PRIOR YEAR - PROLOGIS SHARE\* RENT CHANGE - PROLOGIS SHARE Operations Overview 74.8% 70.4% 68.7% 64.5% 59.9% 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) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Square feet of leases commenced: Operating Portfolio: Renewals 27,839 34,661 31,676 42,136 36,528 New leases 11,775 14,331 11,284 21,115 13,906 Total Operating Portfolio 39,614 48,992 42,960 63,251 50,434 Properties under development 7,027 1,772 3,531 1,868 747 Total Square Feet of Leases Commenced 46,641 50,764 46,491 65,119 51,181 Total square feet of Operating Portfolio leases commenced, including leases greater than one month 47,232 57,939 52,315 70,648 59,237 Weighted average term of leases started (in months) 64 60 64 63 56 Operating Portfolio: Trailing four quarters - square feet of leases commenced 163,701 170,420 176,594 194,817 205,637 Trailing four quarters - average % of portfolio 14.4 % 14.9 % 15.2 % 16.6 % 17.4 % Rent change (net effective) 62.7 % 57.6 % 52.2 % 43.4 % 44.2 % Rent change (net effective) - Prologis Share 73.9 % 67.8 % 66.3 % 53.7 % 53.4 % Rent change (cash) 41.0 % 36.2 % 29.1 % 23.8 % 26.7 % Rent change (cash) - Prologis Share 51.4 % 44.1 % 40.1 % 32.1 % 34.8 % 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 ($) As a % of lease value Per square foot ($) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Property improvements(A) $153,773 $197,260 $244,170 $63,040 $127,020 Tenant improvements 84,835 78,106 92,980 91,378 122,474 Leasing commissions 73,050 102,343 100,879 92,391 94,151 Total turnover costs 157,885 180,449 193,859 183,769 216,625 Total Capital Expenditures - Owned and Managed $311,658 $377,709 $438,029 $246,809 $343,645 Trailing four quarters - % of NOI\*(A) 14.6% 15.3% 15.3% 15.4% 15.4% Weighted average ownership percentage 71.9% 72.8% 69.4% 69.1% 69.3% Total Capital Expenditures - Prologis Share $223,947 $275,089 $304,195 $170,468 $238,311 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Square feet 1,076,277 1,073,873 1,070,194 1,129,114 1,128,630 Average occupancy 96.6% 96.5% 96.3% 95.5% 95.4% Average occupancy - annual percentage <br> change (1.1%) (0.8%) (1.0%) (1.5%) (1.2%) Period ending occupancy 96.8% 96.6% 96.4% 95.5% 95.4% Percentage change - Prologis Share\*: NOI - cash 7.2% 7.2% 6.7% 6.2% 4.9% NOI - net effective 5.5% 6.2% 6.6% 5.9% 4.8% 2.2% 2.6% 2.8% 2.9% 2.9% 92.7% 94.8% 96.1% 97.7% Period ending occupancy Free rent as a % of lease value - trailing four quarters \* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. This data includes recurring capital expenditures and NOI of our Operating Portfolio. Excluded from recurring capital expenditures is spend for our properties that is structural in nature and therefore non-recurring.

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Operating Portfolio – Square Feet, Occupied and Leased Operations # of Buildings Square Feet Occupied % Leased % square feet in thousands and ordered by Prologis Share of NOI (%) Owned and Managed Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share Owned and Managed Prologis Share Southern California 556 126,991 106,451 13.8 95.3 95.7 95.5 95.9 New Jersey/New York City 207 54,183 42,586 5.5 94.3 94.0 94.3 94.0 Chicago 329 70,310 55,364 7.2 97.3 97.2 97.9 97.9 Dallas/Ft. Worth 278 61,030 51,875 6.7 95.2 95.2 95.5 95.5 San Francisco Bay Area 286 28,510 23,648 3.1 94.1 94.1 94.6 94.8 South Florida 225 29,576 23,467 3.0 93.8 93.2 94.2 93.6 Atlanta 237 52,474 46,417 6.0 96.3 96.5 96.5 96.7 Lehigh Valley 82 37,120 32,869 4.3 90.7 90.6 90.7 90.6 Houston 233 37,868 31,960 4.1 96.2 95.8 96.2 95.8 Seattle 164 25,017 17,855 2.3 96.1 97.2 96.2 97.3 Baltimore/Washington 135 18,377 14,617 1.9 92.6 93.4 92.7 93.5 Central Valley 45 22,945 21,772 2.8 95.8 95.6 95.8 95.6 Nashville 66 17,335 14,287 1.8 98.9 98.7 98.9 98.7 Phoenix 83 16,838 14,403 1.9 91.5 90.7 93.0 92.4 Orlando 109 14,115 12,656 1.6 96.8 96.7 97.7 97.6 Las Vegas 80 14,451 9,281 1.2 91.2 94.1 91.6 94.3 Cincinnati 69 19,023 16,659 2.2 96.1 96.1 96.1 96.1 Indianapolis 57 20,580 16,353 2.1 96.7 95.9 96.7 95.9 Central PA 38 19,097 14,316 1.9 91.0 92.6 91.0 92.6 Remaining U.S. markets (11 markets) 382 72,432 62,226 8.1 96.0 96.2 96.7 96.7 Total U.S. 3,661 758,272 629,062 81.5 95.1 95.3 95.4 95.5 Mexico 350 66,363 22,944 3.0 97.5 97.0 97.5 97.0 Canada 38 12,837 12,837 1.6 96.0 96.0 96.2 96.2 Brazil 46 19,499 3,980 0.5 96.6 96.7 96.6 96.7 Total Other Americas 434 98,699 39,761 5.1 97.1 96.7 97.1 96.7 United Kingdom 177 33,426 12,917 1.7 92.6 89.2 92.6 89.2 Germany 144 36,299 10,809 1.4 98.5 97.9 98.5 97.9 France 147 35,582 12,300 1.6 94.8 95.3 94.8 95.3 Netherlands 115 30,367 9,750 1.2 96.5 97.1 97.4 97.9 Remaining European countries (8 countries) 502 105,676 37,677 4.9 94.8 92.6 95.5 93.8 Total Europe 1,085 241,350 83,453 10.8 95.3 93.7 95.7 94.3 Japan 73 50,508 10,331 1.3 96.4 87.1 97.4 91.3 China 180 53,287 8,131 1.1 90.2 90.2 91.1 91.2 Singapore 5 951 951 0.1 90.6 90.6 98.3 98.3 India 2 478 407 0.1 88.3 88.3 88.3 88.3 Total Asia 260 105,224 19,820 2.6 93.2 88.6 94.2 91.5 Total Outside the U.S. 1,779 445,273 143,034 18.5 95.2 93.8 95.7 94.6 Total Operating Portfolio 5,440 1,203,545 772,096 100.0 95.1 95.0 95.5 95.4

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Operating Portfolio – NOI\* and Gross Book Value Operations Second 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 $380,467 $323,075 20.1 $20,884,730 $18,180,544 19.4 New Jersey/New York City 173,421 139,307 8.7 9,780,098 7,971,750 8.5 Chicago 110,617 87,102 5.4 6,788,509 5,369,069 5.7 Dallas/Ft. Worth 102,163 85,742 5.3 5,596,872 4,742,474 5.1 San Francisco Bay Area 101,934 85,561 5.3 4,657,970 3,894,396 4.2 South Florida 89,169 70,104 4.3 5,240,759 4,278,234 4.6 Atlanta 79,389 69,360 4.3 4,464,148 3,970,073 4.2 Lehigh Valley 66,139 58,941 3.7 4,678,389 4,230,057 4.5 Houston 57,759 48,594 3.0 3,881,398 3,350,384 3.6 Seattle 66,620 48,458 3.0 3,811,884 2,945,490 3.2 Baltimore/Washington 49,892 40,426 2.5 2,728,755 2,216,481 2.4 Central Valley 42,538 39,565 2.5 1,992,199 1,887,711 2.0 Nashville 34,261 29,530 1.8 1,553,986 1,353,347 1.5 Phoenix 32,124 26,903 1.7 1,913,450 1,607,908 1.7 Orlando 27,834 24,948 1.5 1,504,032 1,362,547 1.5 Las Vegas 36,703 24,078 1.5 1,686,459 1,056,193 1.1 Cincinnati 24,794 21,957 1.4 1,325,881 1,190,614 1.3 Indianapolis 26,585 21,849 1.4 1,391,830 1,158,678 1.2 Central PA 27,409 20,899 1.3 1,743,668 1,352,160 1.4 Remaining U.S. markets (11 markets) 122,080 104,446 6.5 6,242,962 5,346,182 5.7 Total U.S. 1,651,898 1,370,845 85.2 91,867,979 77,464,292 82.8 Mexico 116,701 40,180 2.5 5,317,842 1,828,811 2.0 Canada 32,750 32,750 2.0 1,363,138 1,363,138 1.4 Brazil 26,619 5,769 0.4 985,292 225,409 0.2 Total Other Americas 176,070 78,699 4.9 7,666,272 3,417,358 3.6 United Kingdom 85,926 30,745 1.9 8,921,982 3,615,423 3.9 Germany 62,330 18,609 1.2 4,535,468 1,322,046 1.4 France 55,333 18,522 1.1 3,849,806 1,226,730 1.3 Netherlands 49,679 16,187 1.0 3,631,874 1,107,526 1.2 Remaining European countries (8 countries) 147,807 51,318 3.2 9,633,831 3,361,246 3.6 Total Europe 401,075 135,381 8.4 30,572,961 10,632,971 11.4 Japan 94,192 17,035 1.0 7,612,551 1,437,289 1.5 China 29,025 4,456 0.3 2,960,565 454,284 0.5 Singapore 2,729 2,729 0.2 151,256 151,256 0.2 India 215 183 0.0 18,786 15,968 0.0 Total Asia 126,161 24,403 1.5 10,743,158 2,058,797 2.2 Total Outside the U.S. 703,306 238,483 14.8 48,982,391 16,109,126 17.2 Total Operating Portfolio $2,355,204 $1,609,328 100.0 $140,850,370 $93,573,418 100.0 \* 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 \* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. # 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. 2,894 624,686 588,626 76.3 95.2 95.3 95.4 95.6 Total Outside the U.S. 109 26,339 26,267 3.4 83.8 83.8 87.0 87.0 Total Operating Portfolio - Consolidated 3,003 651,025 614,893 79.7 94.7 94.8 95.1 95.2 Unconsolidated Total U.S. 767 133,586 40,436 5.2 94.9 94.9 95.3 95.3 Total Outside the U.S. 1,670 418,934 116,767 15.1 95.9 96.1 96.2 96.3 Total Operating Portfolio - Unconsolidated 2,437 552,520 157,203 20.3 95.7 95.8 96.0 96.0 Total Total U.S. 3,661 758,272 629,062 81.5 95.1 95.3 95.4 95.5 Total Outside the U.S. 1,779 445,273 143,034 18.5 95.2 93.8 95.7 94.6 Total Operating Portfolio 5,440 1,203,545 772,096 100.0 95.1 95.0 95.5 95.4 Value added properties - consolidated 10 2,000 1,990 45.9 45.6 45.9 45.6 Value added properties - unconsolidated 11 2,277 801 57.4 57.6 57.4 57.6 Total Operating Properties 5,461 1,207,822 774,887 95.0 94.8 95.3 95.2 Second Quarter NOI\* Gross Book Value Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share % of Total Consolidated Total U.S. $1,354,935 $1,280,954 79.6 $76,796,925 $72,902,284 77.9 Total Outside the U.S. 49,560 49,528 3.1 3,008,658 3,005,841 3.2 Total Operating Portfolio - Consolidated $1,404,495 $1,330,482 82.7 $79,805,583 $75,908,125 81.1 Unconsolidated Total U.S. $296,963 $89,891 5.6 $15,071,054 $4,562,008 4.9 Total Outside the U.S. 653,746 188,955 11.7 45,973,733 13,103,285 14.0 Total Operating Portfolio - Unconsolidated $950,709 $278,846 17.3 $61,044,787 $17,665,293 18.9 Value added properties - consolidated $2,687 $2,671 $397,629 $393,378 Value added properties - unconsolidated $772 $398 $351,188 $118,194

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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 5.0 46,010 2025(A) 63,621 355,918 3.8 5.59 2 Home Depot 1.9 19,057 2026(A) 186,790 1,245,374 13.5 6.67 3 FedEx 1.3 10,722 2027 193,191 1,422,912 15.4 7.37 4 DHL 1.2 13,743 2028 170,860 1,390,241 15.0 8.14 5 Geodis 1.1 15,260 2029 134,911 1,188,221 12.8 8.81 6 UPS 0.9 10,558 Thereafter 395,716 3,651,837 39.5 9.23 7 GXO 0.8 9,725 Total 1,145,089 9,254,503 100.0 8.08 8 CEVA Logistics 0.8 11,370 Weighted average term of leases remaining (based on net effective rent) 4.1 years 9 DSV 0.7 8,201 10 Maersk 0.7 6,690 Top 10 Customers 14.4 151,336 Prologis Share 11 Kuehne + Nagel 0.7 8,173 Occupied Sq Ft Net Effective Rent 12 Walmart 0.6 7,832 $% of Total $ Per Sq Ft 13 Pepsi 0.5 4,509 2025(A) 32,287 197,795 3.1 6.13 14 GigaCloud 0.4 3,494 2026(A) 110,919 801,322 12.6 7.22 15 NFI Industries 0.4 3,543 2027 122,443 957,215 15.1 7.82 16 Ryder 0.4 3,500 2028 106,574 924,504 14.6 8.67 17 Lululemon 0.4 2,481 2029 91,709 842,472 13.3 9.19 18 Burlington Stores 0.4 3,130 Thereafter 269,469 2,620,433 41.3 9.72 19 DB Schenker 0.4 5,501 Total 733,401 6,343,741 100.0 8.65 20 Mercado Libre 0.4 5,183 Weighted average term of leases remaining (based on net effective rent) 4.4 years 21 Wayfair 0.4 5,783 22 Nippon Express 0.4 4,134 23 ZOZO 0.3 4,886 24 Samsung 0.3 5,097 25 Berkshire Hathaway 0.3 3,049 Top 25 Customers 20.7 221,631 We have signed leases, which were due to expire in 2025 and 2026, totaling 47 million square feet and 22 million square feet, in our Owned and Managed portfolio (3.2% and 1.7% of total net effective rent) and 29 million square feet and 13 million square feet on a Prologis Share basis (3.1% and 1.5% of total net effective rent). These are excluded from 2025 and 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 dollars in millions Capital Deployment Overview – Prologis Share Outside the U.S. U.S. Est Value Creation $1,326 $1,583 $917 $773 $304 Est Wtd Avg Stabilized Yield 6.1% 6.3% 6.3% 6.1% 6.9% Est Build Out(B): Sq. Ft. in millions 216 TEI $37,900 YTD Q2 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.

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

Development Stabilizations Capital Deployment Q2 2025 FY 2025 TEI TEI square feet and dollars in thousands Square Feet Owned and Managed Prologis Share Square Feet Owned and Managed Prologis Share Central(A) – $– $– 545 $358,800 $328,977 East – – – 1,031 216,274 216,274 West(A) 230 73,755 73,755 1,980 327,967 327,967 Total U.S. 230 73,755 73,755 3,556 903,041 873,218 Canada – – – – – – Mexico – – – 164 17,862 17,862 Brazil – – – – – – Total Other Americas – – – 164 17,862 17,862 Northern Europe 559 54,972 54,972 807 94,144 87,363 Southern Europe 72 10,222 10,222 474 55,187 55,187 Central Europe 252 21,112 21,112 252 21,112 21,112 United Kingdom 73 29,712 29,712 73 29,712 29,712 Total Europe 956 116,018 116,018 1,606 200,155 193,374 Japan – – – 80 26,870 26,870 China(A) 308 13,806 2,071 824 36,220 5,433 India – – – – – – Total Asia 308 13,806 2,071 904 63,090 32,303 Total Outside the U.S. 1,264 129,824 118,089 2,674 281,107 243,539 Total Development Stabilizations 1,494 $203,579 $191,844 6,230 $1,184,148 $1,116,757 Percent build-to-suit 5.3 % 54.3 % Estimated weighted average stabilized yield 6.9 % 6.9 % Annualized estimated NOI $13,190 $76,634 Estimated weighted average stabilized cap rate 5.0 % 5.2 % Estimated weighted average margin 33.2 % 27.2 % Estimated value creation $63,762 $304,176 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 Q2 2025 FY 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) 113 100.0 $305,619 $276,025 520 21.6 $350,934 $321,340 East(B) 933 100.0 142,623 142,623 2,062 86.3 491,298 491,298 West 318 100.0 51,450 51,450 1,618 100.0 205,719 205,719 Total U.S. 1,364 100.0 499,692 470,098 4,200 83.6 1,047,951 1,018,357 Canada – – – – – – – – Mexico – – – – – – – – Brazil – – – – – – – – Total Other Americas – – – – – – – – Northern Europe 275 100.0 38,826 10,099 275 100.0 38,826 10,099 Southern Europe – – – – 527 51.7 97,688 97,688 Central Europe 682 100.0 49,886 49,886 682 100.0 49,886 49,886 United Kingdom – – – – – – – – Total Europe 957 100.0 88,712 59,985 1,484 82.8 186,400 157,673 Japan 1,514 0.0 304,535 304,535 1,514 0.0 304,535 304,535 China – – – – – – – – India 269 0.0 12,834 10,908 269 0.0 12,834 10,908 Total Asia 1,783 – 317,369 315,443 1,783 0.0 317,369 315,443 Total Outside the U.S. 2,740 34.9 406,081 375,428 3,267 37.6 503,769 473,116 Total Development Starts 4,104 56.6 $905,773 $845,526 7,467 63.5 $1,551,720 $1,491,473 Percent build-to-suit 62.7 % 69.3 % Estimated weighted average stabilized yield 6.3 % 6.5 % Annualized estimated NOI $53,647 $96,383 Estimated weighted average stabilized cap rate 5.1 % 5.3 % Estimated weighted average margin 21.4 % 19.8 % Estimated value creation $180,616 $295,942 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 2025 Expected Completion 2026 and Thereafter Expected Completion Total Development Portfolio TEI TEI TEI Owned and Managed Prologis Share square feet and dollars in thousands Sq Ft Leased % Owned and Managed Prologis Share Sq Ft Owned and Managed Prologis Share Sq Ft Owned and Managed Prologis Share Sq Ft Leased % TEI Sq Ft Leased % TEI Central (A) 566 0.0 $125,729 $125,729 432 $645,628 $581,066 1,557 $453,884 $425,475 2,555 38.2 $1,225,241 2,466 36.1 $1,132,270 East(A)(B) 1,291 10.6 281,441 275,347 712 170,213 170,213 2,413 523,261 523,261 4,416 43.4 974,915 4,376 43.3 968,821 West(A) 1,543 0.0 359,396 359,269 670 84,595 84,324 2,142 274,028 274,028 4,355 48.4 718,019 4,352 48.4 717,621 Total U.S. 3,400 4.0 766,566 760,345 1,814 900,436 835,603 6,112 1,251,173 1,222,764 11,326 44.1 2,918,175 11,194 43.7 2,818,712 Canada 563 0.0 137,171 137,171 971 173,779 173,779 – – – 1,534 0.0 310,950 1,534 0.0 310,950 Mexico 2,136 20.4 231,931 231,931 – – – 1,160 106,644 106,644 3,296 13.2 338,575 3,296 13.2 338,575 Brazil 240 78.1 22,297 4,459 118 13,175 2,635 2,147 151,799 30,360 2,505 93.2 187,271 501 93.2 37,454 Total Other Americas 2,939 21.2 391,399 373,561 1,089 186,954 176,414 3,307 258,443 137,004 7,335 37.8 836,796 5,331 16.9 686,979 Northern Europe 1,158 17.9 207,391 167,102 733 86,409 86,409 275 38,826 10,099 2,166 56.1 332,626 1,813 50.1 263,610 Southern Europe 276 0.0 23,839 23,839 145 21,201 21,201 382 84,770 84,770 803 43.4 129,810 803 43.4 129,810 Central Europe 450 40.9 36,639 36,639 447 33,173 33,173 682 49,886 49,886 1,579 83.2 119,698 1,579 83.2 119,698 United Kingdom(A) 222 0.0 98,021 87,095 95 53,685 53,685 115 195,741 195,741 432 0.0 347,447 412 0.0 336,521 Total Europe 2,106 18.6 365,890 314,675 1,420 194,468 194,468 1,454 369,223 340,496 4,980 57.8 929,581 4,607 55.8 849,639 Japan 1,046 16.5 194,444 194,444 364 54,975 54,975 2,693 531,839 531,839 4,103 35.6 781,258 4,103 35.6 781,258 China(A) – – – – – – – 2,382 153,722 23,058 2,382 0.0 153,722 357 0.0 23,058 India – – – – 561 28,135 17,936 269 12,834 10,909 830 0.0 40,969 586 0.0 28,845 Total Asia 1,046 16.5 194,444 194,444 925 83,110 72,911 5,344 698,395 565,806 7,315 20.0 975,949 5,046 29.0 833,161 Total Outside the U.S. 6,091 19.5 951,733 882,680 3,434 464,532 443,793 10,105 1,326,061 1,043,306 19,630 36.2 2,742,326 14,984 32.9 2,369,779 Total Development Portfolio 9,491 14.0 $1,718,299 $1,643,025 5,248 $1,364,968 $1,279,396 16,217 $2,577,234 $2,266,070 30,956 39.1 $5,660,501 26,178 37.5 $5,188,491 Cost to complete $211,746 $208,893 $482,905 $439,546 $1,690,708 $1,459,390 $2,385,359 $2,107,829 Percent build-to-suit 1.5 % 55.6 % 50.1 % 36.1 % Estimated weighted average stabilized yield 6.4 % 7.2 % 6.2 % 6.5 % Annualized estimated NOI $339,604 Estimated weighted average stabilized cap rate 5.2 % Estimated weighted average margin 21.5 % Estimated value creation $1,116,830 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 $0.9 billion and $0.8 billion and cost to complete of $0.5 billion and $0.5 billion on an Owned and Managed basis and Prologis Share basis, respectively. Amounts include a development recorded as a note receivable that is included in other real estate investments.

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Third-Party Acquisitions Capital Deployment Q2 2025 FY 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 546 546 $69,856 $69,856 2,415 2,415 $570,686 $570,686 Prologis Targeted U.S. Logistics Fund 252 77 101,094 30,600 252 77 101,094 30,600 Total U.S. 798 623 170,950 100,456 2,667 2,492 671,780 601,286 Prologis Wholly-Owned(A) 479 407 19,035 16,180 868 796 148,977 146,122 Prologis European Logistics Fund – – – – 3,376 888 454,912 119,732 Total Outside the U.S. 479 407 19,035 16,180 4,244 1,684 603,889 265,854 Total Third-Party Building Acquisitions 1,277 1,030 $189,985 $116,636 6,911 4,176 $1,275,669 $867,140 Weighted average stabilized cap rate 5.7 % 4.4 % Acquisitions of other real estate investments(B) 218,404 218,404 278,675 278,567 Total Third-Party Acquisitions $408,389 $335,040 $1,554,344 $1,145,707 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 Q2 2025 FY 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 487 487 $65,650 $65,650 946 946 $128,636 $128,636 Total U.S. 487 487 65,650 65,650 946 946 128,636 128,636 FIBRA Prologis – – – – 128 40 7,663 2,385 Total Other Americas – – – – 128 40 7,663 2,385 Total Outside the U.S. – – – – 128 40 7,663 2,385 Total Third-Party Building Dispositions 487 487 65,650 65,650 1,074 986 136,299 131,021 Building Contributions to Co-Investment Ventures Prologis European Logistics Fund – – – – 402 402 48,307 35,593 Total Europe – – – – 402 402 48,307 35,593 Total Outside the U.S. – – – – 402 402 48,307 35,593 Total Building Contributions to Co-Investment Ventures – – – – 402 402 48,307 35,593 Total Building Dispositions and Contributions 487 487 $65,650 $65,650 1,476 1,388 $184,606 $166,614 Weighted average stabilized cap rate 4.5 % 4.2 % Land dispositions 15,100 12,133 16,087 12,440 Dispositions of other real estate investments(A) 18,540 17,745 35,540 34,745 Grand Total Dispositions and Contributions $99,290 $95,528 $236,233 $213,799 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 652 606 10,802 $826,891 $787,509 16.2 New Jersey/New York City 360 360 3,291 407,092 407,092 8.4 Chicago 84 84 1,451 23,775 23,729 0.5 Dallas/Ft. Worth 392 392 5,846 140,431 140,376 2.9 San Francisco Bay Area 56 56 1,010 101,127 101,127 2.1 South Florida 79 79 1,109 97,179 97,159 2.0 Atlanta 319 319 3,032 44,309 44,309 0.9 Lehigh Valley 105 105 876 38,243 38,243 0.8 Houston 401 389 5,904 156,789 155,021 3.2 Seattle 61 61 1,130 55,909 55,909 1.1 Baltimore/Washington 88 88 988 61,520 61,520 1.3 Central Valley 699 699 11,312 191,259 191,257 3.9 Nashville 365 365 5,085 158,318 158,318 3.3 Phoenix 92 92 1,426 42,114 42,114 0.9 Orlando 154 131 2,071 47,174 40,249 0.8 Las Vegas 980 980 14,826 313,224 313,224 6.4 Indianapolis 4 4 38 284 284 0.0 Central PA 104 104 1,117 29,148 29,148 0.6 Remaining U.S. markets (7 markets) 589 580 8,509 261,957 255,605 5.2 Total U.S. 5,584 5,494 79,823 2,996,743 2,942,193 60.5 Mexico 856 723 15,625 247,759 234,976 4.8 Canada 272 272 4,807 469,915 469,915 9.7 Brazil 690 599 14,578 279,223 266,445 5.5 Total Other Americas 1,818 1,594 35,010 996,897 971,336 20.0 United Kingdom 311 311 5,641 258,058 258,058 5.3 Germany 128 94 2,800 149,057 112,569 2.3 France 171 124 3,340 150,296 141,634 2.9 Netherlands 55 55 1,437 59,325 59,325 1.2 Remaining European countries (7 countries) 741 680 14,037 178,671 163,468 3.4 Total Europe 1,406 1,264 27,255 795,407 735,054 15.1 Japan 114 114 6,689 152,777 152,777 3.1 China 47 7 1,275 10,618 1,593 0.0 India 231 196 5,464 74,179 63,052 1.3 Total Asia 392 317 13,428 237,574 217,422 4.4 Total Outside the U.S. 3,616 3,175 75,693 2,029,878 1,923,812 39.5 Total Land Portfolio 9,200 8,669 155,516 $5,026,621 $4,866,005 100.0

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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 1,469 1,448 16.7 $589,166 $580,983 11.9 East 1,349 1,326 15.3 759,923 752,978 15.5 West 2,766 2,720 31.4 1,647,654 1,608,232 33.1 Total U.S. 5,584 5,494 63.4 2,996,743 2,942,193 60.5 Mexico 856 723 8.4 247,759 234,976 4.8 Canada 272 272 3.1 469,915 469,915 9.7 Brazil 690 599 6.9 279,223 266,445 5.5 Total Other Americas 1,818 1,594 18.4 996,897 971,336 20.0 Central Europe 489 465 5.4 130,625 126,089 2.6 Northern Europe 226 174 2.0 220,208 178,506 3.7 Southern Europe 380 314 3.6 186,516 172,401 3.5 United Kingdom 311 311 3.6 258,058 258,058 5.3 Total Europe 1,406 1,264 14.6 795,407 735,054 15.1 Japan 114 114 1.3 152,777 152,777 3.1 China 47 7 0.1 10,618 1,593 0.0 India 231 196 2.2 74,179 63,052 1.3 Total Asia 392 317 3.6 237,574 217,422 4.4 Total Outside the U.S. 3,616 3,175 36.6 2,029,878 1,923,812 39.5 Total Land Portfolio 9,200 8,669 100.0 $5,026,621 $4,866,005 100.0 Estimated build out of land portfolio (in TEI) $25,100,000 $24,000,000 Estimated build out of Covered Land Plays (in TEI) 8,400,000 6,800,000 Estimated build out of other land (in TEI)(A) 8,000,000 7,100,000 Total $41,500,000 $37,900,000 Land Roll Forward - Prologis Share U.S. Other Americas Europe Asia Total At March 31, 2025 $2,899,546 $931,956 $664,207 $190,064 $4,685,773 Acquisitions 57,644 – 19,097 38,254 114,995 Reclassification of Covered Land Plays – – – – – Dispositions (8,813) – – – (8,813) Development starts (35,527) – (2,067) (37,282) (74,876) Infrastructure costs 43,436 3,720 4,049 10,079 61,284 Effect of changes in foreign exchange rates and other (14,093) 35,660 49,768 16,307 87,642 At June 30, 2025 $2,942,193 $971,336 $735,054 $217,422 $4,866,005 Amounts include approximately 3,500 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 30 $66,649 63 $111,541 $185,483 New Jersey/New York City 55 105,565 44 132,967 165,942 Chicago 3 8,126 54 109,871 169,095 San Francisco Bay Area 8 17,012 27 26,606 80,480 Central Valley 16 31,920 21 35,798 54,313 Remaining U.S. markets (6 markets) – – 15 18,404 38,290 Total U.S. 112 229,272 224 435,187 693,603 Mexico – – 23 15,384 24,641 Total Other Americas – – 23 15,384 24,641 Germany 29 23,821 25 9,131 18,951 Italy 13 7,978 5 3,378 3,603 Remaining European countries (5 countries) 7 8,559 12 4,348 9,273 Total Europe 49 40,358 42 16,857 31,827 Japan 53 78,848 9 4,829 6,702 China 25 13,728 – – – Singapore 5 4,118 – – – Total Asia 83 96,694 9 4,829 6,702 Total Outside the U.S 132 137,052 74 37,070 63,170 Total Solar Portfolio 244 366,324 298 472,257 756,773 Energy Storage Portfolio 40 55,207 32 33,297 44,771 Total Solar and Energy Storage Portfolio 284 $421,531 330 $505,554 $801,544 Third party and other 466 Investment Tax Credits ("ITC") (294,551) Projects awaiting final commissioning(A) 46 TEI, Net of ITCs $506,993 Total installed capacity 796 Estimated weighted average stabilized yield 11.7 % 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 50.9 Trailing 3-year basis points of third-party AUM 94.9% 95.0% 93.0% 95.0% 94.9% % Open end/Public (A) \*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. A. Net Promote Income (Expense) in 2025 is negative due to expense from the amortization of stock compensation issued to employees related to promote income recognized in prior periods. Please refer to Highlights for Guidance for 2025 Net Promote Income (Expense).

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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 2025\* Prologis Targeted U.S. Logistics Fund U.S. Core 2004 Unconsolidated 30.3 % Open end Q2 2026 FIBRA Prologis(A) Mexico Core 2014 Unconsolidated 34.6 % Public, Mexican Exchange Q2 2026 Prologis Brazil Logistics Venture Brazil Core/Development 2019 Unconsolidated 20.0 % Closed end Q4 2025\* Prologis European Logistics Fund Europe Core 2007 Unconsolidated 26.0 % Open end Q3 2025 Prologis European Logistics Partners Europe Core 2013 Unconsolidated 50.0 % Open end Q4 2025\* Nippon Prologis REIT(A) Japan Core 2013 Unconsolidated 15.3 % Public, Tokyo Exchange N/A Prologis Japan Core Logistics Fund Japan Core 2023 Unconsolidated 16.3 % Closed end Q2 2026 Prologis China Core Logistics Fund China Core 2019 Unconsolidated 15.5 % Open end Q3 2025 Prologis China Logistics Venture China Development 2011 Unconsolidated 15.0 % Closed end Q4 2025 Venture (at 100%)(B) in thousands Square Feet GBV of Operating Bldgs GBV of Real Estate Debt Unconsolidated Co-Investment Ventures Prologis Targeted U.S. Logistics Fund 133,981 $15,171,307 $15,701,436 $5,397,477 FIBRA Prologis(A) 65,903 5,295,409 6,613,564 2,217,765 Prologis Brazil Logistics Venture and other joint ventures 19,048 934,100 1,013,928 – Prologis European Logistics Fund 172,000 21,681,242 21,848,885 6,889,718 Prologis European Logistics Partners 63,120 8,056,151 8,320,710 – Nippon Prologis REIT(A) 44,339 6,721,844 6,799,520 2,497,230 Prologis Japan Core Logistics Fund 3,119 575,357 575,357 307,683 Prologis China Core Logistics Fund 30,037 2,217,233 2,261,039 973,099 Prologis China Logistics Venture 23,250 743,332 781,165 364,194 Total Unconsolidated Co-Investment Ventures 554,797 61,395,975 63,915,604 18,647,166 Consolidated Co-Investment Ventures Prologis U.S. Logistics Venture 77,568 8,322,675 8,391,256 – Total Consolidated Co-Investment Ventures 77,568 8,322,675 8,391,256 – Total 632,365 $69,718,650 $72,306,860 $18,647,166 \* The next promote opportunity is related to the Stabilization of individual development project(s). 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 June 30, 2025 Rental revenue $405,354 $200,213 $507,182 $165,902 $1,278,651 Rental expense (99,649) (27,060) (108,523) (44,612) (279,844) General and administrative expense (19,811) (16,600) (21,602) (17,121) (75,134) Depreciation and amortization expense (128,587) (57,452) (212,113) (56,444) (454,596) Other operating revenue (expense) (1,574) (118) (2,522) 1 (4,213) Operating income (expense) before gains on real estate transactions, net 155,733 98,983 162,422 47,726 464,864 Gains (losses) on dispositions of investments in real estate, net 157 438 (141) 17,756 18,210 Operating income (expense) 155,890 99,421 162,281 65,482 483,074 Interest expense (57,616) (27,956) (52,560) (22,166) (160,298) Current and deferred income tax benefit (expense) (112) (559) (8,023) (5,333) (14,027) Foreign currency, derivative and other gains (losses) and other income (expense), net 6,061 15,169 2,258 (5,136) 18,352 Net earnings (loss) 104,223 86,075 103,956 32,847 327,101 Real estate related depreciation and amortization expense 124,215 56,557 207,658 54,014 442,444 (Gains) losses on dispositions of investments in real estate, net of taxes 472 (438) 661 (17,756) (17,061) Unrealized foreign currency, derivative and other losses (gains), net – 193 1,411 8,410 10,014 Deferred income tax expense (benefit) – – (17,280) 459 (16,821) FFO, as modified by Prologis\* 228,910 142,387 296,406 77,974 745,677 Core FFO defined adjustments (629) 191 (531) – (969) Core FFO\* $228,281 $142,578 $295,875 $77,974 $744,708 Balance Sheet Information At June 30, 2025 Operating properties, before depreciation $15,171,307 $6,229,509 $29,737,393 $10,257,766 $61,395,975 Accumulated depreciation (3,074,640) (880,066) (5,242,372) (1,347,336) (10,544,414) Properties under development, land and other real estate 530,129 1,397,983 432,202 159,315 2,519,629 Other assets 1,307,416 514,894 1,546,956 743,147 4,112,413 Total assets $13,934,212 $7,262,320 $26,474,179 $9,812,892 $57,483,603 Third-party debt $5,397,477 $2,217,765 $6,889,718 $4,142,206 $18,647,166 Other liabilities 1,039,275 330,129 2,239,826 424,776 4,034,006 Total liabilities $6,436,752 $2,547,894 $9,129,544 $4,566,982 $22,681,172 Weighted average ownership 30.3 % 31.1 % 32.7 % 15.4 % 29.0 % \* 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 June 30, 2025 Rental revenue $102,289 $373,821 Rental expense (25,471) (79,590) General and administrative expense (11,656) (23,298) Depreciation and amortization expense (32,069) (132,064) Other operating income (expense) 997 (1,631) Operating income before gains 34,090 137,238 Gains (losses) on dispositions of investments in real estate, net 2,748 2,847 Operating income 36,838 140,085 Interest expense (432) (43,761) Current and deferred income tax benefit (expense) (48) (3,783) Foreign currency, derivative and other gains (losses) and other income (expense), net 735 7,320 Earnings from unconsolidated co-investment ventures, net 46 – Net earnings 37,139 99,861 Real estate related depreciation and amortization expense 31,275 128,648 Gains on other dispositions of investments in real estate, net of taxes (excluding development properties and land) – (2,387) NAREIT defined FFO\* 68,414 226,122 Unrealized foreign currency, derivative and other losses (gains), net – 1,797 Deferred income tax expense (benefit) – (4,812) FFO, as modified by Prologis\* 68,414 223,107 Core FFO defined adjustments (2,748) (394) Core FFO\* $65,666 $222,713 Balance Sheet Information At June 30, 2025 Operating properties, before depreciation $3,901,709 $17,783,487 Accumulated depreciation (878,645) (3,118,635) Properties under development, land and other real estate 192,693 787,406 Other assets 206,951 699,737 Total assets $3,422,708 $16,151,995 Third-party debt $21,324 $4,794,996 Other liabilities 89,498 1,110,970 Total liabilities $110,822 $5,905,966 Weighted average ownership 34.4 % 29.0 % Noncontrolling interests investment $3,311,886 Investment in and advances to unconsolidated co-investment ventures $9,821,442 Investment in and advances to other unconsolidated ventures 796,742 Investment in and advances to unconsolidated entities $10,618,184 \* 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: $107.7B in billions Prologis Share - Debt Metrics(C) June 30, 2025 March 31, 2025 Debt as % of gross Market Capitalization\* 27.9 % 25.7 % Debt as % of gross real estate assets\* 35.6 % 34.3 % Secured debt as % of gross real estate assets\* 0.5 % 0.5 % Unencumbered gross real estate assets to unsecured debt\* 272.8 % 285.1 % Fixed charge coverage ratio\* 6.3x 6.8x Fixed charge coverage ratio, excluding development gains\* 6.0x 6.4x Debt/Adjusted EBITDA\* 5.1x 4.9x Debt/Adjusted EBITDA, excluding development gains\* 5.3x 5.2x Weighted average interest rate 3.2 % 3.2 % Weighted average remaining maturity in years 8.5 8.7 Percentage of floating rate debt 5.2 % 5.4 % Credit Ratings at June 30, 2025(D) Moody's A2 (Outlook Stable) Standard & Poor's A (Outlook Stable) $139,405 $205,028 $205,028 Investment Capacity $1,393 AUM Strategic Captial $97,887 Total Enterprise Value(A) $139,405 $139,405 $39,440 $99,965 Direct owned and other Market Equity Debt Prologis Share of ventures $32,264 Investors' share of ventures $64,230 U.S.(B) 73.1% Europe 17.7% Other Americas 2.3% Asia 6.9% U.S. Dollar (B) 83.4% Outside U.S. 16.6% U.S. Dollar(B) Outside U.S. 55.8% U.S. Dollar (B) 96.0% Outside U.S. 4.0% 44.2% 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 $105.12 at June 30, 2025. Prologis' stock price was $111.79 at March 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.

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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 2025 $34,640 $– $140 $178,209 $212,989 4.2 % 78 % 2026 1,351,168 – 829,175 47,710 2,228,053 2.8 % 74 % 2027 1,988,466 – 198,823 4,156 2,191,445 2.3 % 93 % 2028 2,619,356 468,040 117,257 3,041 3,207,694 3.1 % 83 % 2029 3,433,648 – – 3,191 3,436,839 2.7 % 100 % 2030 2,851,831 52,154 34,640 3,345 2,941,970 2.7 % 97 % 2031 2,610,940 – 138,559 17,607 2,767,106 2.8 % 100 % 2032 1,691,351 – 207,838 18,715 1,917,904 1.7 % 100 % 2033 2,912,387 – 180,229 43,236 3,135,852 4.4 % 98 % 2034 3,073,600 – 410,529 – 3,484,129 3.7 % 97 % 2035 2,644,353 – – – 2,644,353 3.5 % 100 % Thereafter 7,065,155 – – – 7,065,155 3.5 % 100 % Subtotal $32,276,895 $520,194 $2,117,190 $319,210 $35,233,489 3.2 % 95 % Unamortized net premiums (discounts) (436,741) – – 6,768 (429,973) Unamortized finance costs (134,148) – (2,565) (252) (136,965) Total consolidated debt, net of premiums (discounts) $31,706,006 $520,194 $2,114,625 $325,726 $34,666,551 Weighted average interest rate 3.2 % 2.9 % 2.0 % 4.3 % 3.2 % Weighted average remaining maturity in years 9.2 3.2 4.3 2.6 8.8 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 $15,559,990 $– $7,201 $152,165 $15,719,356 $(741,612) $14,977,744 43 % Credit facilities $6,593,870 EUR 10,867,701 389,104 236,924 – 11,493,729 – 11,493,729 33 % Less: Credit facilities borrowings outstanding 520,194 GBP 1,875,616 – – – 1,875,616 541,612 2,417,228 7 % Less: Commercial paper borrowings outstanding(D) – JPY 1,699,008 22,863 1,467,016 – 3,188,887 – 3,188,887 9 % Less: Outstanding letters of credit 26,933 CAD 1,307,762 108,227 146,224 173,561 1,735,774 200,000 1,935,774 6 % Current availability 6,046,743 Other 395,929 – 257,260 – 653,189 – 653,189 2 % Cash and cash equivalents 1,066,081 Total debt $31,706,006 $520,194 $2,114,625 $325,726 $34,666,551 $– $34,666,551 100 % Total liquidity $7,112,824 The maturities for the 2025 Global Facility ($52 million), 2023 Global Facility ($445 million), and the Yen Revolver ($23 million) are reflected at the extended maturity date, as the extension is at our option. The maturity of certain debt ($247 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 2025 $– $5,021 $5,021 6.7 % 8 % $104,547 $4,152 $108,699 5.6 % 1 % 2026 – 796 796 3.6 % 100 % 112,835 70,195 183,030 3.4 % 72 % 2027 975 829 1,804 6.2 % 46 % 253,575 38,289 291,864 3.8 % 76 % 2028 2,208 390 2,598 6.4 % 15 % 483,902 79,209 563,111 4.0 % 69 % 2029 – 410 410 3.4 % 100 % 714,272 4,044 718,316 3.8 % 90 % 2030 – 430 430 3.4 % 100 % 478,205 1,490 479,695 3.0 % 99 % 2031 – 1,861 1,861 3.3 % 100 % 374,807 810 375,617 2.9 % 100 % 2032 – 473 473 3.4 % 100 % 467,911 573 468,484 2.6 % 100 % 2033 – 6,810 6,810 3.4 % 100 % 307,222 41,924 349,146 2.4 % 100 % 2034 – – – – – 394,793 8,242 403,035 4.5 % 100 % 2035 – – – – – 422,035 – 422,035 4.6 % 100 % Thereafter – – – – – 460,419 – 460,419 3.9 % 100 % Subtotal $3,183 $17,020 $20,203 4.8 % 61 % $4,574,523 $248,928 $4,823,451 3.6 % 90 % Unamortized net premiums (discounts) – 1,157 1,157 (12,906) 516 (12,390) Unamortized finance costs – (36) (36) (15,056) (1,009) (16,065) Noncontrolling interests and Prologis Share of unconsolidated debt, net of unamortized premiums (discounts) and finance costs $3,183 $18,141 $21,324 $4,546,561 $248,435 $4,794,996 Weighted average interest rate 7.3 % 4.4 % 4.8 % 3.6 % 4.0 % 3.6 % Weighted average remaining maturity in years 2.7 5.5 6.0 6.3 3.8 6.2 Noncontrolling interests share of consolidated debt by local currency Prologis Share of unconsolidated debt by local currency Unsecured Secured Total % of Total Unsecured Secured Total Investment Hedges(C) Total % of Total USD $– $18,141 $18,141 85 % $2,426,934 $63,676 $2,490,610 $– $2,490,610 52 % EUR – – – – 1,493,955 48,594 1,542,549 (391,703) 1,150,846 24 % GBP – – – – 194,389 24,729 219,118 319,577 538,695 11 % JPY – – – – 382,076 49,999 432,075 – 432,075 9 % CAD – – – – – – – – – – Other 3,183 – 3,183 15 % 49,207 61,437 110,644 72,126 182,770 4 % Total debt $3,183 $18,141 $21,324 100 % $4,546,561 $248,435 $4,794,996 $– $4,794,996 100 % 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 $391 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. 588,626 $72,902,284 $124 $1,234,594 $1,234,594 $4,938,376 95.3 % Other Americas 14,167 1,487,285 105 33,391 33,391 133,564 95.0 % Europe 7,692 1,035,981 135 7,845 7,845 31,380 71.8 % Asia 4,408 482,575 109 6,069 6,069 24,276 68.5 % Pro forma adjustments for mid-quarter acquisitions/development completions 1,668 6,672 Total consolidated operating portfolio 614,893 75,908,125 123 1,281,899 1,283,567 5,134,268 94.8 % Unconsolidated U.S. 40,436 4,562,008 113 97,873 97,873 391,492 94.9 % Other Americas 25,594 1,930,073 75 47,945 47,945 191,780 97.5 % Europe 75,761 9,596,990 127 136,799 136,799 547,196 95.9 % Asia 15,412 1,576,222 102 19,020 19,020 76,080 94.3 % Net Property Management Income 13,349 47,960 Pro forma adjustments for mid-quarter acquisitions/development completions 122 488 Total unconsolidated operating portfolio 157,203 17,665,293 112 301,637 315,108 1,254,996 95.8 % Total Operating Portfolio 772,096 $93,573,418 $121 $1,583,536 $1,598,675 $6,389,264 95.0 % Development Portfolio Square Feet Investment Balance TEI TEI per Sq Ft Annualized Estimated NOI Percent Leased Consolidated Prestabilized U.S. 3,359 $641,490 $760,345 $226 $49,850 3.4 % Other Americas 2,699 320,809 369,102 137 28,648 16.2 % Europe 1,778 237,833 270,544 152 15,763 10.3 % Asia 1,046 171,072 194,444 186 8,672 16.5 % Properties under development U.S.(A) 7,835 1,130,604 2,058,367 263 145,236 Other Americas 2,131 183,224 280,423 132 21,823 Europe 2,601 124,248 524,866 202 31,602 Asia 3,643 103,725 615,659 169 31,284 Total consolidated development portfolio 25,092 2,913,005 5,073,750 202 332,878 Unconsolidated U.S. – – – – – Other Americas 501 13,037 37,454 75 2,819 Europe 228 43,031 54,229 238 3,030 Asia 357 3,809 23,058 65 877 Total unconsolidated development portfolio 1,086 59,877 114,741 106 6,726 Total Development Portfolio 26,178 $2,972,882 $5,188,491 $198 $339,604 Prologis Share of est. value creation (see Capital Deployment - Development Portfolio) 1,116,830 Total Development Portfolio, including est. value creation $4,089,712 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 $1,066,081 Restricted cash 59,154 Accounts receivable, prepaid assets and other tangible assets 1,443,651 Gross book value of other real estate investments and assets held for sale 6,438,351 Value added operating properties 397,629 Prologis receivable from unconsolidated co-investment ventures 348,257 Investments in and advances to other unconsolidated joint ventures 796,742 Total other assets $10,549,865 Other liabilities Accounts payable and other current liabilities $1,627,999 Deferred income taxes 155,917 Value added tax and other tax liabilities 46,575 Tenant security deposits 429,835 Other liabilities 863,787 Total other liabilities $3,124,113 Noncontrolling Interests and Unconsolidated Co-investment Ventures Less: noncontrolling interests share of net tangible other liabilities (assets) $(88,669) Prologis Share of unconsolidated net tangible other assets (liabilities) $381,553 Less: noncontrolling interests share of value added operating properties $(4,251) Prologis Share of unconsolidated value added operating properties $118,194 Land Current book value of land $4,826,727 Less: noncontrolling interests share of the current book value of land $(39,703) Prologis Share of book value of land in unconsolidated co-investment ventures $78,981 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) $94,428 $377,712 Third party share of transactional fees from consolidated and unconsolidated co-investment and other ventures (current quarter/trailing twelve months) 6,232 32,706 Strategic capital expenses for asset management and transactional fees (current quarter/trailing twelve months) (30,726) (112,724) Fee Related Earnings $69,934 $297,694 Net Promote Income (Expense) (current quarter/trailing twelve months)(A) $(13,437) $41,440 Net Promote Income (Expense) (five year average) $193,282 Development management revenue (current quarter/trailing twelve months) $11,375 $36,247 Debt (at par) and Preferred Stock Consolidated debt $35,233,489 Noncontrolling interests share of consolidated debt $(20,203) Prologis Share of unconsolidated co-investment ventures' debt $4,823,451 Preferred stock $63,948 Common Stock and Limited Partnership Units Outstanding shares of common stock and limited partnership units 950,352 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 Anaheim DC5, Anaheim, California

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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 to Adjusted EBITDA is net earnings. We calculate Adjusted EBITDA by beginning with consolidated net earnings attributable to common stockholders and removing the effect of: interest charges, income taxes, depreciation and amortization, impairment charges, gains or losses from the disposition of investments in real estate (excluding development properties and land), gains from the revaluation of equity investments upon acquisition of a controlling interest, gains or losses on early extinguishment of debt and derivative contracts (including cash charges), similar adjustments we make to our FFO measures (see definition below), and other items, such as, amortization of stock based compensation and unrealized gains or losses on foreign currency and derivatives. We also include a pro forma adjustment to reflect a full period of NOI on the operating properties we acquire or stabilize during the quarter and to remove NOI on properties we dispose of during the quarter, assuming all transactions occurred at the beginning of the quarter. For properties we contribute, we make an adjustment to reflect NOI at the new ownership percentage for the full quarter. We believe Adjusted EBITDA provides investors relevant and useful information because it permits investors to view our operating performance, analyze our ability to meet interest payment obligations and make quarterly preferred stock dividends on an unleveraged basis before the effects of income tax, depreciation and amortization expense, gains and losses on the disposition of non-development properties and other items (outlined above), that affect comparability. While all items are not infrequent or unusual in nature, these items may result from market fluctuations that can have inconsistent effects on our results of operations. The economics underlying these items reflect market and financing conditions in the short-term but can obscure our performance and the value of our long-term investment decisions and strategies. We calculate our Adjusted EBITDA, based on our proportionate ownership share of both our unconsolidated and consolidated ventures. We reflect our share of our Adjusted EBITDA measures for unconsolidated ventures 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 adjusting our Adjusted EBITDA measures to remove the noncontrolling interests share of the applicable adjusting items based on our average ownership percentage for the applicable periods. While we believe Adjusted EBITDA is an important measure, it should not be used alone because it excludes significant components of net earnings, such as our historical cash expenditures or future cash requirements for working capital, capital expenditures, distribution requirements, contractual commitments or interest and principal payments on our outstanding debt and is therefore limited as an analytical tool. 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 $2,025,332 Rental expenses (487,963) NOI 1,537,369 Net termination fees and adjustments (a) (28,418) Less: actual NOI for Development Portfolio and Other Real Estate Investments and other (60,094) Less: Net Property Management Income (43,070) Less: properties contributed or sold (b) 832 Less: noncontrolling interests share of NOI less termination fees and adjustments (76,137) Prologis Share of adjusted NOI for consolidated Operating Portfolio at June 30, 2025 $1,330,482 Straight-line rents (c) (71,681) Free rent (c) 57,257 Amortization of lease intangibles (c) (76,612) Net Property Management Income 43,070 Effect of foreign currency exchange (d) 722 Less: noncontrolling interests (1,339) Second Quarter Adjusted Cash NOI (Actual) $1,281,899

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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 Six Months Ended Jun. 30, Jun. 30, in thousands, except per share amount 2025 2024 2025 2024 Net earnings Net earnings attributable to common stockholders $569,724 $859,845 $1,161,225 $1,444,108 Noncontrolling interest attributable to exchangeable limited partnership units 13,936 21,551 28,927 36,516 Adjusted net earnings attributable to common stockholders - Diluted $583,660 $881,396 $1,190,152 $1,480,624 Weighted average common shares outstanding - Basic 928,476 926,276 927,909 925,812 Incremental weighted average effect on exchange of limited partnership units 22,731 23,224 23,115 23,465 Incremental weighted average effect of equity awards 4,675 3,700 4,577 4,162 Weighted average common shares outstanding - Diluted 955,882 953,200 955,601 953,439 Net earnings per share - Basic $0.61 $0.93 $1.25 $1.56 Net earnings per share - Diluted $0.61 $0.92 $1.25 $1.55 Three Months Ended Six Months Ended Jun. 30, Jun. 30, in thousands, except per share amount 2025 2024 2025 2024 Core FFO Core FFO attributable to common stockholders/ unitholders $1,395,982 $1,281,287 $2,752,013 $2,503,666 Noncontrolling interest attributable to exchangeable limited partnership units 258 289 552 564 Core FFO attributable to common stockholders/ unitholders - Diluted $1,396,240 $1,281,576 $2,752,565 $2,504,230 Net Promote Income (Expense) (13,437) (11,315) (24,330) (34,056) Core FFO attributable to common stockholders/ unitholders, excluding Net Promote Income (Expense) - Diluted $1,409,677 $1,292,891 $2,776,895 $2,538,286 Weighted average common shares outstanding - Basic 928,476 926,276 927,909 925,812 Incremental weighted average effect on exchange of limited partnership units 22,990 23,224 23,383 23,465 Incremental weighted average effect of equity awards 4,675 3,700 4,577 4,162 Weighted average common shares outstanding - Diluted 956,141 953,200 955,869 953,439 Core FFO per share - Diluted $1.46 $1.34 $2.88 $2.63 Core FFO per share, excluding Net Promote Income (Expense) - Diluted $1.47 $1.36 $2.91 $2.66 Covered Land Plays are income generating assets acquired with the intention to redevelop for higher and better use as industrial properties. These assets may be included in our Operating Portfolio, Value-Added Properties or other real estate investments. Debt Covenants are calculated in accordance with the respective debt agreements and may be different than other covenants or metrics presented. They are not calculated in accordance with the applicable Securities Exchange Commission rules. Please refer to the respective agreements for full financial covenant descriptions. Debt covenants as of the period end were as follows: Debt Metrics. We evaluate the following debt metrics to monitor the strength and flexibility of our capital structure and evaluate the performance of our management. Investors can utilize these metrics to make a determination about our ability to service or refinance our debt. See below for the calculations. Indenture Global Line Covenant Actual Covenant Actual Leverage ratio <60% 32.1 % <60% 24.4 % Fixed charge coverage ratio >1.5x 6.8x >1.5x 8.2x Secured debt leverage ratio <40% 0.3 % <40% 0.2 % Unencumbered asset to unsecured debt ratio >150% 281.5 % N/A N/A Unencumbered debt service coverage ratio N/A N/A >150% 795.7 %

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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 $369.6 million and $448.8 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 June 30, 2025, total TEI for yards, parking lots, data centers and non-industrial assets was $1.2 billion and $1.1 billion on an Owned and Managed and Prologis Share basis, respectively. We do not disclose square footage for yards and parking lots. Enterprise Value equals our Market Equity plus our share of total debt. Estimated Build Out (TEI and sq ft) represents the estimated TEI and finished square feet available for lease upon completion of an industrial building on existing parcels of land. Estimated Value Creation represents the value that we expect to create through our development and leasing activities. We calculate Estimated Value Creation by estimating the Stabilized NOI that the property will generate and applying a stabilized capitalization rate applicable to that property. Estimated Value Creation is calculated as the amount by which the value exceeds our TEI, including closing costs and taxes, if any, and does not include any fees or promotes we may earn. Three Months Ended Jun. 30, Mar. 31, dollars in thousands 2025 2025 Debt as a % of gross real estate assets: Consolidated debt $34,666,551 $32,262,055 Unamortized deferred financing costs and discount, net 566,938 561,363 Consolidated debt (at par) 35,233,489 32,823,418 Noncontrolling interests share of consolidated debt (at par) (20,203) (17,319) Prologis Share of unconsolidated debt (at par) 4,823,451 4,793,740 Total Prologis Share of debt (at par) 40,036,737 37,599,839 Prologis Share of outstanding foreign currency derivatives 33,975 23,186 Consolidated cash and cash equivalents (1,066,081) (671,117) Noncontrolling interests share of consolidated cash and cash equivalents 36,232 30,827 Prologis Share of unconsolidated cash and cash equivalents (288,518) (282,094) Total Prologis Share of debt, net of adjustments $38,752,345 $36,700,641 Consolidated gross investments in real estate 94,332,511 92,741,391 Investments in and advances to other unconsolidated ventures 796,742 813,712 Assets held for sale or contribution 253,331 545,542 Acquired intangible liabilities, net of assets (941,166) (1,004,951) Consolidated gross real estate assets 94,441,418 93,095,694 Noncontrolling interests share of consolidated gross real estate assets (3,998,202) (3,984,826) Prologis Share of unconsolidated gross real estate assets 18,503,202 17,766,557 Total Prologis Share of gross real estate assets $108,946,418 $106,877,425 Debt as a % of gross real estate assets 35.6 % 34.3 % Debt as a % of gross Market Capitalization: Total Prologis Share of debt, net of adjustments $38,752,345 $36,700,641 Total outstanding common stock and limited partnership units 950,352 950,257 Share price at quarter end $105.12 $111.79 Total equity capitalization $99,901,002 $106,229,230 Total Prologis Share of debt, net of adjustments 38,752,345 36,700,641 Gross Market Capitalization $138,653,347 $142,929,871 Debt as a % of gross Market Capitalization 27.9 % 25.7 % Secured debt as a % of gross real estate assets: Consolidated secured debt (at par) $319,210 $311,532 Noncontrolling interests share of consolidated secured debt (at par) (17,020) (17,107) Prologis Share of unconsolidated secured debt (at par) 248,928 244,284 Total Prologis Share of secured debt (at par) $551,118 $538,709 Total Prologis Share of gross real estate assets $108,946,418 $106,877,425 Secured debt as a % of gross real estate assets 0.5 % 0.5 % Unencumbered gross real estate assets to unsecured debt: Consolidated unencumbered gross real estate assets $93,712,203 $92,372,138 Noncontrolling interests share of consolidated unencumbered gross real estate assets (3,938,535) (3,925,472) Prologis Share of unconsolidated unencumbered gross real estate assets 17,951,293 17,229,794 Total Prologis Share of unencumbered gross real estate assets $107,724,961 $105,676,460 Consolidated unsecured debt (at par) 34,914,279 32,511,886 Noncontrolling interests share of consolidated unsecured debt (at par) (3,183) (212) Prologis Share of unconsolidated unsecured debt (at par) 4,574,523 4,549,456 Total Prologis Share of unsecured debt (at par) $39,485,619 $37,061,130 Unencumbered gross real estate assets to unsecured debt 272.8 % 285.1 % Three Months Ended Jun. 30, Mar. 31, dollars in thousands 2025 2025 Fixed Charge Coverage ratio: Adjusted EBITDA (a) $1,789,332 $1,771,436 Adjusted EBITDA-annualized including trailing 12 months of development gains and excluding Net Promote Income (Expense) (b) $7,584,541 $7,511,897 Net Promote Income (Expense) for the trailing 12 months 41,440 43,562 Adjusted EBITDA-annualized $7,625,981 $7,555,459 Pro forma adjustment annualized (9,924) (31,316) Adjusted EBITDA, including NOI from disposed properties, annualized $7,616,057 $7,524,143 Interest expense $251,866 $231,751 Amortization and write-off of deferred loan costs (7,861) (7,069) Amortization of debt discount, net (14,061) (13,766) Capitalized interest 26,267 23,361 Preferred stock dividends 1,505 1,452 Noncontrolling interests share of consolidated fixed charges (431) (328) Prologis Share of unconsolidated fixed charges 42,572 42,726 Total Prologis Share of fixed charges $299,857 $278,127 Total Prologis Share of fixed charges, annualized $1,199,428 $1,112,508 Fixed charge coverage ratio 6.3x 6.8x Debt to Adjusted EBITDA: Total Prologis Share of debt, net of adjustments $38,752,345 $36,700,641 Adjusted EBITDA-annualized $7,625,981 $7,555,459 Debt to Adjusted EBITDA ratio 5.1x 4.9x

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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 2025 Expected Completion 2026 and Thereafter Expected Completion Total Development Portfolio U.S. 6.6 % 7.4 % 6.9 % 6.9 % Other Americas 7.8 % 7.6 % 7.9 % 7.8 % Europe 5.8 % 6.8 % 5.6 % 5.9 % Asia 4.5 % 5.8 % 4.9 % 4.9 % Total 6.4 % 7.2 % 6.2 % 6.5 % 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 Six Months Ended in thousands Jun. 30, 2025 Strategic capital revenues $147,162 $288,301 Less: Strategic capital revenue from property management fees (36,734) (72,390) Less: Prologis Share of asset management fees and transactional fees from unconsolidated entities (22,605) (43,316) Add: Third-party share of asset management fees and transactional fees from consolidated ventures 11,582 23,871 Effect of foreign currency exchange 1,255 2,150 Third-party share of fee related and promote revenue $100,660 $198,616 Less: Promote revenue — (61) Fee related revenue $100,660 $198,555 Less: Strategic capital expenses for asset management fees and transactional fees (30,726) Fee Related Earnings $69,934 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, and recurring capital expenditures and exclude the following items that we recognize directly in Core FFO: straight-line rents; amortization of above- and below-market lease intangibles; amortization of management contracts; amortization of debt premiums and discounts and financing costs, net of amounts capitalized, and; stock compensation amortization expense. Limitations on the use of our FFO measures While we believe our modified FFO measures are important supplemental measures for our stockholders, potential investors and financial analysts to understand, we do not use NAREIT's nor our measures of FFO as alternatives to net earnings computed under GAAP, as indicators of our operating performance, as alternatives to cash from operating activities computed under GAAP or as indicators of our ability to fund our cash needs. These measures 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 to our net earnings computed under GAAP. General and Administrative Expenses ("G&A"). Our property management personnel perform the property-level management of the properties in our owned and managed portfolio, which include properties we consolidate and those we manage that are owned by the unconsolidated co-investment ventures. We allocate the costs of our property management function to the properties we consolidate (included in Rental Expenses) and the properties owned by the unconsolidated co-investment ventures (included in Strategic Capital Expenses) by using the square feet owned by the respective portfolios. Strategic Capital Expenses also include the direct expenses associated with the asset management of the unconsolidated co-investment ventures provided by our employees who are assigned to our strategic capital segment as well as promote expenses. We do not allocate indirect costs to Strategic Capital Expenses. We capitalize certain costs directly related to our development. Capitalized G&A expenses include salaries and related costs as well as other G&A costs. The capitalized costs were as follows: Three Months Ended Six Months Ended Jun. 30, Jun. 30, in thousands 2025 2024 2025 2024 Building and land development activities $25,115 $32,268 $55,785 $72,027 Operating building improvements and other 15,516 13,045 28,494 28,891 Total capitalized G&A $40,631 $45,313 $84,279 $100,918 G&A as a Percent of Assets Under Management (dollars in thousands) Adjusted G&A (trailing twelve months): Net G&A $422,450 Add: strategic capital expenses (excluding promote expense) 194,094 Less: strategic capital property management expenses (81,370) Adjusted G&A $535,174 Gross book value at period end (a): Operating properties $141,599,187 Development portfolio - TEI 5,660,501 Land portfolio 5,026,621 Other real estate investments and assets held for sale 8,927,643 Total value of assets under management $161,213,952 G&A as % of assets under management 0.33 % (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) $3.00 $3.15 Our share of: Depreciation and amortization 3.07 3.10 Net gains on real estate transactions, net of taxes (0.54) (0.67) Unrealized foreign currency losses (gains), losses (gains) on early extinguishment of debt and other, net 0.22 0.22 Core FFO attributable to common stockholders/unitholders $5.75 $5.80 Less: Net Promote Expense (Income) 0.05 0.05 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense) $5.80 $5.85 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.

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Notes and Definitions (continued) Three Months Ended Six Months Ended Jun. 30, Jun. 30, in thousands 2025 2024 2025 2024 Current income tax expense $26,984 $32,912 $62,549 $60,049 Current income tax expense (benefit) on dispositions 739 (24) 1,875 5,305 Total current income tax expense (benefit) 27,723 32,888 64,424 65,354 Deferred income tax expense (benefit) (4,318) 10,171 2,364 10,505 Total income tax expense (benefit) $23,405 $43,059 $66,788 $75,859 Income Taxes. Three Months Ended Six Months Ended Jun. 30, Jun. 30, in thousands 2025 2024 2025 2024 Gross interest expense $256,211 $217,179 $490,488 $422,624 Amortization of debt discounts, net 14,061 13,434 27,827 24,711 Amortization of finance costs 7,861 6,634 14,930 13,401 Interest expense before capitalization 278,133 237,247 533,245 460,736 Capitalized amounts (26,267) (28,980) (49,628) (59,149) Interest Expense $251,866 $208,267 $483,617 $401,587 Interest Expense. Investment Capacity is our estimate of the gross real estate that could be acquired by our co-investment ventures through the use of existing equity commitments, less any unpaid redemption requests, assuming a midpoint of the target leverage range of the ventures. Lease Negotiation Gestation is the measurement of the number of days between the first proposal exchange with the prospective customer and the final lease signing, including lease terms less than twelve months. This is for new leases in our Operating Portfolio only and excludes renewals. Lease Proposals are the total initial proposals sent to prospective customers in our Operating Portfolio, measured by net rentable area in square feet. Proposals as a percent of available net rentable area refers to proposals on units vacant or expiring in the next twelve months. Includes proposals with lease terms less than twelve months, as well as customer expansions and renewals. Market Capitalization equals Market Equity, less liquidation preference of the preferred shares/units, plus our share of total debt. Market Equity equals outstanding shares of common stock and units multiplied by the closing stock price plus the liquidation preference of the preferred shares/units. Net Asset Value ("NAV"). We consider NAV to be a useful supplemental measure of our operating performance because it enables both management and investors to estimate the fair value of our business. The assessment of the fair value of a particular line of our business is subjective in that it involves estimates and can be calculated using various methods. Therefore, we have presented the financial results and investments related to our business components that we believe are important in calculating our NAV but we have not presented any specific methodology nor provided any guidance on the assumptions or estimates that should be used in the calculation. The components of NAV do not consider the potential changes in rental and fee income streams or the franchise value associated with our global operating platform, strategic capital platform or development platform. Net Effective Rent is calculated at the beginning of the lease using estimated total cash base rent to be received over the term and annualized, and excludes fair value lease amortization from acquisitions. Amounts derived in a currency other than the U.S. dollar have been translated using the average rate from the previous twelve months. The per square foot number is calculated by dividing the Net Effective Rent by the occupied square feet of the lease. Net Operating Income ("NOI") is a non-GAAP financial measure used to evaluate our operating performance and represents rental revenue less rental expenses. For our consolidated properties, it is calculated directly from our Consolidated Financial Statements as Rental Revenue less Rental Expenses. Net Promote Income (Expense) is promote revenue earned from third-party investors during the period, net of related cash and stock compensation expenses, and taxes and foreign currency derivative gains and losses, if applicable. Net Property Management Income represents property management fees less the actual costs of providing property management services. Non-GAAP Pro-Rata Financial Information. This information includes non-GAAP financial measures. The Prologis Share of unconsolidated co-investment ventures are derived on an entity-by-entity basis by applying our ownership percentage to each line item in the GAAP financial statements of these ventures to calculate our share of that line item. For purposes of balance sheet data, we use our ownership percentage at the end of the period and for operating information we use our average ownership percentage during the period consistent with how we calculate our share of net earnings (loss) during the period for our consolidated financial statements. We use a similar calculation to derive the noncontrolling interests share of each line item in our consolidated financial statements. We believe this form of presentation offers insights into the financial performance and condition of our company as a whole, given the significance of our co-investment ventures that are accounted for either under the equity method or consolidated with the third parties' share included in noncontrolling interests, although the presentation of such information may not accurately depict the legal and economic implications of holding a noncontrolling interest in the co-investment venture. Other companies may calculate their proportionate interest differently than we do, limiting the usefulness as a comparative measure. We do not control the unconsolidated co-investment ventures for purposes of GAAP and the presentation of the assets and liabilities and revenues and expenses do not represent a legal claim to such items. The operating agreements of the unconsolidated co-investment ventures generally provide that investors, including Prologis, may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale, or (3) upon liquidation of the venture. The amount of cash each investor receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each investor and whether any contributions are entitled to priority distributions. Upon liquidation of the co-investment venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the investors generally would be entitled to any residual cash remaining based on their respective legal ownership percentages. Because of these limitations, the Non-GAAP Pro-Rata Financial Information should not be considered in isolation or as a substitute for our consolidated financial statements as reported under GAAP.

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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. Prologis Share of NOI excludes termination fees and adjustments and 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 Six Months Ended Jun. 30, Jun. 30, in thousands 2025 2024 2025 2024 Rental revenues $1,401,020 $1,283,036 $2,770,829 $2,536,391 Rental recoveries 435,107 422,254 873,503 834,828 Amortization of lease intangibles 85,650 100,605 174,379 202,543 Straight-lined rents 103,555 46,481 193,886 106,272 Rental Revenues $2,025,332 $1,852,376 $4,012,597 $3,680,034 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 June 30, 2025 as the properties in our Owned and Managed Operating Portfolio, including the property NOI for both consolidated properties and properties owned by the unconsolidated co-investment ventures at January 1, 2024 and owned throughout the same three-month period in both 2024 and 2025. We believe the drivers of property NOI for the consolidated portfolio are generally the same for the properties owned by the ventures in which we invest and therefore we evaluate the same store metrics of the Owned and Managed portfolio based on Prologis' ownership in the properties ("Prologis Share"). The same store population excludes properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the period (January 1, 2024) and properties acquired or disposed of to third parties during the period. 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 period and properties acquired or disposed of to third parties during the period. 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 June 30, 2025 to the Property NOI for both periods, including the properties contributed during the period. 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 Jun. 30, dollars in thousands 2025 2024 Change (%) Reconciliation of Consolidated Property NOI to Same Store Property NOI measures: Rental revenues $2,025,332 $1,852,376 Rental expenses (487,963) (445,235) Consolidated Property NOI $1,537,369 $1,407,141 Adjustments to derive same store results: Property NOI from consolidated properties not included in same store portfolio and other adjustments (a) (217,719) (117,439) Property NOI from unconsolidated co-investment ventures included in same store portfolio (a)(b) 893,689 832,222 Third parties' share of Property NOI from properties included in same store portfolio (a)(b) (705,623) (683,251) Prologis Share of Same Store Property NOI - Net Effective (b) $1,507,716 $1,438,673 4.8 % Consolidated properties straight-line rent and fair value lease amortization included in the same store portfolio (c) (127,131) (120,839) Unconsolidated co-investment ventures straight-line rent and fair value lease amortization included in the same store portfolio (c) (29,930) (19,435) Third parties' share of straight-line rent and fair value lease amortization included in the same store portfolio (b)(c) 23,793 12,063 Prologis Share of Same Store Property NOI - Cash (b)(c) $1,374,448 $1,310,462 4.9 %

## Exhibit 99.2

![img206457342_0.jpg](img206457342_0.jpg)

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

*Resilient performance through volatile environment*

**SAN FRANCISCO (July 16, 2025)** – Prologis, Inc. (NYSE: PLD) today announced the following results for the quarter ended June 30, 2025, as compared to the corresponding period in 2024:

• Net earnings per diluted share was $0.61 and decreased 33.7% due to lower gains and unrealized FX.

• Core funds from operations (Core FFO)\* per diluted share was $1.46 and increased 9.0%.

• Core FFO, excluding Net Promote Income (Expense)\* per diluted share was $1.47 and increased 8.1%.

Hamid R. Moghadam, co-founder and CEO of Prologis, commented: "Our teams performed exceptionally in our operations and deployment activity over the quarter. This success stems from strong execution, staying close to customers, and the long-term fundamentals of our business."

"Our leasing pipeline has reached historically high levels, and what we're hearing from customers, especially the larger ones, is clear: they're planning, engaging and increasingly ready to act," said Daniel S. Letter, president of Prologis. "These trends are evident in both our leasing and build-to-suit activity—and we're in a strong position to meet that demand."

**OPERATING PERFORMANCE** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Owned & Managed** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;2Q25**  |
| &nbsp;&nbsp;Average Occupancy | 94.9% |
| &nbsp;&nbsp;Period End Occupancy | 95.1% |
| &nbsp;&nbsp;Leases Commenced (Operating and Development Portfolio) | 51.2 MSF |
| &nbsp;&nbsp;Retention | 74.9% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Prologis Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;2Q25**  |
| &nbsp;&nbsp;Average Occupancy | 94.8% |
| &nbsp;&nbsp;Cash Same Store NOI\* | 4.9% |
| &nbsp;&nbsp;Net Effective Rent Change | 53.4%  |
| &nbsp;&nbsp;Cash Rent Change | 34.8%  |

---

**DEPLOYMENT ACTIVITY**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Prologis Share** | &nbsp;&nbsp;**2Q25**  |
| &nbsp;&nbsp;Acquisitions | &nbsp;&nbsp;$335M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted avg stabilized cap rate *(excluding other real estate)* | &nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;Development Stabilizations | &nbsp;&nbsp;$192M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated weighted avg yield | &nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated weighted avg margin | &nbsp;&nbsp;33.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated value creation | &nbsp;&nbsp;$64M |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Build-to-suit | &nbsp;&nbsp;5.3% |
| &nbsp;&nbsp;Development Starts | &nbsp;&nbsp;$846M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated weighted avg yield | &nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated weighted avg margin | &nbsp;&nbsp;21.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated value creation | &nbsp;&nbsp;$181M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Build-to-suit | &nbsp;&nbsp;62.7% |
| &nbsp;&nbsp;Total Dispositions and Contributions | &nbsp;&nbsp;$96M |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted avg stabilized cap rate *(excluding land and other real estate)* | &nbsp;&nbsp;4.5% |

---

**BALANCE SHEET STRENGTH & LIQUIDITY**

During the quarter, the company:

• Issued, together with its co-investment ventures, an aggregate of $5.8 billion of debt at a weighted average interest rate of 4.5% and a weighted average term of 5.4 years. This activity included the extension of the maturity date of the company's $3.0 billion revolving line of credit.

As of quarter-end:

• Total available liquidity was approximately $7.1 billion.

• Debt-to-EBITDA\* was 5.1x and debt as a percentage of total market capitalization was 27.9%.

• The weighted average interest rate on the company's share of total debt was 3.2%, with a weighted average term of 8.5 years.

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

**2025 GUIDANCE** 

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

"The increase in our guidance reflects our confidence in the strength and resilience of our business," said Timothy D. Arndt, chief financial officer of Prologis. "Our teams are executing at a high level, and we're well-positioned for the remainder of the year."

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net earnings attributable to common stockholders | $3.45 to $3.70 | $3.00 to $3.15 |
| &nbsp;&nbsp;Core FFO attributable to common stockholders/unitholders\* | $5.65 to $5.81 | $5.75 to $5.80 |
| &nbsp;&nbsp;Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)\* | $5.70 to $5.86 | $5.80 to $5.85 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Average Occupancy | 94.50% to 95.50% | 94.75% to 95.25% |
| &nbsp;&nbsp;Cash Same Store NOI\* | 4.00% to 5.00% | 4.25% to 4.75% |
| &nbsp;&nbsp;Net Effective Same Store NOI\* | 3.50% to 4.50% | 3.75% to 4.25% |

---

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**Strategic Capital (in millions)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Strategic Capital revenue, excluding promote revenue | $560 to $580 | $570 to $590 |
| &nbsp;&nbsp;Net Promote Income (Expense)<sup>1</sup> | $(50) | $(50) |

---

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

---

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

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Development stabilizations | &nbsp;&nbsp;$1,900 to $2,300 | &nbsp;&nbsp;$1,900 to $2,300 |
| &nbsp;&nbsp;Development starts | &nbsp;&nbsp;$1,500 to $2,000 | &nbsp;&nbsp;$2,250 to $2,750 |
| &nbsp;&nbsp;Acquisitions | &nbsp;&nbsp;$750 to $1,250 | &nbsp;&nbsp;$1,000 to $1,250 |
| &nbsp;&nbsp;Contributions | &nbsp;&nbsp;$150 to $500 | &nbsp;&nbsp;$500 to $1,000 |
| &nbsp;&nbsp;Dispositions | &nbsp;&nbsp;$250 to $500 | &nbsp;&nbsp;$500 to $750 |
| &nbsp;&nbsp;Realized development gains | &nbsp;&nbsp;$100 to $250 | &nbsp;&nbsp;$150 to $250 |

---

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

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

The earnings guidance described above includes potential gains recognized from real estate transactions but excludes any future or potential foreign currency or derivative gains or losses as our guidance assumes constant foreign currency rates. In reconciling from net earnings to Core FFO\*, Prologis makes certain adjustments, including but not limited to 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.

**July 16, 2025, CALL DETAILS****<br> The call will take place on Wednesday, July 16, 2025, at 9:00 a.m. PT/12:00 p.m. ET. To access a live broadcast of the call, please dial +1 (877) 897-2615 (toll-free from the United States and Canada) or +1 (201) 689-8514 (from all other countries). A live webcast can be accessed from the Investor Relations section of www.prologis.com.

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

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

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

## **CONTACTS** 
**Investors:** Prologis Investor Relations

**Media:** Prologis Corporate Communications

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