Slide 1: Prologis Supplemental Information Fourth Quarter 2023
Times Square – PLD Investor Forum 2023 FOURTH QUARTER 2023 Prologis Supplemental Information Unaudited
Slide 2: Contents
Contents 4Q 2023 Supplemental Highlights Strategic Capital 1 Company Profile 26 Overview 2 Company Performance 27 Summary and Financial Highlights 4 Prologis Leading Indicators and Proprietary Metrics 28 Operating and Balance Sheet Information of the Unconsolidated 5 Guidance Co-Investment Ventures
Slide 3: Overview
Overview 4Q 2023 Supplemental Prologis, Inc., is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At December 31, 2023, the company owned or had investments in, on a wholly-owned basis or through co-investment ventures, properties and development projects
Slide 4: Company Profile
Highlights 4Q 2023 Supplemental Company Profile OPERATIONS STRATEGIC CAPITAL DEVELOPMENT $5.7B in annual NOI* (A) $838M of fees and promotes (B) $917M in value creation from stabilizations(C) 86% 81% 49% 51% 14% 19% U.S. Outside the U.S. U.S. Outside the U.S. U.S. Outside the U.S. GROSS AUM PROLOGIS
Slide 5: Company Performance Highlights
Highlights 4Q 2023 Supplemental Company Performance dollars in millions, except per share/unit data Three Months Ended December 31, Twelve Months Ended December 31, 2023 2022 2023 2022 Rental and other revenues $ 1,759 $ 1,597 $ 6,823 $ 4,934 Strategic capital revenues 130 155 1,200 1,040 Total reve
Slide 6: Company Performance Highlights
Highlights 4Q 2023 Supplemental Company Performance NET EARNINGS ATTRIBUTABLE TO COMMON STOCKHOLDERS CORE FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS/ in millions UNITHOLDERS* in millions $5,000 $6,250 $5,334 $4,000 $3,359 $5,000 $4,188 $2,934 $3,053 $3,000 $3,750 $3,172 $2,864 $2,000 $1,567 $1,473 $2,1
Slide 7: Prologis Leading Indicators and Proprietary Metrics
Highlights 4Q 2023 Supplemental Prologis Leading Indicators and Proprietary Metrics* LEASE PROPOSALS U.S. IBI ACTIVITY INDEX in millions of square feet diffusion index, points Average 70 80 80 Average 57.7 60 55.8 60 40 40 20 20 0 0 NEW LEASE NEGOTIATION GESTATION U.S. SPACE UTILIZATION in days perc
Slide 8: Guidance
Highlights 4Q 2023 Supplemental Guidance(A) dollars in millions, except per share amounts 2024 Guidance Low High Net earnings attributable to common stockholders (B) $ 3.20 $ 3.45 (B) Core FFO attributable to common stockholders/unitholders* $ 5.42 $ 5.56 Core FFO attributable to common stockholders
Slide 9: Consolidated Balance Sheets
Financial Information 4Q 2023 Supplemental Consolidated Balance Sheets in thousands December 31, 2023 September 30, 2023 December 31, 2022 Assets: Investments in real estate properties: Operating properties $ 75,435,497 $ 73,866,759 $ 69,038,795 Development portfolio 4,367,455 4,420,246 4,212,154 La
Slide 10: Consolidated Statements of Income
Financial Information 4Q 2023 Supplemental Consolidated Statements of Income Three Months Ended Twelve Months Ended December 31, December 31, in thousands, except per share amounts 2023 2022 2023 2022 Revenues: Rental $ 1,755,959 $ 1,591,012 $ 6,818,542 $ 4,913,171 Strategic capital 129,648 154,669
Slide 11: Reconciliations of Net Earnings to FFO
Financial Information 4Q 2023 Supplemental Reconciliations of Net Earnings to FFO* Three Months Ended Twelve Months Ended December 31, December 31, in thousands 2023 2022 2023 2022 Net earnings attributable to common stockholders $ 629,476 $ 585,754 $ 3,053,373 $ 3,358,796 Add (deduct) NAREIT define
Slide 12: Reconciliations of Net Earnings to Adjusted EBITDA
Financial Information 4Q 2023 Supplemental Reconciliations of Net Earnings to Adjusted EBITDA* Three Months Ended Twelve Months Ended December 31, December 31, in thousands 2023 2022 2023 2022 Net earnings attributable to common stockholders $ 629,476 $ 585,754 $ 3,053,373 $ 3,358,796 Gains on other
Slide 13: Operations Overview
Operations 4Q 2023 Supplemental Overview OCCUPANCY CUSTOMER RETENTION 100% 100% 98.0% 98.2% 98.0% 98.0% 97.5% 97.2% 97.1% 97.5% 97.1% 97.6% 82.4% 77.2% 76.8% 95% 80% 73.1% 70.5% 90% 60% 85% 40% Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Average Period End SAME ST
Slide 14: Operating Metrics – Owned and Managed
Operations 4Q 2023 Supplemental Operating Metrics – Owned and Managed PERIOD ENDING OCCUPANCY 100% 98.8% 99.4% 98.3% 98.3% 98.6% 98.7% 98.6% 98.2% 98.2% 97.3% 97.7% 97.6% 97.7% 97.7% 97.2% 96.1% 95.9% 94.7% 94.3% 94.5% 95% 90% Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q4 22 Q1 23 Q
Slide 15: Operating Metrics – Owned and Managed
Operations 4Q 2023 Supplemental Operating Metrics – Owned and Managed CAPITAL EXPENDITURES(A) SAME STORE INFORMATION Thousands, except for percentages Thousands, except for percentages Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Property improvements $ 163,008 $ 5
Slide 16: Operating Portfolio – Square Feet, Occupied and Leased
Operations 4Q 2023 Supplemental Operating Portfolio – Square Feet, Occupied and Leased # of Buildings Square Feet Occupied % Leased % Owned and Owned and Prologis % of Owned and Prologis Owned and Prologis square feet in thousands and ordered by Prologis Share of NOI (%) Managed Managed Share Total
Slide 17: Operating Portfolio – NOI and Gross Book Value
Operations 4Q 2023 Supplemental Operating Portfolio – NOI* and Gross Book Value Fourth Quarter NOI* Gross Book Value Owned and Prologis % of Owned and Prologis % of dollars in thousands and ordered by Prologis Share of NOI (%) Managed Share Total Managed Share Total Southern California $ 340,209 $ 2
Slide 18: Operating Portfolio – Summary by Division
Operations 4Q 2023 Supplemental Operating Portfolio – Summary by Division # of Buildings Square Feet Occupied % Leased % Owned and Owned and Prologis % of Owned and Prologis Owned and Prologis square feet and dollars in thousands Managed Managed Share Total Managed Share Managed Share Consolidated T
Slide 19: Customer Information
Operations 4Q 2023 Supplemental Customer Information 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 Net Effective Rent Rent Total Squa
Slide 20: Capital Deployment Overview – Prologis Share
Capital Deployment 4Q 2023 Supplemental Overview – Prologis Share U.S. Outside the U.S. DEVELOPMENT STARTS (TEI) DEVELOPMENT STABILIZATIONS (TEI) in millions dollars in millions $5,000 $4,675 $4,000 $3,625 $3,151 $4,000 $3,397 $3,200 $2,888 $2,469 $2,493 $2,501 $2,854 $3,000 $2,400 $2,112 $2,000 $1,
Slide 21: Development Stabilizations
Capital Deployment 4Q 2023 Supplemental Development Stabilizations Q4 2023 FY 2023 TEI TEI square feet and dollars in thousands Square Feet Owned and Managed Prologis Share Square Feet Owned and Managed Prologis Share Central 2,301 $ 253,638 $ 253,638 3,913 $ 512,748 $ 505,081 East 441 120,638 113,8
Slide 22: Development Starts
Capital Deployment 4Q 2023 Supplemental Development Starts Q4 2023 FY 2023 TEI TEI Square Leased % at Owned and Prologis Square Leased % at Owned and Prologis square feet and dollars in thousands Feet Start Managed Share Feet Start Managed Share Central(A) 1,414 60.0 $ 574,917 $ 566,761 2,175 55.6 $
Slide 23: Development Portfolio
Capital Deployment 4Q 2023 Supplemental Development Portfolio Under Development 2025 and Thereafter Expected Pre-Stabilized Developments 2024 Expected Completion Completion Total Development Portfolio TEI TEI TEI Owned and Managed Prologis Share Owned and Prologis Owned and Prologis Owned and square
Slide 24: Third-Party Acquisitions
Capital Deployment 4Q 2023 Supplemental Third-Party Acquisitions Q4 2023 FY 2023 Square Feet Acquisition Price Square Feet Acquisition Price Owned and Owned and Owned and Prologis Owned and Prologis square feet and dollars in thousands Managed Prologis Share Managed Prologis Share Managed Share Mana
Slide 25: Dispositions and Contributions
Capital Deployment 4Q 2023 Supplemental Dispositions and Contributions Q4 2023 FY 2023 Square Feet Sales Price Square Feet Sales Price Owned and Prologis Owned and Prologis Owned and Prologis Owned and Prologis square feet and dollars in thousands Managed Share Managed Share Managed Share Managed Sh
Slide 26: Land Portfolio – Owned and Managed
Capital Deployment 4Q 2023 Supplemental Land Portfolio – Owned and Managed Acres Current Book Value square feet and dollars in thousands, ordered by Prologis Share Owned and Prologis Estimated Build Out Owned and Prologis % of of NOI (%) of the Operating Portfolio Managed Share (sq ft) Managed Share
Slide 27: Land Portfolio – Summary and Roll Forward
Capital Deployment 4Q 2023 Supplemental Land Portfolio – Summary and Roll Forward Acres Current Book Value dollars in thousands Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share % of Total Central 1,386 1,372 16.7 $ 445,154 $ 442,895 11.6 East 1,299 1,274 15.5 668,355 661,
Slide 28: Solar Operating and Development Portfolios
Capital Deployment 4Q 2023 Supplemental Solar Operating and Development Portfolios – Owned and Managed Operating Portfolio Development Portfolio dollars in thousands Solar Capacity (MW) Gross Book Value Solar Capacity (MW) Current Investment TEI Southern California 14 $ 28,327 17 $ 16,475 $ 44,772 N
Slide 29: Strategic Capital Overview
Strategic Capital 4Q 2023 Supplemental Overview THIRD-PARTY AUM THIRD-PARTY FEE RELATED AND PROMOTE REVENUE dollars in billions in millions $80 $2,000 $66 $62 $60 $60 $53 $1,500 $45 $1,046 $901 $40 $1,000 $411 $528 $456 $20 $500 $0 $0 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 2019 2020 2021 2022
Slide 30: Strategic Capital Summary and Financial Highlights
Strategic Capital 4Q 2023 Supplemental Summary and Financial Highlights Next Promote Co-Investment Ventures Region Type Established Accounting Method Ownership Structure Opportunity Prologis U.S. Logistics Venture U.S. Core 2014 Consolidated 55.0% Open end Q4 2024* Prologis Targeted U.S. Logistics F
Slide 31: Operating and Balance Sheet Information of Unconsolidated Co-Investment Ventures
Strategic Capital 4Q 2023 Supplemental Operating and Balance Sheet Information of the Unconsolidated Co-Investment Ventures (at 100%)(A) dollars in thousands U.S. Other Americas Europe Asia Total Operating Information For the Three Months Ended December 31, 2023 Rental revenues $ 331,517 $ 112,851 $
Slide 32: Non-GAAP Pro-Rata Financial Information
Strategic Capital 4Q 2023 Supplemental Non-GAAP Pro-Rata Financial Information(A) Noncontrolling Interests included in Prologis Share of Unconsolidated dollars in thousands Consolidated Amounts* Co-Investment Ventures* Operating Information For the Three Months Ended December 31, 2023 Rental revenue
Slide 33: Capitalization Overview
Capitalization 4Q 2023 Supplemental Overview ASSETS UNDER MANAGEMENT U.S. DOLLAR EXPOSURE dollars in millions dollars in millions $158,938 $218,805 $218,805 $158,938 $32,596 $126,342 Investment Capacity Asia $210,000 $2,258 6.9% Investors' share Europe Outside U.S. of ventures 14.8% 56.6% $180,000 O
Slide 34: Debt Components – Consolidated
Capitalization 4Q 2023 Supplemental Debt Components – Consolidated dollars in thousands Unsecured Credit Secured Wtd. Avg. Interest Maturity Senior Facilities(A) Other(B) Mortgage Total Rate % Fixed 2024 $ 331,500 $ - $ - $ 97,363 $ 428,863 2.2% 61% 2025 35,342 - 500,935 177,442 713,719 5.5% 25% 202
Slide 35: Debt Components – Noncontrolling Interests and Unconsolidated
Capitalization 4Q 2023 Supplemental Debt Components – Noncontrolling Interests and Unconsolidated(A) dollars in thousands Noncontrolling Interests Prologis Share of Unconsolidated Co-Investment Ventures Wtd. Avg. Interest Wtd. Avg. Interest Maturity Unsecured Secured Total Rate % Fixed Unsecured(B)
Slide 36: Net Asset Value Components – Prologis Share
Net Asset Value 4Q 2023 Supplemental Components – Prologis Share in thousands, except for percentages and per square foot amounts Operating Portfolio Adjusted Cash Adjusted Cash NOI Annualized Adjusted Square Feet Gross Book Value GBV per Sq Ft NOI (Actual)* (Pro Forma)* Cash NOI* Percent Occupied C
Slide 37: Net Asset Value Components – continued
Net Asset Value 4Q 2023 Supplemental Components – continued in thousands Balance Sheet and Other Items Other assets Cash and cash equivalents $ 530,388 Restricted cash 36,655 Accounts receivable, prepaid assets and other tangible assets 1,308,324 Gross book value of other real estate investments and
Slide 38: Notes and Definitions
4Q 2023 Supplemental Hamburg Waltershof, Hamburg, Germany Notes and Definitions
Slide 39: Notes and Definitions
Notes and Definitions 4Q 2023 Supplemental Please refer to our annual and quarterly financial statements filed with the Securities and Exchange We calculate Adjusted EBITDA by beginning with consolidated net earnings attributable to common Commission on Forms 10-K and 10-Q and other public reports f
Slide 40: Notes and Definitions (continued)
Notes and Definitions (continued) 4Q 2023 Supplemental Business Line Reporting is a non-GAAP financial measure. Core FFO and development gains are Three Months Ended Twelve Months Ended generated by our three lines of business: (i) real estate operations; (ii) strategic capital; and (iii) Dec. 31, D
Slide 41: Notes and Definitions (continued)
Notes and Definitions (continued) 4Q 2023 Supplemental Three Months Ended Three Months Ended Dec. 31, Sept. 30, Dec. 31, Sept. 30, dollars in thousands 2023 2023 dollars in thousands 2023 2023 Debt as a % of gross real estate assets: Fixed Charge Coverage ratio: Consolidated debt $ 29,000,501 $ 27,5
Slide 42: Notes and Definitions (continued)
Notes and Definitions (continued) 4Q 2023 Supplemental Estimated Weighted Average Stabilized Yield is calculated on the properties in the Development The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as earnings Portfolio as Stabilized NOI divided by TEI. The yields on
Slide 43: Notes and Definitions (continued)
Notes and Definitions (continued) 4Q 2023 Supplemental (c) derivative financial instruments related to any such debt transactions, and (d) mark-to-market While we believe our modified FFO measures are important supplemental measures, neither NAREIT’s adjustments associated with derivative and other
Slide 44: Notes and Definitions (continued)
Notes and Definitions (continued) 4Q 2023 Supplemental Three Months Ended Twelve Months Ended Interest Expense. Dec. 31, Dec. 31, Three Months Ended Twelve Months Ended in thousands 2023 2022 2023 2022 Dec. 31, Dec. 31, Building and land development activities $ 27,228 $ 28,404 $ 123,522 $ 107,012 i
Slide 45: Notes and Definitions (continued)
Notes and Definitions (continued) 4Q 2023 Supplemental Net Promote Income (Expense) is promote revenue earned from third-party investors during the Owned and Managed represents the consolidated properties as well as properties owned by our period, net of related cash and stock compensation expenses,
Slide 46: Notes and Definitions (continued)
Notes and Definitions (continued) 4Q 2023 Supplemental The same store population excludes properties held for sale to third parties, along with development portfolio of the co-investment ventures by subtracting the third parties’ share of both consolidated and properties that were not stabilized at