Slide 1: Prologis Supplemental Information, Second Quarter 2024
Prologis Port Crossing Commerce Center, Houston, Texas SECOND QUARTER 2024 Prologis Supplemental Information Unaudited
Slide 2: Contents
Contents 2Q 2024 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 2Q 2024 Supplemental Prologis, Inc., is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At June 30, 2024, the company owned or had investments in, on a wholly-owned basis or through co-investment ventures, properties and development projects exp
Slide 4: Company Profile
Highlights 2Q 2024 Supplemental Company Profile OPERATIONS STRATEGIC CAPITAL DEVELOPMENT $5.9B in annual NOI* (A) $272M of fees and promotes (B) $739M in value creation from stabilizations(C) 86% 62% 63% 38% 37% 14% 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 2Q 2024 Supplemental Company Performance dollars in millions, except per share/unit data Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Rental and other revenues $ 1,853 $ 1,652 $ 3,682 $ 3,286 Strategic capital revenues 155 799 283 934 Total revenues 2,008 2,45
Slide 6: Company Performance Trends
Highlights 2Q 2024 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 $2,864 $3,172 $3,750 $2,504 $2,000 $1,473 $1,4
Slide 7: Leading Indicators and Proprietary Metrics
Highlights 2Q 2024 Supplemental Prologis Leading Indicators and Proprietary Metrics* LEASE PROPOSALS U.S. IBI ACTIVITY INDEX in millions of square feet diffusion index, points 120 112 60% 80 Average 57.7 60.3 90 Average 40% 42% 45% 60 Average 73 40 60 30% 30 15% 20 0 0% 0 Net rentable area of propos
Slide 8: Guidance
Highlights 2Q 2024 Supplemental Guidance(A) dollars in millions, except per share amounts 2024 Guidance Low High Net earnings attributable to common stockholders (B) $ 3.25 $ 3.45 (B) Core FFO attributable to common stockholders/unitholders* $ 5.39 $ 5.47 Core FFO attributable to common stockholders
Slide 9: Consolidated Balance Sheets
Financial Information 2Q 2024 Supplemental Consolidated Balance Sheets in thousands June 30, 2024 March 31, 2024 December 31, 2023 Assets: Investments in real estate properties: Operating properties $ 77,750,335 $ 75,974,027 $ 75,435,497 Development portfolio 3,158,997 4,362,752 4,367,455 Land 4,199
Slide 10: Consolidated Statements of Income
Financial Information 2Q 2024 Supplemental Consolidated Statements of Income Three Months Ended Six Months Ended June 30, June 30, in thousands, except per share amounts 2024 2023 2024 2023 Revenues: Rental $ 1,852,376 $ 1,651,454 $ 3,680,034 $ 3,285,224 Strategic capital 154,742 799,035 283,154 933
Slide 11: Reconciliations of Net Earnings to FFO
Financial Information 2Q 2024 Supplemental Reconciliations of Net Earnings to FFO* Three Months Ended SIx Months Ended June 30, June 30, in thousands 2024 2023 2024 2023 Net earnings attributable to common stockholders $ 859,845 $ 1,214,553 $ 1,444,108 $ 1,677,723 Add (deduct) NAREIT FFO defined adj
Slide 12: Reconciliations of Net Earnings to Adjusted EBITDA
Financial Information 2Q 2024 Supplemental Reconciliations of Net Earnings to Adjusted EBITDA* Three Months Ended Six Months Ended June 30, June 30, in thousands 2024 2023 2024 2023 Net earnings attributable to common stockholders $ 859,845 $ 1,214,553 $ 1,444,108 $ 1,677,723 Gains on other disposit
Slide 13: Operations Overview
Operations 2Q 2024 Supplemental Overview OCCUPANCY – OWNED AND MANAGED CUSTOMER RETENTION Average Period End 100% 100% 97.5% 97.2% 97.1% 97.5% 97.1% 97.6% 96.8% 97.0% 96.1% 96.4% 95% 80% 76.8% 73.1% 74.3% 73.2% 70.5% 90% 60% 85% 40% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q2 2023 Q3 2023 Q4 2023 Q1
Slide 14: Operating Metrics – Owned and Managed
Operations 2Q 2024 Supplemental Operating Metrics – Owned and Managed PERIOD ENDING OCCUPANCY 100% 99.4% 99.1% 98.8% 98.2% 97.3% 97.7% 97.6% 98.0% 97.7% 97.7% 97.0% 97.2% 97.0% 96.6% 96.5% 95.9% 95.3% 94.3% 94.5% 95% 93.2% 90% Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q2 23 Q3 23 Q
Slide 15: Operating Metrics – Capex and Same Store
Operations 2Q 2024 Supplemental Operating Metrics – Owned and Managed CAPITAL EXPENDITURES SAME STORE INFORMATION Thousands, except for percentages Thousands, except for percentages Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Property improvements(A) $ 102,784 $ 1
Slide 16: Operating Portfolio – Square Feet, Occupied and Leased
Operations 2Q 2024 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 2Q 2024 Supplemental Operating Portfolio – NOI* and Gross Book Value Second 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 $ 354,197 $ 2
Slide 18: Operating Portfolio – Summary by Division
Operations 2Q 2024 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 2Q 2024 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
Capital Deployment 2Q 2024 Supplemental Overview – Prologis Share U.S. Outside the U.S. YTD Q2 DEVELOPMENT STARTS (TEI) DEVELOPMENT STABILIZATIONS (TEI) in millions dollars in millions $5,000 $4,675 $4,000 $3,625 $2,888 $3,151 $4,000 $3,200 $3,397 $2,493 $2,501 $2,557 $3,000 $2,400 $2,112 $2,000 $1,
Slide 21: Development Stabilizations
Capital Deployment 2Q 2024 Supplemental Development Stabilizations Q2 2024 FY 2024 TEI TEI square feet and dollars in thousands Square Feet Owned and Managed Prologis Share Square Feet Owned and Managed Prologis Share Central 3,165 $ 311,861 $ 311,861 3,394 $ 343,765 $ 343,765 East 1,023 175,280 175
Slide 22: Development Starts
Capital Deployment 2Q 2024 Supplemental Development Starts Q2 2024 FY 2024 TEI TEI square feet and dollars in thousands Square Feet Leased % at Start Owned and Managed Prologis Share Square Feet Leased % at Start Owned and Managed Prologis Share Central - - $ - $ - 30 100.0 $ 5,722 $ 5,722 East - -
Slide 23: Development Portfolio
Capital Deployment 2Q 2024 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 2Q 2024 Supplemental Third-Party Acquisitions Q2 2024 FY 2024 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 2Q 2024 Supplemental Dispositions and Contributions Q2 2024 FY 2024 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 2Q 2024 Supplemental Land Portfolio – Owned and Managed Acres Current Book Value square feet and dollars in thousands, including markets where we Owned and Prologis Estimated Build Out Owned and Prologis % of own land ordered by Prologis Share of Operating Portfolio NOI (%) Manage
Slide 27: Land Portfolio – Summary and Roll Forward
Capital Deployment 2Q 2024 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 1,395 1,381 16.3 $ 492,145 $ 489,488 11.5 East 1,294 1,271 15.0 744,359 737,
Slide 28: Solar Operating and Development Portfolios
Capital Deployment 2Q 2024 Supplemental Solar Operating and Development Portfolios – Owned and Managed dollars in thousands, including markets where we own solar Operating Portfolio Development Portfolio ordered by Prologis Share of Operating Portfolio NOI (%) Solar Capacity (MW) Gross Book Value So
Slide 29: Strategic Capital Overview
Strategic Capital 2Q 2024 Supplemental Overview THIRD-PARTY AUM THIRD-PARTY FEE RELATED AND PROMOTE REVENUE dollars in billions in millions $80 $1,200 $66 $1,046 $62 $60 $58 $901 $60 $53 $900 $40 $600 $528 $456 $20 $300 $203 $0 $0 12/31/20 12/31/21 12/31/22 12/31/23 6/30/24 2020 2021 2022 2023 YTD 2
Slide 30: Strategic Capital Summary and Financial Highlights
Strategic Capital 2Q 2024 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: Unconsolidated Co-Investment Ventures Operating and Balance Sheet Information
Strategic Capital 2Q 2024 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 June 30, 2024 Rental revenue $ 361,840 $ 119,660 $ 430,
Slide 32: Non-GAAP Pro-Rata Financial Information
Strategic Capital 2Q 2024 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 June 30, 2024 Rental revenue $ 9
Slide 33: Capitalization Overview
Capitalization 2Q 2024 Supplemental Overview ASSETS UNDER MANAGEMENT U.S. DOLLAR EXPOSURE dollars in millions dollars in millions $140,320 $198,627 $198,627 $140,320 $33,731 $106,589 $225,000 $200,000 Investment Capacity Asia $1,817 Investors' share 6.8% $175,000 Europe Outside U.S. of ventures Outs
Slide 34: Debt Components – Consolidated
Capitalization 2Q 2024 Supplemental Debt Components – Consolidated dollars in thousands Unsecured Credit Facilities and Commercial Secured Wtd. Avg. (B) Maturity Senior Paper(A) Other Mortgage Total Interest Rate % Fixed 2024 $ - $ - $ - $ 4,113 $ 4,113 4.0% 100% 2025 31,130 7,463 502 177,412 216,50
Slide 35: Debt Components – Noncontrolling Interests and Unconsolidated
Capitalization 2Q 2024 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 (B) Maturity Unsecured Secured Total Rate % Fixed Unsecured
Slide 36: Net Asset Value Components – Prologis Share
Net Asset Value 2Q 2024 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 2Q 2024 Supplemental Components – Continued in thousands Balance Sheet and Other Items Other assets Cash and cash equivalents $ 598,347 Restricted cash 27,799 Accounts receivable, prepaid assets and other tangible assets 1,270,842 Gross book value of other real estate investments and
Slide 38: Notes and Definitions
2Q 2024 Supplemental Prologis Park West by Northwest, Houston, Texas Notes and Definitions
Slide 39: Notes and Definitions
Notes and Definitions 2Q 2024 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) 2Q 2024 Supplemental Business Line Reporting is a non-GAAP financial measure. Core FFO and development gains are Three Months Ended Six Months Ended generated by our three lines of business: (i) real estate operations; (ii) strategic capital; and (iii) Jun. 30, Jun.
Slide 41: Notes and Definitions (continued)
Notes and Definitions (continued) 2Q 2024 Supplemental Three Months Ended Three Months Ended Jun. 30, Mar. 31, Jun. 30, Mar. 31, dollars in thousands 2024 2024 dollars in thousands 2024 2024 Debt as a % of gross real estate assets: Fixed Charge Coverage ratio: Consolidated debt $ 29,904,620 $ 29,557
Slide 42: Notes and Definitions (continued)
Notes and Definitions (continued) 2Q 2024 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) 2Q 2024 Supplemental (c) derivative financial instruments related to any such debt transactions; and (d) mark-to-market Limitations on the use of our FFO measures adjustments associated with derivative and other financial instruments. While we believe our modified F
Slide 44: Notes and Definitions (continued)
Notes and Definitions (continued) 2Q 2024 Supplemental We capitalize certain costs directly related to our development. Capitalized G&A expenses include Interest Expense. salaries and related costs as well as other G&A costs. The capitalized costs were as follows: Three Months Ended Six Months Ended
Slide 45: Notes and Definitions (continued)
Notes and Definitions (continued) 2Q 2024 Supplemental Net Operating Income (“NOI”) is a non-GAAP financial measure used to evaluate our operating and subsequent to change in ownership. The U.S. markets not presented consist of Austin, Charlotte, performance and represents rental revenue less rental
Slide 46: Notes and Definitions (continued)
Notes and Definitions (continued) 2Q 2024 Supplemental We believe the drivers of property NOI for the consolidated portfolio are generally the same for the of revenues). On consolidation, these amounts are eliminated and the actual costs of providing property properties owned by the ventures in whic
Slide 47: Notes and Definitions (continued)
Notes and Definitions (continued) 2Q 2024 Supplemental 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 b