Slide 1: Prologis Supplemental Information
Prologis Park Bottrop, Bottrop, Germany FOURTH QUARTER 2025 Prologis Supplemental Information Unaudited
Slide 2: Contents
Contents Q4 2025 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 5 Guidance Unconsolidated Co-Investment Ventures
Slide 3: Overview
Overview Q4 2025 Supplemental Prologis, Inc., is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At December 31, 2025, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects
Slide 4: Highlights – Company Profile
Highlights Q4 2025 Supplemental Company Profile OPERATIONS STRATEGIC CAPITAL DEVELOPMENT $6.7B in annual NOI*(A) $358M of fees and promotes(B) $568M in value creation from stabilizations(C) 85% 73% 63% 37% 27% 15% U.S. Outside the U.S. U.S. Outside the U.S. U.S. Outside the U.S. GROSS AUM PROLOGIS S
Slide 5: Highlights – Company Performance
Highlights Q4 2025 Supplemental Company Performance dollars in millions, except per share/unit data Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Rental and other revenues $ 2,099 $ 1,947 $ 8,198 $ 7,530 Strategic capital revenues 154 254 592 672 Total revenues
Slide 6: Highlights – Company Performance Charts
Highlights Q4 2025 Supplemental Company Performance NET EARNINGS ATTRIBUTABLE TO COMMON STOCKHOLDERS CORE FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS/UNITHOLDERS* in millions in millions $5,000 $7,500 $4,000 $3,726 $6,000 $5,334 $5,305 $5,561 $3,359 $3,322 $2,934 $3,053 $4,188 $3,000 $4,500 $3,172 $2,00
Slide 7: Prologis Leading Indicators and Proprietary Metrics
Highlights Q4 2025 Supplemental Prologis Leading Indicators and Proprietary Metrics* LEASE PROPOSALS U.S. IBI ACTIVITY INDEX in millions of square feet diffusion index, points 160 60% 80 Average 57.7 120 Average 40% 45% 60 55.3 101 35% 80 Average 81 30% 40 40 15% 20 0 0% 0 19 21 24 23 22 20 18 16 14
Slide 8: Guidance
Highlights Q4 2025 Supplemental Guidance(A) dollars in millions, except per share amounts 2026 Guidance Low High Net earnings attributable to common stockholders(B) $ 3.70 $ 4.00 Core FFO attributable to common stockholders/unitholders*(B) $ 6.00 $ 6.20 Core FFO attributable to common stockholders/u
Slide 9: Consolidated Balance Sheets
Financial Information Q4 2025 Supplemental Consolidated Balance Sheets in thousands December 31, 2025 September 30, 2025 December 31, 2024 Assets: Investments in real estate properties: Operating properties $ 80,561,020 $ 80,688,903 $ 78,279,353 Development portfolio 3,019,009 2,748,411 2,829,613 La
Slide 10: Consolidated Statements of Income
Financial Information Q4 2025 Supplemental Consolidated Statements of Income Three Months Ended Twelve Months Ended December 31, December 31, in thousands, except per share amounts 2025 2024 2025 2024 Revenues: Rental $ 2,092,107 $ 1,937,507 $ 8,158,904 $ 7,514,705 Strategic capital 153,701 253,386
Slide 11: Reconciliations of Net Earnings to FFO
Financial Information Q4 2025 Supplemental Reconciliations of Net Earnings to FFO* Three Months Ended Twelve Months Ended December 31, December 31, in thousands 2025 2024 2025 2024 Net earnings attributable to common stockholders $ 1,398,227 $ 1,277,379 $ 3,322,349 $ 3,725,754 Add (deduct) NAREIT de
Slide 12: Reconciliations of Net Earnings to Adjusted EBITDA
Financial Information Q4 2025 Supplemental Reconciliations of Net Earnings to Adjusted EBITDA* Three Months Ended Twelve Months Ended December 31, December 31, in thousands 2025 2024 2025 2024 Net earnings attributable to common stockholders $ 1,398,227 $ 1,277,379 $ 3,322,349 $ 3,725,754 Gains on o
Slide 13: Operations Overview
Operations Q4 2025 Supplemental Overview OCCUPANCY - OWNED AND MANAGED CUSTOMER RETENTION Average Period End 100% 100% 95.6% 95.9% 95.8% 94.9% 95.2% 94.9% 95.1% 94.8% 95.3% 95.3% 78.4% 77.2% 77.7% 95% 80% 72.9% 74.9% 90% 60% 85% 40% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3
Slide 14: Operating Metrics – Owned and Managed
Operations Q4 2025 Supplemental Operating Metrics – Owned and Managed PERIOD ENDING OCCUPANCY 100% 97.7% 97.7% 97.1% 96.8% 97.0% 95.9% 96.2% 96.0% 95.6% 95.2% 95.1% 95.4% 95.6% 95.3% 95.2% 95% 94.1% 94.2% 93.2% 92.8% 92.5% 90% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q
Slide 15: Operating Metrics – Capital Expenditures and Same Store
Operations Q4 2025 Supplemental Operating Metrics – Owned and Managed CAPITAL EXPENDITURES SAME STORE INFORMATION Thousands, except for percentages Thousands, except for percentages Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Property improvements(A) $ 244,170 $ 6
Slide 16: Operating Portfolio – Square Feet, Occupied and Leased
Operations Q4 2025 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 Q4 2025 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 $ 390,634 $ 3
Slide 18: Operating Portfolio – Summary by Division
Operations Q4 2025 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 Q4 2025 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 Total Square Feet Net Effective Re
Slide 20: Capital Deployment Overview
Capital Deployment Q4 2025 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 $5,000 $4,168 $4,000 $3,625 $3,397 $4,000 $2,956 $3,151 $2,888 $3,000 $3,000 $2,501 $2,260 $2,000 $1,339 $2,
Slide 21: Development Stabilizations
Capital Deployment Q4 2025 Supplemental Development Stabilizations Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025 TEI TEI square feet and dollars in thousands Square Feet Owned and Managed Prologis Share Square Feet Owned and Managed Prologis Share Central(A) 216 $ 224,29
Slide 22: Development Starts
Capital Deployment Q4 2025 Supplemental Development Starts Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025 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 S
Slide 23: Development Portfolio
Capital Deployment Q4 2025 Supplemental Development Portfolio Under Development 2027 and Thereafter Expected Pre-Stabilized Developments 2026 Expected Completion Completion Total Development Portfolio TEI TEI TEI Owned and Managed Prologis Share Leased Owned and Prologis Owned and Prologis Owned and
Slide 24: Third-Party Acquisitions
Capital Deployment Q4 2025 Supplemental Third-Party Acquisitions Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025 Square Feet Acquisition Price Square Feet Acquisition Price Owned and Prologis Owned and Prologis Owned and Prologis Owned and Prologis square feet and dollars
Slide 25: Dispositions and Contributions
Capital Deployment Q4 2025 Supplemental Dispositions and Contributions Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025 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 tho
Slide 26: Land Portfolio – Owned and Managed
Capital Deployment Q4 2025 Supplemental Land Portfolio – Owned and Managed Acres Current Book Value square feet and dollars in thousands, including markets where we own land Owned and Prologis Estimated Build Out Owned and Prologis % of ordered by Prologis Share of Operating Portfolio NOI (%) Manage
Slide 27: Land Portfolio – Summary and Roll Forward
Capital Deployment Q4 2025 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 1,718 1,697 19.1 $ 689,258 $ 679,828 13.7 East 1,236 1,213 13.7 718,768 708,
Slide 28: Solar and Energy Storage Portfolios
Capital Deployment Q4 2025 Supplemental Solar and Energy Storage Portfolios – Owned and Managed dollars in thousands, including markets we own solar ordered by Operating Portfolio Under Development Prologis Share of Operating Portfolio NOI (%) Capacity (MW) Gross Book Value Capacity (MW) Current Inv
Slide 29: Strategic Capital Overview
Strategic Capital Q4 2025 Supplemental Overview THIRD-PARTY AUM THIRD-PARTY FEE RELATED AND PROMOTE REVENUE dollars in billions in millions $80 $1,200 $1,046 $66 $67 $62 $60 $61 $901 $60 $900 $40 $600 $512 $456 $406 $20 $300 $0 $0 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 2021 2022 2023 2024 2025
Slide 30: Summary and Financial Highlights
Strategic Capital Q4 2025 Supplemental Summary and Financial Highlights Accounting Next Promote Co-Investment Ventures Region Type Established Method Ownership Structure Opportunity Prologis U.S. Logistics Venture U.S. Core 2014 Consolidated 55.0% Open end Q4 2026* Prologis Targeted U.S. Logistics F
Slide 31: Operating and Balance Sheet Information of Unconsolidated Co-Investment Ventures
Strategic Capital Q4 2025 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, 2025 Rental revenue $ 422,236 $ 211,160 $
Slide 32: Non-GAAP Pro-Rata Financial Information
Strategic Capital Q4 2025 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, 2025 Rental revenue
Slide 33: Capitalization Overview
Capitalization Q4 2025 Supplemental Overview ASSETS UNDER MANAGEMENT U.S. DOLLAR EXPOSURE dollars in millions dollars in millions $161,802 $229,723 $229,723 $161,802 $40,344 $121,458 $245,000 Investment Asia Capacity 5.9% $210,000 $2,798 AUM Investors' share Europe Outside U.S. Outside U.S. Strategi
Slide 34: Debt Components – Consolidated
Capitalization Q4 2025 Supplemental Debt Components – Consolidated dollars in thousands Unsecured Credit Facilities and Commercial Term Loans and Secured Wtd. Avg. Maturity Senior Notes Paper(A) Other(B) Mortgage Total Interest Rate % Fixed 2026 $ 987,380 $ – $ 684,819 $ 96,259 $ 1,768,458 2.5% 67%
Slide 35: Debt Components – Noncontrolling Interests and Unconsolidated
Capitalization Q4 2025 Supplemental Debt Components – Noncontrolling Interests and Unconsolidated(A) dollars in thousands Noncontrolling Interests Prologis Share of Unconsolidated Co-Investment Ventures Wtd. Avg. Wtd. Avg. Maturity Unsecured Secured Total Interest Rate % Fixed Unsecured(B) Secured T
Slide 36: Net Asset Value Components – Prologis Share
Net Asset Value Q4 2025 Supplemental Components – Prologis Share in thousands, except for percentages and per square foot amounts Operating Portfolio Gross Book Adjusted Cash Adjusted Cash NOI Annualized Percent Square Feet Value GBV per Sq Ft NOI (Actual)* (Pro Forma)* Adjusted Cash NOI* Occupied C
Slide 37: Net Asset Value Components – Continued
Net Asset Value Q4 2025 Supplemental Components – Continued in thousands Balance Sheet and Other Items Other assets Cash and cash equivalents $ 1,145,647 Restricted cash 227,945 Accounts receivable, prepaid assets and other tangible assets 1,752,351 Gross book value of other real estate investments
Slide 38: Notes and Definitions
Q4 2025 Supplemental Prologis Park Dabrowa, Dąbrowa Górnicza, Poland Notes and Definitions
Slide 39: Notes and Definitions
Notes and Definitions Q4 2025 Supplemental Please refer to our annual and quarterly financial statements filed with the Securities and Exchange Adjusted EBITDA. We use Adjusted EBITDA attributable to common stockholders/unitholders Commission on Forms 10-K and 10-Q and other public reports for furth
Slide 40: Notes and Definitions (continued)
Notes and Definitions (continued) Q4 2025 Supplemental Three Months Ended Twelve Months Ended Assets Under Management (“AUM”) represents the estimated fair value of the real estate we own or Dec. 31, Dec. 31, manage through both our consolidated and unconsolidated entities. We calculate AUM by addin
Slide 41: Notes and Definitions (continued)
Notes and Definitions (continued) Q4 2025 Supplemental Three Months Ended Three Months Ended Dec. 31, Sep. 30, Dec. 31, Sep. 30, dollars in thousands 2025 2025 dollars in thousands 2025 2025 Debt as a % of gross real estate assets: Fixed Charge Coverage ratio: Consolidated debt $ 35,037,073 $ 35,302
Slide 42: Notes and Definitions (continued)
Notes and Definitions (continued) Q4 2025 Supplemental Estimated Weighted Average Margin is calculated on development properties as Estimated Value FFO, as modified by Prologis attributable to common stockholders/unitholders ("FFO, as Creation, less estimated closing costs and taxes, if any, on prop
Slide 43: Notes and Definitions (continued)
Notes and Definitions (continued) Q4 2025 Supplemental Core FFO 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: To arrive at Core FFO, we adjust FFO, as mod
Slide 44: Notes and Definitions (continued)
Notes and Definitions (continued) Q4 2025 Supplemental Income Taxes. 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 Three Months Ended Twelve Months Ended
Slide 45: Notes and Definitions (continued)
Notes and Definitions (continued) Q4 2025 Supplemental Non-Strategic Assets are industrial properties, which we acquired primarily through Merger and We evaluate the performance of the operating properties we own and manage using a "same store" Acquisition ("M&A") transactions, that we do not intend
Slide 46: Notes and Definitions (continued)
Notes and Definitions (continued) Q4 2025 Supplemental Three Months Ended Dec. 31, 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 Change nor those of the co-inve