Slide 1: Prologis Supplemental Information Third Quarter 2024
Hamburg Waltershof DC1, Hamburg, Germany THIRD QUARTER 2024 Prologis Supplemental Information Unaudited
Slide 2: Contents
Contents 3Q 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 Co-Investment Ventures 5 Guidance
Slide 3: Overview
Overview 3Q 2024 Supplemental Prologis, Inc., is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At September 30, 2024, the company owned or had investments in, on a wholly-owned basis or through co-investment ventures, properties and development project
Slide 4: Company Profile
Highlights 3Q 2024 Supplemental Company Profile OPERATIONS STRATEGIC CAPITAL DEVELOPMENT $6.2B in annual NOI* (A) $302M of fees and promotes (B) $751M in value creation from stabilizations(C) 86% 71% 62% 38% 29% 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 3Q 2024 Supplemental Company Performance dollars in millions, except per share/unit data Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Rental and other revenues $ 1,901 $ 1,778 $ 5,583 $ 5,063 Strategic capital revenues 135 137 418 1,071 Total revenu
Slide 6: Company Performance Charts
3Q 2024 Supplemental Highlights Company Performance NET EARNINGS ATTRIBUTABLE TO COMMON STOCKHOLDERS CORE FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS/UNITHOLDERS* in millions in millions $5,000 $6,250 $5,334 $4,000 $5,000 $3,359 $4,188 $2,934 $3,053 $3,870 $3,000 $2,448 $3,750 $3,172 $2,864 $2,000 $1,47
Slide 7: Prologis Leading Indicators and Proprietary Metrics
3Q 2024 Supplemental Highlights Prologis Leading Indicators and Proprietary Metrics* LEASE PROPOSALS U.S. IBI ACTIVITY INDEX in millions of square feet diffusion index, points 120 60% 80 107 Average 57.8 Average 40% 59.3 90 41% 45% 60 Average 75 60 30% 40 30 15% 20 0 0% 0 21 16 09 22 18 23 11 20 24
Slide 8: Guidance
Highlights 3Q 2024 Supplemental Guidance(A) dollars in millions, except per share amounts 2024 Guidance Low High Net earnings attributable to common stockholders(B) $ 3.35 $ 3.45 Core FFO attributable to common stockholders/unitholders*(B) $ 5.42 $ 5.46 Core FFO attributable to common stockholders/u
Slide 9: Consolidated Balance Sheets
Financial Information 3Q 2024 Supplemental Consolidated Balance Sheets in thousands September 30, 2024 June 30, 2024 December 31, 2023 Assets: Investments in real estate properties: Operating properties $ 79,178,259 $ 77,750,335 $ 75,435,497 Development portfolio 3,143,543 3,158,997 4,367,455 Land 4
Slide 10: Consolidated Statements of Income
Financial Information 3Q 2024 Supplemental Consolidated Statements of Income Three Months Ended Nine Months Ended September 30, September 30, in thousands, except per share amounts 2024 2023 2024 2023 Revenues: Rental $ 1,897,164 $ 1,777,359 $ 5,577,198 $ 5,062,583 Strategic capital 135,367 136,848
Slide 11: Reconciliations of Net Earnings to FFO
Financial Information 3Q 2024 Supplemental Reconciliations of Net Earnings to FFO* Three Months Ended Nine Months Ended September 30, September 30, in thousands 2024 2023 2024 2023 Net earnings attributable to common stockholders $ 1,004,267 $ 746,174 $ 2,448,375 $ 2,423,897 Add (deduct) NAREIT defi
Slide 12: Reconciliations of Net Earnings to Adjusted EBITDA
Financial Information 3Q 2024 Supplemental Reconciliations of Net Earnings to Adjusted EBITDA* Three Months Ended Nine Months Ended September 30, September 30, in thousands 2024 2023 2024 2023 Net earnings attributable to common stockholders $ 1,004,267 $ 746,174 $ 2,448,375 $ 2,423,897 Gains on oth
Slide 13: Operations Overview
Operations 3Q 2024 Supplemental Overview OCCUPANCY - OWNED AND MANAGED CUSTOMER RETENTION Average Period End 100% 100% 97.1% 97.5% 97.1% 97.6% 96.8% 97.0% 96.1% 96.4% 95.9% 95.9% 80% 76.8% 74.3% 75.7% 95% 73.1% 73.2% 90% 60% 85% 40% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q3 2023 Q4 2023 Q1 2024 Q2
Slide 14: Operating Metrics – Owned and Managed
Operations 3Q 2024 Supplemental Operating Metrics – Owned and Managed PERIOD ENDING OCCUPANCY 100% 99.4% 99.1% 98.8% 97.7% 97.6% 98.0% 97.7% 97.7% 97.0% 97.0% 97.0% 96.6% 96.3% 96.5% 96.0% 95.9% 95.3% 95% 94.5% 93.2% 92.3% 90% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q3 23 Q4 23 Q
Slide 15: Operating Metrics – Owned and Managed
Operations 3Q 2024 Supplemental Operating Metrics – Owned and Managed CAPITAL EXPENDITURES SAME STORE INFORMATION Thousands, except for percentages Thousands, except for percentages Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Property improvements(A) $ 148,171 $ 2
Slide 16: Operating Portfolio – Square Feet, Occupied and Leased
Operations 3Q 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 3Q 2024 Supplemental Operating Portfolio – NOI* and Gross Book Value Third 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 $ 378,574 $ 32
Slide 18: Operating Portfolio – Summary by Division
Operations 3Q 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 3Q 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 Total Square Fe
Slide 20: Capital Deployment Overview
Capital Deployment 3Q 2024 Supplemental Overview – Prologis Share U.S. Outside the U.S. YTD Q3 DEVELOPMENT STARTS (TEI) DEVELOPMENT STABILIZATIONS (TEI) in millions dollars in millions $5,000 $4,675 $5,000 $4,000 $3,625 $4,000 $3,397 $3,341 $3,151 $2,888 $3,000 $3,000 $2,493 $2,501 $2,112 $2,000 $2,
Slide 21: Development Stabilizations
Capital Deployment 3Q 2024 Supplemental Development Stabilizations Q3 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(A) 573 $ 280,357 $ 262,689 3,967 $ 624,122 $ 606,454 East 503 67,405 67,22
Slide 22: Development Starts
Capital Deployment 3Q 2024 Supplemental Development Starts Q3 2024 FY 2024 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 (A) Central – – $ 258,993 $ 135,364 30 100.0 $ 264,715
Slide 23: Development Portfolio
Capital Deployment 3Q 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 Prolog
Slide 24: Third-Party Acquisitions
Capital Deployment 3Q 2024 Supplemental Third-Party Acquisitions Q3 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 3Q 2024 Supplemental Dispositions and Contributions Q3 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 3Q 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 3Q 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 1,491 1,477 17.1 $ 539,756 $ 536,990 12.1 East 1,251 1,227 14.2 693,007 685,
Slide 28: Solar Operating and Development Portfolios
Capital Deployment 3Q 2024 Supplemental Solar Operating and Development Portfolios – Owned and Managed Operating Portfolio Development Portfolio dollars in thousands, including markets where we own solar ordered by Prologis Share of Operating Portfolio NOI (%) Solar Capacity (MW) Gross Book Value So
Slide 29: Strategic Capital Overview
Strategic Capital 3Q 2024 Supplemental Overview THIRD-PARTY AUM THIRD-PARTY FEE RELATED AND PROMOTE REVENUE dollars in billions in millions $80 $1,200 $1,046 $66 $62 $60 $61 $901 $60 $53 $900 $40 $600 $528 $456 $299 $20 $300 $0 $0 12/31/20 12/31/21 12/31/22 12/31/23 09/30/24 2020 2021 2022 2023 YTD
Slide 30: Summary and Financial Highlights
Strategic Capital 3Q 2024 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 2024* Prologis Targeted U.S. Logistics F
Slide 31: Operating and Balance Sheet Information of the Unconsolidated Co-Investment Ventures
Strategic Capital 3Q 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 September 30, 2024 Rental revenue $ 355,395 $ 110,376 $
Slide 32: Non-GAAP Pro-Rata Financial Information
Strategic Capital 3Q 2024 Supplemental (A) Non-GAAP Pro-Rata Financial Information Noncontrolling Interests included in Prologis Share of Unconsolidated dollars in thousands Consolidated Amounts* Co-Investment Ventures* Operating Information For the Three Months Ended September 30, 2024 Rental reven
Slide 33: Capitalization Overview
Capitalization 3Q 2024 Supplemental Overview ASSETS UNDER MANAGEMENT U.S. DOLLAR EXPOSURE dollars in millions dollars in millions $156,361 $217,566 $217,566 $156,361 $36,459 $119,902 $225,000 Investment Capacity Asia $1,705 6.7% $200,000 Investors' share Europe Outside U.S. of ventures Outside U.S.
Slide 34: Debt Components – Consolidated
Capitalization 3Q 2024 Supplemental Debt Components – Consolidated dollars in thousands Unsecured Credit Facilities and Commercial Wtd. Avg. Interest Maturity Senior Paper(A) Other(B) Secured Mortgage Total Rate % Fixed 2024 $ – $ – $ – $ 1,962 $ 1,962 4.0% 100% 2025 35,027 – 423 179,938 215,388 4.2
Slide 35: Debt Components – Noncontrolling Interests and Unconsolidated
Capitalization 3Q 2024 Supplemental (A) Debt Components – Noncontrolling Interests and Unconsolidated dollars in thousands Noncontrolling Interests Prologis Share of Unconsolidated Co-Investment Ventures Wtd. Avg. Wtd. Avg. Interest Maturity Unsecured Secured Total Interest Rate % Fixed Unsecured(B)
Slide 36: Net Asset Value Components – Prologis Share
Net Asset Value 3Q 2024 Supplemental (A) Components – Prologis Share in thousands, except for percentages and per square foot amounts Operating Portfolio Adjusted Cash Adjusted Cash NOI Annualized Square Feet Gross Book Value GBV per Sq Ft NOI (Actual)* (Pro Forma)* Adjusted Cash NOI* Percent Occupi
Slide 37: Net Asset Value Components – Continued
Net Asset Value 3Q 2024 Supplemental (A) Components – Continued in thousands Balance Sheet and Other Items Other assets Cash and cash equivalents $ 780,871 Restricted cash 28,650 Accounts receivable, prepaid assets and other tangible assets 1,294,402 Gross book value of other real estate investments
Slide 38: Notes and Definitions
3Q 2024 Supplemental Worms DC1, Worms, Germany Notes and Definitions
Slide 39: Notes and Definitions
Notes and Definitions 3Q 2024 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 (“Adjusted Commission on Forms 10-K and 10-Q and other public report
Slide 40: Notes and Definitions (continued)
Notes and Definitions (continued) 3Q 2024 Supplemental Three Months Ended Nine Months Ended Business Line Reporting is a non-GAAP financial measure. Core FFO and development gains are generated by Sep. 30, Sep. 30, our three lines of business: (i) real estate operations; (ii) strategic capital; and
Slide 41: Notes and Definitions (continued)
Notes and Definitions (continued) 3Q 2024 Supplemental Three Months Ended Three Months Ended Sep. 30, Jun. 30, Sep. 30, Jun. 30, dollars in thousands 2024 2024 dollars in thousands 2024 2024 Debt as a % of gross real estate assets: Fixed Charge Coverage ratio: Consolidated debt $ 32,289,832 $ 29,904
Slide 42: Notes and Definitions (continued)
Notes and Definitions (continued) 3Q 2024 Supplemental 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: The National Association of Real Estate Investment T
Slide 43: Notes and Definitions (continued)
Notes and Definitions (continued) 3Q 2024 Supplemental We use FFO, as modified by Prologis, so that management, analysts and investors are able to evaluate our • The current income tax expenses that are excluded from our modified FFO measures represent the performance against other REITs that do not
Slide 44: Notes and Definitions (continued)
Notes and Definitions (continued) 3Q 2024 Supplemental Interest Expense. G&A as a Percent of Assets Under Management (dollars in thousands) Three Months Ended Nine Months Ended Adjusted G&A (trailing twelve months): Sep. 30, Sep. 30, Net G&A $ 414,350 in thousands 2024 2023 2024 2023 Add: strategic
Slide 45: Notes and Definitions (continued)
Notes and Definitions (continued) 3Q 2024 Supplemental Net Promote Income (Expense) is promote revenue earned from third-party investors during the period, net of Owned and Managed represents the consolidated properties as well as properties owned by our related cash and stock compensation expenses,
Slide 46: Notes and Definitions (continued)
Notes and Definitions (continued) 3Q 2024 Supplemental The same store population excludes properties held for sale to third parties, along with development In order to calculate our share of Same Store Property NOI from the co-investment ventures in properties that were not stabilized at the beginni