Slide 1: Prologis Supplemental Information First Quarter 2025
Prologis Park Eemhaven, Rotterdam, Netherlands FIRST QUARTER 2025 Prologis Supplemental Information Unaudited
Slide 2: Contents
Contents Q1 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 Q1 2025 Supplemental Prologis, Inc., is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At March 31, 2025, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects ex
Slide 4: Company Profile Highlights
Highlights Q1 2025 Supplemental Company Profile OPERATIONS STRATEGIC CAPITAL DEVELOPMENT $6.3B in annual NOI*(A) $437M of fees and promotes(B) $963M in value creation from stabilizations(C) 86% 74% 51% 49% 26% 14% U.S. Outside the U.S. U.S. Outside the U.S. U.S. Outside the U.S. GROSS AUM PROLOGIS S
Slide 5: Company Performance Highlights
Highlights Q1 2025 Supplemental Company Performance dollars in millions, except per share/unit data Three Months Ended March 31, 2025 2024 Rental and other revenues $ 1,999 $ 1,828 Strategic capital revenues 141 129 Total revenues 2,140 1,957 Net earnings attributable to common stockholders 592 584
Slide 6: Company Performance Highlights: Earnings, FFO, AFFO, Dividends
Highlights Q1 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 $3,359 $2,934 $3,053 $4,188 $3,000 $4,500 $3,172 $2,000 $3,000 $1,35
Slide 7: Leading Indicators and Proprietary Metrics
Highlights Q1 2025 Supplemental Prologis Leading Indicators and Proprietary Metrics* LEASE PROPOSALS U.S. IBI ACTIVITY INDEX in millions of square feet diffusion index, points 120 60% 80 108 Average 57.8 90 Average 40% 45% 60 57.8 Average 77 37% 60 30% 40 30 15% 20 0 0% 0 22 14 21 12 19 21 25 24 10
Slide 8: Guidance
Highlights Q1 2025 Supplemental (A) Guidance dollars in millions, except per share amounts 2025 Guidance Low High Net earnings attributable to common stockholders(B) $ 3.45 $ 3.70 Core FFO attributable to common stockholders/unitholders*(B) $ 5.65 $ 5.81 Core FFO attributable to common stockholders/
Slide 9: Consolidated Balance Sheets
Financial Information Q1 2025 Supplemental Consolidated Balance Sheets in thousands March 31, 2025 December 31, 2024 Assets: Investments in real estate properties: Operating properties $ 79,492,052 $ 78,279,353 Development portfolio 2,596,069 2,829,613 Land 4,660,431 4,453,522 Other real estate inve
Slide 10: Consolidated Statements of Income
Financial Information Q1 2025 Supplemental Consolidated Statements of Income Three Months Ended March 31, in thousands, except per share amounts 2025 2024 Revenues: Rental $ 1,987,265 $ 1,827,658 Strategic capital 141,139 128,412 Development management and other 11,261 551 Total revenues 2,139,665 1
Slide 11: Reconciliations of Net Earnings to FFO
Financial Information Q1 2025 Supplemental Reconciliations of Net Earnings to FFO* Three Months Ended March 31, in thousands 2025 2024 Net earnings attributable to common stockholders $ 591,501 $ 584,263 Add (deduct) NAREIT defined adjustments: Real estate related depreciation and amortization 632,6
Slide 12: Reconciliations of Net Earnings to Adjusted EBITDA
Financial Information Q1 2025 Supplemental Reconciliations of Net Earnings to Adjusted EBITDA* Three Months Ended March 31, in thousands 2025 2024 Net earnings attributable to common stockholders $ 591,501 $ 584,263 Gains on other dispositions of investments in real estate, net (excluding developmen
Slide 13: Operations Overview
Operations Q1 2025 Supplemental Overview OCCUPANCY - OWNED AND MANAGED CUSTOMER RETENTION Average Period End 100% 100% 96.8% 97.0% 96.1% 96.4% 95.9% 95.9% 95.6% 95.9% 94.9% 95.2% 78.4% 95% 80% 74.3% 73.2% 75.7% 72.9% 90% 60% 85% 40% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4
Slide 14: Operating Metrics – Owned and Managed
Operations Q1 2025 Supplemental Operating Metrics – Owned and Managed PERIOD ENDING OCCUPANCY 100% 99.1% 98.0% 97.7% 97.7% 97.0% 96.6% 97.0% 97.0% 96.3% 96.5% 95.9% 96.0% 96.0% 95.6% 95.2% 95.3% 95% 94.1% 93.2% 92.3% 92.5% 90% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q
Slide 15: Operating Metrics – Capital Expenditures and Same Store
Operations Q1 2025 Supplemental Operating Metrics – Owned and Managed CAPITAL EXPENDITURES SAME STORE INFORMATION Thousands, except for percentages Thousands, except for percentages Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Property improvements(A) $ 62,227 $ 15
Slide 16: Operating Portfolio – Square Feet, Occupied and Leased
Operations Q1 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 Q1 2025 Supplemental Operating Portfolio – NOI* and Gross Book Value First 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 $ 387,171 $ 33
Slide 18: Operating Portfolio – Summary by Division
Operations Q1 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 Q1 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 – Prologis Share
Capital Deployment Q1 2025 Supplemental Overview – Prologis Share U.S. Outside the U.S. YTD Q1 DEVELOPMENT STARTS (TEI) DEVELOPMENT STABILIZATIONS (TEI) in millions dollars in millions $5,000 $4,675 $5,000 $4,168 $4,000 $3,625 $4,000 $3,397 $3,151 $2,888 $3,000 $3,000 $2,501 $2,000 $2,000 $1,339 $92
Slide 21: Development Stabilizations
Capital Deployment Q1 2025 Supplemental Development Stabilizations Q1 2025 TEI square feet and dollars in thousands Square Feet Owned and Managed Prologis Share Central(A) 545 $ 358,800 $ 328,977 East 1,031 216,274 216,274 West(A) 1,750 254,212 254,212 Total U.S. 3,326 829,286 799,463 Canada – – – M
Slide 22: Development Starts
Capital Deployment Q1 2025 Supplemental Development Starts Q1 2025 TEI Square Leased % at Owned and Prologis square feet and dollars in thousands Feet Start Managed Share Central 407 0.0 $ 45,315 $ 45,315 East(A) 1,129 74.9 348,675 348,675 West 1,300 100.0 154,269 154,269 Total U.S. 2,836 75.7 548,2
Slide 23: Development Portfolio
Capital Deployment Q1 2025 Supplemental Development Portfolio Under Development 2026 and Thereafter Expected Pre-Stabilized Developments 2025 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 Q1 2025 Supplemental Third-Party Acquisitions Q1 2025 Square Feet Acquisition Price Owned and Owned and square feet and dollars in thousands Managed Prologis Share Managed Prologis Share Prologis Wholly-Owned 1,869 1,869 $ 500,830 $ 500,830 Total U.S. 1,869 1,869 500,830 500,830 P
Slide 25: Dispositions and Contributions
Capital Deployment Q1 2025 Supplemental Dispositions and Contributions Q1 2025 Square Feet Sales Price Owned and Prologis Owned and Prologis square feet and dollars in thousands Managed Share Managed Share Third-Party Building Dispositions Prologis Wholly-Owned 459 459 $ 62,986 $ 62,986 Total U.S. 4
Slide 26: Land Portfolio – Owned and Managed
Capital Deployment Q1 2025 Supplemental Land Portfolio – Owned and Managed Acres Current Book Value Owned and Prologis Estimated Build Out Owned and Prologis % of square feet and dollars in thousands, including markets where we own land Managed Share (sq ft) Managed Share Total ordered by Prologis S
Slide 27: Land Portfolio – Summary and Roll Forward
Capital Deployment Q1 2025 Supplemental Land Portfolio – Summary and Roll Forward Acres Current Book Value Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share % of Total dollars in thousands Central 1,469 1,448 16.7 $ 575,869 $ 568,084 12.1 East 1,331 1,307 15.2 757,288 750,
Slide 28: Solar and Energy Storage Portfolios
Capital Deployment Q1 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 Q1 2025 Supplemental Overview THIRD-PARTY AUM THIRD-PARTY FEE RELATED AND PROMOTE REVENUE dollars in billions in millions $80 $1,200 $1,046 $66 $63 $62 $60 $61 $901 $60 $900 $40 $600 $512 $456 $20 $300 $98 $0 $0 12/31/21 12/31/22 12/31/23 12/31/24 3/31/25 2021 2022 2023 2024 YTD 20
Slide 30: Strategic Capital Summary and Financial Highlights
Strategic Capital Q1 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 2025* Prologis Targeted U.S. Logistics F
Slide 31: Operating and Balance Sheet Information of Unconsolidated Co-Investment Ventures
Strategic Capital Q1 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 March 31, 2025 Rental revenue $ 407,564 $ 213,604 $ 469
Slide 32: Non-GAAP Pro-Rata Financial Information
Strategic Capital Q1 2025 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 March 31, 2025 Rental revenue $
Slide 33: Capitalization Overview
Capitalization Q1 2025 Supplemental Overview ASSETS UNDER MANAGEMENT U.S. DOLLAR EXPOSURE dollars in millions dollars in millions $143,304 $206,943 $206,943 $143,304 $37,010 $106,294 $210,000 Investment Asia Capacity 6.6% $1,585 Investors' Europe $180,000 share of Outside U.S. Outside U.S. AUM Other
Slide 34: Debt Components – Consolidated
Capitalization Q1 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 2025 $ 33,462 $ – $ 233 $ 172,625 $ 206,320 4.1% 78% 2026 1
Slide 35: Debt Components – Noncontrolling Interests and Unconsolidated
Capitalization Q1 2025 Supplemental (A) Debt Components – Noncontrolling Interests and Unconsolidated 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
Slide 36: Net Asset Value Components – Prologis Share
Net Asset Value Q1 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 Q1 2025 Supplemental Components – Continued in thousands Balance Sheet and Other Items Other assets Cash and cash equivalents $ 671,117 Restricted cash 66,324 Accounts receivable, prepaid assets and other tangible assets 1,436,763 Gross book value of other real estate investments and
Slide 38: Notes and Definitions
Q1 2025 Supplemental Prologis Park Venlo DC8, Venlo, Netherlands Notes and Definitions
Slide 39: Notes and Definitions
Notes and Definitions Q1 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) Q1 2025 Supplemental Three Months Ended 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 March 31, Investment Capacity and th
Slide 41: Notes and Definitions (continued)
Notes and Definitions (continued) Q1 2025 Supplemental Three Months Ended Three Months Ended March 31, Dec. 31, March 31, Dec. 31, dollars in thousands 2025 2024 dollars in thousands 2025 2024 Debt as a % of gross real estate assets: Fixed Charge Coverage ratio: Consolidated debt $ 32,262,055 $ 30,8
Slide 42: Notes and Definitions (continued)
Notes and Definitions (continued) Q1 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) Q1 2025 Supplemental (ii) current income tax expense related to acquired tax liabilities that were recorded as deferred tax Limitations on the use of our FFO measures liabilities in an acquisition, to the extent the expense is offset with a deferred income tax benef
Slide 44: Notes and Definitions (continued)
Notes and Definitions (continued) Q1 2025 Supplemental Three Months Ended Interest Expense. March 31, Three Months Ended in thousands 2025 2024 March 31, Building and land development activities $ 30,670 $ 39,759 in thousands 2025 2024 Operating building improvements and other 12,978 15,846 Gross in
Slide 45: Notes and Definitions (continued)
Notes and Definitions (continued) Q1 2025 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) Q1 2025 Supplemental The same store population excludes properties held for sale to third parties, along with development ventures’ underlying Property NOI for the same store portfolio and apply our ownership properties that were not stabilized at the beginning of t