Slide 1: Prologis Supplemental Information First Quarter 2026
Prologis Supplemental Information FIRST QUARTER 2026 Unaudited Prologis Airport Center 4, West Palm Beach, Florida
Slide 2: Contents
Contents Highlights 3 Company Profile 5 Company Performance 7 Prologis Leading Indicators and Proprietary Metrics 8 Guidance Financial Information 9 Consolidated Balance Sheets 10 Consolidated Statements of Income 11 Reconciliations of Net Earnings to FFO 12 Reconciliations of Net Earnings to Adjust
Slide 3: Overview
$41.5B Build Out of Land (TEI) * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. NOI calculation based on Prologis Share of the Operating Portfolio. Overview Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier,
Slide 4: Company Profile Highlights
Company Profile Highlights OPERATIONS $6.9B in annual NOI*(A) DEVELOPMENT $715M in value creation from stabilizations(C) GROSS AUM $235B DATA CENTER POWER PIPELINE 5.6GW secured or in advanced stage(E) MARKET EQUITY $126B STRATEGIC CAPITAL $366M of fees and promotes(B) (D) (D) * This is a non-GAAP f
Slide 5: Company Performance Highlights
Company Performance Highlights NET EARNINGS ATTRIBUTABLE TO COMMON STOCKHOLDERS CORE FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS/UNITHOLDERS* AFFO ATTRIBUTABLE TO COMMON STOCKHOLDERS/UNITHOLDERS* dollars in millions, except per share/unit data Three Months Ended March 31, 2026 2025 Rental and other reve
Slide 6: Company Performance Highlights Charts
NET EARNINGS ATTRIBUTABLE TO COMMON STOCKHOLDERS in millions CORE FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS/UNITHOLDERS* in millions AFFO ATTRIBUTABLE TO COMMON STOCKHOLDERS/UNITHOLDERS* in millions Highlights Company Performance DIVIDENDS AND DISTRIBUTIONS in millions * This is a non-GAAP financial m
Slide 7: Prologis Leading Indicators and Proprietary Metrics
LEASE PROPOSALS in millions of square feet U.S. IBI ACTIVITY INDEX diffusion index, points NEW LEASE NEGOTIATION GESTATION in days U.S. SPACE UTILIZATION percent Prologis Leading Indicators and Proprietary Metrics* Highlights 136 Average 83 56.1 Average 57.7 59 Average 54 84.0% Average 85.3% Average
Slide 8: Guidance
Guidance(A) Highlights dollars in millions, except per share amounts 2026 Guidance Low High Net earnings attributable to common stockholders(B) $ 3.80 $ 4.05 Core FFO attributable to common stockholders/unitholders*(B) $ 6.07 $ 6.23 Core FFO attributable to common stockholders/unitholders, excluding
Slide 9: Consolidated Balance Sheets
Consolidated Balance Sheets Financial Information in thousands March 31, 2026 December 31, 2025 Assets: Investments in real estate properties: Operating properties $ 80,875,731 $ 80,561,020 Development portfolio 2,492,161 3,019,009 Land 4,684,949 4,888,153 Other real estate investments 7,188,604 6,6
Slide 10: Consolidated Statements of Income
Consolidated Statements of Income Financial Information Three Months Ended March 31, in thousands, except per share amounts 2026 2025 Revenues: Rental $ 2,125,084 $ 1,987,265 Strategic capital 160,812 141,139 Development management and other 11,827 11,261 Total revenues 2,297,723 2,139,665 Expenses:
Slide 11: Reconciliations of Net Earnings to FFO
Reconciliations of Net Earnings to FFO* * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Financial Information Three Months Ended March 31, in thousands 2026 2025 Net earnings attributable to common stockholders $ 980,476 $ 591,501 Add (deduct) NA
Slide 12: Reconciliations of Net Earnings to Adjusted EBITDA
Reconciliations of Net Earnings to Adjusted EBITDA* * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Financial Information Three Months Ended March 31, in thousands 2026 2025 Net earnings attributable to common stockholders $ 980,476 $ 591,501 Gai
Slide 13: Operations Overview
94.8% 94.8% 94.7% 95.2% 95.4% Average occupancy - Prologis Share OCCUPANCY - OWNED AND MANAGED CUSTOMER RETENTION SAME STORE CHANGE OVER PRIOR YEAR - PROLOGIS SHARE* RENT CHANGE - PROLOGIS SHARE Operations Overview 64.5% 59.9% 55.0% 50.1% 43.5% Trailing four quarters - net effective * This is a non-
Slide 14: Operating Metrics – Owned and Managed
Operating Metrics – Owned and Managed Operations square feet in thousands Leasing Activity(A) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Square feet of leases commenced: Operating Portfolio: Renewals 42,136 36,528 42,720 27,581 45,834 New leases 21,115 13,906 19,631 14,712 16,913 Total Operating Portfo
Slide 15: Operating Metrics – Owned and Managed
Operating Metrics – Owned and Managed Operations CAPITAL EXPENDITURES Thousands, except for percentages SAME STORE INFORMATION Thousands, except for percentages PROPERTY IMPROVEMENTS TURNOVER COSTS ON LEASES COMMENCED COMPOSITION OF PORTFOLIO (BY UNIT SIZE) Trailing four quarter average Per square f
Slide 16: Operating Portfolio – Square Feet, Occupied and Leased
Operating Portfolio – Square Feet, Occupied and Leased Operations # of Buildings Square Feet Occupied % Leased % square feet in thousands and ordered by Prologis Share of NOI (%) Owned and Managed Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share Owned and Managed Prologis
Slide 17: Operating Portfolio – NOI and Gross Book Value
Operating Portfolio – NOI* and Gross Book Value Operations First Quarter NOI* Gross Book Value dollars in thousands and ordered by Prologis Share of NOI (%) Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share % of Total Southern California $ 407,897 $ 344,700 20.1 $ 20,994,8
Slide 18: Operating Portfolio – Summary by Division
Operating Portfolio – Summary by Division Operations # of Buildings Square Feet Occupied % Leased % square feet and dollars in thousands Owned and Managed Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share Owned and Managed Prologis Share Consolidated Total U.S. 2,854 618,4
Slide 19: Customer Information
Customer Information Operations 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 Rent Total Square Feet Occupied Sq Ft Net Effective Ren
Slide 20: Capital Deployment Overview – Prologis Share
M&A and Significant Portfolio Activity $23,200 $3,100 $800 — — DEVELOPMENT STARTS (TEI) in millions DEVELOPMENT STABILIZATIONS (TEI) dollars in millions ACQUISITION ACTIVITY(A) in millions LAND PORTFOLIO dollars in millions Capital Deployment Overview – Prologis Share Outside the U.S. U.S. Est Value
Slide 21: Development Stabilizations
Development Stabilizations Capital Deployment Three Months Ended March 31, 2026 TEI square feet and dollars in thousands Square Feet Owned and Managed Prologis Share Central 737 $ 101,462 $ 101,462 East 329 76,171 75,928 West(A)(B) 2,144 481,873 392,795 Total Industrial U.S. 3,210 659,506 570,185 Ca
Slide 22: Development Starts
Development Starts Capital Deployment Three Months Ended March 31, 2026 TEI square feet and dollars in thousands Square Feet Leased % at Start Owned and Managed Prologis Share Central 1,232 0.0 $ 148,951 $ 69,992 East 785 0.0 211,327 94,313 West(A)(B) 828 0.0 250,385 197,405 Total Industrial U.S. 2,
Slide 23: Development Portfolio
Development Portfolio Capital Deployment Under Development Pre-Stabilized Developments 2026 Expected Completion 2027 and Thereafter Expected Completion Total Development Portfolio TEI TEI TEI Owned and Managed Prologis Share square feet and dollars in thousands Sq Ft Leased % Owned and Managed Prolo
Slide 24: Third-Party Acquisitions
Third-Party Acquisitions Capital Deployment Three Months Ended March 31, 2026 Square Feet Acquisition Price square feet and dollars in thousands Owned and Managed Prologis Share Owned and Managed Prologis Share Prologis Wholly-Owned 915 915 $ 104,161 $ 104,161 Prologis Co-Investment Ventures – – – –
Slide 25: Dispositions and Contributions
Dispositions and Contributions Capital Deployment Three Months Ended March 31, 2026 Square Feet Sales Price square feet and dollars in thousands Owned and Managed Prologis Share Owned and Managed Prologis Share Third-Party Building Dispositions Prologis Wholly-Owned(A) 1,527 1,526 $ 222,097 $ 222,07
Slide 26: Land Portfolio – Owned and Managed
Land Portfolio – Owned and Managed Capital Deployment Acres Current Book Value square feet and dollars in thousands, including markets where we own land ordered by Prologis Share of Operating Portfolio NOI (%) Owned and Managed Prologis Share Estimated Build Out (sq ft) Owned and Managed Prologis Sh
Slide 27: Land Portfolio – Summary and Roll Forward
Land Portfolio – Summary and Roll Forward Capital Deployment Acres Current Book Value dollars in thousands Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share % of Total Central 1,525 1,477 17.6 $ 610,001 $ 591,221 12.3 East 1,167 1,150 13.7 661,507 656,144 13.7 West 2,512 2
Slide 28: Solar and Energy Storage Portfolios – Owned and Managed
Solar and Energy Storage Portfolios – Owned and Managed Capital Deployment dollars in thousands, including markets we own solar ordered by Prologis Share of Operating Portfolio NOI (%) Operating Portfolio Under Development Capacity (MW) Gross Book Value Capacity (MW) Current Investment TEI Southern
Slide 29: Strategic Capital Overview
THIRD-PARTY AUM dollars in billions THIRD-PARTY FEE RELATED AND PROMOTE REVENUE in millions FEE RELATED EARNINGS ANNUALIZED* in millions NET PROMOTE INCOME (EXPENSE) dollars in millions Strategic Capital Overview 37.1 51.5 50.9 24.8 24.8 Trailing 3-year basis points of third-party AUM 95.0% 93.0% 95
Slide 30: Summary of Co-Investment Ventures
Summary of Co-Investment Ventures Strategic Capital Represents an individual co-investment venture eligible to earn promotes. Eligibility does not imply likelihood of realization, and there can be no assurance that any promotes will be earned. Values represent the entire venture at 100%, not Prologi
Slide 31: Operating and Balance Sheet Information of the Unconsolidated Co-Investment Ventures
Operating and Balance Sheet Information of the Unconsolidated Co-Investment Ventures (at 100%)(A) Strategic Capital dollars in thousands U.S. Other Americas Europe Asia Total Operating Information For the Three Months Ended March 31, 2026 Rental revenue $ 447,227 $ 221,872 $ 537,552 $ 154,516 $ 1,36
Slide 32: Non-GAAP Pro-Rata Financial Information
Non-GAAP Pro-Rata Financial Information(A) Strategic Capital dollars in thousands Noncontrolling Interests included in Consolidated Amounts* Prologis Share of Unconsolidated Co-Investment Ventures* Operating Information For the Three Months Ended March 31, 2026 Rental revenue $ 113,049 $ 413,659 Ren
Slide 33: Capitalization Overview
Overview Capitalization ASSETS UNDER MANAGEMENT dollars in millions U.S. DOLLAR EXPOSURE dollars in millions DEBT BY CURRENCY – PROLOGIS SHARE UNENCUMBERED ASSETS – PROLOGIS SHARE: $110.4B in billions Debt Metrics(C) - Prologis Share March 31, 2026 December 31, 2025 Debt as % of gross Market Capital
Slide 34: Debt Components – Consolidated
Debt Components – Consolidated Capitalization dollars in thousands Unsecured Maturity Senior Notes Credit Facilities and Commercial Paper(A) Term Loans and Other(B) Secured Mortgage Total Wtd. Avg. Interest Rate % Fixed 2026 $ 399,879 $ 310,446 $ 144,531 $ 45,807 $ 900,663 2.5 % 66 % 2027 1,970,940
Slide 35: Debt Components – Noncontrolling Interests and Unconsolidated
Debt Components – Noncontrolling Interests and Unconsolidated(A) Capitalization dollars in thousands Noncontrolling Interests Prologis Share of Unconsolidated Co-Investment Ventures Maturity Unsecured Secured Total Wtd. Avg. Interest Rate % Fixed Unsecured(B) Secured Total Wtd. Avg. Interest Rate %
Slide 36: Net Asset Value Components – Prologis Share
Components – Prologis Share Net Asset Value Operating Portfolio Square Feet Gross Book Value GBV per Sq Ft Adjusted Cash NOI (Actual)* Adjusted Cash NOI (Pro Forma)* Annualized Adjusted Cash NOI* Percent Occupied Consolidated U.S. 582,353 $ 73,069,052 $ 125 $ 1,305,284 $ 1,305,284 $ 5,221,136 95.7 %
Slide 37: Net Asset Value Components – Continued
Components – Continued Net Asset Value in thousands Balance Sheet and Other Items Other assets Cash and cash equivalents $ 861,144 Restricted cash 41,739 Accounts receivable, prepaid assets and other tangible assets 1,593,453 Gross book value of other real estate investments and assets held for sale
Slide 38: Notes and Definitions
Notes and Definitions Prologis Lehigh Valley West 34 -19, Allentown, Pennsylvania
Slide 39: Notes and Definitions
Adjusted Cash NOI (Pro Forma) is a non-GAAP financial measure and consists of Adjusted Cash NOI (Actual) for the properties in our Operating Portfolio adjusted to reflect NOI for a full quarter for operating properties that were acquired or stabilized during the quarter. Adjusted EBITDA. We use Adju
Slide 40: Calculation of Per Share Amounts
Notes and Definitions (continued) Calculation of Per Share Amounts Three Months Ended Mar. 31, in thousands, except per share amount 2026 2025 Net earnings Net earnings attributable to common stockholders $ 980,476 $ 591,501 Noncontrolling interest attributable to exchangeable limited partnership un
Slide 41: Notes and Definitions (continued)
Notes and Definitions (continued) Refer to page 9 for a reconciliation to Adjusted EBITDA from Consolidated Net Earnings Attributable to Common Stockholders. Prologis Share of gains on dispositions of development properties and land for the trailing 12 months was $511.6 million and $247.0 million fo
Slide 42: Notes and Definitions (continued)
Notes and Definitions (continued) Estimated Weighted Average Margin is calculated on development properties as Estimated Value Creation, less estimated closing costs and taxes, if any, on properties expected to be sold or contributed, divided by TEI. Estimated Weighted Average Stabilized Yield is ca
Slide 43: Core FFO and AFFO Definitions
Notes and Definitions (continued) Core FFO To arrive at Core FFO, we adjust FFO, as modified by Prologis, to exclude the following: gains or losses from the disposition of land and development properties that were developed with the intent to contribute or sell; income tax expense related to the sal
Slide 44: Income Taxes and Interest Expense
Notes and Definitions (continued) Income Taxes. Three Months Ended Mar. 31, in thousands 2026 2025 Current income tax expense $ 46,479 $ 35,565 Current income tax expense (benefit) on dispositions 1,302 1,136 Total current income tax expense (benefit) 47,781 36,701 Deferred income tax expense (benef
Slide 45: Notes and Definitions (continued)
Notes and Definitions (continued) Non-Strategic Assets are industrial properties, which we acquired primarily through Merger and Acquisition ("M&A") transactions, that we do not intend to hold long-term. These industrial properties are classified as other real estate Investments. Operating Portfolio
Slide 46: Notes and Definitions (continued)
Notes and Definitions (continued) We exclude properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the periods and properties acquired or disposed of to third parties during the periods. We also exclude one-time items due to early l