PLDPrologis

Prologis Supplemental Information THIRD QUARTER 2026 Unaudited Prologis Park
Berlin, Berlin, Germany

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
Adjusted EBITDA Operations 13 Overview 14 Operating Metrics 16 Operating
Portfolio 19 Customer Information Capital Deployment 20 Overview 21 Development
Stabilizations 22 Development Starts 23 Development Portfolio 24 Third-Party
Acquisitions 25 Dispositions and Contributions 26 Land Portfolio 28 Solar and
Energy Storage Portfolios Strategic Capital 29 Overview 30 Summary of Co-
Investment Ventures 31 Operating and Balance Sheet Information of the
Unconsolidated Co-Investment Ventures 32 Non-GAAP Pro-Rata Financial Information
Capitalization 33 Overview 34 Debt Components – Consolidated 35 Debt Components
– Noncontrolling Interests and Unconsolidated Co-Investment Ventures Net Asset
Value 36 Components Notes and Definitions 38 Notes and Definitions

$39.7B 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, high-growth
markets. At September 30, 2026, the company owned or had investments in, on a
wholly owned basis or through co-investment ventures, properties and development
projects expected to total approximately 1.3 billion square feet (123 million
square meters) in 20 countries. Prologis leases modern logistics facilities to a
diverse base of approximately 6,500 customers principally across two major
categories: business-to-business and retail/online fulfillment. 5,941 Buildings
1.3B Square Feet Europe 266M SF 9% of NOI*(A) Asia 116M SF 2% of NOI*(A) U.S.
815M SF 84% of NOI*(A) Other Americas 130M SF 5% of NOI*(A)

Company Profile Highlights OPERATIONS $7.2B in annual NOI*(A) DEVELOPMENT $610M
in value creation from stabilizations(C) GROSS AUM $238B DATA CENTER POWER
PIPELINE 5.8GW secured or in advanced stage(E) MARKET EQUITY $126B STRATEGIC
CAPITAL $420M of fees and promotes(B) (D) (D) * This is a non-GAAP financial
measure. Please see our Notes and Definitions for further explanation. Q3 2026
Prologis Share of NOI of the Operating Portfolio annualized. Q3 2026 third-party
share of asset management fees annualized plus trailing twelve months third-
party share of transactional fees and Net Promote Income (Expense). Prologis
Share of trailing twelve month Estimated Value Creation from development
stabilizations. Mexico is included in the U.S. as it is U.S. dollar functional.
Our Power Pipeline is comprised of 1.7GW Secured Power (including 680MW under
development) and 4.1GW Advanced Stage Power. Please see our Notes and
Definitions for further explanation.

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 September 30, Nine Months Ended September 30, 2026 2025 2026
2025 Rental and other revenues $ 2,224 $ 2,064 $ 6,544 $ 6,098 Strategic capital
revenues 164 150 567 439 Total revenues 2,388 2,214 7,111 6,537 Net earnings
attributable to common stockholders 816 763 2,857 1,924 Core FFO attributable to
common stockholders/unitholders* 1,545 1,426 4,544 4,178 AFFO attributable to
common stockholders/unitholders* 1,207 1,064 4,002 3,184 Adjusted EBITDA
attributable to common stockholders/unitholders* 2,081 1,868 6,401 5,428
Estimated value creation from development stabilizations - Prologis Share 39 169
516 473 Common stock dividends and common limited partnership unit distributions
1,045 967 3,097 2,898 Per common share - diluted: Net earnings attributable to
common stockholders $ 0.86 $ 0.82 $ 3.04 $ 2.06 Core FFO attributable to common
stockholders/unitholders* 1.60 1.49 4.73 4.37 Core FFO attributable to common
stockholders/unitholders, excluding Net Promote Income (Expense)* 1.61 1.50 4.72
4.41 Business line reporting: Real estate* 1.54 1.43 4.53 4.19 Strategic
capital* 0.06 0.06 0.20 0.18 Core FFO attributable to common
stockholders/unitholders* 1.60 1.49 4.73 4.37 Realized development gains, net of
taxes* 0.08 0.01 0.47 0.05 Dividends and distributions per common share/unit
1.07 1.01 3.21 3.03 * This is a non-GAAP financial measure. Please see
reconciliations from Net Earnings Attributable to Common Stockholders on page 8
and reference our Notes and Definitions for further explanation.

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 measure.
Please see reconciliations from Net Earnings Attributable to Common Stockholders
on page 8 and reference our Notes and Definitions for further explanation.

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 134
Average 86 59.1 Average 57.7 50 Average 54 84.0% Average 85.3% Average 40% 42%
Net rentable area of proposals Proposals as a % of available net rentable area *
Please see our Notes and Definitions for further explanation.

Guidance(A) Highlights dollars in millions, except per share amounts 2026
Guidance Low High Net earnings attributable to common stockholders(B) $ 4.05 $
4.15 Core FFO attributable to common stockholders/unitholders*(B) $ 6.25 $ 6.29
Core FFO attributable to common stockholders/unitholders, excluding Net Promote
Income (Expense)*(B) $ 6.25 $ 6.29 Operations Average occupancy - Prologis Share
95.25 % 95.50 % Same store NOI - cash - Prologis Share* 7.00 % 7.50 % Same store
NOI - net effective - Prologis Share* 5.50 % 6.00 % Other Assumptions Strategic
capital revenue, excluding promote revenue $ 650 $ 660 Net Promote Income
(Expense) $ – $ – General & administrative expenses $ 515 $ 525 Realized
development gains $ 600 $ 700 Capital Deployment PROLOGIS SHARE OWNED AND
MANAGED Low High Development stabilizations $ 2,500 $ 3,000 $ 2,750 $ 3,250
Development starts $ 5,000 $ 5,750 $ 6,000 $ 6,750 Acquisitions $ 2,100 $ 2,300
$ 3,100 $ 3,400 Dispositions $ 1,750 $ 2,500 $ 2,500 $ 3,250 Contributions $
1,750 $ 2,250 $ 3,000 $ 3,500 Exchange Rates We have hedged the rates for the
majority of our estimated 2026 Euro, Sterling and Yen Core FFO, effectively
insulating 2026 results from FX movements in these currencies. For purposes of
capital deployment and other metrics, we assumed effective rates for EUR, GBP
and JPY of 1.14 ($/€), 1.33 ($/£) and 157.00 (¥/$), respectively. * This is a
non-GAAP financial measure. Please see our Notes and Definitions for further
explanation. Our guidance for 2026 is based on management’s current beliefs and
assumptions about our business, the industry and the markets in which we
operate. Please refer to our "Forward-Looking Statements" and "Risk Factors"
disclosure in our public filings for more information. The difference between
Core FFO and Net Earnings predominantly relates to real estate depreciation and
amortization and gains or losses on dispositions of real estate. See the Notes
and Definitions for a reconciliation.

Consolidated Balance Sheets Financial Information in thousands September 30,
2026 June 30, 2026 December 31, 2025 Assets: Investments in real estate
properties: Operating properties $ 83,327,950 $ 82,117,896 $ 80,561,020
Development portfolio 3,168,563 2,741,535 3,019,009 Land 4,794,539 4,802,617
4,888,153 Other real estate investments 7,468,798 7,351,737 6,661,174 98,759,850
97,013,785 95,129,356 Less accumulated depreciation 16,359,720 15,783,188
14,729,149 Net investments in real estate properties 82,400,130 81,230,597
80,400,207 Investments in and advances to unconsolidated entities 11,505,548
11,467,403 11,093,936 Assets held for sale or contribution 545,788 498,975
203,344 Net investments in real estate 94,451,466 93,196,975 91,697,487 Cash and
cash equivalents 2,273,497 1,765,043 1,145,647 Other assets 7,169,743 6,049,854
5,881,122 Total assets $ 103,894,706 $ 101,011,872 $ 98,724,256 Liabilities and
Equity: Liabilities: Debt $ 36,832,482 $ 36,442,085 $ 35,037,073 Accounts
payable, accrued expenses and other liabilities 6,720,593 6,450,272 5,933,175
Total liabilities 43,553,075 42,892,357 40,970,248 Equity: Stockholders' equity
55,909,034 53,725,722 53,193,178 Noncontrolling interests 3,312,124 3,304,267
3,316,713 Noncontrolling interests - limited partnership unitholders 1,120,473
1,089,526 1,244,117 Total equity 60,341,631 58,119,515 57,754,008 Total
liabilities and equity $ 103,894,706 $ 101,011,872 $ 98,724,256

Consolidated Statements of Income Financial Information Three Months Ended Nine
Months Ended September 30, September 30, in thousands, except per share amounts
2026 2025 2026 2025 Revenues: Rental $ 2,205,269 $ 2,054,200 $ 6,507,427 $
6,066,797 Strategic capital 164,326 150,351 566,757 438,652 Development
management and other 17,923 9,330 36,509 31,966 Total revenues 2,387,518
2,213,881 7,110,693 6,537,415 Expenses: Rental 511,715 484,635 1,562,859
1,460,915 Strategic capital 84,202 69,270 261,681 194,964 General and
administrative 127,597 110,662 384,113 332,234 Depreciation and amortization
710,300 647,999 2,131,324 1,957,278 Other 16,957 8,724 47,246 30,079 Total
expenses 1,450,771 1,321,290 4,387,223 3,975,470 Operating income before gains
on real estate transactions, net $ 936,747 $ 892,591 $ 2,723,470 $ 2,561,945
Gains on dispositions of development properties and land, net 51,538 15,435
423,717 53,363 Gains on other dispositions of investments in real estate, net
56,435 32,235 359,924 116,078 Operating income $ 1,044,720 $ 940,261 $ 3,507,111
$ 2,731,386 Other income (expense): Earnings from unconsolidated entities, net
155,417 92,827 396,183 268,418 Interest expense (286,955) (258,274) (817,552)
(741,891) Foreign currency, derivative and other gains (losses) and other income
(expense), net 64,535 100,981 218,809 (53,506) Gains (losses) on early
extinguishment of debt, net 144 – (1,777) – Total other income (expense)
(66,859) (64,466) (204,337) (526,979) Earnings before income taxes 977,861
875,795 3,302,774 2,204,407 Current income tax benefit (expense) (59,164)
(59,847) (196,264) (124,271) Deferred income tax benefit (expense) (38,795)
5,312 (57,839) 2,948 Consolidated net earnings 879,902 821,260 3,048,671
2,083,084 Net earnings attributable to noncontrolling interests (46,191)
(38,329) (125,231) (107,044) Net earnings attributable to noncontrolling
interests - limited partnership units (16,608) (18,665) (62,170) (47,592) Net
earnings attributable to controlling interests 817,103 764,266 2,861,270
1,928,448 Preferred stock dividends (1,369) (1,369) (4,216) (4,326) Net earnings
attributable to common stockholders $ 815,734 $ 762,897 $ 2,857,054 $ 1,924,122
Weighted average common shares outstanding - Diluted 968,511 956,603 961,350
955,824 Net earnings per share attributable to common stockholders - Diluted $
0.86 $ 0.82 $ 3.04 $ 2.06

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 Nine Months Ended September 30, September 30, in
thousands 2026 2025 2026 2025 Net earnings attributable to common stockholders $
815,734 $ 762,897 $ 2,857,054 $ 1,924,122 Add (deduct) NAREIT defined
adjustments: Real estate related depreciation and amortization 683,465 626,093
2,052,673 1,896,978 Gains on other dispositions of investments in real estate,
net of taxes (excluding development properties and land) (56,435) (32,277)
(358,450) (115,048) Adjustments related to noncontrolling interests (11,268)
(13,142) (35,361) (48,888) Our proportionate share of adjustments related to
unconsolidated entities 142,760 138,279 426,100 422,637 NAREIT defined FFO
attributable to common stockholders/unitholders* $ 1,574,256 $ 1,481,850 $
4,942,016 $ 4,079,801 Add (deduct) our modified adjustments: Unrealized foreign
currency, derivative and other losses (gains), net 12,728 (37,767) (6,911)
154,948 Deferred income tax expense (benefit) 38,795 (5,312) 57,839 (2,948)
Adjustments related to noncontrolling interests 6 – 503 – Our proportionate
share of adjustments related to unconsolidated entities 437 (1,183) (5,725)
(2,948) FFO, as modified by Prologis attributable to common
stockholders/unitholders* $ 1,626,222 $ 1,437,588 $ 4,987,722 $ 4,228,853 Add
(deduct) Core FFO defined adjustments: Gains on dispositions of development
properties and land, net (51,538) (15,435) (423,717) (53,363) Current income tax
expense (benefit) on dispositions 7,413 2,799 15,473 3,602 Losses (gains) on
early extinguishment of debt, net (144) – 1,777 – Venture formation costs – –
6,049 – Adjustments related to noncontrolling interests – 675 271 3,496 Our
proportionate share of adjustments related to unconsolidated entities (37,380) 3
(43,382) (4,945) Core FFO attributable to common stockholders/unitholders* $
1,544,573 $ 1,425,630 $ 4,544,193 $ 4,177,643 Add (deduct) AFFO defined
adjustments: Gains on dispositions of development properties and land, net
51,538 15,435 423,717 53,363 Current income tax benefit (expense) on
dispositions (7,413) (2,799) (15,473) (3,602) Straight-line rents and
amortization of lease intangibles (174,807) (162,529) (501,708) (530,691)
Property improvements (98,490) (109,397) (195,773) (212,536) Turnover costs
(177,483) (138,212) (435,258) (413,577) Amortization of debt discount, financing
costs and management contracts, net 22,126 21,989 65,512 65,310 Stock
compensation amortization expense 49,964 44,509 165,744 141,654 Adjustments
related to noncontrolling interests 19,656 25,052 59,285 57,628 Our
proportionate share of adjustments related to unconsolidated entities (22,832)
(55,987) (108,547) (151,669) AFFO attributable to common
stockholders/unitholders* $ 1,206,832 $ 1,063,691 $ 4,001,692 $ 3,183,523

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 Nine Months Ended September 30,
September 30, in thousands 2026 2025 2026 2025 Net earnings attributable to
common stockholders $ 815,734 $ 762,897 $ 2,857,054 $ 1,924,122 Gains on other
dispositions of investments in real estate, net (excluding development
properties and land) (56,435) (32,235) (359,924) (116,078) Depreciation and
amortization expense 710,300 647,999 2,131,324 1,957,278 Interest charges
254,043 242,992 747,749 694,500 Current and deferred income tax expense, net
97,959 54,535 254,103 121,323 Net earnings attributable to noncontrolling
interests - limited partnership units 16,608 18,665 62,170 47,592 NOI
adjustments for real estate transactions (1,740) 1,353 12,450 11,663 Preferred
stock dividends 1,369 1,369 4,216 4,326 Unrealized foreign currency, derivative
and other losses (gains), net 12,728 (37,767) (6,911) 154,948 Stock compensation
amortization expense 49,964 44,509 165,744 141,654 Losses (gains) on early
extinguishment of debt, net (144) – 1,777 – Venture formation costs – – 6,049 –
Adjustments related to noncontrolling interests (28,970) (32,315) (99,398)
(97,984) Our proportionate share of adjustments related to unconsolidated
entities 209,127 195,704 624,796 585,130 Adjusted EBITDA attributable to common
stockholders/unitholders* $ 2,080,543 $ 1,867,706 $ 6,401,199 $ 5,428,474

94.7% 95.2% 95.4% 94.9% 95.1% Average occupancy - Prologis Share OCCUPANCY -
OWNED AND MANAGED CUSTOMER RETENTION SAME STORE CHANGE OVER PRIOR YEAR -
PROLOGIS SHARE* RENT CHANGE - PROLOGIS SHARE Operations Overview 55.0% 50.1%
43.5% 39.8% 37.1% Trailing four quarters - net effective * This is a non-GAAP
financial measure. Please see our Notes and Definitions for further explanation.

Operating Metrics – Owned and Managed Operations square feet in thousands
Leasing Activity(A) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Square feet of
leases commenced: Operating Portfolio: Renewals 42,720 27,581 45,834 37,951
37,298 New leases 19,631 14,712 16,913 20,605 17,096 Total Operating Portfolio
62,351 42,293 62,747 58,556 54,394 Properties under development 3,252 1,471
3,975 3,171 1,521 Total Square Feet of Leases Commenced 65,603 43,764 66,722
61,727 55,915 Total square feet of Operating Portfolio leases commenced,
including leases greater than one month 70,227 51,686 71,968 69,119 66,529
Weighted average term of leases started (in months) 59 61 58 62 58 Operating
Portfolio: Trailing twelve months - square feet of leases commenced 218,996
218,329 217,825 225,947 217,990 Trailing twelve months - average % of portfolio
18.3 % 18.1 % 18.0 % 18.7 % 17.9 % Rent change (net effective) 42.5 % 37.5 %
27.1 % 30.4 % 35.7 % Rent change (net effective) - Prologis Share 49.4 % 43.8 %
31.9 % 36.9 % 38.0 % Rent change (cash) 24.3 % 21.8 % 13.5 % 17.0 % 21.1 % Rent
change (cash) - Prologis Share 29.4 % 27.3 % 16.8 % 22.3 % 23.4 % PERIOD ENDING
OCCUPANCY U.S. Other Americas Europe Asia Amounts exclusive of leases of less
than one year, unless otherwise noted.

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 foot ($) As a
% of lease value Per square foot ($) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Property improvements(A) $ 162,406 $ 205,383 $ 55,122 $ 129,286 $ 158,142 Tenant
improvements 104,823 114,505 96,020 105,228 125,973 Leasing commissions 108,666
108,667 89,894 105,944 125,969 Total turnover costs 213,489 223,172 185,914
211,172 251,942 Total Capital Expenditures - Owned and Managed $ 375,895 $
428,555 $ 241,036 $ 340,458 $ 410,084 Trailing four quarters - % of Operating
Portfolio NOI 15.0% 14.6% 14.2% 13.9% 14.1% Weighted average ownership
percentage 70.7% 69.1% 67.8% 68.3% 74.1% Total Capital Expenditures - Prologis
Share $ 265,774 $ 296,158 $ 163,500 $ 232,500 $ 303,765 Q3 2025 Q4 2025 Q1 2026
Q2 2026 Q3 2026 Square feet 1,125,601 1,121,839 1,179,564 1,176,523 1,174,783
Average occupancy 95.2% 95.7% 95.4% 95.3% 95.4% Average occupancy - annual
percentage
change (1.3%) (0.6%) 0.3% 0.1% 0.4% Period ending occupancy 95.4% 95.8% 95.3%
95.4% 95.5% Percentage change - Prologis Share*: NOI - cash 5.2% 5.7% 8.8% 8.5%
5.9% NOI - net effective 3.9% 4.7% 6.1% 6.4% 5.7% 3.2% 3.5% 4.1% 4.4% 4.4% 92.7%
95.3% 96.7% 98.3% Period ending occupancy Free rent as a % of lease value -
trailing four quarters * This is a non-GAAP financial measure. Please see our
Notes and Definitions for further explanation. Property improvements exclude
expenditures related to one-time, structural work on our properties.

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 Share Southern
California 555 128,740 108,766 13.4 96.8 96.7 97.4 97.3 New Jersey/New York City
207 54,775 43,391 5.3 94.9 95.3 95.0 95.4 San Francisco Bay Area 298 29,863
24,727 3.0 95.9 96.3 96.0 96.4 Dallas/Ft. Worth 280 61,405 52,519 6.5 96.6 97.1
96.8 97.4 Chicago 320 70,034 54,847 6.8 97.2 96.9 97.9 97.7 South Florida 225
30,382 24,354 3.0 95.3 95.1 95.8 95.6 Atlanta 238 53,295 46,812 5.8 96.3 96.6
96.9 97.4 Lehigh Valley 82 37,215 33,119 4.1 91.4 91.3 91.4 91.3 Seattle 164
26,003 19,072 2.4 97.7 98.5 97.8 98.7 Houston 220 36,907 31,186 3.8 98.0 98.5
98.0 98.5 Baltimore/Washington 137 19,751 16,011 2.0 94.5 95.5 94.8 95.9 Central
Valley 46 24,279 22,432 2.8 99.8 99.8 99.8 99.8 Phoenix 82 17,936 15,697 1.9
93.4 93.7 94.4 94.9 Nashville 70 18,501 14,467 1.8 94.3 95.3 95.1 96.4 Las Vegas
82 15,430 9,825 1.2 93.2 95.1 93.7 95.5 Orlando 111 14,363 12,890 1.6 93.9 94.9
95.3 96.2 Cincinnati 72 18,876 16,449 2.0 94.9 95.0 94.9 95.0 Indianapolis 57
20,580 16,531 2.0 96.1 96.7 96.1 96.7 Central PA 37 18,752 14,027 1.7 91.4 88.6
91.4 88.6 Remaining U.S. markets (11 markets) 360 70,201 60,649 7.5 93.7 93.7
94.4 94.3 Total U.S. 3,643 767,288 637,771 78.6 95.7 95.8 96.1 96.3 Mexico 359
68,488 24,913 3.1 95.3 93.2 95.3 93.2 Canada 42 14,098 14,098 1.7 97.5 97.5 97.5
97.5 Brazil 46 20,149 5,309 0.7 96.6 97.6 96.6 97.6 Total Other Americas 447
102,735 44,320 5.5 95.9 95.1 95.9 95.1 United Kingdom 185 33,278 12,548 1.6 92.4
90.1 92.4 90.1 Germany 156 41,191 13,129 1.6 98.8 98.9 98.8 98.9 France 154
38,597 13,012 1.6 94.4 94.1 94.7 94.5 Netherlands 128 32,638 10,755 1.3 95.1
93.3 95.1 93.3 Remaining European countries (8 countries) 513 107,208 38,887 4.8
96.7 95.9 97.1 96.5 Total Europe 1,136 252,912 88,331 10.9 95.9 94.9 96.1 95.3
Japan 76 51,469 11,380 1.4 97.1 92.6 98.1 96.6 China 180 53,290 28,101 3.4 90.7
91.4 91.4 92.1 Singapore 5 951 951 0.1 91.0 91.0 91.0 91.0 India 5 1,150 858 0.1
95.1 94.4 95.1 94.4 Total Asia 266 106,860 41,290 5.0 93.8 91.8 94.7 93.3 Total
Outside the U.S. 1,849 462,507 173,941 21.4 95.4 94.2 95.7 94.8 Total Operating
Portfolio 5,492 1,229,795 811,712 100.0 95.6 95.5 95.9 96.0

Operating Portfolio – NOI* and Gross Book Value Operations Third 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 $ 411,442 $ 347,678 19.5 $ 21,484,484 $ 18,818,313
19.1 New Jersey/New York City 192,246 153,493 8.6 10,138,863 8,327,885 8.5 San
Francisco Bay Area 118,844 100,151 5.6 5,151,877 4,290,134 4.4 Dallas/Ft. Worth
110,350 94,905 5.3 5,714,659 4,875,316 5.0 Chicago 120,045 92,856 5.2 6,923,079
5,414,279 5.5 South Florida 100,215 79,969 4.5 5,667,342 4,666,661 4.7 Atlanta
89,919 77,608 4.3 4,674,513 4,093,267 4.2 Lehigh Valley 77,917 69,452 3.9
4,805,696 4,370,487 4.4 Seattle 71,486 52,996 3.0 4,028,287 3,164,848 3.2
Houston 61,005 52,564 2.9 3,761,384 3,240,657 3.3 Baltimore/Washington 59,206
48,110 2.7 2,962,966 2,423,729 2.5 Central Valley 52,493 47,643 2.7 2,230,367
2,020,790 2.0 Phoenix 35,301 30,993 1.7 2,089,044 1,800,161 1.8 Nashville 37,405
30,543 1.7 1,847,251 1,490,850 1.5 Las Vegas 40,624 26,701 1.5 1,873,036
1,144,647 1.2 Orlando 29,191 26,590 1.5 1,561,613 1,414,797 1.4 Cincinnati
27,142 23,778 1.3 1,341,038 1,190,812 1.2 Indianapolis 26,665 21,886 1.2
1,413,075 1,186,072 1.2 Central PA 27,015 19,553 1.1 1,696,301 1,307,295 1.3
Remaining U.S. markets (11 markets) 126,080 108,114 6.0 6,253,413 5,373,602 5.5
Total U.S. 1,814,591 1,505,583 84.2 95,618,288 80,614,602 81.9 Mexico 122,015
43,394 2.4 5,668,256 2,070,808 2.1 Canada 38,523 38,523 2.2 1,567,096 1,567,096
1.6 Brazil 36,008 9,627 0.5 1,112,154 321,414 0.3 Total Other Americas 196,546
91,544 5.1 8,347,506 3,959,318 4.0 United Kingdom 106,872 39,236 2.2 8,789,775
3,538,258 3.6 Germany 76,612 24,303 1.4 5,145,533 1,624,049 1.7 France 58,292
19,409 1.1 4,086,512 1,315,297 1.3 Netherlands 57,675 18,565 1.0 3,965,201
1,248,227 1.3 Remaining European countries (8 countries) 159,339 57,224 3.2
9,653,107 3,427,737 3.5 Total Europe 458,790 158,737 8.9 31,640,128 11,153,568
11.4 Japan 89,779 18,485 1.0 7,222,841 1,487,910 1.5 China 27,431 9,965 0.6
2,946,785 986,497 1.0 Singapore 2,674 2,674 0.2 152,057 152,057 0.2 India 1,005
742 0.0 41,819 30,970 0.0 Total Asia 120,889 31,866 1.8 10,363,502 2,657,434 2.7
Total Outside the U.S. 776,225 282,147 15.8 50,351,136 17,770,320 18.1 Total
Operating Portfolio $ 2,590,816 $ 1,787,730 100.0 $ 145,969,424 $ 98,384,922
100.0 * This is a non-GAAP financial measure. Please see our Notes and
Definitions for further explanation.

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. 2,861 627,076 590,792 72.8 95.8
95.9 96.3 96.4 Total Outside the U.S. 202 54,554 54,262 6.7 90.4 90.4 91.7 91.7
Total Operating Portfolio - Consolidated 3,063 681,630 645,054 79.5 95.4 95.4
95.9 96.0 Unconsolidated Total U.S. 782 140,212 46,979 5.8 95.0 95.0 95.1 95.1
Total Outside the U.S. 1,647 407,953 119,679 14.7 96.1 96.0 96.3 96.2 Total
Operating Portfolio - Unconsolidated 2,429 548,165 166,658 20.5 95.8 95.7 96.0
95.9 Total Total U.S. 3,643 767,288 637,771 78.6 95.7 95.8 96.1 96.3 Total
Outside the U.S. 1,849 462,507 173,941 21.4 95.4 94.2 95.7 94.8 Total Operating
Portfolio 5,492 1,229,795 811,712 100.0 95.6 95.5 95.9 96.0 Value-Added
Properties - Consolidated 13 3,283 3,273 27.4 27.1 27.4 27.1 Value-Added
Properties - Unconsolidated 20 2,660 767 35.6 35.3 42.6 41.4 Total Operating
Properties 5,525 1,235,738 815,752 95.3 95.2 95.6 95.6 Third Quarter NOI* Gross
Book Value Owned and Managed Prologis Share % of Total Owned and Managed
Prologis Share % of Total Consolidated Total U.S. $ 1,476,449 $ 1,392,087 77.9 $
79,027,240 $ 75,040,135 76.3 Total Outside the U.S. 70,174 69,912 3.9 4,151,314
4,140,465 4.2 Total Operating Portfolio - Consolidated $ 1,546,623 $ 1,461,999
81.8 $ 83,178,554 $ 79,180,600 80.5 Unconsolidated Total U.S. $ 338,142 $
113,496 6.3 $ 16,591,048 $ 5,574,467 5.6 Total Outside the U.S. 706,051 212,235
11.9 46,199,822 13,629,855 13.9 Total Operating Portfolio - Unconsolidated $
1,044,193 $ 325,731 18.2 $ 62,790,870 $ 19,204,322 19.5 Value-Added Properties -
Consolidated $ (185) $ (200) $ 427,787 $ 423,535 Value-Added Properties -
Unconsolidated $ 1,067 $ 299 $ 394,346 $ 111,130 * This is a non-GAAP financial
measure. Please see our Notes and Definitions for further explanation.

Customer Information Operations Top Customers - Operating Portfolio 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
Rent $ % of Total $ Per Sq Ft 1 Amazon 5.6 54,381 2026(A) 36,736 231,956 2.2
6.31 2 Home Depot 1.7 19,886 2027(A) 189,845 1,344,430 13.0 7.08 3 FedEx 1.4
11,534 2028 191,972 1,577,941 15.3 8.22 4 DSV 1.3 14,823 2029 169,027 1,473,613
14.2 8.72 5 DHL 1.2 12,569 2030 151,912 1,393,071 13.5 9.17 6 Geodis 1.0 14,076
Thereafter 435,663 4,321,326 41.8 9.92 7 GXO 0.8 10,297 Total 1,175,155
10,342,337 100.0 8.80 8 UPS 0.8 10,553 Weighted average term of leases remaining
3.9 years 9 Kuehne + Nagel 0.8 8,796 10 Walmart 0.7 9,063 Top 10 Customers 15.3
165,978 Prologis Share 11 CEVA Logistics 0.7 10,451 Occupied Sq Ft Net Effective
Rent 12 Maersk 0.6 5,978 $ % of Total $ Per Sq Ft 13 Mercado Libre 0.6 7,537
2026(A) 22,498 140,910 2.0 6.26 14 Wayfair 0.4 5,783 2027(A) 122,654 909,865
12.8 7.42 15 Pepsi 0.4 4,398 2028 121,021 1,042,621 14.6 8.62 16 GigaCloud 0.4
3,577 2029 111,394 1,010,092 14.2 9.07 17 Samsung 0.4 5,145 2030 97,758 943,231
13.2 9.65 18 Zongteng 0.4 4,217 Thereafter 299,672 3,083,056 43.2 10.29 19 Ryder
0.4 3,600 Total 774,997 7,129,775 100.0 9.20 20 Lululemon 0.4 2,481 Weighted
average term of leases remaining 4.0 years 21 Tesla 0.4 2,904 22 NFI Industries
0.4 3,160 23 Burlington Stores 0.4 3,130 24 Berkshire Hathaway 0.3 2,951 25 DP
World 0.3 3,138 Top 25 Customers 21.8 234,428 We have signed leases, which were
due to expire in 2026 and 2027, totaling 27 million square feet and 49 million
square feet, in our Owned and Managed portfolio (1.8% and 3.4% of total net
effective rent) and 16 million square feet and 31 million square feet on a
Prologis Share basis (1.7% and 3.2% of total net effective rent). These are
excluded from 2026 and 2027 expirations and are reflected in the new year of
expiration.

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 Creation
$1,583 $917 $773 $568 $516 Est Wtd Avg Stabilized Yield 6.3% 6.3% 6.1% 6.7% 6.9%
Est Build Out(B): Sq Ft in millions 207 TEI $36,700 YTD This data excludes
acquisitions of land. The estimated build out includes the land portfolio,
Covered Land Plays and other land that we could develop through options, ground
leases, unconsolidated joint ventures and other contractual arrangements.

Development Stabilizations Capital Deployment Three Months Ended September 30,
2026 Nine Months Ended September 30, 2026 TEI TEI square feet and dollars in
thousands Square Feet Owned and Managed Prologis Share Square Feet Owned and
Managed Prologis Share Central – $ – $ – 1,086 $ 179,669 $ 179,669 East 59
17,535 17,535 1,432 246,009 176,703 West(A)(B) 1,139 248,967 248,682 3,283
740,442 651,079 Total Industrial U.S. 1,198 266,502 266,217 5,801 1,166,120
1,007,451 Canada – – – 1,217 221,834 221,834 Brazil – – – 106 9,009 1,802 Mexico
– – – 1,021 117,637 117,637 Total Other Americas – – – 2,344 348,480 341,273
Northern Europe 276 34,711 9,295 607 97,790 58,201 Southern Europe 341 69,907
69,907 799 118,856 118,856 Central Europe – – – 1,078 79,157 79,157 United
Kingdom 91 52,061 52,061 483 174,998 174,998 Total Europe 708 156,679 131,263
2,967 470,801 431,212 Japan – – – 1,095 168,704 168,704 China – – – – – – India
109 4,116 3,499 671 27,249 18,246 Total Asia 109 4,116 3,499 1,766 195,953
186,950 Total Industrial Outside the U.S. 817 160,795 134,762 7,077 1,015,234
959,435 Total Data Center – – – 432 214,548 193,093 Total Development
Stabilizations 2,015 $ 427,297 $ 400,979 13,310 $ 2,395,902 $ 2,159,979 Percent
build-to-suit 17.5 % 34.9 % Estimated weighted average stabilized yield 5.6 %
6.9 % Annualized estimated NOI $ 22,571 $ 148,463 Estimated weighted average
stabilized cap rate 5.1 % 5.4 % Estimated weighted average margin 9.7 % 23.9 %
Estimated value creation $ 38,888 $ 515,526 TEI amount includes development on
yards, parking lots, and other non-industrial assets that will be included in
other real estate investments upon completion. Amounts include a development
recorded as a note receivable that is included in other real estate investments.

Development Starts Capital Deployment Three Months Ended September 30, 2026 Nine
Months Ended September 30, 2026 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 2,915 0.0 $ 325,540 $
325,465 5,184 0.0 $ 634,206 $ 461,751 East 1,441 10.4 199,586 155,474 3,681 13.3
630,934 469,808 West (A)(B) 818 24.8 261,263 261,263 2,906 10.7 706,515 561,396
Total Industrial U.S. 5,174 6.8 786,389 742,202 11,771 6.8 1,971,655 1,492,955
Canada (A) – – – – – 100.0 52,152 52,152 Mexico – – – – – – – – Brazil 1,346 0.0
139,549 139,549 1,346 0.0 139,549 139,549 Total Other Americas 1,346 0.0 139,549
139,549 1,346 0.0 191,701 191,701 Northern Europe – – – – 980 12.9 180,789
99,260 Southern Europe 425 100.0 61,972 61,972 888 85.7 121,482 121,482 Central
Europe 372 100.0 25,227 12,613 865 100.0 62,879 50,265 United Kingdom – – – –
274 23.7 58,394 58,394 Total Europe 797 100.0 87,199 74,585 3,007 60.4 423,544
329,401 Japan – – – – – – – – China – – – – – – – – India 338 0.0 10,881 7,862
1,230 0.0 49,556 40,736 Total Asia 338 0.0 10,881 7,862 1,230 0.0 49,556 40,736
Total Industrial Outside the U.S. 2,481 32.1 237,629 221,996 5,583 32.6 664,801
561,838 Total Data Center – – – – 1,966 100.0 2,091,099 2,034,444 Total
Development Starts 7,655 15.0 $ 1,024,018 $ 964,198 19,320 23.7 $ 4,727,555 $
4,089,237 Percent build-to-suit 18.3 % 64.2 % Estimated weighted average
stabilized yield 6.6 % 7.7 % Annualized estimated NOI $ 63,187 $ 316,278
Estimated weighted average stabilized cap rate 5.6 % 5.8 % Estimated weighted
average margin 16.1 % 28.4 % Estimated value creation $ 155,395 $ 1,160,715 TEI
amount includes development on yards, parking lots, and other non-industrial
assets that will be included in other real estate investments upon completion.
Amounts include a development recorded as a note receivable that is included in
other real estate investments.

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 Prologis Share Sq
Ft Owned and Managed Prologis Share Sq Ft Owned and Managed Prologis Share Sq Ft
Leased % TEI Sq Ft Leased % TEI Central – – $ – $ – 229 $ 39,921 $ 14,395 4,954
$ 591,637 $ 430,263 5,183 0.0 $ 631,558 3,803 0.0 $ 444,658 East(A)(B) 1,536
35.1 419,188 412,219 1,072 293,031 273,306 3,449 579,736 391,926 6,057 33.8
1,291,955 5,254 31.0 1,077,451 West(A) 438 0.0 125,279 125,279 785 238,425
154,159 4,771 761,347 501,926 5,994 46.7 1,125,051 3,549 45.7 781,364 Total
Industrial U.S. 1,974 27.3 544,467 537,498 2,086 571,377 441,860 13,174
1,932,720 1,324,115 17,234 28.1 3,048,564 12,606 25.8 2,303,473 Canada(A) –
100.0 52,345 52,345 – – – – – – – 100.0 52,345 – 100.0 52,345 Mexico – – – – 963
107,357 107,357 – – – 963 24.8 107,357 963 24.8 107,357 Brazil – – – – 119
10,963 2,193 3,492 326,246 176,888 3,611 59.5 337,209 1,799 23.9 179,081 Total
Other Americas – 100.0 52,345 52,345 1,082 118,320 109,550 3,492 326,246 176,888
4,574 52.2 496,911 2,762 24.2 338,783 Northern Europe – – – – 347 49,932 49,932
854 161,499 80,750 1,201 28.9 211,431 774 44.8 130,682 Southern Europe 170 73.6
31,208 27,423 113 13,733 13,733 888 121,278 121,278 1,171 85.3 166,219 1,140
84.9 162,434 Central Europe – – – – 493 37,216 37,216 372 25,227 12,613 865
100.0 62,443 680 100.0 49,829 United Kingdom(A) 505 54.2 292,970 292,970 1,468
318,140 318,140 – – – 1,973 88.3 611,110 1,973 88.3 611,110 Total Europe 675
59.1 324,178 320,393 2,421 419,021 419,021 2,114 308,004 214,641 5,210 75.9
1,051,203 4,567 81.8 954,055 Japan 672 73.7 105,902 105,902 395 80,753 80,753
2,011 363,129 363,129 3,078 34.1 549,784 3,078 34.1 549,784 China(A) – – – – – –
– 1,158 74,464 74,464 1,158 0.0 74,464 1,158 0.0 74,464 India – – – – 1,191
48,214 40,982 750 26,504 21,141 1,941 5.4 74,718 1,607 5.6 62,123 Total Asia 672
73.7 105,902 105,902 1,586 128,967 121,735 3,919 464,097 458,734 6,177 18.7
698,966 5,843 19.5 686,371 Total Industrial Outside the U.S. 1,347 66.4 482,425
478,640 5,089 666,308 650,306 9,525 1,098,347 850,263 15,961 46.9 2,247,080
13,172 42.1 1,979,209 Total Data Center – – – – – – – 2,182 2,588,342 2,486,381
2,182 100.0 2,588,342 2,082 100.0 2,486,381 Total Development Portfolio 3,321
43.2 $ 1,026,892 $ 1,016,138 7,175 $ 1,237,685 $ 1,092,166 24,881 $ 5,619,409 $
4,660,759 35,377 41.0 $ 7,883,986 27,860 39.0 $ 6,769,063 Cost to complete
$146,570 $145,607 $217,683 $192,145 $3,236,652 $2,794,370 $3,600,905 $3,132,122
Percent build-to-suit 16.7 % 73.8 % 62.7 % 57.6 % Estimated weighted average
stabilized yield 6.1 % 6.2 % 7.5 % 7.1 % Annualized estimated NOI $ 481,079
Estimated weighted average stabilized cap rate 5.7 % Estimated weighted average
margin 20.9 % Estimated value creation $ 1,413,651 TEI amount includes
development on yards, parking lots, and other non-industrial assets that will be
included in other real estate investments upon completion. Amounts include a
development recorded as a note receivable that is included in other real estate
investments.

Third-Party Acquisitions Capital Deployment Amounts include the acquisition of
our partner's 80% interest in an unconsolidated joint venture. Amounts include
the acquisition of properties from a third-party partner for the formation of a
new co-investment venture in Europe. Amounts include the acquisition of non-
industrial assets, including yards and renewable energy assets. Three Months
Ended September 30, 2026 Nine Months Ended September 30, 2026 Square Feet
Acquisition Price Square Feet Acquisition Price square feet and dollars in
thousands Owned and Managed Prologis Share Owned and Managed Prologis Share
Owned and Managed Prologis Share Owned and Managed Prologis Share Prologis
Wholly-Owned (A) 4,880 3,913 $ 650,074 $ 522,399 9,238 8,271 $ 1,492,615 $
1,364,940 Prologis Co-Investment Ventures 61 34 49,814 27,418 61 34 49,814
27,418 Total U.S. 4,941 3,947 699,888 549,817 9,299 8,305 1,542,429 1,392,358
Prologis Wholly-Owned – – – – – – – – Prologis Co-Investment Ventures – – – – –
– – – Total Other Americas – – – – – – – – Prologis Wholly-Owned – – – – 706 706
40,952 40,952 Prologis Co-Investment Ventures (B) 1,131 566 187,995 93,998 8,569
2,894 1,152,511 396,813 Total Europe 1,131 566 187,995 93,998 9,275 3,600
1,193,463 437,765 Prologis Wholly-Owned – – – – – – – – Prologis Co-Investment
Ventures – – – – 448 113 169,452 42,363 Total Asia – – – – 448 113 169,452
42,363 Total Outside the U.S. 1,131 566 187,995 93,998 9,723 3,713 1,362,915
480,128 Total Third-Party Building Acquisitions 6,072 4,513 $ 887,883 $ 643,815
19,022 12,018 $ 2,905,344 $ 1,872,486 Weighted average stabilized cap rate 4.2 %
4.2 % Acquisitions of other real estate investments (C) 59,432 58,027 221,356
216,556 Total Third-Party Acquisitions $ 947,315 $ 701,842 $ 3,126,700 $
2,089,042

Dispositions and Contributions Capital Deployment Three Months Ended September
30, 2026 Nine Months Ended September 30, 2026 Square Feet Sales Price Square
Feet Sales Price square feet and dollars in thousands Owned and Managed Prologis
Share Owned and Managed Prologis Share Owned and Managed Prologis Share Owned
and Managed Prologis Share Third-Party Building Dispositions Prologis Wholly-
Owned (A) 352 352 $ 46,685 $ 46,685 5,209 5,208 $ 865,907 $ 865,882 Prologis Co-
Investment Ventures 872 301 98,700 36,373 872 301 98,700 36,373 Total U.S. 1,224
653 145,385 83,058 6,081 5,509 964,607 902,255 Prologis Wholly-Owned – – – – – –
– – Prologis Co-Investment Ventures – – – – 634 219 36,600 12,636 Total Other
Americas – – – – 634 219 36,600 12,636 Prologis Wholly-Owned – – – – – – – –
Prologis Co-Investment Ventures 299 80 28,785 7,709 1,209 536 189,652 88,143
Total Europe 299 80 28,785 7,709 1,209 536 189,652 88,143 Prologis Wholly-Owned
– – – – – – – – Prologis Co-Investment Ventures – – – – 609 99 98,536 16,012
Total Asia – – – – 609 99 98,536 16,012 Total Outside the U.S. 299 80 28,785
7,709 2,452 854 324,788 116,791 Total Third-Party Building Dispositions 1,523
733 $ 174,170 $ 90,767 8,533 6,363 $ 1,289,395 $ 1,019,046 Building
Contributions to Co-Investment Ventures U.S. Co-Investment Ventures – – $ – $ –
– – $ – $ – Total U.S. – – – – – – – – Other Americas Co-Investment Ventures – –
– – 590 590 90,850 59,434 Europe Co-Investment Ventures(B) – – – – 2,362 2,362
427,498 302,969 Asia Co-Investment Ventures – – – – – – – – Total Outside the
U.S. – – – – 2,952 2,952 518,348 362,403 Total Building Contributions to Co-
Investment Ventures – – – – 2,952 2,952 518,348 362,403 Total Building
Dispositions and Contributions 1,523 733 $ 174,170 $ 90,767 11,485 9,315 $
1,807,743 $ 1,381,449 Weighted average stabilized cap rate 5.1 % 5.1 %
Contributions of land and properties under development 102,800 59,344 789,363
398,748 Third-party land dispositions 1,695 1,695 11,203 11,203 Dispositions of
other real estate investments(C) 34,222 17,355 195,587 63,375 Grand Total
Dispositions and Contributions $ 312,887 $ 169,161 $ 2,803,896 $ 1,854,775
Amounts include the disposition of properties by a consolidated entity in which
we have less than 100% ownership interest. Amounts include the contribution of
properties by Prologis for the formation of a new co-investment venture in
Europe. Amounts include the disposition of non-industrial assets, including
yards and data centers. Dispositions of Non-Strategic Assets are included as
third-party building dispositions.

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 Share % of
Total Southern California 500 476 9,094 $ 513,203 $ 503,394 10.3 New Jersey/New
York City 316 316 2,854 320,484 320,484 6.6 San Francisco Bay Area 85 75 1,263
156,782 134,239 2.7 Dallas/Ft. Worth 475 474 7,323 177,653 177,467 3.6 Chicago
111 111 1,842 56,042 55,996 1.1 South Florida 92 92 1,419 163,551 163,531 3.3
Atlanta 106 106 1,157 13,178 13,178 0.3 Lehigh Valley 72 72 537 45,653 45,653
0.9 Seattle 49 49 892 39,451 39,451 0.8 Houston 247 247 3,567 114,791 114,791
2.4 Baltimore/Washington 100 100 1,108 69,009 69,009 1.4 Central Valley 634 634
10,781 223,340 223,339 4.6 Phoenix 183 183 2,878 55,692 55,692 1.1 Nashville 407
407 5,749 201,337 201,337 4.1 Las Vegas 965 965 11,477 469,998 469,998 9.6
Orlando 119 102 1,701 38,768 33,151 0.7 Indianapolis 4 4 38 284 284 0.0
Remaining U.S. markets (9 markets) 483 483 7,174 176,891 176,851 3.6 Total U.S.
4,948 4,896 70,854 2,836,107 2,797,845 57.1 Mexico 946 813 17,548 317,401
303,204 6.2 Canada 362 362 6,451 661,168 661,168 13.5 Brazil 513 453 10,616
236,560 225,459 4.6 Total Other Americas 1,821 1,628 34,615 1,215,129 1,189,831
24.3 United Kingdom 268 258 5,184 300,328 249,465 5.1 Germany 85 65 1,810
114,469 88,093 1.8 France 185 184 3,380 91,512 90,567 1.8 Netherlands 78 78
2,043 89,079 89,079 1.8 Remaining European countries (7 countries) 725 667
14,031 183,388 166,592 3.4 Total Europe 1,341 1,252 26,448 778,776 683,796 13.9
Japan 90 90 6,103 160,114 160,114 3.3 China 78 78 2,499 6,656 6,656 0.1 India
274 233 6,359 74,164 63,032 1.3 Total Asia 442 401 14,961 240,934 229,802 4.7
Total Outside the U.S. 3,604 3,281 76,024 2,234,839 2,103,429 42.9 Total Land
Portfolio 8,552 8,177 146,878 $ 5,070,946 $ 4,901,274 100.0

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 1,445 1,444 17.7 $ 600,041 $ 599,809
12.2 East 878 861 10.5 668,954 663,317 13.5 West 2,625 2,591 31.7 1,567,112
1,534,719 31.4 Total U.S. 4,948 4,896 59.9 2,836,107 2,797,845 57.1 Mexico 946
813 9.9 317,401 303,204 6.2 Canada 362 362 4.4 661,168 661,168 13.5 Brazil 513
453 5.5 236,560 225,459 4.6 Total Other Americas 1,821 1,628 19.8 1,215,129
1,189,831 24.3 Central Europe 446 434 5.3 121,056 119,177 2.4 Northern Europe
206 168 2.1 215,006 183,630 3.7 Southern Europe 421 392 4.8 142,386 131,524 2.7
United Kingdom 268 258 3.2 300,328 249,465 5.1 Total Europe 1,341 1,252 15.4
778,776 683,796 13.9 Japan 90 90 1.1 160,114 160,114 3.3 China 78 78 1.0 6,656
6,656 0.1 India 274 233 2.8 74,164 63,032 1.3 Total Asia 442 401 4.9 240,934
229,802 4.7 Total Outside the U.S. 3,604 3,281 40.1 2,234,839 2,103,429 42.9
Total Land Portfolio 8,552 8,177 100.0 $ 5,070,946 $ 4,901,274 100.0 Estimated
build out of land portfolio (in TEI) $ 24,300,000 $ 23,400,000 Estimated build
out of Covered Land Plays (in TEI) 7,800,000 6,400,000 Estimated build out of
other land (in TEI)(A) 7,600,000 6,900,000 Total $ 39,700,000 $ 36,700,000 Land
Roll Forward – Prologis Share U.S. Other Americas Europe Asia Total At June 30,
2026 $ 2,792,982 $ 1,215,604 $ 635,903 $ 252,178 $ 4,896,667 Acquisitions 42,403
– 54,980 – 97,383 Reclassifications 85,003 21,889 7,380 – 114,272 Dispositions
and contributions – – – (1,695) (1,695) Development starts (209,757) (57,772)
(19,838) (443) (287,810) Infrastructure costs 88,641 17,458 5,782 6,774 118,655
Effect of changes in foreign exchange rates and other (1,427) (7,348) (411)
(27,012) (36,198) At September 30, 2026 $ 2,797,845 $ 1,189,831 $ 683,796 $
229,802 $ 4,901,274 Amounts include approximately 3,300 acres that we could
develop through options, ground leases, unconsolidated joint ventures and other
contractual arrangements.

Solar and Energy Storage Portfolios – Owned and Managed Capital Deployment
dollars in thousands, including markets where we own solar assets, ordered by
Prologis Share of Operating Portfolio NOI (%) Operating Portfolio Under
Development Capacity (MW) Gross Book Value Capacity (MW) Current Investment TEI
Southern California 77 $ 185,353 26 $ 61,641 $ 85,117 New Jersey/New York City
88 212,740 60 174,564 224,583 Chicago 18 45,009 40 97,289 131,369 San Francisco
Bay Area 18 47,603 23 44,119 70,532 Central Valley 32 63,514 10 14,798 30,593
Baltimore/Washington 2 4,672 27 83,108 110,171 Remaining U.S. markets (5
markets) 7 13,155 12 16,204 46,999 Total U.S. 242 572,046 198 491,723 699,364
Mexico 25 21,636 12 5,707 11,573 Total Other Americas 25 21,636 12 5,707 11,573
Germany 54 46,267 9 1,306 7,441 Italy 16 10,358 9 3,041 8,159 Remaining European
countries (6 countries) 20 17,255 17 7,957 13,010 Total Europe 90 73,880 35
12,304 28,610 Japan 67 81,891 10 2,353 8,466 China 25 13,912 – – – Singapore 5
4,110 – – – Total Asia 97 99,913 10 2,353 8,466 Total Outside the U.S. 212
195,429 57 20,364 48,649 Total Solar Portfolio 454 767,475 255 512,087 748,013
Energy Storage Portfolio 82 108,964 10 11,974 12,589 Total Solar and Energy
Storage Portfolio 536 $ 876,439 265 $ 524,061 $ 760,602 Third party and other
867 Investment Tax Credits ("ITC") (303,371) Projects awaiting final
commissioning(A) 14 TEI, Net of ITCs 457,231 Total installed capacity 1,417
Estimated weighted average stabilized yield 11.1 % These projects are also
included as under development in the solar and energy storage portfolio.

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 95.0% 93.0% 95.0% 93.6%
91.9% % Open end/Public * This is a non-GAAP financial measure. Please see our
Notes and Definitions for further explanation. A. Net Promote Income (Expense)
in 2025 is negative due to expense from the amortization of stock compensation
issued to employees related to promote income recognized in prior periods. (A)

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 Prologis’
proportionate share. Values are presented at Prologis’ adjusted basis derived
from the ventures’ U.S. GAAP information and may not be comparable to values
reflected in the ventures’ standalone financial statements calculated on a
different basis. Does not include promotes earned upon liquidation of a venture
or stabilization of properties, or for certain ventures, promotes based on
cumulative returns that do not have a scheduled promote period. Our co-
investment venture in Mexico is U.S. dollar functional and included in Other
Americas. BY GEOGRAPHY BY STRUCTURE BY STRATEGY in thousands Co-Investment
Ventures (at 100%) (A) Consolidated Unconsolidated Total Square Feet 78,212
550,825 629,037 GBV of Operating Buildings $ 8,532,936 $ 63,185,216 $ 71,718,152
GBV of Real Estate $ 8,548,298 $ 66,645,934 $ 75,194,232 Third-party debt $ – $
20,496,120 $ 20,496,120 FINANCIAL HIGHLIGHTS PROMOTE OPPORTUNITIES (B) THIRD-
PARTY AUM: $68.3B in billions, except for (number of ventures) Q1 Q2 Q3 Q4 2026
• 2027 — • • • • — 2028 — • • • • • • 2029 — • • • • — 2030 • • • • • — • (C)

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 September 30,
2026 Rental revenue $ 458,376 $ 218,607 $ 569,125 $ 145,099 $ 1,391,207 Rental
expense (111,902) (33,527) (116,547) (37,582) (299,558) General and
administrative expense (21,238) (21,716) (25,739) (15,024) (83,717) Depreciation
and amortization expense (142,315) (63,491) (229,524) (48,981) (484,311) Other
operating revenue (expense) – (141) (505) 3 (643) Operating income (expense)
before gains on real estate transactions, net 182,921 99,732 196,810 43,515
522,978 Gains (losses) on dispositions of investments in real estate, net 44,622
(2,794) 1,380 14,676 57,884 Operating income (expense) 227,543 96,938 198,190
58,191 580,862 Interest expense (78,967) (31,658) (55,780) (12,607) (179,012)
Current and deferred income tax benefit (expense) (218) (367) (30,532) (3,160)
(34,277) Foreign currency, derivative and other gains (losses) and other income
(expense), net 1,630 5,714 (4,960) 158 2,542 Net earnings (loss) 149,988 70,627
106,918 42,582 370,115 Real estate related depreciation and amortization expense
137,630 63,178 225,256 47,573 473,637 Losses (gains) on dispositions of
investments in real estate, net of taxes (28,887) 2,794 711 (14,676) (40,058)
Unrealized foreign currency, derivative and other losses (gains), net – (1,500)
5,263 (1,490) 2,273 Deferred income tax expense (benefit) – – – – – FFO, as
modified by Prologis* 258,731 135,099 338,148 73,989 805,967 Core FFO defined
adjustments (15,735) – (3,015) – (18,750) Core FFO* $ 242,996 $ 135,099 $
335,133 $ 73,989 $ 787,217 Balance Sheet Information At September 30, 2026
Operating properties, before depreciation $ 16,591,048 $ 6,474,213 $ 30,879,902
$ 9,240,053 $ 63,185,216 Accumulated depreciation (3,604,390) (1,158,854)
(6,090,103) (1,385,220) (12,238,567) Properties under development, land and
other real estate 1,280,531 1,468,297 494,753 217,137 3,460,718 Other assets
1,371,541 557,910 1,676,615 468,667 4,074,733 Total assets $ 15,638,730 $
7,341,566 $ 26,961,167 $ 8,540,637 $ 58,482,100 Third-party debt $ 7,469,656 $
2,513,187 $ 7,139,678 $ 3,373,599 $ 20,496,120 Other liabilities 1,024,911
369,373 2,895,511 350,122 4,639,917 Total liabilities $ 8,494,567 $ 2,882,560 $
10,035,189 $ 3,723,721 $ 25,136,037 Weighted average ownership 33.9 % 32.2 %
33.3 % 15.8 % 30.8 % * This is a non-GAAP financial measure. Please see our
Notes and Definitions for further explanation. Values represent the entire
venture at 100%, not Prologis’ proportionate share. Values are presented at
Prologis’ adjusted basis derived from the ventures’ U.S. GAAP information and
may not be comparable to values reflected in the ventures’ standalone financial
statements calculated on a different basis.

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 September 30, 2026 Rental revenue $ 114,844 $ 432,764 Rental
expense (27,358) (91,369) General and administrative expense (12,334) (27,745)
Depreciation and amortization expense (34,683) (151,375) Other operating income
(expense) 151 (177) Operating income before gains 40,620 162,098 Gains (losses)
on dispositions of investments in real estate, net 5,725 16,399 Operating income
46,345 178,497 Interest expense (559) (54,113) Current and deferred income tax
benefit (expense) (89) (9,908) Foreign currency, derivative and other gains
(losses) and other income (expense), net 485 3,806 Earnings from unconsolidated
co-investment ventures, net 9 – Net earnings 46,191 118,282 Real estate related
depreciation and amortization expense 33,806 148,039 Losses (gains) on other
dispositions of investments in real estate, net of taxes (excluding development
properties and land) (5,725) (10,613) NAREIT defined FFO* 74,272 255,708
Unrealized foreign currency, derivative and other losses (gains), net (6) 436
FFO, as modified by Prologis* 74,266 256,144 Core FFO defined adjustments –
(6,035) Core FFO* $ 74,266 $ 250,109 Balance Sheet Information At September 30,
2026 Operating properties, before depreciation $ 4,002,206 $ 19,315,452
Accumulated depreciation (1,018,321) (3,797,369) Properties under development,
land and other real estate 208,661 1,217,721 Other assets 268,542 1,350,701
Total assets $ 3,461,088 $ 18,086,505 Third-party debt $ 31,089 $ 5,804,187
Other liabilities 117,875 1,160,485 Total liabilities $ 148,964 $ 6,964,672
Weighted average ownership 33.6 % 30.8 % Noncontrolling interests investment $
3,312,124 Investment in and advances to unconsolidated co-investment ventures $
10,716,099 Investment in and advances to other unconsolidated ventures 789,449
Investment in and advances to unconsolidated entities $ 11,505,548 * This is a
non-GAAP financial measure. Please see our Notes and Definitions for further
explanation. See our Notes and Definitions for further explanation of how these
amounts are calculated.

Overview Capitalization ASSETS UNDER MANAGEMENT dollars in millions U.S. DOLLAR
EXPOSURE dollars in millions DEBT BY CURRENCY – PROLOGIS SHARE UNENCUMBERED
ASSETS – PROLOGIS SHARE: $114.5B in billions Debt Metrics(C) – Prologis Share
September 30, 2026 June 30, 2026 Debt as % of gross Market Capitalization* 23.9
% 23.9 % Debt as % of gross real estate assets* 34.3 % 35.7 % Secured debt as %
of gross real estate assets* 0.4 % 0.4 % Unencumbered gross real estate assets
to unsecured debt* 268.0 % 267.0 % Fixed charge coverage ratio* 6.2x 6.4x Fixed
charge coverage ratio, excluding development gains* 5.8x 5.9x Debt/Adjusted
EBITDA* 4.5x 4.7x Debt/Adjusted EBITDA, excluding development gains* 4.9x 5.1x
Weighted average interest rate 3.3 % 3.3 % Weighted average remaining maturity
in years 7.6 7.9 Percentage of floating rate debt 5.1 % 4.3 % Credit Ratings at
September 30, 2026(D) Moody's A2 (Outlook Stable) Standard & Poor's A (Outlook
Stable) $168,545 $237,893 $237,893 Investment Capacity $3,168 AUM Strategic
Capital $104,787 Total Enterprise Value(A) $168,545 $168,545 $42,606 $125,939
Direct owned and other Market Equity Prologis Share of ventures $35,439
Investors' share of ventures $66,180 U.S.(B) 75.1% U.S. Dollar (B) 83.9% Outside
the U.S. 16.1% U.S. Dollar(B) Outside the U.S. 54.5% U.S. Dollar (B) 96.3%
Outside the U.S. 3.7% 45.5% Enterprise Value(A) Debt Market Equity Enterprise
Value(A) AUM by Ownership AUM by Geography * This is a non-GAAP financial
measure. Please see our Notes and Definitions for detailed calculation.
Enterprise value is calculated using Prologis’ stock price of $129.84 at
September 30, 2026. Mexico is included in the U.S. as it is U.S. dollar
functional. The detailed calculations are included in the Notes and Definitions
section and are not in accordance with the applicable Securities and Exchange
Commission (“SEC”) rules. A securities rating is not a recommendation to buy,
sell or hold securities and is subject to revision or withdrawal at any time by
the rating organization. Debt Europe 16.0% Asia 6.3% Other Americas 2.6%
$125,939 $42,606 $133,106

Debt Components – Consolidated Capitalization dollars in thousands Unsecured
Maturity Senior Notes Credit Facilities and Commercial Paper Term Loans and
Other Secured Mortgage Total Wtd. Avg. Interest Rate % Fixed 2026 $ 399,879 $
785,686 $ 3 $ 4,951 $ 1,190,519 1.9 % 34 % 2027 1,970,029 – 45,887 29,776
2,045,692 2.2 % 99 % 2028 2,571,753 – 139,793 16,458 2,728,004 3.3 % 96 % 2029
3,365,073 – 14,638 11,830 3,391,541 2.7 % 99 % 2030 3,031,771 – 31,848 5,659
3,069,278 2.7 % 99 % 2031 3,065,754 – 275,867 17,607 3,359,228 3.1 % 100 % 2032
2,704,811 – 764,346 18,715 3,487,872 2.3 % 92 % 2033 2,862,796 – 165,760 98,181
3,126,737 4.4 % 98 % 2034 3,625,451 – 389,178 – 4,014,629 3.8 % 97 % 2035
2,625,334 – – – 2,625,334 3.6 % 100 % 2036 934,080 – – 15,000 949,080 4.3 % 100
% Thereafter 7,362,577 – – – 7,362,577 3.6 % 100 % Subtotal $ 34,519,308 $
785,686 $ 1,827,320 $ 218,177 $ 37,350,491 3.2 % 96 % Unamortized net premiums
(discounts) (385,117) – – 5,770 (379,347) Unamortized finance costs (131,748) –
(6,101) (813) (138,662) Total consolidated debt, net of premiums (discounts) $
34,002,443 $ 785,686 $ 1,821,219 $ 223,134 $ 36,832,482 Weighted average
interest rate 3.3 % 2.6 % 2.1 % 4.1 % 3.2 % Weighted average remaining maturity
in years 8.2 0.0 5.8 5.9 7.9 Prologis consolidated debt by local currency
Liquidity Senior Notes Credit Facilities and Commercial Paper Term Loans and
Other Secured Mortgage Total Investment Hedges(A) Total % of Total Aggregate
lender commitments: Credit facilities $ 6,371,060 USD $ 16,498,458 $ – $ 6,525 $
169,105 $ 16,674,088 $ (686,315) $ 15,987,773 43 % Less: Credit facilities
borrowings outstanding – EUR 11,100,549 686,978 229,598 – 12,017,125 –
12,017,125 32 % Less: Commercial paper borrowings outstanding(B) 785,686 GBP
1,820,000 – – – 1,820,000 686,315 2,506,315 7 % Less: Outstanding letters of
credit 22,656 JPY 1,816,405 – 1,378,623 – 3,195,028 – 3,195,028 9 % Current
availability 5,562,718 CAD 2,345,027 98,708 – – 2,443,735 – 2,443,735 7 % Cash
and cash equivalents 2,273,497 Other 422,004 – 206,473 54,029 682,506 – 682,506
2 % Short-term investments(C) 1,000,000 Total Debt $ 34,002,443 $ 785,686 $
1,821,219 $ 223,134 $ 36,832,482 $ – $ 36,832,482 100 % Total liquidity $
8,836,215 We manage our exposure to changes in foreign currency exchange rates
using foreign currency forward contracts, including those that are accounted for
as net investment hedges, to economically reduce our exposure to fluctuations in
foreign currency rates. The effect is reflected in the table under Investment
Hedges. See page 30 for our market equity exposure by currency. We are required
to maintain available commitments under our credit facilities in an amount at
least equal to the commercial paper borrowings outstanding. These investments
have original maturities of four to six months and mature between December 2026
and February 2027.

Debt Components – Noncontrolling Interests and Unconsolidated Co-Investment
Ventures(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 % Fixed 2026 $ – $ 166 $ 166 3.8 % 100 % $ 20,271 $ 42,353 $
62,624 3.3 % 92 % 2027 – 829 829 3.9 % 100 % 183,088 33,072 216,160 3.0 % 98 %
2028 9,596 390 9,986 6.9 % 4 % 370,343 52,275 422,618 3.5 % 81 % 2029 2,236 410
2,646 6.4 % 15 % 929,593 – 929,593 4.0 % 51 % 2030 – 430 430 3.3 % 100 % 496,272
– 496,272 3.0 % 99 % 2031 – 1,861 1,861 3.3 % 100 % 741,368 12,777 754,145 3.6 %
75 % 2032 – 473 473 3.3 % 100 % 476,337 28,424 504,761 2.6 % 94 % 2033 – 12,300
12,300 4.1 % 100 % 483,273 70,891 554,164 3.4 % 100 % 2034 – – – – – 414,852
15,493 430,345 4.5 % 100 % 2035 – – – – – 617,632 – 617,632 4.9 % 100 % 2036 –
1,500 1,500 5.6 % 100 % 379,701 – 379,701 4.6 % 100 % Thereafter – – – – –
469,345 – 469,345 4.5 % 100 % Subtotal $ 11,832 $ 18,359 $ 30,191 5.2 % 61 % $
5,582,075 $ 255,285 $ 5,837,360 3.8 % 87 % Unamortized net premiums (discounts)
– 984 984 (13,155) 77 (13,078) Unamortized finance costs – (86) (86) (18,791)
(1,304) (20,095) Noncontrolling interests and Prologis Share of unconsolidated
debt, net of unamortized premiums (discounts) and finance costs $ 11,832 $
19,257 $ 31,089 $ 5,550,129 $ 254,058 $ 5,804,187 Weighted average interest rate
7.0 % 4.0 % 5.2 % 3.8 % 3.9 % 3.8 % Weighted average remaining maturity in years
1.8 6.6 4.7 5.8 3.8 5.7 Noncontrolling interests share of consolidated debt by
local currency Prologis Share of unconsolidated debt by local currency Unsecured
Secured Total % of Total Unsecured Secured Total Investment Hedges(C) Total % of
Total USD $ – $ 19,257 $ 19,257 62 % $ 3,408,527 $ 21,133 $ 3,429,660 $ – $
3,429,660 58 % EUR – – – – 1,574,330 48,565 1,622,895 (536,713) 1,086,182 19 %
GBP – – – – 194,314 57,143 251,457 437,885 689,342 12 % JPY – – – – 351,687
84,735 436,422 – 436,422 8 % CAD – – – – – – – – – – Other 11,832 – 11,832 38 %
21,271 42,482 63,753 98,828 162,581 3 % Total debt $ 11,832 $ 19,257 $ 31,089
100 % $ 5,550,129 $ 254,058 $ 5,804,187 $ – $ 5,804,187 100 % Refer to the Non-
GAAP Pro-Rata Financial Information section in Notes and Definitions for further
explanation on how these amounts are calculated. The maturity of certain
unsecured debt (Prologis Share $843 million) is reflected at the extended
maturity dates as the extension is at the venture’s option. We manage our
exposure to changes in foreign currency exchange rates using foreign currency
forward contracts, including those that are accounted for as net investment
hedges, to economically reduce our exposure to fluctuations in foreign currency
rates. The effect is reflected in the table under Investment Hedges. See also
page 30 for our market equity exposure by currency.

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.
590,792 $ 75,040,135 $ 127 $ 1,380,389 $ 1,380,389 $ 5,521,556 95.9 % Other
Americas 17,834 1,873,293 105 42,052 42,052 168,208 93.0 % Europe 7,268
1,038,022 143 10,748 10,748 42,992 83.7 % Asia 29,160 1,229,150 42 16,714 16,714
66,856 90.5 % NOI adjustments for mid-quarter acquisitions/development
completions 3,512 14,048 Total consolidated operating portfolio 645,054
79,180,600 123 1,449,903 1,453,415 5,813,660 95.4 % Unconsolidated U.S. 46,979
5,574,467 119 110,422 110,422 441,688 95.0 % Other Americas 26,486 2,086,025 79
46,456 46,456 185,824 96.5 % Europe 81,063 10,115,546 125 150,917 150,917
603,668 95.9 % Asia 12,130 1,428,284 118 16,943 16,943 67,772 95.0 % Net
Property Management Income 10,002 43,565 NOI adjustments for mid-quarter
acquisitions/development completions 918 3,672 Total unconsolidated operating
portfolio 166,658 19,204,322 115 324,738 335,658 1,346,189 95.7 % Total
Operating Portfolio 811,712 $ 98,384,922 $ 121 $ 1,774,641 $ 1,789,073 $
7,159,849 95.5 % Development Portfolio Square Feet Investment Balance TEI TEI
per Sq Ft Annualized Estimated NOI Percent Leased Consolidated Pre-stabilized
developments U.S. 1,935 $ 459,467 $ 537,499 $ 278 $ 36,790 25.9 % Other Americas
– 49,780 52,345 – 2,593 100.0 % Europe 615 246,274 316,608 515 15,894 55.1 %
Asia 672 98,508 105,902 158 6,029 73.7 % Properties under development U.S.(A)
9,815 2,061,166 3,794,915 387 298,170 Other Americas 2,309 110,879 246,906 107
22,265 Europe 3,309 172,943 540,299 163 30,693 Asia 5,171 206,736 580,469 112
30,235 Total consolidated development portfolio 23,826 3,405,753 6,174,943 259
442,669 Unconsolidated U.S. 2,938 305,016 457,440 156 30,264 Other Americas 453
17,812 39,532 87 2,973 Europe 643 49,451 97,148 151 5,173 Asia – – – – – Total
unconsolidated development portfolio 4,034 372,279 594,120 147 38,410 Total
Development Portfolio 27,860 $ 3,778,032 $ 6,769,063 $ 243 $ 481,079 Prologis
Share of est. value creation (see Capital Deployment - Development Portfolio)
1,413,651 Total Development Portfolio, including est. value creation $ 5,191,683
in thousands, except for percentages and per square foot amounts * This is a
non-GAAP financial measure. Please see our Notes and Definitions for detailed
calculation. Amounts include a development recorded as a note receivable that is
included in other real estate investments.

Components – Continued Net Asset Value in thousands Balance Sheet and Other
Items Other assets Cash and cash equivalents $ 2,273,497 Restricted cash 64,404
Short-term investments 1,000,000 Accounts receivable, prepaid assets and other
tangible assets 1,771,577 Gross book value of other real estate investments and
assets held for sale 7,301,764 Value added operating properties 427,787 Prologis
receivable from unconsolidated co-investment ventures 444,093 Investments in and
advances to other unconsolidated joint ventures 789,449 Total other assets $
14,072,571 Other liabilities Accounts payable and other current liabilities $
2,799,090 Deferred income taxes 215,482 Value added tax and other tax
liabilities 38,218 Tenant security deposits 460,982 Other liabilities 836,449
Total other liabilities $ 4,350,221 Noncontrolling Interests and Unconsolidated
Co-Investment Ventures Less: noncontrolling interests share of net tangible
other liabilities (assets) $ (134,007) Prologis Share of unconsolidated net
tangible other assets (liabilities) 335,940 Less: noncontrolling interests share
of value added operating properties (4,252) Prologis Share of unconsolidated
value added operating properties 111,130 Land Current book value of land
4,794,539 Less: noncontrolling interests share of the current book value of land
(17,538) Prologis Share of book value of land in unconsolidated co-investment
ventures 124,273 Debt (at par) and Preferred Stock Consolidated debt $
37,350,491 Noncontrolling interests share of consolidated debt (30,191) Prologis
Share of unconsolidated co-investment ventures' debt 5,837,360 Preferred stock
63,948 Common Stock and Limited Partnership Units Outstanding shares of common
stock and limited partnership units 969,464 Strategic Capital / Development
Management Strategic Capital Third-party share of asset management fees from
consolidated and unconsolidated co-investment and other ventures (current
quarter/annualized) $ 95,276 $ 381,104 Third-party share of transactional fees
from consolidated and unconsolidated co-investment and other ventures (current
quarter/trailing twelve months) 16,350 47,782 Strategic capital expenses for
asset management and transactional fees (current quarter/trailing twelve months)
(40,413) (156,489) Fee Related Earnings $ 71,213 $ 272,397 Net Promote Income
(Expense) (current quarter/trailing twelve months)(A) $ (10,158) $ (8,672) Net
Promote Income (Expense) (five-year average) $ 190,198 Development management
revenue (current quarter/trailing twelve months) $ 17,923 $ 43,413 Net Promote
Income (Expense) is negative for the trailing twelve months due to expense
primarily from amortization of stock compensation issued to employees related to
promote income recognized in prior periods.

Notes and Definitions Prologis Park Eemhaven, Eemhaven, the Netherlands

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 Adjusted
EBITDA attributable to common stockholders/unitholders (“Adjusted EBITDA”), a
non-GAAP financial measure, as a measure of our operating performance. The most
directly comparable GAAP measure is net earnings. We believe Adjusted EBITDA
provides relevant and useful information by offering insight into our operating
performance before the effects of financing decisions, income taxes, and certain
non-cash or non-recurring charges. We calculate Adjusted EBITDA by beginning
with consolidated net earnings attributable to common stockholders and removing
the effect of: gains or losses from the disposition of investments in real
estate (excluding development properties and land); depreciation and
amortization expense; impairment charges; interest charges; current and deferred
income taxes; preferred stock dividends; unrealized gains or losses on foreign
currency and derivatives; stock compensation amortization expense; gains from
the revaluation of equity investments upon acquisition of a controlling
interest; gains or losses on early extinguishment of debt and derivative
contracts (including cash charges); and third-party costs associated with the
successful formation of new ventures. We also include an adjustment to reflect a
full period of NOI on the operating properties we acquire or stabilize during
the quarter and to remove NOI on properties we dispose of during the quarter,
assuming all transactions occurred at the beginning of the quarter. For
properties we contribute, we make an adjustment to reflect NOI at the new
ownership percentage for the full quarter. We calculate Adjusted EBITDA based on
our proportionate ownership share of both our unconsolidated entities and
consolidated ventures. We reflect our share of Adjusted EBITDA measures for
unconsolidated entities by applying our average ownership percentage for the
period to the applicable adjusting items on an entity-by-entity basis. We
reflect our share for consolidated ventures in which we do not own 100% of the
equity by removing the noncontrolling interests share of the applicable
adjustments based on our average ownership percentage for the applicable
periods. While we believe Adjusted EBITDA is an important supplemental measure,
it should not be used alone as it excludes significant components of net
earnings computed under GAAP and is therefore limited as an analytical tool. We
do not use Adjusted EBITDA as an alternative measure to net earnings computed
under GAAP or as an alternative to cash from operating activities computed under
GAAP or as an indicator of our ability to fund our cash needs. Our computation
of Adjusted EBITDA may not be comparable to EBITDA reported by other companies
in both the real estate industry and other industries. We compensate for the
limitations of Adjusted EBITDA by providing investors with financial statements
prepared according to GAAP, along with this detailed discussion of Adjusted
EBITDA and a reconciliation to Adjusted EBITDA from consolidated net earnings
attributable to common stockholders. Notes and Definitions Rental revenues $
2,205,269 Rental expenses (511,715) NOI 1,693,554 Net termination fees and
adjustments (a) (5,684) Less: actual NOI for Development Portfolio and other
real estate investments and other (88,132) Less: Net Property Management Income
(48,796) Less: properties contributed or sold (b) (1,550) Less: noncontrolling
interests share of NOI less termination fees and adjustments (87,393) Prologis
Share of adjusted NOI for consolidated Operating Portfolio at September 30, 2026
$ 1,461,999 Straight-line rents (c) (89,477) Free rent (c) 94,545 Amortization
of lease intangibles (c) (66,540) Net Property Management Income 48,796 Effect
of foreign currency exchange (d) (1,119) Less: noncontrolling interests 1,699
Third Quarter Adjusted Cash NOI (Actual) $ 1,449,903 Please refer to our annual
and quarterly financial statements filed with the Securities and Exchange
Commission (“SEC”) on Forms 10-K and 10-Q and other public reports for further
information about us and our business. Certain amounts from previous periods
presented in the Supplemental Information have been reclassified to conform to
the current presentation. Certain statements in this document are forward-
looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Please refer to our “Forward-Looking Statements” and “Risk
Factors” disclosure in our public filings for more information. Acquisition
Price, as presented for building acquisitions, represents economic cost. This
amount includes the building purchase price plus 1) transaction closing costs,
2) due diligence costs, 3) immediate capital expenditures (including two years
of property improvements and all leasing commissions and tenant improvements
required to stabilize the property), and 4) the effects of marking assumed debt
to market. Adjusted Cash NOI (Actual) is a non-Generally Accepted Accounting
Principles ("GAAP") financial measure and a component of Net Asset Value
("NAV"). It is used to assess the operating performance of our properties and
enables both management and investors to estimate the fair value of our
Operating Portfolio. A reconciliation of rental revenues and rental expenses
reported in our Consolidated Statement of Income to Adjusted Cash NOI (Actual)
for the most recent quarter ended for the consolidated Operating Portfolio is as
follows (in thousands): Net termination fees generally represent the gross fee
negotiated at the time a customer is allowed to terminate its lease agreement.
The termination fee is offset by that customer's rent leveling asset or
liability and fair value lease asset or liability write off, if any, that has
been previously recognized. Removing the net termination fees from rental income
allows for the calculation of Adjusted Cash NOI (Actual) to include only rental
income that is indicative of the property's recurring operating performance.
Actual NOI for properties that were contributed or sold during the three-month
period is removed. Straight-line rents, free rent and amortization of lease
intangibles (above and below market leases) are removed from the rental income
of our Operating Portfolio to allow for the calculation of a cash yield. Actual
NOI and related adjustments are calculated in local currency and translated at
the period-end rate to allow for consistency with other assets and liabilities
as of the reporting date.

Notes and Definitions (continued) Calculation of Per Share Amounts Three Months
Ended Nine Months Ended Sep. 30, Sep. 30, in thousands, except per share amounts
2026 2025 2026 2025 Net earnings Net earnings attributable to common
stockholders $ 815,734 $ 762,897 $ 2,857,054 $ 1,924,122 Noncontrolling interest
attributable to exchangeable limited partnership units 16,781 18,781 62,639
47,592 Adjusted net earnings attributable to common stockholders - Diluted $
832,515 $ 781,678 $ 2,919,693 $ 1,971,714 Weighted average common shares
outstanding - Basic 944,132 928,851 936,252 928,186 Incremental weighted average
effect on exchange of limited partnership units 19,778 22,809 20,629 22,958
Incremental weighted average effect of equity awards 4,601 4,943 4,469 4,680
Weighted average common shares outstanding - Diluted 968,511 956,603 961,350
955,824 Net earnings per share - Basic $ 0.86 $ 0.82 $ 3.05 $ 2.07 Net earnings
per share - Diluted $ 0.86 $ 0.82 $ 3.04 $ 2.06 Three Months Ended Nine Months
Ended Sep. 30, Sep. 30, in thousands, except per share amounts 2026 2025 2026
2025 Core FFO Core FFO attributable to common stockholders/ unitholders $
1,544,573 $ 1,425,630 $ 4,544,193 $ 4,177,643 Noncontrolling interest
attributable to exchangeable limited partnership units 261 273 714 825 Core FFO
attributable to common stockholders/ unitholders - Diluted $ 1,544,834 $
1,425,903 $ 4,544,907 $ 4,178,468 Less: Net Promote Income (Expense) (10,158)
(12,268) 3,689 (36,598) Core FFO attributable to common stockholders/
unitholders, excluding Net Promote Income (Expense) - Diluted $ 1,554,992 $
1,438,171 $ 4,541,218 $ 4,215,066 Weighted average common shares outstanding -
Basic 944,132 928,851 936,252 928,186 Incremental weighted average effect on
exchange of limited partnership units 19,778 22,909 20,629 23,223 Incremental
weighted average effect of equity awards 4,601 4,943 4,469 4,680 Weighted
average common shares outstanding - Diluted 968,511 956,703 961,350 956,089 Core
FFO per share - Diluted $ 1.60 $ 1.49 $ 4.73 $ 4.37 Core FFO per share,
excluding Net Promote Income (Expense) - Diluted $ 1.61 $ 1.50 $ 4.72 $ 4.41
Covered Land Plays are income generating assets acquired with the intention to
redevelop for higher and better use as industrial properties. These assets may
be included in our Operating Portfolio, Value-Added Properties or other real
estate investments. Annualized Estimated NOI for the properties in our
Development Portfolio is based on current TEI multiplied by the Estimated
Weighted Average Stabilized Yield. Assets Under Management (“AUM”) represents
the estimated fair value of the assets we own or manage through both our
consolidated entities and unconsolidated co-investment ventures. We calculate
AUM by adding Investment Capacity and the third-party investors’ share of the
estimated fair value of the assets in the co-investment ventures to Enterprise
Value. Third-Party AUM represents the third-party investors' share of the
estimated fair value of the assets in the co-investment ventures plus the
Investment Capacity from the third-party investors. Business Line Reporting is a
non-GAAP financial measure. Core FFO and development gains are generated by our
three lines of business: (i) real estate operations; (ii) strategic capital; and
(iii) development. The real estate operations line of business represents total
Prologis Core FFO, less the amount allocated to the strategic capital line of
business. The amount of Core FFO allocated to the strategic capital line of
business represents the third-party share of asset management fees and
transactional fees that we earn from our consolidated and unconsolidated co-
investment ventures less costs directly associated with our strategic capital
group and Net Promote Income (Expense). Realized development gains include our
share of gains on dispositions of development properties and land, net of taxes.
To calculate the per share amount, the amount generated by each line of business
is divided by the weighted average diluted common shares outstanding used in our
Core FFO per share calculation. Management believes evaluating our results by
line of business is a useful supplemental measure of our operating performance
because it helps the investing public compare the operating performance of
Prologis' respective businesses to other companies' comparable businesses.
Prologis' computation of FFO by line of business may not be comparable to that
reported by other real estate companies as they may use different methodologies
in computing such measures. Debt Metrics. We evaluate the following debt metrics
to monitor the strength and flexibility of our capital structure and evaluate
the performance of our management. Investors can utilize these metrics to make a
determination about our ability to service or refinance our debt. See below for
the calculations. Indenture Global Line Covenant Actual Covenant Actual Leverage
ratio <60% 31.5 % <60% 22.5 % Fixed charge coverage ratio >1.5x 7.4x >1.5x 8.5x
Secured debt leverage ratio <40% 0.2 % <40% 0.1 % Unencumbered asset to
unsecured debt ratio >150% 286.2 % N/A N/A Unencumbered debt service coverage
ratio N/A N/A >150% 775.6 % Debt Covenants are calculated in accordance with the
respective debt agreements and may be different than other covenants or metrics
presented. They are not calculated in accordance with the applicable SEC rules.
Please refer to the respective agreements for full financial covenant
descriptions. Debt covenants as of the period end were as follows:

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 twelve months was $666.8 million and $593.3 million
for the current quarter and the previous quarter, respectively. Development
Portfolio includes industrial and non-industrial properties, data centers, yards
and parking lots that are under development and properties that are developed
but have not met Stabilization. At September 30, 2026, total TEI for yards,
parking lots, data centers and non-industrial assets was $2.9 billion on an
Owned and Managed basis and $2.8 billion on a Prologis Share basis. We do not
disclose square footage for yards and parking lots. Enterprise Value equals our
Market Equity plus our share of total debt. Estimated Build Out (TEI and Sq Ft)
represents the estimated TEI and finished square feet available for lease upon
completion of an industrial building on existing parcels of land. Estimated
Value Creation represents the value that we expect to create through our
development and leasing activities. We calculate Estimated Value Creation by
estimating the Stabilized NOI that the property will generate and applying a
stabilized capitalization rate applicable to that property. Estimated Value
Creation is calculated as the amount by which the value exceeds our TEI,
including closing costs and taxes, if any, and does not include any fees or
promotes we may earn. Three Months Ended Sep. 30, Jun. 30, dollars in thousands
2026 2026 Debt as a % of gross real estate assets: Consolidated debt $
36,832,482 $ 36,442,085 Unamortized deferred financing costs and discount, net
518,009 533,758 Consolidated debt (at par) 37,350,491 36,975,843 Noncontrolling
interests share of consolidated debt (at par) (30,191) (27,434) Prologis Share
of unconsolidated debt (at par) 5,837,360 5,540,933 Total Prologis Share of debt
(at par) 43,157,660 42,489,342 Prologis Share of outstanding foreign currency
derivatives (1,207) (2,303) Consolidated cash and cash equivalents (2,273,497)
(1,765,043) Noncontrolling interests share of consolidated cash and cash
equivalents 44,802 23,735 Prologis Share of unconsolidated cash and cash
equivalents (309,835) (302,739) Short-term investments (1,000,000) – Total
Prologis Share of debt, net of adjustments 39,617,923 40,442,992 Consolidated
gross investments in real estate 98,759,850 97,013,785 Assets held for sale or
contribution 545,788 498,975 Acquired intangible liabilities, net of assets
(788,570) (805,691) Consolidated gross real estate assets 98,517,068 96,707,069
Noncontrolling interests share of consolidated gross real estate assets
(4,216,422) (4,181,455) Prologis Share of unconsolidated gross real estate
assets 21,294,858 20,906,392 Total Prologis Share of gross real estate assets
115,595,504 113,432,006 Debt as a % of gross real estate assets 34.3 % 35.7 %
Debt as a % of gross Market Capitalization: Total Prologis Share of debt, net of
adjustments $ 39,617,923 $ 40,442,992 Total outstanding common stock and limited
partnership units 969,464 951,950 Share price at quarter end $ 129.84 $ 135.47
Total equity capitalization 125,875,206 128,960,667 Total Prologis Share of
debt, net of adjustments 39,617,923 40,442,992 Gross Market Capitalization
165,493,129 169,403,659 Debt as a % of gross Market Capitalization 23.9 % 23.9 %
Secured debt as a % of gross real estate assets: Consolidated secured debt (at
par) 218,177 222,490 Noncontrolling interests share of consolidated secured debt
(at par) (18,359) (18,563) Prologis Share of unconsolidated secured debt (at
par) 255,285 206,816 Total Prologis Share of secured debt (at par) $ 455,103 $
410,743 Total Prologis Share of gross real estate assets 115,595,504 113,432,006
Secured debt as a % of gross real estate assets 0.4 % 0.4 % Unencumbered gross
real estate assets to unsecured debt: Consolidated unencumbered gross real
estate assets 97,811,732 95,972,736 Noncontrolling interests share of
consolidated unencumbered gross real estate assets (4,153,989) (4,119,055)
Prologis Share of unconsolidated unencumbered gross real estate assets
20,793,023 20,516,647 Total Prologis Share of unencumbered gross real estate
assets 114,450,766 112,370,328 Consolidated unsecured debt (at par) 37,132,314
36,753,353 Noncontrolling interests share of consolidated unsecured debt (at
par) (11,832) (8,871) Prologis Share of unconsolidated unsecured debt (at par)
5,582,075 5,334,117 Total Prologis Share of unsecured debt (at par) 42,702,557
42,078,599 Unencumbered gross real estate assets to unsecured debt 268.0 % 267.0
% Three Months Ended Sep. 30, Jun. 30, dollars in thousands 2026 2026 Fixed
Charge Coverage Ratio: Adjusted EBITDA (a) $ 2,080,543 $ 2,142,622 Adjusted
EBITDA-annualized including trailing twelve months of development gains and
other and excluding Net Promote Income (Expense) (b) $ 8,721,387 $ 8,601,858 Net
Promote Income (Expense) for the trailing twelve months (8,672) (10,783)
Adjusted EBITDA-annualized $ 8,712,715 $ 8,591,075 Annualized NOI adjustment for
real estate transactions 6,960 (19,704) Adjusted EBITDA, including NOI from real
estate transactions, annualized $ 8,719,675 $ 8,571,371 Interest expense $
286,955 $ 276,311 Amortization and write-off of deferred loan costs (7,844)
(7,817) Amortization of debt discount, net (13,534) (13,410) Capitalized
interest 29,252 29,270 Preferred stock dividends 1,369 1,347 Noncontrolling
interests share of consolidated fixed charges (417) (207) Prologis Share of
unconsolidated fixed charges 54,184 51,708 Total Prologis Share of fixed charges
$ 349,965 $ 337,202 Total Prologis Share of fixed charges, annualized $
1,399,860 $ 1,348,808 Fixed charge coverage ratio 6.2x 6.4x Debt to Adjusted
EBITDA: Total Prologis Share of debt, net of adjustments $ 39,617,923 $
40,442,992 Adjusted EBITDA-annualized $ 8,712,715 $ 8,591,075 Debt to Adjusted
EBITDA ratio 4.5x 4.7x

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
calculated on the properties in the Development Portfolio as Stabilized NOI
divided by TEI. The yields on a Prologis Share basis were as follows: Pre-
Stabilized Developments 2026 Expected Completion 2027 and Thereafter Expected
Completion Total Development Portfolio U.S. 6.8 % 6.3 % 7.9 % 7.6 % Other
Americas 5.0 % 8.9 % 8.8 % 8.2 % Europe 5.0 % 5.5 % 5.9 % 5.4 % Asia 5.7 % 6.2 %
4.9 % 5.3 % Total 6.1 % 6.2 % 7.5 % 7.1 % Fee Related Earnings ("FRE") is a non-
GAAP financial measure and component of NAV. It is used to assess the
performance of our strategic capital business and enables management and
investors to estimate the corresponding fair value. FRE is calculated as the
third-party share of asset management fees and transactional fees from our
consolidated and unconsolidated co-investment ventures and other ventures, net
of direct and allocated related expenses. As non-GAAP financial measures, FRE
has certain limitations as an analytical tool and may vary among real estate and
asset management companies. As a result, we provide a reconciliation of
Strategic Capital Revenues (from our Consolidated Financial Statements prepared
in accordance with U.S. GAAP) to our FRE measure, as follows: Three Months Ended
Nine Months Ended in thousands Sep. 30, 2026 Strategic capital revenues $
164,326 $ 566,757 Less: Strategic capital revenue from property management fees
(40,142) (122,236) Less: Prologis Share of asset management fees and
transactional fees from unconsolidated entities (27,372) (78,459) Add: Third-
party share of asset management fees and transactional fees from consolidated
ventures 12,558 36,329 Effect of foreign currency exchange 2,943 4,221 Third-
party share of fee related and promote revenue $ 112,313 $ 406,612 Less: Promote
revenue (687) (83,990) Fee related revenue $ 111,626 $ 322,622 Less: Strategic
capital expenses for asset management fees and transactional fees (40,413) Fee
Related Earnings $ 71,213 Fee Related Earnings Annualized utilizes the
components of the current quarter FRE to calculate an estimated annual FRE
amount. FRE annualized is calculated as the current quarter third-party share of
asset management fees from consolidated and unconsolidated co-investment
ventures multiplied by four plus the third-party share of transactional fees
from consolidated and unconsolidated co-investment ventures for the trailing
twelve months. This total is reduced by trailing twelve months of strategic
capital expenses for asset management and transactional fees. FFO, as modified
by Prologis attributable to common stockholders/unitholders ("FFO, as modified
by Prologis"); Core FFO attributable to common stockholders/unitholders ("Core
FFO"); AFFO attributable to common stockholders/unitholders ("AFFO");
(collectively referred to as "FFO"). FFO is a non-GAAP financial measure that is
commonly used in the real estate industry, with net earnings as the most
directly comparable GAAP measure. The National Association of Real Estate
Investment Trusts ("NAREIT") defines FFO as earnings computed under GAAP to
exclude depreciation and gains and losses from sales net of any related tax,
along with impairment charges, of previously depreciated properties. We exclude
the gains on revaluation of equity investments upon acquisition of a controlling
interest and the gain recognized from a partial sale of our investment, as these
are similar to gains from the sales of previously depreciated properties. This
measure excludes similar adjustments from our unconsolidated entities and the
third parties' share of our consolidated ventures. Our FFO Measures Our FFO
measures begin with NARElT’s definition, with certain adjustments to calculate
FFO, as modified by Prologis, and Core FFO, both as defined below, to reflect
our business and execution of our management strategy. While these adjustments
are subject to significant fluctuations from period to period, with both
positive and negative short-term impacts, the removal of the effects of these
items enhances our understanding of the core operating performance of our
properties over the long term. We use FFO, as modified by Prologis, so that
management, analysts and investors are able to evaluate our performance against
other REITs that do not have similar operations or operations in jurisdictions
outside the U.S. We use both Core FFO and AFFO to (i) assess our operating
performance as compared to other real estate companies; (ii) evaluate our
performance and the performance of our properties in comparison with expected
results and results of previous periods; (iii) evaluate the performance of our
management; (iv) budget and forecast future results to assist in the allocation
of resources; (v) provide guidance to the financial markets to understand our
expected operating performance; and (vi) evaluate how a specific potential
investment will impact our future results. We calculate our FFO measures based
on our proportionate ownership share of both our unconsolidated entities and
consolidated ventures. We reflect our share of our FFO measures for
unconsolidated entities by applying our average ownership percentage for the
period to the applicable adjustments on an entity-by-entity basis. We reflect
our share for consolidated ventures in which we do not own 100% of the equity by
removing the noncontrolling interests share of the applicable adjustments based
on our average ownership percentage for the applicable periods. FFO, as modified
by Prologis To arrive at FFO, as modified by Prologis, we adjust the NAREIT
defined FFO measure to exclude: deferred income tax benefits and deferred income
tax expenses recognized by our subsidiaries; current income tax expense related
to acquired tax liabilities that were recorded as deferred tax liabilities in an
acquisition, to the extent the expense is offset with a deferred income tax
benefit in earnings that is excluded from our defined FFO measure; and foreign
currency exchange gains and losses resulting from (a) debt transactions between
us and our foreign entities; (b) third-party debt that is used to hedge our
investment in foreign entities; (c) derivative financial instruments related to
any such debt transactions; and (d) mark-to-market adjustments associated with
derivative and other financial instruments.

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 sale of
investments in real estate; impairment charges recognized related to our
investments in real estate generally as a result of our change in intent to
contribute or sell these properties; gains or losses from the early
extinguishment of debt and redemption and repurchase of preferred stock; and
third-party costs associated with the successful formation of new ventures. AFFO
To arrive at AFFO, we adjust Core FFO to include realized gains from the
disposition of land and development properties, net of current tax expense,
turnover costs and property improvements and exclude the following items that we
recognize directly in Core FFO: straight-line rents; amortization of above- and
below-market lease intangibles; amortization of management contracts;
amortization of debt premiums and discounts and financing costs, net of amounts
capitalized; and stock compensation amortization expense. Limitations on the use
of our FFO measures While we believe our modified FFO measures are important
supplemental measures, neither NAREIT’s measures or our measures of FFO should
be used alone because they exclude significant components of net earnings
computed under GAAP and are, therefore, limited as an analytical tool. Some of
these limitations arise from excluding income tax expense that may be payable or
depreciation and amortization expenses that reflect costs necessary to maintain
operating performance. In addition, our FFO measure does not reflect changes in
asset values resulting from fluctuations in market conditions or foreign
currency exchange rates nor costs or benefits from settlement of deferred income
taxes or the extinguishment of debt. We do not use NAREIT’s measures or our
measures of FFO as alternatives to net earnings computed under GAAP or as
alternatives to cash from operating activities computed under GAAP or as
indicators of our ability to fund our cash needs. We compensate for the
limitations by using our FFO measures only in conjunction with net earnings
computed under GAAP when making our decisions. This information should be read
with our complete Consolidated Financial Statements prepared under GAAP. To
assist investors in compensating for these limitations, we reconcile our
modified FFO measures from consolidated net earnings attributable to common
stockholders. General and Administrative Expenses ("G&A"). Our property
management personnel perform the property-level management of the properties in
our Owned and Managed portfolio, which includes properties we consolidate and
those we manage that are owned by the unconsolidated co-investment ventures. We
allocate the costs of our property management function to the properties we
consolidate (included in Rental Expenses) and the properties owned by the
unconsolidated co-investment ventures (included in Strategic Capital Expenses)
by using the square feet owned by the respective portfolios. Strategic Capital
Expenses also include the direct expenses associated with the asset management
of the unconsolidated co-investment ventures provided by our employees who are
assigned to our strategic capital segment as well as promote expenses. We do not
allocate indirect costs to Strategic Capital Expenses. Three Months Ended Nine
Months Ended Sep. 30, Sep. 30, in thousands 2026 2025 2026 2025 Building and
land development activities $ 30,523 $ 29,002 $ 80,096 $ 84,787 Operating
building improvements and other 10,638 15,115 49,813 43,609 Total capitalized
G&A $ 41,161 $ 44,117 $ 129,909 $ 128,396 G&A as a Percent of Gross Book
Value/Assets Under Management (dollars in thousands) Adjusted G&A (trailing
twelve months): Net G&A $ 520,993 Add: strategic capital expenses (excluding
promote expense) 279,051 Less: strategic capital property management expenses
(109,916) Adjusted G&A (trailing twelve months): $ 690,128 Gross book value at
period end (a): Operating properties $ 146,791,557 Development portfolio - TEI
7,883,986 Land portfolio 5,070,946 Other real estate investments and assets held
for sale 9,820,133 Total gross book value at period end (a) $ 169,566,622 G&A as
% of gross book value at period end (a) 0.41 % Total value of Assets Under
Management (a) $ 237,892,666 G&A as % of Assets Under Management 0.29 % (a) On
an Owned and Managed basis. Guidance. The following is a reconciliation of our
annual guided Net Earnings per share to our guided Core FFO per share: Low High
Net earnings attributable to common stockholders (a) $ 4.05 $ 4.15 Our share of:
Depreciation and amortization 3.28 3.32 Net gains on real estate transactions,
net of taxes (1.12) (1.22) Unrealized foreign currency losses (gains), losses
(gains) on early extinguishment of debt and other, net 0.04 0.04 Core FFO
attributable to common stockholders/unitholders $ 6.25 $ 6.29 Less: Net Promote
Income (Expense) – – Core FFO attributable to common stockholders/unitholders,
excluding Net Promote Income (Expense) $ 6.25 $ 6.29 Earnings guidance includes
potential future gains recognized from real estate transactions, but excludes
future foreign currency or derivative gains or losses as these items are
difficult to predict. IBI Activity Index is a seasonally adjusted diffusion
index based on a monthly survey of business activity from a geographically
diverse group of respondents across the U.S. Readings greater than 50 reflect
growth in activity. These are proprietary metrics for the U.S. Prologis
portfolio. 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:

Notes and Definitions (continued) Income Taxes. Three Months Ended Nine Months
Ended Sep. 30, Sep. 30, in thousands 2026 2025 2026 2025 Current income tax
expense $ 51,751 $ 57,090 $ 179,317 $ 119,639 Current income tax expense
(benefit) on dispositions 7,413 2,757 16,947 4,632 Total current income tax
expense (benefit) 59,164 59,847 196,264 124,271 Deferred income tax expense
(benefit) 38,795 (5,312) 57,839 (2,948) Total income tax expense (benefit) $
97,959 $ 54,535 $ 254,103 $ 121,323 Three Months Ended Nine Months Ended Sep.
30, Sep. 30, in thousands 2026 2025 2026 2025 Gross interest expense $ 294,829 $
262,282 $ 845,875 $ 752,770 Amortization of debt discounts, net 13,534 14,234
40,104 42,061 Amortization of finance costs 7,844 7,459 23,133 22,389 Interest
expense before capitalization 316,207 283,975 909,112 817,220 Capitalized
amounts (29,252) (25,701) (91,560) (75,329) Interest Expense $ 286,955 $ 258,274
$ 817,552 $ 741,891 Interest Expense. 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
acquisitions. Amounts derived in a currency other than the U.S. dollar have been
translated using the average exchange rate from the previous twelve months. The
per square foot number is calculated by dividing the Net Effective Rent by the
occupied square feet of the lease. Net Operating Income ("NOI") is a non-GAAP
financial measure used to evaluate our operating performance and represents
rental revenue less rental expenses. For our consolidated properties, it is
calculated directly from our Consolidated Financial Statements as Rental Revenue
less Rental Expenses. Net Promote Income (Expense) is promote revenue earned
from third-party investors during the period, net of related cash and stock
compensation expenses, and taxes and foreign currency derivative gains and
losses, if applicable. Net Property Management Income represents property
management fees less the costs of providing property management services. Non-
GAAP Pro-Rata Financial Information. This information includes non-GAAP
financial measures. The Prologis Share of unconsolidated co-investment ventures
are derived on an entity-by-entity basis by applying our ownership percentage to
each line item in the GAAP financial statements of these ventures to calculate
our share of that line item. For purposes of balance sheet data, we use our
ownership percentage at the end of the period and for operating information we
use our average ownership percentage during the period consistent with how we
calculate our share of net earnings (loss) during the period for our
consolidated financial statements. We use a similar calculation to derive the
noncontrolling interests share of each line item in our consolidated financial
statements. We believe this form of presentation offers insights into the
financial performance and condition of our company as a whole, given the
significance of our co-investment ventures that are accounted for either under
the equity method or consolidated with the third parties' share included in
noncontrolling interests, although the presentation of such information may not
accurately depict the legal and economic implications of holding a
noncontrolling interest in the co-investment venture. Other companies may
calculate their proportionate interest differently than we do, limiting the
usefulness as a comparative measure. We do not control the unconsolidated co-
investment ventures for purposes of GAAP and the presentation of the assets and
liabilities and revenues and expenses do not represent a legal claim to such
items. The operating agreements of the unconsolidated co-investment ventures
generally provide that investors, including Prologis, may receive cash
distributions (1) to the extent there is available cash from operations, (2)
upon a capital event, such as a refinancing or sale, or (3) upon liquidation of
the venture. The amount of cash each investor receives is based upon specific
provisions of each operating agreement and varies depending on factors including
the amount of capital contributed by each investor and whether any contributions
are entitled to priority distributions. Upon liquidation of the co-investment
venture and after all liabilities, priority distributions and initial equity
contributions have been repaid, the investors generally would be entitled to any
residual cash remaining based on their respective legal ownership percentages.
Because of these limitations, the Non-GAAP Pro-Rata Financial Information should
not be considered in isolation or as a substitute for our consolidated financial
statements as reported under GAAP. Investment Capacity is our estimate of the
gross real estate that could be acquired by our co-investment ventures through
the use of existing equity commitments from us and third-party investors, less
any unpaid redemption requests, assuming a midpoint of the target leverage range
of the ventures. Lease Negotiation Gestation is the measurement of the number of
days between the first proposal exchange with the prospective customer and the
final lease signing, including lease terms less than twelve months. This is for
new leases in our Operating Portfolio only and excludes renewals. Lease
Proposals are the total initial proposals sent to prospective customers in our
Operating Portfolio, measured by net rentable area in square feet. Proposals as
a percent of available net rentable area refers to proposals on units vacant or
expiring in the next twelve months. Includes proposals with lease terms less
than twelve months, as well as customer expansions and renewals. Market
Capitalization equals Market Equity, less liquidation preference of the
preferred shares/units, plus our share of total debt. Market Equity equals
outstanding shares of common stock and units multiplied by the closing stock
price plus the liquidation preference of the preferred shares/units. Net Asset
Value ("NAV"). We consider NAV to be a useful supplemental measure of our
operating performance because it enables both management and investors to
estimate the fair value of our business. The assessment of the fair value of a
particular line of our business is subjective in that it involves estimates and
can be calculated using various methods. Therefore, we have presented the
financial results and investments related to our business components that we
believe are important in calculating our NAV but we have neither presented any
specific methodology nor provided any guidance on the assumptions or estimates
that should be used in the calculation. The components of NAV do not consider
the potential changes in rental and fee income streams or the franchise value
associated with our global operating platform, strategic capital platform or
development platform.

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
represents industrial properties in our Owned and Managed portfolio that have
reached Stabilization. Assets held for sale, Non-Strategic Assets and non-
industrial assets are excluded from the portfolio. NOI of our Operating
Portfolio excludes net termination fees and adjustments. Prologis Share of NOI
includes NOI for the properties contributed to or acquired from co-investment
ventures at our actual share prior to and subsequent to change in ownership. The
U.S. markets not presented consist of Austin, Charlotte, Columbus, Denver,
Louisville, Portland, Raleigh-Durham, Reno, San Antonio, Savannah and Tampa. The
European countries not presented consist of Belgium, Czech Republic, Hungary,
Italy, Poland, Slovakia, Spain and Sweden. Owned and Managed represents the
consolidated properties as well as properties owned by our unconsolidated co-
investment ventures, which we manage. Prologis Share represents our
proportionate economic ownership of each entity, or property included in our
total Owned and Managed portfolio, whether consolidated or unconsolidated. Three
Months Ended Nine Months Ended Sep. 30, Sep. 30, in thousands 2026 2025 2026
2025 Rental revenues $ 1,585,499 $ 1,450,801 $ 4,617,231 $ 4,221,630 Rental
recoveries 442,956 438,473 1,383,097 1,311,976 Amortization of lease intangibles
73,020 79,647 220,036 254,026 Straight-line rents 103,794 85,279 287,063 279,165
Rental Revenues $ 2,205,269 $ 2,054,200 $ 6,507,427 $ 6,066,797 We evaluate the
performance of the operating properties we own and manage using a "same store"
analysis because the population of properties in this analysis is consistent
from period to period, which allows us and investors to analyze our ongoing
business operations. We determine our same store metrics on property NOI, which
is calculated as rental revenue less rental expense for the applicable
properties in the same store population for both consolidated and unconsolidated
properties based on our ownership interest, as further defined below. We define
our same store population for the three months ended September 30, 2026 as the
properties in our Owned and Managed Operating Portfolio, including the property
NOI for both consolidated properties and properties owned by the unconsolidated
co-investment ventures at January 1, 2025 and owned throughout the same three-
month period in both 2025 and 2026. We believe the drivers of property NOI for
the consolidated portfolio are generally the same for the properties owned by
the ventures in which we invest and therefore we evaluate the same store metrics
of the Owned and Managed portfolio based on Prologis' ownership in the
properties ("Prologis Share"). The same store population excludes properties
held for sale to third parties, along with development properties that were not
stabilized at the beginning of the period (January 1, 2025) and properties
acquired or disposed of to third parties during the periods. To derive an
appropriate measure of period-to-period operating performance, we remove the
effects of foreign currency exchange rate movements by using the reported
period-end exchange rate to translate from local currency into the U.S. dollar,
for both periods. As non-GAAP financial measures, the same store metrics have
certain limitations as an analytical tool and may vary among real estate
companies. As a result, we provide a reconciliation of Rental Revenues less
Rental Expenses ("Property NOI") (from our Consolidated Financial Statements
prepared in accordance with U.S. GAAP) to our Same Store Property NOI measures,
as follows: Rent Change (Cash) represents the percentage change in starting
rental rates per the lease agreement, on new and renewed leases, commenced
during the period compared with the previous ending rental rates in that same
space. This measure excludes any short-term leases of less than one-year,
holdover payments, free rent periods and introductory (“teaser”) rates defined
as 50% or less of the stabilized rate. Rent Change (Net Effective) represents
the percentage change in net effective rental rates (average rate over the lease
term), on new and renewed leases, commenced during the period compared with the
previous net effective rental rates for the same respective spaces. This measure
excludes any short-term leases of less than one year and holdover payments.
Retention is the square footage of all leases commenced during the period that
are rented by existing tenants divided by the square footage of all expiring
leases during the reporting period. The square footage of tenants that default
or buy-out prior to expiration of their lease and short-term leases of less than
one year, are not included in the calculation. Same Store. Our same store
metrics are non-GAAP financial measures, which are commonly used in the real
estate industry and expected from the financial community, on both a net
effective and cash basis. Power Pipeline is expressed in watts and consists of
Secured Power and Advanced Stage Power. All sites in the Power Pipeline are
owned or controlled by the company and are subject to applicable approvals,
including regulatory approvals and entitlements. Secured Power is utility-fed
power capacity that is subject to binding agreements with utilities and expected
to support our data center development pipeline, including capacity currently
under development. Advanced Stage Power is utility-fed power capacity that is
not yet secured but is in advanced discussions with the applicable utilities and
is expected to support our data center development pipeline. There is no
guarantee that such capacity will become secured power. Rental Revenues.

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 lease
terminations, including termination fees received from customers and the write-
off of related lease assets and liabilities, that are not indicative of the
property’s recurring operating performance in order to evaluate the growth or
decline in each property’s rental revenues. Same Store Property NOI is adjusted
to include an allocation of property management expenses for our consolidated
properties based on the property management services provided to each property
(generally, based on a percentage of revenues). On consolidation, these amounts
are eliminated and the actual costs of providing property management and leasing
services are recognized as part of our consolidated rental expense. We include
the Property NOI for the same store portfolio for both consolidated properties
and properties owned by the co-investment ventures based on our investment in
the underlying properties. In order to calculate our share of Same Store
Property NOI from the co-investment ventures in which we own less than 100%, we
use the co-investment ventures’ underlying Property NOI for the same store
portfolio and apply our ownership percentage at September 30, 2026 to the
Property NOI for both periods, including the properties contributed during the
periods. We adjust the total Property NOI from the same store portfolio of the
co-investment ventures by subtracting the third parties' share of both
consolidated and unconsolidated co-investment ventures. 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 nor those of the co-investment ventures, when viewed individually, would
be comparable on a same store basis because of the changes in composition of the
respective portfolios from period to period (e.g. the results of a contributed
property are included in our consolidated results through the contribution date
and in the results of the venture subsequent to the contribution date based on
our ownership interest at the end of the period). As a result, only line items
labeled "Prologis Share of Same Store Property NOI" are comparable period-over-
period. We further remove certain noncash items (straight-line rent and fair
value lease amortization) included in the financial statements prepared in
accordance with U.S. GAAP to reflect a Same Store Property NOI - Cash measure.
We manage our business and compensate our executives based on the same store
results of our Owned and Managed portfolio at 100% as we manage our portfolio on
an ownership-blind basis. We calculate those results by including 100% of the
properties included in our same store portfolio. Same Store Average Occupancy
represents the average occupied percentage of the Same Store portfolio for the
period. Space Utilization is our customer's assessment of their utilization of
their unit on a scale of 0-100% and is based on a monthly survey of a
geographically diverse group of respondents across the U.S portfolio.
Stabilization is defined as the earlier of when a property that was developed
has been completed for one year, is contributed to a co-investment venture
following completion or is 90% occupied. Upon Stabilization, a property is moved
into our Operating Portfolio. Stabilized NOI is equal to the estimated twelve
months of potential gross rental revenue (base rent, including above or below
market rents plus operating expense reimbursements) multiplied by 95% to adjust
income to a stabilized vacancy factor of 5% minus estimated operating expenses.
Total Expected Investment ("TEI") represents total estimated cost of development
or expansion, including land, development and leasing costs. TEI is based on
current projections and is subject to change. Turnover Costs represent the
estimated obligations incurred in connection with the signing of a lease,
including leasing commissions and tenant improvements, and are presented for
leases that commenced during the period. Tenant improvements include costs to
prepare a space for a new tenant or a lease renewal with the current tenant, and
they exclude costs for a first-generation lease (i.e., a new development
property) and short-term leases of less than one year. Value-Added Properties
are properties we have either acquired at a discount and believe we could
provide greater returns post-stabilization or properties we expect to repurpose
to higher uses. 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 by the Acquisition Price. Three Months Ended Sep. 30,
dollars in thousands 2026 2025 Change (%) Reconciliation of Consolidated
Property NOI to Same Store Property NOI measures: Rental revenues $ 2,205,269 $
2,054,200 Rental expenses (511,715) (484,635) Consolidated Property NOI $
1,693,554 $ 1,569,565 Adjustments to derive same store results: Property NOI
from consolidated properties not included in same store portfolio and other
adjustments (a) (210,095) (163,892) Property NOI from unconsolidated co-
investment ventures included in same store portfolio (a)(b) 1,001,336 955,412
Third parties' share of Property NOI from properties included in same store
portfolio (a)(b) (774,809) (743,868) Prologis Share of Same Store Property NOI -
Net Effective (b) $ 1,709,986 $ 1,617,217 5.7 % Consolidated properties
straight-line rent and fair value lease amortization included in the same store
portfolio (c) (137,117) (132,380) Unconsolidated co-investment ventures
straight-line rent and fair value lease amortization included in the same store
portfolio (c) (37,816) (38,610) Third parties' share of straight-line rent and
fair value lease amortization included in the same store portfolio (b)(c) 29,103
31,079 Prologis Share of Same Store Property NOI - Cash (b)(c) $ 1,564,156 $
1,477,306 5.9 %