Prologis, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 16 July 2026: press release. Guidance figures: 11 raised, 3 kept. The quarter’s numbers.

Key takeaways

Net earnings per diluted share rose: Net earnings attributable to common stockholders were $1.13 per diluted share in the quarter, against $0.61 a year earlier. Six-month figure was $2.18, against $1.25. Source
Core FFO per share increased: Core FFO per diluted share was $1.63 against $1.46. Excluding net promote income, it was $1.60 against $1.47. Source
Net effective rent change lower: Net effective rent change, Prologis Share, was 36.9% against 53.4% a year earlier. Cash rent change was 22.3% against 34.8%. Source
Development starts rose in quarter: Development starts were $1.56 billion TEI owned and managed, $1.34 billion Prologis Share. Six-month starts were $3.70 billion owned and managed, $3.13 billion Prologis Share. Source
Leverage ratio edged lower: Debt to Adjusted EBITDA was 4.7x against 4.8x at March 31. Debt as a percentage of gross market capitalization was 23.9% against 23.8%. Source
Data center power pipeline: The power pipeline has 1.6GW secured, including 680MW under development, and 4.2GW advanced stage. At March 31 the figures were 1.7GW secured and 3.9GW advanced stage. Source

“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.”
Prologis, Inc., press release

Guidance

Area	Period	Figure	Against last quarter
Net earnings attributable to common stockholders (diluted EPS) Source	2026	$4.40 to $4.55	Raised from $3.80 to $4.05
Core FFO attributable to common stockholders/unitholders per share Source	2026	$6.22 to $6.30	Raised from $6.07 to $6.23
Core FFO excluding Net Promote Income (Expense) per share Source	2026	$6.22 to $6.30	Raised from $6.12 to $6.28
Average occupancy, Prologis Share Source	2026	95.25% to 95.75%	Raised from 95.00% to 95.75%
Same store NOI, cash, Prologis Share Source	2026	6.75% to 7.25%	Raised from 6.25% to 7.00%
Same store NOI, net effective, Prologis Share Source	2026	5.25% to 5.75%	Raised from 4.75% to 5.50%
Strategic capital revenue, excluding promote revenue Source	2026	$660 million to $680 million	Kept
General and administrative expenses Source	2026	$510 million to $525 million	Kept
Realized development gains Source	2026	$600 million to $700 million	Raised from $500 million to $700 million
Development stabilizations (Prologis Share; owned and managed) Source	2026	$2,250 million to $2,750 million (Prologis Share); $2,500 million to $3,000 million (owned and managed)	Kept
Development starts (Prologis Share; owned and managed) Source	2026	$4,500 million to $5,500 million (Prologis Share); $5,500 million to $6,500 million (owned and managed)	Raised from $3,500 million to $4,500 million (Prologis Share); $4,500 million to $5,500 million (owned and managed)
Acquisitions (Prologis Share; owned and managed) Source	2026	$1,500 million to $2,000 million (Prologis Share); $2,500 million to $3,500 million (owned and managed)	Raised from $1,000 million to $1,500 million (Prologis Share); $2,000 million to $3,000 million (owned and managed)
Dispositions (Prologis Share; owned and managed) Source	2026	$2,250 million to $2,750 million (Prologis Share); $3,000 million to $3,500 million (owned and managed)	Raised from $1,750 million to $2,250 million (Prologis Share); $2,500 million to $3,000 million (owned and managed)
Contributions (Prologis Share; owned and managed) Source	2026	$2,000 million to $2,500 million (Prologis Share); $3,250 million to $3,750 million (owned and managed)	Raised from $1,750 million to $2,250 million (Prologis Share); $3,000 million to $3,500 million (owned and managed)
Exchange rate assumptions for capital deployment and metrics Source	2026	EUR 1.14 ($/€), GBP 1.32 ($/£), JPY 162.44 (¥/$)

What changed from last quarter

Guidance raised: Net earnings per share guidance raised to $4.40 to $4.55 from $3.80 to $4.05. Source
Guidance raised: Core FFO per share guidance raised to $6.22 to $6.30 from $6.07 to $6.23. Source
Guidance raised: Same store NOI guidance raised on both cash and net effective bases, Prologis Share. Source
Guidance raised: Capital deployment guidance raised for development starts, acquisitions, dispositions and contributions. Source
Guidance raised: Net promote income assumption moved to nil from $(50) million; realized development gains low end raised to $600 million. Source
Guidance kept: G&A expense and strategic capital revenue guidance are unchanged from the first-quarter release. Source
New: In April 2026 the company acquired its partners' interest in an Asian unconsolidated co-investment venture and consolidated the properties. Source

Results and growth drivers

Net earnings per diluted share rose: Net earnings attributable to common stockholders were $1.13 per diluted share in the quarter, against $0.61 a year earlier. Six-month figure was $2.18, against $1.25. Source
Core FFO per share increased: Core FFO per diluted share was $1.63 against $1.46. Excluding net promote income, it was $1.60 against $1.47. Source
Total and strategic capital revenues higher: Total revenues were $2,425 million against $2,184 million. Strategic capital revenues were $242 million against $147 million. Source
AFFO higher year on year: AFFO attributable to common stockholders/unitholders was $1,323 million against $1,036 million; six-month AFFO was $2,795 million against $2,120 million. Source
Realized development gains per share: Realized development gains, net of taxes, were $0.09 per diluted share in the quarter against $0.01, and $0.39 for six months against $0.04. Source

Portfolio, regions and markets

U.S. holds most of NOI: The U.S. portfolio of 810 million square feet accounts for 84% of annualized NOI. Other Americas is 127 million square feet and 5%. Source
Europe and Asia smaller NOI shares: Europe holds 264 million square feet and 9% of annualized NOI. Asia holds 116 million square feet and 2%. Source
Southern California largest market: Southern California generated $337.7 million of Prologis Share second-quarter NOI, 19.4% of the total, the largest of the markets listed. Source
Operating portfolio size: The operating portfolio comprises 5,476 buildings and 1.22 billion square feet owned and managed, of which 802.8 million square feet is Prologis Share. Source

“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.”
Prologis, Inc., press release

Leasing, customers and rent change

Leasing volume higher year on year: Total square feet of leases commenced was 61.7 million in the second quarter, against 51.2 million a year earlier. Source
Net effective rent change lower: Net effective rent change, Prologis Share, was 36.9% against 53.4% a year earlier. Cash rent change was 22.3% against 34.8%. Source
Lease terms lengthened: Weighted average term of leases started was 62 months in the quarter, against 56 months a year earlier. Source
Top customers and lease term: The top 25 customers account for 21.6% of net effective rent. Weighted average remaining lease term is 3.7 years, owned and managed. Source

Costs and capital expenditures

Rental expenses increased: Rental expenses were $530.9 million against $488.0 million. Rental revenues were $2,177.1 million against $2,025.3 million. Source
G&A and depreciation higher: General and administrative expense was $129.6 million against $106.9 million. Depreciation and amortization was $689.5 million against $657.2 million. Source
Interest expense higher: Interest expense was $276.3 million against $251.9 million in the second quarter of 2025. Source
Owned and managed capital spending: Total capital expenditures, owned and managed, were $340.5 million against $343.6 million a year earlier. Prologis Share was $232.5 million. Source

Development and capital deployment

Development starts rose in quarter: Development starts were $1.56 billion TEI owned and managed, $1.34 billion Prologis Share. Six-month starts were $3.70 billion owned and managed, $3.13 billion Prologis Share. Source
Data center starts dominated: Data center starts totalled $802.3 million TEI in the quarter, with all of the space leased at start. Source
Stabilizations and value creation: Stabilizations were $723.0 million TEI owned and managed, $645.5 million Prologis Share. Estimated value creation was $89.3 million in the quarter and $476.6 million for six months. Source
Land build-out estimate reduced: Estimated build-out of the land portfolio is $40.6 billion TEI owned and managed, against $41.5 billion at March 31. Source
Development portfolio size: The development portfolio is 22.5 million square feet, with Prologis Share TEI of $6.19 billion and annualized estimated NOI of $434.9 million. Source

Balance sheet, debt and returns

Cash higher at quarter end: Cash and cash equivalents were $1,765 million at June 30, against $861 million at March 31. Total liquidity was $7.59 billion. Source
Consolidated debt higher: Consolidated debt was $36.44 billion at June 30, against $34.67 billion at March 31. Source
Leverage ratio edged lower: Debt to Adjusted EBITDA was 4.7x against 4.8x at March 31. Debt as a percentage of gross market capitalization was 23.9% against 23.8%. Source
Dividend per share higher: Dividends and distributions per common share or unit were $1.07 in the quarter, against $1.01. Total common dividends and unit distributions were $1,027 million against $966 million. Source

Strategic capital and data centers

Strategic capital revenue higher: Strategic capital revenues were $241.6 million against $147.2 million. Fee related earnings were $63.6 million in the quarter. Source
Net promote income positive in quarter: Net promote income was $26.2 million in the quarter, with trailing twelve-month net promote expense of $10.8 million. Source
Assets under management: Total assets under management were $239.8 billion at June 30, 2026. Source
Data center power pipeline: The power pipeline has 1.6GW secured, including 680MW under development, and 4.2GW advanced stage. At March 31 the figures were 1.7GW secured and 3.9GW advanced stage. Source
Europe contribution to new venture: Building contributions to co-investment ventures were $362.4 million Prologis Share, including a contribution for a new co-investment venture in Europe. Source

Coming up, as management said on 16 July 2026

Development start contributed in July: A development start was contributed to a co-investment venture in July. Prologis Share reflects the venture's ownership. Source
2026 debt maturities listed: Consolidated debt maturing in 2026 totals $1.07 billion at a 2.4% weighted average rate, including $399.9 million of unsecured senior notes. Source

Figures management reported

Figure	Reported
Core FFO per diluted share Source	1.63
AFFO attributable to common stockholders/unitholders Source	$1,323 million
Average occupancy, owned and managed Source	95.3%
Same store NOI, cash, Prologis Share Source	8.5%
Same store NOI, net effective, Prologis Share Source	6.4%
Leasing spread, net effective, Prologis Share Source	36.9%
Leasing spread, cash, Prologis Share Source	22.3%
Third-party acquisitions, Prologis Share Source	$1,119 million
Third-party building dispositions, Prologis Share Source	$602.9 million
Debt to Adjusted EBITDA Source	4.7x
Debt as % of gross market capitalization Source	23.9%

Risks management discussed

Regulatory: Power pipeline sites are subject to applicable approvals, including regulatory approvals and entitlements. Source
Operational: Advanced stage power capacity of 4.2GW is not yet secured, and the company states there is no assurance it will become secured power. Source
Financial: Management notes that FFO adjustments fluctuate from period to period, with both positive and negative short-term effects. Source
Financial: Earnings guidance excludes future foreign currency or derivative gains or losses, which management describes as difficult to predict. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Prologis Supplemental Information

SECOND QUARTER 2026

Unaudited

Prologis Park Illingen, Illingen, 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 Net Asset Value 36 Components Notes and Definitions 38 Notes and Definitions

Overview

Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At June 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 (122 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.

$40.6B	Build Out of Land (TEI) *
5,929 Buildings
1.3B Square Feet
Europe	264M SF	9% of NOI*(A)
Asia	116M SF	2% of NOI*(A)
U.S.	810M SF	84% of NOI*(A)
Other Americas	127M SF	5% of NOI*(A)

* 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.

Company Profile Highlights

OPERATIONS	$7.0B in annual NOI*(A)
DEVELOPMENT	$740M in value creationfrom stabilizations(C)
GROSS AUM	$240B
DATA CENTER POWER PIPELINE	5.8GW secured or in advanced stage(E)
MARKET EQUITY	$129B
STRATEGIC CAPITAL	$412M of fees and promotes(B) (D) (D)

* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

Q2 2026 Prologis Share of NOI of the Operating Portfolio annualized. Q2 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 1.6GW Secured Power (including 680MW under development) and 4.2GW 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 COMMONSTOCKHOLDERS/UNITHOLDERS* dollars in millions, except per share/unit data Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Rental and other revenues $ 2,183 $ 2,037 $ 4,321 $ 4,036 Strategic capital revenues 242 147 402 288 Total revenues 2,425 2,184 4,723 4,324 Net earnings attributable to common stockholders 1,061 570 2,041 1,161 Core FFO attributable to common stockholders/unitholders* 1,559 1,396 3,000 2,752 AFFO attributable to common stockholders/unitholders* 1,323 1,036 2,795 2,120 Adjusted EBITDA attributable to common stockholders/unitholders* 2,143 1,789 4,321 3,561 Estimated value creation from development stabilizations - Prologis Share 89 64 477 304 Common stock dividends and common limited partnership unit distributions 1,027 966 2,053 1,931 Per common share - diluted: Net earnings attributable to common stockholders $ 1.13 $ 0.61 $ 2.18 $ 1.25 Core FFO attributable to common stockholders/unitholders* 1.63 1.46 3.13 2.88 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)* 1.60 1.47 3.12 2.91 Business line reporting: Real estate* 1.54 1.40 2.99 2.76 Strategic capital* 0.09 0.06 0.14 0.12 Core FFO attributable to common stockholders/unitholders* 1.63 1.46 3.13 2.88 Realized development gains, net of taxes* 0.09 0.01 0.39 0.04 Dividends and distributions per common share/unit 1.07 1.01 2.14 2.02 * 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.

Highlights Company Performance

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

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 129 Average 84 60.1 Average 57.7 48 Average 54 84.4% 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) $ 4.40 $ 4.55 Core FFO attributable to common stockholders/unitholders*(B) $ 6.22 $ 6.30 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*(B) $ 6.22 $ 6.30 Operations Average occupancy - Prologis Share 95.25 % 95.75 % Same store NOI - cash - Prologis Share* 6.75 % 7.25 % Same store NOI - net effective - Prologis Share* 5.25 % 5.75 % Other Assumptions Strategic capital revenue, excluding promote revenue $ 660 $ 680 Net Promote Income (Expense) $ - $ - General & administrative expenses $ 510 $ 525 Realized development gains $ 600 $ 700 Capital Deployment PROLOGIS SHARE OWNED AND MANAGED Low High Development stabilizations $ 2,250 $ 2,750 $ 2,500 $ 3,000 Development starts $ 4,500 $ 5,500 $ 5,500 $ 6,500 Acquisitions $ 1,500 $ 2,000 $ 2,500 $ 3,500 Dispositions $ 2,250 $ 2,750 $ 3,000 $ 3,500 Contributions $ 2,000 $ 2,500 $ 3,250 $ 3,750 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 ($/€), 1.32 ($/£) and 162.44 (¥/$), 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 “Forward-Looking Statements” and “Risk Factors” referred to in our annual and quarterly financial statements on Forms 10-K and 10-Q filed with the Securities and Exchange Commission (“SEC”) for more information. The difference between Core FFO and Net Earnings predominately 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

	June 30, 2026	March 31, 2026	December 31, 2025
Assets:
Investments in real estate properties:
Operating properties	$ 82,117,896	$ 80,875,731	$ 80,561,020
Development portfolio	2,741,535	2,492,161	3,019,009
Land	4,802,617	4,684,949	4,888,153
Other real estate investments	7,351,737	7,188,604	6,661,174
	97,013,785	95,241,445	95,129,356
Less accumulated depreciation	15,783,188	15,298,353	14,729,149
Net investments in real estate properties	81,230,597	79,943,092	80,400,207
Investments in and advances to unconsolidated entities	11,467,403	11,241,723	11,093,936
Assets held for sale or contribution	498,975	499,799	203,344
Net investments in real estate	93,196,975	91,684,614	91,697,487
Cash and cash equivalents	1,765,043	861,144	1,145,647
Other assets	6,049,854	5,587,693	5,881,122
Total assets	$ 101,011,872	$ 98,133,451	$ 98,724,256
Liabilities and Equity:
Liabilities:
Debt	$ 36,442,085	$ 34,669,592	$ 35,037,073
Accounts payable, accrued expenses and other liabilities	6,450,272	5,515,367	5,933,175
Total liabilities	42,892,357	40,184,959	40,970,248
Equity:
Stockholders' equity	53,725,722	53,503,401	53,193,178
Noncontrolling interests	3,304,267	3,316,274	3,316,713
Noncontrolling interests - limited partnership unitholders	1,089,526	1,128,817	1,244,117
Total equity	58,119,515	57,948,492	57,754,008
Total liabilities and equity	$ 101,011,872	$ 98,133,451	$ 98,724,256

Consolidated Statements of Income Financial Information

in thousands, except per share amounts

	Three Months Ended June 30,	Six Months Ended June 30,
	2026	2025	2026	2025
Revenues:
Rental	$ 2,177,074	$ 2,025,332	$ 4,302,158	$ 4,012,597
Strategic capital	241,619	147,162	402,431	288,301
Development management and other	6,759	11,375	18,586	22,636
Total revenues	2,425,452	2,183,869	4,723,175	4,323,534
Expenses:
Rental	530,861	487,963	1,051,144	976,280
Strategic capital	95,590	64,917	177,479	125,694
General and administrative	129,626	106,871	256,516	221,572
Depreciation and amortization	689,518	657,221	1,421,024	1,309,279
Other	20,166	11,706	30,289	21,355
Total expenses	1,465,761	1,328,678	2,936,452	2,654,180
Operating income before gains on real estate transactions, net	$ 959,691	$ 855,191	$ 1,786,723	$ 1,669,354
Gains on dispositions of development properties and land, net	79,196	10,477	372,179	37,928
Gains on other dispositions of investments in real estate, net	212,449	47,044	303,489	83,843
Operating income	$ 1,251,336	$ 912,712	$ 2,462,391	$ 1,791,125
Other income (expense):
Earnings from unconsolidated entities, net	147,470	107,692	240,766	175,591
Interest expense	(276,311)	(251,866)	(530,597)	(483,617)
Foreign currency, derivative and other gains (losses) and other income (expense), net	109,663	(122,829)	154,274	(154,487)
Gains (losses) on early extinguishment of debt, net	(31)	-	(1,921)	-
Total other income (expense)	(19,209)	(267,003)	(137,478)	(462,513)
Earnings before income taxes	1,232,127	645,709	2,324,913	1,328,612
Current income tax benefit (expense)	(89,319)	(27,723)	(137,100)	(64,424)
Deferred income tax benefit (expense)	(18,854)	4,318	(19,044)	(2,364)
Consolidated net earnings	1,123,954	622,304	2,168,769	1,261,824
Net earnings attributable to noncontrolling interests	(39,062)	(37,139)	(79,040)	(68,715)
Net earnings attributable to noncontrolling interests - limited partnership units	(22,701)	(13,936)	(45,562)	(28,927)
Net earnings attributable to controlling interests	1,062,191	571,229	2,044,167	1,164,182
Preferred stock dividends	(1,347)	(1,505)	(2,847)	(2,957)
Net earnings attributable to common stockholders	$ 1,060,844	$ 569,724	$ 2,041,320	$ 1,161,225
Weighted average common shares outstanding - Diluted	957,884	955,882	957,654	955,601
Net earnings per share attributable to common stockholders - Diluted	$ 1.13	$ 0.61	$ 2.18	$ 1.25

Reconciliations of Net Earnings to FFO* Financial Information

* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

in thousands

	Three Months Ended June 30, 2026	2025	Six Months Ended June 30, 2026	2025
Add (deduct) NAREIT defined adjustments:
Real estate related depreciation and amortization	663,658	638,199	1,369,208	1,270,885
Gains on other dispositions of investments in real estate, net of taxes (excluding development properties and land)	(210,975)	(46,964)	(302,015)	(82,771)
Adjustments related to noncontrolling interests	(13,356)	(17,339)	(24,093)	(35,746)
Our proportionate share of adjustments related to unconsolidated entities	132,185	133,734	283,340	284,358
NAREIT defined FFO attributable to common stockholders/unitholders*	$ 1,632,356	$ 1,277,354	$ 3,367,760	$ 2,597,951
Add (deduct) our modified adjustments:
Unrealized foreign currency, derivative and other losses (gains), net	(5,370)	137,817	(19,639)	192,715
Deferred income tax expense (benefit)	18,854	(4,318)	19,044	2,364
Adjustments related to noncontrolling interests	(215)	-	497	-
Our proportionate share of adjustments related to unconsolidated entities	(5,437)	(3,136)	(6,162)	(1,765)
FFO, as modified by Prologis attributable to common stockholders/unitholders*	$ 1,640,188	$ 1,407,717	$ 3,361,500	$ 2,791,265
Add (deduct) Core FFO defined adjustments:
Gains on dispositions of development properties and land, net	(79,196)	(10,477)	(372,179)	(37,928)
Current income tax expense (benefit) on dispositions	6,758	659	8,060	803
Losses (gains) on early extinguishment of debt, net	31	-	1,921	-
Venture formation costs	6,049	-	6,049	-
Adjustments related to noncontrolling interests	-	2,748	271	2,821
Our proportionate share of adjustments related to unconsolidated entities	(14,703)	(4,665)	(6,002)	(4,948)
Core FFO attributable to common stockholders/unitholders*	$ 1,559,127	$ 1,395,982	$ 2,999,620	$ 2,752,013
Add (deduct) AFFO defined adjustments:
Current income tax benefit (expense) on dispositions	(6,758)	(659)	(8,060)	(803)
Straight-lined rents and amortization of lease intangibles	(161,152)	(187,801)	(326,901)	(368,162)
Property improvements	(71,218)	(68,772)	(97,283)	(103,139)
Turnover costs	(133,959)	(152,242)	(257,775)	(275,365)
Amortization of debt discount, financing costs and management contracts, net	21,986	22,209	43,386	43,321
Stock compensation amortization expense	55,148	43,984	115,780	97,145
Adjustments related to noncontrolling interests	20,001	18,594	39,629	32,576
Our proportionate share of adjustments related to unconsolidated entities	(39,404)	(45,863)	(85,715)	(95,682)
AFFO attributable to common stockholders/unitholders*	$ 1,322,967	$ 1,035,909	$ 2,794,860	$ 2,119,832

Reconciliations of Net Earnings to Adjusted EBITDA* Financial Information

* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

in thousands

Gains on other dispositions of investments in real estate, net (excluding development properties and land)	(212,449)	(47,044)	(303,489)	(83,843)
Depreciation and amortization expense	689,518	657,221	1,421,024	1,309,279
Interest charges	255,798	235,858	493,706	451,508
Current and deferred income tax expense, net	108,173	23,405	156,144	66,788
Net earnings attributable to noncontrolling interests - limited partnership units	22,701	13,936	45,562	28,927
NOI adjustments for real estate transactions	4,926	2,481	14,190	10,310
Preferred stock dividends	1,347	1,505	2,847	2,957
Adjustments related to noncontrolling interests	(36,884)	(31,819)	(70,428)	(65,669)
Our proportionate share of adjustments related to unconsolidated entities	192,790	182,264	415,669	389,426
Adjusted EBITDA attributable to common stockholders/unitholders*	$ 2,142,622	$ 1,789,332	$ 4,320,656	$ 3,560,768

Operations Overview

OCCUPANCY - OWNED AND MANAGED	94.8%	94.7%	95.2%	95.4%	94.9%	Average occupancy - Prologis Share
CUSTOMER RETENTION	59.9%	55.0%	50.1%	43.5%	39.8%
SAME STORE CHANGE OVER PRIOR YEAR - PROLOGIS SHARE*
RENT CHANGE - PROLOGIS SHARE	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)	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Square feet of leases commenced:
Operating Portfolio:
Renewals	36,528	42,720	27,581	45,834	37,951
New leases	13,906	19,631	14,712	16,913	20,605
Total Operating Portfolio	50,434	62,351	42,293	62,747	58,556
Properties under development	747	3,252	1,471	3,975	3,171
Total Square Feet of Leases Commenced	51,181	65,603	43,764	66,722	61,727
Total square feet of Operating Portfolio leases commenced, including leases greater than one month	59,237	70,227	51,686	71,968	69,119
Weighted average term of leases started (in months)	56	59	61	58	62
Operating Portfolio: Trailing twelve months - square feet of leases commenced	205,637	218,996	218,329	217,825	225,947
Trailing twelve months - average % of portfolio	17.4 %	18.3 %	18.1 %	18.0 %	18.7 %
Rent change (net effective)	44.2 %	42.5 %	37.5 %	27.1 %	30.4 %
Rent change (net effective) - Prologis Share	53.4 %	49.4 %	43.8 %	31.9 %	36.9 %
Rent change (cash)	26.7 %	24.3 %	21.8 %	13.5 %	17.0 %
Rent change (cash) - Prologis Share	34.8 %	29.4 %	27.3 %	16.8 %	22.3 %
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	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Property improvements(A)	$ 127,020	$ 162,406	$ 205,383	$ 55,122	$ 129,286
Tenant improvements	122,474	104,823	114,505	96,020	105,228
Leasing commissions	94,151	108,666	108,667	89,894	105,944
Total turnover costs	216,625	213,489	223,172	185,914	211,172
Total Capital Expenditures - Owned and Managed	$ 343,645	$ 375,895	$ 428,555	$ 241,036	$ 340,458
Trailing four quarters - % of Operating Portfolio NOI	15.4%	15.0%	14.6%	14.2%	13.9%
Weighted average ownership percentage	69.3%	70.7%	69.1%	67.8%	68.3%
Total Capital Expenditures - Prologis Share	$ 238,311	$ 265,774	$ 296,158	$ 163,500	$ 232,500
SAME STORE INFORMATION Thousands, except for percentages	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Square feet	1,128,630	1,125,601	1,121,839	1,179,564	1,176,523
Average occupancy	95.4%	95.2%	95.7%	95.4%	95.3%
Average occupancy - annual percentage change	(1.2%)	(1.3%)	(0.6%)	0.3%	0.1%
Period ending occupancy	95.4%	95.4%	95.8%	95.3%	95.4%
Percentage change - Prologis Share*:
NOI - cash	4.9%	5.2%	5.7%	8.8%	8.5%
NOI - net effective	4.8%	3.9%	4.7%	6.1%	6.4%
PROPERTY IMPROVEMENTS TURNOVER COSTS ON LEASES COMMENCED COMPOSITION OF PORTFOLIO (BY UNIT SIZE) Trailing four quarter average Per square foot ($) As a % of lease value Per square foot ($)
2.9%	3.2%	3.5%	4.1%	4.4%
92.8%	95.2%	96.3%	98.5%
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 554 128,338 108,239 13.5 96.6 96.4 97.8 97.8 New Jersey/New York City 205 54,127 42,676 5.3 95.2 95.4 95.2 95.4 Dallas/Ft. Worth 279 61,183 52,228 6.5 97.1 97.6 97.1 97.6 San Francisco Bay Area 296 29,712 24,544 3.1 96.2 96.3 96.9 97.2 Chicago 319 69,079 53,782 6.7 98.2 98.2 98.2 98.2 South Florida 225 30,295 24,211 3.0 95.3 95.2 95.5 95.3 Atlanta 237 52,994 46,464 5.8 96.4 96.7 96.7 97.0 Lehigh Valley 81 36,108 31,978 4.0 93.2 93.4 93.3 93.4 Houston 220 36,907 31,144 3.9 98.5 98.8 98.6 98.9 Seattle 163 24,984 18,002 2.2 94.6 95.4 94.8 95.6 Central Valley 46 24,279 22,421 2.8 99.8 99.8 99.8 99.8 Baltimore/Washington 134 18,328 14,557 1.8 92.3 92.9 92.6 93.3 Phoenix 82 17,936 15,675 2.0 93.5 96.0 96.3 97.0 Nashville 69 17,901 14,104 1.8 97.3 97.4 97.3 97.4 Orlando 111 14,363 12,884 1.6 94.2 94.8 94.3 94.9 Las Vegas 81 14,760 9,120 1.1 92.9 94.9 93.3 95.3 Indianapolis 57 20,580 16,492 2.1 95.7 96.3 95.7 96.3 Cincinnati 67 18,751 16,312 2.0 93.4 93.3 93.4 93.3 Central PA 37 18,752 14,017 1.7 84.4 83.7 84.4 83.7 Remaining U.S. markets (11 markets) 372 71,598 61,337 7.6 93.8 94.0 94.0 94.2 Total U.S. 3,635 760,975 630,187 78.5 95.6 95.9 96.0 96.3 Mexico 359 68,488 24,910 3.1 94.2 91.4 94.2 91.4 Canada 43 14,371 14,371 1.8 95.3 95.3 95.3 95.3 Brazil 46 20,149 5,309 0.7 96.4 97.2 96.4 97.2 Total Other Americas 448 103,008 44,590 5.6 94.8 93.4 94.8 93.4 United Kingdom 181 33,155 12,371 1.5 95.1 93.1 95.1 93.1 Germany 154 40,065 12,474 1.6 98.6 98.6 98.6 98.6 France 153 38,308 12,658 1.6 95.3 95.7 95.3 95.7 Netherlands 128 32,536 10,655 1.3 94.4 92.7 95.0 93.2 Remaining European countries (8 countries) 512 107,189 38,618 4.8 96.0 94.8 96.3 95.5 Total Europe 1,128 251,253 86,776 10.8 96.0 95.0 96.2 95.3 Japan 76 51,469 11,380 1.4 96.5 89.9 97.1 92.2 China 180 53,290 28,101 3.5 91.2 90.8 91.4 91.1 Singapore 5 951 951 0.1 91.0 91.0 91.0 91.0 India 4 1,040 765 0.1 94.6 93.8 94.6 93.8 Total Asia (A) 265 106,750 41,197 5.1 93.8 90.6 94.2 91.5 Total Outside the U.S. 1,841 461,011 172,563 21.5 95.2 93.5 95.4 93.9 Total Operating Portfolio 5,476 1,221,986 802,750 100.0 95.5 95.4 95.8 95.8 In April 2026, we acquired our partners' interest in an unconsolidated co-investment venture in Asia and consolidated the properties.

Operating Portfolio - NOI* and Gross Book Value Operations

dollars in thousands and ordered by Prologis Share of NOI (%)

Second Quarter NOI*	Owned and Managed	Prologis Share	% of Total	Gross Book Value Owned and Managed	Prologis Share	% of Total
Southern California	$ 401,603	$ 337,670	19.4	$ 21,303,162	$ 18,626,031	19.3
New Jersey/New York City	185,546	147,277	8.5	9,868,637	8,065,265	8.3
Dallas/Ft. Worth	113,315	95,936	5.5	5,686,685	4,842,057	5.0
San Francisco Bay Area	114,687	95,823	5.5	5,090,194	4,224,999	4.4
Chicago	118,564	90,680	5.2	6,828,262	5,311,725	5.5
South Florida	97,003	76,515	4.4	5,641,123	4,631,307	4.8
Atlanta	86,025	74,539	4.3	4,627,282	4,042,496	4.2
Lehigh Valley	77,289	68,543	3.9	4,614,423	4,175,775	4.3
Houston	61,071	51,913	3.0	3,754,434	3,230,791	3.3
Seattle	68,903	51,052	2.9	3,854,761	2,988,434	3.1
Central Valley	48,945	44,554	2.6	2,227,711	2,017,463	2.1
Baltimore/Washington	55,031	44,003	2.5	2,779,603	2,238,195	2.3
Phoenix	35,354	31,257	1.8	2,081,373	1,791,932	1.9
Nashville	36,160	29,122	1.7	1,783,217	1,450,625	1.5
Orlando	28,492	25,790	1.5	1,558,210	1,411,591	1.5
Las Vegas	39,100	25,071	1.4	1,799,108	1,066,756	1.1
Indianapolis	26,766	22,073	1.3	1,411,055	1,182,375	1.2
Cincinnati	25,320	22,031	1.3	1,330,846	1,180,291	1.2
Central PA	26,192	19,967	1.1	1,690,889	1,301,962	1.3
Remaining U.S. markets (11 markets)	127,158	107,882	6.2	6,323,993	5,393,154	5.6
Total U.S.	1,772,524	1,461,698	84.0	94,254,968	79,173,224	81.9
Mexico	130,253	46,057	2.6	5,657,182	2,066,467	2.1
Canada	37,598	37,598	2.2	1,596,898	1,596,898	1.7
Brazil	33,796	9,165	0.5	1,108,566	320,587	0.3
Total Other Americas	201,647	92,820	5.3	8,362,646	3,983,952	4.1
United Kingdom	95,972	35,132	2.0	8,676,609	3,442,163	3.5
Germany	76,401	24,067	1.4	4,966,399	1,521,599	1.6
France	59,331	19,494	1.1	4,035,621	1,249,502	1.3
Netherlands	56,830	18,181	1.0	3,956,566	1,236,628	1.3
Remaining European countries (8 countries)	159,975	56,606	3.3	9,690,331	3,413,260	3.5
Total Europe	448,509	153,480	8.8	31,325,526	10,863,152	11.2
Japan	87,209	17,476	1.0	6,977,676	1,435,352	1.5
China	28,579	11,213	0.7	3,020,223	1,080,728	1.1
Singapore	3,009	3,009	0.2	149,530	149,530	0.2
India	651	488	0.0	41,262	29,783	0.0
Total Asia (A)	119,448	32,186	1.9	10,188,691	2,695,393	2.8
Total Outside the U.S.	769,604	278,486	16.0	49,876,863	17,542,497	18.1
Total Operating Portfolio	$ 2,542,128	$ 1,740,184	100.0	$ 144,131,831	$ 96,715,721	100.0
* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.
In April 2026, we acquired our partners' interest in an unconsolidated co-investment venture in Asia and consolidated the properties.

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. 2,849 619,951 583,839 72.8 95.9 96.0 96.3 96.4 Total Outside the U.S. 196 54,264 53,988 6.7 87.8 87.7 88.9 88.8 Total Operating Portfolio - Consolidated 3,045 674,215 637,827 79.5 95.3 95.3 95.7 95.7 Unconsolidated Total U.S. 786 141,024 46,348 5.7 94.4 94.4 94.8 94.8 Total Outside the U.S. 1,645 406,747 118,575 14.8 96.2 96.2 96.3 96.2 Total Operating Portfolio - Unconsolidated 2,431 547,771 164,923 20.5 95.7 95.7 95.9 95.8 Total Total U.S. 3,635 760,975 630,187 78.5 95.6 95.9 96.0 96.3 Total Outside the U.S. 1,841 461,011 172,563 21.5 95.2 93.5 95.4 93.9 Total Operating Portfolio 5,476 1,221,986 802,750 100.0 95.5 95.4 95.8 95.8 Value added properties - consolidated 17 4,384 4,096 24.4 25.9 33.6 35.7 Value added properties - unconsolidated 21 2,733 788 39.2 38.7 46.1 44.6 Total Operating Properties 5,514 1,229,103 807,634 95.1 95.0 95.5 95.4 Second Quarter NOI* Gross Book Value Owned and Managed Prologis Share % of Total Owned and Managed Prologis Share % of Total Consolidated Total U.S. $ 1,435,571 $ 1,350,946 77.6 $ 77,638,953 $ 73,695,999 76.2 Total Outside the U.S. 67,588 67,425 3.9 4,127,724 4,116,245 4.3 Total Operating Portfolio - Consolidated $ 1,503,159 $ 1,418,371 81.5 $ 81,766,677 $ 77,812,244 80.5 Unconsolidated Total U.S. $ 336,953 $ 110,752 6.4 $ 16,616,015 $ 5,477,225 5.7 Total Outside the U.S. 702,016 211,061 12.1 45,749,139 13,426,252 13.8 Total Operating Portfolio - Unconsolidated $ 1,038,969 $ 321,813 18.5 $ 62,365,154 $ 18,903,477 19.5 Value added properties - consolidated $ 474 $ 499 $ 695,677 $ 665,488 Value added properties - unconsolidated $ 1,204 $ 330 $ 405,942 $ 114,682 * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

Customer Information Operations Top Customers Remaining Lease Expirations - Operating Portfolio square feet in thousands square feet and dollars in thousands, except per square foot amounts Owned and Managed Owned and Managed % of Net Effective Rent Total Square Feet Occupied Sq Ft Net Effective Rent $ % of Total $ Per Sq Ft 1 Amazon 5.5 50,017 2026(A) 73,066 479,032 4.7 6.56 2 Home Depot 1.8 19,979 2027(A) 200,147 1,442,373 14.3 7.21 3 FedEx 1.4 10,764 2028 186,099 1,532,134 15.1 8.23 4 DSV 1.2 14,248 2029 162,050 1,425,480 14.1 8.80 5 DHL 1.2 12,366 2030 147,442 1,354,987 13.4 9.19 6 Geodis 1.0 14,076 Thereafter 397,933 3,888,349 38.4 9.77 7 UPS 0.8 10,553 Total 1,166,737 10,122,355 100.0 8.68 8 GXO 0.8 9,885 Weighted average term of leases remaining (based on net effective rent) 3.7 years 9 Kuehne + Nagel 0.8 8,775 10 CEVA Logistics 0.7 10,451 Top 10 Customers 15.2 161,114 Prologis Share 11 Walmart 0.7 8,402 Occupied Sq Ft Net Effective Rent 12 Maersk 0.7 6,066 $ % of Total $ Per Sq Ft 13 Mercado Libre 0.5 6,867 2026(A) 44,424 293,474 4.2 6.61 14 Pepsi 0.5 4,474 2027(A) 130,903 976,674 14.1 7.46 15 GigaCloud 0.4 3,719 2028 117,212 1,010,527 14.6 8.62 16 Samsung 0.4 5,145 2029 106,996 979,254 14.1 9.15 17 Ryder 0.4 3,600 2030 94,875 917,300 13.3 9.67 18 NFI Industries 0.4 3,543 Thereafter 271,205 2,752,550 39.7 10.15 19 Lululemon 0.4 2,481 Total 765,615 6,929,779 100.0 9.05 20 Tesla 0.4 2,818 Weighted average term of leases remaining (based on net effective rent) 3.9 years 21 Burlington Stores 0.4 3,130 22 Zongteng 0.3 3,755 23 Wayfair 0.3 5,783 24 Berkshire Hathaway 0.3 2,951 25 DP World 0.3 3,046 Top 25 Customers 21.6 226,894 We have signed leases, which were due to expire in 2026 and 2027, totaling 47 million square feet and 27 million square feet, in our Owned and Managed portfolio (3.2% and 1.8% of total net effective rent) and 31 million square feet and 16 million square feet on a Prologis Share basis (3.2% and 1.6% 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.
$1,583	$917	$773	$568	$477
Est Value Creation
Est Wtd Avg Stabilized Yield	6.3%	6.3%	6.1%	6.7%	7.2%
Est Build Out(B): Sq. Ft. in millions	215	TEI $37,300 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 June 30, 2026 Six Months Ended June 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 349 $ 78,207 $ 78,207 1,086 $ 179,669 $ 179,669 East 1,044 152,303 83,240 1,373 228,474 159,168 West(A)(B) - 9,602 9,602 2,144 491,475 402,397 Total Industrial U.S. 1,393 240,112 171,049 4,603 899,618 741,234 Canada 1,217 221,834 221,834 1,217 221,834 221,834 Brazil - - - 106 9,009 1,802 Mexico 1,021 117,637 117,637 1,021 117,637 117,637 Total Other Americas 2,238 339,471 339,471 2,344 348,480 341,273 Northern Europe 239 34,733 34,733 331 63,079 48,906 Southern Europe 106 13,445 13,445 458 48,949 48,949 Central Europe - - - 1,078 79,157 79,157 United Kingdom 218 51,558 51,558 392 122,937 122,937 Total Europe 563 99,736 99,736 2,259 314,122 299,949 Japan 112 20,498 20,498 1,095 168,704 168,704 China - - - - - - India 562 23,133 14,747 562 23,133 14,747 Total Asia 674 43,631 35,245 1,657 191,837 183,451 Total Industrial Outside the U.S. 3,475 482,838 474,452 6,260 854,439 824,673 Total Data Center - - - 432 214,548 193,093 Total Development Stabilizations 4,868 $ 722,950 $ 645,501 11,295 $ 1,968,605 $ 1,759,000 Percent build-to-suit 24.0 % 38.9 % Estimated weighted average stabilized yield 6.3 % 7.2 % Annualized estimated NOI $ 40,855 $ 125,892 Estimated weighted average stabilized cap rate 5.4 % 5.5 % Estimated weighted average margin 13.8 % 27.1 % Estimated value creation $ 89,262 $ 476,638 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 June 30, 2026 Six Months Ended June 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 1,037 0.0 $ 159,715 $ 66,294 2,269 0.0 $ 308,666 $ 136,286 East 1,455 23.2 220,021 220,021 2,240 15.1 431,348 314,334 West (A)(B)(C) 1,260 8.5 194,867 102,728 2,088 5.2 445,252 300,133 Total Industrial U.S. 3,752 11.9 574,603 389,043 6,597 6.7 1,185,266 750,753 Canada (A) - 100.0 52,152 52,152 - 100.0 52,152 52,152 Mexico - - - - - - - - Brazil - - - - - - - - Total Other Americas - 100.0 52,152 52,152 - 100 52,152 52,152 Northern Europe 180 0.0 48,707 24,354 980 12.9 180,789 99,260 Southern Europe 463 72.5 59,510 59,510 463 72.5 59,510 59,510 Central Europe - - - - 493 100.0 37,652 37,652 United Kingdom - - - - 274 23.7 58,394 58,394 Total Europe 643 52.2 108,217 83,864 2,210 46.2 336,345 254,816 Japan - - - - - - - - China - - - - - - - - India 412 0.0 17,756 15,092 892 0.0 38,675 32,874 Total Asia 412 0.0 17,756 15,092 892 0.0 38,675 32,874 Total Industrial Outside the U.S. 1,055 31.8 178,125 151,108 3,102 32.9 427,172 339,842 Total Data Center 882 100.0 802,279 802,279 1,966 100.0 2,091,099 2,034,444 Total Development Starts 5,689 29.2 $ 1,555,007 $ 1,342,430 11,665 29.4 $ 3,703,537 $ 3,125,039 Percent build-to-suit 74.7 % 78.4 % Estimated weighted average stabilized yield 7.2 % 8.1 % Annualized estimated NOI $ 96,982 $ 253,091 Estimated weighted average stabilized cap rate 5.4 % 5.9 % Estimated weighted average margin 32.3 % 32.2 % Estimated value creation $ 434,085 $ 1,005,320 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. Includes a development start that was contributed to a co-investment venture in July.

Prologis Share reflects the venture’s ownership.

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 $ 40,699 $ 14,676 2,039 $ 266,166 $ 104,681 2,268 0.0 $ 306,865 890 0.0 $ 119,357 East(A)(B) 1,063 18.7 226,049 226,049 1,604 503,750 477,110 2,007 397,457 282,845 4,674 39.8 1,127,256 4,131 41.3 986,004 West(A) 954 80.9 191,148 190,882 1,408 425,407 341,865 3,953 498,178 240,514 6,315 56.3 1,114,733 3,864 61.3 773,261 Total Industrial U.S. 2,017 48.1 417,197 416,931 3,241 969,856 833,651 7,999 1,161,801 628,040 13,257 40.8 2,548,854 8,885 45.9 1,878,622 Canada(A) - - - - - 52,152 52,152 - - - - 100.0 52,152 - 100.0 52,152 Mexico - - - - 963 107,332 107,332 - - - 963 0.0 107,332 963 0.0 107,332 Brazil - - - - 119 10,962 2,193 2,147 186,911 37,382 2,266 94.8 197,873 453 94.8 39,575 Total Other Americas - - - - 1,082 170,446 161,677 2,147 186,911 37,382 3,229 66.5 357,357 1,416 30.3 199,059 Northern Europe - - - - 622 88,496 60,587 854 162,054 81,028 1,476 27.2 250,550 847 23.6 141,615 Southern Europe 179 19.3 33,183 33,183 572 96,144 92,304 335 43,536 43,536 1,086 69.5 172,863 1,057 71.5 169,023 Central Europe - - - - 493 37,455 37,455 - - - 493 100.0 37,455 493 100.0 37,455 United Kingdom(A) 94 0.0 52,217 52,217 1,974 613,589 613,589 - - - 2,068 84.3 665,806 2,068 84.3 665,806 Total Europe 273 12.6 85,400 85,400 3,661 835,684 803,935 1,189 205,590 124,564 5,123 66.2 1,126,674 4,465 71.5 1,013,899 Japan 672 73.7 102,363 102,363 395 78,382 78,382 2,011 350,732 350,732 3,078 34.1 531,477 3,078 34.1 531,477 China(A) - - - - - - - 1,158 73,635 73,635 1,158 0.0 73,635 1,158 0.0 73,635 India - - - - 1,300 55,883 47,500 412 17,756 15,092 1,712 0.0 73,639 1,455 0.0 62,592 Total Asia 672 73.7 102,363 102,363 1,695 134,265 125,882 3,581 442,123 439,459 5,948 17.6 678,751 5,691 18.4 667,704 Total Industrial Outside the U.S. 945 56.1 187,763 187,763 6,438 1,140,395 1,091,494 6,917 834,624 601,405 14,300 46.1 2,162,782 11,572 40.3 1,880,662 Total Data Center - - - - - - - 2,182 2,535,960 2,434,828 2,182 100.0 2,535,960 2,082 100.0 2,434,828 Total Development Portfolio 2,962 50.7 $ 604,960 $ 604,694 9,679 $ 2,110,251 $ 1,925,145 17,098 $ 4,532,385 $ 3,664,273 29,739 47.7 $ 7,247,596 22,539 48.0 $ 6,194,112 Cost to complete $45,502 $45,474 $585,626 $528,400 $2,927,830 $2,437,612 $3,558,958 $3,011,486 Percent build-to-suit 0.0 % 53.9 % 74.3 % 60.7 % Estimated weighted average stabilized yield 5.6 % 6.1 % 7.7 % 7.0 % Annualized estimated NOI $ 434,876 Estimated weighted average stabilized cap rate 5.5 % Estimated weighted average margin 22.3 % Estimated value creation $ 1,381,586 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 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 June 30, 2026 Six Months Ended June 30, 2026

square feet and dollars in thousands

	Square Feet		Acquisition Price		Square Feet		Acquisition Price
	Owned and Managed	Prologis Share	Owned and Managed	Prologis Share	Owned and Managed	Prologis Share	Owned and Managed	Prologis Share
Prologis Wholly-Owned	3,443	3,443	$ 738,380	$ 738,380	4,358	4,358	$ 842,541	$ 842,541
Prologis Co-Investment Ventures	-	-	-	-	-	-	-	-
Total U.S.	3,443	3,443	738,380	738,380	4,358	4,358	842,541	842,541
Prologis Wholly-Owned	-	-	-	-	-	-	-	-
Total Other Americas	-	-	-	-	-	-	-	-
Prologis Wholly-Owned	706	706	40,952	40,952	706	706	40,952	40,952
Prologis Co-Investment Ventures (A)	6,729	2,019	853,746	256,124	7,438	2,328	964,516	302,815
Total Europe	7,435	2,725	894,698	297,076	8,144	3,034	1,005,468	343,767
Prologis Co-Investment Ventures	110	28	53,033	13,258	448	113	169,452	42,363
Total Asia	110	28	53,033	13,258	448	113	169,452	42,363
Total Outside the U.S.	7,545	2,753	947,731	310,334	8,592	3,147	1,174,920	386,130
Total Third-Party Building Acquisitions	10,988	6,196	$ 1,686,111	$ 1,048,714	12,950	7,505	$ 2,017,461	$ 1,228,671
Weighted average stabilized cap rate	4.1 %	4.2 %
Acquisitions of other real estate investments (B)	73,951	70,556	161,924	158,529
Total Third-Party Acquisitions	$ 1,760,062	$ 1,119,270	$ 2,179,385	$ 1,387,200

Dispositions and Contributions Capital Deployment

Three Months Ended June 30, 2026

Six Months Ended June 30, 2026

square feet and dollars in thousands

	Square Feet		Sales Price		Square Feet		Sales Price
Third-Party Building Dispositions
Prologis Wholly-Owned (A)	3,330	3,330	$ 597,125	$ 597,125	4,857	4,856	$ 819,222	$ 819,197
Total U.S.	3,330	3,330	597,125	597,125	4,857	4,856	819,222	819,197
Prologis Co-Investment Ventures	195	67	16,800	5,801	634	219	36,600	12,636
Total Other Americas	195	67	16,800	5,801	634	219	36,600	12,636
Prologis Co-Investment Ventures	-	-	-	-	910	456	160,867	80,434
Total Europe	-	-	-	-	910	456	160,867	80,434
Prologis Co-Investment Ventures	-	-	-	-	609	99	98,536	16,012
Total Asia	-	-	-	-	609	99	98,536	16,012
Total Outside the U.S.	195	67	16,800	5,801	2,153	774	296,003	109,082
Total Third-Party Building Dispositions	3,525	3,397	$ 613,925	$ 602,926	7,010	5,630	$ 1,115,225	$ 928,279
Building Contributions to Co-Investment Ventures
Prologis Co-Investment Ventures	-	-	$ -	$ -	-	-	$ -	$ -
Total U.S.	-	-	-	-	-	-	-	-
Prologis Co-Investment Ventures	590	590	90,850	59,434	590	590	90,850	59,434
Total Other Americas	590	590	90,850	59,434	590	590	90,850	59,434
Prologis Co-Investment Ventures (B)	2,362	2,362	427,498	302,969	2,362	2,362	427,498	302,969
Total Europe	2,362	2,362	427,498	302,969	2,362	2,362	427,498	302,969
Total Asia	-	-	-	-	-	-	-	-
Total Outside the U.S.	2,952	2,952	518,348	362,403	2,952	2,952	518,348	362,403
Total Building Contributions to Co-Investment Ventures	2,952	2,952	518,348	362,403	2,952	2,952	518,348	362,403
Total Building Dispositions and Contributions	6,477	6,349	$ 1,132,273	$ 965,329	9,962	8,582	$ 1,633,573	$ 1,290,682
Weighted average stabilized cap rate	5.1 %	5.1 %
Contributions of land and properties under development	-	-	686,563	339,404
Third-party land dispositions	4,802	4,802	9,508	9,508
Dispositions of other real estate investments(C)	147,440	39,057	161,365	46,020
Grand Total Dispositions and Contributions	$ 1,284,515	$ 1,009,188	$ 2,491,009	$ 1,685,614

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 530 506 9,709 $ 598,244 $ 588,366 12.0 New Jersey/New York City 316 316 2,854 316,609 316,609 6.5 Dallas/Ft. Worth 412 411 6,319 164,411 164,216 3.4 San Francisco Bay Area 85 75 1,263 152,980 130,299 2.7 Chicago 111 111 1,842 55,356 55,310 1.1 South Florida 81 81 1,092 105,948 105,928 2.2 Atlanta 264 264 2,494 34,566 34,566 0.7 Lehigh Valley 72 72 537 40,405 40,405 0.8 Houston 284 284 4,084 132,175 132,175 2.7 Seattle 49 49 892 39,305 39,305 0.8 Central Valley 634 634 10,781 211,141 211,140 4.3 Baltimore/Washington 111 111 1,253 84,434 84,434 1.7 Phoenix 183 183 2,878 55,590 55,590 1.1 Nashville 407 407 5,644 198,228 198,228 4.0 Orlando 119 102 1,701 37,459 32,065 0.7 Las Vegas 980 980 14,826 425,130 425,130 8.7 Indianapolis 79 79 1,050 8,377 8,377 0.2 Remaining U.S. markets (9 markets) 412 412 6,440 170,878 170,839 3.5 Total U.S. 5,129 5,077 75,659 2,831,236 2,792,982 57.1 Mexico 946 813 17,548 311,823 297,622 6.1 Canada 362 362 6,688 652,814 652,814 13.3 Brazil 704 613 14,028 278,706 265,168 5.4 Total Other Americas 2,012 1,788 38,264 1,243,343 1,215,604 24.8 United Kingdom 275 265 5,742 297,097 246,639 5.0 Germany 82 63 1,728 109,503 85,524 1.8 France 171 170 3,133 82,274 81,326 1.7 Netherlands 55 55 1,437 58,907 58,907 1.2 Remaining European countries (7 countries) 742 674 14,297 182,833 163,507 3.3 Total Europe 1,325 1,227 26,337 730,614 635,903 13.0 Japan 99 99 6,421 151,792 151,792 3.1 China 78 78 2,499 19,943 19,943 0.4 India 252 212 5,870 94,742 80,443 1.6 Total Asia 429 389 14,790 266,477 252,178 5.1 Total Outside the U.S. 3,766 3,404 79,391 2,240,434 2,103,685 42.9 Total Land Portfolio 8,895 8,481 155,050 $ 5,071,670 $ 4,896,667 100.0

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 1,423 1,422 16.8 $ 605,400 $ 605,159 12.4 East 1,036 1,019 12.0 637,327 631,913 12.9 West 2,670 2,636 31.1 1,588,509 1,555,910 31.8 Total U.S. 5,129 5,077 59.9 2,831,236 2,792,982 57.1 Mexico 946 813 9.6 311,823 297,622 6.1 Canada 362 362 4.3 652,814 652,814 13.3 Brazil 704 613 7.2 278,706 265,168 5.4 Total Other Americas 2,012 1,788 21.1 1,243,343 1,215,604 24.8 Central Europe 467 445 5.2 125,768 121,346 2.5 Northern Europe 180 143 1.7 179,907 150,892 3.1 Southern Europe 403 374 4.4 127,842 117,026 2.4 United Kingdom 275 265 3.1 297,097 246,639 5.0 Total Europe 1,325 1,227 14.4 730,614 635,903 13.0 Japan 99 99 1.2 151,792 151,792 3.1 China 78 78 0.9 19,943 19,943 0.4 India 252 212 2.5 94,742 80,443 1.6 Total Asia 429 389 4.6 266,477 252,178 5.1 Total Outside the U.S. 3,766 3,404 40.1 2,240,434 2,103,685 42.9 Total Land Portfolio 8,895 8,481 100.0 $ 5,071,670 $ 4,896,667 100.0 Estimated build out of land portfolio (in TEI) $ 24,900,000 $ 23,900,000 Estimated build out of Covered Land Plays (in TEI) 7,900,000 6,500,000 Estimated build out of other land (in TEI)(A) 7,800,000 6,900,000 Total $ 40,600,000 $ 37,300,000 Land Roll Forward - Prologis Share U.S. Other Americas Europe Asia Total At March 31, 2026 $ 2,725,850 $ 1,219,293 $ 636,741 $ 217,444 $ 4,799,328 Acquisitions 123,783 45,906 7,906 17,979 195,574 Reclassifications - - - - - Dispositions and contributions (3,434) - - - (3,434) Development starts (105,143) (44,697) (9,915) (3,523) (163,278) Infrastructure costs 54,917 11,844 5,142 22,839 94,742 Effect of changes in foreign exchange rates and other (2,991) (16,742) (3,971) (2,561) (26,265) At June 30, 2026 $ 2,792,982 $ 1,215,604 $ 635,903 $ 252,178 $ 4,896,667 Amounts include approximately 3,400 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 we own solar ordered by Prologis Share of Operating Portfolio NOI (%)

	Operating Portfolio		Under Development		Capacity (MW)	Gross Book Value	Capacity (MW)	Current Investment	TEI
Southern California	73	$ 172,579	30	$ 63,208	$ 94,886
New Jersey/New York City	84	203,928	54	157,286	203,363
Chicago	14	33,602	44	106,041	143,911
San Francisco Bay Area	16	40,753	25	43,785	76,836
Central Valley	30	61,436	8	14,434	20,013
Baltimore/Washington	2	4,672	22	68,127	91,479
Remaining U.S. markets (5 markets)	7	13,118	12	15,073	46,138
Total U.S.	226	530,088	195	467,954	676,626
Mexico	11	10,135	25	16,641	26,113
Total Other Americas	11	10,135	25	16,641	26,113
Germany	50	43,480	13	2,671	11,246
Italy	16	10,381	7	1,691	7,022
Remaining European countries (6 countries)	15	14,675	22	6,811	15,540
Total Europe	81	68,536	42	11,173	33,808
Japan	67	79,003	10	1,483	8,183
China	25	14,375	-	-	-
Singapore	5	4,054	-	-	-
Total Asia	97	97,432	10	1,483	8,183
Total Outside the U.S.	189	176,103	77	29,297	68,104
Total Solar Portfolio	415	706,191	272	497,251	744,730
Energy Storage Portfolio	82	107,305	10	11,873	12,514
Total Solar and Energy Storage Portfolio	497	813,496	282	509,124	757,244
Third party and other	867
Investment Tax Credits ("ITC")	(297,684)
Projects awaiting final commissioning(A)	27
TEI, Net of ITCs	459,560
Total installed capacity	1,391
Estimated weighted average stabilized yield	11.2 %

These projects are also included as under development in the solar and energy storage portfolio.

Strategic Capital Overview

THIRD-PARTY AUM dollars in billions
THIRD-PARTY FEE RELATED AND PROMOTE REVENUE in millions
FEE RELATED EARNINGS ANNUALIZED* in millions
NET PROMOTE INCOME (EXPENSE) dollars in millions
37.1	51.5	50.9	24.8	26.1
Trailing 3-year basis points of third-party AUM
95.0%	93.0%	95.0%	93.6%	92.2%
% 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’ stand alone 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
Co-Investment Ventures (at 100%) (A) in thousands	Consolidated	Unconsolidated	Total
Square Feet	78,203	550,504	628,707
GBV of Operating Buildings	$ 8,473,696	$ 62,771,096	$ 71,244,792
GBV of Real Estate	$ 8,548,298	$ 65,963,487	$ 74,511,785
Debt	$ -	$ 19,725,090	$ 19,725,090
FINANCIAL HIGHLIGHTS PROMOTE OPPORTUNITIES (B) THIRD-PARTY AUM: $67.8B
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 June 30, 2026
Rental revenue	$ 451,100	$ 225,718	$ 540,696	$ 141,573	$ 1,359,087
Rental expense	(106,460)	(33,837)	(98,321)	(36,448)	(275,066)
General and administrative expense	(21,841)	(18,828)	(22,947)	(14,659)	(78,275)
Depreciation and amortization expense	(142,716)	(61,120)	(221,746)	(50,285)	(475,867)
Other operating revenue (expense)	(185)	(1,531)	(1,468)	-	(3,184)
Operating income (expense) before gains on real estate transactions, net	179,898	110,402	196,214	40,181	526,695
Gains (losses) on dispositions of investments in real estate, net	33	2,833	74,013	465	77,344
Operating income (expense)	179,931	113,235	270,227	40,646	604,039
Interest expense	(71,376)	(32,639)	(54,668)	(15,224)	(173,907)
Gains (losses) on early extinguishment of debt, net	-	(779)	-	-	(779)
Current and deferred income tax benefit (expense)	(170)	(646)	(20,898)	(3,037)	(24,751)
Foreign currency, derivative and other gains (losses) and other income (expense), net	2,770	(2,009)	1,120	1,843	3,724
Net earnings (loss)	111,155	77,162	195,781	24,228	408,326
Real estate related depreciation and amortization expense	138,656	60,910	217,293	48,838	465,697
Losses (gains) on dispositions of investments in real estate, net of taxes	(33)	(2,833)	(73,847)	(465)	(77,178)
Unrealized foreign currency, derivative and other losses (gains), net	-	1,109	(3,184)	(2,727)	(4,802)
Deferred income tax expense (benefit)	-	-	(17,088)	42	(17,046)
FFO, as modified by Prologis*	249,778	136,348	318,955	69,916	774,997
Core FFO defined adjustments	-	779	(166)	-	613
Core FFO*	$ 249,778	$ 137,127	$ 318,789	$ 69,916	$ 775,610
Balance Sheet Information At June 30, 2026
Operating properties, before depreciation	$ 16,616,015	$ 6,459,959	$ 30,711,685	$ 8,983,437	$ 62,771,096
Accumulated depreciation	(3,504,266)	(1,100,522)	(5,891,887)	(1,305,562)	(11,802,237)
Properties under development, land and other real estate	1,041,673	1,460,476	486,169	204,073	3,192,391
Other assets	1,289,600	533,557	1,649,903	487,972	3,961,032
Total assets	$ 15,443,022	$ 7,353,470	$ 26,955,870	$ 8,369,920	$ 58,122,282
Third-party debt	$ 7,021,930	$ 2,513,235	$ 6,911,291	$ 3,278,634	$ 19,725,090
Other liabilities	1,036,615	413,804	2,246,566	338,301	4,035,286
Total liabilities	$ 8,058,545	$ 2,927,039	$ 9,157,857	$ 3,616,935	$ 23,760,376
Weighted average ownership	33.2 %	32.3 %	33.0 %	15.8 %	30.5 %
* 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’ stand alone 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 June 30, 2026
Rental revenue	$ 115,118	$ 419,234
Rental expense	(27,763)	(82,553)
General and administrative expense	(12,335)	(25,543)
Depreciation and amortization expense	(37,153)	(148,078)
Other operating income (expense)	934	(1,108)
Operating income before gains	38,801	161,952
Gains (losses) on dispositions of investments in real estate, net	224	19,714
Operating income	39,025	181,666
Interest expense	(136)	(51,418)
Losses on early extinguishment of debt, net	-	(269)
Current and deferred income tax benefit (expense)	(276)	(7,397)
Foreign currency, derivative and other gains (losses) and other income (expense), net	409	4,129
Earnings from unconsolidated co-investment ventures, net	40	-
Net earnings	39,062	126,711
Real estate related depreciation and amortization expense	36,260	144,966
Losses (gains) on other dispositions of investments in real estate, net of taxes (excluding development properties and land)	(224)	(19,667)
NAREIT defined FFO*	75,098	252,010
Unrealized foreign currency, derivative and other losses (gains), net	37	(840)
Deferred income tax expense (benefit)	217	(5,425)
FFO, as modified by Prologis*	75,352	245,745
Core FFO defined adjustments	-	225
Core FFO*	$ 75,352	$ 245,970
Balance Sheet Information At June 30, 2026
Operating properties, before depreciation	$ 3,984,622	$ 19,018,159
Accumulated depreciation	(990,524)	(3,630,840)
Properties under development, land and other real estate	190,855	1,106,698
Other assets	249,750	1,221,971
Total assets	$ 3,434,703	$ 17,715,988
Third-party debt	$ 28,357	$ 5,508,261
Other liabilities	102,079	1,141,709
Total liabilities	$ 130,436	$ 6,649,970
Weighted average ownership	33.5 %	30.5 %
Noncontrolling interests investment	$ 3,304,267
Investment in and advances to unconsolidated co-investment ventures	$ 10,656,282
Investment in and advances to other unconsolidated ventures	811,121
Investment in and advances to unconsolidated entities	$ 11,467,403
* 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:

$112.4B in billions

Debt Metrics(C) - Prologis Share

June 30, 2026

March 31, 2026

Debt as % of gross Market Capitalization*

23.9 %

23.8 %

Debt as % of gross real estate assets*

35.7 %

35.4 %

Secured debt as % of gross real estate assets*

0.4 %

Unencumbered gross real estate assets to unsecured debt*

267.0 %

274.5 %

Fixed charge coverage ratio*

6.4x

Fixed charge coverage ratio, excluding development gains*

5.9x

6.0x

Debt/Adjusted EBITDA*

4.7x

4.8x

Debt/Adjusted EBITDA, excluding development gains*

5.1x

Weighted average interest rate

3.3 %

Weighted average remaining maturity in years

7.9

8.1

Percentage of floating rate debt

4.3 %

4.6 %

Credit Ratings at June 30, 2026(D)

Moody's A2 (Outlook Stable)

Standard & Poor's A (Outlook Stable)

$170,946

$239,791

Investment Capacity

$3,235

AUM Strategic Capital

$103,540

Total Enterprise Value(A)

$170,946

$41,922

$129,024

Direct owned and other

Market Equity

Prologis Share of ventures

$34,695

Investors' share of ventures

$65,610

U.S.(B) 75.6%

U.S. Dollar (B) 83.6%

Outside U.S. 16.4%

U.S. Dollar(B) 54.2%

Outside U.S. 45.8%

U.S. Dollar (B) 95.9%

Outside U.S. 4.1%

Enterprise Value(A)

Debt

Market Equity

Enterprise Value(A)

AUM by Ownership

AUM by Geography

Debt Europe 15.7%

Asia 6.1%

Other Americas 2.6%

$129,024

$41,922

$136,251

* 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 $135.47 at June 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 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 Components - Consolidated Capitalization

dollars in thousands

Maturity	Unsecured Senior Notes	Credit Facilities and Commercial Paper	Term Loans and Other	Secured Mortgage	Total	Wtd. Avg. Interest Rate %	% Fixed
2026	$ 399,879	$ 514,142	$ 146,831	$ 9,790	$ 1,070,642	2.4 %	51 %
2027	1,966,180	-	44,325	29,492	2,039,997	2.2 %	99 %
2028	2,563,383	-	129,322	16,309	2,709,014	3.3 %	96 %
2029	3,362,249	-	6,554	11,734	3,380,537	2.7 %	100 %
2030	3,024,939	-	30,781	5,634	3,061,354	2.7 %	99 %
2031	3,064,691	-	123,125	17,607	3,205,423	3.1 %	100 %
2032	2,701,840	-	738,751	18,715	3,459,306	2.3 %	89 %
2033	2,863,373	-	160,535	98,209	3,122,117	4.4 %	98 %
2034	3,628,316	-	384,635	-	4,012,951	3.8 %	97 %
2035	2,622,725	-	-	-	2,622,725	3.6 %	100 %
2036	927,916	-	-	15,000	942,916	4.3 %	100 %
Thereafter	7,348,861	-	-	-	7,348,861	3.6 %	100 %
Subtotal	$ 34,474,352	$ 514,142	$ 1,764,859	$ 222,490	$ 36,975,843	3.3 %	97 %
Unamortized net premiums (discounts)	(398,952)	-	-	5,969	(392,983)
Unamortized finance costs	(135,798)	-	(4,028)	(949)	(140,775)
Total consolidated debt, net of premiums (discounts)	$ 33,939,602	$ 514,142	$ 1,760,831	$ 227,510	$ 36,442,085
Weighted average interest rate	3.3 %	2.2 %	2.0 %	4.1 %	3.3 %
Weighted average remaining maturity in years	8.4	0.0	5.7	6.1	8.2
Prologis consolidated debt by local currency	Senior Notes	Credit Facilities and Commercial Paper	Term Loans and Other	Secured Mortgage	Total	Investment Hedges(A)	Total	% of Total
USD	$ 16,484,618	$ -	$ 6,636	$ 170,239	$ 16,661,493	$ (685,386)	$ 15,976,107	44 %
EUR	11,135,624	461,457	230,376	-	11,827,457	-	11,827,457	32 %
GBP	1,810,874	-	-	-	1,810,874	685,386	2,496,260	7 %
JPY	1,755,714	-	1,332,302	-	3,088,016	-	3,088,016	8 %
CAD	2,335,689	52,685	-	-	2,388,374	-	2,388,374	7 %
Other	417,083	-	191,517	57,271	665,871	-	665,871	2 %
Total debt	$ 33,939,602	$ 514,142	$ 1,760,831	$ 227,510	$ 36,442,085	$ -	$ 36,442,085	100 %
Liquidity
Aggregate lender commitments:
Credit facilities	$ 6,365,446
Less: Credit facilities borrowings outstanding	-
Less: Commercial paper borrowings outstanding(B)	514,142
Less: Outstanding letters of credit	23,212
Current availability	5,828,092
Cash and cash equivalents	1,765,043
Total liquidity	$ 7,593,135

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.

Debt Components - Noncontrolling Interests and Unconsolidated(A) Capitalization dollars in thousands Noncontrolling Interests Prologis Share of Unconsolidated Co-Investment Ventures Maturity Unsecured Secured Total Wtd. Avg. Interest Rate % Fixed Unsecured(B) Secured Total Wtd.

Avg. Interest Rate % Fixed 2026 $ - $ 364 $ 364 3.8 % 100 % $ 19,592 $ 21,262 $ 40,854 2.4 % 88 % 2027 829 829 3.8 % 100 % 179,699 33,380 213,079 3.1 % 98 % 2028 7,888 390 8,278 6.8 % 5 % 431,226 72,809 504,035 3.7 % 71 % 2029 983 410 1,393 6.0 % 29 % 811,350 - 811,350 4.0 % 62 % 2030 - 430 430 3.3 % 100 % 489,590 - 489,590 3.0 % 99 % 2031 - 1,861 1,861 3.3 % 100 % 598,824 - 598,824 3.2 % 84 % 2032 - 473 473 3.3 % 100 % 469,614 27,472 497,086 2.6 % 94 % 2033 - 12,306 12,306 4.1 % 100 % 476,064 36,919 512,983 3.2 % 100 % 2034 - - - - - 408,946 14,974 423,920 4.5 % 100 % 2035 - - - - - 611,141 - 611,141 4.9 % 100 % 2036 - 1,500 1,500 5.6 % 100 % 374,216 - 374,216 4.6 % 100 % Thereafter - - - - - 463,855 - 463,855 4.5 % 100 % Subtotal $ 8,871 $ 18,563 $ 27,434 5.0 % 68 % $ 5,334,117 $ 206,816 $ 5,540,933 3.8 % 89 % Unamortized net premiums (discounts) - 1,019 1,019 (13,398) 154 (13,244) Unamortized finance costs - (96) (96) (18,545) (883) (19,428) Noncontrolling interests and Prologis Share of unconsolidated debt, net of unamortized premiums (discounts) and finance costs $ 8,871 $ 19,486 $ 28,357 $ 5,302,174 $ 206,087 $ 5,508,261 Weighted average interest rate 7.0 % 4.0 % 5.0 % 3.8 % 3.5 % 3.8 % Weighted average remaining maturity in years 2.0 6.8 5.3 6.1 3.7 6.0 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 $ - $ 19,486 $ 19,486 69 % $ 3,213,368 $ 21,391 $ 3,234,759 $ - $ 3,234,759 58 % EUR - - - - 1,536,757 48,185 1,584,942 (532,725) 1,052,217 19 % GBP - - - - 191,222 24,367 215,589 434,631 650,220 12 % JPY - - - - 339,808 81,874 421,682 - 421,682 8 % CAD - - - - - - - - - - Other 8,871 - 8,871 31 % 21,019 30,270 51,289 98,094 149,383 3 % Total debt $ 8,871 $ 19,486 $ 28,357 100 % $ 5,302,174 $ 206,087 $ 5,508,261 $ - $ 5,508,261 100 % Refer to Notes and Definitions under Non-GAAP Pro-Rata Financial Information for further explanation on how these amounts are calculated. The maturity of certain unsecured debt (Prologis Share $649 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.	583,839	$ 73,695,999	$ 126	$ 1,331,716	$ 1,331,716	$ 5,326,864	96.0 %
Other Americas	18,107	1,902,687	105	40,380	40,380	161,520	89.8 %
Europe	6,814	907,200	133	7,958	7,958	31,832	78.8 %
Asia	29,067	1,306,358	45	16,468	16,468	65,872	88.5 %
NOI adjustments for mid-quarter acquisitions/development completions	7,900	31,600
Total consolidated operating portfolio	637,827	77,812,244	122	1,396,522	1,404,422	5,617,688	95.3 %
Unconsolidated U.S.	46,348	5,477,225	118	107,166	107,166	428,664	94.4 %
Other Americas	26,483	2,081,265	79	48,624	48,624	194,496	95.8 %
Europe	79,962	9,955,952	125	146,290	146,290	585,160	96.4 %
Asia	12,130	1,389,035	115	16,487	16,487	65,948	95.7 %
Net Property Management Income	11,176	47,447
NOI adjustments for mid-quarter acquisitions/development completions	3,933	15,732
Total unconsolidated operating portfolio	164,923	18,903,477	115	318,567	333,676	1,337,447	95.7 %
Total Operating Portfolio	802,750	$ 96,715,721	$ 120	$ 1,715,089	$ 1,738,098	$ 6,955,135	95.4 %
Development Portfolio	Square Feet	Investment Balance	TEI	TEI per Sq Ft	Annualized Estimated NOI	Percent Leased
Consolidated Prestabilized U.S.	2,014	$ 364,570	$ 416,931	$ 207	$ 23,786	48.1 %
Other Americas	-	-	-	-	-	-
Europe	273	78,625	85,400	313	4,485	12.6 %
Asia	672	94,626	102,363	152	5,826	73.7 %
Properties under development U.S.(A)	6,662	1,794,997	3,546,314	532	283,509
Other Americas	963	85,626	159,484	166	12,177
Europe	3,662	334,146	833,575	228	45,231
Asia	5,019	136,218	565,341	113	29,150
Total consolidated development portfolio	19,265	2,888,808	5,709,408	296	404,164
Unconsolidated U.S.	2,291	209,074	350,205	153	22,680
Other Americas	453	17,393	39,575	87	2,975
Europe	530	39,398	94,924	179	5,057
Asia	-	-	-	-	-
Total unconsolidated development portfolio	3,274	265,865	484,704	148	30,712
Total Development Portfolio	22,539	$ 3,154,673	$ 6,194,112	$ 275	$ 434,876
Prologis Share of est. value creation (see Capital Deployment - Development Portfolio)	1,381,586
Total Development Portfolio, including est. value creation	$ 4,536,259

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 $ 1,765,043 Restricted cash 62,221 Accounts receivable, prepaid assets and other tangible assets 1,801,300 Gross book value of other real estate investments and assets held for sale 7,218,395 Value added operating properties 695,677 Prologis receivable from unconsolidated co-investment ventures 440,244 Investments in and advances to other unconsolidated joint ventures 811,121 Total other assets $ 12,794,001 Other liabilities Accounts payable and other current liabilities $ 2,533,873 Deferred income taxes 179,235 Value added tax and other tax liabilities 51,712 Tenant security deposits 451,746 Other liabilities 845,959 Total other liabilities $ 4,062,525 Noncontrolling Interests and Unconsolidated Co-investment Ventures Less: noncontrolling interests share of net tangible other liabilities (assets) $ (105,245) Prologis Share of unconsolidated net tangible other assets (liabilities) 382,106 Less: noncontrolling interests share of value added operating properties (30,189) Prologis Share of unconsolidated value added operating properties 114,682 Land Current book value of land 4,802,617 Less: noncontrolling interests share of the current book value of land (21,704) Prologis Share of book value of land in unconsolidated co-investment ventures 115,754 Debt (at par) and Preferred Stock Consolidated debt $ 36,975,843 Noncontrolling interests share of consolidated debt (27,434) Prologis Share of unconsolidated co-investment ventures' debt 5,540,933 Preferred stock 63,948 Common Stock and Limited Partnership Units Outstanding shares of common stock and limited partnership units 951,950 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) $ 95,657 $ 382,628 Third-party share of transactional fees from consolidated and unconsolidated co-investment and other ventures (current quarter/trailing twelve months) 9,589 39,803 Strategic capital expenses for asset management and transactional fees (current quarter/trailing twelve months) (41,606) (148,807) Fee Related Earnings $ 63,640 $ 273,624 Net Promote Income (Expense) (current quarter/trailing twelve months)(A) $ 26,229 $ (10,783) Net Promote Income (Expense) (five year average) $ 194,125 Development management revenue (current quarter/trailing twelve months) $ 6,759 $ 34,820 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

JFK Logistics Center, Jamaica, New York

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.

Annualized Estimated NOI for the properties in our Development Portfolio is based on current TEI multiplied by the Estimated Weighted Average Stabilized Yield. Notes and Definitions Rental revenues $ 2,177,074 Rental expenses (530,861) NOI 1,646,213 Net termination fees and adjustments (a) (12,374) Less: actual NOI for Development Portfolio and other real estate investments and other (75,321) Less: Net Property Management Income (47,803) Less: properties contributed or sold (b) (5,003) Less: noncontrolling interests share of NOI less termination fees and adjustments (87,341) Prologis Share of adjusted NOI for consolidated Operating Portfolio at June 30, 2026 $ 1,418,371 Straight-line rents (c) (74,627) Free rent (c) 71,775 Amortization of lease intangibles (c) (64,906) Net Property Management Income 47,803 Effect of foreign currency exchange (d) (1,370) Less: noncontrolling interests (524) Second Quarter Adjusted Cash NOI (Actual) $ 1,396,522 Please refer to our annual and quarterly financial statements filed with the Securities and Exchange Commission 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 Forms 10-K and 10-Q 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 for the most recent quarter ended of our rental income and rental expenses included in our Consolidated Statement of Income to Adjusted Cash NOI 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 Six Months Ended Jun. 30, Jun. 30, in thousands, except per share amount 2026 2025 2026 2025

Net earnings
Noncontrolling interest attributable to exchangeable limited partnership units	22,831	13,936	45,858	28,927
Adjusted net earnings attributable to common stockholders - Diluted	$ 1,083,675	$ 583,660	$ 2,087,178	$ 1,190,152
Weighted average common shares outstanding - Basic	933,092	928,476	932,175	927,909
Incremental weighted average effect on exchange of limited partnership units	20,160	22,731	21,061	23,115
Incremental weighted average effect of equity awards	4,632	4,675	4,418	4,577
Net earnings per share - Basic	$ 1.14	$ 0.61	$ 2.19	$ 1.25
Net earnings per share - Diluted	$ 1.13	$ 0.61	$ 2.18	$ 1.25

Three Months Ended Six Months Ended Jun. 30, Jun. 30, in thousands, except per share amount 2026 2025 2026 2025

Core FFO
Core FFO attributable to common stockholders/ unitholders	$ 1,559,127	$ 1,395,982	$ 2,999,620	$ 2,752,013
Noncontrolling interest attributable to exchangeable limited partnership units	221	258	453	552
Core FFO attributable to common stockholders/ unitholders - Diluted	$ 1,559,348	$ 1,396,240	$ 3,000,073	$ 2,752,565
Less: Net Promote Income (Expense)	26,229	(13,437)	13,847	(24,330)
Core FFO attributable to common stockholders/ unitholders, excluding Net Promote Income (Expense) - Diluted	$ 1,533,119	$ 1,409,677	$ 2,986,226	$ 2,776,895
Incremental weighted average effect on exchange of limited partnership units	20,160	22,990	21,061	23,383
Weighted average common shares outstanding - Diluted	957,884	956,141	957,654	955,869
Core FFO per share - Diluted	$ 1.63	$ 1.46	$ 3.13	$ 2.88
Core FFO per share, excluding Net Promote Income (Expense) - Diluted	$ 1.60	$ 1.47	$ 3.12	$ 2.91

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. 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%	32.2 %	<60%	23.9 %
Fixed charge coverage ratio	>1.5x	7.1x	>1.5x	8.4x
Secured debt leverage ratio	<40%	0.2 %	<40%	0.1 %
Unencumbered asset to unsecured debt ratio	>150%	279.1 %	N/A	N/A
Unencumbered debt service coverage ratio	N/A	N/A	>150%	776.6 %

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 Securities Exchange Commission 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 $593.3 million and $511.6 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 June 30, 2026, total TEI for yards, parking lots, data centers and non-industrial assets was $2.9 billion on an Owned and Managed 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	Jun. 30, 2026	Mar. 31, 2026
Debt as a % of gross real estate assets:
Consolidated debt	$ 36,442,085	$ 34,669,592
Unamortized deferred financing costs and discount, net	533,758	525,386
Consolidated debt (at par)	36,975,843	35,194,978
Noncontrolling interests share of consolidated debt (at par)	(27,434)	(25,107)
Prologis Share of unconsolidated debt (at par)	5,540,933	5,462,384
Total Prologis Share of debt (at par)	42,489,342	40,632,255
Prologis Share of outstanding foreign currency derivatives	(2,303)	(11,811)
Consolidated cash and cash equivalents	(1,765,043)	(861,144)
Noncontrolling interests share of consolidated cash and cash equivalents	23,735	25,455
Prologis Share of unconsolidated cash and cash equivalents	(302,739)	(381,729)
Total Prologis Share of debt, net of adjustments	$ 40,442,992	$ 39,403,026
Consolidated gross investments in real estate	97,013,785	95,241,445
Assets held for sale or contribution	498,975	499,799
Acquired intangible liabilities, net of assets	(805,691)	(817,598)
Consolidated gross real estate assets	96,707,069	94,923,646
Noncontrolling interests share of consolidated gross real estate assets	(4,181,455)	(4,158,370)
Prologis Share of unconsolidated gross real estate assets	20,906,392	20,522,301
Total Prologis Share of gross real estate assets	$ 113,432,006	$ 111,287,577
Debt as a % of gross real estate assets	35.7 %	35.4 %
Debt as a % of gross Market Capitalization:
Total outstanding common stock and limited partnership units	951,950	951,976
Share price at quarter end	$ 135.47	$ 132.18
Total equity capitalization	$ 128,960,667	$ 125,832,188
Total Prologis Share of debt, net of adjustments	40,442,992	39,403,026
Gross Market Capitalization	$ 169,403,659	$ 165,235,214
Debt as a % of gross Market Capitalization	23.9 %	23.8 %
Secured debt as a % of gross real estate assets:
Consolidated secured debt (at par)	$ 222,490	$ 209,078
Noncontrolling interests share of consolidated secured debt (at par)	(18,563)	(18,761)
Prologis Share of unconsolidated secured debt (at par)	206,816	224,872
Total Prologis Share of secured debt (at par)	$ 410,743	$ 415,189
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	$ 95,972,736	$ 94,459,212
Noncontrolling interests share of consolidated unencumbered gross real estate assets	(4,119,055)	(4,095,962)
Prologis Share of unconsolidated unencumbered gross real estate assets	20,516,647	20,042,720
Total Prologis Share of unencumbered gross real estate assets	$ 112,370,328	$ 110,405,970
Consolidated unsecured debt (at par)	36,753,353	34,985,900
Noncontrolling interests share of consolidated unsecured debt (at par)	(8,871)	(6,346)
Prologis Share of unconsolidated unsecured debt (at par)	5,334,117	5,237,512
Total Prologis Share of unsecured debt (at par)	$ 42,078,599	$ 40,217,066
Unencumbered gross real estate assets to unsecured debt	267.0 %	274.5 %
Fixed Charge Coverage ratio:
Adjusted EBITDA (a)	$ 2,142,622	$ 2,178,034
Adjusted EBITDA-annualized including trailing twelve months of development gains and other and excluding Net Promote Income (Expense) (b)	$ 8,601,858	$ 8,223,228
Net Promote Income (Expense) for the trailing twelve months	(10,783)	(50,448)
Adjusted EBITDA-annualized	$ 8,591,075	$ 8,172,780
Annualized NOI adjustment for real estate transactions	(19,704)	(37,056)
Adjusted EBITDA, including NOI from real estate transactions, annualized	$ 8,571,371	$ 8,135,724
Interest expense	$ 276,311	$ 254,286
Amortization and write-off of deferred loan costs	(7,817)	(7,472)
Amortization of debt discount, net	(13,410)	(13,160)
Capitalized interest	29,270	33,038
Preferred stock dividends	1,347	1,500
Noncontrolling interests share of consolidated fixed charges	(207)	(407)
Prologis Share of unconsolidated fixed charges	51,708	49,064
Total Prologis Share of fixed charges	$ 337,202	$ 316,849
Total Prologis Share of fixed charges, annualized	$ 1,348,808	$ 1,267,396
Fixed charge coverage ratio	6.4x	6.4x
Debt to Adjusted EBITDA:
Debt to Adjusted EBITDA ratio	4.7x	4.8x

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. 5.7 % 6.6 % 8.2 % 7.6 % Other Americas - 7.6 % 7.5 % 7.6 % Europe 5.3 % 5.3 % 5.9 % 5.4 % Asia 5.7 % 6.2 % 4.9 % 5.2 % Total 5.6 % 6.1 % 7.7 % 7.0 % 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 Six Months Ended in thousands Jun. 30, 2026 Strategic capital revenues $ 241,619 $ 402,431 Less: Strategic capital revenue from property management fees (40,614) (82,094) Less: Prologis Share of asset management fees and transactional fees from unconsolidated entities (25,105) (51,087) Add: Third-party share of asset management fees and transactional fees from consolidated ventures 11,702 23,771 Effect of foreign currency exchange 887 1,278 Third-party share of fee related and promote revenue $ 188,489 $ 294,299 Less: Promote revenue (83,243) (83,303) Fee related revenue $ 105,246 $ 210,996 Less: Strategic capital expenses for asset management fees and transactional fees (41,606) Fee Related Earnings $ 63,640 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 include 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	Six Months Ended
Jun. 30,	Jun. 30,
in thousands	2026	2025	2026	2025
Building and land development activities	$ 22,631	$ 25,115	$ 49,573	$ 55,785
Operating building improvements and other	19,167	15,516	39,175	28,494
Total capitalized G&A	$ 41,798	$ 40,631	$ 88,748	$ 84,279
G&A as a Percent of Gross Book Value/Assets Under Management (dollars in thousands)
Adjusted G&A (trailing twelve months):
Net G&A	$ 504,058
Add: strategic capital expenses (excluding promote expense)	261,398
Less: strategic capital property management expenses	(103,014)
Adjusted G&A	$ 662,442
Gross book value at period end (a):
Operating properties	$ 145,233,450
Development portfolio - TEI	7,247,596
Land portfolio	5,071,670
Other real estate investments and assets held for sale	9,757,557
Total gross book value at period end (a)	$ 167,310,273
G&A as % of gross book value at period end (a)	0.40 %
Total value of Assets Under Management (a)	$ 239,790,986
G&A as % of Assets Under Management	0.28 %

(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)	$ 4.40	$ 4.55
Our share of:
Depreciation and amortization	3.26	3.29
Net gains on real estate transactions, net of taxes	(1.45)	(1.55)
Unrealized foreign currency losses (gains), losses (gains) on early extinguishment of debt and other, net	0.01	0.01
Core FFO attributable to common stockholders/unitholders	$ 6.22	$ 6.30
Less: Net Promote Income (Expense)	-	-
Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)	$ 6.22	$ 6.30

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 Jun. 30,	Six Months Ended Jun. 30,
Current income tax expense	$ 81,087	$ 26,984	$ 127,566	$ 62,549
Current income tax expense (benefit) on dispositions	8,232	739	9,534	1,875
Total current income tax expense (benefit)	89,319	27,723	137,100	64,424
Total income tax expense (benefit)	$ 108,173	$ 23,405	$ 156,144	$ 66,788
Interest Expense.
Three Months Ended Jun. 30,	Six Months Ended Jun. 30,
Gross interest expense	$ 284,354	$ 256,211	$ 551,046	$ 490,488
Amortization of debt discounts, net	13,410	14,061	26,570	27,827
Amortization of finance costs	7,817	7,861	15,289	14,930
Interest expense before capitalization	305,581	278,133	592,905	533,245
Capitalized amounts	(29,270)	(26,267)	(62,308)	(49,628)
Interest Expense	$ 276,311	$ 251,866	$ 530,597	$ 483,617

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 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 not 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 Jun. 30,	Six Months Ended Jun. 30,
Rental revenues	$ 1,541,593	$ 1,401,020	$ 3,031,732	$ 2,770,829
Rental recoveries	472,704	435,107	940,141	873,503
Amortization of lease intangibles	72,343	85,650	147,016	174,379
Straight-lined rents	90,434	103,555	183,269	193,886
Rental Revenues	$ 2,177,074	$ 2,025,332	$ 4,302,158	$ 4,012,597

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 June 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 June 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. It excludes 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 Jun. 30,	dollars in thousands	2026	2025	Change (%)
Reconciliation of Consolidated Property NOI to Same Store Property NOI measures:
Rental revenues	$ 2,177,074	$ 2,025,332
Rental expenses	(530,861)	(487,963)
Consolidated Property NOI	$ 1,646,213	$ 1,537,369
Adjustments to derive same store results:
Property NOI from consolidated properties not included in same store portfolio and other adjustments (a)	(179,260)	(158,079)
Property NOI from unconsolidated co-investment ventures included in same store portfolio (a)(b)	1,000,076	939,990
Third parties' share of Property NOI from properties included in same store portfolio (a)(b)	(777,776)	(731,166)
Prologis Share of Same Store Property NOI - Net Effective (b)	$ 1,689,253	$ 1,588,114	6.4 %
Consolidated properties straight-line rent and fair value lease amortization included in the same store portfolio (c)	(128,107)	(144,879)
Unconsolidated co-investment ventures straight-line rent and fair value lease amortization included in the same store portfolio (c)	(34,940)	(37,338)
Third parties' share of straight-line rent and fair value lease amortization included in the same store portfolio (b)(c)	29,086	28,117
Prologis Share of Same Store Property NOI - Cash (b)(c)	$ 1,555,292	$ 1,434,014	8.5 %