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Investor Presentation November 2025
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Forward-looking statements INVESTOR PRESENTATION This presentation includes certain terms and non-GAAP financial measures that are not specifically defined herein. These terms and financial measures are defined and, in the case of the non-GAAP financial measures, reconciled to the most directly comparable GAAP measure, in our quarterly Earnings Release and Supplemental Information that is available on our investor relations website at www.ir.prologis.com and on the SEC’s website at www.sec.gov. The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects" "anticipates," "intends," "plans," "believes," "seeks," and "estimates" including variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future—including statements relating to rent and occupancy growth, acquisition and development activity, including data center developments and power procurement related thereto, contribution and disposition activity, general conditions in the geographic areas where we operate, expectations regarding new lines of business, our debt, capital structure and financial position, our ability to earn revenues from co-investment ventures, form new co-investment ventures and the availability of capital in existing or new co-investment ventures—are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or for ecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) international, national, regional and local economic and political climates and conditions; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associ ated with acquisitions, dispositions and development of properties, including the integration of the operations of significant real estate portfolios; (v) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; (x) risks related to global pandemics; and (xi) those additional factors discussed in reports filed with the Securities and Exchange Commission by us under the heading "Risk Factors." We undertake no duty to update any forward-looking statements appearing in this document except as may be required by law. This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
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About Prologis At Prologis, we don't just lead the industry–we define it with a 1.3 billion square foot portfolio and an annual throughput of approximately $3.2 trillion. We create the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. Prologis data as of June 30, 2025 $3.2T of goods–the equivalent of 2.9% global GDP–flowed through Prologis warehouses in 20241 $215B assets under management 5,887 buildings 6,500 customers 1.3B square feet 20 countries $42B build out of land bank (TEI) 2 40+ years real estate and development expertise A2/A rated by Moody’s/S&P3 Asia 114 MSF 290 buildings 411 acres Europe 25 2 MSF 1,155 buildings 2,243 acres Other Americas 128 MSF 621 buildings 2,288 acres U.S. 802 MSF 3,821 buildings 7,828 acres INVESTOR PRESENTATION Note: Prologis data as of September 30, 2025. 1. Source: Oxford Economics as of December 31, 2024. 2. 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. 3. 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 agency. 3
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Why logistics real estate – Essential infrastructure for commerce – Structural demand – Inflation-plus market rent growth – Long-term outperformance Section 1
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Raw materials suppliers 5 Essential infrastructure for commerce WHY LOGISTICS REAL ESTATE Raw materials suppliers International manufacturing / Order consolidation Domestic manufacturing / Order consolidation Import/national distribution center Regional distribution center Last Touch Customer Retail centers Production warehouse Production warehouse Where goods are consumed | Constant — Prologis core focusWhere goods are produced | Variable Return center
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6 Diverse demand drivers WHY LOGISTICS REAL ESTATE Logistics user base by demand driver1 % NRA Index, Jan. 2023 = 100 Retail sales by categories of logistics demand2 39% basic daily needs 30% structural 31% cyclical trends 90 95 100 105 110 115 120 125 2023 2024 2025 Structural Cyclical Basic daily needs Note: Basic daily needs include items like food and beverage, apparel, fast-moving consumer goods, packaging and plastics. Cyclical spending examples include auto, construction, electronics, appliances and home goods. Structural trend examples include general retail, transportation and healthcare. 1. Source: Prologis Research 2. Source: U.S. Census, BEA, Prologis Research
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0 100 200 300 400 2012 2015 2018 2021 2024 1. Source: U.S. Census Bureau. 2. Source: Prologis Research. 7 Demand | e-commerce1 Quarterly volume of sales, $B, SA 0 15 30 45 60 NY/NJ/PA Chicago SoCal Before 2010 2010 and after Supply | further out2 New development average distance from city center, miles Robust structural trends WHY LOGISTICS REAL ESTATE More space needs Limited supply
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0 400 800 1,200 1,600 2010 2012 2014 2016 2018 2020 2022 2024 2026F 2028F 24% Source: Euromonitor, E-Marketer, Census Bureau, Prologis Research. E-commerce sales $B E-commerce multiplier effect WHY LOGISTICS REAL ESTATE E-commerce penetration rate 334k 1,174k Brick-and-mortar E-commerce SF per $B of sales Why is e-commerce more space intensive? 1. Higher product variety 2. Greater inventory 3. Parcels vs. pallets 4. Reverse logistics 8 +3x Space intensity 29%
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Fixed facility costs (including rent) Inventory costs Variable facility costs (including labor) Transportation Other costs 7-12 45-70 15-25 12-16 3-6 Source: Deloitte, Kearney, IMS Worldwide, Prologis Research. 9 Distribution of supply chain costs % Customer proximity is valuable WHY LOGISTICS REAL ESTATE 1% Cost savings in transport and labor ~17% Increased capacity for rent
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0 3 6 9 12 2004 2008 2012 2016 2020 2024 1. Source: Prologis Research. 2. Source: NCREIF Industrial Warehouses. 10 Net effective rent, U.S.1 $/SF Industrial warehouse values, U.S.2 Indexed to 2004 Putting it all together – “inflation plus” growth characteristics WHY LOGISTICS REAL ESTATE 0 100 200 300 400 2004 2008 2012 2016 2020 2024
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Why Prologis – Setting the standard – Self-funded business model – Customer-driven strategies – Proven track record Section 2
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12 Setting the standard Why prologis WHY PROLOGIS Platform Largest global owner of logistics real estate Balance sheet Highest credit rating among REITs 1 Asset management Leading global logistics- focused asset manager Development Leading global logistics developer Ventures Accelerating innovation in the supply chain Disclosure The Transparency Awards winner in real estate New frontiers > Sustainable energy Solar, storage, and mobility systems > Digital infrastructure Data center development > Operations Essentials Capturing additional wallet share Unparalleled scale | Best-in-class systems and talent | Customer-centric mindset 1. Prologis is one of two A-flat rated REITs. 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 agency.
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Note: Data as of June 30, 2025. * This is a non-GAAP financial measure. Please see Notes and Definitions included in our Q3 2025 Supplemental for further explanation. 13 A self-funded compounder of value WHY PROLOGIS $6.6B Net operating income* +$900M NOI potential $4.7B Development portfolio +$1.0B value creation $454M Fees and promotes $65B 3rd Party AUM 825MW Solar and storage 11-14% IRR 10GW Data center opportunity 25-50% margin $42B Land bank build out $8B pad-ready Invest globally to develop modern logistics properties Recycle capital into development platform Lease the property and create value (25% margin) Contribute assets to co-investment vehicles 80% partner-owned 20% PLD-owned Development & operating platform Strategic capital platform Illustrative compounding model
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NY / NJ Seattle Southern California Chicago Baltimore / DC South Florida Dallas Houston Atlanta Charlotte Austin San Antonio Nashville Indianapolis Cincinnati Columbus Denver Portland Reno Las Vegas Phoenix Louisville Raleigh SF Bay Area 14 Positioned around the consumer WHY PROLOGIS Prologis portfolio2 MSF > 100 80 <30 Low High 2025 aggregate disposable income3 < $20M > $8B Central Florida Central PA Savannah Central Valley Income density is ~63% higher versus the national warehouse average1 1. Competitive footprint data from CoStar. Income density is aggregate disposable income per square mile across 30-minute drive time trade areas. 2. Note: Prologis Share as of September 30, 2025. 3. Source: ESRI, 2025.
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Note: Data as of September 30, 2025. * This is a non-GAAP financial measure. Please see Notes and Definitions included in our Q3 2025 Supplemental for further explanation. 1. Gross market cap is calculated as of closing price on November 7, 2025. 2. Includes development gains. 3. 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 agency. 15 A fortress balance sheet WHY PROLOGIS Debt as % of gross market cap*1 Debt / adjusted-EBITDA*2 Fixed charge coverage ratio* 2 25% 5.0x 6.4x USD net equity exposure Liquidity Weighted average remaining maturity 96% $7.5B 8.3Yrs – A2/A rated by Moody's/S&P3 – 3.2% weighted average interest rate – Well-staggered maturities with a long weighted average term remaining – Mostly USD or hedged FX earnings exposure, shielding against FX risk
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16 Diverse customer base WHY PROLOGIS Industry Customer snapshot by Industry % NRA Consumer products Transport / Freight Auto & parts Construction Electronics/Appliances Apparel Home goods Packaging/Paper/Plastics Other 7% 5% 5% 8% 8% 9% 9% 15% 34% 6,500 customers 14% top 10 customers comprise only of the total portfolio based on Net Effective Rent Source: Prologis Owned & Managed as of September 30, 2025.
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$42B potential TEI2,3 Note: Prior performance is not a guarantee of future results and future returns may not meet or exceed such prior performance. 1. Prologis Owned and Managed as of June 30, 2025. 2. Prologis Owned and Managed as of September 30, 2025. 3. 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. 17 Prologis track record1 2001-2025 Future development opportunity Unrivaled development expertise WHY PROLOGIS Global In the U.S Outside the U.S. Investment $48.7B $16.2B $32.5B Square feet 573M 207M 366M Value creation $14.2B $5.4B $8.8B Margin 29.2% 33.6% 27.1% Gross IRR 20.5%
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18 Customer focused solutions Customer need Our offerings WHY PROLOGIS Geographic expansion > Irreplaceable portfolio, development-ready land bank Predictable operating expenses > Clear Lease® Critical warehouse infrastructure > Operations Essentials Sustainability goals > Energy solutions
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Outside the warehouse: energizing the supply chain WHY PROLOGIS Energy storage and backup systems 19 Onsite solar Fleet electrification Micro grids Battery storage Smart buildings Energy efficiency Electric vehicle charging
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Electric Forklifts and charging Building Management Systems Security Cameras Automation and Robotics Solutions HVAC systems LED Lighting Racking and Shelving Move in/Move out Solutions Transportation Solutions WHY PROLOGIS Inside the warehouse: turnkey project management 20
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Ambitious sustainability goals 21 WHY PROLOGIS 2022 2025 20402030 Committed to net zero1 and launched key partnerships Deploy 1 GW of solar and storage capacity Achieve a 28% reduction in Scope 3 emissions Achieve net zero emissions across Scopes 1, 2, and 3 Achieve a 90% reduction in Scope 1 and 2 emissions Source: See Prologis 2024-2025 Global Impact & Sustainability Report for additional details. 1. Commitment validated by the Science Based Targets initiative of 2024.
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* This is a non-GAAP financial measure. Please see Notes and Definitions included in our Q3 2025 Supplemental for further explanation. 1. Source: FactSet as of November 7, 2025. Earnings reflect FFO and EPS for S&P 500. 2. Includes EGP, FR, REXR, STAG, TRNO. 3. Reflects MSCI US REIT Index. 22 PLD core FFO* (excluding promotes)1 $ per share Proven track record WHY PROLOGIS $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 2011 2013 2015 2017 2019 2021 2023 2025F 0% 5% 10% 15% S&P 500 index REIT sector³ S&P 500 REITs Other logistics REITs² PLD Earnings growth1 2019-2024 CAGR Dividend growth 2019-2024 CAGR 0% 5% 10% 15% S&P 500 index REIT sector³ S&P 500 REITs Other logistics REITs² PLD ex. promote
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Why data centers – A defining moment – Harnessing the power – Value creation potential Section 3
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A defining moment for digital infrastructure WHY DATA CENTERS 24 Demand, U.S.1 MW, indexed to 2012 0 500 1000 1500 2013 2017 2021 2025 2029 1. Source: Green Street U.S. demand growth forecast for top markets. 2. Source: McKinsey research. $7 trillion projected data center investment needed to keep pace with compute power by 2030 2 Investment scale
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Harnessing the power in the Prologis footprint WHY DATA CENTERS 5.2GW Total power pipeline Project generally has a preliminary utility agreement and is progressing toward firm power with capital committed. No assurances can be made that a final agreement will be reached. 3.8GW advanced stages Project has a binding energy services agreement (ESA) guaranteeing power delivery and infrastructure build. 300MW under construction. 1.4GW secured Note: Prologis data as of September 30, 2025. All projects in various stages of entitlement and subject to applicable approvals. 25
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Compelling unit-level economics WHY DATA CENTERS T arget development economics Data center starts to date $2B starts since 2023 $1B | 300MW currently under development Warehouse Data center Investment $25 - 75M $150 - 500M Development yield 6.0 - 7.0% 7.5 – 10.0% Margin 15 - 20% 25 - 50% Data center $150 - 500M 7.5 – 10.0% 25 - 50% Note: Prologis data as of September 30, 2025. 26
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A generational value creation opportunity WHY DATA CENTERS Annual Avg Investment $3 - 5B Potential Value Creation $0.8 - 2.5B Illustrative data center development economics1 27 5-Year Total 10-Year Total $15 - 25B $30 - 50B $3.8 - 12.5B $7.5 - 25.0B Assumptions Open variables and other factors • 10 GW long-term opportunity • Powered shell / turnkey mix • Prologis Share of investment • Potential fees and promotes 7.5 - 10.0% development yields 25 - 50% profit margins Note: Prologis data as of September 30, 2025. 1. For illustrative purposes only. Actual outcomes may differ.
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Case studies WHY DATA CENTERS Chicago, IL INFILL DATA CENTER CONVERSION • Turnkey format • 50MW facility1 • Stabilized disposition 28 Central Texas GREENFIELD CAMPUS DELIVERY • Powered shell and turnkey formats • Phased 600MW campus1 • Construction in progress Our strategy • Develop modern era AI-enabled buildings • Focus exclusively on single-tenant, build- to-suits with hyperscale customers • Create highly financeable assets with long- term leases supported by strong credit • Capitalize on both greenfield and conversion opportunities in power- constrained markets across our footprint 1. Utility load.
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Why now – Favorable supply backdrop – Compelling embedded upside – Unrecognized platform value – Capitalizing future growth Section 4
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0 50 100 150 200 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: CBRE, Cushman & Wakefield, JLL, Colliers, Prologis Research. 30 Logistics real estate construction starts, U.S. MSF 0 150 300 450 600 2017 2018 2019 2020 2021 2022 2023 2024 2025 Logistics real estate under construction, U.S. MSF A depleting logistics real estate supply pipeline WHY NOW Avg ’17-’19 Avg ’17-’19
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10% 7% 3% 4% 13% 23% 2011 2013 2018 2021 2023 2025 Replacement rents to market rent spread1,2 Note: Data as of September 30, 2025. 1. Source: Prologis Research. Reflects U.S. only. 2. Replacement rents reflect an estimate of what rent level is needed for new development. 3. Source: Prologis Research. In-place rent reflects PLD Share Net Effective Rent. 4. Represents lease mark-to-market at Prologis share, U.S. only. Lease mark-to-market is the difference between current market rent compared to in-place rent, divided by in-place rent, each on a net effective basis. 31 Embedded growth potential WHY NOW Market spread to in-place4 20% Replacement spread to market1,2 23% Replacement rent spread to in-place1,2,3 48% Compounded upside
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17% 50% ~34% 2013-2019 2020-2024 2025-2029 $900M 32 of NOI* to capture from lease mark-to-market2,3 Strong rent change expected to support NOI growth WHY NOW Net effective rent change, Prologis share1 * This is a non-GAAP financial measure. Please see Notes and Definitions in our Q3 2025 Supplemental for further explanation. Note: Data as of September 30, 2025. 1. Net effective rent change represents the percentage change in net effective rental rates (average rate over the lease term), on new and renewed leases, commenced during the period compared with the previous net effective rental rates for the same respective spaces. This measure excludes any short-term leases of less than one year and holdover payments. 2. Assumes no change in market rent growth from September 30, 2025. 3. Represents lease mark-to-market at Prologis share, Global. Lease mark-to-market is the difference between current market rent compared to in-place rent, divided by in-place rent, each on a net effective basis. 2025-20292
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The data center partner of choice WHY NOW 33 Critical assets + Expertise Power Portfolio Land Energy ProcurementData Centers Construction & Entitlement
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Unrecognized platform value WHY NOW Total enterprise value ($B)1 Notable value missing:Enterprise value $160 $160 $160 Less: In-place NOI* $7 $7 $7 In-place cap rate 4.50% 4.75% 5.00% Operating real estate $147 $139 $132 Land + CIP + Value creation $11 $11 $11 Strategic Capital valuation $7 $7 $7 Other assets/liabilities $6 $6 $6 Debt mark-to-market $3 $3 $3 Implied platform value -$14 -$7 $0 Logistics development platform Value creation on $42B of future TEI2 Data center development platform Value creation on 5.2GW power pipeline Energy platform Value creation for future power generation -$14 -$7 $0 * This is a non-GAAP financial measure. Please see Notes and Definitions included in our Q3 2025 Supplemental for further explanation. 1. Source: Equity market cap as of November 7, 2025. NOI, land, CIP, value creation, and other assets/liabilities from pages 33 and 34 of our Q3 2025 Supplemental. The Strategic Capital valuation is the consensus estimate as of November 7, 2025. The debt mark-to-market is a Prologis estimate as of September 30, 2025. 2. 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. 34
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0 10 20 30 40 50 2018 2019 2020 2021 2022 2023 2024 2025 0 3 6 9 12 15 2018 2019 2020 2021 2022 2023 2024 2025 35 Market valuation WHY NOW PLD FFO* multiple Actual LTM Avg 26x PLD relative FFO* multiple vs S&P 500 REITs Actual LTM Avg 7x premium * This is a non-GAAP financial measure. Please see Notes and Definitions included in our Q3 2025 Supplemental for further explanation. Source: FactSet as of November 7, 2025. PLD FFO ex. promote.
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Well-positioned for growth WHY NOW Favorable supply backdrop Compelling embedded upside Capitalizing future growth 36