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Investor Presentation June 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, 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 forecasted 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 a nd foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated 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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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 4 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 Consumption — Prologis Core FocusProduction Return center
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0 100 200 300 400 2004 2008 2012 2016 2020 2024 1. Source: U.S. Census Bureau. 2. Source: Prologis Research. 5 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 More difficult to build
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Source: Prologis Research, U.S. Census, BEA, Euromonitor. 1. Examples include food and beverage, apparel, fast-moving consumer goods, packaging and plastics. 2. Examples include auto, construction, electronics, appliances and home goods. 3. Examples include general retail, transportation and healthcare. 6 Diverse demand drivers 0 100 200 300 400 2000 2005 2010 2015 2020 2025 0 50 100 150 200 2000 2005 2010 2015 2020 2025 0 100 200 300 400 2000 2005 2010 2015 2020 2025 Basic daily needs1 Population, M Cyclical spending2 Lifestyle upgrades, $B per quarter Structural trends3 E-commerce sales, $B per quarter WHY LOGISTICS REAL ESTATE ~40% of our customers service basic daily needs, benefiting from population growth ~30% of our customers benefit from cyclical spending patterns ~30% of our customers grow because of structural trends, like e-commerce
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0 400 800 1,200 1,600 2010 2012 2014 2016 2018 2020 2022 2024 2026F 2028F 24% 29% 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 7 +3x Space intensity
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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. 8 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. 9 Net effective rent, U.S.1 $/SF Industrial warehouse values, U.S.2 Indexed to 2004 Long term rent and value growth WHY LOGISTICS REAL ESTATE 0 100 200 300 400 2004 2008 2012 2016 2020 2024
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Why Prologis – Category of One – Self-funded business model – Customer-driven strategies – Proven track record Section 2
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11 A Category of One — 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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The leader in logistics real estate Note: Data as of March 31, 2025. 1. 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. 2. NOI calculation based on Prologis Share of the Operating Portfolio. These are non-GAAP financial measures. 12 5,900 Buildings 6,500 Customers $207B Assets under management $41B Build out of land bank (TEI1) U.S. 800 MSF 86% of NOI2 Other Americas 129 MSF 5% of NOI 2 Europe 251 MSF 8% of NOI 2 Asia 113 MSF 1% of NOI 2 WHY PROLOGIS 1.3B square feet across four continents, 20 countries
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Note: Data as of March 31, 2025. * This is a non-GAAP financial measure. Please see Notes and Definitions included in our Q1 2025 Supplemental for further explanation. 13 A self-funded compounder of value WHY PROLOGIS $6.3B Net operating income* +$1.1B NOI potential $4.5B Development portfolio +$1.0B value creation $437M Fees and promotes 9-12% AUM growth 638MW Solar and storage 11-14% IRR 10GW Data center opportunity 25-50% margin $41B 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 SF Bay Area Southern California Chicago Baltimore / DC South Florida Dallas Houston Lehigh Valley Atlanta Charlotte Austin San Antonio Nashville Indianapolis Cincinnati Columbus Denver Portland Reno Las Vegas Phoenix Louisville 1. Note: Prologis Share as of December 31, 2024. 2. Source: ESRI, 2021. 14 Situated around the consumer WHY PROLOGIS Prologis market NOI weighting Low High Income weighted population density120% 5% Raleigh
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Note: Data as of March 31, 2025. * This is a non-GAAP financial measure. Please see Notes and Definitions included in our Q1 2025 Supplemental for further explanation. 1. Includes development gains. 2. 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* Debt / adjusted-EBITDA*1 Fixed charge coverage ratio* 1 26% 4.9x 6.8x USD net equity exposure Liquidity Weighted average remaining maturity 96% $6.5B 8.7Yrs – A2/A rated by Moody's/S&P² – 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 Impressive customer breadth WHY PROLOGIS Industry Customer snapshot by Industry % NRA Consumer products Transport / Freight Construction Auto & parts Apparel Electronics/Appliances Home goods Packaging/Paper/Plastics Other 7% 5% 5% 8% 8% 9% 9% 14% 35% 6,500 customers 14% top 10 customers comprise only of the total portfolio based on Net Effective Rent Source: Prologis Owned & Managed as of March 31, 2025.
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$41B potential TEI1,2 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 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. 17 Prologis track record1 2001-2024 Future development opportunity Unrivaled development expertise WHY PROLOGIS Global In the U.S Outside the U.S. Investment $48.4B $15.9B $32.5B Square feet 569M 206M 363M Value creation $14.1B $5.3B $8.8B Margin 29.2% 33.6% 27.1% Gross IRR 20.5%
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18 Innovative offerings 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 Essentials
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Future-proofing assets WHY PROLOGIS Energy storage and backup systems Smart buildings Building certifications Offsite power purchase agreements Fleet electrification Sustainable design and construction materials Building electrification Energy efficiency Electric vehicle charging Microgrids Battery storage Onsite solar 19 All developments delivered after 2021 will carry sustainable building certifications
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Ambitious sustainability goals 20 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 2023-2024 ESG 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 Q1 2025 Supplemental for further explanation. 1. Source: FactSet as of May 30, 2025. Earnings reflect FFO and EPS for S&P 500. 2. Includes EGP, FR, REXR, STAG, TRNO. 3. Reflects MSCI US REIT Index. 21 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 now – Favorable supply backdrop – Compelling embedded upside – Long-term secular drivers – Capitalizing future growth Section 3
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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. 23 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 supply pipeline WHY NOW Avg ’17-’19 Avg ’17-’19
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1. Source: Prologis Research. In-place rent reflects PLD Share Net Effective Rent. 2. Source: Prologis Research. Reflects U.S. only. 3. Replacement rents reflect an estimate of what rent level is needed for new development. 24 Embedded growth potential WHY NOW Current2019 Market rent spread to in-place1 20% 25% Replacement rent spread to market2,3 0% 20% Replacement rent spread to in-place1,2,3 20% 50%
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25 Demand, U.S.1 MW, Indexed to 2012 General development economics Data center opportunity set WHY NOW 0 500 1000 1500 2013 2017 2021 2025 2029 Warehouse development Data center development Typical Investment $25 - 50M $150 - 500M Development yield 6.5 - 7.5% 7.5 - 10% Margin | Value creation 15 - 20% 25 - 50% 1. Source: Green Street U.S. demand growth forecast for top markets.
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The data center partner of choice WHY NOW Experienced team Development platform Powered land bank Energy expertise Procurement capabilities Financial strength Snapshot – Under development: $0.6B | 300MW – Medium term opportunity: 3-4GW – Long-term opportunity: 10GW Power – 1.4GW secured1 – 2.0GW advanced stage (power) 1. Includes 300MW under development. 26
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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 27 Dislocated 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 Q1 2025 Supplemental for further explanation. Source: FactSet as of May 30, 2025. PLD FFO ex. promote.
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28 Value beyond NAV Intrinsic value upside from our differentiated business strategy WHY NOW $121 Consensus NAV1 Development platform Energy platform Data center platform Global capital access 1. Source: FactSet as of May 30, 2025.
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Well-positioned for growth WHY NOW Favorable supply backdrop Compelling embedded upside Long-term secular drivers Capitalizing future growth 29
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Appendix – Market analysis – Supply chain Section 4
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31 APPENDIX 75% of logistics space is used for local and regional distribution, even in trade-exposed markets like Southern California Only 15% of occupied logistics stock is primarily tied to global trade Demand characteristics Square feet per consumer household Source: Oxford Economics, U.S. Census Bureau, CBRE, JLL, Cushman & Wakefield, Colliers, CoStar, Prologis Research. High population port market SF Bay Area Greater NYC Seattle SoCal Local consumption Washington DC Philadelphia Central Florida Raleigh South Florida Portland Baltimore Central TX Denver Charlotte High growth regional Las Vegas Houston Nashville Phoenix Atlanta Dallas Regional distribution hubs St. Louis Chicago Cincinnati Columbus Kansas City Louisville Indianapolis Import heavy Memphis Savannah 0 100 200 300 400 500 600
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2019 20252019 20252019 2025 0 200 400 600 800 2019 2025 2019 2025 Source: FreightWaves, Prologis Research. 1. Logistics rents reflect PLD Global in-place rents per square foot at PLD Share. 32 Rent is the low volatility segment of the supply chain APPENDIX Freight rates versus logistics rents1 Indexed to 2019 OceanAir cargo Trucking RailLogistics rents1