Prologis — Jan 21, 2025 release

Highlights dollars in millions, except per share amounts 2025 Guidance Low High Net earnings attributable to common stockholders(B) $ 3.45 $ 3.70 Core FFO attributable to common stockholders/unitholders*(B) $ 5.65 $ 5.81 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*(C) $ 5.70 $ 5.86 Operations Average occupancy - Prologis Share 94.50 % 95.50 % Same store NOI - cash - Prologis Share* 4.00 % 5.00 % Same store NOI - net effective - Prologis Share* 3.50 % 4.50 % Other Assumptions Strategic capital revenue, excluding promote revenue $ 560 $ 580 Net Promote Income (Expense) $ (50) $ (50) General & administrative expenses $ 440 $ 460 Realized development gains $ 450 $ 600 Capital Deployment PROLOGIS SHARE OWNED AND MANAGED Low High Development stabilizations $ 2,250 $ 2,750 $ 2,500 $ 3,000 Development starts $ 2,250 $ 2,750 $ 2,500 $ 3,000 Acquisitions $ 750 $ 1,250 $ 1,250 $ 1,750 Dispositions $ 1,000 $ 1,500 $ 1,750 $ 2,250 Contributions $ 1,500 $ 2,000 $ 2,250 $ 2,750 Exchange Rates We have hedged the rates for the majority of our estimated 2025 Euro, Sterling and Yen Core FFO, effectively insulating 2025 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 1.04 ($/€), 1.25 ($/£) and 156.95 (¥/$), respectively. Consolidated Balance Sheets Financial Information in thousands December 31, 2024 September 30, 2024 December 31, 2023 Assets: Investments in real estate properties: Operating properties $ 78,279,353 $ 79,178,259 $ 75,435,497 Development portfolio 2,829,613 3,143,543 4,367,455 Land 4,453,522 4,395,022 3,775,553 Other real estate investments 5,683,688 5,376,749 5,088,070 91,246,176 92,093,573 88,666,575 Less accumulated depreciation 12,758,159 12,332,799 10,931,485 Net investments in real estate properties 78,488,017 79,760,774 77,735,090 Investments in and advances to unconsolidated entities 10,079,448 10,092,765 9,543,970 Assets held for sale or contribution 248,511 325,987 461,657 Net investments in real estate 88,815,976 90,179,526 87,740,717 Cash and cash equivalents 1,318,591 780,871 530,388 Other assets 5,194,342 4,944,799 4,749,735 Total assets $ 95,328,909 $ 95,905,196 $ 93,020,840 Liabilities and Equity: Liabilities: Debt $ 30,879,263 $ 32,289,832 $ 29,000,501 Accounts payable, accrued expenses and other liabilities 5,832,876 5,951,272 6,196,619 Total liabilities 36,712,139 38,241,104 35,197,120 Equity: Stockholders' equity