Prologis — Jul 16, 2025 release

Guidance(A) Highlights dollars in millions, except per share amounts 2025 Guidance Low High Net earnings attributable to common stockholders(B) $ 3.00 $ 3.15 Core FFO attributable to common stockholders/unitholders*(B) $ 5.75 $ 5.80 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*(C) $ 5.80 $ 5.85 Operations Average occupancy - Prologis Share 94.75 % 95.25 % Same store NOI - cash - Prologis Share* 4.25 % 4.75 % Same store NOI - net effective - Prologis Share* 3.75 % 4.25 % Other Assumptions Strategic capital revenue, excluding promote revenue $ 570 $ 590 Net Promote Income (Expense) $ (50) $ (50) General & administrative expenses $ 450 $ 470 Realized development gains $ 150 $ 250 Capital Deployment PROLOGIS SHARE OWNED AND MANAGED Low High Development stabilizations $ 1,900 $ 2,300 $ 2,000 $ 2,500 Development starts $ 2,250 $ 2,750 $ 2,500 $ 3,000 Acquisitions $ 1,000 $ 1,250 $ 1,500 $ 1,750 Dispositions $ 500 $ 750 $ 500 $ 750 Contributions $ 500 $ 1,000 $ 750 $ 1,250 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 1.17 ($/€), 1.37 ($/£) and 144.34 (¥/$), respectively. * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Our guidance for 2025 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. We are further adjusting Core FFO to exclude $0.05 of net promote expense. The expense relates to amortization of stock compensation issued to employees related to promote income recognized in prior periods. Consolidated Balance Sheets Financial Information in thousands June 30, 2025 March 31, 2025 December 31, 2024 Assets: Investments in real estate properties: Operating properties $ 80,115,830 $ 79,492,052 $ 78,279,353 Development portfolio 2,891,025 2,596,069 2,829,613 La