Prologis — Apr 16, 2026 release

Guidance(A) Highlights dollars in millions, except per share amounts 2026 Guidance Low High Net earnings attributable to common stockholders(B) $ 3.80 $ 4.05 Core FFO attributable to common stockholders/unitholders*(B) $ 6.07 $ 6.23 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*(B) $ 6.12 $ 6.28 Operations Average occupancy - Prologis Share 95.00 % 95.75 % Same store NOI - cash - Prologis Share* 6.25 % 7.00 % Same store NOI - net effective - Prologis Share* 4.75 % 5.50 % Other Assumptions Strategic capital revenue, excluding promote revenue $ 660 $ 680 Net Promote Income (Expense) $ (50) $ (50) General & administrative expenses $ 510 $ 525 Realized development gains $ 500 $ 700 Capital Deployment PROLOGIS SHARE OWNED AND MANAGED Low High Development stabilizations $ 2,250 $ 2,750 $ 2,500 $ 3,000 Development starts $ 3,500 $ 4,500 $ 4,500 $ 5,500 Acquisitions $ 1,000 $ 1,500 $ 2,000 $ 3,000 Dispositions $ 1,750 $ 2,250 $ 2,500 $ 3,000 Contributions $ 1,750 $ 2,250 $ 3,000 $ 3,500 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 1.15 ($/€), 1.32 ($/£) and 159.50 (¥/$), 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 March 31, 2026 December 31, 2025 Assets: Investments in real estate properties: Operating properties $ 80,875,731 $ 80,561,020 Development portfolio 2,492,161 3,019,009 Land 4,684,949 4,888,153 Other real estate investments 7,188,604 6,661,174 95,241,445 95,129,356 Less accumulated depreciation 15,298,353 14,729,149 Net investments in real estate properties 79,943,092 80,400,207 Investments in and advances