Prologis【PLD】株式ニュース

Creating Shareholder Value Through a Possible SEGRO and Prologis CombinationJune 24, 2026 2:27 AM
PR Newswire (US) NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE.SAN FRANCISCO, June 24, 2026 /PRNewswire/ -- Prologis, Inc. ("Prologis") announces that on 16 June 2026 it sent a letter to the Board of SEGRO plc ("SEGRO") setting out the terms of an indicative all-share proposal, pursuant to which Prologis would acquire the entire issued and to be issued share capital of SEGRO (the "Combination").On 23 June 2026, the Board of SEGRO unequivocally rejected the Combination proposal.Under the terms of the Combination, SEGRO shareholders would receive for each SEGRO share:0.084 new Prologis shares (the "Exchange Ratio")Based on the Prologis share price of $145.3 and a GBP:USD exchange rate of 1.32 in each case at market close on 23 June 2026, being the last trading day prior to this announcement, the Combination implies a value of 925 pence for each SEGRO share and values SEGRO's entire issued and to be issued ordinary share capital at approximately £12.6 billion, representing:a premium of 24.6 per cent to SEGRO's share price of 742 pence on 23 June 2026 (being the last trading day prior to this announcement);a premium of 26.7 per cent to the 1-month volume weighted average SEGRO share price of 730 pence as of 23 June 2026 (being the last trading day prior to this announcement);a premium of 31.4 per cent to the 3-month volume weighted average SEGRO share price of 704 pence as of 23 June 2026 (being the last trading day prior to this announcement); anda price equal to SEGRO's last reported EPRA NTA* per share of 925 pence as of 31 December 2025Following completion of the Combination, SEGRO shareholders would hold approximately 10.5 per cent of Prologis' issued share capital.Prologis believes that the Combination is a highly compelling opportunity for SEGRO shareholders. SEGRO shareholders would receive shares in the world's largest logistics REIT with a $140.9 billion market capitalisation, unlocking, on closing, significant upside to the current share price.Furthermore, the Combination provides SEGRO shareholders with participation in a global platform with a track record of outperformance across key metrics and the successful integration of major corporate transactions with the delivery of synergies. Prologis believes these factors will provide SEGRO shareholders with accelerated growth compared to the growth available to them in a standalone SEGRO.Prologis believes that its global platform, balance sheet strength and diversified capital base can unlock the significant embedded value of SEGRO's development and data center pipeline.Prologis also believes the Combination would deliver significant benefits to its customers, employees and Prologis shareholders.Clear Strategic Rationale and Value Creation Prologis believes that the Combination has clear strategic rationale and provides SEGRO shareholders with a compelling value proposition:Opportunity to Join Forces with the Global Leader in Logistics Real Estate Combination with Prologis will provide SEGRO shareholders with diversification into global growth marketsSEGRO and Prologis' European portfolios are highly complementary with an expected clear line of sight to scale benefitsResolves Structural Constraints Limiting SEGRO's Growth Potential SEGRO has traded at a persistent discount to its EPRA NTA per share with an average discount to EPRA NTA* of 19 per cent and 17 per cent over the last two years and three years, respectivelyPrologis has superior balance sheet strength with Net Debt / Enterprise Value of 22 per cent versus 37 per cent for SEGRO and Net Debt / Adjusted EBITDA of 4.8x versus 8.4x for SEGROPrologis' access to public equity, debt and private capital will enable Prologis to unlock embedded opportunities for investment for which Prologis believes SEGRO is unable to unlock standalone due to structural constraints, including its balance sheet capacity and trading discountAccelerates Monetisation of SEGRO's Development, Power and Data Center OpportunitiesPrologis anticipates that its platform, balance sheet strength and significant access to capital can unlock the significant embedded value of SEGRO's development and data center pipeline in a way that SEGRO will not be able to do on a standalone basisPrologis has the scale, capital, and execution capabilities to fund and deliver SEGRO's pipelineValue Realisation at a Premium and Enhanced Growth for SEGRO ShareholdersSignificant share price premium while retaining an interest in a stronger combined entityPrologis has outperformed SEGRO on total shareholder return over both 3 and 5 years (37 per cent and 39 per cent, respectively) leading its peer group average and significantly exceeding SEGRO's total shareholder return (3 year: 19 per cent; 5 years: negative 20 per cent.)Prologis' Proven Stewardship of Shareholder Capital and Strong M&A Integration Track Record Prologis' history of achieving cost and revenue synergies underscores the strength of the platform and successful integrationConsistent with this track record, shareholders of the enlarged group can anticipate significant synergies from the CombinationPrologis urges SEGRO shareholders to encourage the SEGRO Board to engage with Prologis to allow a binding offer to be put to SEGRO shareholders for their consideration.There can be no certainty that an offer for SEGRO will be made. A further announcement will be made as appropriate.Important Code NotesIn accordance with Rule 2.6(a) of the Code, Prologis is required, by not later than 5:00 pm (London time) on 22 July 2026, to either announce a firm intention to make an offer for SEGRO in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for SEGRO, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline may only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.In accordance with Rule 2.5(a) of the Code, Prologis reserves the right to vary the form and/or mix of consideration as set out in this announcement and/or introduce other forms of consideration. Prologis reserves the right to make an offer for SEGRO at a lower value and/or on less favourable terms than those described in this announcement: (a) with the agreement or recommendation of the Board of SEGRO; (b) if a third party announces a possible or a firm intention to make an offer for SEGRO which, at that date, is of a value less than the value implied by the Combination; or (c) following the announcement by SEGRO of a Rule 9 waiver transaction pursuant to Appendix 1 of the Code or a reverse takeover (as defined in the Code). If after the date of this announcement SEGRO declares, makes or pays any dividend or distribution or other return of capital to its shareholders, Prologis reserves the right to make an equivalent reduction to terms of the Combination or an equalisation dividend to a common date.*EPRA NTA is not calculated from a valuation of SEGRO's assets under Rule 29 of the Takeover Code. It is sourced from SEGRO's 31 December 2025 audited financial statements. At the relevant point, a valuation of SEGRO's assets will be published by SEGRO in accordance with Rule 29 of the Takeover Code.Linklaters LLP is retained as legal adviser to Prologis.Further informationN.M. Rothschild & Sons Limited ("Rothschild & Co"), which is authorised and regulated by the Financial Conduct Authority (the "FCA") in the United Kingdom and J.P. Morgan Securities LLC, together with its affiliate J.P. Morgan Securities plc (which conducts its UK investment banking business as J.P. Morgan Cazenove and which is authorised in the United Kingdom by the Prudential Regulation Authority ("PRA") and regulated in the United Kingdom by the PRA and the FCA) (together "J.P. Morgan"), and Eastdil Secured International Limited ("Eastdil Secured" or "ESI") which is authorised and regulated by the Financial Conduct Authority (the "FCA") in the United Kingdom are acting exclusively for Prologis and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Prologis for providing the protections afforded to their clients or for providing advice in connection with the subject matter of this announcement. This announcement is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction.The release, publication or distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities law of any such jurisdiction.Disclosure requirements of the CodeUnder Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.Rule 2.4 informationIn accordance with Rule 2.4(c)(iii) of the Code, Prologis confirms that it is not aware of any dealings in SEGRO shares that would require it to offer a minimum level, or a particular form, of consideration under Rule 6 or Rule 11 of the Code. However, it has not been practicable for Prologis to make enquiries of all persons acting in concert with it prior to the date of this announcement in order to confirm whether any details are required to be disclosed under Rule 2.4(c)(iii) of the Code. To the extent that any such details are identified following such enquiries, Prologis will make an announcement disclosing such details as soon as practicable, and in any event by no later than the time it is required to make its Opening Position Disclosure under Rule 8.1 of the Code.Rule 2.9 informationIn accordance with Rule 2.9 of the Code, Prologis confirms that, as of the date of this announcement, it has issued and outstanding 932,983,938 shares of common stock at par value of $0.01 per share. Prologis does not hold any of its common stock in treasury. The International Securities Identification Number (ISIN) of the shares of common stock is US74340W1036. The Legal Entity Identifier (LEI) for Prologis is 529900DFH19P073LZ636.Publication on WebsiteIn accordance with Rule 26.1 of the Code, a copy of this announcement will be available subject to certain restrictions relating to persons resident in restricted jurisdictions on Prologis' website at https://ir.prologis.com/ promptly and in any event by no later than 12 noon (London time) on 25 June 2026. The content of this website is not incorporated into and does not form part of this announcement.Forward-Looking StatementsThe statements in this announcement 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 Prologis and SEGRO operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact Prologis' or SEGRO's financial results. Words such as "expects," "anticipates," "intends," "believes," "would", "could", "should" 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 Prologis expects or anticipates will occur in the future – including statements relating to any possible transaction between Prologis and SEGRO , 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 Prologis and SEGRO operate, expectations regarding new lines of business, Prologis' and SEGRO's debt, capital structure and financial position, Prologis' ability to earn revenues from co-investment ventures or 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 Prologis believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Prologis can give no assurance that its 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) the ultimate outcome of any possible transaction between Prologis and SEGRO, including the possibility that SEGRO will reject any proposed transaction with Prologis; (ii) uncertainties as to whether SEGRO will cooperate with Prologis regarding any proposed transaction; (iii) the effect of the announcement of any proposed transaction on the ability of Prologis and SEGRO to operate their respective businesses and retain and hire key personnel and to maintain favourable business relationships; (iv) the timing of any proposed transaction; (v) the ability to satisfy closing conditions to the completion of any proposed transaction (including shareholder approvals); (vi) other risks related to the completion of any proposed transaction and actions related thereto; (vii) international, national, regional and local economic and political climates and conditions; (viii) changes in global financial markets, interest rates and foreign currency exchange rates; (ix) increased or unanticipated competition for Prologis' or SEGRO's properties; (x) risks associated with acquisitions, dispositions and development of properties, including the integration of the operations of significant real estate portfolios; (xi) maintenance of Real Estate Investment Trust ("REIT") status, tax structuring and changes in income tax laws and rates; (xii) availability of financing and capital, the levels of debt that Prologis and SEGRO maintain and their credit ratings; (xiii) risks related to Prologis' investments in and management of its co-investment ventures, including ability to establish new co-investment ventures; (xiv) risks of doing business internationally, including currency risks; (xv) environmental uncertainties, including risks of natural disasters; (xvi) risks related to global pandemics; and (xvii) those additional factors discussed under Part I, Item 1A. Risk Factors in Prologis' Annual Report on Form 10-K for the year ended December 31, 2025. Prologis undertakes no duty to update any forward-looking statements appearing in this announcement except as may be required by law.Non-GAAP MeasuresThis announcement includes certain terms and non-GAAP financial measures that are not specifically defined herein. These terms and financial measures for Prologis are defined and, in the case of the non-GAAP financial measures, reconciled to the most directly comparable GAAP measures, in Prologis' quarterly Earnings Release and Supplemental Information that is available on Prologis' investor relations website at www.ir.prologis.com and on the SEC's website at www.sec.gov.Sources of information and bases of calculationShare price and volume weighted average share price data is derived from FactSetGBP:USD exchange rate of 1.3196 is derived from Chatham Financial as of 23 June 2026The value attributed to SEGRO's issued share capital (and therefore the value of the Combination) is based upon fully diluted share capital of 1,361,127,593 SEGRO ordinary shares of 10 pence each, comprising:1,353,927,858 ordinary shares in issue as of 29 May 2026 as announced by SEGRO pursuant to the FCA's Disclosure Guidance and Transparency Rules (with no shares held in treasury); and7,199,735 shares relating to SEGRO's share schemes, derived from SEGRO's public filings. This figure is net of shares held by the SEGRO Employee Benefit TrustPrologis' issued share capital is based upon fully diluted share capital of 970,140,938 shares at par value of $0.01 per share, comprising:932,983,938 shares of common stock at par value of $0.01 per share; and37,157,000 shares relating to Prologis' share schemes, derived from Prologis' public filings.Discount to EPRA NTA is calculated as the see-through value of the offer at the Exchange Ratio divided by the SEGRO last reported EPRA NTA at 31 December 2025 of 925 pence per sharePrologis' market capitalisation is calculated based on the share price at market close on 23 June 2026 of $145.3 multiplied by Prologis' fully diluted share count of 970,140,938 sharesSEGRO's shareholding in the enlarged group is calculated as (i) newly issued Prologis shares of 114,334,718 (calculated as 1,361,127,593 SEGRO shares multiplied by the Exchange Ratio); divided by (ii) the enlarged group issued share capital of 1,084,475,656 (equal to the existing Prologis fully diluted issued share capital of 970,140,938 plus the newly issued shares of 114,334,718)Enterprise value used for Net Debt / Enterprise Value sourced from FactSet at market close on 23 June 2026Total shareholder return equals the change in share price plus dividends received over the relevant time period. This data is as of 23 June 2026. Information sourced from FactSetSEGRO EPRA NTA sourced from SEGRO's 2025 Annual Report and Accounts, with prior years' EPRA NTA sourced from its 2024 and 2023 Annual Report and Accounts and its 2024 and 2023 interim resultsSEGRO Net Debt and Net Debt / Adjusted EBITDA sourced from 2025 annual results announcement released on 20 February 2026Prologis financial information extracted from Prologis' 2026 Q1 Earnings Release published on 16 April 2026Prologis Net Debt and Net Debt / Adjusted EBITDA sourced from Prologis' 2026 Q1 Earnings Release published on 16 April 2026 View original content to download multimedia:https://www.prnewswire.com/news-releases/creating-shareholder-value-through-a-possible-segro-and-prologis-combination-302808887.htmlSOURCE Prologis, Inc. Original: Creating Shareholder Value Through a Possible SEGRO and Prologis Combination

Prologis Reports First Quarter 2026 ResultsApril 16, 2026 8:00 AM
PR Newswire (US)

Delivers record leasing and scales data center platformSAN FRANCISCO, April 16, 2026 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD) today announced the following results for the quarter ended March 31, 2026:Net earnings per diluted share was $1.05 for the quarter compared with $0.63 for the corresponding period in 2025.Core funds from operations (Core FFO)* per diluted share was $1.50 for the quarter compared with $1.42 for the corresponding period in 2025.Core FFO, excluding Net Promote Income (Expense)* per diluted share was $1.52 for the quarter compared with $1.43 for the corresponding period in 2025."We delivered record lease signings of 64 million square feet in our logistics business this quarter, reflecting the strength of our platform and resilient customer demand," said Daniel S. Letter, chief executive officer of Prologis. "We also advanced our data center platform with $1.3 billion of build-to-suit development starts, and we are scaling digital infrastructure and energy to support our next phase of growth.""Through our Strategic Capital platform, new partnerships with GIC and La Caisse will expand our access to capital and enhance our ability to invest at scale while preserving balance sheet strength and financial flexibility," said Timothy D. Arndt, chief financial officer of Prologis. "Even amid an uncertain geopolitical environment, this combination of strong execution and capital strength underpins our increased Core FFO outlook."OPERATING PERFORMANCE Owned & Managed1Q26Average Occupancy95.3 %Period End Occupancy95.3 %Leases Commenced (Operating and Development Portfolio)66.7 MSFRetention75.8 %
? Prologis Share1Q26Average Occupancy95.4 %Cash Same Store NOI*8.8 %Net Effective Rent Change31.9 %Cash Rent Change16.8 %DEPLOYMENT ACTIVITYPrologis Share1Q26Acquisitions$268M     Weighted avg stabilized cap rate (excluding other real estate)4.7 %Development Stabilizations$1,113M     Estimated weighted avg yield7.6 %     Estimated weighted avg margin34.8 %     Estimated value creation$387M     % Build-to-suit47.5 %Development Starts$1,783M     Estimated weighted avg yield8.8 %     Estimated weighted avg margin32.0 %     Estimated value creation$571M     % Build-to-suit81.2 %Total Dispositions and Contributions$676MWeighted avg stabilized cap rate (excluding land, properties under development, and other real estate)5.1 %BALANCE SHEET STRENGTH & LIQUIDITY
During the quarter, the company:Closed, together with its co-investment ventures, an aggregate of $5.5 billion of debt at a weighted average interest rate of 3.7% and a weighted average term of 5.9 years. The activity included the extension of the maturity date of one of the company's $3.0 billion revolving line of credit.As of quarter-end:Total available liquidity was approximately $6.7 billion.Debt-to-Adjusted EBITDA* was 4.8x and debt as a percentage of total market capitalization was 23.8%.The weighted average interest rate on the company's share of total debt was 3.3%, with a weighted average term of 8.1 years.Forecasted earnings for 2026, 2027 and 2028 are 99%, 97% and 97%, respectively, in USD or hedged through derivative contracts and 96% of Prologis' equity was in USD.2026 GUIDANCE Prologis' guidance for net earnings is included in the table below as well as guidance for Core FFO*, which are reconciled in our supplemental information. 2026 GUIDANCEEarnings (per diluted share) Previous CurrentNet earnings attributable to common stockholders$3.70 to $4.00$3.80 to $4.05Core FFO attributable to common stockholders/unitholders*$6.00 to $6.20$6.07 to $6.23Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*$6.05 to $6.25$6.12 to $6.28
Operations - Prologis Share Previous Current Average occupancy94.75% to 95.75%95.00% to 95.75%Cash Same Store NOI*5.75% to 6.75%6.25% to 7.00%Net Effective Same Store NOI*4.25% to 5.25%4.75% to 5.50%
Strategic Capital (in millions)PreviousCurrentStrategic Capital revenue, excluding promote revenue$650 to $670$660 to $680Net Promote Income (Expense)1$(50)$(50)

G&A (in millions)PreviousCurrentGeneral & administrative expenses$500 to $520$510 to $525
Capital Deployment - Prologis Share (in millions)2PreviousCurrent Development stabilizations$2,250 to $2,750$2,250 to $2,750Development starts$3,000 to $4,000$3,500 to $4,500Acquisitions$1,000 to $1,500$1,000 to $1,500Contributions$1,500 to $2,000$1,750 to $2,250Dispositions$1,750 to $2,250$1,750 to $2,250Realized development gains$400 to $600$500 to $700Net promote expense relates to amortization of stock compensation issued to employees related to promote income recognized in prior periods.Inclusive of data centers.*This is a non-GAAP financial measure. See the Notes and Definitions in our supplemental information for further explanation and a reconciliation to the most directly comparable GAAP measure.The earnings guidance described above includes potential gains recognized from real estate transactions but excludes any future or potential foreign currency or derivative gains or losses as our guidance assumes constant foreign currency rates. In reconciling from net earnings to Core FFO*, Prologis makes certain adjustments, including but not limited to our share of real estate depreciation and amortization expense, gains (losses) recognized from real estate transactions and early extinguishment of debt, impairment charges, deferred taxes and unrealized gains or losses on foreign currency or derivative activity. The difference between the company's Core FFO* and net earnings guidance relates predominantly to these items. Please refer to our quarterly Supplemental Information, which is available on our Investor Relations website at https://ir.prologis.com and on the SEC's website at www.sec.gov for a definition of Core FFO* and other non-GAAP measures used by Prologis, along with reconciliations of these items to the closest GAAP measure for our results and guidance.April 16, 2026, CALL DETAILS
The call will take place on Thursday, April 16, 2026, at 9:00 a.m. PT/12:00 p.m. ET. To access a live broadcast of the call, please dial +1 (877) 897-2615 (toll-free from the United States and Canada) or +1 (201) 689-8514 (from all other countries). A live webcast can be accessed from the Investor Relations section of www.prologis.com.A telephonic replay will be available April 16 - April 30 at +1 (877) 660-6853 (from the United States and Canada) or +1 (201) 612-7415 (from all other countries) using access code 13757425. The webcast replay will be posted in the Investor Relations section of www.prologis.com under "Events & Presentations."ABOUT PROLOGIS
The world runs on logistics. At Prologis, we don't just lead the industry, we define it. We create the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. From agile supply chains to clean energy solutions, our ecosystems help your business move faster, operate smarter and grow sustainably. With unmatched scale, innovation and expertise, Prologis is a category of one–not just shaping the future of logistics but building what comes next. Learn more at Prologis.com.FORWARD-LOOKING STATEMENTS
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 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 and 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; and (x) 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. dollars in millions, except per share/unit dataThree Months Ended March 31,

20262025Rental and other revenues$                             2,137$                             1,999Strategic capital revenues161141
Total revenues2,2982,140Net earnings attributable to common stockholders980592Core FFO attributable to common stockholders/unitholders*1,4401,356AFFO attributable to common stockholders/unitholders*1,4721,084Adjusted EBITDA attributable to common stockholders/unitholders*2,1781,771Estimated value creation from development stabilizations - Prologis Share387240Common stock dividends and common limited partnership unit distributions1,026965

Per common share - diluted:

Net earnings attributable to common stockholders$                               1.05$                               0.63
Core FFO attributable to common stockholders/unitholders*1.501.42
Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*1.521.43
Business line reporting:

Real estate* 1.451.36

Strategic capital* 0.050.06

Core FFO attributable to common stockholders/unitholders*1.501.42

Realized development gains, net of taxes*0.300.03Dividends and distributions per common share/unit1.071.01

*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

in thousandsMarch 31, 2026
December 31, 2025Assets:

Investments in real estate properties:

Operating properties$                                                   80,875,731
$                                                   80,561,020Development portfolio2,492,161
3,019,009Land4,684,949
4,888,153Other real estate investments7,188,604
6,661,174
95,241,445
95,129,356Less accumulated depreciation15,298,353
14,729,149Net investments in real estate properties79,943,092
80,400,207Investments in and advances to unconsolidated entities11,241,723
11,093,936Assets held for sale or contribution499,799
203,344Net investments in real estate91,684,614
91,697,487

Cash and cash equivalents861,144
1,145,647Other assets5,587,693
5,881,122Total assets$                                                   98,133,451
$                                                   98,724,256

Liabilities and Equity:

Liabilities:

Debt $                                                   34,669,592
$                                                   35,037,073Accounts payable, accrued expenses and other liabilities5,515,367
5,933,175Total liabilities40,184,959
40,970,248

Equity:

Stockholders' equity53,503,401
53,193,178Noncontrolling interests3,316,274
3,316,713Noncontrolling interests - limited partnership unitholders1,128,817
1,244,117Total equity57,948,492
57,754,008

Total liabilities and equity$                                                   98,133,451
$                                                   98,724,256
Three Months Ended
March 31,in thousands, except per share amounts20262025Revenues:

Rental$                    2,125,084$                    1,987,265Strategic capital 160,812141,139Development management and other 11,82711,261Total revenues2,297,7232,139,665

Expenses:

Rental 520,283488,317Strategic capital 81,88960,777General and administrative 126,890114,701Depreciation and amortization731,506652,058Other10,1239,649Total expenses1,470,6911,325,502

Operating income before gains on real estate transactions, net$                       827,032$                       814,163Gains on dispositions of development properties and land, net292,98327,451Gains on other dispositions of investments in real estate, net91,04036,799Operating income$                    1,211,055$                       878,413Other income (expense):

Earnings from unconsolidated entities, net93,29667,899Interest expense(254,286)(231,751)Foreign currency, derivative and other gains (losses) and other income (expense), net44,611(31,658)Gains (losses) on early extinguishment of debt, net(1,890)—Total other income (expense)(118,269)(195,510)

Earnings before income taxes1,092,786682,903Current income tax benefit (expense)(47,781)(36,701)Deferred income tax benefit (expense)(190)(6,682)Consolidated net earnings1,044,815639,520Net earnings attributable to noncontrolling interests(39,978)(31,576)Net earnings attributable to noncontrolling interests - limited partnership units(22,861)(14,991)Net earnings attributable to controlling interests981,976592,953Preferred stock dividends(1,500)(1,452)Net earnings attributable to common stockholders $                       980,476$                       591,501Weighted average common shares outstanding - Diluted957,561956,080Net earnings per share attributable to common stockholders - Diluted$                             1.05$                             0.63
Three Months Ended
March 31,in thousands20262025

Net earnings attributable to common stockholders$                       980,476$                        591,501Add (deduct) NAREIT defined adjustments:

Real estate related depreciation and amortization705,550632,686Gains on other dispositions of investments in real estate, net of taxes (excluding development properties and land)(91,040)(35,807)Adjustments related to noncontrolling interests(10,737)(18,407)Our proportionate share of adjustments related to unconsolidated entities151,155150,624

NAREIT defined FFO attributable to common stockholders/unitholders*$                    1,735,404$                     1,320,597

Add (deduct) our modified adjustments:

Unrealized foreign currency, derivative and other losses (gains), net(14,269)54,898Deferred income tax expense (benefit)1906,682Adjustments related to noncontrolling interests712—Our proportionate share of adjustments related to unconsolidated entities(725)1,371FFO, as modified by Prologis attributable to common stockholders/unitholders*$                    1,721,312$                     1,383,548

Add (deduct) Core FFO defined adjustments:

Gains on dispositions of development properties and land, net(292,983)(27,451)Current income tax expense (benefit) on dispositions1,302144Losses (gains) on early extinguishment of debt, net1,890—Adjustments related to noncontrolling interests27173Our proportionate share of adjustments related to unconsolidated entities8,701(283)

Core FFO attributable to common stockholders/unitholders*$                    1,440,493$                     1,356,031

Add (deduct) AFFO defined adjustments:

Gains on dispositions of development properties and land, net292,98327,451Current income tax benefit (expense) on dispositions(1,302)(144)Straight-lined rents and amortization of lease intangibles(165,749)(180,361)Property improvements(26,065)(34,367)Turnover costs(123,816)(123,123)Amortization of debt discount, financing costs and management contracts, net21,40021,112Stock compensation amortization expense60,63253,161Adjustments related to noncontrolling interests19,62813,982Our proportionate share of adjustments related to unconsolidated entities(46,311)(49,819)AFFO attributable to common stockholders/unitholders*$                    1,471,893$                     1,083,923

*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.
Three Months Ended
March 31,in thousands20262025

Net earnings attributable to common stockholders$                        980,476$                       591,501Gains on other dispositions of investments in real estate, net (excluding development properties and land)(91,040)(36,799)Depreciation and amortization expense731,506652,058Interest charges237,908215,650Current and deferred income tax expense, net47,97143,383Net earnings attributable to noncontrolling interests - limited partnership units22,86114,991NOI adjustments for real estate transactions9,2647,829Preferred stock dividends1,5001,452Unrealized foreign currency, derivative and other losses (gains), net(14,269)54,898Stock compensation amortization expense60,63253,161Losses (gains) on early extinguishment of debt, net1,890—Adjustments related to noncontrolling interests(33,544)(33,850)Our proportionate share of adjustments related to unconsolidated entities222,879207,162Adjusted EBITDA attributable to common stockholders/unitholders*$                     2,178,034$                    1,771,436

*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Adjusted EBITDA. We use Adjusted EBITDA attributable to common stockholders/unitholders ("Adjusted EBITDA"), a non-GAAP financial measure, as a measure of our operating performance. The most directly comparable GAAP measure is net earnings.We believe Adjusted EBITDA provides relevant and useful information by offering insight into our operating performance before the effects of financing decisions, income taxes, and certain non-cash or non-recurring charges.We calculate Adjusted EBITDA by beginning with consolidated net earnings attributable to common stockholders and removing the effect of:gains or losses from the disposition of investments in real estate (excluding development properties and land);depreciation and amortization expense;impairment charges;interest charges;current and deferred income taxes;preferred stock dividends;unrealized gains or losses on foreign currency and derivatives;stock compensation amortization expense;gains from the revaluation of equity investments upon acquisition of a controlling interest; andgains or losses on early extinguishment of debt and derivative contracts (including cash charges).We also include an adjustment to reflect a full period of NOI on the operating properties we acquire or stabilize during the quarter and to remove NOI on properties we dispose of during the quarter, assuming all transactions occurred at the beginning of the quarter. For properties we contribute, we make an adjustment to reflect NOI at the new ownership percentage for the full quarter.We calculate Adjusted EBITDA based on our proportionate ownership share of both our unconsolidated entities and consolidated ventures. We reflect our share of Adjusted EBITDA measures for unconsolidated entities by applying our average ownership percentage for the period to the applicable adjusting items on an entity-by-entity basis. We reflect our share for consolidated ventures in which we do not own 100% of the equity by removing the noncontrolling interests share of the applicable adjustments based on our average ownership percentage for the applicable periods.While we believe Adjusted EBITDA is an important supplemental measure, it should not be used alone as it excludes significant components of net earnings computed under GAAP and is therefore limited as an analytical tool. We do not use Adjusted EBITDA as an alternative measure to net earnings computed under GAAP or as an alternative to cash from operating activities computed under GAAP or as an indicator of our ability to fund our cash needs. Our computation of Adjusted EBITDA may not be comparable to EBITDA reported by other companies in both the real estate industry and other industries. We compensate for the limitations of Adjusted EBITDA by providing investors with financial statements prepared according to GAAP, along with this detailed discussion of Adjusted EBITDA and a reconciliation to Adjusted EBITDA from consolidated net earnings attributable to common stockholders.Business Line Reporting is a non-GAAP financial measure. Core FFO and development gains are generated by our three lines of business: (i) real estate operations; (ii) strategic capital; and (iii) development. The real estate operations line of business represents total Prologis Core FFO, less the amount allocated to the strategic capital line of business. The amount of Core FFO allocated to the strategic capital line of business represents the third-party share of asset management fees and transactional fees that we earn from our consolidated and unconsolidated co-investment ventures less costs directly associated with our strategic capital group and Net Promote Income (Expense). Realized development gains include our share of gains on dispositions of development properties and land, net of taxes. To calculate the per share amount, the amount generated by each line of business is divided by the weighted average diluted common shares outstanding used in our Core FFO per share calculation. Management believes evaluating our results by line of business is a useful supplemental measure of our operating performance because it helps the investing public compare the operating performance of Prologis' respective businesses to other companies' comparable businesses. Prologis' computation of FFO by line of business may not be comparable to that reported by other real estate companies as they may use different methodologies in computing such measures.Calculation of Per Share Amounts

Three Months Ended
Mar. 31,in thousands, except per share amount20262025Net earnings

Net earnings attributable to common stockholders$       980,476$        591,501Noncontrolling interest attributable to exchangeable limited partnership units 23,02714,991Adjusted net earnings attributable to common stockholders - Diluted$     1,003,503$       606,492Weighted average common shares outstanding - Basic931,261927,338Incremental weighted average effect on exchange of limited partnership units 21,97923,501Incremental weighted average effect of equity awards 4,3215,241Weighted average common shares outstanding - Diluted957,561956,080Net earnings per share - Basic$          1.05$           0.64Net earnings per share - Diluted$          1.05$           0.63
Three Months Ended
Mar. 31,in thousands, except per share amount20262025Core FFO

Core FFO attributable to common stockholders/unitholders$      1,440,493$      1,356,031Noncontrolling interest attributable to exchangeable limited partnership units 232294Core FFO attributable to common stockholders/ unitholders - Diluted $      1,440,725$      1,356,325Less: Net Promote Income (Expense)(12,382)(10,893)Core FFO attributable to common stockholders/ unitholders, excluding Net
Promote Income (Expense) - Diluted $      1,453,107$      1,367,218Weighted average common shares outstanding - Basic931,261927,338Incremental weighted average effect on exchange of limited partnership units 21,97923,779Incremental weighted average effect of equity awards 4,3215,241Weighted average common shares outstanding - Diluted957,561956,358Core FFO per share - Diluted $           1.50$           1.42Core FFO per share, excluding Net Promote Income (Expense) - Diluted $           1.52$           1.43Development Portfolio includes industrial and non-industrial properties, data centers, yards and parking lots that are under development and properties that are developed but have not met Stabilization. At March 31, 2026, total TEI for yards, parking lots, data centers and non-industrial assets was $2.0 billion on an Owned and Managed and $1.9 billion on a Prologis Share basis. We do not disclose square footage for yards and parking lots.Estimated Value Creation represents the value that we expect to create through our development and leasing activities. We calculate Estimated Value Creation by estimating the Stabilized NOI that the property will generate and applying a stabilized capitalization rate applicable to that property. Estimated Value Creation is calculated as the amount by which the value exceeds our TEI, including closing costs and taxes, if any, and does not include any fees or promotes we may earn. Estimated Weighted Average Margin is calculated on development properties as Estimated Value Creation, less estimated closing costs and taxes, if any, on properties expected to be sold or contributed, divided by TEI.Estimated Weighted Average Stabilized Yield is calculated on the properties in the Development Portfolio as Stabilized NOI divided by TEI. The yields on a Prologis Share basis were as follows:
Pre-Stabilized Developments2026 Expected Completion2027 and Thereafter Expected
CompletionTotal Development PortfolioU.S.5.8 %6.6 %8.6 %7.7 %Other Americas6.5 %9.0 %7.5 %7.1 %Europe5.3 %5.4 %5.6 %5.4 %Asia7.4 %6.2 %4.6 %5.5 %Total 6.2 %6.2 %8.0 %7.0 %FFO, as modified by Prologis attributable to common stockholders/unitholders ("FFO, as modified by Prologis"); Core FFO attributable to common stockholders/unitholders ("Core FFO"); AFFO attributable to common stockholders/unitholders ("AFFO"); (collectively referred to as "FFO"). FFO is a non-GAAP financial measure that is commonly used in the real estate industry, with net earnings as the most directly comparable GAAP measure.The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as earnings computed under GAAP to exclude depreciation and gains and losses from sales net of any related tax, along with impairment charges, of previously depreciated properties. We exclude the gains on revaluation of equity investments upon acquisition of a controlling interest and the gain recognized from a partial sale of our investment, as these are similar to gains from the sales of previously depreciated properties. This measure excludes similar adjustments from our unconsolidated entities and the third parties' share of our consolidated ventures.Our FFO MeasuresOur FFO measures begin with NARElT's definition, with certain adjustments to calculate FFO, as modified by Prologis, and Core FFO, both as defined below, to reflect our business and execution of our management strategy. While these adjustments are subject to significant fluctuations from period to period, with both positive and negative short-term impacts, the removal of the effects of these items enhances our understanding of the core operating performance of our properties over the long term.We use FFO, as modified by Prologis, so that management, analysts and investors are able to evaluate our performance against other REITs that do not have similar operations or operations in jurisdictions outside the U.S. We use both Core FFO and AFFO to (i) assess our operating performance as compared to other real estate companies; (ii) evaluate our performance and the performance of our properties in comparison with expected results and results of previous periods; (iii) evaluate the performance of our management; (iv) budget and forecast future results to assist in the allocation of resources; (v) provide guidance to the financial markets to understand our expected operating performance; and (vi) evaluate how a specific potential investment will impact our future results.We calculate our FFO measures based on our proportionate ownership share of both our unconsolidated entities and consolidated ventures. We reflect our share of our FFO measures for unconsolidated entities by applying our average ownership percentage for the period to the applicable adjustments on an entity-by-entity basis. We reflect our share for consolidated ventures in which we do not own 100% of the equity by removing the noncontrolling interests share of the applicable adjustments based on our average ownership percentage for the applicable periods.FFO, as modified by PrologisTo arrive at FFO, as modified by Prologis, we adjust the NAREIT defined FFO measure to exclude:deferred income tax benefits and deferred income tax expenses recognized by our subsidiaries;current income tax expense related to acquired tax liabilities that were recorded as deferred tax liabilities in an acquisition, to the extent the expense is offset with a deferred income tax benefit in earnings that is excluded from our defined FFO measure; andforeign currency exchange gains and losses resulting from (a) debt transactions between us and our foreign entities; (b) third-party debt that is used to hedge our investment in foreign entities; (c) derivative financial instruments related to any such debt transactions; and (d) mark-to-market adjustments associated with derivative and other financial instruments.Core FFOTo arrive at Core FFO, we adjust FFO, as modified by Prologis, to exclude the following:gains or losses from the disposition of land and development properties that were developed with the intent to contribute or sell;income tax expense related to the sale of investments in real estate;impairment charges recognized related to our investments in real estate generally as a result of our change in intent to contribute or sell these properties; andgains or losses from the early extinguishment of debt and redemption and repurchase of preferred stock.AFFOTo arrive at AFFO, we adjust Core FFO to include realized gains from the disposition of land and development properties, net of current tax expense, turnover costs and property improvements and exclude the following items that we recognize directly in Core FFO:straight-line rents;amortization of above- and below-market lease intangibles;amortization of management contracts;amortization of debt premiums and discounts and financing costs, net of amounts capitalized; andstock compensation amortization expense.Limitations on the use of our FFO measuresWhile we believe our modified FFO measures are important supplemental measures, neither NAREIT's nor our measures of FFO should be used alone because they exclude significant components of net earnings computed under GAAP and are, therefore, limited as an analytical tool. Some of these limitations arise from excluding income tax expense that may be payable or depreciation and amortization expenses that reflect costs necessary to maintain operating performance. In addition, our FFO measure does not reflect changes in asset values resulting from fluctuations in market conditions or foreign currency exchange rates nor costs or benefits from settlement of deferred income taxes or the extinguishment of debt. We do not use NAREIT's nor our measures of FFO as alternatives to net earnings computed under GAAP or as alternatives to cash from operating activities computed under GAAP or as indicators of our ability to fund our cash needs.We compensate for the limitations by using our FFO measures only in conjunction with net earnings computed under GAAP when making our decisions. This information should be read with our complete Consolidated Financial Statements prepared under GAAP. To assist investors in compensating for these limitations, we reconcile our modified FFO measures from consolidated net earnings attributable to common stockholders.Guidance. The following is a reconciliation of our annual guided Net Earnings per share to our guided Core FFO per share:
Low HighNet earnings attributable to common stockholders (a)$ 3.80$   4.05Our share of:

Depreciation and amortization3.223.28Net gains on real estate transactions, net of taxes(0.95)(1.10)Unrealized foreign currency losses (gains), losses (gains) on early    extinguishment of debt and other, net ——Core FFO attributable to common stockholders/unitholders$ 6.07$   6.23Less: Net Promote Income (Expense)(0.05)(0.05)Core FFO attributable to common stockholders/unitholders, excluding Net Promote
Income (Expense)$ 6.12$   6.28

(a)Earnings guidance includes potential future gains recognized from real estate transactions, but excludes future foreign currency or derivative gains or losses as these items are difficult to predict.Market Capitalization equals Market Equity, less liquidation preference of the preferred shares/units, plus our share of total debt.Net Promote Income (Expense) is promote revenue earned from third-party investors during the period, net of related cash and stock compensation expenses, and taxes and foreign currency derivative gains and losses, if applicable.Operating Portfolio represents industrial properties in our Owned and Managed portfolio that have reached Stabilization. Assets held for sale, Non-Strategic Assets and non-industrial assets are excluded from the portfolio. NOI of our Operating Portfolio excludes net termination fees and adjustments. Prologis Share of NOI includes NOI for the properties contributed to or acquired from co-investment ventures at our actual share prior to and subsequent to change in ownership. The U.S. markets not presented consist of Austin, Charlotte, Columbus, Denver, Louisville, Portland, Raleigh-Durham, Reno, San Antonio, Savannah and Tampa. The European countries not presented consist of Belgium, Czech Republic, Hungary, Italy, Poland, Slovakia, Spain and Sweden.Owned and Managed represents the consolidated properties as well as properties owned by our unconsolidated co-investment ventures, which we manage.Prologis Share represents our proportionate economic ownership of each entity, or property included in our total Owned and Managed portfolio, whether consolidated or unconsolidated.Rent Change (Cash) represents the percentage change in starting rental rates per the lease agreement, on new and renewed leases, commenced during the period compared with the previous ending rental rates in that same space. This measure excludes any short-term leases of less than one-year, holdover payments, free rent periods and introductory (teaser rates) defined as 50% or less of the stabilized rate.Rent Change (Net Effective) 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.Retention is the square footage of all leases commenced during the period that are rented by existing tenants divided by the square footage of all expiring leases during the reporting period. The square footage of tenants that default or buy-out prior to expiration of their lease and short-term leases of less than one year, are not included in the calculation.Same Store. Our same store metrics are non-GAAP financial measures, which are commonly used in the real estate industry and expected from the financial community, on both a net effective and cash basis. We evaluate the performance of the operating properties we own and manage using a "same store" analysis because the population of properties in this analysis is consistent from period to period, which allows us and investors to analyze our ongoing business operations. We determine our same store metrics on property NOI, which is calculated as rental revenue less rental expense for the applicable properties in the same store population for both consolidated and unconsolidated properties based on our ownership interest, as further defined below.We define our same store population for the three months ended March 31, 2026 as the properties in our Owned and Managed Operating Portfolio, including the property NOI for both consolidated properties and properties owned by the unconsolidated co-investment ventures at January 1, 2025 and owned throughout the same three-month period in both 2025 and 2026.We believe the drivers of property NOI for the consolidated portfolio are generally the same for the properties owned by the ventures in which we invest and therefore we evaluate the same store metrics of the Owned and Managed portfolio based on Prologis' ownership in the properties ("Prologis Share").The same store population excludes properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the period (January 1, 2025) and properties acquired or disposed of to third parties during the periods. To derive an appropriate measure of period- to-period operating performance, we remove the effects of foreign currency exchange rate movements by using the reported period-end exchange rate to translate from local currency into the U.S dollar, for both periods.As non-GAAP financial measures, the same store metrics have certain limitations as an analytical tool and may vary among real estate companies. As a result, we provide a reconciliation of Rental Revenues less Rental Expenses ("Property NOI") (from our Consolidated Financial Statements prepared in accordance with U.S GAAP) to our Same Store Property NOI measures, as follows:

Three Months Ended

Mar. 31,dollars in thousands20262025Change (%)Reconciliation of Consolidated Property NOI to Same Store Property NOI measures:

Rental revenues $   2,125,084$   1,987,265
Rental expenses(520,283)(488,317)
Consolidated Property NOI$   1,604,801$   1,498,948
Adjustments to derive same store results:

Property NOI from consolidated properties not included in same
     store portfolio and other adjustments (a)(150,967)(122,495)

Property NOI from unconsolidated co-investment ventures
     included in same store portfolio (a)(b)1,010,288956,327

Third parties' share of Property NOI from properties included in
     same store portfolio (a)(b)(785,354)(750,429)
Prologis Share of Same Store Property NOI - Net Effective (b)$   1,678,768$   1,582,3516.1 %
Consolidated properties straight-line rent and fair value lease
     amortization included in the same store portfolio (c)(134,307)(156,391)

Unconsolidated co-investment ventures straight-line rent and fair
     value lease amortization included in the same store portfolio (c)(45,957)(56,807)

Third parties' share of straight-line rent and fair value lease
      amortization included in the same store portfolio (b)(c)35,81041,376
Prologis Share of Same Store Property NOI - Cash (b)(c)$   1,534,314$   1,410,5298.8 %

(a) We exclude properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the periods and properties acquired or disposed of to third parties during the periods. We also exclude one-time items due to early lease terminations, including termination fees received from customers and the write-off of related lease assets and liabilities, that are not indicative of the property's recurring operating performance in order to evaluate the growth or decline in each property's rental revenues. Same Store Property NOI is adjusted to include an allocation of property management expenses for our consolidated properties based on the property management services provided to each property (generally, based on a percentage of revenues). On consolidation, these amounts are eliminated and the actual costs of providing property management and leasing services are recognized as part of our consolidated rental expense.(b)We include the Property NOI for the same store portfolio for both consolidated properties and properties owned by the co-investment ventures based on our investment in the underlying properties. In order to calculate our share of Same Store Property NOI from the co-investment ventures in which we own less than 100%, we use the co-investment ventures' underlying Property NOI for the same store portfolio and apply our ownership percentage at March 31, 2026 to the Property NOI for both periods, including the properties contributed during the periods. We adjust the total Property NOI from the same store portfolio of the co-investment ventures by subtracting the third parties' share of both consolidated and unconsolidated co-investment ventures. During the periods presented, certain wholly owned properties were contributed to a co-investment venture and are included in the same store portfolio. Neither our consolidated results nor those of the co-investment ventures, when viewed individually, would be comparable on a same store basis because of the changes in composition of the respective portfolios from period to period (e.g. the results of a contributed property are included in our consolidated results through the contribution date and in the results of the venture subsequent to the contribution date based on our ownership interest at the end of the period). As a result, only line items labeled "Prologis Share of Same Store Property NOI" are comparable period over period.(c)We further remove certain noncash items (straight-line rent and fair value lease amortization) included in the financial statements prepared in accordance with U.S. GAAP to reflect a Same Store Property NOI - Cash measure.
We manage our business and compensate our executives based on the same store results of our Owned and Managed portfolio at 100% as we manage our portfolio on an ownership blind basis. We calculate those results by including 100% of the properties included in our same store portfolio.Stabilization is defined as the earlier of when a property that was developed has been completed for one year, is contributed to a co-investment venture following completion or is 90% occupied. Upon Stabilization, a property is moved into our Operating Portfolio.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.Weighted Average Interest Rate is based on the effective rate, which includes the amortization of related premiums and discounts and finance costs.Weighted Average Stabilized Capitalization ("Cap") Rate is calculated as Stabilized NOI divided by the Acquisition Price.

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Original: Prologis Reports First Quarter 2026 Results