Item 1. Financial Statements

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Item 1. Financial Statements

PROLOGIS, INC.

CONSOLIDATED BA****LANCE SHEETS

(Unaudited)

(In thousands, except per share data)

June 30, 2026December 31, 2025
ASSETS
Investments in real estate properties$97,013,785$95,129,356
Less accumulated depreciation15,783,18814,729,149
Net investments in real estate properties81,230,59780,400,207
Investments in and advances to unconsolidated entities11,467,40311,093,936
Assets held for sale or contribution498,975203,344
Net investments in real estate93,196,97591,697,487
Cash and cash equivalents1,765,0431,145,647
Other assets6,049,8545,881,122
Total assets$101,011,872$98,724,256
LIABILITIES AND EQUITY
Liabilities:
Debt$36,442,085$35,037,073
Accounts payable and accrued expenses2,529,6381,963,645
Other liabilities3,920,6343,969,530
Total liabilities42,892,35740,970,248
Equity:
Prologis, Inc. stockholders’ equity:
Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value;1,279 shares issued and outstanding and 100,000 authorized at June 30, 2026 and December 31, 202563,94863,948
Common stock; $0.01 par value; 933,006 and 929,153 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively9,3309,292
Additional paid-in capital54,910,65954,698,641
Accumulated other comprehensive loss(397,717)(676,276)
Distributions in excess of net earnings(860,498)(902,427)
Total Prologis, Inc. stockholders’ equity53,725,72253,193,178
Noncontrolling interests4,393,7934,560,830
Total equity58,119,51557,754,008
Total liabilities and equity$101,011,872$98,724,256

The accompanying notes are an integral part of these Consolidated Financial Statements.

Index

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Revenues:
Rental$2,177,074$2,025,332$4,302,158$4,012,597
Strategic capital241,619147,162402,431288,301
Development management and other6,75911,37518,58622,636
Total revenues2,425,4522,183,8694,723,1754,323,534
Expenses:
Rental530,861487,9631,051,144976,280
Strategic capital95,59064,917177,479125,694
General and administrative129,626106,871256,516221,572
Depreciation and amortization689,518657,2211,421,0241,309,279
Other20,16611,70630,28921,355
Total expenses1,465,7611,328,6782,936,4522,654,180
Operating income before gains on real estate transactions, net959,691855,1911,786,7231,669,354
Gains on dispositions of development properties and land, net79,19610,477372,17937,928
Gains on other dispositions of investments in real estate, net212,44947,044303,48983,843
Operating income1,251,336912,7122,462,3911,791,125
Other income (expense):
Earnings from unconsolidated entities, net147,470107,692240,766175,591
Interest expense(276,311)(251,866)(530,597)(483,617)
Foreign currency, derivative and other gains (losses) and other income (expense), net109,663(122,829)154,274(154,487)
Gains (losses) on early extinguishment of debt, net(31)-(1,921)-
Total other income (expense)(19,209)(267,003)(137,478)(462,513)
Earnings before income taxes1,232,127645,7092,324,9131,328,612
Income tax expense(108,173)(23,405)(156,144)(66,788)
Consolidated net earnings1,123,954622,3042,168,7691,261,824
Less net earnings attributable to noncontrolling interests61,76351,075124,60297,642
Net earnings attributable to controlling interests1,062,191571,2292,044,1671,164,182
Less preferred stock dividends1,3471,5052,8472,957
Net earnings attributable to common stockholders$1,060,844$569,724$2,041,320$1,161,225
Weighted average common shares outstanding – Basic933,092928,476932,175927,909
Weighted average common shares outstanding – Diluted957,884955,882957,654955,601
Net earnings per share attributable to common stockholders – Basic$1.14$0.61$2.19$1.25
Net earnings per share attributable to common stockholders – Diluted$1.13$0.61$2.18$1.25

The accompanying notes are an integral part of these Consolidated Financial Statements.

Index

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF CO****MPREHENSIVE INCOME

(Unaudited)

(In thousands)

Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Consolidated net earnings$1,123,954$622,304$2,168,769$1,261,824
Other comprehensive income:
Foreign currency translation gains (losses), net89,540(428,953)279,157(659,643)
Unrealized gains (losses) on derivative contracts, net(5,962)4,4174,8881,469
Comprehensive income1,207,532197,7682,452,814603,650
Net earnings attributable to noncontrolling interests(61,763)(51,075)(124,602)(97,642)
Other comprehensive loss (income) attributable to noncontrolling interests(1,798)8,617(5,486)12,882
Comprehensive income attributable to common stockholders$1,143,971$155,310$2,322,726$518,890

The accompanying notes are an integral part of these Consolidated Financial Statements.

Index

PROLOGIS, INC.

CON****SOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands, except per share amounts)

Three Months Ended June 30, 2026 and 2025

Common StockAccumulatedDistributions
NumberAdditionalOtherin Excess ofNon-
PreferredofParPaid-inComprehensiveNetcontrollingTotal
StockSharesValueCapitalIncome (Loss)EarningsInterestsEquity
Balance at April 1, 2026$63,948932,283$9,323$54,830,655$(479,497)$(921,028)$4,445,091$57,948,492
Consolidated net earnings-----1,062,19161,7631,123,954
Effect of equity compensation plans-85117,638--37,84555,484
Capital contributions------7,7317,731
Purchase of noncontrolling interests---3,753--(11,805)(8,052)
Redemption of noncontrolling interests-638636,665--(54,274)(17,603)
Foreign currency translation gains (losses), net----87,615-1,92589,540
Unrealized gains (losses) on derivative contracts, net----(5,835)-(127)(5,962)
Reallocation of equity---22,252--(22,252)-
Dividends ($1.07 per common share) and other distributions---(304)-(1,001,661)(72,104)(1,074,069)
Balance at June 30, 2026$63,948933,006$9,330$54,910,659$**(**397,717)$**(**860,498)$4,393,793$58,119,515
Common StockAccumulatedDistributions
NumberAdditionalOtherin Excess ofNon-
PreferredofParPaid-inComprehensiveNetcontrollingTotal
StockSharesValueCapitalIncome (Loss)EarningsInterestsEquity
Balance at April 1, 2025$63,948927,882$9,279$54,556,451$(349,588)$(812,880)$4,608,228$58,075,438
Consolidated net earnings-----571,22951,075622,304
Effect of equity compensation plans-64-26,894--22,52749,421
Capital contributions------13,23913,239
Purchase of noncontrolling interests---(1,256)--(11,984)(13,240)
Redemption of noncontrolling interests-9115,918--(6,623)(704)
Foreign currency translation gains (losses), net----(420,232)-(8,721)(428,953)
Unrealized gains (losses) on derivative contracts, net----4,313-1044,417
Reallocation of equity---16,092--(16,092)-
Dividends ($1.01 per common share) and other distributions--(7)-(941,588)(73,513)(1,015,108)
Balance at June 30, 2025$63,948928,037$9,280$54,604,092$**(**765,507)$**(**1,183,239)$4,578,240$57,306,814

Six Months Ended June 30, 2026 and 2025

Common StockAccumulatedDistributions
NumberAdditionalOtherin Excess ofNon-
PreferredofParPaid-inComprehensiveNetcontrollingTotal
StockSharesValueCapitalIncome (Loss)EarningsInterestsEquity
Balance at January 1, 2026$63,948929,153$9,292$54,698,641$(676,276)$(902,427)$4,560,830$57,754,008
Consolidated net earnings-----2,044,167124,6022,168,769
Effect of equity compensation plans-372425,865--92,489118,358
Capital contributions------20,49920,499
Purchase of noncontrolling interests---3,753--(11,805)(8,052)
Redemption of noncontrolling interests-3,48134199,649--(265,238)(65,555)
Foreign currency translation gains (losses), net----273,768-5,389279,157
Unrealized gains (losses) on derivative contracts, net----4,791-974,888
Reallocation of equity---(17,327)-17,327-
Dividends ($2.14 per common share) and other distributions---78(2,002,238)(150,397)(2,152,557)
Balance at June 30, 2026$63,948933,006$9,330$54,910,659$**(**397,717)$**(**860,498)$4,393,793$58,119,515
Common StockAccumulatedDistributions
NumberAdditionalOtherin Excess ofNon-
PreferredofParPaid-inComprehensiveNetcontrollingTotal
StockSharesValueCapitalIncome (Loss)EarningsInterestsEquity
Balance at January 1, 2025$63,948926,283$9,263$54,464,055$(120,215)$(465,913)$4,665,632$58,616,770
Consolidated net earnings-----1,164,18297,6421,261,824
Effect of equity compensation plans-338350,579--56,403106,985
Capital contributions------26,47326,473
Purchase of noncontrolling interests---(1,256)--(11,984)(13,240)
Redemption of noncontrolling interests-1,4161482,187--(86,908)(4,707)
Foreign currency translation gains (losses), net----(646,727)-(12,916)(659,643)
Unrealized gains (losses) on derivative contracts, net----1,435-341,469
Reallocation of equity---7,578--(7,578)-
Dividends ($2.02 per common share) and other distributions---949-(1,881,508)(148,558)(2,029,117)
Balance at June 30, 2025$63,948928,037$9,280$54,604,092$**(**765,507)$**(**1,183,239)$4,578,240$57,306,814

The accompanying notes are an integral part of these Consolidated Financial Statements.

Index

PROLOGIS, INC.

CONSOL****IDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Six Months Ended
June 30,
20262025
Operating activities:
Consolidated net earnings$2,168,769$1,261,824
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Straight-lined rents and amortization of above and below market leases(326,901)(368,162)
Equity-based compensation awards115,78097,145
Depreciation and amortization1,421,0241,309,279
Earnings from unconsolidated entities, net(240,766)(175,591)
Operating distributions from unconsolidated entities328,307292,316
Decrease (increase) in operating receivables from unconsolidated entities(41,599)4,786
Amortization of debt discounts and debt issuance costs, net41,85942,757
Gains on dispositions of development properties and land, net(372,179)(37,928)
Gains on other dispositions of investments in real estate, net(303,489)(83,843)
Unrealized foreign currency and derivative losses (gains), net(20,007)193,333
Losses (gains) on early extinguishment of debt, net1,921-
Deferred income tax expense (benefit)19,0442,364
Decrease (increase) in other assets(151,099)(40,264)
Increase (decrease) in accounts payable and accrued expenses and other liabilities(5,653)(95,546)
Net cash provided by (used in) operating activities2,635,0112,402,470
Investing activities:
Real estate development(1,564,204)(1,331,268)
Real estate acquisitions(1,173,370)(1,153,666)
Tenant improvements and lease commissions on previously leased space(257,775)(275,365)
Property improvements(97,283)(103,139)
Proceeds from dispositions and contributions of real estate1,388,464256,395
Investments in and advances to unconsolidated entities(241,168)(32,600)
Return of investment from unconsolidated entities217,36159,030
Proceeds from the settlement of net investment hedges3,6524,852
Payments on the settlement of net investment hedges(5,332)(9,720)
Proceeds from maturity of short-term investments176,485-
Net cash provided by (used in) investing activities(1,553,170)(2,585,481)
Financing activities:
Dividends paid on common and preferred stock(2,002,238)(1,881,508)
Noncontrolling interests contributions20,49926,473
Noncontrolling interests distributions(152,395)(148,558)
Settlement of noncontrolling interests(73,607)(17,947)
Tax paid with shares withheld(20,777)(15,415)
Debt and equity issuance costs paid(29,912)(25,340)
Net proceeds from (payments on) credit facilities and commercial paper482,198262,600
Repurchase of and payments on debt(986,478)(72,397)
Proceeds from the issuance of debt2,312,7631,778,480
Net cash provided by (used in) financing activities(449,947)(93,612)
Effect of foreign currency exchange rate changes on cash(12,498)24,113
Net increase (decrease) in cash and cash equivalents619,396(252,510)
Cash and cash equivalents, beginning of period1,145,6471,318,591
Cash and cash equivalents, end of period$1,765,043$1,066,081

See Note 11 for information on noncash investing and financing activities and other information.

The accompanying notes are an integral part of these Consolidated Financial Statements.

Index

PROLOGIS, L.P.

CONS****OLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

June 30, 2026December 31, 2025
ASSETS
Investments in real estate properties$97,013,785$95,129,356
Less accumulated depreciation15,783,18814,729,149
Net investments in real estate properties81,230,59780,400,207
Investments in and advances to unconsolidated entities11,467,40311,093,936
Assets held for sale or contribution498,975203,344
Net investments in real estate93,196,97591,697,487
Cash and cash equivalents1,765,0431,145,647
Other assets6,049,8545,881,122
Total assets$101,011,872$98,724,256
LIABILITIES AND CAPITAL
Liabilities:
Debt$36,442,085$35,037,073
Accounts payable and accrued expenses2,529,6381,963,645
Other liabilities3,920,6343,969,530
Total liabilities42,892,35740,970,248
Capital:
Partners’ capital:
General partner – preferred63,94863,948
General partner – common53,661,77453,129,230
Limited partners – common1,089,5261,244,117
Total partners’ capital54,815,24854,437,295
Noncontrolling interests3,304,2673,316,713
Total capital58,119,51557,754,008
Total liabilities and capital$101,011,872$98,724,256

The accompanying notes are an integral part of these Consolidated Financial Statements.

Index

PROLOGIS, L.P.

CONSOLIDATED STAT****EMENTS OF INCOME

(Unaudited)

(In thousands, except per unit amounts)

Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Revenues:
Rental$2,177,074$2,025,332$4,302,158$4,012,597
Strategic capital241,619147,162402,431288,301
Development management and other6,75911,37518,58622,636
Total revenues2,425,4522,183,8694,723,1754,323,534
Expenses:
Rental530,861487,9631,051,144976,280
Strategic capital95,59064,917177,479125,694
General and administrative129,626106,871256,516221,572
Depreciation and amortization689,518657,2211,421,0241,309,279
Other20,16611,70630,28921,355
Total expenses1,465,7611,328,6782,936,4522,654,180
Operating income before gains on real estate transactions, net959,691855,1911,786,7231,669,354
Gains on dispositions of development properties and land, net79,19610,477372,17937,928
Gains on other dispositions of investments in real estate, net212,44947,044303,48983,843
Operating income1,251,336912,7122,462,3911,791,125
Other income (expense):
Earnings from unconsolidated entities, net147,470107,692240,766175,591
Interest expense(276,311)(251,866)(530,597)(483,617)
Foreign currency, derivative and other gains (losses) and other income (expense), net109,663(122,829)154,274(154,487)
Gains (losses) on early extinguishment of debt, net(31)-(1,921)-
Total other income (expense)(19,209)(267,003)(137,478)(462,513)
Earnings before income taxes1,232,127645,7092,324,9131,328,612
Income tax expense(108,173)(23,405)(156,144)(66,788)
Consolidated net earnings1,123,954622,3042,168,7691,261,824
Less net earnings attributable to noncontrolling interests39,06237,13979,04068,715
Net earnings attributable to controlling interests1,084,892585,1652,089,7291,193,109
Less preferred unit distributions1,3471,5052,8472,957
Net earnings attributable to common unitholders$1,083,545$583,660$2,086,882$1,190,152
Weighted average common units outstanding – Basic952,993945,440952,977944,556
Weighted average common units outstanding – Diluted957,884955,882957,654955,601
Net earnings per unit attributable to common unitholders – Basic$1.14$0.61$2.19$1.25
Net earnings per unit attributable to common unitholders – Diluted$1.13$0.61$2.18$1.25

The accompanying notes are an integral part of these Consolidated Financial Statements.

Index

PROLOGIS, L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Consolidated net earnings$1,123,954$622,304$2,168,769$1,261,824
Other comprehensive income:
Foreign currency translation gains (losses), net89,540(428,953)279,157(659,643)
Unrealized gains (losses) on derivative contracts, net(5,962)4,4174,8881,469
Comprehensive income1,207,532197,7682,452,814603,650
Net earnings attributable to noncontrolling interests(39,062)(37,139)(79,040)(68,715)
Other comprehensive loss (income) attributable to noncontrolling interests(350)(1,368)146(2,635)
Comprehensive income attributable to common unitholders$1,168,120$159,261$2,373,920$532,300

The accompanying notes are an integral part of these Consolidated Financial Statements.

Index

PROLOGIS, L.P.

CONSOLI****DATED STATEMENTS OF CAPITAL

(Unaudited)

(In thousands, except per unit amounts)

Three Months Ended June 30, 2026 and 2025

General PartnerLimited PartnersNon-
PreferredCommonCommoncontrollingTotal
UnitsAmountUnitsAmountUnitsAmountInterestsCapital
Balance at April 1, 20261,279$63,948932,283$53,439,45319,693$1,128,817$3,316,274$57,948,492
Consolidated net earnings---1,062,191-22,70139,0621,123,954
Effect of equity compensation plans--8517,6391237,845-55,484
Capital contributions------7,7317,731
Purchase of noncontrolling interests---3,753--(11,805)(8,052)
Redemption of limited partnership units--63836,671(761)(54,274)-(17,603)
Foreign currency translation gains (losses), net---87,615-1,57535089,540
Unrealized gains (losses) on derivative contracts, net---(5,835)-(127)-(5,962)
Reallocation of capital---22,252-(22,252)--
Distributions ($1.07 per common unit) and other---(1,001,965)-(24,759)(47,345)(1,074,069)
Balance at June 30, 20261,279$63,948933,006$53,661,77418,944$1,089,526$3,304,267$58,119,515
General PartnerLimited PartnersNon-
PreferredCommonCommonClass A CommoncontrollingTotal
UnitsAmountUnitsAmountUnitsAmountUnitsAmountInterestsCapital
Balance at April 1, 20251,279$63,948927,882$53,403,26216,609$955,8905,941$331,865$3,320,473$58,075,438
Consolidated net earnings---571,229-10,420-3,51637,139622,304
Effect of equity compensation plans--6426,8941222,527---49,421
Capital contributions--------13,23913,239
Purchase of noncontrolling interests---(1,256)----(11,984)(13,240)
Redemption of noncontrolling interests---757----(757)-
Redemption of limited partnership units--915,162(97)(5,866)---(704)
Foreign currency translation gains (losses), net---(420,232)-(7,461)-(2,628)1,368(428,953)
Unrealized gains (losses) on derivative contracts, net---4,313-77-27-4,417
Reallocation of capital---16,092-(15,810)-(282)--
Distributions ($1.01 per common unit) and other---(941,595)-(22,079)-(3,842)(47,592)(1,015,108)
Balance at June 30, 20251,279$63,948928,037$52,664,62616,524$937,6985,941$328,656$3,311,886$57,306,814

Six Months Ended June 30, 2026 and 2025

General PartnerLimited PartnersNon-
PreferredCommonCommoncontrollingTotal
UnitsAmountUnitsAmountUnitsAmountInterestsCapital
Balance at January 1, 20261,279$63,948929,153$53,129,23021,758$1,244,117$3,316,713$57,754,008
Consolidated net earnings---2,044,167-45,56279,0402,168,769
Effect of equity compensation plans--37225,8691,14392,489-118,358
Capital contributions------20,49920,499
Purchase of noncontrolling interests---3,753--(11,805)(8,052)
Redemption of limited partnership units--3,481199,683(3,957)(265,238)-(65,555)
Foreign currency translation gains (losses), net---273,768-5,535(146)279,157
Unrealized gains (losses) on derivative contracts, net---4,791-97-4,888
Reallocation of capital---(17,327)-17,327--
Distributions ($2.14 per common unit) and other---(2,002,160)-(50,363)(100,034)(2,152,557)
Balance at June 30, 20261,279$63,948933,006$53,661,77418,944$1,089,526$3,304,267$58,119,515
General PartnerLimited PartnersNon-
PreferredCommonCommonClass A CommoncontrollingTotal
UnitsAmountUnitsAmountUnitsAmountUnitsAmountInterestsCapital
Balance at January 1, 20251,279$63,948926,283$53,887,19015,699$913,2277,650$429,358$3,323,047$58,616,770
Consolidated net earnings---1,164,182-20,833-8,09468,7151,261,824
Effect of equity compensation plans--33850,58258256,403---106,985
Capital contributions--------26,47326,473
Purchase of noncontrolling interests---(1,256)----(11,984)(13,240)
Redemption of noncontrolling interests---757----(757)-
Redemption of limited partnership units--1,41681,4442439,337(1,709)(95,488)-(4,707)
Foreign currency translation gains (losses), net---(646,727)-(11,515)-(4,036)2,635(659,643)
Unrealized gains (losses) on derivative contracts, net---1,435-25-9-1,469
Reallocation of capital---7,578-(7,085)-(493)--
Distributions ($2.02 per common unit) and other---(1,880,559)-(43,527)-(8,788)(96,243)(2,029,117)
Balance at June 30, 20251,279$63,948928,037$52,664,62616,524$937,6985,941$328,656$3,311,886$57,306,814

The accompanying notes are an integral part of these Consolidated Financial Statements.

Index

PROLOGIS, L.P.

CONSOLIDA****TED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Six Months Ended
June 30,
20262025
Operating activities:
Consolidated net earnings$2,168,769$1,261,824
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Straight-lined rents and amortization of above and below market leases(326,901)(368,162)
Equity-based compensation awards115,78097,145
Depreciation and amortization1,421,0241,309,279
Earnings from unconsolidated entities, net(240,766)(175,591)
Operating distributions from unconsolidated entities328,307292,316
Decrease (increase) in operating receivables from unconsolidated entities(41,599)4,786
Amortization of debt discounts and debt issuance costs, net41,85942,757
Gains on dispositions of development properties and land, net(372,179)(37,928)
Gains on other dispositions of investments in real estate, net(303,489)(83,843)
Unrealized foreign currency and derivative losses (gains), net(20,007)193,333
Losses (gains) on early extinguishment of debt, net1,921-
Deferred income tax expense (benefit)19,0442,364
Decrease (increase) in other assets(151,099)(40,264)
Increase (decrease) in accounts payable and accrued expenses and other liabilities(5,653)(95,546)
Net cash provided by (used in) operating activities2,635,0112,402,470
Investing activities:
Real estate development(1,564,204)(1,331,268)
Real estate acquisitions(1,173,370)(1,153,666)
Tenant improvements and lease commissions on previously leased space(257,775)(275,365)
Property improvements(97,283)(103,139)
Proceeds from dispositions and contributions of real estate1,388,464256,395
Investments in and advances to unconsolidated entities(241,168)(32,600)
Return of investment from unconsolidated entities217,36159,030
Proceeds from the settlement of net investment hedges3,6524,852
Payments on the settlement of net investment hedges(5,332)(9,720)
Proceeds from maturity of short-term investments176,485-
Net cash provided by (used in) investing activities(1,553,170)(2,585,481)
Financing activities:
Distributions paid on common and preferred units(2,052,601)(1,933,823)
Noncontrolling interests contributions20,49926,473
Noncontrolling interests distributions(102,032)(96,243)
Settlement of noncontrolling interests(8,052)(13,240)
Redemption of common limited partnership units(65,555)(4,707)
Tax paid with shares of the Parent withheld(20,777)(15,415)
Debt and equity issuance costs paid(29,912)(25,340)
Net proceeds from (payments on) credit facilities and commercial paper482,198262,600
Repurchase of and payments on debt(986,478)(72,397)
Proceeds from the issuance of debt2,312,7631,778,480
Net cash provided by (used in) financing activities(449,947)(93,612)
Effect of foreign currency exchange rate changes on cash(12,498)24,113
Net increase (decrease) in cash and cash equivalents619,396(252,510)
Cash and cash equivalents, beginning of period1,145,6471,318,591
Cash and cash equivalents, end of period$1,765,043$1,066,081

See Note 11 for information on noncash investing and financing activities and other information.

The accompanying notes are an integral part of these Consolidated Financial Statements.

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PROLOGIS, INC. AND PROLOGIS, L.P.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. GENERAL

Business. Prologis, Inc. (or the “Parent”) commenced operations as a fully integrated real estate company in 1997, elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”), and believes the current organization and method of operation will enable it to maintain its status as a REIT. The Parent is the general partner of Prologis, L.P. (or the “Operating Partnership” or “OP”). Through the OP, we are engaged in the ownership, acquisition, development and management of logistics facilities with a focus on key markets in 20 countries on four continents. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors. We maintain a significant level of ownership in these co-investment ventures, which may be consolidated or unconsolidated based on our level of control of the entity. Our current business strategy consists of two reportable segments: Real Estate (Rental Operations and Development) and Strategic Capital. Our Real Estate Segment represents the ownership, leasing and development of logistics properties. Our Strategic Capital Segment represents the management of properties owned by our unconsolidated co-investment ventures and other ventures. See Note 10 for further discussion of our reportable segments. Unless otherwise indicated, the Notes to the Consolidated Financial Statements apply to both the Parent and the OP. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and OP collectively.

For each share of preferred or common stock the Parent issues, the OP issues a corresponding preferred or common partnership unit, as applicable, to the Parent in exchange for the contribution of the proceeds from the stock issuance. At June 30, 2026, the Parent owned a 98.01% common general partnership interest in the OP and substantially all of the preferred units in the OP. The remaining 1.99% common limited partnership interests are owned by unaffiliated investors and certain current and former directors and officers of the Parent. Each partner’s percentage interest in the OP is determined based on the number of OP units held compared to total OP units outstanding at each period end and is used as the basis for the allocation of net income or loss to each partner. At the end of each reporting period, a capital adjustment is made in the OP to reflect the appropriate ownership interest for each of the common unitholders. These adjustments are reflected in the line items Reallocation of Equity in the Consolidated Statements of Equity of the Parent and Reallocation of Capital in the Consolidated Statements of Capital of the OP.

As the sole general partner of the OP, the Parent has complete responsibility and discretion in the day-to-day management and control of the OP, and we operate the Parent and the OP as one enterprise. The management of the Parent consists of the same members as the management of the OP. These members are officers of the Parent and employees of the OP or one of its subsidiaries. As general partner with control of the OP, the Parent is the primary beneficiary and therefore consolidates the OP. Because the Parent’s only significant asset is its investment in the OP, the assets and liabilities of the Parent and the OP are the same on their respective financial statements.

Basis of Presentation. The accompanying Consolidated Financial Statements are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and are presented in our reporting currency, the U.S. dollar. Intercompany transactions with consolidated entities have been eliminated.

The accompanying unaudited interim financial information has been prepared according to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. Our management believes that the disclosures presented in these financial statements are adequate to make the information presented not misleading. In our opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for both the Parent and the OP for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited interim financial information should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC, and other public information.

Accounting Pronouncements.

New Accounting Standards Issued but not yet Adopted

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued an ASU to enhance disclosures about certain expense types in commonly presented expense captions on the Consolidated Statements of Income. The ASU requires additional disclosures that disaggregate expense captions into specific components with qualitative descriptions. This standard is effective for the fiscal year ended December 31, 2027, and interim periods thereafter, on a prospective or retrospective basis. We do not expect the standard to have a material impact on our Consolidated Financial Statements as we anticipate the primary change will be additional disclosure.

Hedge Accounting Improvements. In December 2025, the FASB issued an ASU to clarify certain aspects of hedge accounting and address incremental hedge accounting issues arising from global reference rate reform. The ASU targets more closely aligning hedge

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accounting with the economics of an entity’s risk management activities and clarifies strategies in financial reporting that can be utilized to enable entities to achieve and maintain hedge accounting for highly effective economic hedges of forecasted transactions. This standard is effective for the interim period ended March 31, 2027, and interim and annual periods thereafter, on a prospective basis. We do not expect the standard to have a material impact on our Consolidated Financial Statements.

NOTE 2. R****EAL ESTATE

Investments in real estate properties consisted of the following (dollars and square feet in thousands):

Square FeetNumber of Buildings
Jun 30,Dec 31,Jun 30,Dec 31,Jun 30,Dec 31,
202620252026202520262025
Operating properties:
Buildings and improvements675,781647,9043,0512,979$57,654,220$56,365,572
Improved land24,463,67624,195,448
Development portfolio, including land costs:
Prestabilized2,9626,7491227538,0471,026,688
Properties under development16,76217,29758502,203,4881,992,321
Land (1)4,802,6174,888,153
Other real estate investments (2)7,351,7376,661,174
Total investments in real estate properties97,013,78595,129,356
Less accumulated depreciation15,783,18814,729,149
Net investments in real estate properties$81,230,597$80,400,207

(1)

At June 30, 2026 and December 31, 2025, our land was comprised of 8,387 and 8,815 acres, respectively.

(2)

Included in other real estate investments were principally: (i) land parcels we own and lease to third parties; (ii) renewable energy assets, including solar, electric vehicle charging and energy storage; (iii) newly developed and stabilized data centers; (iv) non-strategic real estate assets that we do not intend to operate long term; and (v) non-industrial real estate assets that we intend to redevelop as industrial properties or data centers.

Acquisitions

The following table summarizes our real estate acquisition activity (dollars and square feet in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2026 (1)20252026 (1)2025
Number of operating properties8839110
Square feet27,4011,02529,1343,283
Acres of land428326442448
Acquisition cost of net investments in real estate, excluding other real estate investments$1,566,253$195,298$1,721,542$934,774
Acquisition cost of other real estate investments$89,132$220,479$177,377$280,373

(1)

In April 2026, we acquired our partner's interest in an unconsolidated co-investment venture in Asia and consolidated 74 operating properties aggregating 23 million square feet.

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Dispositions

The following table summarizes our dispositions of net investments in real estate which include contributions to unconsolidated co-investment ventures and dispositions to third parties (dollars and square feet in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Dispositions of development properties and land, net (1)(2)
Number of properties11-151
Square feet2,952-7,062402
Acres of land224628446
Net proceeds$523,140$33,067$1,212,637$101,277
Gains on dispositions of development properties and land, net$79,196$10,477$372,179$37,928
Other dispositions of investments in real estate, net
Number of properties203296
Square feet3,3304874,8571,024
Net proceeds$586,883$63,704$805,929$169,159
Gains on other dispositions of investments in real estate, net$212,449$47,044$303,489$83,843

(1)

The gains we recognize in Gains on Dispositions of Development Properties and Land, Net in the Consolidated Statements of Income are principally driven by the contribution of newly developed properties to our unconsolidated co-investment ventures and occasionally sales to a third party.

(2)

During 2026, we contributed real estate properties and land to three new unconsolidated co-investment ventures: two development vehicles in the U.S. in the first quarter and one stabilized vehicle in Europe in the second quarter.

Leases

We recognized lease right-of-use assets of $799.5 million and $671.7 million within Other Assets and lease liabilities of $650.4 million and $643.5 million within Other Liabilities, principally for land and office space leases in which we are the lessee, in the Consolidated Balance Sheets at June 30, 2026 and December 31, 2025, respectively.

NOTE 3. UNCONSOLIDATED ENTITIES

Summary of Investments

We have investments in entities through a variety of ventures. We co-invest in entities that own multiple properties with partners and investors and we provide asset management and property management services to these entities, which we refer to as co-investment ventures. These entities may be consolidated or unconsolidated depending on the structure, our partner’s participation and other rights and our level of control of the entity. This note details our investments in unconsolidated co-investment ventures, which are related parties and accounted for using the equity method of accounting. See Note 6 for more detail regarding our consolidated investments that are not wholly owned.

We also have investments in other ventures, generally with one partner, which we primarily account for using the equity method. We refer to our investments in both unconsolidated co-investment ventures and other ventures, collectively, as unconsolidated entities.

The following table summarizes our investments in and advances to unconsolidated entities (in thousands):

June 30,December 31,
20262025
Unconsolidated co-investment ventures$10,656,282$10,263,233
Other ventures811,121830,703
Total$11,467,403$11,093,936

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Unconsolidated Co-Investment Ventures

The following table summarizes the Strategic Capital Revenues we recognized in the Consolidated Statements of Income related to our unconsolidated co-investment ventures (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Recurring fees$137,726$130,805$274,361$253,489
Transactional fees19,30414,12141,90330,519
Promote revenue83,087-83,147-
Total strategic capital revenues from unconsolidated co-investment ventures (1)$240,117$144,926$399,411$284,008

(1)

These amounts exclude strategic capital revenues from other ventures.

The following table summarizes the key property information, financial position and operating information of our unconsolidated co-investment ventures on a U.S. GAAP basis (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to these ventures (dollars and square feet in millions):

U.S. (1)Other Americas (2)Europe (1)Asia (1)(3)Total
At:Jun 30, 2026Dec 31, 2025Jun 30, 2026Dec 31, 2025Jun 30, 2026Dec 31, 2025Jun 30, 2026Dec 31, 2025Jun 30, 2026Dec 31, 2025
Key property information:
Ventures312232551310
Operating properties7867843903931,1041,0581722452,4522,480
Square feet141139848624823878101551564
Financial position:
Total assets ($)15,44314,7117,3537,30826,95626,7648,3709,47058,12258,253
Third-party debt ($)7,0226,3862,5132,4296,9117,1013,2793,75819,72519,674
Total liabilities ($)8,0597,3832,9272,7539,1589,3103,6174,19223,76123,638
Our investment balance ($) (4)3,5853,2831,2651,1815,0975,01070978910,65610,263
Our weighted average ownership (5)33.2%31.9%32.3%32.3%33.0%33.1%15.8%15.6%30.5%29.9%
U.S. (1)Other Americas (2)Europe (1)Asia (1)(3)Total
Operating Information:Jun 30, 2026Jun 30, 2025Jun 30, 2026Jun 30, 2025Jun 30, 2026Jun 30, 2025Jun 30, 2026Jun 30, 2025Jun 30, 2026Jun 30, 2025
For the three months ended:
Total revenues ($)4514062262005415071421661,3601,279
Net earnings ($)11110477861961042433408327
Our earnings from unconsolidated co-investment ventures, net ($)38332326623645127100
For the six months ended:
Total revenues ($)8988134484141,0789772973262,7212,530
Net earnings ($)2132021411312871696254703556
Our earnings from unconsolidated co-investment ventures, net ($)716441379259119215169

(1)

During the six months ended June 30, 2026, we formed four new co-investment ventures with third-party investors: two development vehicles in the U.S., one stabilized vehicle in Europe and one acquisition vehicle in Asia. We contributed real estate properties, cash or a combination of both in exchange for equity ownership interests in these ventures. We account for our investment in these ventures under the equity method of accounting.

(2)

Prologis Brazil Logistics Venture and our other Brazilian joint ventures are combined as one venture for the purpose of this table.

(3)

In April 2026, we acquired our partner's interest in an unconsolidated co-investment venture in Asia and consolidated 74 operating properties aggregating 23 million square feet.

(4)

Prologis’ investment balance is presented at our adjusted basis. The difference between our ownership interest of a venture’s equity and our investment balance at June 30, 2026 and December 31, 2025, results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018; (ii) recording additional costs associated with our investment in the venture; (iii) receivables, principally for fees and promotes; and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. and Prologis Japan Core Logistics Fund.

(5)

Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets before depreciation, net of other liabilities.

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Equity Commitments Related to Certain Unconsolidated Co-Investment Ventures

At June 30, 2026, our outstanding equity commitments were $930.5 million, primarily for our U.S. co-investment ventures. The equity commitments expire from 2026 to 2034 if they have not been previously called.

NOTE 4. A****SSETS HELD FOR SALE OR CONTRIBUTION

We had investments in certain real estate properties that met the criteria to be classified as held for sale or contribution at June 30, 2026 and December 31, 2025. At the time of classification, these properties were expected to be sold to third parties or were recently stabilized and expected to be contributed to unconsolidated co-investment ventures within twelve months. The amounts included in Assets Held for Sale or Contribution in the Consolidated Balance Sheets represented real estate investment balances and the related assets; liabilities related to properties held for sale or contribution are included in Other Liabilities.

Assets held for sale or contribution consisted of the following (dollars and square feet in thousands):

June 30, 2026December 31, 2025
Number of operating properties1810
Square feet4,1241,914
Total assets held for sale or contribution$498,975$203,344
Total liabilities associated with assets held for sale or contribution – included in Other Liabilities$5,644$689

NOTE 5. D****EBT

All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt (dollars in thousands):

June 30, 2026December 31, 2025
Weighted AverageAmountWeighted AverageAmount
Interest Rate (1)Term (Years) (2)Outstanding (3)Interest Rate (1)Term (Years) (2)Outstanding (3)
Credit facilities and commercial paper2.2%0.0$514,1420.9%1.6$44,679
Senior notes3.3%8.433,939,6023.2%8.832,887,971
Term loans and unsecured other2.0%5.71,760,8311.9%3.91,908,723
Secured mortgage4.1%6.1227,5104.5%3.7195,700
Total3.3**%**8.2$36,442,0853.2**%**8.5$35,037,073

(1)

The weighted average interest rates presented represent the effective interest rates (including amortization of debt issuance costs and noncash premiums or discounts) at the end of the period for the debt outstanding and include the impact of designated interest rate contracts, which effectively fix the interest rate on certain variable rate debt.

(2)

The weighted average term represents the remaining maturity in years, based on debt agreements in place, at period end. A weighted average term of less than a month is 0.0.

(3)

We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies:

June 30, 2026December 31, 2025
Weighted Average Interest RateAmount Outstanding% of TotalWeighted Average Interest RateAmount Outstanding% of Total
British pound sterling3.0%$1,810,8745.0%3.0%$1,843,9315.3%
Canadian dollar4.4%2,388,3746.6%4.4%2,004,6385.7%
Euro2.2%11,827,45732.4%2.2%12,302,10435.1%
Japanese yen1.4%3,088,0168.5%1.2%2,930,5948.4%
U.S. dollar4.2%16,661,49345.7%4.1%15,385,82643.9%
Other3.8%665,8711.8%3.8%569,9801.6%
Total3.3**%**$36,442,085100.0%3.2**%**$35,037,073100.0%

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Credit Facilities and Commercial Paper

The following table summarizes information about our available liquidity at June 30, 2026 (in millions):

Aggregate lender commitments
Credit facilities$6,365
Less:
Credit facility borrowings outstanding-
Commercial paper borrowings outstanding (1)514
Outstanding letters of credit23
Current availability5,828
Cash and cash equivalents1,765
Total liquidity$7,593

(1)

We are required to maintain available commitments under our credit facilities in an amount at least equal to the commercial paper borrowings outstanding.

Credit Facilities

We have two global senior credit facilities ("the 2025 Global Facility" and "the 2026 Global Facility") and a Japanese yen revolver ("the Yen Credit Facility"), which we refer to collectively as our “Credit Facilities.” Pricing for the Credit Facilities, including the spread over the applicable benchmark and the rates applicable to facility fees and letter of credit fees, varies based on the public debt ratings of the OP. Our Credit Facilities are utilized to support our cash needs for general corporate purposes on a short-term basis. The maturities of the borrowings under the Credit Facilities generally range from overnight to three months.

The following table summarizes our Credit Facilities at June 30, 2026 (principal in thousands):

Aggregate Capacity
FacilityBorrowing CurrencyUSD (1)(2)MaturityMaximum Capacity (3)Extended Maturity (3)
2025 Global Facility (4)$3,000,000$3,020,602June 2029$4,000,000June 2030
2026 Global Facility (4)(5)$3,000,000$2,984,703June 2030$4,000,000June 2031
Yen Credit Facility¥58,500,000$360,141August 2027¥75,000,000August 2028
Total$6,365,446

(1)

The exchange rate used to calculate into U.S. dollars was the spot rate at June 30, 2026.

(2)

The aggregate principal amount outstanding under each facility in U.S. dollars cannot exceed the designated facility's borrowing currency capacity, or, for our 2025 Global Facility and 2026 Global Facility, the equivalent amount in other currencies.

(3)

Subject to obtaining additional lender commitments and payment of applicable extension fees, we may increase the borrowing capacity and extend the maturity dates of the 2025 Global Facility and 2026 Global Facility by six months on two occasions, and of the Yen Credit Facility by one year.

(4)

We may draw on both the 2025 Global Facility and 2026 Global Facility on a revolving basis in British pounds sterling, Canadian dollars, euro, Japanese yen, Mexican pesos and U.S. dollars.

(5)

In March 2026, we amended and restated one of our global senior credit facilities (the "2023 Global Facility") as the 2026 Global Facility.

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Commercial Paper

We have commercial paper programs under which we may issue, repay and re-issue short-term unsecured commercial paper notes. The borrowings under these programs are for general corporate purposes. The maturities generally range from overnight to three months. Under customary terms in the commercial paper market, the notes are issued either at a discount to par or at par with fixed or floating interest rates. At any point in time, we are required to maintain available commitments under our Credit Facilities in an amount at least equal to the amount of notes outstanding under these programs. The following table summarizes our commercial paper programs at June 30, 2026 (principal in thousands):

Aggregate Capacity
ProgramBorrowing CurrencyUSD (1)(2)
Canadian dollar (3)C$1,000,000$702,466
Multicurrency (4)€1,000,000$1,139,400
U.S. dollar$1,000,000$1,000,000
Total$2,841,866

(1)

The exchange rate used to calculate into U.S. dollars was the spot rate at June 30, 2026.

(2)

The aggregate principal amount of notes outstanding under each program in U.S. dollars cannot exceed the designated program's borrowing currency capacity, or, for our multicurrency program, the equivalent amount in other currencies.

(3)

In May 2026, we established a new Canadian dollar-denominated program.

(4)

We may issue notes denominated in British pound sterling, euros or U.S. dollars under our multicurrency program.

Senior Notes

The following table summarizes the issuances of senior notes during the six months ended June 30, 2026 (principal in thousands):

Aggregate PrincipalIssuance Date Weighted Average
Issuance DateBorrowing CurrencyUSD (1)Interest RateYearsMaturity Date
April$1,250,000$1,250,0004.6%8.2June 2031 – 2036
AprilC$850,000$624,9864.3%8.1May 2034
June¥45,000,000$280,3112.9%7.1December 2030 – 2041
Total$2,155,2974.3**%**8.0

(1)

The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date.

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Long-Term Debt Maturities

Scheduled principal payments due on our debt for the remainder of 2026 and for each year through the period ended December 31, 2030, and thereafter were as follows at June 30, 2026 (in thousands):

Unsecured
Credit Facilities andSeniorTerm LoansSecured
MaturityCommercial PaperNotesand OtherMortgageTotal
2026 (1)$514,142$399,879$146,831$9,790$1,070,642
2027 (1)-1,966,18044,32529,4922,039,997
2028-2,563,383129,32216,3092,709,014
2029-3,362,2496,55411,7343,380,537
2030-3,024,93930,7815,6343,061,354
Thereafter-23,157,7221,407,046149,53124,714,299
Subtotal514,14234,474,3521,764,859222,49036,975,843
Unamortized premiums (discounts), net-(398,952)-5,969(392,983)
Unamortized debt issuance costs, net-(135,798)(4,028)(949)(140,775)
Total$514,142$33,939,602$1,760,831$227,510$36,442,085

(1)

We expect to repay the amounts maturing in the next twelve months with cash generated from operations, proceeds from dispositions of real estate properties, or as necessary, with additional borrowings, including drawing on our available Credit Facilities.

Financial Debt Covenants

Our Credit Facilities, senior notes and term loans outstanding at June 30, 2026 were subject to certain financial covenants under their related documents. At June 30, 2026, we were in compliance with all of our financial debt covenants.

Guarantee of Finance Subsidiary Debt

We have finance subsidiaries as part of our operations in Europe (Prologis Euro Finance LLC), Japan (Prologis Yen Finance LLC) and the U.K. (Prologis Sterling Finance LLC) in order to mitigate our foreign currency risk by borrowing in the currencies in which we invest. These entities are 100% indirectly owned by the OP and all unsecured debt issued or to be issued by each entity is or will be fully and unconditionally guaranteed by the OP. There are no restrictions or limits on the OP’s ability to obtain funds from its subsidiaries by dividend or loan. In reliance on Rule 13-01 of Regulation S-X, the separate financial statements of Prologis Euro Finance LLC, Prologis Yen Finance LLC and Prologis Sterling Finance LLC are not provided.

NOTE 6. N****ONCONTROLLING INTERESTS

Prologis, L.P.

We report noncontrolling interests related to several entities we consolidate but of which we do not own 100% of the equity. These entities include two real estate partnerships that have issued limited partnership units to third parties. Depending on the specific partnership agreements, these limited partnership units are redeemable for cash or, at our option, shares of the Parent’s common stock, generally at a rate of one share of common stock to one limited partnership unit. We also consolidate certain entities in which we do not own 100% of the equity but the equity of these entities is not exchangeable into our common stock.

Prologis, Inc.

The noncontrolling interests of the Parent include the noncontrolling interests described above for the OP, as well as the limited partnership units in the OP that are not owned by the Parent. The outstanding limited partnership units receive quarterly cash distributions equal to the quarterly dividends paid on our common stock pursuant to the terms of the applicable partnership agreements.

Index

The following table summarizes these entities (dollars in thousands):

Our Ownership PercentageNoncontrolling InterestsTotal AssetsTotal Liabilities
Jun 30, 2026Dec 31, 2025Jun 30, 2026Dec 31, 2025Jun 30, 2026Dec 31, 2025Jun 30, 2026Dec 31, 2025
Prologis U.S. Logistics Venture55.0%55.0%$3,049,329$3,071,053$6,893,080$6,885,453$151,022$156,368
Other consolidated entities (1)variousvarious254,938245,6603,700,7743,521,831585,431541,602
Prologis, L.P.3,304,2673,316,71310,593,85410,407,284736,453697,970
Limited partners in Prologis, L.P. (2)1,089,5261,244,117----
Prologis, Inc.$4,393,793$4,560,830$10,593,854$10,407,284$736,453$697,970

(1)

Includes two partnerships that have issued limited partnership units to third parties. The limited partnership units outstanding at June 30, 2026 and December 31, 2025 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock.

(2)

At June 30, 2026 and December 31, 2025, limited partnership units in the OP were exchangeable into cash or, at our option, 11.5 million and 14.9 million shares of the Parent’s common stock, respectively, and vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans were exchangeable into 7.4 million and 6.9 million shares of the Parent’s common stock, respectively. See further discussion of LTIP Units in Note 7.

NOTE 7. L****ONG-TERM COMPENSATION

Equity-Based Compensation Programs

Our equity-based compensation programs, including a description of performance hurdles, vesting periods and other information related to our programs, are described in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no significant changes to these programs from what was previously disclosed.

Performance Stock Unit ("PSU") Program

Beginning in January 2024, PSUs have been granted under the Company's 2020 Long-Term Incentive Plan and are settled in equity at the end of a three-year performance period if applicable market-based performance hurdles are met.

The fair value of the awards is measured at the grant date and amortized over the period from the grant date to the date at which the awards vest, regardless of whether the market condition has been satisfied, which ranges from three to five years. We granted PSUs for the 2026 – 2028 performance period in January 2026, with a fair value of $76.2 million. The fair value was calculated using a Monte Carlo valuation model that assumed a risk-free interest rate of 3.7% and an expected volatility of 26.0% for Prologis and 27.5% for the peer group companies.

Prologis Outperformance Plan (“POP”)

In prior years, we granted awards under our POP. After 2024, no new awards were granted under the POP. The RSUs and LTIP Units table below includes POP awards that were earned but are unvested, while any vested awards are reflected within the Consolidated Statements of Equity and Capital.

Other Equity-Based Compensation Programs

Our other equity-based compensation programs include: (i) the Prologis Promote Plan; (ii) the annual long-term incentive equity award program; and (iii) the annual bonus exchange program. Awards under these programs may be issued in the form of RSUs or LTIP Units at the participants' elections. RSUs and LTIP Units are valued based on the market price of the Parent’s common stock at the grant date, and the grant date fair value is recognized as compensation expense over the service period.

Index

Summary of Award Activity

PSUs

The following table summarizes the activity for PSUs for the six months ended June 30, 2026 (units in thousands):

PSUs
UnearnedWeighted Average Grant Date Fair Value
Balance at January 1, 20261,105$102.95
Granted610124.93
Earned--
Forfeited(14)106.19
Balance at June 30, 20261,701$110.80

RSUs and LTIP Units

The following table summarizes the activity for RSUs and LTIP Units for the six months ended June 30, 2026 (units in thousands):

RSUsLTIP Units
UnvestedWeighted Average Grant Date Fair ValueUnvestedWeighted Average Grant Date Fair Value
Balance at January 1, 20261,756$92.804,706$65.11
Granted489131.27647130.85
Conversion of earned PSUs----
Vested(499)114.38(1,143)71.75
Forfeited(37)115.17(39)80.13
Balance at June 30, 20261,709$97.014,171$73.33

NOTE 8. E****ARNINGS PER COMMON SHARE OR UNIT

We determine basic earnings per share or unit based on the weighted average number of shares of common stock or units outstanding during the period. We compute diluted earnings per share or unit based on the weighted average number of shares or units outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments. During the year ended December 31, 2025, all Class A Units in the OP were converted to limited partnership units in the OP.

The computation of our basic and diluted earnings per share and unit was as follows (in thousands, except per share and unit amounts):

Three Months EndedSix Months Ended
June 30,June 30,
Prologis, Inc.2026202520262025
Net earnings attributable to common stockholders – Basic$1,060,844$569,724$2,041,320$1,161,225
Net earnings attributable to exchangeable limited partnership units (1)22,83113,93645,85828,927
Adjusted net earnings attributable to common stockholders – Diluted$1,083,675$583,660$2,087,178$1,190,152
Weighted average common shares outstanding – Basic933,092928,476932,175927,909
Incremental weighted average effect on exchange of limited partnership units (1)20,16022,73121,06123,115
Incremental weighted average effect of equity awards4,6324,6754,4184,577
Weighted average common shares outstanding – Diluted (2)957,884955,882957,654955,601
Net earnings per share attributable to common stockholders:
Basic$1.14$0.61$2.19$1.25
Diluted$1.13$0.61$2.18$1.25

Index

Three Months EndedSix Months Ended
June 30,June 30,
Prologis, L.P.2026202520262025
Net earnings attributable to common unitholders$1,083,545$583,660$2,086,882$1,190,152
Net earnings attributable to Class A Units-(3,516)-(8,094)
Net earnings attributable to common unitholders – Basic1,083,545580,1442,086,8821,182,058
Net earnings attributable to Class A Units-3,516-8,094
Net earnings attributable to exchangeable other limited partnership units130-296-
Adjusted net earnings attributable to common unitholders – Diluted$1,083,675$583,660$2,087,178$1,190,152
Weighted average common partnership units outstanding – Basic952,993945,440952,977944,556
Incremental weighted average effect on exchange of Class A Units-5,767-6,468
Incremental weighted average effect on exchange of other limited partnership units259-259-
Incremental weighted average effect of equity awards of Prologis, Inc.4,6324,6754,4184,577
Weighted average common units outstanding – Diluted (2)957,884955,882957,654955,601
Net earnings per unit attributable to common unitholders:
Basic$1.14$0.61$2.19$1.25
Diluted$1.13$0.61$2.18$1.25

(1)

Earnings allocated to the exchangeable OP units not held by the Parent have been included in the numerator and exchangeable common units have been included in the denominator for the purpose of computing diluted earnings per share for all periods as the per share and unit amount is the same.

(2)

Our total weighted average potentially dilutive shares and units outstanding consisted of the following:

Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Class A Units-5,767-6,468
Other limited partnership units259259259268
Equity awards7,3397,5487,3187,578
Prologis, L.P.7,59813,5747,57714,314
Common limited partnership units19,90116,96420,80216,647
Prologis, Inc.27,49930,53828,37930,961

NOTE 9. FI****NANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Derivative Financial Instruments

In the normal course of business, our operations are exposed to market risks, including the effect of changes in foreign currency exchange rates and interest rates. We may enter into derivative financial instruments to offset these underlying market risks. There have been no significant changes in our policy and strategy from what was disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

Index

The following table presents the fair value of our derivative financial instruments recognized within Other Assets and Other Liabilities in the Consolidated Balance Sheets (in thousands):

June 30, 2026December 31, 2025
AssetLiabilityAssetLiability
Undesignated derivatives
Foreign currency contracts
Forwards
Brazilian real$-$1,432$-$394
British pound sterling2,7006,94816411,688
Canadian dollar8,808-5,680214
Euro4,5615,2821,66017,571
Japanese yen55,941-54,14722
Swedish krona3512,9841985,352
Options
Mexican peso3,698-14,733-
Designated derivatives
Foreign currency contracts
Net investment hedges
British pound sterling8,533-8414,279
Canadian dollar--1,866968
Interest rate contracts
Cash flow hedges
Euro1,1041,272--
Japanese yen569---
U.S. dollar--1,480-
Total fair value of derivatives$86,265$17,918$80,769$40,488

Undesignated Derivative Financial Instruments

Foreign Currency Contracts

The following table summarizes the activity of our undesignated foreign currency contracts for the six months ended June 30 (in millions, except for weighted average forward rates and number of active contracts):

20262025
CADEURGBPJPYOtherTotalCADEURGBPJPYOtherTotal
Notional amounts at January 1 ($)296587385335(202)1,401254526386312(27)1,451
New contracts ($)-21106123117057157855318370
Matured, expired or settled contracts ($)(72)(100)(53)(42)128**(**139)(32)(60)(41)(38)(11)**(**182)
Notional amounts at June 30 ($)224508438305**(**43)1,432279623430327**(**20)1,639
Weighted average forward rate at June 301.321.181.31126.471.321.161.29122.32
Active contracts at June 30881151129710712210391

The following table summarizes the undesignated derivative financial instruments exercised and associated realized and unrealized gains (losses), respectively, in Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net in the Consolidated Statements of Income (in millions, except for number of exercised contracts):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Exercised contracts50267952
Realized gains (losses) on the matured, expired or settled contracts$5$4$20$13
Unrealized gains (losses) on the change in fair value of outstanding contracts$1$(91)$20$(131)

Index

Designated Derivative Financial Instruments

Changes in the fair value of derivatives that are designated as net investment hedges ("NIHs") of our foreign operations and cash flow hedges ("CFHs") are recorded in Accumulated Other Comprehensive Income (Loss) (“AOCI/L”) in the Consolidated Balance Sheets and reflected within the AOCI/L table below.

Foreign Currency Contracts

The following table summarizes the activity of our foreign currency contracts designated as NIHs for the six months ended June 30 (in millions, except for weighted average forward rates and number of active contracts):

20262025
CADGBPTotalCADGBPTotal
Notional amounts at January 1 ($)200683883163432595
New contracts ($)100417517200290490
Matured, expired or settled contracts ($)(300)(415)**(**715)(163)(180)**(**343)
Notional amounts at June 30 ($)-685685200542742
Weighted average forward rate at June 30-1.341.361.30
Active contracts at June 30-625

Interest Rate Contracts

The following table summarizes the activity of our interest rate contracts designated as CFHs for the six months ended June 30 (in millions):

20262025
CADEURJPYUSDTotalCADEURUSDTotal
Notional amounts at January 1 ($)---425425--280280
New contracts ($)2544181907251,587139578751,071
Matured, expired or settled contracts ($)(254)(90)-(1,150)**(**1,494)(139)-(1,080)**(**1,219)
Notional amounts at June 30 ($)-328190-518-5775132

Designated Nonderivative Financial Instruments

The following table summarizes our debt and accrued interest, designated as a hedge of our net investment in international subsidiaries at the quarter ended (in millions):

June 30, 2026December 31, 2025
British pound sterling$1,861$1,837
Canadian dollar$2,436$1,793
Chinese renminbi$251$-

The following table summarizes the unrealized gains (losses) in Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net in the Consolidated Statements of Income on the remeasurement of the unhedged portion of our foreign denominated debt and accrued interest (in millions):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Unrealized gains (losses) on the unhedged portion$(1)$(49)$(6)$(71)

Accumulated Other Comprehensive Income (Loss) ("AOCI/L")

The change in AOCI/L in the Consolidated Statements of Equity during the periods presented was due to the following: (i) the currency translation adjustments ("CTA") that we recognize due to the translation of the financial statements of our consolidated subsidiaries, whose functional currency is not the U.S. dollar, into U.S. dollars; and (ii) the change in the fair value of the effective portion of our derivative financial instruments that have been designated as NIHs and CFHs and the translation of the hedged portion of our debt.

Index

The following tables present these changes in AOCI/L (in thousands):

Three Months Ended June 30, 2026 and 2025

Unrealized gains (losses) on CFHs (1)Our share of derivatives from unconsolidated entitiesDerivative NIHsDebt designated as nonderivative NIHs (2)CTATotal AOCI/L
Balance at April 1, 2026$(1,077)$20,903$324,943$175,308$(999,574)$(479,497)
Other comprehensive income (loss), net(6,213)378(5,231)60,21532,63181,780
Balance at June 30, 2026$**(**7,290)$21,281$319,712$235,523$**(**966,943)$**(**397,717)
Unrealized gains (losses) on CFHsOur share of derivatives from unconsolidated entitiesDerivative NIHsDebt designated as nonderivative NIHs (2)CTATotal AOCI/L
Balance at April 1, 2025$(17,411)$15,526$327,064$266,682$(941,449)$(349,588)
Other comprehensive income (loss), net7,032(2,720)(31,357)(167,297)(221,577)(415,919)
Balance at June 30, 2025$**(**10,379)$12,806$295,707$99,385$**(**1,163,026)$**(**765,507)

Six Months Ended June 30, 2026 and 2025

Unrealized gains (losses) on CFHs (1)Our share of derivatives from unconsolidated entitiesDerivative NIHsDebt designated as nonderivative NIHs (2)CTATotal AOCI/L
Balance at January 1, 2026$(9,332)$18,532$310,320$106,834$(1,102,630)$(676,276)
Other comprehensive income (loss), net2,0422,7499,392128,689135,687278,559
Balance at June 30, 2026$**(**7,290)$21,281$319,712$235,523$**(**966,943)$**(**397,717)
Unrealized gains (losses) on CFHsOur share of derivatives from unconsolidated entitiesDerivative NIHsDebt designated as nonderivative NIHs (2)CTATotal AOCI/L
Balance at January 1, 2025$(11,659)$12,652$341,852$327,897$(790,957)$(120,215)
Other comprehensive income (loss), net1,280154(46,145)(228,512)(372,069)(645,292)
Balance at June 30, 2025$**(**10,379)$12,806$295,707$99,385$**(**1,163,026)$**(**765,507)

(1)

We estimate an additional expense of $2.1 million will be reclassified to Interest Expense in the Consolidated Statements of Income over the next twelve months from June 30, 2026, due to the amortization of settled derivatives designated as cash flow hedges.

(2)

Reclassification of amounts out of AOCI/L due to the remeasurement of the unhedged portion of our foreign currency denominated debt and accrued interest is included within other comprehensive income (loss), net.

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Fair Value Measurements

There have been no significant changes in our policy from what was disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

Fair Value Measurements on a Recurring Basis

At June 30, 2026 and December 31, 2025, other than the derivatives discussed previously, we had no significant financial assets or financial liabilities that were measured at fair value on a recurring basis in the Consolidated Financial Statements. All of our derivatives held at June 30, 2026 and December 31, 2025, were classified as Level 2 of the fair value hierarchy.

Fair Value Measurements on Nonrecurring Basis

Acquired properties, certain assets we expect to sell or contribute and assets subject to impairment charges are significant nonfinancial assets that met the criteria to be measured at fair value on a nonrecurring basis. At June 30, 2026 and December 31, 2025, we estimated the fair value of our properties using Level 2 or Level 3 inputs from the fair value hierarchy. See more information on our acquired properties in Note 2 and assets held for sale or contribution in Note 4.

Fair Value of Financial Instruments

At June 30, 2026 and December 31, 2025, the carrying amounts of certain financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts payable and accrued expenses were representative of their fair values.

The differences in the fair value of our debt from the carrying value in the table below were the result of differences in interest rates or borrowing spreads that were available to us at June 30, 2026 and December 31, 2025, as compared with those in effect when the debt was issued or assumed, including lower borrowing spreads due to our credit ratings. See Note 5 for more information on our debt activity.

The following table reflects the carrying amounts and estimated fair values of our debt (in thousands):

June 30, 2026December 31, 2025
Carrying ValueFair ValueCarrying ValueFair Value
Credit facilities and commercial paper$514,142$514,142$44,679$44,679
Senior notes33,939,60231,844,25232,887,97130,950,062
Term loans and unsecured other1,760,8311,706,9471,908,7231,862,065
Secured mortgage227,510214,994195,700185,965
Total$36,442,085$34,280,335$35,037,073$33,042,771

NOTE 10. R****EPORTABLE SEGMENTS

Our current business strategy includes two reportable segments: Real Estate (Rental Operations and Development) and Strategic Capital. We generate revenues, earnings, net operating income and cash flows through our segments, as follows:

Real Estate Segment. This reportable segment represents the ownership and development of operating properties and is the largest component of our revenue and earnings. We collect rent from our customers through operating leases, including reimbursements for the majority of our property operating costs. The Real Estate Segment also includes development activities that lead to rental operations, including land held for development and properties currently under development, and other real estate investments, including renewable energy assets.

Strategic Capital Segment. This reportable segment represents the management of unconsolidated co-investment ventures. We generate strategic capital revenues primarily from our unconsolidated co-investment ventures through asset management and property management services and we earn additional revenues by providing leasing, acquisition, construction, development, financing and disposition services. Depending on the structure of the venture and the returns provided to our partners, we also earn revenues through promotes periodically during the life of a venture or upon liquidation.

Our management Executive Committee (“EC”) is our Chief Operating Decision Maker (“CODM”) and regularly reviews operating results and makes strategic and operating decisions with regards to assessing performance and allocating resources based on our two reportable segments. At June 30, 2026, the EC consisted of the Chief Executive Officer; Chief Operating Officer; Chief Financial Officer; Chief Development Officer; Chief Legal Officer and General Counsel; Chief Administrative Officer/Chief Human Resources Officer; Chief Energy and Sustainability Officer and Managing Director, Strategic Capital. The operating results reviewed by the EC include net operating income (“NOI”), the measure most consistent with U.S. GAAP.

NOI from the Real Estate Segment is calculated directly from the Consolidated Statements of Income as Rental Revenues and Development Management and Other Revenues less Rental Expenses and Other Expenses.

Index

NOI from the Strategic Capital Segment is calculated directly from the Consolidated Statements of Income as Strategic Capital Revenues less Strategic Capital Expenses.

Our EC analyzes the NOI of each reportable segment on a quarterly basis comparing actuals to prior period actuals, along with forecasted future amounts and utilizes operating metrics to understand and evaluate the performance of our operations and to allocate resources.

Below we present: (i) each reportable segment’s revenues from external customers to Total Revenues; (ii) each reportable segment’s expenses to Total Expenses excluding non-segment items; (iii) each reportable segment’s net operating income from external customers, calculated as each reportable segment's revenues less segment expenses, to Operating Income and Earnings Before Income Taxes; and (iv) each reportable segment’s assets to Total Assets.

The applicable components of Total Revenues, Total Expenses, Operating Income, Earnings Before Income Taxes and Total Assets in the Consolidated Financial Statements are allocated to each reportable segment’s revenues, expenses, net operating income and assets.

Items that are not directly assignable to a reportable segment, are not allocated but reflected as non-segment items (general and administrative expenses and real estate adjustments for depreciation and gains and losses on contributions and sales) due to how our CODM utilizes segment information for planning and execution of our business strategy.

Index

The following reportable segment net operating income and assets are presented in thousands:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues:
Real estate segment:
U.S.$2,055,467$1,940,600$4,075,674$3,854,493
Other Americas56,62945,913111,94692,236
Europe35,55732,96676,00458,393
Asia36,18017,22857,12030,111
Total real estate segment2,183,8332,036,7074,320,7444,035,233
Strategic capital segment:
U.S.55,90949,710109,96398,078
Other Americas101,44522,605127,80043,779
Europe65,06354,069123,915105,080
Asia19,20220,77840,75341,364
Total strategic capital segment241,619147,162402,431288,301
Total revenues2,425,4522,183,8694,723,1754,323,534
Expenses:
Real estate segment:
U.S. (1)(497,515)(464,115)(987,540)(935,327)
Other Americas(13,396)(9,855)(25,552)(18,182)
Europe(23,301)(19,894)(41,991)(33,427)
Asia(16,815)(5,805)(26,350)(10,699)
Total real estate segment(551,027)(499,669)(1,081,433)(997,635)
Strategic capital segment:
U.S. (1)(54,827)(30,508)(93,930)(59,041)
Other Americas(6,338)(6,551)(13,113)(9,533)
Europe(22,942)(18,071)(46,297)(35,648)
Asia(11,483)(9,787)(24,139)(21,472)
Total strategic capital segment(95,590)(64,917)(177,479)(125,694)
Total expenses**(**646,617)**(**564,586)**(**1,258,912)**(**1,123,329)
Segment net operating income:
Real estate segment:
U.S. (1)1,557,9521,476,4853,088,1342,919,166
Other Americas43,23336,05886,39474,054
Europe12,25613,07234,01324,966
Asia19,36511,42330,77019,412
Total real estate segment1,632,8061,537,0383,239,3113,037,598
Strategic capital segment:
U.S. (1)1,08219,20216,03339,037
Other Americas95,10716,054114,68734,246
Europe42,12135,99877,61869,432
Asia7,71910,99116,61419,892
Total strategic capital segment146,02982,245224,952162,607
Total segment net operating income1,778,8351,619,2833,464,2633,200,205
Non-segment items:
General and administrative expenses(129,626)(106,871)(256,516)(221,572)
Depreciation and amortization expenses(689,518)(657,221)(1,421,024)(1,309,279)
Gains on dispositions of development properties and land, net79,19610,477372,17937,928
Gains on other dispositions of investments in real estate, net212,44947,044303,48983,843
Operating income1,251,336912,7122,462,3911,791,125
Earnings from unconsolidated entities, net147,470107,692240,766175,591
Interest expense(276,311)(251,866)(530,597)(483,617)
Foreign currency, derivative and other gains (losses) and other income (expense), net109,663(122,829)154,274(154,487)
Gains (losses) on early extinguishment of debt, net(31)-(1,921)-
Earnings before income taxes$1,232,127$645,709$2,324,913$1,328,612

Index

June 30, 2026December 31, 2025
Segment assets:
Real estate segment:
U.S.$78,562,432$77,986,597
Other Americas3,175,1163,215,779
Europe2,885,3263,218,384
Asia1,870,9031,100,273
Total real estate segment86,493,77785,521,033
Strategic capital segment: (2)
U.S.6,2576,893
Europe25,28025,280
Asia287307
Total strategic capital segment31,82432,480
Total segment assets86,525,60185,553,513
Non-segment items:
Investments in and advances to unconsolidated entities11,467,40311,093,936
Assets held for sale or contribution498,975203,344
Cash and cash equivalents1,765,0431,145,647
Other assets754,850727,816
Total non-segment items14,486,27113,170,743
Total assets$101,011,872$98,724,256

(1)

This includes compensation and personnel costs for employees who were located in the U.S. but also support other geographies.

(2)

Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital Segment. Goodwill was $25.3 million at June 30, 2026 and December 31, 2025.

NOTE 11. S****UPPLEMENTAL CASH FLOW INFORMATION

Our significant noncash investing and financing activities for the six months ended June 30, 2026 and 2025 included the following:

We recognized lease right-of-use assets and lease liabilities related to leases in which we are the lessee within Other Assets and Other Liabilities on the Consolidated Balance Sheets, including any new leases, renewals and modifications of $33.3 million in 2026 and $37.9 million in 2025 for both assets and liabilities.

We capitalized $20.7 million and $18.9 million in 2026 and 2025, respectively, of equity-based compensation expense.

We received $634.8 million and $29.1 million in 2026 and 2025, respectively, of ownership interests in certain unconsolidated co-investment ventures, primarily as a portion of our proceeds from the contribution of properties to these entities.

We recognized $716.6 million in assumed debt and liabilities for future payments to third parties related to acquisitions of net investments in real estate in 2026.

We issued 3.5 million and 1.4 million shares in 2026 and 2025, respectively, of the Parent’s common stock upon redemption of an equal number of common limited partnership units in the OP.

We received an in-kind equity distribution from an unconsolidated co-investment venture of $41.9 million in 2026.

We paid $571.7 million and $512.8 million for interest, net of amounts capitalized, during the six months ended June 30, 2026 and 2025, respectively.

We paid $130.3 million and $91.6 million for income taxes, net of refunds, during the six months ended June 30, 2026 and 2025, respectively.

Index

Re****port of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

Prologis, Inc.:

Results of Review of Interim Financial Information

We have reviewed the consolidated balance sheet of Prologis, Inc. and subsidiaries (the Company) as of June 30, 2026, the related consolidated statements of income, comprehensive income, and equity for the three-month and six-month periods ended June 30, 2026 and 2025, the related consolidated statements of cash flows for the six-month periods ended June 30, 2026 and 2025, and the related notes (collectively, the consolidated interim financial information). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial information for it to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2025, and the related consolidated statements of income, comprehensive income, equity, and cash flows for the year then ended (not presented herein); and in our report dated February 13, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2025 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This consolidated interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with the standards of the PCAOB. A review of consolidated interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ KPMG LLP

Denver, Colorado July 29, 2026

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Report of Independent Registered Public Accounting Firm

To the Partners of Prologis, L.P. and the Board of Directors of Prologis, Inc.:

Results of Review of Interim Financial Information

We have reviewed the consolidated balance sheet of Prologis, L.P. and subsidiaries (the Operating Partnership) as of June 30, 2026, the related consolidated statements of income, comprehensive income, and capital for the three-month and six-month periods ended June 30, 2026 and 2025, the related consolidated statements of cash flows for the six-month periods ended June 30, 2026 and 2025, and the related notes (collectively, the consolidated interim financial information). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial information for it to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Operating Partnership as of December 31, 2025, and the related consolidated statements of income, comprehensive income, capital, and cash flows for the year then ended (not presented herein); and in our report dated February 13, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2025 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This consolidated interim financial information is the responsibility of the Operating Partnership’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Operating Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with the standards of the PCAOB. A review of consolidated interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ KPMG LLP

Denver, Colorado July 29, 2026

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