Prologis PLD · USD

NOTE 16. REPORTABLE 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 December 31, 2025, the EC consisted of the Chief Executive Officer; Chief Operating Officer; Chief Financial Officer; President; Chief Human Resources Officer; Chief Legal Officer; Chief Energy and Sustainability Officer and Managing Director, Global 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. NOI from the Strategic Capital Segment is calculated directly from the Consolidated Statements of Income as Strategic Capital Revenues less Strategic Capital Expenses.

NOTE 15. COMMITMENTS AND CONTINGENCIES Environmental Matters A majority of the properties we acquire, including land, are subjected to environmental reviews either by us or the previous owners. In addition, we may incur environmental remediation costs associated with certain land parcels we acquire in connection with the development of the land. We have acquired certain properties that may have been leased to or previously owned by companies that discharged hazardous materials. We establish a liability at the time of acquisition to cover such costs and adjust the liabilities as appropriate when additional information becomes available. We record our environmental liabilities in Other Liabilities in the Consolidated Balance Sheets. We purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. We are not aware of any environmental liabilities that would have a material adverse effect on our business, financial condition or results of operations. Off-Balance Sheet Liabilities We have entered into agreements, principally performance and surety bonds and standby letters of credit in connection with certain development and renewable energy projects. These agreements are commonly required by public agencies, including utilities, from real estate and renewable energy asset developers. They are renewable and expire on the completion of the improvements and infrastructure. We typically enter into performance and surety bonds that have terms of four years and standby letters of credit that have terms of a year to an indefinite period of time. At December 31, 2025 and 2024, we had $739.5 million and $684.1 million, respectively, outstanding under such arrangements. We may be required under capital commitments or may choose to make additional capital contributions to certain of our unconsolidated entities, representing our proportionate ownership interest, if needed to fund development or acquisition costs, repayment of debt or operational shortfalls. At December 31, 2025, we did not guarantee any third-party debt of the unconsolidated co-investment ventures. See Note 4 for further discussion related to equity commitments to our unconsolidated co-investment ventures. Litigation From time to time, we are party to a variety of legal proceedings arising in the ordinary course of business.

NOTE 7. DEBT All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt at December 31 (dollars in thousands): 2025 2024 Weighted Average Amount Weighted Average Amount Interest Rate (1) Term (Years) (2) Outstanding (3) Interest Rate (1) Term (Years) (2) Outstanding (3) Credit facilities and commercial paper 0.9% 1.6 $ 44,679 4.1% 1.8 $ 224,966 Senior notes (4) 3.2% 8.8 32,887,971 3.2% 9.8 28,322,163 Term loans and unsecured other 1.9% 3.9 1,908,723 2.0% 4.4 2,013,317 Secured mortgage (5) 4.5% 3.7 195,700 4.3% 3.2 318,817 Total 3.2% 8.5 $ 35,037,073 3.1% 9.4 $ 30,879,263 (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. (3)We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances at December 31 were borrowings denominated in the following currencies: 2025 2024 Weighted Average Interest Rate Amount Outstanding % of Total Weighted Average Interest Rate Amount Outstanding % of Total British pound sterling 3.0% $ 1,843,931 5.3 % 3.1% $ 1,714,653 5.6 % Canadian dollar 4.4% 2,004,638 5.7 % 4.7% 1,262,508 4.1 % Euro 2.2% 12,302,104 35.1 % 2.1% 9,900,602 32.1 % Japanese yen 1.2% 2,930,594 8.4 % 1.1% 2,910,755 9.4 % U.S. dollar 4.1% 15,385,826 43.9 % 4.1% 14,457,872 46.8 % Other 3.8% 569,980 1.6 % 3.6% 632,873 2.0 % Total 3.2% $ 35,037,073 100.0 % 3.1% $ 30,879,263 100.0 % (4)Senior notes are due from June 2026 to June 2061 with effective interest rates ranging from 0.3% to 5.7% at December 31, 2025. (5)Secured mortgage debt is due from February 2026 to September 2033 with effective interest rates ranging from 3.3% to 6.7% at December 31, 2025. The debt was principally secured by 14 operating properties and 1 land parcel with an aggregate undepreciated cost of $477.1 million at December 31, 2025. Credit Facilities In May 2025, we amended and restated one of our global senior credit facilities (the "2022 Global Facility") as the 2025 Global Facility.

NOTE 12. INCOME TAXES Components of Earnings Before Income Taxes The following table summarizes the components of earnings before income taxes for the years ended December 31 (in thousands): 2025 2024 2023 Domestic $ 3,539,450 $ 3,595,449 $ 2,891,644 International 229,866 519,429 572,539 Earnings before income taxes $ 3,769,316 $ 4,114,878 $ 3,464,183 Summary of Current and Deferred Income Taxes The following table summarizes the components of the provision for income taxes for the years ended December 31 (in thousands): 2025 2024 2023 Current income tax expense (benefit): U.S. federal $ 36,003 $ (17,082 ) $ (953 ) International 148,169 152,891 175,121 State and local 15,536 9,973 19,162 Total current income tax expense 199,708 145,782 193,330 Deferred income tax expense (benefit): U.S. federal (4,571 ) 18,222 12,936 International 8,880 2,939 4,772 Total deferred income tax expense 4,309 21,161 17,708 Total income tax expense $ 204,017 $ 166,943 $ 211,038 Current Income Taxes We recognize current income tax expense for the federal and state income taxes incurred by our TRSs and taxes incurred in certain states and foreign jurisdictions. Current income tax expense fluctuates from period to period based primarily on the timing of our taxable income. Taxable income incurred over the last three years was principally due to the following: (i) the contribution of real estate properties to our unconsolidated co-investment ventures and sales to third parties; (ii) recurring and transactional strategic capital fees earned; (iii) taxable earnings from unconsolidated co-investment ventures; and (iv) adjustments to acquired tax liabilities. During the years ended December 31, 2025, 2024 and 2023, cash paid for income taxes, net of refunds, was $142.7 million, $129.9 million and $149.1 million, respectively. The composition of these payments is generally consistent with the components of current income tax expense (benefit) as presented above. Deferred Income Taxes The deferred income tax expense recognized in 2025, 2024 and 2023 was principally due to changes in temporary differences and utilization of NOLs.

Due to our reliance on digital technology and electronic communications to run our business, cybersecurity threats and incidents pose an ongoing and escalating risk to our internal and third-party provided information systems and data, reputation and shareholder value, results of operations and financial condition. Our Chief Technology Officer, who reports directly to our Chief Executive Officer, holds over 25 years of experience in information technology, specifically infrastructure, information security and fraud, and identity solutions at large global companies, and our Vice President of Information Technology (“IT”) Governance, who reports to our Chief Technology Officer, holds over 20 years of experience in various information security roles. Together, our Chief Technology Officer and Vice President of IT Governance ("IT leadership") oversee and lead our information security program and our business strategy, financial planning and capital allocation around our cybersecurity risk management and governance practices. We also have an established Incident Response Team (“IRT”) to respond to and manage cybersecurity events. This team includes our IT leadership as well as senior leadership from our accounting, legal, corporate communications and risk management departments with subject-matter expertise and established tenure at Prologis in their respective areas. The IRT is tasked with taking appropriate action to safeguard the integrity of our information systems, data and network resources, investigate whether a breach occurred, define disclosures, communicate effectively with key audiences, including the Board as necessary, mitigate cybersecurity incident risks and provide a resolution through our cybersecurity incident communication protocols. Additionally, on an annual basis the IRT is involved and engaged in security initiatives, including tabletop exercises facilitated both internally and externally, to stay relevant on current practices in the areas of cybersecurity. The processes implemented by our IT leadership and IRT to oversee and identify cybersecurity risks are based on the Prologis Information Security Policy governed by the United States National Institute of Standards and Technology Cybersecurity Framework.

NOTE 3. REAL ESTATE Investments in real estate properties consisted of the following at December 31 (dollars and square feet in thousands): Square Feet Number of Buildings 2025 2024 2025 2024 2025 2024 Operating properties: Buildings and improvements 647,904 643,929 2,979 2,987 $ 56,365,572 $ 54,840,666 Improved land 24,195,448 23,438,687 Development portfolio, including land costs: Prestabilized 6,749 5,387 27 19 1,026,688 813,029 Properties under development 17,297 18,306 50 66 1,992,321 2,016,584 Land (1) 4,888,153 4,453,522 Other real estate investments (2) 6,661,174 5,683,688 Total investments in real estate properties 95,129,356 91,246,176 Less accumulated depreciation 14,729,149 12,758,159 Net investments in real estate properties $ 80,400,207 $ 78,488,017 (1)At December 31, 2025, and 2024, our land was comprised of 8,815 and 8,708 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) non-strategic real estate assets that we do not intend to operate long term; (iv) newly developed and stabilized data centers; and (v) non-industrial real estate assets that we intend to redevelop as industrial properties or data centers. At December 31, 2025, we had investments in real estate assets in the U.S. and other Americas (Brazil, Canada and Mexico), Europe (Belgium, the Czech Republic, France, Germany, Hungary, Italy, the Netherlands, Poland, Slovakia, Spain, Sweden and the United Kingdom (“U.K.”)) and Asia (China, India, Japan and Singapore). Acquisitions The following table summarizes our real estate acquisition activity for the years ended December 31 (dollars and square feet in thousands): 2025 2024 (1) 2023 (2) Number of operating properties 23 54 85 Square feet 5,416 11,047 17,503 Acres of land 909 889 1,620 Acquisition cost of net investments in real estate, excluding other real estate investments $ 1,471,575 $ 2,144,303 $ 4,194,468 Acquisition cost of other real estate investments $ 376,441 $ 596,607 $ 101,382 (1)In 2024, we acquired our partners' interest in an unconsolidated venture and began consolidating the properties, including 30 operating properties aggregating 6.0 million square feet. In addition, we entered a new market in India and acquired 225 acres of land. (2)In 2023, we acquired a real estate portfolio comprised of 70 operating properties in the U.S.

NOTE 11. LONG-TERM COMPENSATION 2020 Long-Term Incentive Plan The 2020 Long-Term Incentive Plan ("2020 LTIP") provides for grants of awards to officers, directors, employees and consultants of the Parent or its subsidiaries. Awards can be in the form of: full value awards, stock appreciation rights and stock options (non-qualified options and incentive stock options). Full value awards generally consist of: (i) common stock; (ii) restricted stock units (“RSUs”); (iii) OP LTIP units (“LTIP Units”) and (iv) performance stock units ("PSUs”). Awards may be made under the 2020 LTIP until it is terminated by the Board or until the ten-year anniversary of the effective date of the plan. The awards have been issued under the following components of our equity-based compensation programs at December 31, 2025: (i) Performance Stock Unit Program; (ii) Prologis Outperformance Plan ("POP"); (iii) Prologis Promote Plan (“PPP”); (iv) annual long-term incentive (“LTI”) equity award program (“Annual LTI Award”); and (v) annual bonus exchange program. At December 31, 2025, we had 15.1 million shares of common stock remaining available for future issuance under equity compensation plans. Equity-Based Compensation Programs Performance Stock Unit ("PSU") Program PSUs are 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. Such hurdles are based on a performance scale of Prologis’ percentile ranking in the Morgan Stanley Capital International US REIT Index (the “Index”) for a three-year performance period. Prologis must perform at the 55th percentile to earn a target award of 100.0%. The award is capped at 200.0% of the target for performance at or above the 85th percentile, and there is no payout in the event Prologis’ performance is below the 35th percentile. There is a proportional scaling between the 35th and the 85th percentiles, starting with 50.0% of the target being earned at the 35th percentile. If an award meets applicable market-based performance hurdles and is earned at the end of the initial three-year performance period, one-third of the award vests at the end of the performance period and the remaining award vests equally one and two years after the award is earned. The award is subject to an additional three-year holding requirement. Awards are in the form of common stock, restricted stock units ("RSUs") and LTIP Units.

NOTE 4. 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 10 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 at December 31 (in thousands): 2025 2024 Unconsolidated co-investment ventures $ 10,263,233 $ 9,274,762 Other ventures 830,703 804,686 Total $ 11,093,936 $ 10,079,448 Unconsolidated Co-Investment Ventures The following table summarizes our investments in the individual co-investment ventures at December 31 (dollars in thousands): Ownership Percentage Investment in and Advances to Co-Investment Venture 2025 2024 2025 2024 Prologis Targeted U.S. Logistics Fund, L.P. (“USLF”) 31.9% 30.5% $ 3,282,742 $ 3,022,568 FIBRA Prologis (1) 34.6% 34.6% 982,538 1,009,357 Prologis Brazil Logistics Venture (“PBLV”) and other joint ventures (2) 20.0% 20.0% 198,516 158,676 Prologis European Logistics Fund (“PELF”) 26.4% 26.3% 2,484,995 2,196,180 Prologis European Logistics Partners (“PELP”) (2) 50.0% 50.0% 2,525,562 2,174,590 Nippon Prologis REIT, Inc. (“NPR”) (3) (4) 15.3% 15.1% 540,408 523,204 Prologis Japan Core Logistics Fund ("PJLF") (4) 16.3% 16.3% 50,262 45,976 Prologis China Core Logistics Fund, LP (“PCCLF”) 15.5% 15.5% 56,978 89,551 China AMC Prologis Logistics REIT ("Prologis C-REIT") (5) 20.7% - 72,314 - Prologis China Logistics Venture I, LP, II, LP and III, LP (“Prologis China Logistics Venture”) (2) 15.0% 15.0% 68,918 54,660 Total $ 10,263,233 $ 9,274,762 (1)At December 31, 2025, we owned 567.4 million units of FIBRA Prologis that had a closing price of Ps 75.44 ($4.