The following should be read in conjunction with the Consolidated Financial Statements and related Notes included in Item 1 of this report and our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”). The statements in this report that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management’s beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “aims,” and “estimates,” including variations of such words and similar expressions, are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, acquisition and development activity, including data center developments and power procurement related thereto, contribution and disposition activity, general conditions in the geographic areas where we operate, expectations regarding new lines of business, our debt, capital structure and financial position, our ability to earn revenues from co-investment ventures or form new co-investment ventures and the availability of capital in existing or new co-investment ventures — are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and therefore actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) international, national, regional and local economic and political climates and conditions; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties, including the integration of the operations of significant real estate portfolios; (v) maintenance of Real Estate Investment Trust (“REIT”) status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in and management of our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; (x) risks related to global pandemics; and (xi) those additional factors discussed under Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025. We undertake no duty to update any forward-looking statements appearing in this report except as may be required by law. Prologis, Inc. is a self-administered and self-managed REIT and is the sole general partner of Prologis, L.P. through which it holds substantially all of its assets. We operate Prologis, Inc. and Prologis, L.P. as one enterprise and, therefore, our discussion and analysis refers to Prologis, Inc. and its consolidated subsidiaries, including Prologis, L.P. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors ("co-investment ventures"). We have a significant ownership interest in the co-investment ventures, which are either consolidated or unconsolidated based on our level of control of the entity. We operate, manage and measure the operating performance of our properties on an owned and managed (“O&M”) basis. Our O&M portfolio includes our consolidated properties as well as properties owned by our unconsolidated co-investment ventures, which we manage. We make operating decisions based on our total O&M portfolio as we manage the properties without regard to their ownership. We also evaluate our results based on our proportionate economic ownership of each property included in the O&M portfolio (“our share”). Included in our discussion below are references to funds from operations (“FFO”) and net operating income (“NOI”), neither of which are U.S. generally accepted accounting principles (“GAAP”). See below for a reconciliation of Net Earnings Attributable to Common Stockholders/Unitholders in the Consolidated Statements of Income to our FFO measures and a reconciliation of NOI to Operating Income in the Consolidated Statements of Income, the most directly comparable GAAP measures. MANAGEMENT'S OVERVIEW Prologis is the global leader in logistics real estate, operating in high-barrier, high-growth markets across 20 countries on four continents. Our portfolio is concentrated in key commercial hubs strategically located near end consumers to enable the efficient flow of goods. We own, manage and develop high-quality logistics facilities and deliver integrated infrastructure solutions that optimize how our customers operate within our buildings. Our services address the evolving needs of modern supply chains, including the growing convergence of physical, digital and energy infrastructure, as logistics facilities increasingly support power and data-intensive operations. Consistent with this strategy, we are leveraging our development capabilities, energy solutions and strategic locations to deliver digital infrastructure requirements through selective development of data centers. Logistics real estate demand is driven by the essential role supply chains play in the global economy and heightened by several long-term structural factors. These include: (i) customers repositioning their supply chains to meet rising e-commerce penetration and service expectations; (ii) growth in global consumption; (iii) an increased focus on supply chain efficiency and resiliency; and (iv) the 31 Index need for modern, well-located facilities to support evolving distribution and fulfillment requirements. We believe these factors will continue to support demand for logistics space and relatively low vacancy rates over the long term. Our teams actively manage our portfolio by delivering comprehensive real estate services, including leasing, property management, development, acquisition and disposition expertise. We invest significant capital into new properties through acquisition and development activity, including build-to-suit development, speculative development and redevelopment of properties into industrial properties and data centers. Proceeds from property dispositions, typically through contributions of newly developed properties to our co-investment ventures, data center sales or sales of non-strategic assets to third parties, allow us to recycle capital back into our ongoing investment activities, providing the ability to realize long-term value creation. While the majority of our properties in the U.S. are wholly owned, we also hold significant ownership interest in properties both in the U.S. and internationally through our investment in co-investment ventures. Partnering with many of the world’s largest institutional investors through co-investment ventures broadens our access to capital and allows us to expand our investment capacity and enhance and diversify our returns through a combination of co-investment performance and recurring fee-based income from asset management and related services, while mitigating our exposure to foreign currency movements. Our scale and customer-focused strategy have driven us to expand the services we offer. Our 1.3 billion square foot portfolio serves as the foundation for a comprehensive platform of solutions that address the challenges our customers face in global fulfillment today. Leveraging this scale, we deliver integrated solutions that support our customers’ operational and energy needs. Our customer experience teams and proprietary technology are central to how we operate and enable us to provide differentiated insights and scalable infrastructure solutions that help customers improve performance and build resilience. The principles of environmental, social and governance are embedded in our business strategy through an integrated approach to global impact and sustainability, which we believe creates value for our customers, investors, employees and communities. Our Global Presence At June 30, 2026, we owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.3 billion square feet across the following geographies: Throughout this discussion, amounts are presented in U.S. dollars, our reporting currency. Included in these amounts are consolidated and unconsolidated investments denominated in foreign currencies, principally the British pound sterling, Canadian dollar, euro and Japanese yen that are impacted by fluctuations in exchange rates when translated to U.S. dollars. We mitigate our exposure to foreign currency fluctuations by investing outside the U.S. through co-investment ventures, borrowing in the functional currency of our subsidiaries and utilizing derivative financial instruments. 32 Index Our business comprises two reportable segments: Real Estate (Rental Operations and Development) and Strategic Capital. Below is information summarizing consolidated activity within our segments (in millions): (1)NOI from the Real Estate Segment is calculated directly from the Consolidated Financial Statements 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 Financial Statements as Strategic Capital Revenues less Strategic Capital Expenses.‌ The second quarter of 2026 includes promote revenue net of related strategic capital expenses of $62 million. (2)A developed property moves into the operating portfolio when it meets our definition of stabilization, which is the earlier of when a property that was developed has been completed for one year or is 90% occupied. Amounts represent our total expected investment ("TEI") upon stabilization, which includes the estimated cost of development or expansion, including land, construction and leasing costs. Real Estate Segment Rental Operations. Rental operations comprise the largest component of our reportable segments and generally contributes 90% to 95% of our consolidated revenues, earnings and FFO. We collect rent from our customers through operating leases, including reimbursements for the majority of our property operating costs. Through our global footprint, we have a diversified lease portfolio and our revenues from in-place leases are contractual with fixed or inflation-linked escalations. For the trailing twelve months ended June 30, 2026, the weighted average lease term for leases commenced in our consolidated operating portfolio was 68 months. We expect to generate earnings growth by increasing rents, maintaining high occupancy rates and controlling expenses. The primary driver of our revenue growth will be the rolling of in-place leases to current market rents upon lease expiration. We believe our active portfolio management, combined with the skills of our property management, maintenance, energy, sustainability and risk management teams allow us to maximize NOI across our portfolio. Substantially all of our consolidated rental revenue, NOI and cash flows from rental operations are generated in the U.S. Development. Our development business provides the opportunity to profitably build modern logistics facilities that address the evolving requirements of our customers while deepening our presence in our target markets. We are selectively expanding our development platform to include data centers in certain markets, by focusing on procuring power and securing build-to-suit lease transactions. We believe we have a competitive advantage due to: (i) the strategic locations of our buildings and land sites; (ii) the multidisciplinary expertise of our teams; (iii) the depth of our customer relationships; (iv) our ability to secure and grow access to power; (v) our procurement capabilities that enable us to secure high-demand data center equipment; and (vi) our ability to procure high demand construction materials at a lower cost. Successful development projects contribute significantly to earnings growth as they are leased, begin generating income and increase the value of our Real Estate Segment. In general, we develop properties in the U.S. to hold for the long term or to contribute to our unconsolidated co-investment ventures, and outside the U.S. primarily to contribute to these ventures. Strategic Capital Segment We partner with many of the world’s largest institutional investors through co-investment ventures. The business is capitalized through private and public equity, and is comprised of approximately 92% open-ended ventures, long-term ventures and three publicly traded vehicles: (i) Nippon Prologis REIT, Inc. in Japan; (ii) China AMC Prologis Logistics REIT in China; and (iii) FIBRA Prologis in Mexico. We align our interests with our partners by holding significant ownership interests in the co-investment ventures. Thirteen of the co-investment ventures are unconsolidated entities, and one is consolidated, with our ownership in the co-investment ventures ranging from 15% to 55%. This structure allows us to reduce our exposure to foreign currency fluctuations for non-U.S. investments. Management of the unconsolidated co-investment ventures comprises our Strategic Capital Segment. This segment generates durable, long-term cash flows and generally contributes 5% to 10% of our consolidated revenues, earnings and FFO, excluding promotes. We generate strategic capital revenue from our unconsolidated co-investment ventures, principally through asset management and property management services. Revenue earned from asset management fees is primarily driven by the quarterly valuation of the real estate properties owned by the respective ventures. We earn additional revenues by providing leasing, acquisition, construction management, development and disposition services. The majority of the strategic capital revenues are 33 Index generated outside the U.S. In certain ventures, we also have the ability to earn revenues through incentive fees (“promotes” or “promote revenues”) periodically during the life of a venture, upon liquidation of a venture or upon stabilization of individual venture assets, based primarily on the total return of the investments over certain financial hurdles. Promote revenue is recognized when earned, either at the end of the promote period, or for certain ventures, without a scheduled promote period, upon achieving cumulative return thresholds or upon liquidation or stabilization of individual venture assets. FUTURE GROWTH We believe that the quality and scale of our portfolio, our ability to add value creation through development, our strategic capital business, the depth of our customer relationships and the strength of our balance sheet are differentiators that allow us to drive growth in revenues, NOI, earnings, FFO and cash flows. (1)Rent change represents the percentage change in net effective rental rates (average rate over the lease term), on new and renewed leases, commenced during the period compared with previous net effective rental rates for the same respective spaces. Net effective rent ("NER") is calculated at the beginning of the lease using estimated total cash base rent to be received over the term and annualized, and excludes fair value lease amortization from acquisitions. Amounts derived in a currency other than the U.S. dollar have been translated using the average rate from the previous twelve months. Trailing NER change is based on the twelve months immediately prior to the period ended. •Rent Growth. As a result of several years of market rent increases, our in-place leases have considerable upside potential to capture higher rents and drive future organic NOI growth. This is evident in the positive rent change we have experienced in every quarter since 2013. For lease rollovers during the three months ended June 30, 2026, the increases to market on our share of the O&M portfolio resulted in increases of 36.9% in NER. Rent change has remained strong, even after moderating from peak levels, reflecting healthy demand and embedded rent growth. We estimate that our share of the remaining lease mark-to-market is approximately 17% (on an NER basis), which represents the amount by which current market rents exceed our in-place rents based on our share of the O&M portfolio at June 30, 2026. This lease mark-to-market has remained meaningfully positive reflecting the accumulated rent growth embedded in our in-place leases remaining to be realized on rollover. As a result, we expect lease renewals to drive higher rental income over the coming years even without further market rent increases. •Value Creation from Development. Our global development program serves as a profitable way to expand our portfolio, build scale, serve customers and create value for investors. We create these opportunities by sourcing land either through direct ownership, option strategies or Covered Land Plays ("CLPs"), which we expect to redevelop. We primarily develop in our existing markets, focusing on logistics facilities while also pursuing higher-and-better-use conversions, such as data centers. A key enabler of these conversions is our energy procurement strategy. By leveraging our scale and relationships with utilities and energy providers, we are advancing on our strategy to secure reliable access to power that enhances the value of our land portfolio and enables us to convert select logistics sites into energy-ready data center developments and capture meaningful value creation consistent with our broader redevelopment strategy. Development activity accelerated during the first half of 2026, reflecting strengthening customer demand across our markets and we expect development opportunities to continue to accelerate during the remainder of the year. Based on our current estimates, our consolidated land and other real estate investments, including options and CLPs, have the potential to support the development of $35.6 billion ($40.6 billion on an O&M basis) of TEI of newly developed buildings. We measure the estimated value creation of a development project as the stabilized value above our TEI. As properties are completed and leased, we expect to capture the value creation principally through gains realized upon contributing these properties to unconsolidated co-investment ventures, data center sales and through increases in the NOI of the consolidated portfolio. •Strategic Capital Advantages. Our co-investment ventures provide third-party capital that enables us to grow our O&M portfolio, help self-fund our development activity through the sale or contribution of newly developed assets to these vehicles and generate substantial management fees. We raise capital to support the long-term growth of these ventures while maintaining significant investments of our own. In 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. At June 30, 2026, the gross book value of the 34 Index operating portfolio held by all of our unconsolidated co-investment ventures was $62.4 billion across an aggregate of 548 million square feet. We plan to continue to grow this business and increase revenues by increasing our assets under management in existing and through newly formed ventures. •Balance Sheet Strength. We have a long-standing strategy to build and maintain a strong, flexible balance sheet by using conservative levels of financial leverage. At June 30, 2026, the weighted average remaining term of our consolidated debt was 8 years and the weighted average interest rate was 3.3%. At June 30, 2026, we had total available liquidity of $7.6 billion. We continue to maintain low leverage as a percentage of our real estate investments and our market capitalization. Our low leverage, available liquidity and investment capacity in the co-investment ventures position us to capitalize on opportunistic value-added investments as they arise. •Our Scale Drives Efficiency. We have scalable systems and infrastructure in place to grow both our consolidated and O&M portfolios with limited incremental general and administrative ("G&A") expenses, allowing us to focus additions to our workforce in growth areas of the business. Over time, we believe we can continue to grow NOI and strategic capital revenues organically and through accretive development and acquisition activity while further reducing G&A as a percentage of our investments in real estate. •Staying “Ahead of What’s Next™”. We continue to invest in capabilities that support customer operations, including energy and digital infrastructure, strategic advisory, procurement, supply chain solutions and technology-enabled services. This includes investments in early and growth-stage companies that are focused on emerging technologies for the logistics sector through Prologis Ventures, our corporate venture capital group. SUMMARY OF THE SIX MONTHS ENDED JUNE 30, 2026 Our operating results during the six months ended June 30, 2026 were strong, supported by healthy customer demand, high retention and robust leasing activity across our consolidated portfolio. We continued to benefit from the favorable mark-to-market of our existing leases, reflecting cumulative market rent growth over the past several years. As a result, rent change on rollover and same-store growth in our O&M portfolio remained strong. We believe we remain well-positioned for long-term revenue growth, supported by the embedded rent growth in our in-place lease portfolio. At June 30, 2026, our lease mark-to-market remained meaningfully positive at approximately 17% (on an NER and our share basis), reflecting the accumulated rent growth embedded in our in-place leases remaining to be realized on rollover. These factors contributed to occupancy in our operating portfolio of 95.4% at June 30, 2026 and rent change on leases that commenced during the six months ended June 30, 2026 of 34.2% on a net effective basis, both metrics based on our ownership share. We completed the following significant activities in 2026, as described in the Notes to the Consolidated Financial Statements: •We acquired $1.9 billion of net investments in real estate, including the acquisition of our partner's interest in an unconsolidated co-investment venture in Asia. •We generated net proceeds of $2.0 billion and realized net gains on real estate transactions of $676 million, principally from the contribution of real estate properties and land to unconsolidated co-investment ventures in the U.S. and Europe and sales of properties to third parties in the U.S. •We earned promotes aggregating $83 million ($49 million net of related strategic capital expenses, which includes stock compensation amortization for promotes earned in prior periods) primarily during the second quarter of 2026 from an unconsolidated co-investment venture in the Other Americas. •We commenced $3.0 billion of TEI of consolidated development projects, including $2.1 billion of data center developments, reflecting continued expansion of our development platform. •In March 2026, we amended and restated one of our global credit facilities, maintaining its $3.0 billion borrowing capacity while extending its maturity date to 2030, with an option to extend to 2031. •In May 2026, we established a Canadian dollar-denominated commercial paper program, under which we may issue, repay and re-issue short-term unsecured commercial paper notes (“CPNs”) up to C$1.0 billion ($702 million at June 30, 2026). We are required to maintain available commitments under our credit facilities in an amount at least equal to the amount of the CPNs outstanding. •At June 30, 2026, we had total available liquidity of $7.6 billion, including available capacity on our credit facilities of $5.8 billion and unrestricted cash balances of $1.8 billion. 35 Index •We issued $2.2 billion of senior notes with a weighted average interest rate of 4.3% and weighted average maturity of 8 years (principal in millions): Aggregate Principal Issuance Date Weighted Average Issuance Date Borrowing Currency USD (1) Interest Rate Years Maturity Dates April $ 1,250 $ 1,250 4.6% 8.2 June 2031 – 2036 April C$ 850 625 4.3% 8.1 May 2034 June ¥ 45,000 280 2.9% 7.1 December 2030 – 2041 Total $ 2,155 4.3% 8.0 (1) The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date. RESULTS OF OPERATIONS – SIX MONTHS ENDED JUNE 30, 2026 AND 2025 We evaluate our business operations based on the NOI of our two reportable segments: Real Estate (Rental Operations and Development) and Strategic Capital. NOI by segment is a non-GAAP performance measure that is calculated using revenues and expenses directly from our financial statements. We consider NOI by segment to be an appropriate supplemental measure of our performance because it helps management and investors understand our operating results. Below is our NOI by segment per the Consolidated Financial Statements and a reconciliation of NOI by segment to Operating Income per the Consolidated Financial Statements for the six months ended June 30 (in millions): 2026 2025 Real estate segment: Rental revenues $ 4,302 $ 4,013 Development management and other revenues 18 23 Rental expenses (1,051 ) (976 ) Other expenses (30 ) (22 ) Real Estate Segment – NOI 3,239 3,038 Strategic capital segment: Strategic capital revenues 402 288 Strategic capital expenses (177 ) (126 ) Strategic Capital Segment – NOI 225 162 General and administrative expenses (256 ) (222 ) Depreciation and amortization expenses (1,421 ) (1,309 ) Operating income before gains on real estate transactions, net 1,787 1,669 Gains on dispositions of development properties and land, net 372 38 Gains on other dispositions of investments in real estate, net 303 84 Operating income $ 2,462 $ 1,791 See Note 10 to the Consolidated Financial Statements for more information on our segments and a reconciliation of each reportable segment’s NOI to Operating Income and Earnings Before Income Taxes. Real Estate Segment This reportable segment principally includes rental revenue and rental expenses recognized from our consolidated properties. This segment also includes the operating results of our renewable energy assets. We allocate the costs of our property management and leasing functions to the Real Estate Segment through Rental Expenses and the Strategic Capital Segment through Strategic Capital Expenses, both in the Consolidated Financial Statements, based on the square footage of the relative portfolios. In addition, this segment is impacted by our development, acquisition and disposition activities. 36 Index Below are the components of Real Estate Segment NOI for the six months ended June 30, derived directly from line items in the Consolidated Financial Statements (in millions): 2026 2025 Rental revenues $ 4,302 $ 4,013 Development management and other revenues 18 23 Rental expenses (1,051 ) (976 ) Other expenses (30 ) (22 ) Real Estate Segment – NOI $ 3,239 $ 3,038 The $201 million change in Real Estate Segment (“RES”) NOI for the six months ended June 30 compared to the same period in 2025, was impacted by the following activities (in millions): (1)Significant rent change due to higher rental rates on the rollover of leases during both periods continues to be a key driver of increasing rental income. See below for key metrics on rent change on rollover and occupancy. (2)We calculate changes in NOI from development completions period over period by comparing the change in NOI generated on the pool of developments that completed on or after January 1, 2025 through June 30, 2026. Below are key operating metrics of our consolidated operating portfolio. (1)Consolidated square feet of leases commenced and weighted average net effective rent change were calculated for leases with initial terms of one year or greater. (2)Calculated using the trailing twelve months immediately prior to the period ended. 37 Index Development Activity The following table summarizes consolidated development activity for the six months ended June 30 (dollars and square feet in millions): 2026 2025 Starts: Number of new development buildings started during the period 24 19 Square feet 7 7 TEI $ 2,966 $ 1,513 Percentage of build-to-suits based on TEI 84.5 % 69.6 % Stabilizations: Number of development buildings stabilized during the period 32 19 Square feet 9 5 TEI $ 1,612 $ 1,135 Percentage of build-to-suits based on TEI 33.4 % 55.5 % Weighted average stabilized yield (1) 7.2 % 6.9 % Estimated value at completion $ 2,035 $ 1,446 Estimated weighted average margin (2) 26.2 % 27.4 % Estimated value creation $ 423 $ 311 (1)We calculate the weighted average stabilized yield as estimated NOI assuming stabilized occupancy divided by TEI. (2)Estimated weighted average margin is calculated on development properties as estimated value creation, less estimated closing costs and taxes, if any, on properties expected to be sold or contributed, divided by TEI. Development margins fluctuate depending on several factors including cost of capital, changes in capitalization rates that are used to estimate value at completion and location and type of development, such as build-to-suit or speculative. At June 30, 2026, the consolidated development portfolio, including properties under development and pre-stabilized properties, was expected to be completed before May 2028 with a TEI of $5.7 billion and was 43.2% leased, including $2.5 billion of TEI for data centers with power capacity of 680 megawatts. Our investment in the development portfolio was $2.7 billion at June 30, 2026. Capital Expenditures We capitalize costs incurred in improving and leasing our consolidated operating properties and other real estate investments as part of the investment basis or within Other Assets in the Consolidated Balance Sheets. The following graph summarizes capitalized expenditures and leasing costs during each quarter and excludes development costs and spend subsequent to stabilization that is structural in nature: (1)Calculated using the trailing twelve months immediately prior to the period ended. Strategic Capital Segment This reportable segment includes revenues from asset management and property management services, transactional services for acquisition, disposition and leasing activity and promote revenue earned from the unconsolidated co-investment ventures. Revenues associated with the Strategic Capital Segment fluctuate because of changes in the size of the portfolios through acquisitions and dispositions, the fair value of the properties, timing of promotes, foreign currency exchange rates and other transactional activity. These 38 Index revenues are reduced by the direct costs associated with the asset and property-level management expenses for the properties owned by these ventures. We allocate the costs of our property management and leasing functions to the Strategic Capital Segment through Strategic Capital Expenses and to the Real Estate Segment through Rental Expenses both in the Consolidated Financial Statements, based on the square footage of the relative portfolios. For further details regarding the key property information and summarized financial condition and operating results of our unconsolidated co-investment ventures, refer to Note 3 to the Consolidated Financial Statements. Below are the components of Strategic Capital Segment NOI for the six months ended June 30, derived directly from the line items in the Consolidated Financial Statements (in millions): 2026 2025 Strategic capital revenues $ 402 $ 288 Strategic capital expenses (177 ) (126 ) Strategic Capital Segment – NOI $ 225 $ 162 Below is additional detail of our Strategic Capital Segment revenues, expenses and NOI for the six months ended June 30 (in millions): U.S. (1) Other Americas Europe Asia Total 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Strategic capital revenues ($) Recurring fees (2) 97 88 45 41 101 92 34 35 277 256 Transactional fees (3) 13 10 7 3 16 13 6 6 42 32 Promote revenue (4) - - 76 - 7 - - - 83 - Total strategic capital revenues ($) 110 98 128 44 124 105 40 41 402 288 Strategic capital expenses ($) (4) (94 ) (59 ) (13 ) (10 ) (46 ) (36 ) (24 ) (21 ) (177 ) (126 ) Strategic Capital Segment – NOI ($) 16 39 115 34 78 69 16 20 225 162 (1)The U.S. expenses include compensation and personnel costs for employees who are based in the U.S. but also support other geographies. (2)Recurring fees include asset management and property management fees. (3)Transactional fees include leasing commissions, acquisition, disposition, development and other fees. (4)We generally earn promote revenue directly from third-party investors in the co-investment ventures based on the cumulative returns of the venture over a defined incentive period (typically three-years) or, for certain ventures, without a scheduled promote period, upon achieving cumulative return thresholds, or upon the stabilization of individual development projects owned by the venture. Changes in asset valuations within the co-investment ventures during the promote period is one of the significant inputs to the calculation of promote revenues. The Prologis Promote Plan ("PPP") awards up to 25% of the third-party portion of the promotes earned by us from the co-investment ventures to our employees. This award is issued as a combination of cash and equity-based awards, pursuant to the terms of the PPP and expensed through Strategic Capital Expenses in the Consolidated Statements of Income, as vested. As a result, expenses recognized in the current period may relate to promote revenues recognized in prior periods. G&A Expenses G&A expenses were $256 million and $222 million for the six months ended June 30, 2026 and 2025, respectively. G&A expenses increased in 2026 compared to 2025, principally due to inflationary increases and higher compensation expenses. We capitalize certain internal costs that are incremental and directly related to our development and building improvement activities. The following table summarizes capitalized G&A expenses for the six months ended June 30 (dollars in millions): 2026 2025 Building and land development activities $ 50 $ 56 Operating building improvements and other 39 28 Total capitalized G&A expenses $ 89 $ 84 Capitalized compensation and related costs as a percentage of total 18.3 % 21.0 % 39 Index Depreciation and Amortization Expenses We recognized depreciation and amortization expenses of $1.4 billion and $1.3 billion for the six months ended June 30, 2026 and 2025, respectively. The depreciation and amortization expenses we recognize can be impacted by: (i) the size and timing of real estate acquisitions, dispositions and contributions; (ii) timing of when development properties are completed and placed into service; and (iii) foreign currency exchange rates and other activity. Gains on Real Estate Transactions, Net Gains on the disposition of development properties and land were $372 million and $38 million for the six months ended June 30, 2026 and 2025, respectively, principally from the contribution of real estate properties and land to unconsolidated co-investment ventures in the U.S. and Europe. Gains on other dispositions of investments in real estate were $303 million and $84 million for the six months ended June 30, 2026 and 2025, respectively, principally from sales of properties to third parties in the U.S. during both years. Historically, we have utilized the proceeds from these dispositions principally to fund our acquisition and development activities. See Note 2 to the Consolidated Financial Statements for further information on these transactions. Our Owned and Managed (“O&M”) Operating Portfolio We manage our business and evaluate operating performance on an O&M basis, which includes our consolidated properties and properties owned by our unconsolidated co-investment ventures. We believe reviewing the results on this basis enables management to assess performance more comprehensively as we manage the properties without regard to their ownership. We do not control the unconsolidated co-investment ventures for purposes of GAAP and the presentation of the ventures’ operating information does not represent a legal claim. Our O&M operating portfolio excludes our development portfolio, value-added properties, non-industrial properties and properties we consider non-strategic that we do not intend to hold for the long term, including those classified as held for sale or within other real estate investments. Value-added properties are properties we have either acquired at a discount and believe we could provide greater returns post-stabilization or properties we expect to repurpose to higher uses. See below for information on our O&M operating portfolio (square feet in millions): June 30, 2026 December 31, 2025 Number of Properties Square Feet Percentage Occupied Number of Properties Square Feet Percentage Occupied Consolidated 3,045 674 95.3% 2,968 645 95.4% Unconsolidated 2,431 548 95.7% 2,472 562 96.3% Total 5,476 1,222 95.5% 5,440 1,207 95.8% 40 Index Below are the key leasing metrics of our O&M operating portfolio. (1)Square feet of leases commenced and weighted average net effective rent change were calculated for leases with initial terms of one year or greater. We retained approximately 70% or more of our customers, based on the total square feet of leases commenced during these periods. (2)Calculated using the trailing twelve months immediately prior to the period ended. (3)Turnover costs include external leasing commissions and tenant improvements and represent the estimated obligations incurred in connection with the lease commencement for leases greater than one year. Same Store Analysis Our same store metrics are non-GAAP financial measures, which are commonly used in the real estate industry and expected from the financial community, on both a net effective and cash basis. We evaluate the performance of the operating properties we own and manage using a “same store” analysis because the population of properties in this analysis is consistent from period to period, which allows us and investors to analyze our ongoing business operations. We determine our same store metrics on property NOI, which is calculated as rental revenue less rental expense for the applicable properties in the same store population for both consolidated and unconsolidated properties based on our ownership interest, as further defined below. We define our same store population for the three months ended June 30, 2026 as the properties in our O&M operating portfolio, including the property NOI for both consolidated properties and properties owned by the unconsolidated co-investment ventures, at January 1, 2025 and owned throughout the same three-month period in both 2025 and 2026. We believe the drivers of property NOI for the consolidated portfolio are generally the same for the properties owned by the ventures in which we invest and therefore we evaluate the same store metrics of the O&M portfolio based on Prologis’ ownership in the properties (“Prologis Share”). The same store population excludes properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the period (January 1, 2025) and properties acquired or disposed of to third parties during the period. To derive an appropriate measure of period-to-period operating performance, we remove the effects of foreign currency exchange rate movements by using the reported period-end exchange rate to translate from local currency into the U.S. dollar, for both periods. 41 Index As non-GAAP financial measures, the same store metrics have certain limitations as an analytical tool and may vary among real estate companies. As a result, we provide a reconciliation of Rental Revenues less Rental Expenses (“Property NOI”) (from our Consolidated Financial Statements prepared in accordance with U.S. GAAP) to our Same Store Property NOI measures, as follows for the three months ended June 30 (dollars in millions): Percentage 2026 2025 Change Reconciliation of Consolidated Property NOI to Same Store Property NOI measures: Rental revenues $ 2,177 $ 2,025 Rental expenses (531 ) (488 ) Consolidated Property NOI $ 1,646 $ 1,537 Adjustments to derive same store results: Property NOI from consolidated properties not included in same store portfolio and other adjustments (1) (179 ) (158 ) Property NOI from unconsolidated co-investment ventures included in same store portfolio (1)(2) 1,000 940 Third parties' share of Property NOI from properties included in same store portfolio (1)(2) (778 ) (731 ) Prologis Share of Same Store Property NOI – Net Effective (2) $ 1,689 $ 1,588 6.4 % Consolidated properties straight-line rent and fair value lease amortization included in same store portfolio (3) (128 ) (145 ) Unconsolidated co-investment ventures straight-line rent and fair value lease amortization included in same store portfolio (3) (35 ) (37 ) Third parties' share of straight-line rent and fair value lease amortization included in same store portfolio (2)(3) 29 28 Prologis Share of Same Store Property NOI – Cash (2)(3) $ 1,555 $ 1,434 8.5 % (1)We exclude properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the periods and properties acquired or disposed of to third parties during the periods. We also exclude one-time items due to early lease terminations, including termination fees received from customers and the write-off of related lease assets and liabilities, that are not indicative of the property’s recurring operating performance in order to evaluate the growth or decline in each property's rental revenues. Same Store Property NOI is adjusted to include an allocation of property management expenses for our consolidated properties based on the property management services provided to each property (generally, based on a percentage of revenues). On consolidation, these amounts are eliminated and the actual costs of providing property management and leasing services are recognized as part of our consolidated rental expense. (2)We include the Property NOI for the same store portfolio for both consolidated properties and properties owned by the co-investment ventures based on our investment in the underlying properties. In order to calculate our share of Same Store Property NOI from the co-investment ventures in which we own less than 100%, we use the co-investment ventures’ underlying Property NOI for the same store portfolio and apply our ownership percentage at June 30, 2026 to the Property NOI for both periods, including the properties contributed during the periods. We adjust the total Property NOI from the same store portfolio of the co-investment ventures by subtracting the third parties’ share of both consolidated and unconsolidated co-investment ventures. During the periods presented, certain wholly owned properties were contributed to a co-investment venture and are included in the same store portfolio. Neither our consolidated results nor those of the co-investment ventures, when viewed individually, would be comparable on a same store basis because of the changes in composition of the respective portfolios from period to period (e.g. the results of a contributed property are included in our consolidated results through the contribution date and in the results of the venture subsequent to the contribution date based on our ownership interest at the end of the period). As a result, only line items labeled “Prologis Share of Same Store Property NOI” are comparable period over period. (3)We further remove certain noncash items (straight-line rent and fair value lease amortization) included in the financial statements prepared in accordance with U.S. GAAP to reflect a Same Store Property NOI – Cash measure. We manage our business and compensate our executives based on the same store results of our O&M portfolio at 100% as we manage our portfolio on an ownership blind basis. We calculate those results by including 100% of the properties included in our same store portfolio. 42 Index Other Components of Income (Expense) Earnings from Unconsolidated Entities, Net We recognized net earnings from unconsolidated entities, which are primarily accounted for using the equity method, of $241 million and $176 million for the six months ended June 30, 2026 and 2025, respectively. The earnings we recognize from unconsolidated entities can be impacted by: (i) the size, rental rates and occupancy of the portfolio of properties owned by each venture; (ii) interest expense based on the size and terms of the debt; (iii) gains or losses from dispositions of properties, impairments and extinguishments of debt; (iv) our ownership interest in each venture; (v) other variances in revenues and expenses of each venture; and (vi) fluctuations in foreign currency exchange rates used to translate our share of net earnings to U.S. dollars. See the discussion of our unconsolidated entities above in the Strategic Capital Segment discussion and in Note 3 to the Consolidated Financial Statements for a further breakdown of our share of net earnings recognized. Interest Expense The following table details our net interest expense for the six months ended June 30 (dollars in millions): 2026 2025 Gross interest expense $ 551 $ 490 Amortization of debt discount and debt issuance costs, net 42 44 Capitalized amounts (62 ) (50 ) Net interest expense $ 531 $ 484 Weighted average effective interest rate during the period 3.3 % 3.2 % Interest expense increased during the six months ended June 30, 2026, as compared to the same period in 2025, principally due to the issuance of senior notes to finance our acquisition and development activities and higher interest rates on new issuances. We issued $2.2 billion of senior notes during the six months ended June 30, 2026 and $3.4 billion during the year ended December 31, 2025, with a weighted average interest rate of 4.3% and 4.2%, respectively, at the issuance date. See Note 5 to the Consolidated Financial Statements and the Liquidity and Capital Resources section below, for further discussion of our debt and borrowing costs. Foreign Currency, Derivative and Other Gains (Losses) and Other Income (Expense), Net We recognized foreign currency, derivative and other gains (losses) and other income (expense), net, of $154 million in gains and $154 million in losses for the six months ended June 30, 2026 and 2025. This activity resulted principally from three types of transactions during the six months ended June 30, 2026 and 2025: (i) interest income earned on short-term investments and other income ($115 million and $26 million, respectively); (ii) realized settlement of undesignated derivatives ($20 million of gains and $13 million of gains, respectively); and (iii) unrealized changes in the fair value of undesignated derivatives and the remeasurement of the unhedged foreign debt that was designated as a nonderivative net investment hedge ($14 million of gains and $202 million of losses, respectively). Given the global nature of our operations, we are exposed to foreign currency exchange risk related to investments in and earnings from our foreign investments. We primarily hedge our foreign currency risk related to our investments by borrowing in the currencies in which we invest thereby providing a natural hedge. We have issued debt in a currency that is not the same functional currency of the borrowing entity and have designated a portion of the debt as a nonderivative net investment hedge. We recognize the remeasurement and settlement of the translation adjustment on the unhedged portion of the debt and accrued interest in unrealized gains or losses. We may use derivative financial instruments to manage foreign currency exchange rate risk related to our earnings. We recognize the change in fair value of the undesignated derivative contracts in unrealized gains and losses. Upon settlement of these transactions, we recognize realized gains or losses. See Note 9 to the Consolidated Financial Statements for more information about our derivative and nonderivative transactions. Income Tax Expense We recognize income tax expense related to our taxable REIT subsidiaries and in the local, state and foreign jurisdictions in which we operate. Our current income tax expense (benefit) fluctuates from period to period based primarily on the timing of our taxable income, including gains on the disposition of properties, fees earned from the co-investment ventures and taxable earnings from unconsolidated co-investment ventures. Deferred income tax expense (benefit) is generally a function of the period’s temporary differences and the utilization of net operating losses generated in prior years that had been previously recognized as deferred income tax assets in taxable subsidiaries. 43 Index The following table summarizes our income tax expense (benefit) for the six months ended June 30 (in millions): 2026 2025 Current income tax expense (benefit): Income tax expense (benefit) $ 128 $ 63 Income tax expense (benefit) on dispositions 9 2 Total current income tax expense (benefit) 137 65 Deferred income tax expense (benefit): Income tax expense (benefit) 19 2 Total deferred income tax expense (benefit) 19 2 Total income tax expense $ 156 $ 67 Net Earnings Attributable to Noncontrolling Interests Net earnings attributable to noncontrolling interests represents the third-party investors’ share of the earnings generated in consolidated entities in which we do not own 100% of the equity, reduced by the third-party share of fees or promotes we earned during the period. We had net earnings attributable to noncontrolling interests of $125 million and $98 million for the six months ended June 30, 2026 and 2025, respectively. Included in these amounts were $46 million and $29 million for the six months ended June 30, 2026 and 2025, respectively, of net earnings attributable to the common limited partnership unitholders of Prologis, L.P. See Note 6 to the Consolidated Financial Statements for further information on our noncontrolling interests. Other Comprehensive Income (Loss) The key driver of changes in Accumulated Other Comprehensive Income (Loss) (“AOCI/L”) in the Consolidated Financial Statements during the six months ended June 30, 2026 and 2025, was the currency translation adjustment derived from changes in exchange rates during both periods principally on our net investments in real estate outside the U.S. and the borrowings we issue in the functional currencies of the countries where we invest. These borrowings serve as a natural hedge of our foreign investments. In addition, we use derivative financial instruments, such as foreign currency contracts to manage foreign currency exchange rate risk related to our foreign investments and interest rate contracts to manage interest rate risk, that when designated the change in fair value is included in AOCI/L. See Note 9 to the Consolidated Financial Statements for more information on changes in other comprehensive income and about our derivative and nonderivative transactions. RESULTS OF OPERATIONS – THREE MONTHS ENDED JUNE 30, 2026 AND 2025 Except as separately discussed above, the changes in comprehensive income attributable to common stockholders and unitholders and its components for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, are similar to the changes for the six-month periods ended on the same dates. LIQUIDITY AND CAPITAL RESOURCES Overview We believe our ability to generate cash from operating activities, distributions from our co-investment ventures, contributions and dispositions of properties and available financing sources provides sufficient capacity to meet our anticipated future development, acquisition, operating, debt service, dividend and distribution requirements. Near-Term Principal Cash Sources and Uses In addition to dividends and distributions, we expect our primary cash needs will consist of the following: •completion of the development and leasing of the properties in our consolidated development portfolio (at June 30, 2026, 70 properties in our development portfolio were 43.2% leased with a current investment of $2.7 billion and a TEI of $5.7 billion when completed and leased, leaving $3.0 billion of estimated additional required investment); •development of new industrial properties that we may hold for long-term investment or subsequently contribute to unconsolidated co-investment ventures or sell to third parties, including the acquisition of land; 44 Index •development of data centers, including capital for the acquisition of land, site preparation, power procurement activities to secure long-term energy capacity and turnkey data center infrastructure and equipment; •the acquisition of other real estate investments that we acquire with the intention of redeveloping into industrial properties and data centers; •capital expenditures and leasing costs on properties in our operating portfolio; •investments in renewable energy, energy storage and mobility infrastructure to serve our customers and achieve our sustainability goals; •repayment of debt and scheduled principal payments of $1.1 billion in the remainder of 2026 and $2.0 billion in 2027; •additional investments in current and future co-investment ventures and other ventures; and •the acquisition of operating properties or portfolios of operating properties (depending on market and other conditions), for direct, long-term investment in our consolidated portfolio (this might include acquisitions from our unconsolidated entities). We expect to fund our cash needs principally from the following sources (subject to market conditions): •net cash flow from property operations; •fees earned for services performed on behalf of co-investment ventures; •distributions received from co-investment ventures; •proceeds from the contribution of properties to current or future co-investment ventures; •proceeds from the disposition of logistics properties and data centers or other investments to third parties; •available unrestricted cash balances ($1.8 billion at June 30, 2026); •available capacity under our current credit facility arrangements that allows us to borrow on a short-term basis, with maturities generally ranging from overnight to three months ($5.8 billion available at June 30, 2026), including our commercial paper programs; and •proceeds from the issuance of debt. In the long term, we may also voluntarily repurchase our outstanding debt or equity securities (depending on prevailing market conditions, our liquidity, contractual restrictions and other factors) through cash purchases, open-market purchases, privately negotiated transactions, tender offers or otherwise. We may also fund our cash needs from the issuance of equity securities, subject to market conditions, and through the sale of a portion of our investments in co-investment ventures. Debt The following table summarizes information about our consolidated debt by currency (dollars in millions): June 30, 2026 December 31, 2025 Weighted Average Interest Rate Amount Outstanding % of Total Weighted Average Interest Rate Amount Outstanding % of Total British pound sterling 3.0% $ 1,811 5.0 % 3.0% $ 1,844 5.3 % Canadian dollar 4.4% 2,388 6.6 % 4.4% 2,005 5.7 % Euro 2.2% 11,827 32.4 % 2.2% 12,302 35.1 % Japanese yen 1.4% 3,088 8.5 % 1.2% 2,930 8.4 % U.S. dollar 4.2% 16,662 45.7 % 4.1% 15,386 43.9 % Other 3.8% 666 1.8 % 3.8% 570 1.6 % Total debt (1) 3.3% $ 36,442 100.0 % 3.2% $ 35,037 100.0 % (1)The weighted average remaining term for total debt outstanding at June 30, 2026 and December 31, 2025 was 8 and 9 years, respectively. 45 Index At June 30, 2026, our credit ratings were A from Standard and Poor's and A2 from Moody's, both with stable outlooks. These ratings support our ability to access capital at favorable interest rates. Adverse changes to our credit ratings could negatively affect our business and our future growth, particularly our refinancing and capital markets activities, our ability to manage debt maturities and our development and acquisition plans. A securities rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn at any time by the issuing agency. At June 30, 2026, we were in compliance with all of our financial debt covenants. These covenants include customary financial covenants, such as maintaining debt service coverage, leverage and fixed charge coverage ratios. See Note 5 to the Consolidated Financial Statements for further discussion on our debt. Equity Commitments Related to Certain Co-Investment Ventures Certain co-investment ventures have equity commitments from us and our venture partners. Our venture partners fulfill their equity commitment with cash. We may fulfill our equity commitment through contributions of properties or cash. The following table summarizes the remaining equity commitments at June 30, 2026 (dollars in millions): Equity Commitments (1) Number of Ventures Prologis Venture Partners Total Expiration Date (2) U.S. 3 $ 789 $ 983 $ 1,772 2029 (3) Other Americas 1 33 131 164 2026 Asia 2 109 487 596 2034 Total 6 $ 931 $ 1,601 $ 2,532 (1)The equity commitments for the co-investment ventures that operate in a different functional currency than the U.S. dollar were calculated using the foreign currency exchange rate at June 30, 2026. (2)The expiration date represents the latest contractual date for the co-investment ventures to call equity commitments by region. (3)Venture partners generally have the option to cancel their equity commitment starting 18 months after the initial commitment date. See the Cash Flow Summary below for more information about our investment activity in our co-investment ventures. Cash Flow Summary The following table summarizes our cash flow activity for the six months ended June 30 (in millions): 2026 2025 Net cash provided by (used in) operating activities $ 2,635 $ 2,402 Net cash provided by (used in) investing activities $ (1,553 ) $ (2,585 ) Net cash provided by (used in) financing activities $ (450 ) $ (94 ) Net increase (decrease) in cash and cash equivalents, including the effect of foreign currency exchange rates on cash $ 619 $ (253 ) Operating Activities Cash provided by and used in operating activities, exclusive of changes in receivables and payables, was impacted by the following significant activities during the six months ended June 30, 2026 and 2025: •Real Estate Segment. We generate the majority of our operating cash through the net revenues of our Real Estate Segment, including the recovery of our operating costs. Cash flows generated by the Real Estate Segment are impacted by our acquisition, development and disposition activities, which are among the drivers of NOI recognized during each period. See the Results of Operations section above for further explanation of our Real Estate Segment. The revenues from this segment include noncash adjustments for straight-lined rents and amortization of above and below market leases of $327 million and $368 million in 2026 and 2025, respectively. •Strategic Capital Segment. We also generate operating cash through the fee revenue from our Strategic Capital Segment by providing asset management and property management and other services to our unconsolidated co-investment ventures. See the Results of Operations section above for the key drivers of the net revenues from our Strategic Capital Segment. Included in Strategic Capital Revenues in the Consolidated Statements of Income are the promotes we earn from the third-party investors in 46 Index our co-investment ventures, which are recognized in operating activities in the period the cash is received, generally the quarter after the revenue is recognized. •G&A expenses and equity-based compensation awards. We incurred $256 million and $222 million of G&A expenses in 2026 and 2025, respectively. We recognized equity-based, noncash compensation expenses of $116 million and $97 million in 2026 and 2025, respectively, which were recorded to Rental Expenses in the Real Estate Segment, Strategic Capital Expenses in the Strategic Capital Segment and G&A Expenses in the Consolidated Statements of Income. •Operating distributions from unconsolidated entities. We received $328 million and $292 million of distributions as a return on our investment from the cash flows generated from the operations of our unconsolidated entities in 2026 and 2025, respectively. •Cash paid for interest, net of amounts capitalized. We paid interest, net of amounts capitalized, of $572 million and $513 million in 2026 and 2025, respectively. •Cash paid for income taxes, net of refunds. We paid income taxes, net of refunds, of $130 million and $92 million in 2026 and 2025, respectively. Investing Activities Cash provided by investing activities is driven by proceeds from the sale of real estate assets that include the contribution of properties we developed to our unconsolidated co-investment ventures as well as the sale of data centers and non-strategic operating properties. Cash used in investing activities is principally driven by our capital deployment activities of investing in the development of operating properties and data centers, acquisitions and capital expenditures as discussed above. Acquisition activity includes operating properties, real estate portfolios, land for future development and other real estate assets that we acquired with the intent to redevelop in the future. See Note 2 to the Consolidated Financial Statements for further information on these activities. In addition, the following significant transactions also impacted our cash used in and provided by investing activities during the six months ended June 30, 2026 and 2025: •Investments in and advances to our unconsolidated entities. We invested cash in our unconsolidated entities of $241 million and $33 million in 2026 and 2025, respectively, representing our proportionate share, for the acquisition of properties, development and repayment of debt by the ventures. See Note 3 to the Consolidated Financial Statements for more detail on our unconsolidated co-investment ventures. •Return of investment from unconsolidated entities. We received distributions from unconsolidated entities as a return of investment of $217 million and $59 million in 2026 and 2025, respectively, representing our proportionate share. Included in these amounts were distributions from venture activities, including proceeds from property sales, debt refinancing and the redemption of our investment in certain unconsolidated entities. •Net payments on the settlement of net investment hedges. We made net payments of $2 million and $5 million for the settlement of net investment hedges in 2026 and 2025, respectively. See Note 9 to the Consolidated Financial Statements for further information on our derivative transactions. •Proceeds from maturity of short-term investments. We received €151 million ($176 million) of cash upon the maturity of a short-term money market during the six months ended June 30, 2026, which had an original maturity of four months. Financing Activities Cash provided by and used in financing activities is principally driven by proceeds from and payments on credit facilities, commercial paper and other debt, along with dividends paid on common and preferred stock and noncontrolling interest contributions and distributions. Our credit facilities and our commercial paper support our cash needs for general corporate purposes on a short-term basis. The maturities of the borrowings under the credit facilities and the notes under the commercial paper programs generally range from overnight to three months. 47 Index Our repurchase of and payments on debt and proceeds from the issuance of debt consisted of the following activity for the six months ended June 30 (in millions): 2026 2025 Repurchase of and payments on debt (including extinguishment costs) Regularly scheduled debt principal payments and payments at maturity $ 118 $ 72 Secured mortgage debt 87 - Senior notes 584 - Term loans 197 - Total $ 986 $ 72 Proceeds from the issuance of debt Secured mortgage debt $ 72 $ 2 Senior notes 2,136 1,759 Term loans 105 17 Total $ 2,313 $ 1,778 Unconsolidated Co-Investment Venture Debt We had investments in and advances to our unconsolidated co-investment ventures of $10.7 billion at June 30, 2026. These ventures had total third-party debt of $19.7 billion at June 30, 2026 with a weighted average remaining term of 6 years and weighted average interest rate of 3.5%. The weighted average loan-to-value ratio for all unconsolidated co-investment ventures was 29.9% at June 30, 2026 based on gross book value. Loan-to-value, a non-GAAP measure, was calculated as the percentage of total third-party debt to the gross book value of real estate for each venture and weighted based on the cumulative gross book value of all unconsolidated co-investment ventures. At June 30, 2026, we did not guarantee any third-party debt of the unconsolidated co-investment ventures. Dividend and Distribution Requirements Our dividend policy on our common stock is to distribute a percentage of our cash flow to ensure that we will meet the dividend requirements of the Internal Revenue Code ("IRC"), relative to maintaining our REIT status, while still allowing us to retain cash to fund our capital deployment and other investment activities. Under the IRC, REITs may be subject to certain federal income and excise taxes on undistributed taxable income. Outstanding Common Shares and Units Eligible for Dividends and Distributions At June 30, 2026, the total outstanding shares of the Parent's common stock and common limited partnership units in the OP eligible for dividends and distributions were as follows (in thousands): Shares/Units Common shares outstanding 933,006 Common limited partnership units outstanding 18,944 Total outstanding common shares and units eligible for dividends and distributions 951,950 We paid quarterly cash dividends of $1.07 and $1.01 per common share in each of the first two quarters of 2026 and 2025, respectively. Our future common stock dividends, if and as declared, may vary and will be determined by the Board based upon the circumstances prevailing at the time, including our financial condition, operating results and REIT distribution requirements, and may be adjusted at the discretion of the Board during the year. We make distributions on the common limited partnership units outstanding at the same per unit amount as our common stock dividend. Preferred Stock Dividends At June 30, 2026, our Series Q preferred stock had an annual dividend rate of 8.54% per share and the dividends are payable quarterly in arrears. Pursuant to the terms of our preferred stock, we are restricted from declaring or paying any dividend with respect to our common stock unless and until all cumulative dividends with respect to the preferred stock have been paid and sufficient funds have been set aside for dividends that have been declared for the relevant dividend period with respect to the preferred stock. 48 Index Other Commitments On an ongoing basis, we are engaged in various stages of negotiations for the acquisition or disposition of individual properties or portfolios of properties. FUNDS FROM OPERATIONS ATTRIBUTABLE TO COMMON STOCKHOLDERS/UNITHOLDERS (“FFO”) FFO is a non-GAAP financial measure that is commonly used in the real estate industry, with net earnings as the most directly comparable GAAP measure. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as earnings computed under GAAP to exclude depreciation and gains and losses from sales net of any related tax, along with impairment charges, of previously depreciated properties. We exclude the gains on revaluation of equity investments upon acquisition of a controlling interest and the gain recognized from a partial sale of our investment, as these are similar to gains from the sales of previously depreciated properties. This measure excludes similar adjustments from our unconsolidated entities and the third parties' share of our consolidated ventures. Our FFO Measures Our FFO measures begin with NAREIT’s definition, with certain adjustments to calculate FFO, as modified by Prologis, and Core FFO, both as defined below, to reflect our business and execution of our management strategy. While these adjustments are subject to significant fluctuations from period to period, with both positive and negative short-term impacts, the removal of the effects of these items enhances our understanding of the core operating performance of our properties over the long term. We use FFO, as modified by Prologis, so that management, analysts and investors are able to evaluate our performance against other REITs that do not have similar operations or operations in jurisdictions outside the U.S. We use Core FFO to (i) assess our operating performance as compared to other real estate companies; (ii) evaluate our performance and the performance of our properties in comparison with expected results and results of previous periods; (iii) evaluate the performance of our management; (iv) budget and forecast future results to assist in the allocation of resources; (v) provide guidance to the financial markets to understand our expected operating performance; and (vi) evaluate how a specific potential investment will impact our future results. We calculate our FFO measures based on our proportionate ownership share of both our unconsolidated entities and consolidated ventures. We reflect our share of our FFO measures for unconsolidated entities by applying our average ownership percentage for the period to the applicable adjustments on an entity-by-entity basis. We reflect our share for consolidated ventures in which we do not own 100% of the equity, by removing the noncontrolling interests share of the applicable adjustments based on our average ownership percentage for the applicable periods. FFO, as modified by Prologis attributable to common stockholders/unitholders (“FFO, as modified by Prologis”) To arrive at FFO, as modified by Prologis, we adjust the NAREIT defined FFO measure to exclude: •deferred income tax benefits and deferred income tax expenses recognized by our subsidiaries; •current income tax expense related to acquired tax liabilities that were recorded as deferred tax liabilities in an acquisition, to the extent the expense is offset with a deferred income tax benefit in earnings that is excluded from our defined FFO measure; and •foreign currency exchange gains and losses resulting from: (i) debt transactions between us and our foreign entities; (ii) third-party debt that is used to hedge our investment in foreign entities; (iii) derivative financial instruments related to any such debt transactions; and (iv) mark-to-market adjustments associated with derivative and other financial instruments. Core FFO attributable to common stockholders/unitholders (“Core FFO”) To arrive at Core FFO, we adjust FFO, as modified by Prologis, to exclude the following: •gains or losses from the disposition of land and development properties that were developed with the intent to contribute or sell; •income tax expense related to the sale of investments in real estate; •impairment charges recognized related to our investments in real estate generally as a result of our change in intent to contribute or sell these properties; •gains or losses from the early extinguishment of debt and redemption and repurchase of preferred stock; and •third-party costs associated with the successful formation of new ventures. 49 Index Limitations on the use of our FFO measures While we believe our modified FFO measures are important supplemental measures, neither NAREIT's measures or our measures of FFO should be used alone because they exclude significant components of net earnings computed under GAAP and are, therefore, limited as an analytical tool. Some of these limitations arise from excluding income tax expense that may be payable or depreciation and amortization expenses that reflect costs necessary to maintain operating performance. In addition, our FFO measure does not reflect changes in asset values resulting from fluctuations in market conditions or foreign currency exchange rates nor costs or benefits from settlement of deferred income taxes or the extinguishment of debt. We do not use NAREIT's measures or our measures of FFO as alternatives to net earnings computed under GAAP or as alternatives to cash from operating activities computed under GAAP or as indicators of our ability to fund our cash needs. We compensate for the limitations by using our FFO measures only in conjunction with net earnings computed under GAAP when making our decisions. This information should be read with our complete Consolidated Financial Statements prepared under GAAP. To assist investors in compensating for these limitations, we reconcile our modified FFO measures from consolidated net earnings attributable to common stockholders computed under GAAP for the six months ended June 30 as follows (in millions): 2026 2025 Reconciliation of net earnings attributable to common stockholders to FFO measures: Net earnings attributable to common stockholders $ 2,041 $ 1,161 Add (deduct) NAREIT defined adjustments: Real estate related depreciation and amortization 1,369 1,271 Gains on other dispositions of investments in real estate, net of taxes (excluding development properties and land) (302 ) (83 ) Adjustments related to noncontrolling interests (24 ) (36 ) Our proportionate share of adjustments related to unconsolidated entities 284 285 NAREIT defined FFO attributable to common stockholders/unitholders $ 3,368 $ 2,598 Add (deduct) our modified adjustments: Unrealized foreign currency, derivative and other losses (gains), net (20 ) 193 Deferred income tax expense (benefit) 19 2 Adjustments related to noncontrolling interests 1 - Our proportionate share of adjustments related to unconsolidated entities (6 ) (2 ) FFO, as modified by Prologis attributable to common stockholders/unitholders $ 3,362 $ 2,791 Adjustments to arrive at Core FFO: Gains on dispositions of development properties and land, net (372 ) (38 ) Current income tax expense (benefit) on dispositions 8 1 Losses (gains) on early extinguishment of debt, net 2 - Venture formation costs 6 - Adjustments related to noncontrolling interests - 3 Our proportionate share of adjustments related to unconsolidated entities (6 ) (5 ) Core FFO attributable to common stockholders/unitholders $ 3,000 $ 2,752