FOR IMMEDIATE RELEASE

Prologis Reports Third Quarter 2026 Results

Healthy customer demand supports continued momentum

SAN FRANCISCO (October 15, 2026) – Prologis, Inc. (NYSE: PLD) today announced results for the quarter ended September 30, 2026.

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Net earnings per diluted share was $0.86, compared with $0.82 for the same period in 2025.

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Core funds from operations (Core FFO)* per diluted share was $1.60, compared with $1.49 for the same period in 2025.

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Core FFO, excluding Net Promote Income (Expense)* per diluted share was $1.61, compared with $1.50 for the same period in 2025.

“We executed well on our plan this quarter, signing 60 million square feet of leases and announcing nearly $2.3 billion of transactions,” said Daniel S. Letter, chief executive officer of Prologis. “Customers are running lean on inventory, and excess capacity within their networks has largely cleared. We see healthy demand supported by e-commerce, advanced manufacturing and the build-out of the data center supply chain.”

Letter added: “On SEGRO, shareholder approval was an important milestone in bringing our two companies together. We look forward to completing the transaction and expanding our platform in Europe, increasing the scale at which we can serve customers.”

“Our financial results reflect another quarter of strong operating performance and disciplined capital allocation,” said Timothy D. Arndt, chief financial officer of Prologis. “That performance, together with the strength of our balance sheet, gives us the capacity and flexibility to continue investing in growth even in a higher interest rate environment.”

OPERATING PERFORMANCE


Owned & Managed	3Q26
Average Occupancy	95.1%
Period End Occupancy	95.6%
Leases Commenced (Operating and Development Portfolio)	55.9 MSF
Retention	75.9%


Prologis Share	3Q26
Average Occupancy	95.1%
Cash Same Store NOI* Growth	5.9%
Net Effective Rent Change	38.0%
Cash Rent Change	23.4%

DEPLOYMENT ACTIVITY


Prologis Share	3Q26
Acquisitions	$702M
Weighted avg stabilized cap rate (excluding other real estate)	4.2%
Development Stabilizations	$401M
Estimated weighted avg yield	5.6%
Estimated weighted avg margin	9.7%
Estimated value creation	$39M
% Build-to-suit	17.5%
Development Starts	$964M
Estimated weighted avg yield	6.6%
Estimated weighted avg margin	16.1%
Estimated value creation	$155M
% Build-to-suit	18.3%
Total Dispositions and Contributions	$169M
Weighted avg stabilized cap rate (excluding land, properties under development, and other real estate)	5.1%

BALANCE SHEET STRENGTH & LIQUIDITY

During the quarter, the company:

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Closed, together with its co-investment ventures, an aggregate of $1.3 billion of debt at a weighted average interest rate of 4.0% and a weighted average term of 4.5 years.

As of quarter-end:

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Total available liquidity was approximately $8.8 billion.

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Debt-to-Adjusted EBITDA* was 4.5x and debt as a percentage of total market capitalization was 23.9%.

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The weighted average interest rate on the company’s share of total debt was 3.3%, with a weighted average term of 7.6 years.

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Forecasted earnings for 2026, 2027 and 2028 are 99%, 98% and 97%, respectively, in USD or hedged through derivative contracts and 96% of Prologis’ equity was in USD.

2026 GUIDANCE

Prologis’ guidance for net earnings is included in the table below as well as guidance for Core FFO*, which are reconciled in our supplemental information.

2026 GUIDANCE

Earnings (per diluted share)** Previous Current


Net earnings attributable to common stockholders	$4.40 to $4.55	$4.05 to $4.15
Core FFO attributable to common stockholders/unitholders*	$6.22 to $6.30	$6.25 to $6.29
Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*	$6.22 to $6.30	$6.25 to $6.29

** Note: Please refer to section titled “U.K. Takeover Code Required Disclosure in Connection With Offer for SEGRO plc” below.

Operations - Prologis Share Previous Current


Average occupancy	95.25% to 95.75%	95.25% to 95.50%
Cash Same Store NOI*	6.75% to 7.25%	7.00% to 7.50%
Net Effective Same Store NOI*	5.25% to 5.75%	5.50% to 6.00%

Strategic Capital (in millions) Previous Current


Strategic Capital revenue, excluding promote revenue	$660 to $680	$650 to $660
Net Promote Income (Expense)1	$0	$0

G&A (in millions) Previous Current


General & administrative expenses	$510 to $525	$515 to $525

Capital Deployment - Prologis Share (in millions)2 Previous Current


Development stabilizations	$2,250 to $2,750	$2,500 to $3,000
Development starts	$4,500 to $5,500	$5,000 to $5,750
Acquisitions	$1,500 to $2,000	$2,100 to $2,300
Contributions	$2,000 to $2,500	$1,750 to $2,250
Dispositions	$2,250 to $2,750	$1,750 to $2,500
Realized development gains	$600 to $700	$600 to $700

Net promote expense relates to amortization of stock compensation issued to employees related to promote income recognized in prior periods.

Inclusive of data centers.

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This is a non-GAAP financial measure. See the Notes and Definitions in our supplemental information for further explanation and a reconciliation to the most directly comparable GAAP measure.

The earnings guidance described above includes potential gains recognized from real estate transactions but excludes any future or potential foreign currency or derivative gains or losses as our guidance assumes constant foreign currency rates. In reconciling from net earnings to Core FFO*, Prologis makes certain adjustments, including but not limited to our share of real estate depreciation and amortization expense, gains (losses) recognized from real estate transactions and early extinguishment of debt, impairment charges, deferred taxes and unrealized gains or losses on foreign currency or derivative activity. The difference between the company's Core FFO* and net earnings guidance relates predominantly to these items. Please refer to our quarterly Supplemental Information, which is available on our Investor Relations website at https://ir.prologis.com and on the SEC’s website at www.sec.gov for a definition of Core FFO* and other non-GAAP measures used by Prologis, along with reconciliations of these items to the closest GAAP measure for our results and guidance.

U.K. Takeover Code Required Disclosure in Connection with Offer for SEGRO plc

Prologis’ Earnings (per diluted share) guidance set forth above (the “Profit Forecast”) constitutes a profit forecast for the purposes of Rule 28 of the U.K. City Code on Takeovers and Mergers (the “Code”). The U.K. Takeover Panel has granted Prologis a dispensation from the Code requirement to include a report from a reporting accountant and Prologis’ financial advisers in respect of the Profit Forecast. SEGRO plc has agreed to Prologis receiving this dispensation, on the basis that: (i) the Profit Forecast is presented on a basis consistent with Prologis’ ordinary course quarterly guidance; and (ii) the Prologis board of directors is providing the confirmations in respect of the Profit Forecast stated below. The U.K. Takeover Panel has granted its dispensation on the same basis.

Prologis’ board of directors has considered the Profit Forecast and confirms that the Profit Forecast is valid and has been properly compiled on the basis of the assumptions, and subject to the factors, set forth in the “Forward-Looking Statements” disclaimer below and that the basis of accounting used in preparing the Profit Forecast is consistent with the accounting policies of Prologis.

The Profit Forecast and certain other statements set forth in this announcement constitute “forward-looking statements” as described in the “Forward-Looking Statements” disclaimer below, and investors should consider the Profit Forecast and such other statements in the context of being so disclaimed.

OCTOBER 15, 2026, CALL DETAILS
The call will take place on Thursday, October 15, 2026, at 9:00 a.m. PT/12:00 p.m. ET. To access a live broadcast of the call, please dial +1 (877) 897-2615 (toll-free from the United States and Canada) or +1 (201) 689-8514 (from all other countries). A live webcast can be accessed from the Investor Relations section of www.prologis.com.

A telephonic replay will be available October 15 - October 29 at +1 (877) 660-6853 (from the United States and Canada) or +1 (201) 612-7415 (from all other countries) using access code 13757425. The webcast replay will be posted in the Investor Relations section of www.prologis.com under “Events & Presentations.”

ABOUT PROLOGIS
The world runs on logistics. At Prologis, we don't just lead the industry, we define it. We create the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. From agile supply chains to clean energy solutions, our ecosystems help your business move faster, operate smarter and grow sustainably. With unmatched scale, innovation and expertise, Prologis is a category of one–not just shaping the future of logistics but building what comes next. Learn more at Prologis.com.

FORWARD-LOOKING STATEMENTS

The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," and "estimates" including variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future—including statements relating to the combination with SEGRO plc (“SEGRO”), rent and occupancy growth, acquisition and development activity, including data center developments and power procurement related thereto, contribution and disposition activity, general conditions in the geographic areas where we operate, expectations regarding new lines of business, our debt, capital structure and financial position, our ability to earn revenues from co-investment ventures, form new co-investment ventures and the availability of capital in existing or new co-investment ventures—are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i)

FOR IMMEDIATE RELEASE

2026 GUIDANCE

FORWARD-LOOKING STATEMENTS

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