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Here are a few analogies to describe Prologis:

• The Simon Property Group of industrial warehouses.
• The Amazon of logistics facilities.

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• Leasing of Logistics Facilities: Providing modern warehouse and distribution space to businesses for their supply chain and fulfillment operations.

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Prologis (PLD) leases modern logistics facilities primarily to other companies, not individuals. Due to its highly diversified customer base of approximately 5,500 customers, Prologis does not publicly disclose specific "major" customer names, as no single customer typically accounts for a material percentage of its total revenue.

However, Prologis categorizes its customer base principally across two major categories:

• Business-to-business (B2B): Companies that require logistics facilities for their operations, serving other businesses.
• Retail/Online Fulfillment: Companies involved in retail and e-commerce that need warehousing and distribution centers to fulfill orders for consumers.

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Hamid R. Moghadam, Chairman and Chief Executive Officer

Hamid R. Moghadam is the Co-Founder, Chairman, and Chief Executive Officer of Prologis. He co-founded the company's predecessor, AMB Property Corporation, in 1983 and led it through its initial public offering in 1997. He orchestrated the 2011 merger of AMB with ProLogis to create the current Prologis, the world's largest logistics real estate company. Mr. Moghadam has been at the helm of 8 different companies throughout his career. He will transition to the role of Executive Chairman effective January 1, 2026. He received his Bachelor and Master of Science degrees in engineering from MIT and an MBA from Stanford Graduate School of Business.

Dan Letter, President (Incoming Chief Executive Officer effective January 1, 2026)

Dan Letter serves as the President of Prologis and is slated to succeed Hamid R. Moghadam as Chief Executive Officer on January 1, 2026. He joined AMB (Prologis' predecessor) in 2004. Throughout his tenure, he rose to president of the U.S. central region operations in 2019 and global head of capital deployment in 2021 before becoming firmwide president at the start of 2023. Mr. Letter is also joining Prologis' board of directors.

Tim Arndt, Chief Financial Officer

Tim Arndt is the Chief Financial Officer at Prologis, a position he has held since April 1, 2022. In this role, he is responsible for the company's worldwide corporate finance function, encompassing treasury, capital markets, financial planning and analysis, accounting, tax, risk, investor relations, and internal audit. Mr. Arndt joined AMB Property Corporation, Prologis' predecessor, in 2004. His prior roles at the company include portfolio management in its Strategic Capital division, corporate treasurer, head of corporate planning, and a member of the global deployment team. Before joining AMB, he worked in real estate strategy at Gap Inc. and in debt capital markets at Forest City Enterprises. Mr. Arndt holds a BBA from the University of Toledo and an MBA from Cleveland State University, and he completed the Stanford Executive Program.

Carter Andrus, Chief Operating Officer

Carter Andrus is the Chief Operating Officer of Prologis. He is responsible for overseeing all aspects of the company's operations, with a focus on the efficient and effective management of Prologis' extensive portfolio of logistics facilities and the performance of its global team. Mr. Andrus brings extensive experience in the real estate and logistics sectors to his role.

Edward S. Nekritz, Chief Legal Officer and General Counsel

Edward S. Nekritz serves as Chief Legal Officer and General Counsel for Prologis, a role he has held since June 2011. He oversees all legal services and strategic risk management globally, and also leads the Risk Management, Environmental, and Government Affairs departments. Mr. Nekritz is also responsible for Prologis' investment services group, managing contract negotiations, due diligence, and closings on acquisitions, dispositions, and financings. He plays a significant role in Prologis' strategic initiatives, including mergers and acquisitions, global investment funds, and portfolio transactions. Mr. Nekritz joined Prologis in 1995 as a Vice President and the company's first in-house attorney. Prior to Prologis, he practiced real estate and corporate law at Mayer, Brown & Platt from 1990 to 1995. His work includes involvement in over $100 billion of public M&A transactions, including the 2011 merger of Prologis and AMB Property Corporation, and assisting with IPOs for Prologis' businesses in Japan and Mexico. He earned a Bachelor of Arts with honors from Harvard College and a J.D. from the University of Chicago Law School.

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The key risks to Prologis's business are primarily centered around broader economic conditions, the impact of interest rate fluctuations on its significant debt, and competitive pressures within the logistics real estate market.

1. Economic Downturns, Market Volatility, and Demand Fluctuations: Prologis's business is highly susceptible to general economic conditions, including potential recessions, inflation, and market volatility. Economic downturns, supply chain disruptions, and shifts in customer demand can significantly impact the company's ability to lease properties and maintain occupancy rates. As a company with investments concentrated in the logistics sector, Prologis is particularly exposed to economic changes within this sector. A decline in customer demand directly affects the need for logistics space, influencing rental income and property valuations.

2. Interest Rate Increases and Substantial Debt Load: Prologis operates with a considerable amount of debt, making it vulnerable to fluctuations in interest rates. Rising interest rates can lead to increased financing costs, even if the current debt structure is favorable. Changes in global financial markets and interest rates are consistently cited as factors that can affect Prologis's outcomes and results. While Prologis employs hedging strategies, these may not fully mitigate adverse market movements.

3. Competitive Pressures and Moderating Market Rents/Vacancy: Prologis operates in a highly fragmented real estate market characterized by intense competition from various regional, national, and global operators and developers. This competitive landscape can impact occupancy rates and limit the company's ability to charge premium rents. The industrial real estate market has shown signs of cooling from its previous boom, with moderating market rent growth and rising vacancy rates in the broader sector. An increase in new supply meeting tempered demand could lead to a recalibration in the logistics real estate sector, affecting Prologis's profitability.

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The addressable markets for Prologis's main products and services, primarily logistics real estate and the leasing of modern logistics facilities, vary depending on the specific market definition and geographic scope.

Global Market

• The global logistics real estate market was estimated to be approximately USD 101.25 billion in 2024, with projections to grow.
• Other estimates for the global logistics real estate market indicate a value of USD 325 billion in 2023, anticipated to reach USD 540 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.2%.
• Another report values the logistics real estate market at USD 208.6 billion in 2025, projected to reach USD 302.1 billion by 2034 at a CAGR of 4.2%.
• The global storage and warehouse leasing market was valued at approximately USD 115.56 billion in 2024 and is projected to grow to USD 227.19 billion by 2033, at a CAGR of 7.8%.
• A broader "warehouse & logistics real estate market" was valued at approximately USD 1.5 trillion in 2025, with projections to exceed USD 2.8 trillion by 2033, at a CAGR of 7% from 2025 to 2033.

U.S. Market

• The Storage & Warehouse Leasing market in the U.S. was valued at approximately USD 38.2 billion in 2024 and USD 38.4 billion in 2025.
• The U.S. logistics real estate market size was estimated at USD 31.95 billion in 2024 and is projected to grow at a CAGR of 4.2%.
• The U.S. warehousing market is projected to grow at a CAGR of 6.7% from 2024 to 2030. North America, as a region, held the largest market share in the global logistics real estate market in 2024.

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1. Rent Growth from Mark-to-Market Opportunities: Prologis anticipates substantial revenue growth by bringing existing leases to current market rates. The company has a significant "lease mark-to-market," indicating a large embedded increase in net operating income (NOI) that will be realized as older, below-market leases expire and are renewed at higher current market rents.
2. Expansion of Development Pipeline, including Build-to-Suit Projects: Prologis continues to increase its development starts, with a considerable portion dedicated to build-to-suit projects. This strategy brings new, income-generating properties online, tailored to customer needs, contributing to revenue expansion.
3. Strategic Expansion into Data Centers: A key strategic shift for Prologis involves significant investment in data center development. The company plans to allocate a substantial percentage of its new development pipeline to data centers, recognizing their higher margin potential and increasing demand driven by artificial intelligence and cloud computing.
4. Strategic Acquisitions and Market Penetration: Prologis is actively pursuing strategic acquisitions of land and existing logistics facilities in high-barrier, high-growth markets globally. This includes expanding its footprint in critical hubs across the U.S., Europe, and Mexico, bolstering its portfolio and market share.
5. Demand Driven by E-commerce Growth and Supply Chain Modernization: The ongoing expansion of e-commerce, along with the need for more resilient and efficient supply chains, continues to fuel strong demand for Prologis's modern logistics facilities. This trend, including the requirement for last-mile delivery solutions, underpins sustained occupancy and rental growth.

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Share Repurchases

• Prologis's annual share buybacks for 2024 amounted to $1.65 million.
• The company's trailing twelve months (TTM) annual share buybacks were $1.334 million.
• For the quarter ending March 31, 2025, share repurchases were $4.003 million.

Share Issuance

• Prologis's shares outstanding increased by 17.27% in 2023 compared to 2022.
• Shares outstanding saw an increase of 0.19% in 2024 from 2023, and a 0.34% increase in 2025 from 2024.
• The number of outstanding shares rose from December 2024 (926 million) to December 2025 (929 million), indicating new share issuance.

Inbound Investments

• The Strategic Capital segment, which involves co-investment ventures with third parties, had $87.0 billion in assets under management as of June 30, 2024.
• Prologis co-invests in its Strategic Capital funds with levels ranging from 15% to 55%.
• As of the end of 2022, the Strategic Capital segment managed over $62 billion in third-party assets and $92 billion in total assets under management.

Outbound Investments

• In the fourth quarter of 2022, Prologis acquired Duke Realty for $25.1 billion in an all-stock deal, adding 142 million square feet of logistics buildings across 19 major U.S. markets.
• Prologis revised its 2024 acquisition budget for industrial properties to $1 billion–$1.5 billion, up from an initial $500 million–$1 billion.
• The company deployed $2.1 billion in capital during the first half of 2025 for acquisitions and development in high-growth markets.

Capital Expenditures

• Capital expenditures for Prologis Inc. amounted to -$4.9 billion for the fiscal year ending December 31, 2025.
• For 2026, Prologis forecasts development starts between $4 billion and $5 billion on an owned and managed basis, with about 40% of these focused on data centers.
• Development starts reached a record $1.1 billion in the first half of 2025, with nearly 65% of new Q2 2025 development starts being build-to-suit projects.