July 29, 2026 - 10-Q: Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________

Commission File Number: 001-13545 (Prologis, Inc.) 001-14245 (Prologis, L.P.)

Prologis, Inc.

Prologis, L.P.

(Exact name of registrant as specified in its charter)


Maryland (Prologis, Inc.) Delaware (Prologis, L.P.)		94-3281941 (Prologis, Inc.) 94-3285362 (Prologis, L.P.)
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

Pier 1, Bay 1, San Francisco, California		94111
(Address of principal executive offices)		(Zip Code)

(415) 394-9000

(Registrants’ telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


	Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Prologis, Inc.	Common Stock, $0.01 par value	PLD	New York Stock Exchange
Prologis, L.P.	2.250% Notes due 2029	PLD/29	New York Stock Exchange
Prologis, L.P.	5.625% Notes due 2040	PLD/40	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


Prologis, Inc.	Yes	☒	No	☐
Prologis, L.P.	Yes	☒	No	☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter periods that the registrant was required to submit such files).


Prologis, Inc.	Yes	☒	No	☐
Prologis, L.P.	Yes	☒	No	☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:


Prologis, Inc.:
Large accelerated filer ☒	Accelerated filer ☐	Non-accelerated filer ☐	Smaller reporting company ☐	Emerging growth company ☐


Prologis, L.P.:
Large accelerated filer ☐	Accelerated filer ☐	Non-accelerated filer ☒	Smaller reporting company ☐	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).


Prologis, Inc.	Yes	☐	No	☒
Prologis, L.P.	Yes	☐	No	☒

The number of shares of Prologis, Inc.’s common stock outstanding at July 24, 2026, was approximately 933,076,000.

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2026, of Prologis, Inc. and Prologis, L.P. Unless stated otherwise or the context otherwise requires, references to “Prologis, Inc.” or the “Parent” mean Prologis, Inc. and its consolidated subsidiaries; and references to “Prologis, L.P.” or the “Operating Partnership” or the “OP” mean Prologis, L.P., and its consolidated subsidiaries. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and the OP collectively.

The Parent is a real estate investment trust (a “REIT”) and the general partner of the OP. At June 30, 2026, the Parent owned a 98.01% common general partnership interest in the OP and substantially all of the preferred units in the OP. The remaining 1.99% common limited partnership interests are owned by unaffiliated investors and certain current and former directors and officers of the Parent.

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

We believe combining the quarterly reports on Form 10-Q of the Parent and the OP into this single report results in the following benefits:

•

enhances investors’ understanding of the Parent and the OP by enabling investors to view the business as a whole in the same manner as management views and operates the business;

•

eliminates duplicative disclosure and provides a more streamlined and readable presentation as a substantial portion of the Company’s disclosure applies to both the Parent and the OP; and

•

creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

It is important to understand the few differences between the Parent and the OP in the context of how we operate the Company. The Parent does not conduct business itself, other than acting as the sole general partner of the OP and issuing public equity from time to time. The OP holds substantially all the assets of the business, directly or indirectly. The OP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent, which are contributed to the OP in exchange for partnership units, the OP generates capital required by the business through the OP’s operations, incurrence of indebtedness and issuance of partnership units to third parties.

The presentation of noncontrolling interests, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of the Parent and those of the OP. The differences in the presentations between stockholders’ equity and partners’ capital result from the differences in the equity and capital issuances in the Parent and in the OP.

The preferred stock, common stock, additional paid-in capital, accumulated other comprehensive income (loss) and distributions in excess of net earnings of the Parent are presented as stockholders’ equity in the Parent’s consolidated financial statements. These items represent the common and preferred general partnership interests held by the Parent in the OP and are presented as general partner’s capital within partners’ capital in the OP’s consolidated financial statements. The common limited partnership interests held by the limited partners in the OP are presented as noncontrolling interest within equity in the Parent’s consolidated financial statements and as limited partners’ capital within partners’ capital in the OP’s consolidated financial statements.

To highlight the differences between the Parent and the OP, separate sections in this report, as applicable, individually discuss the Parent and the OP, including separate financial statements and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure of the Parent and the OP, this report refers to actions or holdings as being actions or holdings of Prologis.

PROLOGIS

INDEX


			Page Number
PART I.	Financial Information
	Item 1.	Financial Statements		1
	Prologis, Inc.:
		Consolidated Balance Sheets – June 30, 2026 and December 31, 2025		1
		Consolidated Statements of Income – Three and Six Months Ended June 30, 2026 and 2025		2
		Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2026 and 2025		3
		Consolidated Statements of Equity – Three and Six Months Ended June 30, 2026 and 2025		4
		Consolidated Statements of Cash Flows – Six Months Ended June 30, 2026 and 2025		5
	Prologis, L.P.:
		Consolidated Balance Sheets – June 30, 2026 and December 31, 2025		6
		Consolidated Statements of Income – Three and Six Months Ended June 30, 2026 and 2025		7
		Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2026 and 2025		8
		Consolidated Statements of Capital – Three and Six Months Ended June 30, 2026 and 2025		9
		Consolidated Statements of Cash Flows – Six Months Ended June 30, 2026 and 2025		10
	Prologis, Inc. and Prologis, L.P.:
		Notes to the Consolidated Financial Statements		11
		Note 1. General		11
		Note 2. Real Estate		12
		Note 3. Unconsolidated Entities		13
		Note 4. Assets Held for Sale or Contribution		15
		Note 5. Debt		15
		Note 6. Noncontrolling Interests		18
		Note 7. Long-Term Compensation		19
		Note 8. Earnings Per Common Share or Unit		20
		Note 9. Financial Instruments and Fair Value Measurements		21
		Note 10. Reportable Segments		25
		Note 11. Supplemental Cash Flow Information		28
		Reports of Independent Registered Public Accounting Firm		29
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		31
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk		50
	Item 4.	Controls and Procedures		51
PART II.	Other Information
	Item 1.	Legal Proceedings		52
	Item 1A.	Risk Factors		52
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		52
	Item 3.	Defaults Upon Senior Securities		52
	Item 4.	Mine Safety Disclosures		52
	Item 5.	Other Information		52
	Item 6.	Exhibits		53

Index

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

PROLOGIS, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except per share data)


	June 30, 2026			December 31, 2025
ASSETS
Investments in real estate properties	$	97,013,785		$	95,129,356
Less accumulated depreciation		15,783,188			14,729,149
Net investments in real estate properties		81,230,597			80,400,207
Investments in and advances to unconsolidated entities		11,467,403			11,093,936
Assets held for sale or contribution		498,975			203,344
Net investments in real estate		93,196,975			91,697,487

Cash and cash equivalents		1,765,043			1,145,647
Other assets		6,049,854			5,881,122
Total assets	$	101,011,872		$	98,724,256

LIABILITIES AND EQUITY
Liabilities:
Debt	$	36,442,085		$	35,037,073
Accounts payable and accrued expenses		2,529,638			1,963,645
Other liabilities		3,920,634			3,969,530
Total liabilities		42,892,357			40,970,248

Equity:
Prologis, Inc. stockholders’ equity:
Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,279 shares issued and outstanding and 100,000 authorized at June 30, 2026 and December 31, 2025		63,948			63,948
Common stock; $0.01 par value; 933,006 and 929,153 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively		9,330			9,292
Additional paid-in capital		54,910,659			54,698,641
Accumulated other comprehensive loss		(397,717	)		(676,276	)
Distributions in excess of net earnings		(860,498	)		(902,427	)
Total Prologis, Inc. stockholders’ equity		53,725,722			53,193,178
Noncontrolling interests		4,393,793			4,560,830
Total equity		58,119,515			57,754,008
Total liabilities and equity	$	101,011,872		$	98,724,256

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

Index

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
Revenues:
Rental	$	2,177,074		$	2,025,332		$	4,302,158		$	4,012,597
Strategic capital		241,619			147,162			402,431			288,301
Development management and other		6,759			11,375			18,586			22,636
Total revenues		2,425,452			2,183,869			4,723,175			4,323,534
Expenses:
Rental		530,861			487,963			1,051,144			976,280
Strategic capital		95,590			64,917			177,479			125,694
General and administrative		129,626			106,871			256,516			221,572
Depreciation and amortization		689,518			657,221			1,421,024			1,309,279
Other		20,166			11,706			30,289			21,355
Total expenses		1,465,761			1,328,678			2,936,452			2,654,180

Operating income before gains on real estate transactions, net		959,691			855,191			1,786,723			1,669,354
Gains on dispositions of development properties and land, net		79,196			10,477			372,179			37,928
Gains on other dispositions of investments in real estate, net		212,449			47,044			303,489			83,843
Operating income		1,251,336			912,712			2,462,391			1,791,125

Other income (expense):
Earnings from unconsolidated entities, net		147,470			107,692			240,766			175,591
Interest expense		(276,311	)		(251,866	)		(530,597	)		(483,617	)
Foreign currency, derivative and other gains (losses) and other income (expense), net		109,663			(122,829	)		154,274			(154,487	)
Gains (losses) on early extinguishment of debt, net		(31	)		-			(1,921	)		-
Total other income (expense)		(19,209	)		(267,003	)		(137,478	)		(462,513	)
Earnings before income taxes		1,232,127			645,709			2,324,913			1,328,612
Income tax expense		(108,173	)		(23,405	)		(156,144	)		(66,788	)
Consolidated net earnings		1,123,954			622,304			2,168,769			1,261,824
Less net earnings attributable to noncontrolling interests		61,763			51,075			124,602			97,642
Net earnings attributable to controlling interests		1,062,191			571,229			2,044,167			1,164,182
Less preferred stock dividends		1,347			1,505			2,847			2,957
Net earnings attributable to common stockholders	$	1,060,844		$	569,724		$	2,041,320		$	1,161,225

Weighted average common shares outstanding – Basic		933,092			928,476			932,175			927,909
Weighted average common shares outstanding – Diluted		957,884			955,882			957,654			955,601

Net earnings per share attributable to common stockholders – Basic	$	1.14		$	0.61		$	2.19		$	1.25

Net earnings per share attributable to common stockholders – Diluted	$	1.13		$	0.61		$	2.18		$	1.25

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

Index

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
Consolidated net earnings	$	1,123,954		$	622,304		$	2,168,769		$	1,261,824
Other comprehensive income:
Foreign currency translation gains (losses), net		89,540			(428,953	)		279,157			(659,643	)
Unrealized gains (losses) on derivative contracts, net		(5,962	)		4,417			4,888			1,469
Comprehensive income		1,207,532			197,768			2,452,814			603,650
Net earnings attributable to noncontrolling interests		(61,763	)		(51,075	)		(124,602	)		(97,642	)
Other comprehensive loss (income) attributable to noncontrolling interests		(1,798	)		8,617			(5,486	)		12,882
Comprehensive income attributable to common stockholders	$	1,143,971		$	155,310		$	2,322,726		$	518,890

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

Index

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands, except per share amounts)

Three Months Ended June 30, 2026 and 2025


			Common Stock							Accumulated			Distributions
			Number				Additional			Other			in Excess of			Non-
	Preferred		of		Par		Paid-in			Comprehensive			Net			controlling			Total
	Stock		Shares		Value		Capital			Income (Loss)			Earnings			Interests			Equity
Balance at April 1, 2026	$	63,948		932,283	$	9,323	$	54,830,655		$	(479,497	)	$	(921,028	)	$	4,445,091		$	57,948,492
Consolidated net earnings		-		-		-		-			-			1,062,191			61,763			1,123,954
Effect of equity compensation plans		-		85		1		17,638			-			-			37,845			55,484
Capital contributions		-		-		-		-			-			-			7,731			7,731
Purchase of noncontrolling interests		-		-		-		3,753			-			-			(11,805	)		(8,052	)
Redemption of noncontrolling interests		-		638		6		36,665			-			-			(54,274	)		(17,603	)
Foreign currency translation gains (losses), net		-		-		-		-			87,615			-			1,925			89,540
Unrealized gains (losses) on derivative contracts, net		-		-		-		-			(5,835	)		-			(127	)		(5,962	)
Reallocation of equity		-		-		-		22,252			-			-			(22,252	)		-
Dividends ($1.07 per common share) and other distributions		-		-		-		(304	)		-			(1,001,661	)		(72,104	)		(1,074,069	)
Balance at June 30, 2026	$	63,948		933,006	$	9,330	$	54,910,659		$	(397,717	)	$	(860,498	)	$	4,393,793		$	58,119,515

			Common Stock							Accumulated			Distributions
			Number				Additional			Other			in Excess of			Non-
	Preferred		of		Par		Paid-in			Comprehensive			Net			controlling			Total
	Stock		Shares		Value		Capital			Income (Loss)			Earnings			Interests			Equity
Balance at April 1, 2025	$	63,948		927,882	$	9,279	$	54,556,451		$	(349,588	)	$	(812,880	)	$	4,608,228		$	58,075,438
Consolidated net earnings		-		-		-		-			-			571,229			51,075			622,304
Effect of equity compensation plans		-		64		-		26,894			-			-			22,527			49,421
Capital contributions		-		-		-		-			-			-			13,239			13,239
Purchase of noncontrolling interests		-		-		-		(1,256	)		-			-			(11,984	)		(13,240	)
Redemption of noncontrolling interests		-		91		1		5,918			-			-			(6,623	)		(704	)
Foreign currency translation gains (losses), net		-		-		-		-			(420,232	)		-			(8,721	)		(428,953	)
Unrealized gains (losses) on derivative contracts, net		-		-		-		-			4,313			-			104			4,417
Reallocation of equity		-		-		-		16,092			-			-			(16,092	)		-
Dividends ($1.01 per common share) and other distributions		-		-				(7	)		-			(941,588	)		(73,513	)		(1,015,108	)
Balance at June 30, 2025	$	63,948		928,037	$	9,280	$	54,604,092		$	(765,507	)	$	(1,183,239	)	$	4,578,240		$	57,306,814

Six Months Ended June 30, 2026 and 2025


			Common Stock							Accumulated			Distributions
			Number				Additional			Other			in Excess of			Non-
	Preferred		of		Par		Paid-in			Comprehensive			Net			controlling			Total
	Stock		Shares		Value		Capital			Income (Loss)			Earnings			Interests			Equity
Balance at January 1, 2026	$	63,948		929,153	$	9,292	$	54,698,641		$	(676,276	)	$	(902,427	)	$	4,560,830		$	57,754,008
Consolidated net earnings		-		-		-		-			-			2,044,167			124,602			2,168,769
Effect of equity compensation plans		-		372		4		25,865			-			-			92,489			118,358
Capital contributions		-		-		-		-			-			-			20,499			20,499
Purchase of noncontrolling interests		-		-		-		3,753			-			-			(11,805	)		(8,052	)
Redemption of noncontrolling interests		-		3,481		34		199,649			-			-			(265,238	)		(65,555	)
Foreign currency translation gains (losses), net		-		-		-		-			273,768			-			5,389			279,157
Unrealized gains (losses) on derivative contracts, net		-		-		-		-			4,791			-			97			4,888
Reallocation of equity		-		-		-		(17,327	)					-			17,327			-
Dividends ($2.14 per common share) and other distributions		-		-		-		78						(2,002,238	)		(150,397	)		(2,152,557	)
Balance at June 30, 2026	$	63,948		933,006	$	9,330	$	54,910,659		$	(397,717	)	$	(860,498	)	$	4,393,793		$	58,119,515

			Common Stock							Accumulated			Distributions
			Number				Additional			Other			in Excess of			Non-
	Preferred		of		Par		Paid-in			Comprehensive			Net			controlling			Total
	Stock		Shares		Value		Capital			Income (Loss)			Earnings			Interests			Equity
Balance at January 1, 2025	$	63,948		926,283	$	9,263	$	54,464,055		$	(120,215	)	$	(465,913	)	$	4,665,632		$	58,616,770
Consolidated net earnings		-		-		-		-			-			1,164,182			97,642			1,261,824
Effect of equity compensation plans		-		338		3		50,579			-			-			56,403			106,985
Capital contributions		-		-		-		-			-			-			26,473			26,473
Purchase of noncontrolling interests		-		-		-		(1,256	)		-			-			(11,984	)		(13,240	)
Redemption of noncontrolling interests		-		1,416		14		82,187			-			-			(86,908	)		(4,707	)
Foreign currency translation gains (losses), net		-		-		-		-			(646,727	)		-			(12,916	)		(659,643	)
Unrealized gains (losses) on derivative contracts, net		-		-		-		-			1,435			-			34			1,469
Reallocation of equity		-		-		-		7,578			-			-			(7,578	)		-
Dividends ($2.02 per common share) and other distributions		-		-		-		949			-			(1,881,508	)		(148,558	)		(2,029,117	)
Balance at June 30, 2025	$	63,948		928,037	$	9,280	$	54,604,092		$	(765,507	)	$	(1,183,239	)	$	4,578,240		$	57,306,814

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

Index

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)


	Six Months Ended
	June 30,
	2026			2025
Operating activities:
Consolidated net earnings	$	2,168,769		$	1,261,824
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Straight-lined rents and amortization of above and below market leases		(326,901	)		(368,162	)
Equity-based compensation awards		115,780			97,145
Depreciation and amortization		1,421,024			1,309,279
Earnings from unconsolidated entities, net		(240,766	)		(175,591	)
Operating distributions from unconsolidated entities		328,307			292,316
Decrease (increase) in operating receivables from unconsolidated entities		(41,599	)		4,786
Amortization of debt discounts and debt issuance costs, net		41,859			42,757
Gains on dispositions of development properties and land, net		(372,179	)		(37,928	)
Gains on other dispositions of investments in real estate, net		(303,489	)		(83,843	)
Unrealized foreign currency and derivative losses (gains), net		(20,007	)		193,333
Losses (gains) on early extinguishment of debt, net		1,921			-
Deferred income tax expense (benefit)		19,044			2,364
Decrease (increase) in other assets		(151,099	)		(40,264	)
Increase (decrease) in accounts payable and accrued expenses and other liabilities		(5,653	)		(95,546	)
Net cash provided by (used in) operating activities		2,635,011			2,402,470
Investing activities:
Real estate development		(1,564,204	)		(1,331,268	)
Real estate acquisitions		(1,173,370	)		(1,153,666	)
Tenant improvements and lease commissions on previously leased space		(257,775	)		(275,365	)
Property improvements		(97,283	)		(103,139	)
Proceeds from dispositions and contributions of real estate		1,388,464			256,395
Investments in and advances to unconsolidated entities		(241,168	)		(32,600	)
Return of investment from unconsolidated entities		217,361			59,030
Proceeds from the settlement of net investment hedges		3,652			4,852
Payments on the settlement of net investment hedges		(5,332	)		(9,720	)
Proceeds from maturity of short-term investments		176,485			-
Net cash provided by (used in) investing activities		(1,553,170	)		(2,585,481	)
Financing activities:
Dividends paid on common and preferred stock		(2,002,238	)		(1,881,508	)
Noncontrolling interests contributions		20,499			26,473
Noncontrolling interests distributions		(152,395	)		(148,558	)
Settlement of noncontrolling interests		(73,607	)		(17,947	)
Tax paid with shares withheld		(20,777	)		(15,415	)
Debt and equity issuance costs paid		(29,912	)		(25,340	)
Net proceeds from (payments on) credit facilities and commercial paper		482,198			262,600
Repurchase of and payments on debt		(986,478	)		(72,397	)
Proceeds from the issuance of debt		2,312,763			1,778,480
Net cash provided by (used in) financing activities		(449,947	)		(93,612	)

Effect of foreign currency exchange rate changes on cash		(12,498	)		24,113
Net increase (decrease) in cash and cash equivalents		619,396			(252,510	)
Cash and cash equivalents, beginning of period		1,145,647			1,318,591
Cash and cash equivalents, end of period	$	1,765,043		$	1,066,081

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

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

Index

PROLOGIS, L.P.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)


	June 30, 2026		December 31, 2025
ASSETS
Investments in real estate properties	$	97,013,785	$	95,129,356
Less accumulated depreciation		15,783,188		14,729,149
Net investments in real estate properties		81,230,597		80,400,207
Investments in and advances to unconsolidated entities		11,467,403		11,093,936
Assets held for sale or contribution		498,975		203,344
Net investments in real estate		93,196,975		91,697,487

Cash and cash equivalents		1,765,043		1,145,647
Other assets		6,049,854		5,881,122
Total assets	$	101,011,872	$	98,724,256

LIABILITIES AND CAPITAL
Liabilities:
Debt	$	36,442,085	$	35,037,073
Accounts payable and accrued expenses		2,529,638		1,963,645
Other liabilities		3,920,634		3,969,530
Total liabilities		42,892,357		40,970,248

Capital:
Partners’ capital:
General partner – preferred		63,948		63,948
General partner – common		53,661,774		53,129,230
Limited partners – common		1,089,526		1,244,117
Total partners’ capital		54,815,248		54,437,295
Noncontrolling interests		3,304,267		3,316,713
Total capital		58,119,515		57,754,008
Total liabilities and capital	$	101,011,872	$	98,724,256

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

Index

PROLOGIS, L.P.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per unit amounts)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
Revenues:
Rental	$	2,177,074		$	2,025,332		$	4,302,158		$	4,012,597
Strategic capital		241,619			147,162			402,431			288,301
Development management and other		6,759			11,375			18,586			22,636
Total revenues		2,425,452			2,183,869			4,723,175			4,323,534
Expenses:
Rental		530,861			487,963			1,051,144			976,280
Strategic capital		95,590			64,917			177,479			125,694
General and administrative		129,626			106,871			256,516			221,572
Depreciation and amortization		689,518			657,221			1,421,024			1,309,279
Other		20,166			11,706			30,289			21,355
Total expenses		1,465,761			1,328,678			2,936,452			2,654,180

Operating income before gains on real estate transactions, net		959,691			855,191			1,786,723			1,669,354
Gains on dispositions of development properties and land, net		79,196			10,477			372,179			37,928
Gains on other dispositions of investments in real estate, net		212,449			47,044			303,489			83,843
Operating income		1,251,336			912,712			2,462,391			1,791,125

Other income (expense):
Earnings from unconsolidated entities, net		147,470			107,692			240,766			175,591
Interest expense		(276,311	)		(251,866	)		(530,597	)		(483,617	)
Foreign currency, derivative and other gains (losses) and other income (expense), net		109,663			(122,829	)		154,274			(154,487	)
Gains (losses) on early extinguishment of debt, net		(31	)		-			(1,921	)		-
Total other income (expense)		(19,209	)		(267,003	)		(137,478	)		(462,513	)
Earnings before income taxes		1,232,127			645,709			2,324,913			1,328,612
Income tax expense		(108,173	)		(23,405	)		(156,144	)		(66,788	)
Consolidated net earnings		1,123,954			622,304			2,168,769			1,261,824
Less net earnings attributable to noncontrolling interests		39,062			37,139			79,040			68,715
Net earnings attributable to controlling interests		1,084,892			585,165			2,089,729			1,193,109
Less preferred unit distributions		1,347			1,505			2,847			2,957
Net earnings attributable to common unitholders	$	1,083,545		$	583,660		$	2,086,882		$	1,190,152

Weighted average common units outstanding – Basic		952,993			945,440			952,977			944,556
Weighted average common units outstanding – Diluted		957,884			955,882			957,654			955,601

Net earnings per unit attributable to common unitholders – Basic	$	1.14		$	0.61		$	2.19		$	1.25

Net earnings per unit attributable to common unitholders – Diluted	$	1.13		$	0.61		$	2.18		$	1.25

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

Index

PROLOGIS, L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
Consolidated net earnings	$	1,123,954		$	622,304		$	2,168,769		$	1,261,824
Other comprehensive income:
Foreign currency translation gains (losses), net		89,540			(428,953	)		279,157			(659,643	)
Unrealized gains (losses) on derivative contracts, net		(5,962	)		4,417			4,888			1,469
Comprehensive income		1,207,532			197,768			2,452,814			603,650
Net earnings attributable to noncontrolling interests		(39,062	)		(37,139	)		(79,040	)		(68,715	)
Other comprehensive loss (income) attributable to noncontrolling interests		(350	)		(1,368	)		146			(2,635	)
Comprehensive income attributable to common unitholders	$	1,168,120		$	159,261		$	2,373,920		$	532,300

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

Index

PROLOGIS, L.P.

CONSOLIDATED STATEMENTS OF CAPITAL

(Unaudited)

(In thousands, except per unit amounts)

Three Months Ended June 30, 2026 and 2025


	General Partner									Limited Partners											Non-
	Preferred				Common					Common											controlling			Total
	Units		Amount		Units		Amount			Units						Amount					Interests			Capital
Balance at April 1, 2026		1,279	$	63,948		932,283	$	53,439,453						19,693		$			1,128,817		$	3,316,274		$	57,948,492
Consolidated net earnings		-		-		-		1,062,191						-					22,701			39,062			1,123,954
Effect of equity compensation plans		-		-		85		17,639						12					37,845			-			55,484
Capital contributions		-		-		-		-						-					-			7,731			7,731
Purchase of noncontrolling interests		-		-		-		3,753						-					-			(11,805	)		(8,052	)
Redemption of limited partnership units		-		-		638		36,671						(761	)				(54,274	)		-			(17,603	)
Foreign currency translation gains (losses), net		-		-		-		87,615						-					1,575			350			89,540
Unrealized gains (losses) on derivative contracts, net		-		-		-		(5,835	)					-					(127	)		-			(5,962	)
Reallocation of capital		-		-		-		22,252						-					(22,252	)		-			-
Distributions ($1.07 per common unit) and other		-		-		-		(1,001,965	)					-					(24,759	)		(47,345	)		(1,074,069	)
Balance at June 30, 2026		1,279	$	63,948		933,006	$	53,661,774						18,944		$			1,089,526		$	3,304,267		$	58,119,515

	General Partner									Limited Partners											Non-
	Preferred				Common					Common						Class A Common					controlling			Total
	Units		Amount		Units		Amount			Units			Amount			Units		Amount			Interests			Capital
Balance at April 1, 2025		1,279	$	63,948		927,882	$	53,403,262			16,609		$	955,890			5,941	$	331,865		$	3,320,473		$	58,075,438
Consolidated net earnings		-		-		-		571,229			-			10,420			-		3,516			37,139			622,304
Effect of equity compensation plans		-		-		64		26,894			12			22,527			-		-			-			49,421
Capital contributions		-		-		-		-			-			-			-		-			13,239			13,239
Purchase of noncontrolling interests		-		-		-		(1,256	)		-			-			-		-			(11,984	)		(13,240	)
Redemption of noncontrolling interests		-		-		-		757			-			-			-		-			(757	)		-
Redemption of limited partnership units		-		-		91		5,162			(97	)		(5,866	)		-		-			-			(704	)
Foreign currency translation gains (losses), net		-		-		-		(420,232	)		-			(7,461	)		-		(2,628	)		1,368			(428,953	)
Unrealized gains (losses) on derivative contracts, net		-		-		-		4,313			-			77			-		27			-			4,417
Reallocation of capital		-		-		-		16,092			-			(15,810	)		-		(282	)		-			-
Distributions ($1.01 per common unit) and other		-		-		-		(941,595	)		-			(22,079	)		-		(3,842	)		(47,592	)		(1,015,108	)
Balance at June 30, 2025		1,279	$	63,948		928,037	$	52,664,626			16,524		$	937,698			5,941	$	328,656		$	3,311,886		$	57,306,814

Six Months Ended June 30, 2026 and 2025


	General Partner									Limited Partners											Non-
	Preferred				Common					Common											controlling			Total
	Units		Amount		Units		Amount			Units					Amount						Interests			Capital
Balance at January 1, 2026		1,279	$	63,948		929,153	$	53,129,230					21,758		$				1,244,117		$	3,316,713		$	57,754,008
Consolidated net earnings		-		-		-		2,044,167					-						45,562			79,040			2,168,769
Effect of equity compensation plans		-		-		372		25,869					1,143						92,489			-			118,358
Capital contributions		-		-		-		-					-						-			20,499			20,499
Purchase of noncontrolling interests		-		-		-		3,753					-						-			(11,805	)		(8,052	)
Redemption of limited partnership units		-		-		3,481		199,683					(3,957	)					(265,238	)		-			(65,555	)
Foreign currency translation gains (losses), net		-		-		-		273,768					-						5,535			(146	)		279,157
Unrealized gains (losses) on derivative contracts, net		-		-		-		4,791					-						97			-			4,888
Reallocation of capital		-		-		-		(17,327	)				-						17,327			-			-
Distributions ($2.14 per common unit) and other		-		-		-		(2,002,160	)				-						(50,363	)		(100,034	)		(2,152,557	)
Balance at June 30, 2026		1,279	$	63,948		933,006	$	53,661,774					18,944		$				1,089,526		$	3,304,267		$	58,119,515

	General Partner									Limited Partners											Non-
	Preferred				Common					Common					Class A Common						controlling			Total
	Units		Amount		Units		Amount			Units		Amount			Units			Amount			Interests			Capital
Balance at January 1, 2025		1,279	$	63,948		926,283	$	53,887,190			15,699	$	913,227			7,650		$	429,358		$	3,323,047		$	58,616,770
Consolidated net earnings		-		-		-		1,164,182			-		20,833			-			8,094			68,715			1,261,824
Effect of equity compensation plans		-		-		338		50,582			582		56,403			-			-			-			106,985
Capital contributions		-		-		-		-			-		-			-			-			26,473			26,473
Purchase of noncontrolling interests		-		-		-		(1,256	)		-		-			-			-			(11,984	)		(13,240	)
Redemption of noncontrolling interests		-		-		-		757			-		-			-			-			(757	)		-
Redemption of limited partnership units		-		-		1,416		81,444			243		9,337			(1,709	)		(95,488	)		-			(4,707	)
Foreign currency translation gains (losses), net		-		-		-		(646,727	)		-		(11,515	)		-			(4,036	)		2,635			(659,643	)
Unrealized gains (losses) on derivative contracts, net		-		-		-		1,435			-		25			-			9			-			1,469
Reallocation of capital		-		-		-		7,578			-		(7,085	)		-			(493	)		-			-
Distributions ($2.02 per common unit) and other		-		-		-		(1,880,559	)		-		(43,527	)		-			(8,788	)		(96,243	)		(2,029,117	)
Balance at June 30, 2025		1,279	$	63,948		928,037	$	52,664,626			16,524	$	937,698			5,941		$	328,656		$	3,311,886		$	57,306,814

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

Index

PROLOGIS, L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)


	Six Months Ended
	June 30,
	2026			2025
Operating activities:
Consolidated net earnings	$	2,168,769		$	1,261,824
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Straight-lined rents and amortization of above and below market leases		(326,901	)		(368,162	)
Equity-based compensation awards		115,780			97,145
Depreciation and amortization		1,421,024			1,309,279
Earnings from unconsolidated entities, net		(240,766	)		(175,591	)
Operating distributions from unconsolidated entities		328,307			292,316
Decrease (increase) in operating receivables from unconsolidated entities		(41,599	)		4,786
Amortization of debt discounts and debt issuance costs, net		41,859			42,757
Gains on dispositions of development properties and land, net		(372,179	)		(37,928	)
Gains on other dispositions of investments in real estate, net		(303,489	)		(83,843	)
Unrealized foreign currency and derivative losses (gains), net		(20,007	)		193,333
Losses (gains) on early extinguishment of debt, net		1,921			-
Deferred income tax expense (benefit)		19,044			2,364
Decrease (increase) in other assets		(151,099	)		(40,264	)
Increase (decrease) in accounts payable and accrued expenses and other liabilities		(5,653	)		(95,546	)
Net cash provided by (used in) operating activities		2,635,011			2,402,470
Investing activities:
Real estate development		(1,564,204	)		(1,331,268	)
Real estate acquisitions		(1,173,370	)		(1,153,666	)
Tenant improvements and lease commissions on previously leased space		(257,775	)		(275,365	)
Property improvements		(97,283	)		(103,139	)
Proceeds from dispositions and contributions of real estate		1,388,464			256,395
Investments in and advances to unconsolidated entities		(241,168	)		(32,600	)
Return of investment from unconsolidated entities		217,361			59,030
Proceeds from the settlement of net investment hedges		3,652			4,852
Payments on the settlement of net investment hedges		(5,332	)		(9,720	)
Proceeds from maturity of short-term investments		176,485			-
Net cash provided by (used in) investing activities		(1,553,170	)		(2,585,481	)
Financing activities:
Distributions paid on common and preferred units		(2,052,601	)		(1,933,823	)
Noncontrolling interests contributions		20,499			26,473
Noncontrolling interests distributions		(102,032	)		(96,243	)
Settlement of noncontrolling interests		(8,052	)		(13,240	)
Redemption of common limited partnership units		(65,555	)		(4,707	)
Tax paid with shares of the Parent withheld		(20,777	)		(15,415	)
Debt and equity issuance costs paid		(29,912	)		(25,340	)
Net proceeds from (payments on) credit facilities and commercial paper		482,198			262,600
Repurchase of and payments on debt		(986,478	)		(72,397	)
Proceeds from the issuance of debt		2,312,763			1,778,480
Net cash provided by (used in) financing activities		(449,947	)		(93,612	)

Effect of foreign currency exchange rate changes on cash		(12,498	)		24,113
Net increase (decrease) in cash and cash equivalents		619,396			(252,510	)
Cash and cash equivalents, beginning of period		1,145,647			1,318,591
Cash and cash equivalents, end of period	$	1,765,043		$	1,066,081

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

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

Index

PROLOGIS, INC. AND PROLOGIS, L.P.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. GENERAL

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

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

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

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

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

Accounting Pronouncements.

New Accounting Standards Issued but not yet Adopted

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

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

Index

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

NOTE 2. REAL ESTATE

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


	Square Feet				Number of Buildings
	Jun 30,		Dec 31,		Jun 30,		Dec 31,		Jun 30,		Dec 31,
	2026		2025		2026		2025		2026		2025
Operating properties:
Buildings and improvements		675,781		647,904		3,051		2,979	$	57,654,220	$	56,365,572
Improved land										24,463,676		24,195,448
Development portfolio, including land costs:
Prestabilized		2,962		6,749		12		27		538,047		1,026,688
Properties under development		16,762		17,297		58		50		2,203,488		1,992,321
Land (1)										4,802,617		4,888,153
Other real estate investments (2)										7,351,737		6,661,174
Total investments in real estate properties										97,013,785		95,129,356
Less accumulated depreciation										15,783,188		14,729,149
Net investments in real estate properties									$	81,230,597	$	80,400,207

(1)

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

(2)

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

Acquisitions

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026 (1)		2025		2026 (1)		2025
Number of operating properties		88		3		91		10
Square feet		27,401		1,025		29,134		3,283
Acres of land		428		326		442		448
Acquisition cost of net investments in real estate, excluding other real estate investments	$	1,566,253	$	195,298	$	1,721,542	$	934,774

Acquisition cost of other real estate investments	$	89,132	$	220,479	$	177,377	$	280,373

(1)

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

Index

Dispositions

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Dispositions of development properties and land, net (1)(2)
Number of properties		11		-		15		1
Square feet		2,952		-		7,062		402
Acres of land		22		46		284		46
Net proceeds	$	523,140	$	33,067	$	1,212,637	$	101,277
Gains on dispositions of development properties and land, net	$	79,196	$	10,477	$	372,179	$	37,928

Other dispositions of investments in real estate, net
Number of properties		20		3		29		6
Square feet		3,330		487		4,857		1,024
Net proceeds	$	586,883	$	63,704	$	805,929	$	169,159
Gains on other dispositions of investments in real estate, net	$	212,449	$	47,044	$	303,489	$	83,843

(1)

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

(2)

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

Leases

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

NOTE 3. UNCONSOLIDATED ENTITIES

Summary of Investments

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

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

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


	June 30,		December 31,
	2026		2025
Unconsolidated co-investment ventures	$	10,656,282	$	10,263,233
Other ventures		811,121		830,703
Total	$	11,467,403	$	11,093,936

Index

Unconsolidated Co-Investment Ventures

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Recurring fees	$	137,726	$	130,805	$	274,361	$	253,489
Transactional fees		19,304		14,121		41,903		30,519
Promote revenue		83,087		-		83,147		-
Total strategic capital revenues from unconsolidated co-investment ventures (1)	$	240,117	$	144,926	$	399,411	$	284,008

(1)

These amounts exclude strategic capital revenues from other ventures.

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


	U.S. (1)						Other Americas (2)						Europe (1)						Asia (1)(3)						Total
At:	Jun 30, 2026			Dec 31, 2025			Jun 30, 2026			Dec 31, 2025			Jun 30, 2026			Dec 31, 2025			Jun 30, 2026			Dec 31, 2025			Jun 30, 2026			Dec 31, 2025
Key property information:
Ventures		3			1			2			2			3			2			5			5			13			10
Operating properties		786			784			390			393			1,104			1,058			172			245			2,452			2,480
Square feet		141			139			84			86			248			238			78			101			551			564

Financial position:
Total assets ($)		15,443			14,711			7,353			7,308			26,956			26,764			8,370			9,470			58,122			58,253
Third-party debt ($)		7,022			6,386			2,513			2,429			6,911			7,101			3,279			3,758			19,725			19,674
Total liabilities ($)		8,059			7,383			2,927			2,753			9,158			9,310			3,617			4,192			23,761			23,638

Our investment balance ($) (4)		3,585			3,283			1,265			1,181			5,097			5,010			709			789			10,656			10,263
Our weighted average ownership (5)		33.2	%		31.9	%		32.3	%		32.3	%		33.0	%		33.1	%		15.8	%		15.6	%		30.5	%		29.9	%

	U.S. (1)						Other Americas (2)						Europe (1)						Asia (1)(3)						Total
Operating Information:	Jun 30, 2026			Jun 30, 2025			Jun 30, 2026			Jun 30, 2025			Jun 30, 2026			Jun 30, 2025			Jun 30, 2026			Jun 30, 2025			Jun 30, 2026			Jun 30, 2025
For the three months ended:
Total revenues ($)		451			406			226			200			541			507			142			166			1,360			1,279
Net earnings ($)		111			104			77			86			196			104			24			33			408			327

Our earnings from unconsolidated co-investment ventures, net ($)		38			33			23			26			62			36			4			5			127			100

For the six months ended:
Total revenues ($)		898			813			448			414			1,078			977			297			326			2,721			2,530
Net earnings ($)		213			202			141			131			287			169			62			54			703			556

Our earnings from unconsolidated co-investment ventures, net ($)		71			64			41			37			92			59			11			9			215			169

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

Index

Equity Commitments Related to Certain Unconsolidated Co-Investment Ventures

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

NOTE 4. ASSETS HELD FOR SALE OR CONTRIBUTION

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

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


	June 30, 2026		December 31, 2025
Number of operating properties		18		10
Square feet		4,124		1,914
Total assets held for sale or contribution	$	498,975	$	203,344
Total liabilities associated with assets held for sale or contribution – included in Other Liabilities	$	5,644	$	689

NOTE 5. DEBT

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


	June 30, 2026					December 31, 2025
	Weighted Average			Amount		Weighted Average		Amount
	Interest Rate (1)	Term (Years) (2)		Outstanding (3)		Interest Rate (1)	Term (Years) (2)	Outstanding (3)
Credit facilities and commercial paper	2.2%		0.0	$	514,142	0.9%	1.6	$	44,679
Senior notes	3.3%		8.4		33,939,602	3.2%	8.8		32,887,971
Term loans and unsecured other	2.0%		5.7		1,760,831	1.9%	3.9		1,908,723
Secured mortgage	4.1%		6.1		227,510	4.5%	3.7		195,700
Total	3.3%		8.2	$	36,442,085	3.2%	8.5	$	35,037,073

(1)

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

(2)

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

(3)

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


	June 30, 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%	$	1,810,874		5.0	%	3.0%	$	1,843,931		5.3	%
Canadian dollar	4.4%		2,388,374		6.6	%	4.4%		2,004,638		5.7	%
Euro	2.2%		11,827,457		32.4	%	2.2%		12,302,104		35.1	%
Japanese yen	1.4%		3,088,016		8.5	%	1.2%		2,930,594		8.4	%
U.S. dollar	4.2%		16,661,493		45.7	%	4.1%		15,385,826		43.9	%
Other	3.8%		665,871		1.8	%	3.8%		569,980		1.6	%
Total	3.3%	$	36,442,085		100.0	%	3.2%	$	35,037,073		100.0	%

Index

Credit Facilities and Commercial Paper

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


Aggregate lender commitments
Credit facilities	$	6,365
Less:
Credit facility borrowings outstanding		-
Commercial paper borrowings outstanding (1)		514
Outstanding letters of credit		23
Current availability		5,828
Cash and cash equivalents		1,765
Total liquidity	$	7,593

(1)

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

Credit Facilities

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

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


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

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

Index

Commercial Paper

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


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

(1)

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

(2)

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

(3)

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

(4)

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

Senior Notes

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


	Aggregate Principal				Issuance Date Weighted Average
Issuance Date	Borrowing Currency		USD (1)		Interest Rate	Years		Maturity Date
April	$	1,250,000	$	1,250,000	4.6%		8.2	June 2031 – 2036
April	C$	850,000	$	624,986	4.3%		8.1	May 2034
June	¥	45,000,000	$	280,311	2.9%		7.1	December 2030 – 2041
Total			$	2,155,297	4.3%		8.0

(1)

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

Index

Long-Term Debt Maturities

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


	Unsecured
	Credit Facilities and		Senior			Term Loans			Secured
Maturity	Commercial Paper		Notes			and Other			Mortgage			Total
2026 (1)	$	514,142	$	399,879		$	146,831		$	9,790		$	1,070,642
2027 (1)		-		1,966,180			44,325			29,492			2,039,997
2028		-		2,563,383			129,322			16,309			2,709,014
2029		-		3,362,249			6,554			11,734			3,380,537
2030		-		3,024,939			30,781			5,634			3,061,354
Thereafter		-		23,157,722			1,407,046			149,531			24,714,299
Subtotal		514,142		34,474,352			1,764,859			222,490			36,975,843
Unamortized premiums (discounts), net		-		(398,952	)		-			5,969			(392,983	)
Unamortized debt issuance costs, net		-		(135,798	)		(4,028	)		(949	)		(140,775	)
Total	$	514,142	$	33,939,602		$	1,760,831		$	227,510		$	36,442,085

(1)

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

Financial Debt Covenants

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

Guarantee of Finance Subsidiary Debt

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

NOTE 6. NONCONTROLLING INTERESTS

Prologis, L.P.

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

Prologis, Inc.

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

Index

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


	Our Ownership Percentage						Noncontrolling Interests				Total Assets				Total Liabilities
	Jun 30, 2026			Dec 31, 2025			Jun 30, 2026		Dec 31, 2025		Jun 30, 2026		Dec 31, 2025		Jun 30, 2026		Dec 31, 2025
Prologis U.S. Logistics Venture		55.0	%		55.0	%	$	3,049,329	$	3,071,053	$	6,893,080	$	6,885,453	$	151,022	$	156,368
Other consolidated entities (1)	various			various				254,938		245,660		3,700,774		3,521,831		585,431		541,602
Prologis, L.P.								3,304,267		3,316,713		10,593,854		10,407,284		736,453		697,970
Limited partners in Prologis, L.P. (2)								1,089,526		1,244,117		-		-		-		-
Prologis, Inc.							$	4,393,793	$	4,560,830	$	10,593,854	$	10,407,284	$	736,453	$	697,970

(1)

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

(2)

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

NOTE 7. LONG-TERM COMPENSATION

Equity-Based Compensation Programs

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

Performance Stock Unit ("PSU") Program

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

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

Prologis Outperformance Plan (“POP”)

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

Other Equity-Based Compensation Programs

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

Index

Summary of Award Activity

PSUs

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


	PSUs
	Unearned			Weighted Average Grant Date Fair Value
Balance at January 1, 2026		1,105		$	102.95
Granted		610			124.93
Earned		-			-
Forfeited		(14	)		106.19
Balance at June 30, 2026		1,701		$	110.80

RSUs and LTIP Units

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


	RSUs					LTIP Units
	Unvested			Weighted Average Grant Date Fair Value		Unvested			Weighted Average Grant Date Fair Value
Balance at January 1, 2026		1,756		$	92.80		4,706		$	65.11
Granted		489			131.27		647			130.85
Conversion of earned PSUs		-			-		-			-
Vested		(499	)		114.38		(1,143	)		71.75
Forfeited		(37	)		115.17		(39	)		80.13
Balance at June 30, 2026		1,709		$	97.01		4,171		$	73.33

NOTE 8. EARNINGS PER COMMON SHARE OR UNIT

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

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
Prologis, Inc.	2026		2025		2026		2025
Net earnings attributable to common stockholders – Basic	$	1,060,844	$	569,724	$	2,041,320	$	1,161,225
Net earnings attributable to exchangeable limited partnership units (1)		22,831		13,936		45,858		28,927
Adjusted net earnings attributable to common stockholders – Diluted	$	1,083,675	$	583,660	$	2,087,178	$	1,190,152

Weighted average common shares outstanding – Basic		933,092		928,476		932,175		927,909
Incremental weighted average effect on exchange of limited partnership units (1)		20,160		22,731		21,061		23,115
Incremental weighted average effect of equity awards		4,632		4,675		4,418		4,577
Weighted average common shares outstanding – Diluted (2)		957,884		955,882		957,654		955,601

Net earnings per share attributable to common stockholders:
Basic	$	1.14	$	0.61	$	2.19	$	1.25
Diluted	$	1.13	$	0.61	$	2.18	$	1.25

Index


	Three Months Ended					Six Months Ended
	June 30,					June 30,
Prologis, L.P.	2026		2025			2026		2025
Net earnings attributable to common unitholders	$	1,083,545	$	583,660		$	2,086,882	$	1,190,152
Net earnings attributable to Class A Units		-		(3,516	)		-		(8,094	)
Net earnings attributable to common unitholders – Basic		1,083,545		580,144			2,086,882		1,182,058
Net earnings attributable to Class A Units		-		3,516			-		8,094
Net earnings attributable to exchangeable other limited partnership units		130		-			296		-
Adjusted net earnings attributable to common unitholders – Diluted	$	1,083,675	$	583,660		$	2,087,178	$	1,190,152

Weighted average common partnership units outstanding – Basic		952,993		945,440			952,977		944,556
Incremental weighted average effect on exchange of Class A Units		-		5,767			-		6,468
Incremental weighted average effect on exchange of other limited partnership units		259		-			259		-
Incremental weighted average effect of equity awards of Prologis, Inc.		4,632		4,675			4,418		4,577
Weighted average common units outstanding – Diluted (2)		957,884		955,882			957,654		955,601

Net earnings per unit attributable to common unitholders:
Basic	$	1.14	$	0.61		$	2.19	$	1.25
Diluted	$	1.13	$	0.61		$	2.18	$	1.25

(1)

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

(2)

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Class A Units		-		5,767		-		6,468
Other limited partnership units		259		259		259		268
Equity awards		7,339		7,548		7,318		7,578
Prologis, L.P.		7,598		13,574		7,577		14,314
Common limited partnership units		19,901		16,964		20,802		16,647
Prologis, Inc.		27,499		30,538		28,379		30,961

NOTE 9. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Derivative Financial Instruments

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

Index

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


	June 30, 2026				December 31, 2025
	Asset		Liability		Asset		Liability
Undesignated derivatives
Foreign currency contracts
Forwards
Brazilian real	$	-	$	1,432	$	-	$	394
British pound sterling		2,700		6,948		164		11,688
Canadian dollar		8,808		-		5,680		214
Euro		4,561		5,282		1,660		17,571
Japanese yen		55,941		-		54,147		22
Swedish krona		351		2,984		198		5,352
Options
Mexican peso		3,698		-		14,733		-

Designated derivatives
Foreign currency contracts
Net investment hedges
British pound sterling		8,533		-		841		4,279
Canadian dollar		-		-		1,866		968

Form: 10-Q

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