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, 2023 ☐ 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 spe ...

Prologis, Inc. (NYSE:PLD) Q2 2023 Earnings Conference Call July 18, 2023 12:00 PM ET Company Participants Jill Sawyer - Vice President, Investor Relations Tim Arndt - Chief Financial Officer Dan Letter - President Hamid Moghadam - Chief Executive Officer Chris Caton - Managing Director, Global Strategy and Analytics Conference Call Participants Tom Catherwood - BTIG Blaine Heck - Wells Fargo Craig Mailman - Citi Caitlin Burrows - Goldman Sachs Steve Sakwa - Evercore Ki Bin Kim - Truist Michael Goldsmith - U ...

Acquisition and Portfolio Growth - Prologis completed the acquisition of Duke Realty for $23.2 billion, adding 494 industrial properties totaling 144 million square feet to its portfolio[162]. - The gross book value of the operating portfolio held by Prologis' eight unconsolidated co-investment ventures is $50.3 billion across 491 million square feet[175]. - The total owned and managed operating portfolio reached 5,025 properties with 1,093 million square feet as of March 31, 2023, maintaining a high occupancy rate of 98.0%[216]. Financial Performance - The Real Estate Segment reported rental revenues of $1,634 million for the three months ended March 31, 2023, compared to $1,077 million in the same period of 2022, reflecting a year-over-year increase of 51.7%[189]. - The Real Estate Segment's NOI for the three months ended March 31, 2023, was $1,214 million, up from $800 million in the same period of 2022, marking a 51.8% increase[189]. - Same store property NOI on a net effective basis increased by 9.9% to $937 million in Q1 2023 compared to $853 million in Q1 2022[222]. - Same store property NOI on a cash basis rose by 11.4% to $918 million in Q1 2023 from $824 million in Q1 2022[222]. - Net earnings attributable to common stockholders decreased to $463 million in 2023 from $1,149 million in 2022, representing a decline of approximately 60%[283]. - NAREIT defined FFO attributable to common stockholders/unitholders increased to $1,147 million in 2023, up from $1,044 million in 2022, reflecting a growth of about 10%[283]. - Core FFO attributable to common stockholders/unitholders rose to $1,157 million in 2023, compared to $834 million in 2022, marking an increase of approximately 39%[283]. Liquidity and Debt Management - Prologis has a total available liquidity of $5.7 billion as of March 31, 2023, with a weighted average remaining maturity of consolidated debt at 10 years and an interest rate of 2.6%[176]. - The company had a total debt of $25.153 billion as of March 31, 2023, with a weighted average interest rate of 2.6%[247]. - The company expects to fund cash needs primarily from net cash flow from property operations and available unrestricted cash balances of $523 million[244]. - The company maintained compliance with all financial debt covenants as of March 31, 2023[249]. Development and Investment - Prologis' development program has the potential to support the development of $34.0 billion of total expected investment (TEI) in new logistics space[174]. - The consolidated development portfolio had a total estimated investment of $6.8 billion, with 43.4% leased as of March 31, 2023[198]. - The company completed 2 new development buildings during the period, compared to 31 in the same period of 2022[197]. - The estimated value creation from development activities was $261 million for the three months ended March 31, 2023, compared to $163 million in the same period of 2022[198]. - The company anticipates an increase in development starts and contributions to open-ended funds in the second half of the year[181]. Operational Efficiency and Costs - General and administrative (G&A) expenses were $100 million in 2023, up from $74 million in 2022, with equity-based compensation expenses increasing to $63 million from $41 million[258]. - G&A expenses increased to $100 million in Q1 2023, up from $74 million in Q1 2022, driven by inflation and higher compensation costs[207]. - Depreciation and amortization expenses rose significantly to $602 million in Q1 2023 from $397 million in Q1 2022, an increase of approximately $205 million[210]. Strategic Capital and Revenue Streams - Prologis' strategic capital segment contributes 10% to 15% of recurring consolidated revenues, earnings, and FFO, with minimal capital requirements[171]. - Strategic capital revenues for Q1 2023 totaled $135 million, a slight increase from $134 million in Q1 2022, with recurring fees contributing $118 million and transactional fees $17 million[204]. - Strategic capital expenses rose to $72 million in Q1 2023 from $52 million in Q1 2022, primarily due to higher compensation expenses and inflationary increases[204]. - The Strategic Capital Segment's NOI decreased to $63 million in Q1 2023 from $82 million in Q1 2022, reflecting a decline in performance[204]. Foreign Currency and Interest Rate Exposure - For the three months ended March 31, 2023, $128 million or 7% of total consolidated revenue was denominated in foreign currencies[288]. - The company has forward contracts with an aggregate notional amount of $1.6 billion to mitigate foreign currency risk associated with future earnings[288]. - A 10% increase in interest rates on average outstanding variable rate debt balances would result in an additional annual interest expense of $6 million[293]. - The company’s total variable rate debt amounted to $2.0 billion, with a weighted average effective interest rate of 2.9%[293]. - A weakening of the U.S. dollar against foreign currencies by 10% could result in a $163 million cash payment on settlement of foreign currency contracts[288].

Financial Data and Key Metrics Changes - Core FFO excluding promotes was $1.23 per share, and including promotes was $1.22 per share, benefiting from higher NOI but offset by increased insurance expenses due to an active storm season [7][8] - Average occupancy remained flat at 98%, with record rent changes of 69% on a net effective basis and 42% on a cash basis [7][8] - Same-store growth reached 9.9% on a net effective basis and 11.4% on a cash basis, driven by strong market rent growth [8][12] Business Line Data and Key Metrics Changes - E-commerce leasing increased to 19% of all new leasing, indicating a recovery towards the five-year average [11] - Lease mark-to-market expanded to 68%, representing over $2.85 per share of incremental earnings as leases roll to market rates [8][12] Market Data and Key Metrics Changes - The current vacancy rate in US markets is 3.5%, expected to rise to the low 4s by year-end before declining back to mid-3s by late 2024 due to limited incoming supply [11][12] - Appraised values in US funds declined by 1% and by 2% in Europe during the quarter, with a significant drop from peak values [13][14] Company Strategy and Development Direction - The company is maintaining a disciplined approach to development, with a guidance of $2.5 billion to $3 billion for the year, focusing on high-quality opportunities [16][17] - The company plans to redeem units in open-ended funds as appraisals near fair value, indicating a strategy to invest more capital into its vehicles [14][18] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious outlook on demand due to macroeconomic concerns but noted strong fundamentals in logistics real estate [6][9] - The company anticipates a normalization of demand and supply dynamics, with expectations of continued rent growth despite potential delays in customer decisions [10][11] Other Important Information - The company ranks as the 68th largest in the S&P 500 and has paid over $15 billion in dividends since its IPO, with a 15% CAGR [18] - An upcoming Investor Day is scheduled for December at the New York Stock Exchange to showcase the company's strengths [19] Q&A Session Summary Question: Development starts and metrics driving growth - Management indicated a disciplined approach to development starts, with a potential ramp-up later in the year based on market conditions [21][22] Question: Risks to occupancy and rent growth - Management acknowledged risks in the current environment but noted that demand is normalizing rather than declining significantly [25][26] Question: Acquisitions and distressed opportunities - Management stated there is little distress in the marketplace and emphasized looking for opportunities reflecting the increased cost of capital [29][30] Question: Demand related to near-shoring - Management highlighted Northern Mexico as a key area benefiting from near-shoring trends, with limited vacancy [33][34] Question: Market conditions and rental growth - Management confirmed that while overall market conditions are good, there is a wide dispersion in rental growth across different markets [41][42] Question: Construction loan availability - Management noted a significant pullback in the availability of construction loans, impacting development starts [57][59] Question: Tenant demand and financial decision-making - Management observed that high utilization rates indicate limited slack in the system, with no significant space being returned by tenants [65][66] Question: Full-year development start yield expectations - Management indicated that yields are expected to be lower than the high 7% seen in the first quarter, with most starts in the 6% range [87][89] Question: Concerns about customer stability - Management reported a historically low bad debt ratio, indicating strong tenant health despite economic uncertainties [92][93]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ 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 registr ...

Prologis, Inc. (NYSE:PLD) Q4 2022 Earnings Conference Call January 18, 2023 12:00 PM ET Company Participants Jill Sawyer - Vice President, Investor Relations Tim Arndt - Chief Financial Officer Hamid Moghadam - Chief Executive Officer Dan Letter - Global Head of Capital Deployment Chris Caton - Managing Director, Global Strategy & Analytics Mike Curless - Chief Customer Officer Gary Anderson - Chief Operating Officer Conference Call Participants Steve Sakwa - Evercore Craig Mailman - Citi Ki Bin Kim - Truis ...

Pharr Bridge Industrial Ctr #8, Reynosa, Mexico FOURTH QUARTER 2022 Prologis Supplemental Information Contents 4Q 2022 Supplemental Highlights Strategic Capital 1 Company Profile 25 Overview 2 Company Performance 26 Summary and Financial Highlights 4 Prologis Leading Indicators and Proprietary Metrics 27 Operating and Balance Sheet Information of the Unconsolidated Co-Investment Ventures 5 Guidance 28 Non-GAAP Pro-Rata Financial Information Financial Information Capitalization 6 Consolidated Balance Sheets ...

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 September 30, 2022 ☐ 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 a ...

Prologis, Inc. (NYSE:PLD) Q3 2022 Results Conference Call October 19, 2022 12:00 PM ET Company Participants Jill Sawyer - Vice President of Investor Relations Tim Arndt - Chief Financial Officer Hamid Moghadam - Chief Executive Officer Chris Caton - Managing Director, Global Strategy & Analytics Dan Letter - Global Head of Capital Deployment Mike Curless - Chief Customer Officer Conference Call Participants Steve Sakwa - Evercore ISI Craig Mailman - Citi Derek Johnston - Deutsche Bank Nick Yulico - Scotiaba ...