Dear Fellow Shareholders,
 

Prologis is more than real estate—we’re an integral part of global commerce, enabling the movement of goods that power economies and improve lives. Our success is built on a commitment to customers, a willingness to challenge convention and an unwavering focus on delivering value to shareholders.

Through continuous innovation, we’ve created a platform that not only enhances supply chains but also drives technological advancement. Our leadership team embraces smart risks and bold decisions, positioning Prologis in a category of one—uniquely built to shape the future of global commerce.  

Innovating for Customers’ Evolving Needs

With 1.3 billion square feet of logistics real estate across the world’s top consumption markets, we extend our role far beyond warehouses. Customers turn to Prologis for solutions that optimize their supply chains, enhance efficiency and keep them competitive. Our Prologis Essentials platform delivers energy, automation and operational solutions tailored to customers’ needs. Investments in data centers are expanding digital infrastructure and driving global connectivity. Meanwhile, Prologis Ventures is advancing AI, robotics and next- generation supply chain technologies.  

Sustainability remains a top priority. Our energy and mobility offerings improve efficiency for customers while creating new revenue streams. By embedding renewable energy, zero-emission vehicle infrastructure and smart building technologies into our portfolio, we’re actively shaping a more sustainable logistics future.

Delivering Long-Term Value for Investors

Operational excellence and disciplined capital allocation are still at the heart of our strategy. Every decision—whether to sign a lease, acquire land, develop a building or sell a property—is made with the goal of maximizing shareholder value. With strong embedded growth and a fortress balance sheet, we enable resilience across economic cycles.

Our Strategic Capital business strengthens our position by aligning with institutional partners seeking premier private investments in logistics real estate. This approach expands our footprint, enhances returns and compounds shareholder returns. Looking ahead, we are exploring new opportunities to further scale this platform.

Positioned for the Future

Change is a constant, and we embrace it as an opportunity. As part of our long-term succession plan, Dan Letter will assume the role of CEO in January 2026, while I will continue as executive chairman of the Board of Directors. With deep industry expertise and a leadership style rooted in collaboration and innovation, Dan is well prepared to lead Prologis into its next phase of growth.

I also want to express my gratitude to Carl Webb, who is retiring from our Board of Directors at this year’s annual meeting. His leadership and strategic guidance have been invaluable, and we thank him for his years of service.

From the beginning, customer focus, innovation and a strong culture have been our foundation.That foundation is stronger than ever. As we look ahead, I am confident that Prologis will continue to lead, define and shape the future of global commerce for generations to come.

Thank you for your trust and partnership.

Hamid R. Moghadam
Co-Founder, Chairman & CEO