Prologis (PLD) official guidance

We are also increasing acquisitions to $1.5 billion-$2 billion and expect contributions and dispositions to range from $4.25 billion-$5.25 billion, consistent with our strategy of recycling capital and optimizing portfolio returns.

This increase, together with our second quarter outperformance, drives our expectation for net effect of same-store growth of 5.25%-5.75% and cash same-store growth of 6.75%-7.25%.

This increase, together with our first quarter outperformance, drives our expectations for net effective same-store growth to 4.75%-5.5%, and cash growth to 6.25%-7%.

Net effective same-store growth is forecasted to be in a range of 4.25%-5.25%, and cash in a range of 5.75%-6.75%, with rent change being the predominant and enduring component of this growth.

We are also increasing acquisitions to $1.5 billion-$2 billion and expect contributions and dispositions to range from $4.25 billion-$5.25 billion, consistent with our strategy of recycling capital and optimizing portfolio returns.

Core FFO is now expected to range between $6.22 and $6.30 per share, including and excluding promotes, representing a 100 basis point increase at the midpoint of our prior guidance.

| Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)* | $6.12 to $6.28 | $6.22 to $6.30 |

Core FFO, including net promote expense, will range between $6.07-$6.23 per share, while Core FFO excluding that promote expense will range between $6.12-$6.28 per share, an 80 basis point increase from our prior midpoint.

| Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)* | $6.05 to $6.25 | $6.12 to $6.28 |

Core FFO, including net promote expense, will range between $6.00 and $6.20 per share, while Core FFO excluding net promote expense will range between $6.05 and $6.25 per share.

| Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)* | $6.05 to $6.25 |

Core FFO is now expected to range between $6.22 and $6.30 per share, including and excluding promotes, representing a 100 basis point increase at the midpoint of our prior guidance.

| Core FFO attributable to common stockholders/unitholders* | $6.07 to $6.23 | $6.22 to $6.30 |

Core FFO, including net promote expense, will range between $6.07-$6.23 per share, while Core FFO excluding that promote expense will range between $6.12-$6.28 per share, an 80 basis point increase from our prior midpoint.

| Core FFO attributable to common stockholders/unitholders* | $6.00 to $6.20 | $6.07 to $6.23 |

Core FFO, including net promote expense, will range between $6.00 and $6.20 per share, while Core FFO excluding net promote expense will range between $6.05 and $6.25 per share.

| Core FFO attributable to common stockholders/unitholders* | $6.00 to $6.20 |

We are increasing development starts, and this on an owned and managed basis, to a range of $5.5 billion-$6.5 billion, reflecting strong demand and expanding opportunities.

As for deployment, we are increasing development starts to $4.5 billion-$5.5 billion. This on an owned and managed basis with approximately 40% allocated to data center build-to-suits.

As for deployment, we are forecasting development starts to range between $4 billion-$5 billion on an owned and managed basis.

Putting it all together, we are raising our net earnings guidance to $4.40-$4.55 per share.

| Net earnings attributable to common stockholders | $3.80 to $4.05 | $4.40 to $4.55 |

Net earnings will range between $3.80-$4.05 per share.

| Net earnings attributable to common stockholders | $3.70 to $4.00 | $3.80 to $4.05 |

| Net earnings attributable to common stockholders | $3.70 to $4.00 |

G&A is expected to remain in the range of $510 million-$525 million.

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

Strategic capital revenue is now expected to range between $660 million-$680 million, and G&A is expected to range between $510 million-$525 million.

| General & administrative expenses | $500 to $520 | $510 to $525 |

Our G&A forecast is for $500 million-$520 million, and our strategic capital revenue forecast calls for $650 million-$670 million.

| General & administrative expenses | $500 to $520 |

This increase, together with our second quarter outperformance, drives our expectation for net effect of same-store growth of 5.25%-5.75% and cash same-store growth of 6.75%-7.25%.

This increase, together with our first quarter outperformance, drives our expectations for net effective same-store growth to 4.75%-5.5%, and cash growth to 6.25%-7%.

Net effective same-store growth is forecasted to be in a range of 4.25%-5.25%, and cash in a range of 5.75%-6.75%, with rent change being the predominant and enduring component of this growth.

| Average occupancy | 95.00% to 95.75% | 95.25% to 95.75% |

we are increasing our forecast for average occupancy to a range of 95%-95.75%.

| Average occupancy | 94.75% to 95.75% | 95.00% to 95.75% |

Turning to guidance, which I'll review at our share, we are forecasting average occupancy to range between 94.75% and 95.75%, which includes the expectation for a seasonal drop in occupancy in the first quarter before rebuilding over the year.

| Average occupancy | 94.75% to 95.75% |

Approximately 85% of this pipeline is positioned to support development starts through 2030.

Strategic capital revenue, excluding promotes, remains unchanged at $660 million-$680 million, while net promote income is now expected to be flat on the year.

| Strategic Capital revenue, excluding promote revenue | $660 to $680 | $660 to $680 |

Strategic capital revenue is now expected to range between $660 million-$680 million, and G&A is expected to range between $510 million-$525 million.

| Strategic Capital revenue, excluding promote revenue | $650 to $670 | $660 to $680 |

Our G&A forecast is for $500 million-$520 million, and our strategic capital revenue forecast calls for $650 million-$670 million.

| Strategic Capital revenue, excluding promote revenue | $650 to $670 |

That's net absorption on pace to approach 200 million sq ft and completions, 190 million sq ft this year.

That's net absorption on pace to approach 200 million sq ft and completions, 190 million sq ft this year.

New demand is the key variable here, and we expect net absorption to approach 200 million sq ft in 2026 versus 155 last year.

| Net Promote Income (Expense)1 | $(50) | $0 |

| Net Promote Income (Expense)1 | $(50) | $(50) |

| Net Promote Income (Expense)1 | $(50) |

Acquisitions will continue to range between $1 billion-$1.5 billion, and our combined contribution and disposition activity will range between $3.5 billion-$4.5 billion, all at our share.

| Acquisitions | $1,000 to $1,500 | $1,000 to $1,500 |

Acquisitions will range between $1 billion-$1.5 billion, and our combined contribution and disposition activity will range between $3.25 billion-$4.25 billion.

| Acquisitions | $1,000 to $1,500 |

| Cash Same Store NOI* | 5.75% to 6.75% | 6.25% to 7.00% |

| Cash Same Store NOI* | 5.75% to 6.75% |

| Contributions | $1,500 to $2,000 | $1,750 to $2,250 |

| Contributions | $1,500 to $2,000 |