Prologis 2022 Annual Report

INVESTING IN PEOPLE AND INNOVATION

Shareholder letter from Co-Founder, CEO and Chairman  Hamid R. Moghadam

“When my partners and I started in this business more than four decades ago, the logistics industry was highly transactional, driven primarily by merchant builders who moved from one project to the next and landlords who had little interest in building enduring customer relationships. We had a different vision…”

ADJUSTING TO A NEW NORMAL

Following a historic transformation of global commerce, we believe the current forces of demand shaping our business are somewhat decoupled from the broader economy. This is playing out in two ways:

DEMAND FOR ECOMMERCE SPACE

Ecommerce continues to drive significant and diverse growth in the demand for space.

DEMAND FROM INCREASING INVENTORY

Customers continue to expand their operations for a “just in case” approach to inventory.

A Committed Partner for Resilient Communities

We partner with local leaders and organizations to create job training programs; promote health and safety; and enhance recreational and transit infrastructure. These efforts, together with our employees’ community engagement activities, support a more stable business environment for our customers, and support social wellness in the communities we serve.

Free Rent Months

174

Months of Rent-Free Space

$2.4M+

In-kind Rent Donated

14,557

Hours Volunteered

Leading for the future

As we work alongside our customers, communities, shareholders, and employees, we are excited and energized by the limitless possibilities for innovation and growth.

2.8%

of the World's GDP passes through Prologis buildings

1.1M

People employed under a Prologis roof

14%

Annual growth since 2019

Financial highlights

ASSETS UNDER MANAGEMENT
(in billions)

DEVELOPMENT VALUE CREATION1
(in millions)

CORE FFO
(per diluted share)

DIVIDENDS PER COMMON SHARE


NET INCOME
(in billions)

REVENUE SUMMARY
(in billions)

Please see Prologis’ Annual Report on Form 10-K for the year ended December 31, 2022, and our Q4’22 earnings supplemental for additional detail regarding the financial information presented in this annual report and definitions and reconciliations of non-GAAP measurements, such as Core FFO.
 
1. Prologis’ share of estimated value creation from development stabilizations

2022 Prologis Executive Leadership

Hamid R. Moghadam

Co-Founder, Chairman and CEO

Gary E. Anderson

Chief Operating Officer

Colleen McKeown

Chief Human Resources Officer

Edward S. Nekritz

Chief Legal Officer and General Counsel

Tim Arndt

Chief Financial Officer

Board of Directors

Hamid R. Moghadam

Co-Founder, Chairman and CEO

George L. Fotiades

Former President and Chief Executive Officer, Cantel Medical Corp

Lydia H. Kennard

President and Chief Executive Officer, KDG Construction Consulting

Irving F. Lyons III

Principal, Lyons Asset Management

Avid Modjtabai

Former Senior Executive Vice President, Payments, Virtual Solutions and Innovation, Wells Fargo

David P. O’Connor

Managing Partner, High Rise Capital Partners, LLC

Jeffrey L. Skelton

Former Managing Partner, Resultant Capital Partners

Cristina G. Bita

Vice President of Finance, Google

Carl B. Webb

Senior Partner, Ford Management, L.P.

Olivier Piani

Chief Executive Officer and Founder of OP Conseils

Park Grande, Building

LET'S GET STARTED

Every connection starts with a conversation. Our team is here to help.