Prologis, Inc.

Prologis, Inc. is a self-administered and self-managed real estate investment trust (REIT) that invests in real estate through wholly owned subsidiaries and co-investment ventures with partners and investors. The company began operating as a fully integrated real estate company in 1997 and elected to be taxed as a REIT under the Internal Revenue Code of 1986. Prologis, L.P., through which Prologis, Inc. holds substantially all of its assets, was also formed in 1997. The company operates, manages, and measures the operating performance of its properties on an owned and managed (O&M) basis. This O&M portfolio includes both consolidated properties and properties owned by unconsolidated co-investment ventures that Prologis manages. Operating decisions are made based on the total O&M portfolio, managing properties without regard to their ownership. The company also evaluates results based on its proportionate economic ownership of each property within the O&M portfolio.