Prologis Establishes $5.0 Billion At-the-Market Equity Offering Program

Offering Overview

On October 30, 2026, Prologis, Inc. (NYSE: PLD) entered into a new equity distribution agreement to establish an at-the-market (ATM) equity offering program allowing for the issuance and sale of common stock having an aggregate offering price of up to $5.0 billion.

Key Terms & Structure

• Managers & Sales Agents: The agreement involves a syndicate of major financial institutions, including BofA Securities, J.P. Morgan, Goldman Sachs & Co. LLC, Morgan Stanley, Citigroup, Wells Fargo Securities, and others.
• Sales Mechanisms: Sales may occur in negotiated transactions or standard ATM offerings directly on the NYSE or across off-exchange venues. Managers receive sales commissions of up to 1.5% of gross sales proceeds.
• Forward Sale Agreements: The agreement permits Prologis to enter into fixed share forward transactions or contingent forward transactions with specified forward purchasers, allowing the company to hedge price risk and time capital delivery.
• Predecessor Program Replacement: This program supersedes and replaces the previous ATM agreement and prospectus supplement dated May 5, 2020.

Use of Proceeds

Prologis plans to contribute all net proceeds received from sales to its operating partnership, Prologis, L.P., in exchange for common partnership units. The operating partnership intends to deploy the proceeds toward general corporate purposes, including property acquisitions and data center development initiatives.