Prologis Reports Second Quarter 2022 Earnings Results Market growth indicators remain strong SAN FRANCISCO , July 18, 2022 |PRNewswire| -- Prologis, Inc. (NYSE: PLD ), the global leader in logistics real estate, today reported results for the second quarter of 2022. Net earnings per diluted share was $0.82 for the quarter compared with $0.81 for the second quarter of 2021. Core funds from operations (Core FFO)* per diluted share was $1.11 for the quarter compared with $1.01 for the same period in 2021. "The pandemic drove record demand for the past two years, which translated into all-time low vacancies and unprecedented rent growth," said Hamid R. Moghadam , co-founder and CEO, Prologis. "As conditions normalize, we are still seeing healthy demand that rivals past peak cycles and, informed by our proprietary data insights, we expect strong demand for our properties to continue." OPERATING PERFORMANCE Owned Managed 2Q22 Notes Average Occupancy 97.6 % Leases Commenced 51.3MSF 43.6MSF operating portfolio and 7.7MSF development portfolio Retention 78.6 % Prologis Share 2Q22 Notes Net Effective Rent Change 45.6 % Led by U.S. at 54.0 % Cash Rent Change 27.5 % Cash Same Store NOI* 8.2 % Led by U.S. at 9.0 % DEPLOYMENT ACTIVITY Prologis Share 2Q22 Acquisitions $846M Weighted avg stabilized cap rate (excluding other real estate) 3.9 % Development Stabilizations $817M Estimated weighted avg yield 6.0 % Estimated weighted avg margin 74.2 % Estimated value creation $606M % Build-to-suit 27.6 % Development Starts $1,669M Estimated weighted avg yield 6.1 % Estimated weighted avg margin 53.7 % Estimated value creation $896M % Build-to-suit 25.6 % Total Dispositions and Contributions $218M Weighted avg stabilized cap rate (excluding land and other real estate) 3.2 % BALANCE SHEET LIQUIDITY During the second quarter, Prologis and its co-investment ventures issued $5.1 billion of debt at a weighted average interest rate of 1.4 percent.