[Form 4] Prologis, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Irving F. Lyons III, a director of Prologis, Inc. (PLD), reported receipt of dividend equivalent units (DEUs) tied to deferred stock units (DSUs) on 09/30/2025. The Form 4 shows two grants of DEUs: 92.8658 DEUs associated with assumed DSUs from a prior merger and 284.2521 DEUs earned under Prologis’ Nonqualified Deferred Compensation Plan. Each DEU converts to one share of Prologis common stock when paid. The filing lists post-transaction DSU/DEU balances of 10,622.5655 and 32,514.5028 respectively. The Form 4 was signed by an attorney-in-fact on 10/02/2025.

Insights

Corporate Governance Analyst

Director received deferred stock dividend equivalents that increase share‑settled holdings.

The filing documents DEUs credited on 09/30/2025: 92.8658 DEUs from assumed DSUs and 284.2521 DEUs from current-board service, both payable in common stock at a one‑for‑one rate.

These items increase the director’s stake shown as balances of 10,622.5655 and 32,514.5028, which are relevant to ownership disclosure and director compensation practices. The timing and vesting rules are explicitly described in the filing.

Compensation Specialist

DEUs reflect routine, non‑cash director compensation deferred into stock.

The form explains DEUs accrue at the company dividend rate and vest either on issuance (assumed DSUs) or on a defined vesting schedule (earlier of one year or next annual meeting).

This is a non‑cash compensation event rather than an open‑market trade and will increase the director’s equity exposure when settled in shares.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

LYONS IRVING F III

(Last) (First) (Middle)

C/O PROLOGIS, INC., PIER 1, BAY 1

(Street)

SAN FRANCISCO CA 94111

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Prologis, Inc. [ PLD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Dividend Equivalent Units - NQDC	$0(1)	09/30/2025	09/30/2025	A		92.8658		(1)	(1)	Common Stock	92.8658	$0(1)	10,622.5655	D
Dividend Equivalent Units - NQDC	$0(2)	09/30/2025	09/30/2025	A		284.2521		(2)	(2)	Common Stock	284.2521	$0(2)	32,514.5028	D

Explanation of Responses:

1. Represents Dividend Equivalent Units (DEUs) earned on Deferred Stock Units (DSUs) associated with previous service on the board of ProLogis, our merger partner, and assumed by us in June 2011. DEUs accrue on outstanding DSUs at the Prologis common stock dividend rate at the time dividends are paid on Prologis common stock. DEUs vest upon issuance and the receipt of such DEUs is deferred, as are the underlying DSUs, during the period the reporting person serves as a director. DSUs and DEUs are paid in the form of Prologis common stock at the rate of one common share per DSU or DEU. Balance in column 9 includes DSUs and DEUs.

2. Represents DEUs earned on DSUs associated with current service on our board that are deferred under the Prologis, Inc. Nonqualified Deferred Compensation Plan (the NQDC Plan). DEUs accrue on outstanding DSUs at the Prologis common stock dividend rate at the time dividends are paid on Prologis common stock. DEUs and the underlying DSUs vest 100% on the earlier of the first anniversary of the grant date or the first annual meeting of the stockholders of Prologis after the grant date (generally in May each year). The receipt of such DEUs is deferred along with the underlying DSUs. DSUs and DEUs are paid in the form of Prologis common stock at the rate of one common share per DSU or DEU. Balance in column 9 includes DSUs and DEUs.

	/s/ Tammy Colvocoresses, Attorney-In-Fact for Irving F. Lyons III	10/02/2025
	** Signature of Reporting Person	Date
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