Prologis (PLD) CEO converts 16,000 LTIP units into common stock

Rhea-AI Filing Summary

Prologis, Inc. Chief Executive Officer Daniel Letter exercised 16,000 LTIP Units into common stock. The derivative exercise on this Form 4 converted LTIP Units into 16,000 shares of Prologis common stock at $0.01 per unit.

Following the transaction, Letter directly holds 370,064 shares of Prologis common stock. The LTIP Units had no exercisable date or expiration date and were converted into common units of Prologis, L.P. and then redeemed for cash.

Insider Trade Summary

16,000 shares exercised/converted

Mixed 1 txn

Insider Letter Daniel

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Exercise	LTIP Units	16,000	$0.01	$160.00

Holdings After Transaction: LTIP Units — 370,064 shares (Direct)

Footnotes (1)

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Key Figures

LTIP Units exercised: 16,000 units Exercise price: $0.01 per unit Shares held after transaction: 370,064 shares

3 metrics

LTIP Units exercised 16,000 units Converted into 16,000 shares of common stock

Exercise price $0.01 per unit LTIP Unit derivative exercise price

Shares held after transaction 370,064 shares Common stock directly owned by Daniel Letter after exercise

Key Terms

LTIP Units, Common Units, derivative security

3 terms

LTIP Units financial

"Conversion of LTIP Units (the "LTIP Units") of Prologis, L.P. into common units"

LTIP units are awards given to executives and employees as part of a long-term incentive plan; they act like deferred bonuses that convert into company shares or cash only if the business meets set performance or time requirements. Investors care because LTIP units tie management pay to future results, can increase the number of outstanding shares (dilution) when they vest, and create ongoing compensation expense that can affect earnings and shareholder value.

Common Units financial

"into common units of Prologis, L.P. (the "Common Units") and redemption of Common Units"

Common units are the basic ownership stakes in a company, limited partnership, or trust that function like common stock: they give holders a claim on profits and often voting rights. Think of them as the ordinary seats at a table—the most directly affected by the business’s success or failure, so they typically offer higher upside but carry greater risk than preferred claims or creditors, which matters to investors evaluating potential return and safety.

derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

Form 4 Insider Transactions: What Each Field Means →

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Letter Daniel

(Last) (First) (Middle)

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

(Street)

SAN FRANCISCO CALIFORNIA 94111

(City) (State) (Zip)

UNITED STATES

(Country)

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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

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

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

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

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
LTIP Units	$0.00	03/31/2026	03/31/2026	M			16,000	(1)	(1)	Common Stock	16,000	$0.01	370,064	D

Explanation of Responses:

1. Conversion of LTIP Units (the "LTIP Units") of Prologis, L.P. into common units of Prologis, L.P. (the "Common Units") and redemption of Common Units for cash. The units have no exercisable date or expiration date.

	/s/ Tammy Colvocoresses Attorney-In-Fact for Daniel Letter	04/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Prologis (PLD) report for CEO Daniel Letter?

Prologis reported that CEO Daniel Letter exercised 16,000 LTIP Units into common stock. The units converted into 16,000 Prologis common shares at $0.01 per unit, reflecting a compensation-related derivative exercise rather than an open-market stock purchase or sale.

How many Prologis (PLD) shares does Daniel Letter hold after this Form 4?

After the transaction, Daniel Letter directly holds 370,064 shares of Prologis common stock. This total includes the 16,000 shares received from exercising LTIP Units, showing his ongoing equity stake in the company as both director and Chief Executive Officer.

What type of security did Prologis (PLD) CEO Daniel Letter exercise?

Daniel Letter exercised LTIP Units, a form of long-term incentive plan unit. These LTIP Units converted into common units of Prologis, L.P., which then resulted in 16,000 underlying Prologis common shares being issued as part of his equity compensation.

At what price were Daniel Letter’s Prologis (PLD) LTIP Units exercised?

The LTIP Units were exercised at $0.01 per unit according to the Form 4. This low exercise price is typical for equity incentives and reflects compensation structure rather than an open-market valuation or negotiated purchase price for Prologis common stock.

Do Prologis (PLD) LTIP Units have an expiration date?

The filing states that the LTIP Units have no exercisable date or expiration date. They were converted into common units of Prologis, L.P. and then redeemed for cash, providing flexibility in timing rather than being constrained by a fixed exercise window.