安博 2025年度报告

For the fiscal year ended December 31, 2025 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ______________ to ______________ (Exact name of registrant as specified in its charter) Maryland (Prologis, Inc.)Delaware (Prologis, L.P.)(State or other jurisdiction ofincorporation or organization) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Prologis, Inc.: Yes☑No☐Prologis, L.P.: Yes☑No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Prologis, L.P.: Yes☐No☑ Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Prologis,Inc.: Yes☑No☐Prologis, L.P.: Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter periods that the registrant was required to submit such files). Prologis, Inc.: Yes☑No☐Prologis, L.P.: Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act: ☐Smaller reporting company☐Emerging growth company☐Smaller reporting company☐Emerging growth company Prologis, Inc.: Prologis, L.P.: If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Prologis, Inc.: Yes☐No☑Prologis, L.P.: Yes☐No☑ Based on the closing price of Prologis, Inc.’s common stock on June 30, 2025 the aggregate market value of the voting common equity held by nonaffiliates of Prologis, Inc. The number of shares of Prologis, Inc.’s common stock outstanding at February 11, 2026, was approximately 929,559,000. DOCUMENTS INCORPORATED BY REFERENCE Portions of Part III of this report are incorporated by reference to the registrant’s definitive proxy statement for the 2026 annual meeting of its stockholders or will be provided Auditor Name: KPMG LLP EXPLANATORY NOTE This report combines the annual reports on Form 10-K for the year ended December 31, 2025, of Prologis, Inc. and Prologis, L.P.Unless stated otherwise or the context otherwise requires, references to “Prologis, Inc.” or the “Parent” mean Prologis, Inc. and itsconsolidated subsidiaries; and references to “Prologis, L.P.” or the “Operating Partnership” or the “OP” mean Prologis, L.P., and itsconsolidated subsidiaries. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and the OP collectively. The Parent is a real estate investment trust (a “REIT”) and the general partner of the OP. At December 31, 2025, the Parent owned a97.71% common general partnership interest in the OP and substantially all of the preferred units in the OP. The remaining 2.29%common limited partnership interests are owned by unaffiliated investors and certain current and former directors and officers of theParent. We operate the Parent and the OP as one enterprise. The management of the Parent consists of the same members as themanagement of the OP. These members are officers of the Parent and employees of the OP or one of its subsidiaries. As sole generalpartner, the Parent has control of the OP through complete responsibility and discretion in the day-to-day man