Prologis (PLD) investor relations material

Superior platform and data center opportunity

• End-to-end development and delivery capabilities enable conversion of power into data center value, supported by veteran teams in entitlement, power sourcing, construction, and procurement.

• Power pipeline of 5.8GW secured and advanced, with a 10GW+ 10-year potential across five European markets, far exceeding SEGRO’s pipeline.

• Proven execution in diverse data center formats, including large-scale greenfield campuses and in-fill conversions for marquee customers.

• SEGRO’s data center plan faces funding constraints, requiring up to £11B in capital and trade-offs between equity, debt, and joint ventures.

Platform advantages and customer ecosystem

• Strategic capital platform generates recurring fees, promotes, and carried interest, with a £49B AUM and 165 partners, unlike SEGRO’s project-level JVs.

• Global network and integrated customer solutions drive deeper relationships, leveraging a 1.3B SF footprint in 20 countries.

• SEGRO’s portfolio would gain value within a global customer ecosystem, with significant customer overlap and the ability to accelerate leasing.

SEGRO’s valuation and structural constraints

• Majority of SEGRO’s asset value is transparent and third-party appraised, with £19B in completed assets and £2.3B in development property.

• SEGRO’s total accounting return over three years averaged just 1.6%, well below the 13% required for NTA parity.

• Growth outlook and earnings multiples lag European logistics peers, with higher investment risk and lower forecasted EPS CAGR.

• SEGRO trades at a materially wider discount to NTA than peers, with a 1-year average discount of 23.5%.