#1INVESTOR RELATIONS PROLOGIS SEPTEMBER 27 9:00AM PT GROUND BREAK ERS >>2023 Investor Presentation REGISTER TODAY GROUNDBREAKERS 2023 September 2023#2INVESTOR RELATIONS Forward-looking statements PROLOGIS This presentation includes certain terms and non-GAAP financial measures that are not specifically defined herein. These terms and financial measures are defined and, in the case of the non-GAAP financial measures, reconciled to the most directly comparable GAAP measure, in our quarterly Earnings Release and Supplemental Information that is available on our investor relations website at www.ir.prologis.com and on the SEC's website at www.sec.gov. - The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," and "estimates," including variations of such words and similar expressions, are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future including statements relating to rent and occupancy growth, anticipated growth from embedded lease mark-to-market, development activity, contribution and disposition activity, general conditions in the geographic areas where we operate, our debt, capital structure and financial position, our ability to form new co-investment ventures and the availability of capital in existing or new co- investment ventures are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic and political climates; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties; (v) maintenance of real estate investment trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; (x) risks related to the coronavirus pandemic; and (xi) those additional factors discussed in reports filed with the Securities and Exchange Commission by us under the heading "Risk Factors." We undertake no duty to update any forward-looking statements appearing in this document except as may be required by law. This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended. 2#3INVESTOR RELATIONS V14 V13 V13 V12 V12 EVEN ODD EVEN ODD EVEN ODD V11 V10 EVEN www PROLOGIS SECTION 01 Prologis Elizabeth Seaport Building A, Elizabeth, New Jersey Long-term structural forces driving Prologis' growth 3#4INVESTOR RELATIONS PROLOGIS E-commerce is a structural shift driving logistics demand E-COMMERCE SALES PENETRATION %, U.S. E-commerce as a percent of retail goods sold¹ 35 30 25 20 15 10 5 E-commerce penetration expected to increase by an average of 1 percentage point per year over the next 5 years E-COMMERCE WAREHOUSE USE SF per $B of sales² ~3X 351k E-commerce uses 3x as much logistics space as brick-and-mortar 1,119k 0 2010 2014 2018 2022 2026F Brick-and -mortar E-commerce 1. Source: U.S. Census Bureau, Euromonitor, Prologis Research forecast. 2. Source: Company 10-K reports. Data is collected from approximately 30 major U.S. retailers. མི་ Higher product variety Greater inventory Individual B2C shipping Reverse logistics 4#5INVESTOR RELATIONS Inventory resilience is a long-term tailwind PROLOGIS INVENTORY RESILIENCY¹ U.S. Inventory-to-sales ratio, wholesale and retailers 1.6 1.5 1.4 1.3 1.2 1.1 Wholesalers and retailers have built 3% buffer into inventories so far - 5-10% expected in total New normal with resiliency¹ Pre-pandemic 1.0 1992 1996 2000 2004 2008 2012 2016 2020 Source: U.S. Census Bureau. Seasonally adjusted, ex. Autos. 1. See Prologis Research Paper for additional details on inventory resiliency. 5#6INVESTOR RELATIONS Rents remain a fraction of total supply chain costs DISTRIBUTION OF SUPPLY CHAIN COSTS % Fixed Facility Costs (incl. Rent) 3-6 Other Costs 7-12 Inventory Costs 12-16 Variable Facility Costs (incl. Labor) Transportation Source: 2022 CBRE Supply Chain Advisory. 15-25 1% Cost savings in = transportation and labor ~17% Increased capacity for rent 45-70 PROLOGIS 6#7INVESTOR RELATIONS Exposure to broad sources of consumer demand BASIC DAILY NEEDS¹ | POPULATION GROWTH M 450 ~38% CYCLICAL SPENDING¹ | LIFESTYLE UPGRADES $B 300 ~28% PROLOGIS STRUCTURAL TRENDS¹ | ONLINE SHOPPING $B 300 400 of customer base consists 250 of customer base 250 of basic daily needs¹, includes cyclical which increases along with spending¹ the population 200 200 350 300 250 200 150 100 50 150 50 100 50 ~34% of customer base covers structural trends¹ 150 0 0 00 05 10 15 20 23 00 05 10 15 20 23 00 05 10 110 15 00 20 23 23 Source: Prologis Research, U.S. Census, BEA, Euromonitor. 1. Basic daily needs include items like food and beverage, apparel, fast-moving consumer goods, packaging and plastics. Cyclical spending examples include auto, construction, electronics, appliances and home goods. Structural trend examples include general retail, transportation and healthcare. 7#820 2007 40 40 INVESTOR RELATIONS PROLOGIS Business indicators support rent growth outlook QTD August 2023 97.0% 73.0% Period End Occupancy¹ Rent Change on Signings, PLD Share¹ U.S. INDUSTRIAL BUSINESS INDICATOR (IBI) ACTIVITY INDEX² Diffusion Index, Points 80 IBI activity index in August of 56 - readings >50 indicative of rent growth U.S. SPACE UTILIZATION² % 90 2Q 2023 97.2% 87.1% Utilization rate in August of 85% (functional ceiling is 87%) Average 58 60 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1. Source: Prologis portfolio as of August 31, 2023. 2. Source: Prologis Research as of August 31, 2023. Prologis U.S. Space Utilization survey commenced in 2011. Please see Notes and Definitions included in our Q2 2023 Supplemental for further explanation. рт my 2019 2020 2021 2022 2023 78 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 82 86 Average 86% тручи 8#9INVESTOR RELATIONS Customer demand is resilient PROPOSALS ON AVAILABLE SPACES % 60 40 40 20 20 LEASING STATUS ON NTM ROLL %, distribution of next 12 months roll 60 2019 Avg YTD Aug 2023 Avg 0 Available Spaces with Proposals 40 40 20 PROLOGIS 2019 Avg YTD Aug 2023 Avg 0 Pre-Leased In Negotiation To Be Negotiated Source: Prologis Owned & Managed portfolio as of August 31, 2023. Includes U.S., Europe, and Other Americas. Excludes Asia due to impact of leasing structures on activity mix. 9#10INVESTOR RELATIONS PROLOGIS Current supply and demand dynamics support rent growth U.S. FUNDAMENTALS¹ Vacancy (%) 10 8 6 4 2 Rent Growth (RHS) Vacancy (LHS) Rent Growth (%) 50 40 40 30 30 20 10 10 0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023F Source: CBRE, JLL, Cushman & Wakefield, Colliers, CoStar, CBRE-EA, Prologis Research as of June 30, 2023. 10 10#11INVESTOR RELATIONS Global development starts slow as rising cost of capital increases return requirements CONSTRUCTION STARTS, GLOBAL MSF PROLOGIS 250 200 150 100 50 0 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 Source: CBRE, JLL, Colliers, Cushman & Wakefield, Gerald Eve, Oxford Economics, Prologis Research. Starts globally are down 47% compared to 2022 highs 11#12INVESTOR RELATIONS Strong positioning in an uncertain macro environment PROLOGIS VACANCY RATE¹ % 8.0% 2007 6.0% 2019 2007 4.0% 2Q23 2.0% 0.0% U.S. 2019 2Q23 LEASE MARK-TO-MARKET, PLD SHARE*2 NET LEVERAGE, INDUSTRIAL REITS³ %, Net Effective Rent % 80% 60% 60 45 45 40% 30 20% 15 0% 0 Europe 2007 2019 Q2 2023 2007 2019 Q2 2023 * This is a non-GAAP financial measure. Please see Notes and Definitions included in this presentation and in our Q2 2023 Supplemental for further explanation. 1. Source: CBRE, JLL, Cushman & Wakefield, Colliers, CoStar, CBRE-EA, Prologis Research as of June 30, 2023. 2. Source: Prologis portfolio as of June 30, 2023. 3. Source: Green Street. Net leverage reflects debt as a percentage of gross market capitalization. Please see Notes and Definitions included in our Q2 2023 Supplemental for further explanation. 12 22#13ACTION INVESTOR RELATIONS SECTION 02 B 0 MIM PROLOGIS World's first carbon-neutral logistics platform in Prologis Moissy II Distribution Center 1, Moissy, France Prologis: The leading platform in logistics real estate 13 33#14INVESTOR RELATIONS PROLOGIS Global portfolio with a focus on high-barrier, high-growth markets $209B Assets under management 1.2B Square feet on four continents $116B Equity market cap $38B Build out of land bank (TEI) PLD NYSE, S&P 500 member, #69 6,700 Customers A3/A Credit rating¹ 2.8% Global GDP flows through our distribution centers U.S. 797M SF 3,871 Buildings 6,712 Acres² OTHER AMERICAS 79M SF 327 Buildings 1,846 Acres² EUROPE 240M SF 1,091 Buildings 2,204 Acres² ASIA 111M SF 274 Buildings 98 Acres² Note: Data as of June 30, 2023. 1. A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. 2. Includes land subject to options. 14#15INVESTOR RELATIONS Prologis is a critical waypoint for the global economy $2.7 TRILLION is the economic value of goods flowing through our distribution centers each year, representing: 4.0% 2.8% 1.1 MILLION of GDP for the 19 countries where we do business of the World's GDP employees under Prologis' roofs Source: Oxford Economics, IMF, Prologis Research as of December 31, 2022. B Азиног PROLOGIS 22 аг 12 Prologis Park Redlands, Redlands, California 15#16INVESTOR RELATIONS Unique and scalable business model PROLOGIS OPERATIONS $5.3B Generated in annual NOI*1 + STRATEGIC CAPITAL ~$1.4B Produced in recurring fees and promotes² DEVELOPMENT +~$1.3B Created in value from stabilizations³ 85% 15% U.S. Outside the U.S. 53% 50% 50% 47% U.S. Outside the U.S. * This is a non-GAAP financial measure. Please see Notes and Definitions included in our Q2 2023 Supplemental for further explanation. 1. 2Q 2023 Prologis Share of NOI of the Operating Portfolio annualized. Please see Notes and Definitions included in our Q2 2023 Supplemental for further explanation. 2. 2Q 2023 third-party share of asset management fees annualized plus trailing twelve months third-party share of transactional fees and Net Promote Income. 3. Prologis Share of trailing twelve month Estimated Value Creation from development stabilizations. U.S. Outside the U.S. 16#17INVESTOR RELATIONS Diverse customer base focused on consumption PROLOGIS 19% of Net Effective Rent from top 20 customers¹ CUSTOMER MIX BY UNDERLYING BUSINESS, PROLOGIS² 3PL 29% GXO RETAILER 23% amazon B TRANSPORTATION MANUFACTURING WHOLESALER 21% 16% 12% M W HITACHI FedEx CUSTOMER SNAPSHOT 3M DSV ups Walmart PEPSICO SAMSUNG MAERSK Sainsbury's wesco XPOLogisticS HOME DEPOT MEDLINE J.B. HUNT BRIDGESTONE Note: Data as of June 30, 2023. 1. Source: Prologis Owned and Managed portfolio as of June 30, 2023. 2. Customer mix based on total in-place Operating and Development portfolios Net Effective Rent. Total may not sum to 100% due to rounding. 17 12#18INVESTOR RELATIONS PROLOGIS Premier institutional Strategic Capital real estate franchise GROWTH IN THIRD-PARTY AUM¹ $ in Billions 15 75 60 60 45 30 15 17% AUM CAGR GROWTH IN THIRD-PARTY FEE RELATED EARNINGS² • $ in Millions 400 300 200 100 24% FRE CAGR 0 0 2014 2016 2018 2020 2022 2014 2016 2018 2020 2022 • Reputable, long-term partner with ~140 institutional investors Resilient investor base over the long-term with nominal redemptions historically ~75% margin on fee related revenues Asset values marked-to- • market every quarter with fees based on third-party appraisals Note: Data as of December 31, 2022. 1. AUM (fee earning) represents estimated fair value of real estate owned by third-parties and managed by Prologis through both our consolidated and unconsolidated entities; this is third-party investors' share of the estimated fair value of assets in co-investment ventures. 2. Third-party fee related earnings include asset management and related transactional fees. Asset management fees reflect Q4 annualized. Transactional fees and expenses reflect trailing twelve months. 18#19INVESTOR RELATIONS Proven development track record generating significant value creation over 20+ years... PROLOGIS $41.3B Investment 527M Square Feet $11.6B Value Creation¹ 28.1% Margin IN THE U.S. $11.2B OUTSIDE THE U.S. $30.1B 185M 342M $3.6B $8.0B 32.4% 26.5% Note: Data based on development activity from 2001 through December 31, 2022. 1. Estimated Value Creation is calculated as the amount by which our value exceeds our Total Expected Investment (TEI) and does not include any fees or promotes we may earn. Approximately 69% of total estimated Value Creation has been realized. TEI represents total estimated cost of development or expansion, including land, development and leasing costs. TEI is based on current projections and is subject to change. 19#20INVESTOR RELATIONS PROLOGIS ...with a land bank that supports $38 billion of investment NORTH AMERICA AND LATIN AMERICA Seattle $576 Portland $471 Central Valley $2,189 SFBA $3,904 ASIA SoCal $5,171 Reno $192 Las Vegas $1,017 Phoenix $113 Chicago $533 Toronto $1,913 Lehigh Valley $492 NY/NJ $1,306 Baltimore/D.C. $221 Denver $313 Indianapolis $8 Columbus $2,792 Nashville $778 Austin Dallas $1,015 Houston $666 Charlotte $159 Atlanta $721 $801 China $86 Mexico $2,488 EUROPE Orlando $406 Tampa $24 Miami $506 Spain $209 Brazil $679 Japan $974 SOUTH AMERICA UK $3,300 Netherlands $138 Poland $433 Germany ww Belgium $1,034 $288 Czech $143 Slovakia $342 France $934 Italy $367 Hungary $243 EMBEDDED GROWTH GLOBALLY 217M SF and potential TEI¹ of $38B2 With an overweight to the markets that matter the most CLPS³ are generating stabilized yield of ~5% Note: Data as of June 30, 2023. Land values in above bubble map are in $ millions and represent estimated TEI by market. 1. Total Expected Investment (TEI) represents total estimated cost of development or expansion, including land, development and leasing costs. TEI is based on current projections and is subject to change. 2. Prologis Owned and Managed as of June 30, 2023. 3. Covered Land Plays (CLPs) are acquisitions of income generating assets with the intention to redevelop for higher and better use. These assets are currently in either our Operating Portfolio, Value-Added Properties or Other Real Estate Investments. 20 20#21INVESTOR RELATIONS Exceptionally low-cost operating structure ADJUSTED G&A*1% OF GROSS BOOK VALUE AUM² ADJUSTED G&A*1 % OF MARKET VALUE AUM³ % FMV ($B) % 0.90% 250 0.90% IAUM G&A as % of AUM 0.80% 0.70% 0.60% 0.50% 0.80% 200 0.70% • 0.60% • 150 0.50% 0.40% 0.40% 100 0.30% 0.30% 0.20% 0.10% 0.20% 50 0.10% 0.00% 0 0.00% 2011 2014 2017 2020 2Q23 PLD Other National Logistics REITS³ Blue Chips4 PROLOGIS Scalable platform due to early investments in technology infrastructure and synergies from strategic acquisitions Reduced adjusted G&A % of gross book value AUM* from 85bps to 34bps since 2011 Most efficient despite investments in innovation and new lines of business PLD adjusted G&A¹ load is ~45% less than the other logistics REITs³ and ~60% less than Blue Chips4 * This is a non-GAAP financial measure. Please see reconciliation in our Q2 2023 Supplemental for further explanation. 1. Adjusted G&A reflects net TTM G&A expense each year plus TTM strategic capital expenses (excluding promote expenses) less TTM strategic capital property management expenses. 2. AUM based on fair market value and Adjusted G&A as % of AUM based on Book Value AUM as of June 30, 2023. Market value AUM is total enterprise value plus JV debt as of June 30, 2023. 3. Includes EGP, FR, and STAG. 4. Includes AVB, BXP, EQIX, FRT, HST, PSA, and SPG. 21 21#22INVESTOR RELATIONS PROLOGIS Strong balance sheet enables opportunistic investments PROLOGIS DEBT METRICS - Q2 2023 Debt as % of Gross Market Cap* 21.0% Debt / Adjusted-EBITDA*1 USD Net Equity Exposure Liquidity 96% 4.2X $6.4B Fixed Charge Coverage Ratio* 10.0X Investment Capacity $15.1B EARNINGS FX EXPOSURE - % USD OR HEDGED 99% 2H 2023E Note: Data as of June 30, 2023. 98% 2024E 97% 94% 92% 2025E 2026E *This is a non-GAAP financial measure. Please see Notes and Definitions included in our Q2 2023 Supplemental for further explanation. 1. Includes development gains. 2. Includes leverage capacity post-committed equity capital of Prologis and its open-ended funds at current credit ratings. 3. A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time by the rating agency. 4. Includes issuances by co-investment ventures. 2027E • • • • A3/A rated by Moody's/S&P³ Weighted average interest rate of 2.9% Floating rate debt is less than 10% of total debt Leading Green Bond issuer with 19 issuances to date4 FX earnings exposure is predominantly in USD or hedged over the coming years, shielding FX risk 22 22#23INVESTOR RELATIONS PROLOGIS A business that delivers superior long-term financial results CORE FFO* PER SHARE CAGR 20% 10% 0% 1-YEAR DIVIDEND PER SHARE CAGR 30% 20% 10% 0% 90 1-YEAR 3-YEAR 5-YEAR 3-YEAR 5-YEAR PLD ex. Promote Blue Chips REITs¹ ■REIT Average² ■S&P 500 Average * This is a non-GAAP financial measure. Please see Notes and Definitions included in this presentation and in our Q2 2023 Supplemental for further explanation. Source: FactSet. Core FFO/EPS and dividends as of December 31, 2022. 1. Includes AVB, BXP, EQIX, FRT, HST, PSA, and SPG. Weighted on market cap as of December 31, 2022. 2. Includes REITs in the VNQ as of June 30, 2023, with data for every year in each respective period; weighted on market cap as of December 31, 2022. Leading Core FFO* CAGR for three and five-year time periods Leading dividend CAGR for three and five-year time periods $4B+ of net cash provided by operating activities in 2022 $1B+ of Free Cash Flow* after dividends in 2022 23#24INVESTOR RELATIONS SECTION 03 Prologis: Ahead of what's next PROLOGIS Bronx mural production, New York, New York 24 24#25INVESTOR RELATIONS Scale fuels the future, beyond the real estate REAL ESTATE PLATFORM Global land bank S 1.2 BSF in the world's top consumption markets Strategic Capital franchise cost structure Ultra-efficient PROCUREMENT PROLOGIS PROLOGIS VEN ESSENTIALS SOLUTIONS Operations Sustainability Energy + CUSTOMERS Workforce Mobility High-quality cash flow/earnings DATA, DIGITAL AND TECHNOLOGY 25#26INVESTOR RELATIONS Prologis Essentials & Prologis Ventures PROLOGIS ESSENTIALS A platform of solutions to the most pressing challenges companies face in global logistics OPERATIONS ENERGY + SUSTAINABILITY MOBILITY PROLOGIS WORKFORCE logistics concierge providing turn-key access to everything from forklifts and racking to generators and furniture through a network of Strategic Alliance Partners to simplify and streamline the launch, optimization, and scaling of the customer's business. Partners with the customer on their journey through decarbonization to net zero with sustainable logistics solutions to improve efficiencies, reduce costs, and meet ESG goals. Powers the drive to zero emissions with fleet electrification, workplace EV charging, and hydrogen refueling solutions that are simple, fast, and available everywhere. Optimizes the customer workforce for the future of logistics by training and upskilling employees and offering robotics and automation solutions to keep workers safe and productive. PROLOGIS VENTURES Integrates state-of-the art innovation and technologies across all segments of fulfillment GIDEON BROTHERS REDAPTIVE® AIRSPACE BATON cargomatic STRIVR KINETIC Emerge FLEXPORT WISE » SVT (SOLARCYCLE WORKST P Timee ROBOTICS INXEPTION PLATFORM SCIENCE L LOCUS Outrider FORT 26#27INVESTOR RELATIONS Prologis Energy & Sustainability Essentials Corporate Goal: 1 Gigawatt Worldwide by 2025 12 countries 46 markets 449 MWs of generating capacity U.S. 234MW 54 MSF of rooftops 348 buildings 78,000 household equivalents powered Europe 155 MW PROLOGIS Prologis is the Asia 2nd largest 60 MW corporate with on-site solar in the U.S.1 PLD Global TAM² is 60% of our portfolio (6 GW) Note: Data as of June 30, 2023. 1. Solar Energy Industries Association's (SEIA) Solar Means Business Report. 2. Total Addressable Market. 27 22#28INVESTOR RELATIONS Prologis Mobility Essentials Corporate Goal: Partner with customers to electrify fleets $280B TAM¹ for energy and infrastructure associated with vehicle electrification by the early 2030s in Prologis markets² $1.4T er Global investment in charging infrastructure alone expected by 2040² FREEEE Prologis plays in all charging and fueling market segments Provide charging infrastructure to our customers where they need it 2010-IN PROCESS Workplace Employee Charging 1. Total Addressable Market. 2. BNEF EVO 2022. 2020-IN PROCESS Fleet Depot Charging 2022-IN PROCESS Dedicated Hub Charging PROLOGIS 28#29INVESTOR RELATIONS Ambitious net zero goals with measurable milestones Corporate Goal: Net zero goal across entire value chain by 2040 PROLOGIS Committed to net zero and launched key partnerships Submitted target to Science Based Targets initiative for validation Deploy 1 GW of onsite solar supported by storage Carbon neutral for construction and operations Net zero for operations (scopes 1 and 2) Net zero for value chain (scopes 1, 2, and 3) 2022 Source: See Prologis 2022-2023 ESG Report for additional details. 2025 2030 2040 29 29#30INVESTOR RELATIONS Prologis Workforce Essentials Community Workforce Initiative Corporate Goal: Train 25,000 participants by 2025 12 markets with programs • Atlanta • Los Angeles Dallas Mexico City • DC/Baltimore • Miami • DIRFT-UK • Oakland 0 Las Vegas . Long Beach • San Francisco Tracy/Stockton • KEY PARTNERS Prologis looks to support local organizations that align with our business and share our priorities with CWI, including: Access to a pool of candidates looking for jobs in the logistics industry Direct connection to leading workforce providers in the region PROLOGIS UNITED KINGDOM 23,000+ Participants (program to date) 12 markets Total as of June 30, 2023 MIAMI-DADE COUNTY giving our students the world PURS CHABOT LAS POSITAS COMMUNITY COLLEGE DISTRICT San Joaquin County work net A proud partner of the America's JobCenter network J4NG JOBS FOR NEVADA'S GRADUATES WORKFORCESOLUTIONS GREATER DALLAS A proud partner of the AmericanJobcenternetwork Supply Chain Open Education Academy by Goodwill Solutions Holdings CIC LIVE UNITED United Way United Way of Greater Atlanta Pacific Gateway EMPLOY PRINCE GEORGE'S exp The opportunity engine Certification Industry-first program in partnership with ASCM Goal Train 25k by 2025 Source: Prologis as of June 30, 2023. 30#3100 INVESTOR RELATIONS Notes and Definitions wwww PROLOGIS Prologis Park Venlo, Venlo, the Netherlands 31#32Notes and Definitions Please refer to our annual and quarterly financial statements filed with the Securities and Exchange Commission on Forms 10-K and 10-Q and other public reports for further information about us and our business. See our Q2 2023 Supplemental for definitions of terms used in this presentation, further explanations, and reconciliations of non-GAAP measures to the most directly comparable GAAP measures. Free Cash Flow is calculated as net cash provided by operating activities less recurring capital expenditures and dividends. in thousands Net cash provided by operating activities Gains on dispositions of development properties and land, net Tenant improvements and lease commissions on previously leased space Property improvements Dividends paid on common and preferred stock Noncontrolling interest distributions Free cash flow $ Twelve Months Ended December 31, 2022 4,126 598 (339) (211) (2,495) (270) 1,409 Lease Mark-to-Market ("LMTM") on a Prologis Share Net Effective Rent basis represents the difference between current in place Net Effective Rent in the Operating Portfolio compared to current market Net Effective Rent for comparable spaces divided by the current in place Net Effective Rent. Note that consistent with the definition of Rent Change, rents are reflected on a triple net basis and this measure excludes short-term leases of less than one year and holdover payments. When calculating incremental earnings and FFO growth from LMTM, we assume no further market rent growth and utilize our share count as of the end of the period. PROLOGIS 32 32#33PROLOGIS