Inventory Resiliency and Value Proposition

INVESTOR RELATIONS Why REITs focus on Funds from Operations (FFO) PROLOGIS GAAP NET EARNINGS REAL ESTATE DEPRECIATION & AMORTIZATION +/- Depreciation and amortization are added back because they are non- cash expenses that do not affect the operating results of properties 1. NAREIT FFO also excludes impairment and write downs of assets. Losses/gains from sales of property NAREIT FUNDS FROM OPERATIONS (FFO)¹ FFO (non-GAAP) is useful in determining the operating. results as well as comparing results between REITS 24 24

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