Investor Relations Q1 2023 Deck

Notes 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 Q1 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 37

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