Prologis Investor Relations Update

INVESTOR RELATIONS Perpetual-life ventures produce durable cash flow PROLOGIS 100 GROWTH IN THIRD-PARTY AUM¹ $ in Billions $ in Millions 400 GROWTH IN THIRD-PARTY FEE RELATED EARNINGS 50 18% AUM GROWTH CAGR 300 24% FRE CAGR 200 100 0 0 2014 15 16 17 18 19 20 21 2014 15 16 17 18 19 20 21 GROWTH IN THIRD-PARTY FEE REVENUE² $ in Millions NET PROMOTE INCOME³ $ in Millions 500 400 300 19% FEE REVENUE CAGR 500 400 300 200 100 200 100 0 0 2014 15 16 17 18 19 20 21 17 18 19 20 20 21 22E Fee growth significantly outpaces expense growth • 80% margin on fee related revenues Asset values marked-to- market every quarter with fees based on market appraisals Promotes provide additional revenue, averaging 20bps of third- party AUM per year, historically ~70% of third-party AUM is promotable 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, calculated by adding investment capacity and the third-party investors' share of the estimated fair value of assets in co-investment ventures. 1. 23 2. 3. Promotes are net of expenses. 2022 is based on full year net promote guidance. Third-party fees Include asset management and related transactional fees. Q4 annualized numbers for each respective period. 18

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