#1INVESTOR RELATIONS Omacas 2 ImportalDade Investor Presentation ImperialDade Bernstein's 39th Annual Strategic Decisions Conference June 1, 2023 FedEx PROLOGIS Prologis Park Ports Jersey City, New Jersey#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: 2021 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 2% buffer into inventories so far - 10% expected in total 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. New normal with resiliency¹ 5#6INVESTOR RELATIONS Exposure to broad sources of consumer demand PROLOGIS BASIC DAILY NEEDS SECULAR TRENDS CYCLICAL SPENDING 38% 34% 28% • Fast-moving consumer goods • Ecommerce · Food & beverage • Apparel Paper/Packaging General Retailer Transportation • Healthcare Appliances Auto parts Construction Home goods Source: Prologis Research as of March 31, 2023. Segments represent approximate share of logistics space occupied globally. 6#7INVESTOR RELATIONS PROLOGIS Occupancy at all-time highs independent of e-commerce NEW LEASING MIX BY CUSTOMER TYPE, PROLOGIS % of Total ■Total Other Leasing Non-Amazon E-commerce Amazon 3.8% 14.3% 1.7% 5.3% 2.7% 4.0% 3.8% 8.1% 1.2% 12.4% 18.6% 13.3% 0.6% 18.1% 17.3% 17.2% 21.1% 16.4% 81.9% 84.0% 86.4% 77.4% 79.7% 78.8% 81.3% 75.5% 75.2% 2015 2016 2017 2018 2019 2020 2021 2022 Q1 2023 96.9% 97.1% 97.2% 97.5% 97.7% 98.2% 98.0% 96.5% 96.2% Source: Prologis Research as of March 31, 2023. Period End Occupancy 7#8INVESTOR RELATIONS PROLOGIS Low market vacancy is supportive of continued rent growth U.S. FUNDAMENTALS Vacancy (%) 10.0 8.0 6.0 4.0 2.0 Rent Growth (RHS) Vacancy (LHS) Rent Growth (%) 50 40 40 30 20 10 10 0.0 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 March 31, 2023. 8#9INVESTOR 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: CBRE Supply Chain Advisory. 15-25 1% Cost savings in = transportation and labor ~15% Increased capacity for rent 45-70 PROLOGIS 9#10INVESTOR RELATIONS Global development starts slow as rising cost of capital increases return requirements CONSTRUCTION STARTS, GLOBAL MSF PROLOGIS 250 200 150 100 50 Starts globally are down 30% compared to 2022 highs 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: CBRE, JLL, Colliers, Cushman & Wakefield, Gerald Eve, Oxford Economics, Prologis Research. 10 10#11INVESTOR RELATIONS Strong positioning in current macro environment VACANCY RATE¹ % 8.0% 6.0% 4.0% 2.0% PROLOGIS NET LEVERAGE, INDUSTRIAL REITS³ LEASE MARK-TO-MARKET, PLD SHARE*2 %, Net Effective Rent % 80% 2007 2022 0.0% U.S. 60% 60 45 45 40% 30 20% 0% EU 2007 2022 * This is a non-GAAP financial measure. Please see Notes and Definitions included in this presentation and in our Q1 2023 Supplemental for further explanation. 1. Source: CBRE, JLL, Cushman & Wakefield, Colliers, CoStar, CBRE-EA, Prologis Research as of March 31, 2023. 2. Source: Prologis portfolio as of March 31, 2023. 15 0 2007 2022 3. Source: Green Street. Net leverage reflects debt as a percentage of gross market capitalization. Please see Notes and Definitions included in our Q1 2023 Supplemental for further explanation. 11#12INVESTOR RELATIONS ACTION 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 12 22#13INVESTOR RELATIONS PROLOGIS Prologis value proposition Industrial real estate is a growth industry Future of retail is e- commerce and omni-channel. Future of the supply chain is resilience Prologis has a disciplined real estate strategy Market selection favors the consumption end of supply chains with high barriers to supply Prologis maximizes value for shareholders Extract additional cash flow from traditional real estate business with services, like asset management and Essentials¹ Focus on shareholder returns PLD return CAGR since 2014 +470 basis points vs S&P 500² 10 consecutive years of dividend raises (+10% in 2023) Strong balance sheet and access to capital Low leverage provides opportunity to invest through cycles, in addition to Strategic Capital fund inflows SCHIDER 1. Additional information on the Prologis Essentials offerings can be found here. 2. Source: FactSet as of December 31, 2022. 137030 37 Save money Live better. UASC LOW PRICES 13#14INVESTOR RELATIONS PROLOGIS Global portfolio with a focus on high-barrier, high-growth markets $208B Assets under management 1.2B Square feet on four continents $118B Equity market cap $38B Build out of land bank (TEI) PLD NYSE, S&P 500 member, #64 6,600 Customers A3/A Credit rating¹ 2.8% Global GDP flows through our distribution centers U.S. 782M SF 3,796 Buildings 6,955 Acres² OTHER AMERICAS 80M SF 332 Buildings 1,911 Acres² EUROPE 240M SF 1,088 Buildings 2,248 Acres² ASIA 111M SF 273 Buildings 98 Acres² Note: Data as of March 31, 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, scalable business model Rental Operations • 1.2B square feet Owned and Managed • 86% U.S./ 14% Outside the U.S. • Lease term average of 5 years with ~3% annual rent escalators • Organic same-store NOI* growth • Lease Mark-to-Market* represents nearly $3 per share of incremental earnings and FFO* (>50% growth from 2023 FFO guidance) $5.2B Generated in annual NOI*1 • Strategic Capital $91B total AUM ($60B third-party AUM) . 9 funds (5 open end, 2 public, 2 closed end) 21% U.S./ 79% Outside the U.S. Recurring asset management fees • Promote opportunities • FX management PROLOGIS Prologis development contributions to funds allows for capital recycling Development Platform . $40B developed over past 20+ years • 63% U.S./ 37% Outside the U.S. . Current $6.8B development portfolio $0.8B Produced in recurring fees and promotes² $11B estimated Value Creation³ over past 20+ years Current land bank supports $38B of total investment (~$10B already entitled) * This is a non-GAAP financial measure. NOI reflects Net Operating Income. Please see Notes and Definitions included in this presentation and in our Q1 2023 Supplemental for further explanation. 1. 1Q 2023 Prologis Share of NOI of the Operating Portfolio annualized. 2. 1Q 2023 third-party share of asset management fees annualized plus trailing twelve months third-party share of transactional fees and Net Promote Income. 3. Estimated Value Creation is calculated as the amount by which our value exceeds our TEI and does not include any fees or promotes we may earn. 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 WHOLESALER 21% MANUFACTURING TRANSPORTATION 16% 12% M W HITACHI FedEx CUSTOMER EXAMPLES ups Walmart PEPSICO XPOLogisticS Sainsbury's SAMSUNG HOME DEPOT wesco MAERSK BRIDGESTONE MEDLINE J.B. HUNT 3M DSV Note: Data as of March 31, 2023. 1. Source: Prologis Owned and Managed portfolio as of March 31, 2023. 2. Customer mix based on total in-place Operating Portfolio 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 15% AUM CAGR GROWTH IN THIRD-PARTY FEE RELATED EARNINGS² • $ in Millions 400 300 200 100 20% FRE CAGR 0 0 2014 2017 2020 2023 2014 2017 2020 2023 • 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 3P appraisals Note: Data as of March 31, 2023. 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 for each year and Q1 annualized for 2023. Transactional fees and expenses reflect trailing twelve months. 18#19INVESTOR RELATIONS Proven development track record generating significant value creation over 20+ years... PROLOGIS $40.0B Investment IN THE U.S. $11.1B OUTSIDE THE U.S. $28.9B 499M Square Feet 171M 328M $11.0B $3.5B $7.5B Value Creation¹ 27.4% Margin 31.5% 25.9% Note: Data based on development activity from 2001 through June 30, 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 70% 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 SFBA $3,986 ASIA Seattle $574 Portland $429 Central Valley Reno $2,196 $193 Las Vegas $1,065 Phoenix $39 SoCal $5,197 Denver $315 Toronto $1,919 Chicago $643 Lehigh Valley NY/NJ $475 $1,344 EUROPE Indianapolis $8 Columbus Dallas $1,018 Nashville $781 Baltimore $215 $2,801 Charlotte $160 Austin $804 Houston $669 Atlanta $723 Orlando $408 Tampa $24 Miami $511 Brazil Spain $637 $153 Mexico $2,535 SOUTH AMERICA UK $3,959 Netherlands Poland $78 $388 Belgium $264 Germany $1,026 Czech $98 France $457 Hungary Slovakia $341 $242 Italy $384 EMBEDDED GROWTH GLOBALLY $977 $87 220M SF and potential TEI¹ of $38B2 With an overweight to the markets that matter the most CLPS³ are generating stabilized yield of ~5% *This is a non-GAAP financial measure. Note: Data as of March 31, 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. 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 PROLOGIS Understanding the benefits of Prologis' infill location strategy PROLOGIS NY/NJ PORTFOLIO MAP (202 17 Yonkers Parsippany nnj Meadowlands nnj-Ports abeth Edison cnj-Edison cnj-Greater 8A Trenton cnj-Burlington West 圆 539 Benefits of Prologis' unique submarket and location strategy nyc-Bronx • Locate within and adjacent to major population centers (NYC, Dallas, London, Tokyo, Mexico City, etc) New Y nyc-Maspeth nyc Nort Brooklyn nyc-JFK nyc-South Brooklyn Long Branch • Proximity to global supply routes an added benefit (e.g., SoCal, NJ/PA, Amsterdam, Rotterdam, Osaka, etc) Ever-expanding congestion increases the value and willingness of customers to pay for infill locations • Markets increasingly 'built out' with few suitable land parcels with transportation infrastructure • New supply located farther from our portfolio, and has rising land and construction costs Toms Rive 70 Source: Prologis Owned and Managed portfolio as of March 31, 2023. Prologis Assets 21 21#22INVESTOR 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% 0.80% 0.70% 0.60% 0.50% 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% 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 33bps since 2011 Most efficient despite investments in innovation and new lines of business PLD adjusted G&A¹ load is 50% less than the other logistics REITs³ and 60% less than Blue Chips4 0.00% 0 0.00% 2011 2014 2017 2020 1Q23 PLD * This is a non-GAAP financial measure. Please see reconciliation in our Q1 2023 Supplemental for further explanation. Other National Logistics REITs³ Blue Chips 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 March 31, 2023. Market value AUM is total enterprise value plus JV debt as of March 31, 2023. 3. Includes EGP, FR, and STAG. 4. Includes AVB, BXP, EQIX, FRT, HST, PSA, and SPG. 22 22#23INVESTOR RELATIONS PROLOGIS Strong balance sheet enables opportunistic investments PROLOGIS DEBT METRICS - Q1 2023 Debt as % of Gross Market Cap* 19.1% Debt / Adjusted-EBITDA*1 USD Net Equity Exposure Liquidity 96% 4.3X $5.7B Fixed Charge Coverage Ratio* 9.9X Investment Capacity $20.6B EARNINGS FX EXPOSURE - % USD OR HEDGED 98% 2023E 98% 2024E 97% 97% 2025E 2026E *This is a non-GAAP financial measure. Please see Notes and Definitions included in our Q1 2023 Supplemental for further explanation. Note: Data as of March 31, 2023. 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. 95% • • • • A3/A rated by Moody's/S&P³ Weighted average interest rate of 2.6% 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 2027E 23#24INVESTOR 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#25INVESTOR RELATIONS PROLOGIS Significant lease mark-to-market drives long-term organic earnings growth... QUARTERLY LEASE MARK-TO-MARKET (LMTM), NET EFFECTIVE, PROLOGIS SHARE ILLUSTRATIVE NOI* GROWTH AS LEASES ROLL¹,2 In billions 100% 80% 60% 40% 20% 0% Ⅲ 2020 2021 2022 2023 $2.7B (68% LMTM) • If all leases were to reset to market today, rents would be 68% higher • As leases continue to roll to market, our portfolio would be expected to see +8-10%³ net effective same-store NOI* for several years¹, assuming no further market rent growth • Visibility into strong earnings growth potential LMTM* represents nearly $3 per share of incremental earnings and FFO* $5.2B $5.2B In-Place NOI* In-Place NOI* Plus Incremental NOI from LMTM * This is a non-GAAP financial measure. Please see Notes and Definitions included in this presentation and in our Q1 2023 Supplemental for further explanation. 1. PLD weighted average lease term remaining of ~4 years. 2. Annualized Q1 2023 Prologis Share of NOI of the Operating Portfolio. 3. Illustrative. Occupancy, expense and fair-value lease adjustment changes not considered. Calculated by taking the average churn of PLD's Operating Portfolio by actual and projected Lease Mark-to-Market assuming no further market rent growth. 25#26INVESTOR RELATIONS PROLOGIS Attractive relative valuation considering unprecedented rent mark-to-market ILLUSTRATIVE RELATIVE VALUATION Price-to-forward earnings¹ 25.0x 20.0x 15.0x 10.0x 5.0x PLD's valuation is ~7 turns lower when factoring in Lease Mark-to-Market 0.0x PLD PLD w/ Realized Lease Mark-to- Market² Blue Chip REITs³ REIT Sector S&P 500 Source: FactSet as of May 26, 2023. 1. Consensus forward FFO estimates for REITS and EPS for S&P 500. 2. Illustrative impact on consensus forward FFO estimate for PLD from realization of Lease Mark-to-Market. 3. Includes AVB, BXP, EQIX, FRT, HST, PSA, and SPG. 4. Includes REITS in the VNQ. 26#27INVESTOR RELATIONS PROLOGIS Consistent dividend increases fueled by earnings growth TOTAL REVENUES $ in Millions 7,000 15% REVENUE CAGR 6,000 5,000 4,000 3,000 2,000 1,000 0 2013 2016 2019 2022 ADJUSTED EBITDA* * $ in Millions 7,000 13% ADJ. EBITDA CAGR 6,000 5,000 4,000 3,000 2,000 1,000 0 2013 2016 2019 2022 ADJUSTED FUNDS FROM OPERATIONS (AFFO)* $ in Millions DIVIDEND PER SHARE $ per share 5,000 4.00 24% AFFO CAGR 12% DIVIDEND PER SHARE CAGR 4,000 3.00 3,000 2.00 2,000 1.00 1,000 0 0.00 2013 2016 2019 2022 2013 2016 2019 2022 * This is a non-GAAP financial measure. Please see Notes and Definitions included in our Q1 2023 Supplemental for further explanation. Adj. EBITDA✶ margin ~95% since 2013 • 10 consecutive years of dividend increases with a 10% increase in 2023 • Since 1997 IPO, paid $15B in dividends at a 15% CAGR, ranking #13 on growth in S&P 100 Well-covered dividend with an AFFO payout ratio of 63% in 2022 27#28INVESTOR RELATIONS PROLOGIS A business that delivers superior long-term financial results CORE FFO✶ PER SHARE CAGR 20% 10% 0% 3-YEAR DIVIDEND PER SHARE CAGR 20% 10% 0% 90 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 Q1 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 March 31, 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 28#29INVESTOR RELATIONS PROLOGIS SECTION 03 Prologis: Ahead of what's next Bronx mural production, New York, New York 29#30INVESTOR RELATIONS Scale fuels the future, beyond the real estate REAL ESTATE PLATFORM Global land bank 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 30#31INVESTOR 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 31#32INVESTOR RELATIONS Prologis Energy & Sustainability Essentials Corporate Goal: 1 Gigawatt Worldwide by 2025 12 countries 409 MWs of generating capacity U.S. 231MW 451 buildings 49 MSF of rooftops 150 customers 70,000 household equivalents powered Europe 132 MW PROLOGIS Prologis is the Asia 2nd largest 47 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 March 31, 2023. 1. Solar Energy Industries Association's (SEIA) Solar Means Business Report. 2. Total Addressable Market. 32 32#33INVESTOR 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 33#34INVESTOR RELATIONS Ambitious net zero goals with measurable milestones Corporate Goal: Net zero goal across entire value chain by 2040 PROLOGIS Prior milestones: 2005: First solar installation in France 2008: Committed to LEED development standards 2013: Surpassed 100 megawatts of solar capacity 2016: Set LED as the standard for new developments 2018: First logistics REIT with an approved Science-Based emissions reduction target 2021: Committed to net zero carbon emissions for construction Lorem Ipsum Deploy 1 GW of onsite solar supported by storage Today Commit to net zero and launch key partnerships Submit target to Science Based Carbon neutral for construction and operations Net zero for operations (scopes 1 & 2) Targets initiative for validation Source: See Prologis 2022-2023 ESG Report for additional details. 2025 Net zero for NET ZERO value chain (scopes 1, 2 & 3) 2030 2040 PROLOGIS 34#35INVESTOR RELATIONS Prologis Workforce Essentials Corporate Goal: Train 25,000 participants by 2025 15 markets with programs • Atlanta Dallas DC/Baltimore DIRFT-UK . Miami • Northern NJ . Oakland Pennsylvania San Francisco O Las Vegas . Long Beach • Seattle • Los Angeles Tracy/Stockton • Mexico City • 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 21,000+ Participants (program to date) 15 markets Total as of March 31, 2023 MIAMI-DADE COUNTY giving our students the world PURLs NA Newark Alliance 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 AmericanJobcenterhetwork Supply Chain Open Education Academy by Goodwill Solutions Hildings CIC SCPa WORKS LIVE UNITED United Way United Way of Greater Atlanta EMPLOY PRINCE GEORGE'S Pacific Gateway exp The opportunity engine Certification Industry-first program in partnership with ASCM Goal Train 25k by 2025 Source: Prologis as of March 31, 2023. 35#3600 INVESTOR RELATIONS Notes and Definitions wwww PROLOGIS Prologis Park Venlo, Venlo, the Netherlands 36#37Notes 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#38PROLOGIS