Investor Relations Update

INVESTOR 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

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