Inventory Resiliency and Value Proposition

INVESTOR 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

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