Prologis Q1 2023 Investor Relations Update

INVESTOR 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

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