Attractive Relative Valuation of Prologis

INVESTOR 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

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