Inventory Resiliency and Value Proposition
INVESTOR 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.
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