Investor Presentaiton

INVESTOR RELATIONS PROLOGIS Significant lease mark-to-market drives long-term organic earnings growth... QUARTERLY LEASE MARK-TO-MARKET (LMTM), NET EFFECTIVE, PROLOGIS SHARE 100% 80% 60% 40% 20% 0% Ⅲ 2020 2021 2022 2023 ILLUSTRATIVE NOI* GROWTH AS LEASES ROLL 1,2,3 In billions $2.7B (68% LMTM) • If all leases were to reset to market today, rents would be 68% higher As leases continue to roll to market, our portfolio would see 8-10%³ net effective same-store NOI* for several years¹, assuming no further market rent growth Visibility into strong earnings growth potential LMTM represents nearly $3 per share of incremental earnings and FFO* $5.2B $5.2B In-Place NOI* In-Place NOI* Plus Incremental NOI from LMTM * This is a non-GAAP financial measure. NOI represents Net Operating Income. Please see Notes and Definitions included in this presentation and in our Q1 2023 Supplemental for further explanation. 1. PLD average weighted average lease term remaining of ~4 years. 2. Annualized Q1 2023 Prologis Share of NOI of the Operating Portfolio. 3. Illustrative. Occupancy, expense and fair-value lease adjustment changes not considered. Calculated by taking the average churn of PLD's portfolio by actual and projected Lease Mark-to-Market assuming no further market rent growth. 24 24

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