Prologis Investor Relations Update

INVESTOR RELATIONS At the same time, barriers to supply are increasing REPLACEMENT COST, U.S. 1,2 $/SF 160 140 120 Nominal 100 80 +25% REPLACEMENT COST GROWTH BY REGION in 2020 and 2021 GROWTH 20213 % LAND VALUE (Y/Y) % CONSTRUCTION (Y/Y) PROLOGIS % REPLACEMENT COSTS (Y/Y) U.S. 50% 25% 33% Europe 40% 20% 24% Mexico 25% 25% 25% 60 Inflation adjusted 40 Japan 6% 10% 9% 20 0 1998 00 02 04 06 08 10 12 14 16 18 2020 Source: Prologis Research estimates based upon Turner Construction, Engineering News Record, Prologis Research. Note: Inflation-adjusted is in 1998 dollars. 1. 2. 3. Source: Prologis. China 7% 7% 7% 7

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