Investor Presentaiton

INVESTOR RELATIONS PROLOGIS ...but creates an unprecedented spread between market and in-place cap rates... MARKET CAP RATE RELATIVE TO IN-PLACE CAP RATE AND LEASE MARK-TO-MARKET* Basis points LMTM*, Prologis Net Effective Rent 150 100 50 0 75% Market cap rates are 40% higher than in- place cap rates 50% Lease Mark-to-Market* (RHS) Cap rate spread (LHS) 25% 0% -50 -25% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 This is a non-GAAP financial measure. Please see Notes and Definitions included in this presentation for further explanation. Source: Prologis Owned and Managed as of March 31, 2023. 25

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