ProLogis : PLD Overview May 2024

INVESTOR RELATIONS

Prologis San Francisco Gateway, San Francisco, California.

Investor Presentation

Prologis Overview

May 2024

INVESTOR RELATIONS

Forward-looking statements

This presentation includes certain terms and non-GAAP financial measures that are not specifically defined herein. These terms and financial measures are defined and, in the case of the non-GAAP financial measures, reconciled to the most directly comparable GAAP measure, in our quarterly Earnings Release and Supplemental Information that is available on our investor relations website at www.ir.prologis.com and on the SEC's website at www.sec.gov.

The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," and "estimates," including variations of such words and similar expressions, are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future - including statements relating to rent and occupancy growth, anticipated growth from embedded lease mark-to-market, development activity, contribution and disposition activity, general conditions in the geographic areas where we operate, our debt, capital structure and financial position, our ability to form new co-investment ventures and the availability of capital in existing or new co- investment ventures - are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic and political climates; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties; (v) maintenance of real estate investment trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co- investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; (x) risks related to the coronavirus pandemic; and (xi) those additional factors discussed in reports filed with the Securities and Exchange Commission by us under the heading "Risk Factors." We undertake no duty to update any forward-looking statements appearing in this document except as may be required by law.

This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

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INVESTOR RELATIONS

Global portfolio with a focus on high-barrier,high-growth markets

$216B	$100B	PLD	A3/A
1.2B	$38.5B	6,700	2.8%

U.S.

EUROPE

ASIA

OTHER

AMERICAS

Note: Data as of March 31, 2024.

1. Source: FactSet as of May 28, 2024.
2. A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

3. Includes land subject to options.

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INVESTOR RELATIONS

Prologis Moissy II DC1, Moissy, France

Prologis: The leading platform in logistics real estate

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INVESTOR RELATIONS

Prologis' key differentiators

Less difficult to replicate

LOCAL

KNOWLEDGE

AND EXPERTISE

OWNER,

OPERATOR,

DEVELOPER

SECTOR

SPECIALIZATION

GLOBAL

SCALE

EXPERIENCE

AND TRACK

RECORD

CUSTOMER-

CENTRICITY

DATA-

DRIVEN

VALUE

BEYOND

REAL ESTATE

More difficult to replicate

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INVESTOR RELATIONS

Prologis is a critical waypoint for the global economy

$2.7 TRILLION

is the economic value of goods flowing through our distribution centers each year, representing:

4.0%	2.8%	1.1 MILLION
of GDP for the 19 countries	of the World's GDP	employees under Prologis' roofs
where we do business

Source: Oxford Economics, IMF, Prologis Research as of December 31, 2022.

Prologis Park Redlands, Redlands, California

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INVESTOR RELATIONS

Unique, scalable business model

Rental Operations

• 1.2B square feet Owned and Managed
• 86% U.S. / 14% outside the U.S.
• Lease term average of 5 years with ~3% annual rent escalators
• Organic same-store NOI* growth
• Lease Mark-to-Market* represents over $2 per share of incremental earnings and FFO* (>40% growth from 2024 FFO guidance)

Strategic Capital

• $88B total AUM ($59B third-party AUM)
• 10 funds (5 open end, 2 public, 3 closed end)
• 35% U.S. / 65% outside the U.S.1
• Recurring asset management fees
• Promote opportunities
• FX management
• Prologis development contributions to funds allows for capital recycling

	$5.8B		$0.8B
Generated in annual NOI*2		Produced in recurring fees and promotes3
	Development Platform
•	$46B developed over past 20+ years	•	$13.4B estimated Value Creation4 over
• Current $7.6B development portfolio		past 20+ years
•	Current land bank supports $39B of total
•	67% U.S. / 33% outside the U.S.
	investment (~$12B already entitled)

Note: Data as of March 31, 2024.

• This is a non-GAAP financial measure. NOI reflects Net Operating Income. Please see Notes and Definitions included in our Q1 2024 Supplemental for further explanation. 1. Represents gross book value of real estate.
  2. 1Q 2024 Prologis Share of NOI of the Operating Portfolio annualized.
  3. 1Q 2024 third-party share of asset management fees annualized plus trailing twelve months third-party share of transactional fees and Net Promote Income.

4. Estimated Value Creation is calculated as the amount by which our value exceeds our TEI and does not include any fees or promotes we may earn.

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INVESTOR RELATIONS

Deepened scale with a focused strategy

NORTH AMERICA AND LATIN AMERICA

EUROPE

SOUTH AMERICA

ASIA

	Countries		Markets		AUM		Clusters
2015	19	114		$53B	31
2024	20	104		$216B	66
	5%		-10%		308%		115%
	FOCUSED STRATEGY		DEEPENED SCALE

Note: Data as of March 31, 2024.

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INVESTOR RELATIONS

Prologis' high barrier markets and customer focus drives outperformance

RETENTION1

%, 2019-1Q24

80%

+440 bps

RENT CHANGE1,2

%, 2019-1Q24

60%

+930 bps

70%

40%

60%			20%
PLD Re-Weighted	Other Logistics REITs	PLD Re-Weighted	Other Logistics REITs

Note: Data as of March 31, 2024.

1. Reflects trailing 5-year weighted averages. Other Logistics REITs include EGP, FR, REXR, TRNO.
2. Other Logistics REITs Average Annual Net Effective Rent Change as reported and weighted by reported annualized in-place rent. Prologis Average Annual Rent Change re-weighted by each competitor's reported annualized in-place rent by market mix. The calculation for TRNO uses Cash Rent change due to lack of reporting Net Effective Rent Change and as such, PLD's weighted average vs TRNO uses Cash Rent Change for

comparability purposes.

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INVESTOR RELATIONS

Crystallizing rent growth

NET OPERATING INCOME*1

dollars in millions

10,000

8,000

6,000

4,000

2,000

0

2019	2020	2021	2022	2023	2024F	2025F	2026F
		Base In Place NOI	Realized NOI	Potential NOI

$2.2B

of potential NOI at current rents

$1.7B

of realized NOI since 2018

* This is a non-GAAP financial measure. Please see Notes and Definitions included in our Q1 2024 Supplemental for further explanation.
1. Net effective basis and includes the impact of amortization of Fair Value of Lease Adjustments. Amounts normalize for a same-property pool of assets and assume average annual market rent growth from 2025-2026 of 5%.	10