REITweek 2024: NAREIT's Investor Forum

Investor Presentation

NAREIT REITweek:

2024 Investor Conference

June 3-6, 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 $105B

PLD 1.2B

EUROPE

U.S.

ASIA

A3/A	$38.5B	OTHER AMERICAS

6,700 2.8%

Note: Data as of March 31, 2024.

1. Source: FactSet as of June 3, 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. Source: Oxford Economics, IMF, Prologis Research as of December 31, 2022.
4. Includes land subject to options.

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INVESTOR RELATIONS

Business indicators support long-term demand

	QTD May 2024	1Q 2024
Period End Occupancy1	96.0%	97.0%
Rent Change on Signings1	61.3%	69.5%

U.S. INDUSTRIAL BUSINESS INDICATOR (IBI) ACTIVITY INDEX2

Diffusion Index, Points

80	IBI activity index in May 2024 of 58
	(readings >50 indicative of growth)

Average 58

60

40

202008

2011

2014

2017

2020

2023

U.S. SPACE UTILIZATION2

%

90Utilization rate in May 2024 of 85% (functional ceiling is 87%)

Average 85%

86

82

782011

2013

2015

2017

2019

2021

2023

1.	Source: Prologis share as of May 31, 2024.	4
2.	Source: Prologis Research as of May 31, 2024. Prologis U.S. Space Utilization survey commenced in 2011. Please see Notes and Definitions included in our Q1 2024 Supplemental for further explanation.

INVESTOR RELATIONS

Logistics real estate has diverse demand drivers

BASIC DAILY NEEDS | POPULATION GROWTH

CYCLICAL SPENDING |	STRUCTURAL TRENDS |
LIFESTYLE UPGRADES	E-COMMERCE

Millions

450 ~39%

of our customer base is

400 focused on meeting basic daily needs, which rise alongside population growth

350

300

250

200

150
2000	2005	2010	2015	2020

$B

200

180

160

140

120

100

80

60

40

2000

$B

~31%350

of our customer base

benefits from cyclical300 spending patterns

				250
				200
				150
				100
				50
				0
2005	2010	2015	2020	2000

~30%

of our customer base grows because of structural trends such as e-commerce

2005

2010

2015

2020

Note: Basic daily needs include items like food and beverage, apparel, fast-moving consumer goods, packaging and plastics. Cyclical spending examples include auto, construction, electronics, appliances and home goods.
Structural trend examples include general retail, transportation and healthcare.	5
Source: Prologis Research, U.S. Census, BEA, Euromonitor.

INVESTOR RELATIONS

Logistics real estate is integral to e-commerce

E-COMMERCE SALES1	E-COMMERCE EFFICIENCY OF LOGISTICS SPACE2
$B	E-Commerce Penetration Rate, % SF per $B of Sales

2,000	35%
	30%
1,600
	25%
1,200	20%
	15%

E-commerce

Brick-and-mortar

1,174k

334k	±3X

800																					10%
400
																				5%
0																						0%
2010	2012	2014	2016	2018	2020	2022	2024F	2026F	2028F

Why is e-commerce more intensive?

1. Individual B2C shipping
2. Higher product variety
3. Greater inventory
4. Reverse logistics

1.	Source: U.S. Census, Euromonitor, Prologis Research.	6
2.	Source: Internet Retailer, company filings, Prologis Research.

INVESTOR RELATIONS

Significant drop in completions is coming

SUPPLY INDICATORS, U.S.

MSF	Market Vacancy Rate, %

700		Starts		Completions		Vacancy

7%

600

500

-64%

6%

5%

400	drop in completions
	by 2025 vs 2023
300

200

100

0

2017

2018

2019

2020

2021

2022

2023

2024F

2025F

4%

3%

2%

1%

0%

Source: CBRE, JLL, Colliers, Cushman & Wakefield, Prologis Research.	7

INVESTOR RELATIONS

Rent growth drivers beyond embedded lease mark-to-market

VACANCY RATE VS RENT GROWTH, U.S.

REPLACEMENT COST, U.S.1,2

%

Market Vacancy Rate

											$/SF
12%							Generally, market			300
10%		2008					rent growth			250
					remains positive
							at vacancy rates
8%							below 7%				200
6%											150
4%											100
								2021
2%											50
0%											0
-30%	-20%	-10%	0%	10%	20%	30%	40%	1998

Costs remain elevated

after pandemic spike	Nominal

Why is e-commerce more intensive? Inflation-

1.	Higher product variety		adjusted
2.	Greater inventory
3.	Individual B2C shipping
4.	Reverse logistics	2013	2018	2023
2003	2008

Market Rent Growth

Source: Prologis Research.
1.	Estimates based upon Turner Construction, Engineering News Record, Prologis Research.	8
2.	Inflation-adjusted is in 1998 dollars.

INVESTOR RELATIONS

Prologis' unique growth opportunities

LOGISTICS

DEVELOPMENT

Development of new logistics facilities on owned or controlled land

DATA

CENTERS

Higher and better use conversions of existing logistics assets and build-to-suit development

ENERGY

& MOBILITY

Rooftop solar and energy storage systems to generate and store energy for customers

•	$6.9B development	•	$1.4B development	•	511MW of solar
CURRENT	portfolio		portfolio		in-place
•	46MSF buildout	•	400MW buildout	•	$40M NOI* in 2023

•	$20B in next	•	20 opportunities in next	•	1.4-2GW of solar,
MEDIUM-TERM	5 years		5 years ($7.5B of TEI1)		storage, and charging
•	15-25% margins	•	3.1GW of power	•	$150-200M NOI*

LONG-TERM	•	$39B of TEI1	•	100+ opportunities	•	7GW of power
•	226MSF buildout	•	10GW of power	•	$800M NOI*

Note: Prologis Owned and Managed as of March 31, 2024.

* This is a non-GAAP financial measure. Please see Notes and Definitions included in our Q1 2024 Supplemental for further explanation.

1. Total Expected Investment (TEI) represents total estimated cost of development or expansion, including land, development and leasing costs. TEI is based

on current projections and is subject to change.

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INVESTOR RELATIONS

Logistics development opportunity for $39B of investment

NORTH AMERICA AND LATIN AMERICA

EUROPE

ASIA

SOUTH	EMBEDDED GROWTH GLOBALLY
AMERICA	226M SF	With an
		CLPs3 are generating
		and potential TEI1 of	overweight	stabilized yield of
		$39B2	to the markets that	~5%
		matter the most

Note: Data as of March 31, 2024. Land values in above bubble map are in $ millions and represent estimated TEI by market.

1. Total Expected Investment (TEI) represents total estimated cost of development or expansion, including land, development and leasing costs. TEI is based on current projections and is subject to change.
2. Prologis Owned and Managed as of March 31, 2024.

3. Covered Land Plays (CLPs) are acquisitions of income generating assets with the intention to redevelop for higher and better use.

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