Prologis — Apr 16, 2025 release

The following is a reconciliation of our annual guided Net Earnings per share to our guided Core FFO per share: G&A as a Percent of Assets Under Management (dollars in thousands) Adjusted G&A (trailing twelve months): Net G&A $ 422,175 Add: strategic capital expenses (excluding promote expense) 189,943 Less: strategic capital property management expenses (80,578) Adjusted G&A $ 531,540 Gross book value at period end (a): Operating properties $ 138,438,567 Development portfolio - TEI 4,905,218 Land portfolio 4,850,351 Other real estate investments and assets held for sale 8,849,943 Total value of assets under management $ 157,044,079 G&A as % of assets under management 0.34 % (a) This does not represent enterprise value Low High Net earnings attributable to common stockholders (a) $ 3.45 $ 3.70 Our share of: Depreciation and amortization 3.07 3.12 Net gains on real estate transactions, net of taxes (0.87) (1.01) Unrealized foreign currency losses (gains), losses (gains) on early extinguishment of debt and other, net — — Core FFO attributable to common stockholders/unitholders $ 5.65 $ 5.81 Less: Net Promote Expense (Income) 0.05 0.05 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense) $ 5.70 $ 5.86 IBI Activity Index is a seasonally-adjusted diffusion index based on a monthly survey of business activity from a geographically-diverse group of respondents across the U.S. Readings greater than 50 reflect growth in activity. These are proprietary metrics for the U.S. Prologis portfolio. Income Taxes. Three Months Ended March 31, in thousands 2025 2024 Current income tax expense $ 35,565 $ 27,137 Current income tax expense on dispositions 1,136 5,329 Total current income tax expense (benefit) 36,701 32,466 Deferred income tax expense (benefit) 6,682 334 Total income tax expense (benefit) $ 43,383 $ 32,800 Three Months Ended March 31, in thousands 2025 2024 Gross interest expense $ 234,277 $ 205,445 Amortization of debt discounts, net 13,766 11,277 Amortization of finance costs 7,069 6,767 Interest expense before capitalization 255,112 223,489 Capitalized amounts (23,361) (30,169) Interest Expense $ 231,751 $ 193,320 Interest Expense. Investment Capacity is our estimate of the gross real estate that could be acquired by our co-investment ventures through the use of existing equity commitments, less any unpaid redemption requests, assuming a midpoint of the target leverage range of