Prologis — Oct 15, 2025 release

The following is a reconciliation of our annual guided Net Earnings per share to our guided Core FFO per share: Low High Net earnings attributable to common stockholders (a) $ 3.40 $ 3.50 Our share of: Depreciation and amortization 3.05 3.08 Net gains on real estate transactions, net of taxes (0.85) (0.95) Unrealized foreign currency losses (gains), losses (gains) on early extinguishment of debt and other, net 0.18 0.18 Core FFO attributable to common stockholders/unitholders $ 5.78 $ 5.81 Less: Net Promote Expense (Income) 0.05 0.05 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense) $ 5.83 $ 5.86 Earnings guidance includes potential future gains recognized from real estate transactions, but excludes future foreign currency or derivative gains or losses as these items are difficult to predict. 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. Notes and Definitions (continued) Three Months Ended Nine Months Ended Sep. 30, Sep. 30, in thousands 2025 2024 2025 2024 Current income tax expense $ 57,090 $ 10,517 $ 119,639 $ 70,566 Current income tax expense (benefit) on dispositions 2,757 2,001 4,632 7,306 Total current income tax expense (benefit) 59,847 12,518 124,271 77,872 Deferred income tax expense (benefit) (5,312) (8,304) (2,948) 2,201 Total income tax expense (benefit) $ 54,535 $ 4,214 $ 121,323 $ 80,073 Income Taxes. Three Months Ended Nine Months Ended Sep. 30, Sep. 30, in thousands 2025 2024 2025 2024 Gross interest expense $ 262,282 $ 233,691 $ 752,770 $ 656,315 Amortization of debt discounts, net 14,234 13,753 42,061