Prologis — Jan 21, 2026 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) $ 3.70 $ 4.00 Our share of: Depreciation and amortization 3.10 3.15 Net gains on real estate transactions, net of taxes (0.80) (0.95) Unrealized foreign currency losses (gains), losses (gains) on early extinguishment of debt and other, net — — Core FFO attributable to common stockholders/unitholders $ 6.00 $ 6.20 Less: Net Promote Income (Expense) (0.05) (0.05) Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense) $ 6.05 $ 6.25 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. We capitalize certain costs directly related to our development. Capitalized G&A expenses include salaries and related costs as well as other G&A costs. The capitalized costs were as follows: Notes and Definitions (continued) Three Months Ended Twelve Months Ended Dec. 31, Dec. 31, in thousands 2025 2024 2025 2024 Current income tax expense $ 53,354 $ 45,474 $ 172,993 $ 116,040 Current income tax expense (benefit) on dispositions 22,083 22,436 26,715 29,742 Total current income tax expense (benefit) 75,437 67,910 199,708 145,782 D