Prologis — Apr 16, 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) $ 3.80 $ 4.05 Our share of: Depreciation and amortization 3.22 3.28 Net gains on real estate transactions, net of taxes (0.95) (1.10) Unrealized foreign currency losses (gains), losses (gains) on early extinguishment of debt and other, net — — Core FFO attributable to common stockholders/unitholders $ 6.07 $ 6.23 Less: Net Promote Income (Expense) (0.05) (0.05) Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense) $ 6.12 $ 6.28 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) Income Taxes. Three Months Ended Mar. 31, in thousands 2026 2025 Current income tax expense $ 46,479 $ 35,565 Current income tax expense (benefit) on dispositions 1,302 1,136 Total current income tax expense (benefit) 47,781 36,701 Deferred income tax expense (benefit) 190 6,682 Total income tax expense (bene