Letter s  Overview   Ahead of What’s Next  Sustainable Logistics   Our Inspired People  Resilient Communities   Appendix Vision, mission and values Our vision is "enduring excellence." Our mission is to be the leading logistics real estate company in terms of customer Well-planned logistics service, employee engagement, financial performance and balance sheet strength. Our core values are Integrity, real estate reduces Mentorship, Passion, Accountability, Courage and environmental impacts, Teamwork (IMPACT). creates social benefits, Strategy reduces risks and increases We develop, own, lease and manage properties in the world’s most vibrant centers of trade and commerce: markets that revenue opportunities. have high growth potential and are difficult to penetrate. By implementing this strategy, we make the global supply chain stronger and more efficient. This is consistent with environmental, social and governance principles: Efficient and well-planned logistics real estate reduces environmental impacts, creates social and economic − Weighted average net effective rent change of 61.2%; open-ended funds, five private joint ventures and two benefits, reduces risks to our business, and increases and Prologis-sponsored publicly traded funds, each with a track revenue and recruitment opportunities. − Occupancy of 98% at year-end. record of delivering industry-leading, risk-adjusted returns with a superior investor experience. At year-end 2023, Real estate operations Our 8,630-acre land bank can support an estimated $40B these vehicles comprised approximately 40% of our assets Our real estate operations include capital deployment, of future development. It allows us to build at the right time under management (AUM). development and leasing. Put simply, we determine how and in the right locations, optimizing the value we create for best to invest in properties; we develop or improve those our shareholders. Prologis Essentials properties; and then we lease them out to customers in With our Prologis Essentials platform, we address some need of logistics space. In 2023, we achieved: Strategic Capital of the most critical challenges facing our customers − $1B in acquisitions covering nearly 7 MSF across Our strategic capital business gives institutional by providing solutions in operations and energy + s ix countries; investors a unique opportunity to co-invest in the Prologis sustainability. With Essentials, our customers can maximize − $3.63B of development starts; platform. We operate 10 co-investment vehicles: three the value of the warehouse from day one. 7