EX-99.1

Exhibit 99.1

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Supplemental Financial Information

First Quarter 2014

Unaudited

Exhibit 99.1

LOGO

Overview

First Quarter 2014

Press Release 1

Highlights

Company Profile 4

Company Performance 5

Operating Performance 6

Guidance 7

Financial Information

Consolidated Balance Sheets 8

Pro-rata Balance Sheet Information 9

Consolidated Statements of Operations 10

Reconciliation of Net Earnings (Loss) to FFO 11

Pro-rata Operating Information and Reconciliation to FFO 12

EBITDA Reconciliation 13

Investment Management

Summary and Financial Highlights 14

Operating and Balance Sheet Information 15

Operations Overview

Operating Metrics 16

Operating Portfolio 18

Customer Information 21

Capital Deployment

Overview 22

Value Creation from Development Stabilization 23

Development Starts 24

Development Portfolio 25

Third Party Building Acquisitions 26

Dispositions and Contributions 27

Land Portfolio 28

Capitalization

Overview 30

Debt Summary 31

Debt Covenants and Other Metrics 32

Net Asset Value

Components 33

Notes and Definitions (A) 35

Prologis Park Zama 1,

Kanagawa, Japan

Olive Branch DC2,

Memphis, Tennessee

(A) Terms used throughout document are defined in the Notes and Definitions

Prologis Bretigny DC1,

Bretigny-Sur-Orge, France

2014 Prologis

Prologis, Inc. Announces First Quarter 2014 Earnings Results

SAN FRANCISCO (April 22, 2014) – Prologis, Inc. (NYSE: PLD), the leading global

owner, operator and developer of industrial real estate, today reported results

for the first quarter 2014.

Core funds from operations (Core FFO) per fully diluted share was $0.43 for

the first quarter compared to $0.40 for the same period in 2013.

“We started the year with excellent momentum as strong market

fundamentals drove demand for our product, leading to the fifth-consecutive

quarter of rent growth,” said Hamid R. Moghadam, chairman and CEO, Prologis.

“Growth in global trade, consumption and e-commerce continues to fuel

customer requirements for modern, well-located logistics facilities. Investor

interest is leading to further capitalization rate compression in most regions

across the globe, most notably in Europe.”

OPERATING RESULTS EXCEEDED FORECAST

The company leased 33.7 million square feet (3.1 million square meters) in its

combined operating and development portfolios in the first quarter. Prologis

ended the quarter with 94.5 percent occupancy in its operating portfolio, up

80 basis points over the same period in 2013, and as expected, down 60 basis

points from year-end.

Tenant retention in the quarter was 84.6 percent, up 660 basis points from the

same period in 2013, with tenant renewals totaling 23.3 million square feet

(2.2 million square meters). GAAP rental rates on leases signed in the quarter

increased 7.0 percent from prior rents compared to an increase of 2.0 percent

in the same period in 2013. All divisions had positive rent change on rollover,

led by the Americas at 10.4 percent.

In the first quarter, GAAP same-store net operating income (NOI) increased

3.0 percent, or 4.1 percent on an adjusted cash basis, as compared to the

same period in 2013. This increase was driven by higher occupancy and

increasing rental rents.

CAPITAL DEPLOYMENT INCREASED ASSETS UNDER MANAGEMENT

New investments during the first quarter, excluding contributions and

dispositions, totaled $542.7 million ($303.6 million Prologis’ share).

Acquisitions

The company acquired $370.5 million ($163.1 million Prologis’ share) of

buildings, principally in Europe. The stabilized capitalization rate on building

acquisitions was 7.0 percent.

Development Starts & Pipeline

During the quarter, Prologis started $172.2 million ($140.5 million Prologis’

share) of new development projects, with an estimated weighted average

yield upon stabilization of 7.7 percent and an estimated development margin

of 22.2 percent.

The company stabilized $264.1 million in development projects, with an

estimated development margin of 22.2 percent and $58.6 million ($50.5

million Prologis’ share) of estimated value creation.

At quarter end, Prologis' global development pipeline had a total expected

investment of $2.3 billion ($1.9 billion Prologis’ share). The pipeline had an

estimated weighted average yield at stabilization of 7.3 percent, an estimated

development margin of 20.3 percent, and $408.8 million of estimated value

creation upon stabilization.

Contributions and Dispositions

In the first quarter, Prologis completed contributions and dispositions

totaling $1.2 billion ($568.3 million Prologis’ share), with a stabilized

capitalization rate of 6.2 percent. This includes, as previously announced,

the contribution of a $1.0 billion ($453.4 million Prologis’ share) stabilized

portfolio of 66 logistics facilities totaling approximately 12.8 million square

feet to Prologis U.S. Logistics Venture.

GROWTH IN INVESTMENT MANAGEMENT

Through April 22, 2014, Prologis raised $582.5 million of third-party equity

for its ventures, including: $283.3 million for Prologis European Logistics

Partners; $215.6 million for Prologis European Properties Fund II; $58.6

million for Prologis Targeted Europe Logistics Fund; and $25.0 million for

Prologis Targeted U.S. Logistics Fund.

At quarter end, Prologis had $27.3 billion ($8.3 billion Prologis’ share) in

combined assets under management in 15 co-investment ventures.

Rents on rollover increased 7.0 percent; positive for the fifth-consecutive quarter -

- Same-store net operating income increased 3.0 percent -

- Stabilized $264.1 million of developments with estimated margin of 22.2 percent -

2014 Prologis

CAPITAL MARKETS ACTIVITY STRENGTHENS FINANCIAL POSITION

During the first quarter, Prologis took the opportunity to further access the

current low interest rate environment to complete approximately $1.2 billion

of debt financings and refinancings, including the issuance of €700 million

($965.2 million) of Eurobonds.

Subsequent to quarter end, the company closed on the issuance of €300 million

($413.6 million) of Prologis European Properties Fund II Eurobonds.

Additionally, the company redeemed $194.2 million of U.S. senior notes and

repaid $239.3 million of secured debt.

“The recent credit ratings upgrade from Standard & Poor’s to BBB+ is

affirmation of our earnings trajectory, significant liquidity, and our

demonstrated commitment to build one of the strongest balance sheets in

the REIT sector,” said Thomas S. Olinger, chief financial officer, Prologis.

“Our euro-related financings in the first quarter enabled us to increase our

U.S. dollar net equity position to 82 percent, further minimizing foreign

currency exposure.”

DIVIDEND INCREASED

As previously announced, the board of directors of Prologis approved a plan

during the first quarter to raise the company's annualized dividend level by

18 percent to $1.32 per share of common stock. The dividend is expected to

be declared quarterly.

NET EARNINGS

Net earnings per fully diluted share was $0.01 for the first quarter compared

to net earnings per share of $0.57 for the same period in 2013. The year-over-

year decrease was primarily due to a lower level of gains on the contributions

and disposition of operating properties.

GUIDANCE NARROWED FOR 2014

Prologis narrowed its full-year 2014 Core FFO guidance range to $1.76 to

$1.82 per diluted share from $1.74 to $1.82 per diluted share. The company

also narrowed its guidance for net earnings to a range of $0.06 to $0.12 per

diluted share.

The Core FFO and earnings guidance reflected above excludes any potential

future gains (losses) recognized from real estate transactions. In reconciling

from net earnings to Core FFO, Prologis makes certain adjustments, including

but not limited to real estate depreciation and amortization expense, gains

(losses) recognized from real estate transactions and early extinguishment of

debt or redemption of preferred stock, impairment charges, deferred taxes,

and unrealized gains or losses on foreign currency or derivative activity.

The difference between the company's Core FFO and net earnings guidance

for 2014 predominantly relates to real estate depreciation and recognized

gains or losses on real estate transactions and early extinguishment of debt.

WEBCAST & CONFERENCE CALL INFORMATION

The company will host a webcast/conference call to discuss quarterly results,

current market conditions and future outlook today, April 22, at 12:00 p.m.

U.S. Eastern Time. Interested parties are encouraged to access the live

webcast by clicking the microphone icon located near the top of the opening

page of the Prologis Investor Relations website (http://ir.prologis.com).

Interested parties also can participate via conference call by dialing +1 877-

256-7020 (from the U.S. and Canada toll free) or +1 973-409-9692 (from all

other countries) and entering conference code 48765448.

A telephonic replay will be available from April 23 through May 23 at +1 855-

859-2056 (from the U.S. and Canada) or +1 404-537-3406 (from all other

countries), and entering conference code 48765448. The webcast replay will

be posted when available in the "Events & Presentations" section of Investor

Relations on the Prologis website.

ABOUT PROLOGIS

Prologis, Inc., is the leading owner, operator and developer of industrial real

estate, focused on global and regional markets across the Americas, Europe

and Asia. As of March 31, 2014, Prologis owned or had investments in, on a

wholly owned basis or through co-investment ventures, properties and

development projects expected to total approximately 574 million square

feet (53.3 million square meters) in 21 countries. The company leases

modern distribution facilities to more than 4,700 customers, including

manufacturers, retailers, transportation companies, third-party logistics

providers and other enterprises.

The statements in this document that are not historical facts are forward-

looking statements within the meaning of Section 27A of the Securities Act of

1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as

amended. These forward-looking statements are based on current

expectations, estimates and projections about the industry and markets in

which Prologis operates, management’s beliefs and assumptions made by

management. Such statements involve uncertainties that could significantly

impact Prologis’ financial results. Words such as “expects,” “anticipates,”

“intends,” “plans,” “believes,” “seeks,” “estimates,”

2014 Prologis

variations of such words and similar expressions are intended to identify such

forward-looking statements, which generally are not historical in nature. All

statements that address operating performance, events or developments that

we expect or anticipate will occur in the future — including statements

relating to rent and occupancy growth, development activity and changes in

sales or contribution volume of properties, disposition activity, general

conditions in the geographic areas where we operate, our debt and financial

position, our ability to form new co-investment ventures and the availability

of capital in existing or new co-investment ventures — are forward-looking

statements. These statements are not guarantees of future performance and

involve certain risks, uncertainties and assumptions that are difficult to

predict. Although we believe the expectations reflected in any forward-

looking statements are based on reasonable assumptions, we can give no

assurance that our expectations will be attained and therefore, actual

outcomes and results may differ materially from what is expressed or

forecasted in such forward-looking statements. Some of the factors that may

affect outcomes and results include, but are not limited to: (i) national,

international, regional and local economic climates, (ii) changes in financial

markets, interest rates and foreign currency exchange rates, (iii) increased or

unanticipated competition for our properties, (iv) risks associated with

acquisitions, dispositions and development of properties, (v) maintenance of

real estate investment trust (“REIT”) status and tax structuring, (vi) availability

of financing and capital, the levels of debt that we maintain and our credit

ratings, (vii) risks related to our investments in our co-investment ventures

and funds, including our ability to establish new co-investment ventures and

funds, (viii) risks of doing business internationally, including currency risks, (ix)

environmental uncertainties, including risks of natural disasters, and (x) those

additional factors discussed in reports filed with the Securities and Exchange

Commission by Prologis under the heading “Risk Factors.” Prologis undertakes

no duty to update any forward-looking statements appearing in this

document.

MEDIA CONTACTS

Tracy Ward, Tel: +1 415 733 9565, tward@prologis.com, San Francisco

Atle Erlingsson, Tel: +1 415 733 9495, aerlingsson@prologis.com, San

Francisco

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Highlights

Company Profile

First Quarter 2014

Prologis is the leading owner, operator and developer of industrial real estate, focused on global and regional markets across the Americas, Europe and Asia. As of March 31, 2014, Prologis owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects totaling 574 million square feet (53.3 million square meters) in 21 countries. These properties are leased to more than 4,700 customers, including third-party logistics providers, transportation companies, retailers, manufacturers and other enterprises.

AMERICAS (4 countries) EUROPE (14 countries) ASIA (3 countries) TOTAL

Number of operating portfolio buildings 2,240 625 74 2,939

Operating Portfolio (msf) 359 146 31 536

Development Portfolio (msf) 15 4 9 28

Other (msf) (A) 7 2 1 10

Total (msf) 381 152 41 574

Development portfolio TEI (millions) $1,126 $440 $ 755 $2,321

Land (acres) 7,130 2,814 168 10,112

Land book value (millions) $972 $591 $ 119 $1,682

(A) Generally represents properties in which Prologis has an ownership interest but does not manage (6 msf) and other properties owned by Prologis (4 msf), which includes value added properties (3 msf).

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Highlights

Company Performance

First Quarter 2014

Three months ended March 31,

(dollars in thousands, except per share data) 2014 2013

Revenues $ 434,682 $ 490,616

Net earnings attributable to common stockholders 4,666 265,416

Core FFO 217,555 187,937

Core AFFO 171,353 141,361

Adjusted EBITDA 354,093 337,668

Value creation from development stabilization—Prologis share 50,507 67,412

Common stock dividends paid 166,689 130,753

Per common share—diluted:

Net earnings attributable to common stockholders $ 0.01 $ 0.57

Core FFO 0.43 0.40

Dividends per share 0.33 0.28

Core FFO and Value Creation from Development Adjusted EBITDA

Stabilization (in millions) (in millions)

$400 $400 $367

$372 $355 $354

$340 $338 $334

$300 $300

$268

$255

$218

$200 $200

$100 $100

$- $-

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Core FFO

Value Creation from Development Stabilization—Prologis Share

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Highlights

Operating Performance

First Quarter 2014

Period Ending Occupancy %

100%

95.1% 94.5%

95% 93.7% 93.7% 93.9%

90%

85%

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Weighted Average Customer Retention

90% 86.8%

84.6% 84.6%

80.8%

80% 78.0%

70%

60%

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Net Effective Rent Change (GAAP)

0.0%

8.0%

7.0%

6.1% 5.9%

4.0%

2.0%

Q1 2013 Q2 2013 Q3 2013 Q4 2013

Same Store NOI Change Over Prior Year

5.0%

4.1%

4.0%

3.0% 3.0%

3.0% 2.7%

1.8% 1.8%

2.0% 1.4%

1.0% 0.7%

0.3%

0.0%

-1.0% -0.4%

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

NOI- GAAP NOI- Adjusted Cash

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Highlights

Guidance

First Quarter 2014

(dollars in millions, except per share)

2014 Guidance - Core FFO Low $1.76 High $1.82 (A)

Low High

Net earnings (A) $0.06 $0.12

Operations

Year-end occupancy 95% 96%

Same Store NOI - GAAP Increase 3% 4%

Capital Deployment

Development starts (80% Prologis Share) $1,800 $2,200

Building acquisitions (40% Prologis Share) $500 $1,000

Building and land dispositions (80% Prologis Share) $750 $1,250

Building contributions (50% Prologis Share) $2,000 $2,250

Investment Management

Investment Management Income (B) $200 $210

Investment Management Expenses $95 $100

Other Assumptions

General & Administrative Expenses $233 $243

Annualized first quarter 2014 dividend $1.32

Euro exchange rate ($/€) 1.35

Yen exchange rate (¥/$) 105

(A) The difference between Core FFO and earnings guidance for 2014 predominately relates to real estate depreciation and recognized gains on real estate transactions. (B) Includes promote income expected in second quarter in our Prologis Targeted U.S. Logistics Fund.

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Financial Information

Consolidated Balance Sheets

First Quarter 2014

(in thousands)

March 31, 2014 December 31, 2013

Assets:

Investments in real estate assets:

Operating properties $ 17,948,473 $ 17,801,064

Development portfolio 1,051,716 1,021,017

Land 1,544,242 1,516,166

Other real estate investments 494,359 486,230

21,038,790 20,824,477

Less accumulated depreciation 2,698,043 2,568,998

Net investments in properties 18,340,747 18,255,479

Investments in and advances to unconsolidated entities 4,687,922 4,430,239

Notes receivable backed by real estate and other assets 191,703 192,042

Net investments in real estate 23,220,372 22,877,760

Cash and cash equivalents 188,886 491,129

Restricted cash 9,750 14,210

Accounts receivable 114,880 128,196

Other assets 1,121,260 1,061,012

Total assets $ 24,655,148 $ 24,572,307

Liabilities and Equity:

Liabilities:

Debt $ 8,870,635 $ 9,011,216

Accounts payable, accrued expenses, and other liabilities 1,291,270 1,384,638

Total liabilities 10,161,905 10,395,854

Equity:

Stockholders’ equity:

Preferred stock 100,000 100,000

Common stock 4,997 4,988

Additional paid-in capital 18,005,321 17,974,452

Accumulated other comprehensive loss (444,594) (435,675)

Distributions in excess of net earnings (4,094,689) (3,932,664)

Total stockholders’ equity 13,571,035 13,711,101

Noncontrolling interests 874,576 417,086

Noncontrolling interests - limited partnership unitholders 47,632 48,266

Total equity 14,493,243 14,176,453

Total liabilities and equity $ 24,655,148 $ 24,572,307

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Financial Information

Pro-rata Balance Sheet Information

First Quarter 2014

(in thousands)

Plus Prologis Investors’ Share of

Less Non Share of

Prologis Prologis Total Total Owned

Controlling Unconsolidated

Consolidated Share Unconsolidated Consolidated and Managed

Pro-rata Balance Sheet Information as of Interest Co-Investment Ventures Ventures

March 31, 2014 Ventures

Assets:

Investments in real estate assets:

Gross operating properties $ 17,948,473 $ (880,798) $ 7,309,638 $ 24,377,313 $ 16,964,021 $ 880,798 $ 42,222,132

Other real estate 3,090,317 (25,940) 112,702 3,177,079 291,837 25,940 3,494,856

Accumulated depreciation (2,698,043) 49,556 (545,479) (3,193,966) (1,351,632) (49,556) (4,595,154)

Net investments in properties 18,340,747 (857,182) 6,876,861 24,360,426 15,904,226 857,182 41,121,834

Investments in unconsolidated co-investment ventures 4,513,180 (76,474) (4,436,706) — — 76,474 76,474

Investments in other unconsolidated ventures 174,742 (8,850) — 165,892 — 8,850 174,742

Other assets 1,626,479 (168,310) 20,182 1,478,351 810,902 168,310 2,457,563

Total assets $ 24,655,148 $ (1,110,816) $ 2,460,337 $ 26,004,669 $ 16,715,128 $ 1,110,816 $ 43,830,613

Liabilities and Equity:

Liabilities:

Debt $ 8,870,635 $ (173,515) $ 1,932,994 $ 10,630,114 $ 5,450,802 $ 173,515 $ 16,254,431

Other liabilities 1,291,270 (15,093) 527,343 1,803,520 929,807 15,093 2,748,420

Total liabilities 10,161,905 (188,608) 2,460,337 12,433,634 6,380,609 188,608 19,002,851

Equity:

Stockholders’ / partners’ equity 13,571,035 — — 13,571,035 10,334,519 922,208 24,827,762

Noncontrolling interests 922,208 (922,208) — — — — -

Total equity 14,493,243 (922,208) — 13,571,035 10,334,519 922,208 24,827,762

Total liabilities and equity $ 24,655,148 $ (1,110,816) $ 2,460,337 $ 26,004,669 $ 16,715,128 $ 1,110,816 $ 43,830,613

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Financial Information

Consolidated Statements of Operations

First Quarter 2014

(in thousands, except per share amounts)

Three Months Ended

March 31,

2014 2013

Revenues:

Rental income $ 388,240 $ 454,789

Investment management income 45,310 33,635

Development management and other income 1,132 2,192

Total revenues 434,682 490,616

Expenses:

Rental expenses 110,517 133,919

Investment management expenses 24,163 19,909

General and administrative expenses 63,203 56,197

Depreciation and amortization 160,280 177,266

Other expenses 5,053 4,353

Total expenses 363,216 391,644

Operating income 71,466 98,972

Other income (expense):

Earnings from unconsolidated entities, net 29,746 24,768

Interest income 9,184 4,213

Interest expense (85,523) (115,028)

Gains on acquisitions and dispositions of investments in real estate, net 17,055 338,845

Foreign currency and derivative gains (losses), related amortization and other income (expenses), net (23,318) 8,298

Gains (losses) on early extinguishment of debt, net 273 (17,351)

Total other income (expense) (52,583) 243,745

Earnings before income taxes 18,883 342,717

Income tax expense-current and deferred 6,880 51,866

Earnings from continuing operations 12,003 290,851

Discontinued operations:

Income attributable to disposed properties and assets held for sale — 247

Net gains on dispositions, including taxes — 5,834

Total discontinued operations — 6,081

Consolidated net earnings 12,003 296,932

Net earnings attributable to noncontrolling interests (5,202) (12,103)

Net earnings attributable to controlling interests 6,801 284,829

Preferred stock dividends (2,135) (10,305)

Loss on preferred stock redemption — (9,108)

Net earnings attributable to common stockholders $ 4,666 $ 265,416

Weighted average common shares outstanding—Diluted 504,373 478,952

Net earnings per share attributable to common stockholders—Diluted $ 0.01 $ 0.57

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Financial Information

Reconciliations of Net Earnings (Loss) to FFO

First Quarter 2014

(in thousands)

Three Months Ended

March 31,

2014 2013

Reconciliation of net earnings to FFO

Net earnings attributable to common stockholders $ 4,666 $ 265,416

Add (deduct) NAREIT defined adjustments:

Real estate related depreciation and amortization 154,495 171,017

Net gains on non-FFO acquisitions and dispositions (9,545) (102,457)

Reconciling items related to noncontrolling interests (6,201) (2,941)

Our share of reconciling items included in earnings from unconsolidated co-investment ventures 41,716 24,802

Our share of reconciling items included in earnings from other unconsolidated ventures 1,350 681

Subtotal-NAREIT defined FFO 186,481 356,518

Add (deduct) our defined adjustments:

Unrealized foreign currency and derivative losses (gains) and related amortization, net 28,110 (638)

Deferred income tax expense 1,031 2,134

Our share of reconciling items included in earnings from unconsolidated co-investment ventures 229 (214)

FFO, as defined by Prologis 215,851 357,800

Adjustments to arrive at Core FFO:

Net gains on acquisitions and dispositions of investments in real estate, net of expenses (5,658) (192,416)

Losses (gains) on early extinguishment of debt and redemption of preferred stock, net (273) 26,459

Our share of reconciling items from unconsolidated entities less third party share of consolidated entities 7,635 (3,906)

Core FFO 217,555 187,937

Adjustments to arrive at Core Adjusted FFO (“Core AFFO”), including our share of unconsolidated entities less third party share of consolidated entities:

Straight-lined rents and amortization of lease intangibles (8,576) (7,884)

Property improvements (11,142) (14,288)

Tenant improvements (20,072) (20,388)

Leasing commissions (15,560) (13,400)

Amortization of management contracts 1,305 1,615

Amortization of debt discounts (premiums) and financing costs, net of capitalization (2,269) (7,002)

Cash received (paid) on net investment hedges (5,126) 5,384

Stock compensation expense 15,238 9,387

Core AFFO $ 171,353 $ 141,361

Common stock dividends $ 166,689 $ 130,753

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Financial Information

Pro-rata Operating Information and Reconciliation to FFO

First Quarter 2014

(in thousands)

Less Non Plus Prologis Investors’ Share of Total

Prologis Share of Prologis

Controlling Owned and

Pro-rata Operating Information for Consolidated Unconsolidated Total Share Unconsolidated Consolidated

Interest Managed Three Months Ended March 31, 2014 Co-Investment Ventures Ventures

Revenues: Rental income $ 388,240 $ (20,448) $ 144,596 $ 512,388 $ 338,824 $ 20,448 $ 871,660

Investment management income 45,310 — 348 45,658 — — 45,658

Development management and other income 1,132 85 (13) 1,204 256 (85) 1,375

Total revenues 434,682 (20,363) 144,931 559,250 339,080 20,363 918,693

Expenses: Rental expenses 110,517 (4,803) 33,117 138,831 81,370 4,803 225,004

Investment management expenses 24,163 — — 24,163 — — 24,163

General and administrative expenses 63,203 (1,111) 9,023 71,115 20,293 1,111 92,519

Depreciation and amortization 160,280 (7,155) 50,266 203,391 115,555 7,155 326,101

Other expenses 5,053 (427) 9,049 13,675 11,538 427 25,640

Total expenses 363,216 (13,496) 101,455 451,175 228,756 13,496 693,427

Operating income 71,466 (6,867) 43,476 108,075 110,324 6,867 225,266

Earnings from unconsolidated co-investment ventures, net 28,831 (347) (28,484) —— 347 347

Earnings from other unconsolidated joint ventures, net 915 — — 915 — — 915

Interest income 9,184 112 — 9,296 — (112) 9,184

Interest expense (85,523) 1,926 (19,203) (102,800) (54,013) (1,926) (158,739)

Gains on acquisitions and dispositions of investments in real estate, net 17,055 14 9,360 26,429 9,341 (14) 35,756

Foreign currency and derivative gains (losses), related amortization and other income (expenses), net (23,318) (48) (524) (23,890) (1,973) 48 (25,815)

Gains (losses) on early extinguishment of debt, net 273 (168) 808 913 1,413 168 2,494 Income tax expense (6,880) 176 (5,433) (12,137) (6,740) (176) (19,053)

Consolidated net earnings 12,003 (5,202) — 6,801 58,352 5,202 70,355

Net earnings attributable to noncontrolling interests (5,202) 5,202 - - - - - Preferred stock dividends (2,135) — (2,135) — (2,135)

Net earnings (loss) attributable to common stockholders 4,666 — 4,666 58,352 5,202 68,220

Add (deduct) adjustments to arrive at FFO, as defined by Prologis:

Real estate related depreciation and amortization 154,495 (6,258) 50,266 198,503 115,555 6,258 320,316

Net losses (gains) on non-FFO acquisitions and dispositions (9,545) (16) (8,638) (18,199) (8,643) 16 (26,826)

Unrealized foreign currency and derivative losses (gains) and related amortization, net 28,110 (17) 418 28,511 1,730 17 30,258

Deferred income tax expense 1,031 90 (101) 1,020 (450) (90) 480

Reconciling items related to noncontrolling interests (6,201) 6,201 ——— (6,201) (6,201) Our share of reconciling items included in earnings from

unconsolidated co-investment ventures 41,945 — (41,945) —— — -

Our share of reconciling items included in earnings from other

unconsolidated ventures 1,350 — — 1,350 — — 1,350

FFO, as defined by Prologis 215,851 — — 215,851 166,544 5,202 387,597

Adjustments to arrive at Core FFO:

Net gains on acquisitions and dispositions of

investments in real estate, net of expenses (5,658) (267) 8,542 2,617 7,717 267 10,601

Losses (gains) on early extinguishment of debt and redemption

of preferred stock, net (273) 168 (808) (913) (1,413) (168) (2,494)

Our share of reconciling items from unconsolidated entities

less third party share of consolidated entities 7,635 99 (7,734) —— (99) (99)

Core FFO $ 217,555 $ — $ — $ 217,555 $ 172,848 $ 5,202 $ 395,605

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Financial Information

EBITDA Reconciliation

(in thousands) First Quarter 2014

Three Months Ended

March 31,

2014 2013

Reconciliation of net earnings to Adjusted EBITDA

Net earnings attributable to common stockholders $ 4,666 $ 265,416

Net gains on acquisitions and dispositions of investments in real estate, net (17,055) (344,679)

Depreciation and amortization 160,280 177,266

Interest expense 85,523 115,028

Losses (gains) on early extinguishment of debt (273) 17,351

Current and deferred income tax expense 6,880 51,866

Pro forma adjustments 492 (29,533)

Income and NOI attributable to disposal properties and assets held for sale — (266)

Net earnings attributable to noncontrolling interest — 12,103

Preferred stock dividends and loss on preferred stock redemption 2,135 19,413

Unrealized foreign currency and derivative losses (gains) and related amortization, net 28,110 (638)

Stock compensation expense 15,238 9,387

Acquisition expenses 500 -

Adjusted EBITDA, consolidated 286,496 292,714

Our share of reconciling items from unconsolidated entities less third party share of consolidated entities:

Net gains on dispositions of investments in real estate, net (8,806) (6,890)

Depreciation and amortization 45,585 28,278

Interest expense 17,551 21,565

Losses (gains) on early extinguishment of debt (640) 189

Current income tax expense 5,448 2,026

Unrealized losses (gains) and deferred income tax expense (benefit), net 229 (214)

Acquisition expenses 8,230 -

Adjusted EBITDA $ 354,093 $ 337,668

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Investment Management

Summary and Financial Highlights

First Quarter 2014

Accounting Next Promote

Co-Investment Ventures (A) Type Established Method Region Ownership Structure Opportunity

Americas:

Prologis U.S. Logistics Venture Core 2014 Consolidated US 55.0% Open end Q4 2016 (B)

Prologis Targeted U.S. Logistics Fund Core 2004 Unconsolidated US 25.8% Open end Q2 2014 (B)

Prologis North American Industrial Fund Core 2006 Unconsolidated US 23.1% Open end Q1 2015 (B)

Prologis Mexico Industrial Fund Core 2007 Unconsolidated Mexico 20.0% Closed end Q3 2017

Prologis Mexico Fondo Logistico Core/Development 2010 Consolidated Mexico 20.0% Closed end Q3 2020

Prologis Brazil Logistics Partners Fund I (C) Development 2010 Unconsolidated Brazil various Closed end Q4 2017

Europe:

Prologis Targeted Europe Logistics Fund Core 2007 Unconsolidated Europe 43.5% Open end Q3 2016 (B)

Prologis European Properties Fund II Core 2007 Unconsolidated Europe 31.8% Open end Q3 2016 (B)

Europe Logistics Venture 1 Core 2011 Unconsolidated Europe 15.0% Open end Q4 2015 (B)

Prologis European Logistics Partners Core 2013 Unconsolidated Europe 50.0% Open end Q4 2015 (B)

Asia:

Nippon Prologis REIT Core 2013 Unconsolidated Japan 15.1% Public, Tokyo Exchange n/a

Prologis China Logistics Venture I and II Core/Development 2011/2013 Unconsolidated China 15.0% Closed end Q1 2018/Q4 2020

Unconsolidated Co-Investment Ventures (D): Prologis Share

First Qtr GBV of First Qtr Annualized Net Tangible Prologis

(in thousands) Sq Ft NOI Operating Bldgs Debt NOI Pro forma Debt Other Assets Investment

Prologis Targeted U.S. Logistics Fund 48,929 $ 56,894 $ 4,448,855 $ 1,634,747 $ 14,682 $ 58,728 $ 421,827 $ 6,663 $ 733,524

Prologis North American Industrial Fund 46,363 41,273 2,849,192 1,112,165 9,518 38,072 256,465 5,580 202,393

Prologis Mexico Industrial Fund 9,503 8,910 606,086 214,148 1,782 7,128 42,830 150 51,503

Brazil Fund and joint ventures 4,352 10,303 415,811 — 1,061 4,244 — 15,729 237,980

Americas 109,147 117,380 8,319,944 2,961,060 27,043 108,172 721,122 28,122 1,225,400

Prologis Targeted Europe Logistics Fund 13,652 25,574 1,772,081 470,832 11,127 44,508 204,859 19,438 474,233

Prologis European Properties Fund II 63,633 89,381 5,791,284 1,989,415 28,405 113,620 632,236 1,992 576,107

Europe Logistics Venture I 5,070 8,783 448,758 — 1,317 5,268 — 2,754 62,157

Prologis European Logistics Partners 54,292 71,382 4,171,446 224,914 35,691 142,764 112,457 23,250 1,831,327

Europe 136,647 195,120 12,183,569 2,685,161 76,540 306,160 949,552 47,434 2,943,824

Nippon Prologis REIT 18,508 48,989 3,486,184 1,530,845 7,401 29,604 231,311 6,599 305,710

Prologis China Logistics Venture I and II 4,824 4,594 283,962 206,730 690 2,760 31,009 6,221 38,246

Asia 23,332 53,583 3,770,146 1,737,575 8,091 32,364 262,320 12,820 343,956

Total 269,126 $ 366,083 $ 24,273,659 $ 7,383,796 $ 111,674 $ 446,696 $ 1,932,994 $ 88,376 $ 4,513,180

(A) The information presented excludes two co-investment ventures- Prologis AMS and Prologis DFS Fund I, due to the investment size of the venture.

(B) Promote opportunity is every three years.

(C) We have a 50% ownership interest in and consolidate an entity that in turn has an ownership interest in various entities that are accounted for on the equity method (“Brazil Fund”). We also have other Brazil joint ventures that we account for using the equity method. Prologis share in these Brazil entities is reflected at our effective economic ownership.

(D) Values represent Prologis’ stepped up basis and may not be comparable to values reflected in the entities’ stand alone financial statements calculated on a different basis.

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Investment Management

Operating and Balance Sheet Information

(dollars in thousands) First Quarter 2014

Americas Europe Asia Total

FFO and Net Earnings (Loss) of the Unconsolidated Co-Investment Ventures, Aggregated (A)(B) For the Three Months Ended March 31, 2014

Rental income $ 168,236 $ 246,696 $ 68,488 $ 483,420

Rental expenses (49,001) (50,615) (14,871) (114,487)

Net operating income from properties 119,235 196,081 53,617 368,933

Other income (expense), net 211 (2,914) 37 (2,666)

Acquisition expenses, gains(losses) on dispositions of investments in real estate and early extinguishment of debt, net 1,810 (15,848) — (14,038)

General and administrative expenses (8,434) (13,418) (7,464) (29,316)

Interest expense (40,552) (26,665) (5,999) (73,216)

Current income tax expense (3,332) (9,002) (390) (12,724)

FFO, as defined by Prologis 68,938 128,234 39,801 236,973

Real estate related depreciation and amortization (67,120) (82,739) (15,962) (165,821)

Foreign currency exchange and derivative gains (losses), net — (304) (1,844) (2,148)

Gains (losses) on dispositions of investments in real estate, net (234) 17,515 — 17,281

Deferred tax benefit (expense), net 590 (39) — 551

Net earnings (loss) $ 2,174 $ 62,667 $ 21,995 $ 86,836

Prologis’ Share of FFO and Net Earnings (Loss) of the Unconsolidated Co-Investment Ventures (A) For the Three Months Ended March 31, 2014

FFO, as defined by Prologis, from unconsolidated co-investment ventures, net $ 15,333 $ 49,468 $ 5,975 $ 70,776

Fees earned by Prologis 14,325 21,700 8,797 44,822

Total FFO recognized by Prologis, net $ 29,658 $ 71,168 $ 14,772 $ 115,598

Prologis’ share of the unconsolidated co-investment ventures’ net earnings $ (329) $ 25,495 $ 3,665 $ 28,831

Fees earned by Prologis 14,325 21,700 8,797 44,822

Total earnings recognized by Prologis, net $ 13,996 $ 47,195 $ 12,462 $ 73,653

Condensed Balance Sheet of the Unconsolidated Co-Investment Ventures, Aggregated (A)(B) As of March 31, 2014

Operating industrial properties, before depreciation $ 8,319,944 $ 12,183,569 $ 3,770,146 $ 24,273,659

Accumulated depreciation (986,223) (843,119) (67,769) (1,897,111)

Properties under development and land 235,724 30,863 137,952 404,539

Other assets 504,861 748,199 207,231 1,460,291

Total assets $ 8,074,306 $ 12,119,512 $ 4,047,560 $ 24,241,378

Third party debt 2,961,060 2,685,161 1,737,575 7,383,796

Other liabilities 149,772 1,133,679 173,699 1,457,150

Total liabilities $ 3,110,832 $ 3,818,840 $ 1,911,274 $ 8,840,946

Weighted average ownership 23.3% 38.9% 15.0% 29.4%

(A) Includes the unconsolidated co-investment ventures listed on the previous page.

(B) Represents the entire entity, not our proportionate share.

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Operations Overview

Operating Metrics – Owned and Managed

First Quarter 2014

Period Ending Occupancy by Division

100%

95% 93.8% 93.7% 94.2% 95.5% 95.2%

90%

85%

Q1-13 Q2-13 Q3-13 Q4-13 Q1-14

Americas

92.9% 93.1% 93.1% 93.6%

92.3%

Q1-13 Q2-13 Q3-13 Q4-13 Q1-14

Europe

97.1% 96.4% 96.7% 96.3%

95.1%

Q1-13 Q2-13 Q3-13 Q4-13 Q1-14

Asia

93.7% 93.7% 93.9% 95.1% 94.5%

Q1-13 Q2-13 Q3-13 Q4-13 Q1-14

Total

Leasing Activity Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Square feet of leases signed:

Operating portfolio:

Renewals 22,374 24,148 23,355 27,422 23,307

New leases 9,688 9,713 7,483 11,551 8,292

Total operating portfolio 32,062 33,861 30,838 38,973 31,599

Properties under development 3,787 2,389 5,253 4,763 2,130

Total square feet of leases signed 35,849 36,250 36,091 43,736 33,729

Average term of leases signed (months) 45 49 59 44 40

Net effective rent change (GAAP) 2.0% 4.0% 6.1% 5.9% 7.0%

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Operations Overview

Operating Metrics – Owned and Managed

First Quarter 2014

(square feet and dollars in thousands)

Capital Expenditures Incurred

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Property improvements $ 18,264 $ 25,046 $ 35,668 $ 44,020 $ 19,347

Tenant improvements 27,241 34,915 32,213 36,116 27,208

Leasing commissions 18,344 26,827 17,992 26,450 20,378

Total turnover costs 45,585 61,742 50,205 62,566 47,586

Total capital expenditures $ 63,849 $ 86,788 $ 85,873 $ 106,586 $ 66,933

Trailing four quarters—% of gross NOI 14.0% 14.8% 14.9% 14.5% 14.4%

Weighted average ownership percent 75.3% 75.9% 79.1% 73.3% 69.9%

Prologis share $ 48,076 $ 65,895 $ 67,949 $ 78,153 $ 46,774

Same Store Information

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Square feet of population 510,295 508,242 494,941 489,808 505,644

Percentage change:

Rental income 2.7% 1.4% 1.9% 0.8% 1.5%

Rental expenses 9.1% 3.5% 3.2% (4.2%) (2.1%)

NOI—GAAP 0.3% 0.7% 1.4% 2.7% 3.0%

NOI—Adjusted Cash 1.8% (0.4%) 1.8% 3.0% 4.1%

Average occupancy 1.6% 1.9% 0.9% 0.7% 1.3%

Turnover Costs: per Square Foot ($) and per Value of Lease (%)

8.7%

$1.80 8.2% 8.1% 9%

7.8%

6.9%

$1.60

$1.48 6%

$1.38 $1.41 $1.41

$1.40

$1.26

$1.20

$1.00 0%

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Property Improvements per Square Foot

$0.08

$0.07

$0.06 $0.06 $0.06 $0.06

$0.06 $0.06

$0.05

$0.04

$0.03

$0.02

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

$ per square foot trailing four quarters

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Operations Overview

Operating Portfolio – Square Feet, Occupied and Leased

(square feet in thousands) First Quarter 2014

# of Buildings Square Feet Occupied Leased

Owned and Owned and Prologis Share % of Owned and Prologis Owned and Prologis

Managed Managed Sq Ft (%) Total Managed Share Managed Share

Global Markets

U.S.

Atlanta 118 15,358 12,454 81.1% 3.7% 89.4% 90.2% 89.7% 90.2%

Baltimore/Washington 65 7,661 4,943 64.5% 1.5% 97.6% 96.9% 97.6% 96.9%

Central Valley 24 9,985 8,144 81.6% 2.4% 97.8% 98.9% 97.8% 98.9%

Central & Eastern PA 29 14,842 10,084 67.9% 3.0% 98.1% 97.9% 98.1% 97.9%

Chicago 219 36,566 28,363 77.6% 8.3% 92.9% 95.0% 93.1% 95.2%

Dallas/Ft . Worth 165 24,913 20,091 80.6% 5.9% 94.4% 93.7% 94.4% 93.7%

Houston 90 10,907 7,327 67.2% 2.2% 98.7% 99.1% 98.9% 99.3%

New Jersey/New York City 137 20,678 14,746 71.3% 4.4% 95.7% 95.5% 95.9% 95.6%

San Francisco Bay Area 235 19,174 15,879 82.8% 4.7% 93.8% 93.1% 94.0% 93.3%

Seattle 81 10,801 5,150 47.7% 1.5% 94.1% 95.2% 94.5% 95.4%

South Florida 92 10,824 7,659 70.8% 2.3% 93.4% 91.7% 95.0% 94.0%

Southern California 301 57,264 45,103 78.8% 13.2% 96.8% 97.2% 97.0% 97.2%

On Tarmac 31 2,712 2,436 89.8% 0.7% 93.0% 92.4% 93.0% 92.4%

Canada 19 6,384 5,080 79.6% 1.5% 99.1% 98.9% 99.1% 98.9%

Mexico 193 31,721 17,559 55.4% 5.2% 93.6% 94.9% 94.0% 95.6%

Brazil 12 4,352 565 13.0% 0.2% 99.6% 98.3% 99.6% 98.3%

Americas total 1,811 284,142 205,583 72.4% 60.7% 95.1% 95.4% 95.3% 95.6%

Belgium 11 2,361 1,191 50.4% 0.3% 96.1% 92.3% 96.1% 92.3%

France 129 31,202 13,765 44.1% 4.1% 91.6% 91.2% 91.9% 91.4%

Germany 94 20,141 7,856 39.0% 2.3% 96.8% 96.8% 96.8% 96.8%

Netherlands 63 13,710 5,340 38.9% 1.6% 91.9% 92.0% 92.6% 92.9%

Poland 99 21,608 9,415 43.6% 2.8% 88.4% 87.6% 88.5% 87.8%

Spain 26 7,125 3,489 49.0% 1.0% 88.1% 89.9% 88.1% 89.9%

United Kingdom 85 19,648 8,377 42.6% 2.5% 97.6% 95.6% 97.6% 95.6%

Europe total 507 115,795 49,433 42.7% 14.6% 92.8% 92.2% 93.0% 92.4%

China 30 7,018 2,918 41.6% 0.8% 97.5% 97.5% 98.3% 97.8%

Japan 39 22,873 7,161 31.3% 2.1% 95.8% 89.4% 96.7% 92.1%

Singapore 5 942 942 100.0% 0.3% 100.0% 100.0% 100.0% 100.0%

Asia total 74 30,833 11,021 35.7% 3.2% 96.3% 92.5% 97.2% 94.3%

Total global markets 2,392 430,770 266,037 61.8% 78.5% 94.6% 94.7% 94.8% 95.0%

Regional markets (A)

Memphis 14 5,297 4,743 89.5% 1.4% 96.4% 96.0% 96.4% 96.0%

Denver 32 5,136 4,181 81.4% 1.2% 99.6% 99.5% 99.6% 99.5%

Czech Republic 29 6,828 3,025 44.3% 0.9% 91.1% 91.4% 92.4% 92.8%

Italy 27 8,378 4,634 55.3% 1.4% 88.0% 83.5% 88.7% 84.8%

San Antonio 50 5,606 4,185 74.7% 1.2% 96.6% 97.0% 96.6% 97.0%

Nashville 38 5,961 4,885 81.9% 1.4% 95.8% 95.3% 95.8% 95.3%

Columbus 34 9,344 7,380 79.0% 2.2% 92.0% 89.9% 93.7% 92.0%

Sweden 10 3,807 1,838 48.3% 0.6% 100.0% 100.0% 100.0% 100.0%

Orlando 34 4,178 3,252 77.8% 1.0% 96.8% 96.2% 97.0% 96.3%

Cincinnati 27 6,663 4,142 62.2% 1.2% 99.3% 98.8% 99.3% 98.8%

Remaining other regional (9 markets) 181 31,477 19,972 63.4% 5.9% 93.8% 93.4% 94.2% 93.8%

Regional markets total 476 92,675 62,237 67.2% 18.4% 94.4% 93.9% 94.9% 94.4%

Other markets (9 markets) 71 13,014 10,661 81.9% 3.1% 91.4% 93.1% 91.4% 93.1%

Total operating portfolio—owned and managed 2,939 536,459 338,935 63.2% 100.0% 94.5% 94.5% 94.8% 94.8%

(A) Selected and ordered by Prologis share of NOI ($)

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Operations Overview

Operating Portfolio – NOI and Gross Book Value (dollars in thousands) First Quarter 2014

First Quarter NOI Gross Book Value

Owned and Prologis Share (A) % of Owned and Prologis Share % of

Managed ($) (%) Total Managed ($) (%) Total

Glob al Markets U.S. Atlanta $ 9,322 $ 7,193 77.2% 2.0% $ 690,276 $ 523,751 75.9% 2.2%

Baltimore/Washington 9,968 6,148 61.7% 1.7% 625,994 381,828 61.0% 1.6%

Central Valley 9,752 8,426 86.4% 2.4% 552,409 446,040 80.7% 1.8%

Central & Eastern PA 14,077 9,133 64.9% 2.6% 896,990 593,652 66.2% 2.4%

Chicago 24,372 18,614 76.4% 5.2% 2,189,813 1,645,069 75.1% 6.8%

Dallas/Ft . Worth 15,361 11,215 73.0% 3.1% 1,181,220 893,041 75.6% 3.7%

Houston 11,028 7,222 65.5% 2.0% 646,121 378,880 58.6% 1.6%

New Jersey/New York City 24,308 15,880 65.3% 4.5% 1,828,215 1,168,842 63.9% 4.8%

San Francisco Bay Area 28,634 23,198 81.0% 6.5% 1,972,540 1,631,704 82.7% 6.7%

Seattle 13,101 6,138 46.9% 1.7% 1,002,450 482,806 48.2% 2.0%

South Florida 13,478 9,514 70.6% 2.7% 1,059,181 784,991 74.1% 3.2%

Southern California 65,020 51,469 79.2% 14.4% 5,152,615 4,018,126 78.0% 16.6%

On Tarmac 7,653 6,735 88.0% 1.9% 325,687 281,084 86.3% 1.2%

Canada 7,926 6,234 78.7% 1.8% 584,012 461,675 79.1% 1.9%

Mexico 33,399 18,840 56.4% 5.3% 1,905,269 1,055,917 55.4% 4.3%

Brazil 10,304 1,061 10.3% 0.3% 415,810 49,538 11.9% 0.2%

Americas total 297,703 207,020 69.5% 58.1% 21,028,602 14,796,944 70.4% 61.0%

Belgium 3,302 1,620 49.1% 0.5% 197,313 99,907 50.6% 0.4%

France 41,100 17,372 42.3% 4.9% 2,584,570 1,099,858 42.6% 4.5%

Germany 31,659 12,291 38.8% 3.4% 1,865,992 713,596 38.2% 2.9%

Netherlands 19,476 7,271 37.3% 2.0% 1,269,106 498,407 39.3% 2.1%

Poland 21,022 8,991 42.8% 2.5% 1,493,451 613,570 41.1% 2.5%

Spain 9,127 4,664 51.1% 1.3% 582,191 292,423 50.2% 1.2%

United Kingdom 43,371 17,726 40.9% 5.0% 2,594,294 1,086,809 41.9% 4.5%

Europe total 169,057 69,935 41.4% 19.6% 10,586,917 4,404,570 41.6% 18.1%

China 5,756 1,852 32.2% 0.5% 357,328 115,960 32.5% 0.5%

Japan 56,165 14,577 26.0% 4.1% 4,144,923 1,185,502 28.6% 4.9%

Singapore 2,429 2,429 100.0% 0.7% 145,402 145,402 100.0% 0.6%

Asia total 64,350 18,858 29.3% 5.3% 4,647,653 1,446,864 31.1% 6.0 %

Total global markets 531,110 295,813 55.7% 83.0% 36,263,172 20,648,378 56.9% 85.1%

Regional markets (B) Memphis 4,496 3,930 87.4% 1.1% 183,812 163,243 88.8% 0.7%

Denver 4,559 3,744 82.1% 1.1% 292,621 242,727 82.9% 1.0%

Czech Republic 8,416 3,721 44.2% 1.0% 518,161 221,723 42.8% 0.9%

Italy 7,853 3,641 46.4% 1.0% 528,854 291,932 55.2% 1.2%

San Antonio 4,740 3,611 76.2% 1.0% 261,046 186,012 71.3% 0.8%

Nashville 4,294 3,528 82.2% 1.0% 212,342 172,308 81.1% 0.7%

Columbus 4,362 3,071 70.4% 0.9% 361,726 276,326 76.4% 1.1%

Sweden 6,261 2,900 46.3% 0.8% 371,861 171,055 46.0% 0.7%

Orlando 3,794 2,816 74.2% 0.8% 280,861 210,034 74.8% 0.9%

Cincinnati 4,849 2,770 57.1% 0.8% 274,284 155,639 56.7% 0.6%

Remaining other regional (9 markets) 28,451 16,535 58.1% 4.6% 1,795,790 1,025,054 57.1% 4.2%

Regional markets total 82,075 50,267 61.2% 14.1% 5,081,358 3,116,053 61.3% 12.8%

Other markets (9 markets) 12,255 10,412 85.0% 2.9% 692,392 515,604 74.5% 2.1%

Total operating portfolio—owned and managed $ 625,440 $356,492 57.0% 100.0% $42,036,922 $24,280,035 57.8% 100.0%

(A) Prologis’ share of NOI for the properties that were contributed to the co-investment ventures includes 100% of the NOI until the contribution date and then Prologis’ share subsequent to the contribution.

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Operations Overview

Operating Portfolio – Summary by Division

(square feet and dollars in thousands) First Quarter 2014

# of Buildings Square Feet Occupied Leased

Owned and Owned and Prologis Share % of Owned and Prologis Owned and Prologis

Managed Managed Sq Ft % Total Managed Share Managed Share

Consolidated

Americas 1,532 250,865 237,820 94.8% 70.2% 95.6% 95.5% 95.8% 95.8%

Europe 47 10,870 10,870 100.0% 3.2% 81.8% 81.8% 82.7% 82.7%

Asia 29 7,501 7,501 100.0% 2.2% 89.7% 89.7% 92.2% 92.2%

Total operating portfolio—consolidated 1,608 269,236 256,191 95.2% 75.6% 94.9% 94.8% 95.2% 95.1%

Unconsolidated

Americas 708 108,711 25,669 23.6% 7.6% 94.3% 94.2% 94.5% 94.5%

Europe 578 135,180 53,555 39.6% 15.8% 93.1% 92.9% 93.4% 93.2%

Asia 45 23,332 3,520 15.1% 1.0% 98.5% 98.5% 98.8% 98.8%

Total operating portfolio—unconsolidated 1,331 267,223 82,744 31.0% 24.4% 94.1% 93.6% 94.3% 93.8%

Total

Americas 2,240 359,576 263,489 73.3% 77.8% 95.2% 95.4% 95.4% 95.6%

Europe 625 146,050 64,425 44.1% 19.0% 92.3% 91.0% 92.6% 91.4%

Asia 74 30,833 11,021 35.7% 3.2% 96.3% 92.5% 97.2% 94.3%

Total operating portfolio—owned and managed 2,939 536,459 338,935 63.2% 100.0% 94.5% 94.5% 94.8% 94.8%

Value added properties—consolidated 6 1,291 1,291 100.0% 29.5% 29.5% 29.5% 29.5%

Value added properties—unconsolidated 11 1,903 627 32.9% 38.7% 36.3% 38.7% 36.3%

Total owned and managed 2,956 539,653 340,853 63.2% 94.1% 94.1% 94.4% 94.4%

First Quarter NOI Gross Book Value

Owned and Prologis Share (A) % of Owned and Prologis Share % of

Managed Total Managed Total

$ % $ %

Consolidated

Americas $239,781 $224,624 93.7% 63.0% $16,297,410 $15,416,612 94.6% 63.5%

Europe 9,776 9,776 100.0% 2.8% 724,868 724,868 100.0% 3.0%

Asia 10,767 10,767 100.0% 3.0% 877,507 877,507 100.0% 3.6%

Total operating portfolio—consolidated $260,324 $245,167 94.2% 68.8% $17,899,785 $17,018,987 95.1% 70.1%

Unconsolidated

Americas $117,387 $27,043 23.0% 7.6% $8,298,346 $1,970,179 23.7% 8.1%

Europe 194,146 76,191 39.2% 21.3% 12,068,645 4,721,512 39.1% 19.4%

Asia 53,583 8,091 15.1% 2.3% 3,770,146 569,357 15.1% 2.4%

Total operating portfolio—unconsolidated $365,116 $111,325 30.5% 31.2% $24,137,137 $7,261,048 30.1% 29.9%

Total

Americas $357,168 $251,667 70.5% 70.6% $24,595,756 $17,386,791 70.7% 71.6%

Europe 203,922 85,967 42.2% 24.1% 12,793,513 5,446,380 42.6% 22.4%

Asia 64,350 18,858 29.3% 5.3% 4,647,653 1,446,864 31.1% 6.0%

Total operating portfolio—owned and managed $625,440 $356,492 57.0% 100.0% $42,036,922 $24,280,035 57.8% 100.0%

Value added properties—consolidated 2 2 100.0% 48,688 48,688 100.0%

Value added properties—unconsolidated 967 349 36.1% 136,522 48,590 35.6%

Total owned and managed $626,409 $356,843 57.0% $42,222,132 $24,377,313 57.7%

LOGO

Operations Overview

Customer Information – Owned and Managed

(square feet and dollars in thousands)

Top Customers

% of Annual Total

Base Rent Square Feet

1 DHL 2.2% 11,778

2 CEVA Logistics 1.4% 7,302

3 Kuehne + Nagel 1.2% 5,951

4 Geodis 1.1% 6,092

5 Amazon.com, Inc. 1.0% 4,658

6 Home Depot, Inc. 0.8% 4,177

7 Hitachi Ltd 0.8% 2,264

8 FedEx Corporation 0.7% 2,260

9 United States Government 0.7% 1,482

10 Tesco PLC 0.6% 2,693

Top 10 Customers 10.5% 48,657

11 PepsiCo 0.6% 4,894

12 Panalpina, Inc. 0.6% 2,421

13 Panasonic Co., Ltd. 0.5% 1,678

14 DB Schenker 0.5% 2,905

15 National Distribution Centers LP 0.5% 3,488

16 ND Logistics 0.5% 2,805

17 Wal-Mart Stores, Inc. 0.5% 2,655

18 Bayerische Motoren Werke Ag (BMW) 0.4% 2,273

19 Ingram Mico 0.4% 2,893

20 UPS SCS (United Parcel Service Inc.) 0.4% 2,263

21 Nippon Express Group 0.4% 1,328

22 LG Electronics, Inc. 0.4% 2,540

23 Schneider Electric SA 0.4% 1,698

24 La Poste 0.4% 1,278

25 Rhenus Logistics 0.4% 1,896

Top 25 Customers 17.4% 85,672

First Quarter 2014

Lease Expirations—Operating Portfolio—Owned and Managed

Year Occupied Annual Base Rent

Sq Ft $ % of Total Occupied Sq Ft $

Month to month 10,294 $ 40,287 1.3% $ 3.91

2014 45,671 260,229 8.7% 5.70

2015 101,357 574,271 19.1% 5.67

2016 93,964 529,996 17.7% 5.64

2017 76,663 448,332 14.9% 5.85

2018 56,816 344,712 11.5% 6.07

Thereafter 122,016 805,608 26.8% 6.60

Total 506,781 $ 3,003,435 100.0% $ 5.93

Lease Expirations—Operating Portfolio—Prologis Share

Occupied Annual Base Rent

Year

Sq Ft $ % of Total Occupied Sq Ft $

Month to month 7,595 $ 25,922 1.5% $ 3.41

2014 29,200 153,816 8.7% 5.27

2015 62,719 331,323 18.9% 5.28

2016 59,430 309,885 17.6% 5.21

2017 47,842 261,246 14.9% 5.46

2018 35,016 203,901 11.6% 5.82

Thereafter 78,381 471,078 26.8% 6.01

Total 320,183 $ 1,757,171 100.0% $ 5.49

Lease Expirations by Division—Operating Portfolio—Owned and Managed

Division 2014 2015 2016 2017 2018 Thereafter Total

Americas 57.4% 58.3% 59.6% 62.1% 67.3% 55.2% 59.4%

Europe 27.6% 33.5% 28.7% 29.1% 27.3% 33.1% 30.5%

Asia 15.0% 8.2% 11.7% 8.8% 5.4% 11.7% 10.1%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

LOGO

Capital Deployment

Overview - Owned and Managed

First Quarter 2014

(in millions)

Development Starts (TEI)

$2,000

$1,771

$1,600 $1,553 $1,200 $800 $400 $- 2011 2012 2013 YTD2014 $311 $544 $1,053 $371

$1,200

$1,017

$800

$400

$172

2011 2012 2013 YTD 2014

Development Stabilizations

$2,000

$1,600

$1,401

$1,200

$800 $772

$400 $280 $264

2011 2012 2013 YTD 2014

Value Creation $26 $184 $426 $59

Building Acquisitions

$1,200

$1,053

Land Portfolio

$2,500

$2,040

$2,000 $1,894

$1,585 $1,682

$1,500

$1,000

$500

12/31/2011 12/31/2012 12/31/2013 3/31/2014

Americas Europe Asia

LOGO

Capital Deployment

Value Creation from Development Stabilization

(in thousands, except percent) First Quarter 2014

Q1 2014

TEI

Leased % at Owned and Prologis Share Prologis Share

Square Feet Start Managed ($) (%)

Americas

U.S.

Central 1,940 100.0% $ 74,268 $ 74,268 100.0%

East 211 100.0% 20,938 20,938 100.0%

Northwest - - - - -

Southwest- - - - -

Canada - - - - -

Mexico 754 0.0% 45,156 36,686 81.2%

Brazil 309 0.0% 29,794 14,897 50.0%

Americas total 3,214 66.9% 170,156 146,789 86.3%

Europe

Northern 120 100.0% 9,590 3,048 31.8%

Southern 702 100.0% 16,499 16,499 100.0%

Central 376 100.0% 24,544 24,544 100.0%

United Kingdom 165 100.0% 18,603 18,603 100.0%

Europe total 1,363 100.0% 69,236 62,694 90.6%

Asia

Japan —— — — - -

China 452 100.0% 24,705 3,706 15.0%

Singapore —— — — - -

Asia total 452 100.0% 24,705 3,706 15.0%

Total 5,029 78.9% $ 264,097 $ 213,189 80.7%

Weighted average estimated stabilized yield 8.4%

Pro forma NOI $22,267

Weighted average estimated cap rate at stabilization 6.8%

Estimated value creation $58,614

Estimated development margin 22.2%

Prologis share of estimated value creation ($) $50,507

Prologis share of estimated value creation (%) 86.2%

LOGO

Capital Deployment

Development Starts

(in thousands, except percent) First Quarter 2014

Q1 2014

TEI

Leased % at Owned and Prologis Prologis Share

Square Feet Start Managed Share ($) (%)

Americas

U.S.

Central 639 0.0% $ 32,313 $ 32,313 100.0%

East 165 0.0% 16,534 16,534 100.0%

Northwest 107 100.0% 12,531 12,531 100.0%

Southwest —— ———

Canada —— ———

Mexico —— ———

Brazil —— ———

Americas total 911 11.7% 61,378 61,378 100.0%

Europe

Northern —— ———

Southern —— ———

Central 607 19.9% 38,183 38,183 100.0%

United Kingdom 224 100.0% 35,326 35,326 100.0%

Europe total 831 41.5% 73,509 73,509 100.0%

Asia

Japan —— ———

China 676 0.0% 37,286 5,593 15.0%

Singapore —— ———

Asia total 676 0.0% 37,286 5,593 15.0%

Total 2,418 18.7% $ 172,173 $ 140,480 81.6%

Weighted average estimated stabilized yield 7.7%

Pro forma NOI $13,218

Weighted average estimated cap rate at stabilization 6.3%

Estimated value creation $38,169

Estimated development margin 22.2%

Prologis share of estimated value creation ($) $30,275

Prologis share of estimated value creation (%) 79.3%

% BTS (based on Prologis share) 38.9%

LOGO

Capital Deployment

Development Portfolio

(in thousands, except percent) First Quarter 2014

Under Development

2014 2015 and Thereafter

Pre-Stabilized Developments Expected Completion Expected Completion Total Development Portfolio

TEI TEI TEI TEI

Leased Owned and Prologis Owned and Prologis Owned and Prologis Leased Owned and Prologis Prologis

Sq Ft % Managed Share Sq Ft Managed Share Sq Ft Managed Share Sq Ft % Managed Share ($) Share (%)

Americas

U.S.

Central 1,703 56.5% $73,453 $73,453 2,574 $114,663 $114,663 — $— $— 4,277 64.4% $188,116 $188,116 100.0%

East 332 12.9% 29,396 29,396 3,016 317,001 314,757 ——— 3,348 38.6% 346,397 344,153 99.4%

Northwest 241 69.3% 16,922 16,922 509 35,881 35,881 ——— 750 70.9% 52,803 52,803 100.0%

Southwest 1,286 62.2% 70,078 70,078 1,563 109,263 109,263 ——— 2,849 39.5% 179,341 179,341 100.0%

Canada ———— 910 97,586 97,586 ——— 910 0.0% 97,586 97,586 100.0%

Mexico ———— 1,189 77,082 77,082 ——— 1,189 0.0% 77,082 77,082 100.0%

Brazil 1,244 34.0% 118,595 37,368 651 66,020 16,505 ——— 1,895 22.3% 184,615 53,873 29.2%

Americas total 4,806 49.8% 308,444 227,217 10,412 817,496 765,737 ——— 15,218 40.3% 1,125,940 992,954 88.2%

Europe

Northern ———— 164 20,031 20,031 ——— 164 0.0% 20,031 20,031 100.0%

Southern 219 50.7% 27,955 12,163 533 45,374 35,744 349 28,350 28,350 1,101 90.2% 101,679 76,257 75.0%

Central 239 100.0% 15,167 15,167 757 47,979 47,979 ——— 996 51.2% 63,146 63,146 100.0%

United Kingdom ———— 1,700 220,162 220,162 223 35,325 35,325 1,923 72.2% 255,487 255,487 100.0%

Europe total 458 76.4% 43,122 27,330 3,154 333,546 323,916 572 63,675 63,675 4,184 69.1% 440,343 414,921 94.2%

Asia

Japan 1,358 45.6% 167,489 167,489 396 47,527 47,527 1,790 253,480 253,480 3,544 34.7% 468,496 468,496 100.0%

China 339 0% 18,734 7,630 792 41,209 6,181 3,696 224,693 33,704 4,827 0.0% 284,636 47,515 16.7%

Singapore ———— 17 2,061 2,061 ——— 17 100.0% 2,061 2,061 100.0%

Asia total 1,697 36.5% 186,223 175,119 1,205 90,797 55,769 5,486 478,173 287,184 8,388 14.9% 755,193 518,072 68.6%

Total 6,961 48.3% $537,789 $429,666 14,771 $1,241,839 $1,145,422 6,058 $541,848 $350,859 27,790 36.9% $2,321,476 $1,925,947 83.0%

Cost to complete $ 46,607 $ 37,871 $ 521,050 $ 486,018 $ 350,960 $226,219 $ 918,617 $ 750,108

Percent build to suit (based on Prologis share) 6.7% 31.4% 32.1% 26.0%

Weighted average estimated stabilized yield

Americas 8.5% 7.0% — 7.4%

Europe 5.9% 7.4% 7.6% 7.3%

Asia 6.9% 7.4% 7.1% 7.1%

Total 7.7% 7.1% 7.2% 7.3%

Pro forma NOI $ 169,277

Weighted average estimated cap rate at stabilization 6.0%

Estimated value creation $ 470,735

Estimated development margin 20.3%

Prologis share of estimated value creation $ 408,817

Prologis share of estimated value creation 86.8%

LOGO

Capital Deployment

Third Party Building Acquisitions

(square feet and dollars in thousands) First Quarter 2014

Q1 2014

Prologis Share Prologis Share of Prologis Share of

Square Feet Acquisition Cost Acquisition Cost Acquisition

of Square Feet

($) Cost (%)

Third Party Building Acquisitions

Americas

Prologis Targeted U.S. Logistics Fund 459 118 $ 27,991 $ 7,223 25.8%

Total Americas 459 118 27,991 7,223 25.8%

Europe

Prologis European Properties Fund II 1,151 366 84,510 26,857 31.8%

Prologis European Logistics Partners 3,096 1,548 258,035 129,018 50.0%

Total Europe 4,247 1,914 342,545 155,875 45.5%

Asia —— — — -

Total Third Party Building Acquisitions 4,706 2,032 $ 370,536 $ 163,098 44.0%

Weighted average stabilized cap rate 7.0%

LOGO

Capital Deployment

Dispositions and Contributions

(square feet and dollars in thousands) First Quarter 2014

Q1 2014

Square Prologis Share of Total Prologis Share of Prologis Share of

Feet Square Feet Proceeds Proceeds ($) Proceeds (%) (A)

Third Party Building Dispositions

Americas

Prologis wholly owned 715 715 $ 35,047 $ 35,047 100.0%

Prologis Targeted U.S. Logistics Fund 20 5 3,088 797 25.8%

Prologis North American Industrial Fund 138 32 6,300 1,453 23.1%

Total Americas 873 752 44,435 37,297 83.9%

Europe

Prologis European Logistics Partners 594 297 56,925 28,462 50.0%

Total Europe 594 297 56,925 28,462 50.0%

Asia

Total Asia -

Total Third Party Building Dispositions 1,467 1,049 $ 101,360 $ 65,759 64.9%

Building Contributions to Co-Investment Ventures

Americas

Prologis U.S. Logistics Venture (B) 12,797 12,797 $ 1,008,310 $ 453,366 45.0%

Total Americas 12,797 12,797 1,008,310 453,366 45.0%

Europe

Total Europe -

Asia

Total Asia -

Total Contributions to Co-Investment Ventures 12,797 12,797 $ 1,008,310 $ 453,366 45.0%

Total Building Dispositions and Contributions 14,264 13,846 $ 1,109,670 $ 519,125 46.8%

Land dispositions 49,162 49,162 100.0%

Other real estate dispositions -

Grand Total Dispositions and Contributions $ 1,158,832 $ 568,287 49.0%

Weighted average stabilized cap rate on building dispositions and contributions 6.2%

(A) For contributions, this amount reflects net cash proceeds to Prologis (net of units received for partial consideration).

(B) This is a consolidated co-investment venture.

LOGO

Capital Deployment

Land Portfolio – Owned and Managed

(square feet and dollars in thousands) First Quarter 2014

Land by Market Acres Current Book Value

Prologis Share Prologis Share % of

Owned and Estimated Build Owned and

Managed Acres (%) Out (sqft) Managed ($) (%) Total

Global markets

U.S.

Atlanta 613 613 100.0% 8,649 $ 26,681 $ 26,681 100.0% 1.7%

Baltimore/Washington 39 39 100.0% 400 1,567 1,567 100.0% 0.1%

Central Valley 1,144 1,144 100.0% 20,560 45,128 45,128 100.0% 2.8%

Central & Eastern PA 408 408 100.0% 5,312 50,026 50,026 100.0% 3.1%

Chicago 505 505 100.0% 9,384 32,998 32,998 100.0% 2.1%

Dallas/Ft. Worth 426 426 100.0% 7,583 28,026 28,026 100.0% 1.8%

Houston 70 70 100.0% 1,112 7,941 7,941 100.0% 0.5%

New Jersey/New York City 183 183 100.0% 2,841 78,428 78,428 100.0% 4.9%

South Florida 316 316 100.0% 5,629 151,420 151,420 100.0% 9.5%

Southern California 699 699 100.0% 13,939 132,979 132,979 100.0% 8.4%

Canada 179 179 100.0% 3,435 53,056 53,056 100.0% 3.3%

Mexico 781 781 100.0% 14,471 152,918 152,918 100.0% 9.6%

Brazil 529 206 38.9% 8,578 109,384 42,919 39.2% 2.7%

Americas total 5,892 5,569 94 .5% 101,893 870,552 804,087 92.4% 50.5%

Belgium 27 27 100.0% 526 10,742 10,742 100.0% 0.7%

France 449 449 100.0% 8,012 79,851 79,851 100.0% 5.0%

Germany 51 51 100.0% 1,062 12,003 12,003 100.0% 0.8%

Netherlands 56 56 100.0% 1,538 53,521 53,521 100.0% 3.4%

Poland 665 665 100.0% 12,922 82,339 82,339 100.0% 5.2%

Spain 100 100 100.0% 2,021 17,314 17,314 100.0% 1.1%

United Kingdom 622 622 100.0% 9,086 183,664 183,664 100.0% 11.5%

Europe total 1,970 1,970 100.0% 35,167 439,434 439,434 100.0% 27.7%

China 106 32 30.2% 3,507 37,065 12,982 35.0% 0.8%

Japan 62 62 100.0% 2,691 81,783 81,783 100.0% 5.1%

Asia total 168 94 56.0% 6,198 118,848 94,765 79.7% 5.9%

Total global markets 8,030 7,633 95.1% 143,258 1,428,834 1,338,286 93.7% 84.1%

Regional markets (A)

Hungary 338 338 100.0% 5,686 40,422 40,422 100.0% 2.6%

Czech Republic 191 191 100.0% 3,201 38,492 38,492 100.0% 2.4%

Italy 107 107 100.0% 2,451 34,040 34,040 100.0% 2.2%

Central Florida 129 129 100.0% 1,901 27,312 27,312 100.0% 1.7%

Slovakia 90 90 100.0% 1,947 16,689 16,689 100.0% 1.1%

Las Vegas 75 75 100.0% 1,281 7,830 7,830 100.0% 0.5%

Memphis 165 165 100.0% 2,804 6,941 6,941 100.0% 0.4%

Denver 49 49 100.0% 836 6,397 6,397 100.0% 0.4%

Columbus 121 121 100.0% 1,954 3,747 3,747 100.0% 0.2%

Phoenix 36 36 100.0% 698 3,125 3,125 100.0% 0.2%

Remaining other regional (4 markets) 97 97 100.0% 1,568 8,478 8,478 100.0% 0.5%

Total regional markets 1,398 1,398 100.0% 24,327 193,473 193,473 100.0% 12.2%

Total other markets (7 markets) 684 684 100.0% 11,390 59,652 59,652 100.0% 3.7%

Total land portfolio—owned and managed 10,112 9,715 96.1% 178,975 $ 1,681,959 $ 1,591,411 94.6% 100.0%

Original Cost Basis $ 2,547,745 $ 2,469,355

LOGO

Capital Deployment

Land Portfolio - Summary and Roll Forward

First Quarter 2014

(dollars in thousands)

Acres Current Book Value

Owned and Prologis % of Owned and Prologis % of

Land Portfolio Summary Managed Share Total Managed Share Total

Americas

U.S.

Central 1,357 1,357 14.0% $ 84,651 $ 84,651 5.3%

East 2,103 2,103 21.7% 366,850 366,850 23.2%

Northwest 1,371 1,371 14.1% 60,972 60,972 3.8%

Southwest 810 810 8.3% 143,934 143,934 9.0%

Canada 179 179 1.8% 53,056 53,056 3.3%

Mexico 781 781 8.0% 152,918 152,918 9.6%

Brazil 529 206 2.1% 109,384 42,919 2.7%

Total Americas 7,130 6,807 70.0% 971,765 905,300 56.9%

Europe

Central 1,374 1,374 14.1% 185,303 185,303 11.7%

Northern 162 162 1.7% 91,174 91,174 5.8%

Southern 656 656 6.8% 131,205 131,205 8.2%

United Kingdom 622 622 6.4% 183,664 183,664 11.5%

Total Europe 2,814 2,814 29.0% 591,346 591,346 37.2%

Asia

China 106 32 0.3% 37,065 12,982 0.8%

Japan 62 62 0.7% 81,783 81,783 5.1%

Total Asia 168 94 1.0% 118,848 94,765 5.9%

Total land portfolio - owned and managed 10,112 9,715 100.0% $ 1,681,959 $1,591,411 100.0%

Estimated Build Out (in TB) $ 10,700,000

Land Roll Forward - Owned and Managed Americas Europe Asia Total

As of December 31, 2013 $ 913,708 $ 612,636 $ 58,907 $ 1,585,251

Acquisitions 48,738 16,694 71,484 136,916

Dispositions (10,330) (24,045) (4,414) (38,789)

Development starts (7,707) (20,832) (6,944) (35,483)

Infrastructure costs 28,607 5,799 381 34,787

Effect of changes in foreign exchange rates and other (1,251) 1,094 (566) (723)

As of March 31, 2014 $ 971,765 $ 591,346 $ 118,848 $ 1,681,959

LOGO

Capitalization

Overview

First Quarter 2014

Assets Under Management (in millions)

$ 31,283 $ 51,105 $ 51,105 $ 20,653 $60,000

Investment Capacity $3,160

$50,000 Asia 12.6% Investors’ share of ventures Europe

$40,000 AUM Investment $16,662 25.9%

Management $27,300 $30,000 Prologis share of

Debt ventures $7,478 $10,630

Total Americas Other

Enterprise 61.5% 1%

Direct owned and Yen

$20,000 other Value 5%

$23,805 $31,283 Euro 12% Equity $20,653

$10,000 U.S. Dollar 82% $-

Total Enterprise Value Assets Under Management Total AUM by Division Net Equity

Unencumbered Assets-Prologis Share (in billions)

Other CIP and $0.5

Land $2.7 Operating

Properties $17.4

Secured & Unsecured Debt-Prologis Share

Secured 28% Unsecured 72%

Fixed vs. Floating Debt-Prologis Share

Floating 5% Fixed 95% Debt Metrics (A)

2014 2013 First Quarter Fourth Quarter

Debt as % of gross real estate assets 37.1% 36.8%

Secured debt as % of gross real estate assets 10.7% 11.8%

Unencumbered gross real estate assets to unsecured debt 270.0% 263.7%

Fixed charge coverage ratio 2.85x 2.75x

Fixed charge coverage ratio, including development gains 3.24x 3.55x

Debt/Adjusted EBITDA 7.20x 7.14x

Debt/Adjusted EBITDA, including development gains 6.34x 5.51x

Debt/Adjusted EBITDA (adjusted for development) 6.04x 6.07x

Investment Ratings at March 31, 2014 (B)

Moody’s Baa2 (Outlook Positive)

Standard & Poor’s BBB+ (Outlook Stable)

(A) These calculations are included in the Notes and Definitions section, and are not calculated in accordance with the applicable SEC rules.

(B) A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time by the rating organization.

LOGO

Capitalization

Debt Summary

(dollars in millions) First Quarter 2014

Prologis Unsecured Credit Other Secured Total Prologis Share Wtd. Avg.

Senior Exchangeable Consolidated Unconsolidated

Facilities Debt Mortgage Total Consolidated Total Debt Interest Debt Debt Entities Debt Entities Debt $ %

Maturity (A) (A) Debt Debt Rate (B)

2014 $9 $- $- $1 $275 $285 $10 $295 $465 $760 $428 56.3% 4.1%

2015 175 460 - 1 134 770 9 779 853 1,632 1,048 64.2% 4.4%

2016 641 - 1 456 1,098 126 1,224 1,485 2,709 1,531 56.5% 5.0%

2017 438 - 84 226 748 4 752 678 1,430 909 63.6% 4.6%

2018 667 - 119 1 110 897 74 971 1,267 2,238 1,248 55.8% 4.5%

2019 693 - 1 285 979 2 981 584 1,565 1,139 72.8% 4.8%

2020 380 - 1 6 387 2 389 940 1,329 620 46.7% 5.3%

2021 500 - 6 506 2 508 762 1,270 670 52.8% 3.6%

2022 965 - 7 972 3 975 197 1,172 1,018 86.9% 3.1%

2023 850 - 7 857 1 858 135 993 878 88.4% 4.2%

Thereafter 965 - 10 130 1,105 5 1,110 - 1,110 1,108 99.8% 3.9%

Subtotal 6,283 460 119 100 1,642 8,604 238 8,842 7,366 16,208 10,597 65.4%

Unamortized net premiums (discounts) 13 (17) - 32 28 1 29 18 47 33 70.2%

Subtotal 6,296 443 119 100 1,674 8,632 239 8,871 7,384 16,255 $10,630 65.4% 4.3%

Third party share of debt - (174) (174) (5,451) (5,625)

Prologis share of debt $6,296 $443 $119 $100 $1,674 $8,632 $65 $8,697 $1,933 $10,630

Prologis share of debt by local currency

Dollars $4,283 $443 $0 $17 $1,645 $6,388 $60 $6,448 $847 $7,295

Euro 1,915 - 83 15 2,013 5 2,018 573 2,591

GBP - 268 268

Yen 98 - 119 - 14 231 - 231 231 462

Other - 14 14

Prologis share of debt $6,296 $443 $119 $100 $1,674 $8,632 $65 $8,697 $1,933 $10,630

Weighted average GAAP interest rate (C) 4.3% 3.3% 1.2% 2.3% 5.5% 4.4% 4.7% 4.4% 3.7% 4.3%

Weighted average remaining maturity in years 6.4 1.0 4.1 4.9 3.5 5.5 4.1 5.5 4.0 5.2

Prologis Share Wtd Avg

Near Term Maturities of Debt Interest Rate

Q2 2014 $155 3.6%

Q3 2014 185 4.6%

Q4 2014 88 3.9%

Q1 2015 476 3.4%

Total next 12 months $904 3.7%

Liquidity Aggregate lender commitments $2,465

Less: Borrowings outstanding 119 Outstanding letters of credit 73

Current availability $2,273 Unrestricted cash 189

Total liquidity $2,462 (A) The maturity date for the global senior credit facility and senior term loan is reflected at the extended maturity date.

(B) Interest rate is based on the effective rate (which includes the amortization of related premiums and discounts) assuming the net premiums (discounts) associated with the respective debt were included in the maturities by year.

LOGO

Debt Covenants and Other Metrics

(dollars in thousands) First Quarter 2014

Covenants as of March 31, 2014 (A)

Indenture (B) Global Line

Covenant Actual Covenant Actual

Leverage ratio <60% 32.2% <60% 32.0%

Fixed charge coverage ratio >1.5x 3.46x >1.5x 3.22x

Secured debt leverage ratio <40% 6.8% < 35% 7.0%

Unencumbered asset to unsecured debt ratio >150% 262.5% N/A N/A

Unencumbered debt service coverage ratio N/A N/A >150% 453.0%

Encum brances as of March 31, 2014

Unencum bered Encum bered Total

Consolidated operating properties $ 13,423,882 $ 4,524,591 $ 17,948,473

Consolidated development portfolio and land 2,559,936 36,022 2,595,958

Consolidated other investments in real estate 477,960 208,102 686,062

Total consolidated 16,461,778 4,768,715 21,230,493

Less: third party share of investments in real estate 569,363 337,375 906,738

Total consolidated - Prologis share 15,892,415 4,431,340 20,323,755

Unconsolidated operating properties - Prologis’ share 4,579,482 2,730,156 7,309,638

Unconsolidated development portfolio and land - Prologis’ share 107,982 4,720 112,702

Gross real estate assets - Prologis share $ 20,579,879 $ 7,166,216 $ 27,746,095

Secured and Unsecured Debt as of March 31, 2014

Unsecured Secured

Debt Mortgage Debt Total

Prologis debt $ 6,962,721 $ 1,641,956 $ 8,604,677

Consolidated entities debt - 237,586 237,586

Our share of unconsolidated entities debt 659,634 1,268,058 1,927,692

Total debt - at par 7,622,355 3,147,600 10,769,955

Less: third party share of consolidated debt - (173,166) (173,166)

Total Prologis share of debt - at par 7,622,355 2,974,434 10,596,789

Premium (discount) - consolidated (4,722) 33,094 28,372

Less: third party share of consolidated debt discount (premium) - (349) (349)

Our share of premium (discount) - unconsolidated - 5,302 5,302

Total Prologis share of debt, net of prem ium (discount) $ 7,617,633 $ 3,012,481 $ 10,630,114

(A) These calculations are made in accordance with the respective debt agreements, may be different than other covenants or metrics presented and are not calculated in accordance with the applicable SEC rules. Please refer to the respective agreements for full financial covenant descriptions and calculation methods.

(B) These covenants are calculated in accordance with the Indenture dated June 8, 2011 and its supplemental indentures, including the Fifth Supplemental Indenture dated August 15, 2013. Prologis © 2014 32

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Net Asset Value

Components (in thousands, except for percentages and per square foot) First Quarter 2014

Operating First Quarter First Quarter

Adjusted Adjusted Cash Annualized

Gross Book GBV per Cash NOI NOI (Pro Adjusted Cash Percent

Square Feet Value Sq Ft (Actual) Forma) NOI Occupied

CONSOLIDATED OPERATING PORTFOLIO (Prologis Share)

Properties generating net operating income

Americas 230,755 $ 14,982,951 $ 65 $ 235,464 $ 235,464 $ 941,856 97.1%

Europe 9,031 585,338 65 11,319 11,319 45,276 92.8%

Asia 6,810 771,807 113 10,720 10,720 42,880 98.0%

Pro forma adjustment for mid-quarter acquisitions/development completions 1,729 6,916

Sub-total 246,596 16,340,096 66 257,503 259,232 1,036,928 96.9%

Properties generating net operating loss

Americas 7,065 433,661 61 (2,715) 44.5%

Europe 1,839 139,530 76 (1,505) 27.8%

Asia 691 105,700 153 (393) 7.6%

Sub-total 9,595 678,891 71 (4,613) 38.6%

Prologis share of consolidated operating portfolio 256,191 $17,018,987 $66 $252,890 $259,232 $1,036,928 94.8%

UNCONSOLIDATED OPERATING PORTFOLIO (Prologis Share)

Prologis interest in unconsolidated operating portfolio

Americas 25,669 $ 1,970,179 $ 77 $ 27,735 $ 27,735 $ 110,940 94.2%

Europe 53,555 4,721,512 88 78,711 78,711 314,844 92.9%

Asia 3,520 569,357 162 8,031 8,031 32,124 98.5%

Pro forma adjustment for mid-quarter acquisitions/development completions 381 1,524

Prologis share of unconsolidated operating portfolio 82,744 $7,261,048 $88 $114,477 $114,858 $459,432 93.6%

Total operating portfolio 338,935 $24,280,035 $72 $367,367 $374,090 $1,496,360 94.5%

Development Investment Annualized Pro Percent

Square Feet Balance TEI TEI per Sq Ft Forma NOI Occupied

CONSOLIDATED (Prologis Share)

Prestabilized Americas 3,562 $ 164,861 $ 189,848 $ 53 $ 13,792 22.9%

Europe 238 12,460 15,167 64 1,296 0.0%

Asia 1,489 162,714 173,159 116 11,896 0.0% 15 . 4 %

Properties under development

Americas 9,719 433,104 748,452 77 50,282

Europe 3,464 168,733 377,961 109 27,919

Asia 2,203 109,844 303,068 138 19,491

Prologis share of consolidated development portfolio 20,675 $1,051,716 $1,807,655 $87 $124,676

UNCONSOLIDATED (Prologis Share)

Prologis interest in unconsolidated development portfolio

Americas 562 $35,308 $54,654 $97 $ 5,653

Europe 226 13,782 21,793 96 1,350

Asia 704 16,443 41,845 59 3,330

Prologis share of unconsolidated development portfolio 1,492 $65,533 $118,292 $79 $10,333

Total development portfolio 22,167 $1,117,249 $1,925,947 $87 $135,009

Prologis share of estimated value creation (see Capital Deployment—Development Portfolio) 408,817

Total development portfolio, including estimated value creation $1,526,066

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Net Asset Value

Components—Continued

(in thousands) First Quarter 2014

Balance Sheet and Other Items

As of March 31, 2014

CONSOLIDATED

Other assets

Cash and cash equivalents $ 188,886

Restricted cash 9,750

Deposits, prepaid assets and other tangible assets 662,376

Other real estate investments 494,359

Prologis’ share of value added operating properties 97,278

Accounts receivable 114,880

Notes receivable backed by real estate and other assets 191,703

Prologis receivable from unconsolidated co-investment ventures 122,545

Investments in and advances to other unconsolidated joint ventures 174,742

Less: third party share of other assets (168,310)

Total other assets—Prologis share $ 1,888,209

Other liabilities

Accounts payable and other current liabilities 572,754

Deferred income taxes 182,932

Value added tax and other tax liabilities 40,359

Tenant security deposits 193,322

Other liabilities 301,903

Less: third party share of other liabilities (15,093)

Total liabilities and noncontrolling interests—Prologis share $ 1,276,177

UNCONSOLIDATED

Prologis share of net assets (liabilities) $ 88,376

Land

Investment Balance

Our share of original land basis $ 2,469,355

Current book value of land $ 1,544,242

Less: third party share of the current book value of land —

Prologis share of book value of land in unconsolidated entities 47,169

Total $ 1,591,411

Investment Management / Development Management

First Quarter Annualized

Investment management

Investment management income $45,310 $181,240

Investment management expenses (24,163) (96,652)

Investment management income, net of expenses, from consolidated Co-Investment Ventures 2,734 10,936

Investment management NOI $ 23,881 $ 95,524

Promotes earned in last 12 months, net of expenses $ 15,093

Development management income $1,132 $ 4,528

Debt (at par) and Preferred Stock

As of March 31, 2014

Prologis debt $ 8,604,677

Consolidated entities debt 237,586

Less: third party share of consolidated debt (173,166)

Prologis share of unconsolidated debt 1,927,692

Subtotal debt 10,596,789

Preferred stock 100,000

Total debt and preferred stock $10,696,789

Outstanding shares of common stock 499,651

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First Quarter 2014

Notes and Definitions

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Notes and Definitions

First Quarter 2014

Please refer to our annual and quarterly financial statements filed with the Securities and Exchange Commission on Forms 10-K and 10-Q and other public reports for further information about us and our business. Certain amounts from previous periods presented in the Supplemental Information have been reclassified to conform to the current presentation.

Acquisition cost, as presented for building acquisitions, represents the economic cost and not necessarily what is capitalized. It includes the initial purchase price; the effects of marking assumed debt to market; if applicable, all due diligence and lease intangibles; and estimated acquisition capital expenditures including leasing costs to achieve stabilization.

Adjusted EBITDA. We use Adjusted EBITDA to measure both our operating performance and liquidity. We calculate Adjusted EBITDA beginning with consolidated net earnings (loss) and removing the effect of interest, income taxes, depreciation and amortization, impairment charges, third party acquisition expenses related to the acquisition of real estate, gains or losses from the acquisition or disposition of investments in real estate, gains or losses on early extinguishment of debt and derivative contracts (including cash charges), similar adjustments we make to our FFO measures (see definition below), and other non-cash charges or gains (such as stock based compensation amortization and unrealized gains or losses on foreign currency and derivative activity and related amortization). We make adjustments to reflect our economic ownership in each entity, whether consolidated or unconsolidated.

We consider Adjusted EBITDA to provide investors relevant and useful information because it permits investors to view income from operations on an unleveraged basis before the effects of income tax, non-cash depreciation and amortization expense and other items (including stock-based compensation amortization and certain unrealized gains and losses), gains or losses from the acquisition or disposition of investments in real estate, items that affect comparability, and other significant non-cash items. We also include a pro forma adjustment in Adjusted EBITDA to reflect a full period of NOI on the operating properties we acquire, stabilize or dispose of during the quarter assuming the transaction occurred at the beginning of the quarter. By excluding interest expense, Adjusted EBITDA allows investors to measure our operating performance independent of our capital structure and indebtedness and, therefore, allows for a more meaningful comparison of our operating performance to that of other companies, both in the real estate industry and in other industries. Gains and losses on the early extinguishment of debt generally include the costs of repurchasing debt securities. While not infrequent or unusual in nature, these items result from market fluctuations that can have inconsistent effects on our results of operations. The economics underlying these items reflect market and financing conditions in the short-term but can obscure our performance and the value of our long-term investment decisions and strategies.

We believe that Adjusted EBITDA helps investors to analyze our ability to meet interest payment obligations and to make quarterly preferred share dividends. We believe that investors should consider Adjusted EBITDA in conjunction with net earnings (the primary measure of our performance) and the other required Generally Accepted Accounting Principles (“GAAP”) measures of our performance and liquidity, to improve their understanding of our operating results and liquidity, and to make more meaningful comparisons of our performance against other companies. By using Adjusted EBITDA, an investor is assessing the earnings generated by our operations but not taking into account the eliminated expenses or gains incurred in connection with such operations. As a result, Adjusted EBITDA has limitations as an analytical tool and should be used in conjunction with our required GAAP presentations. Adjusted EBITDA does not reflect our historical cash expenditures or future cash requirements for working capital, capital expenditures, distribution requirements or contractual commitments. Adjusted EBITDA, also does not reflect the cash required to make interest and principal payments on our outstanding debt.

While EBITDA is a relevant and widely used measure of operating performance, it does not represent net income or cash flow from operations as defined by GAAP and it should not be considered as an alternative to those indicators in evaluating operating performance or liquidity. Further, our computation of Adjusted EBITDA may not be comparable to EBITDA reported by other companies. We compensate for the limitations of Adjusted EBITDA by providing investors with financial statements prepared according to GAAP, along with this detailed discussion of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to consolidated net earnings (loss), a GAAP measurement.

Adjusted Cash NOI (Actual). A reconciliation of our rental income and rental expenses included in our Statement of Operations to adjusted cash NOI for the consolidated operating portfolio for purposes of the Net Asset Value calculation is as follows (in thousands):

Rental income $ 388,240

Rental expenses (110,517)

NOI 277,723

Net termination fees and adjustments (a) (906)

Less: actual NOI for development portfolio and other (15,907)

Less: properties contributed or sold (b) (586)

Less: third party share of NOI (15,157)

Adjusted NOI for consolidated operating portfolio owned at March 31, 2014 245,167

Straight-lined rents (c) (12,180)

Free rent (c) 12,916

Amortization of lease intangibles (c) 7,601

Less: third party share (614)

First Quarter Adjusted Cash NOI (Actual) $ 252,890

(a) Net termination fees generally represent the gross fee negotiated at the time a customer is allowed to terminate its lease agreement offset by that customer’s rent leveling asset or liability, if any, that has been previously recognized. Removing the net termination fees from rental income allows for the calculation of Adjusted Cash NOI (Pro forma) to include only rental income that is indicative of the property’s recurring operating performance.

(b) The actual NOI for properties that were contributed or sold during the three-month period is removed.

(c) Straight-lined rents, free rent amount, and amortization of lease intangibles (above and below market leases) are removed from rental income for the Operating Portfolio to allow for the calculation of a cash yield.

Adjusted Cash NOI (Pro forma) consists of Adjusted Cash NOI (Actual) for the properties generating net operating income in our Operating Portfolio adjusted to reflect NOI for a full quarter for operating properties that were acquired or stabilized during the quarter. Adjusted Cash NOI (Pro forma) for the properties in our Development Portfolio is based on current Total Expected Investment and an estimated stabilized yield.

Assets Under Management (“AUM”) represents the estimated value of the real estate we own or manage through both our consolidated and unconsolidated entities. We calculate AUM by adding the third party investors’ share of the estimated fair value of the assets in the co-investment ventures to our share of total market capitalization (calculated using the market price of our equity plus our share of total debt).

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Notes and Definitions

(continued)

First Quarter 2014

Calculation of Per Share Amounts is as follows (in thousands, except per share amounts):

Three Months Ended March 31, 2014 2013 Net earnings Net earnings $ 4,666 $ 265,416 Noncontrolling interest attributable to exchangeable partnership units 17 1,182 Interest expense on exchangeable debt assumed converted — 4,235 Adjusted net earnings—Diluted $ 4,683 $ 270,833

Weighted average common shares outstanding—Basic 498,696 461,468

Incremental weighted average effect on exchange of limited partnership units 1,767 3,039

Incremental weighted average effect of stock awards 3,910 2,566

Incremental weighted average effect on exchangeable debt assumed converted — 11,879

Weighted average common shares outstanding—Diluted 504,373 478,952 Net earnings per share—Basic $ 0.01 $ 0.58

Net earnings per share—Diluted $ 0.01 $ 0.57 Core FFO Core FFO $ 217,555 $ 187,937

Noncontrolling interest attributable to exchangeable limited partnership units 207 489 Interest expense on exchangeable debt assumed converted 4,246 4,235 Core FFO—Diluted $ 222,008 $ 192,661 Weighted average common shares outstanding—Basic 498,696 461,468 Incremental weighted average effect on exchange of limited partnership units 3,715 3,039 Incremental weighted average effect of stock awards 3,910 2,566 Incremental weighted average effect on exchangeable debt assumed converted 11,879 11,879 Weighted average common shares outstanding—Diluted 518,200 478,952

Core FFO per share—Diluted $ 0.43 $ 0.40

Debt Metrics. See below for the detailed calculations for the respective period (dollars in thousands):

Three Months Ended

Mar. 31 Dec. 31 2014 2013 Debt as a % of gross real estate assets: Total Prologis share of debt—at par $ 10,596,789 $ 11,072,140 Less: consolidated cash and cash equivalents—Prologis share (173,461) (491,129) Less: unconsolidated entities cash—Prologis share (120,272) (145,186) Total Prologis share of debt, net of adjustments $ 10,303,056 $ 10,435,825 Gross real estate assets—Prologis share $ 27,746,095 $ 28,341,814 Debt as a % of gross real estate assets 37.1% 36.8% Secured debt as a % of gross real estate assets: Prologis share of secured debt—at par $ 2,974,434 $ 3,336,445

Gross real estate assets—Prologis share $ 27,746,095 $ 28,341,814

Secured debt as a % of gross real estate assets 10.7% 11.8%

Unencumbered gross real estate assets to unsecured debt:

Unencumbered gross real estate assets—Prologis share $ 20,579,879 $ 20,396,363

Prologis share of unsecured debt—at par $ 7,622,355 $ 7,735,695

Unencumbered gross real estate assets to unsecured debt 270.0% 263.7%

Fixed Charge Coverage ratio: Adjusted EBITDA $ 354,093 $ 366,664 Pro forma adjustment for mid-quarter activity and NOI from disposed properties (492) 4,490 Adjusted EBITDA, including NOI from disposed properties $ 353,601 $ 371,154

Adjusted EBITDA, including NOI from disposed properties, annualized (a) $ 1,429,497 $ 1,479,337

Add: Prologis share of gains on dispositions of development properties for

the twelve months ended 194,865 432,295

Adjusted EBITDA, including NOI from disposed properties and gains on dispositions, annualized $ 1,624,362 $ 1,911,632

Interest expense $ 85,523 $ 87,832

Amortization and write-off of deferred loan costs (3,467) (3,908)

Amortization of debt premium (discount), net 5,835 8,501

Capitalized interest 14,573 17,849

Preferred stock dividends 2,135 2,135

Third party share of fixed charges from consolidated entities (2,354) -

Our share of fixed charges from unconsolidated entities 22,930 22,233

Total fixed charges $ 125,175 $ 134,642

Total fixed charges, annualized $ 500,700 $ 538,568

Fixed charge coverage ratio 2.85x 2.75x

Fixed charge coverage ratio, including development gains 3.24x 3.55x

Debt to Adjusted EBITDA:

Total Prologis share of debt, net of adjustments $ 10,303,056 $ 10,435,825

Adjusted EBITDA-annualized (a) $ 1,431,465 $ 1,461,377

Add: Prologis share of gains on dispositions of development properties for

the twelve months ended 194,865 432,295

Adjusted EBITDA-annualized (a), including gains on dispositions $ 1,626,330 $ 1,893,672

Debt to Adjusted EBITDA ratio 7.20x 7.14x

Debt to Adjusted EBITDA ratio, including development gains 6.34x 5.51x

Debt to Adjusted EBITDA (adjusted for development):

Total Prologis share of debt, net of adjustments $ 10,303,056 $ 10,435,825

Add: costs to complete—Prologis share 750,108 857,688

Less: current book value of land—Prologis share (1,591,411) (1,542,362) $ 9,461,753 $ 9,751,151

Adjusted EBITDA-annualized (a) $ 1,431,465 $ 1,461,377 Add: annualized proforma NOI—Prologis share 135,009 146,049

1,566,474 1,607,426

Debt to Adjusted EBITDA (adjusted for development) ratio 6.04x 6.07x

(a) Actual promote revenue and related expenses for the quarter, if any, are removed from the EBITDA amount for the quarter before annualizing, then the actual promote revenue and related expenses for the previous twelve months are added to the annualized number. For the three months ended March 31, 2014 and December 31, 2013, actual promote revenue, net of related expenses, for the previous twelve months was $15.1 million.

Development Margin is calculated on developed properties as the estimated value at Stabilization minus estimated total investment, before closing costs, the impact of any deferred rents, taxes or third party promotes net of deferred amounts on contributions, divided by the estimated total investment.

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Notes and Definitions

(continued)

First Quarter 2014

Development Portfolio includes industrial properties that are under development and properties that are developed but have not met Stabilization.

Discontinued Operations. In April 2014, the FASB issued a standard updating the accounting and disclosure regarding discontinued operations. Early adoption on a prospective basis is allowed, therefore, we have adopted this standard as of January 1, 2014. As a result, none of our property dispositions in 2014 met the criteria to be classified as discontinued operations. The operations of the properties that were disposed of to third parties during 2013 that met the criteria for discontinued operations, including the aggregate net gains or losses recognized upon their disposition, are presented as discontinued operations in our Consolidated Statements of Operations. The income attributable to these properties was as follows (in thousands):

Three Months Ended

March 31,

2014 2013

Rental income $ — $ 623

Rental expenses — (174)

Depreciation and amortization — (164)

Interest expense — (38)

Income attributable to disposed properties and assets held for sale $ — $ 247

Estimated Build Out (TEI and sq ft)- represents the estimated TEI and finished square feet available for rent upon completion of an industrial building on existing parcels of land.

FFO, as defined by Prologis; Core FFO; Core AFFO (collectively referred to as “FFO”). FFO is a non-GAAP measure that is commonly used in the real estate industry. The most directly comparable GAAP measure to FFO is net earnings. Although the National Association of Real Estate Investment Trusts (“NAREIT”) has published a definition of FFO, modifications to the

NAREIT calculation of FFO are common among REITs, as companies seek to provide financial measures that meaningfully reflect their business.

FFO is not meant to represent a comprehensive system of financial reporting and does not present, nor do we intend it to present, a complete picture of our financial condition and operating performance. We believe net earnings computed under GAAP remains the primary measure of performance and that FFO is only meaningful when it is used in conjunction with net earnings computed under GAAP. Further, we believe our consolidated financial statements, prepared in accordance with GAAP, provide the most meaningful picture of our financial condition and our operating performance.

NAREIT’s FFO measure adjusts net earnings computed under GAAP to exclude historical cost depreciation and gains and losses from the sales, along with impairment charges, of previously depreciated properties. We agree that these NAREIT adjustments are useful to investors for the following reasons: (i) historical cost accounting for real estate assets in accordance with GAAP assumes, through depreciation charges, that the value of real estate assets diminishes predictably over time.

NAREIT stated in its White Paper on FFO “since real estate asset values have historically risen or fallen with market conditions, many industry investors have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves.” Consequently, NAREIT’s definition of FFO reflects the fact that real estate, as an asset class, generally appreciates over time and depreciation charges required by GAAP do not reflect the underlying economic realities.

(ii) REITs were created as a legal form of organization in order to encourage public ownership of real estate as an asset class through investment in firms that were in the business of long-term ownership and management of real estate. The exclusion, in NAREIT’s definition of FFO, of gains and losses from the sales, along with impairment charges, of previously depreciated operating real estate assets allows investors and analysts to readily identify the operating results of the long-term assets that form the core of a REIT’s activity and assists in comparing those operating results between periods. We include the gains and losses (including impairment charges) from dispositions of land and development properties, as well as our proportionate share of the gains and losses (including impairment charges) from dispositions of development properties recognized by our unconsolidated entities, in our definition of FFO.

Our FFO Measures

At the same time that NAREIT created and defined its FFO measure for the REIT industry, it also recognized that “management of each of its member companies has the responsibility and authority to publish financial information that it regards as useful to the financial community.” We believe stockholders, potential investors and financial analysts who review our operating results are best served by a defined FFO measure that includes other adjustments to net earnings computed under GAAP in addition to those included in the NAREIT defined measure of FFO. Our FFO measures are used by management in analyzing our business and the performance of our properties and we believe that it is important that stockholders, potential investors and financial analysts understand the measures management uses.

We use these FFO measures, including by segment and region, to: (i) evaluate our performance and the performance of our properties in comparison to expected results and results of previous periods, relative to resource allocation decisions; (ii) evaluate the performance of our management; (iii) budget and forecast future results to assist in the allocation of resources; (iv) assess our performance as compared to similar real estate companies and the industry in general; and (v) evaluate how a specific potential investment will impact our future results. Because we make decisions with regard to our performance with a long-term outlook, we believe it is appropriate to remove the effects of short-term items that we do not expect to affect the underlying long-term performance of the properties. The long-term performance of our properties is principally driven by rental income. While not infrequent or unusual, these additional items we exclude in calculating FFO, as defined by Prologis, are subject to significant fluctuations from period to period that cause both positive and negative short-term effects on our results of operations in inconsistent and unpredictable directions that are not relevant to our long-term outlook.

We use our FFO measures as supplemental financial measures of operating performance. We do not use our FFO measures as, nor should they be considered to be, alternatives to net earnings computed under GAAP, as indicators of our operating performance, as alternatives to cash from operating activities computed under GAAP or as indicators of our ability to fund our cash needs.

FFO, as defined by Prologis

To arrive at FFO, as defined by Prologis, we adjust the NAREIT defined FFO measure to exclude: (i) deferred income tax benefits and deferred income tax expenses recognized by our subsidiaries; (ii) current income tax expense related to acquired tax liabilities that were recorded as deferred tax liabilities in an acquisition, to the extent the expense is offset with a deferred income tax benefit in GAAP earnings that is excluded from our defined FFO measure; (iii) foreign currency exchange gains and losses resulting from debt transactions between us and our foreign consolidated subsidiaries and our foreign unconsolidated entities; (iv) foreign currency exchange gains and losses from the remeasurement (based on current foreign currency exchange rates) of certain third party debt of our foreign consolidated subsidiaries and our foreign unconsolidated entities; and (v) mark-to-market adjustments and related amortization of debt discounts associated with derivative financial instruments.

We calculate FFO, as defined by Prologis for our unconsolidated entities on the same basis as we calculate our FFO, as defined by Prologis.

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Notes and Definitions (continued)

First Quarter 2014 We believe investors are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in planning and executing our business strategy. Core FFO In addition to FFO, as defined by Prologis, we also use Core FFO. To arrive at Core FFO, we adjust FFO, as defined by Prologis, to exclude the following recurring and non-recurring items that we recognized directly or our share of these items recognized by our unconsolidated entities to the extent they are included in FFO, as defined by Prologis:

(i) gains or losses from acquisition, contribution or sale of land or development properties; (ii) income tax expense related to the sale of investments in real estate and third-party acquisition costs related to the acquisition of real estate; (iii) impairment charges recognized related to our investments in real estate generally as a result of our change in intent to contribute or sell these properties; (iv) gains or losses from the early extinguishment of debt; (v) merger, acquisition and other integration expenses; and (vi) expenses related to natural disasters. We believe it is appropriate to further adjust our FFO, as defined by Prologis for certain recurring items as they were driven by transactional activity and factors relating to the financial and real estate markets, rather than factors specific to the on-going operating performance of our properties or investments. The impairment charges we have recognized were primarily based on valuations of real estate, which had declined due to market conditions, that we no longer expected to hold for long-term investment. Over the last few years, we made it a priority to strengthen our financial position by reducing our debt, our investment in certain low yielding assets and our exposure to foreign currency exchange fluctuations. As a result, we changed our intent to sell or contribute certain of our real estate properties and recorded impairment charges when we did not expect to recover the costs of our investment. Also, we have purchased portions of our debt securities when we believed it was advantageous to do so, which was based on market conditions, and in an effort to lower our borrowing costs and extend our debt maturities. As a result, we have recognized net gains or losses on the early extinguishment of certain debt due to the financial market conditions at that time. In addition, we and our co-investment ventures make acquisitions of real estate and we believe the costs associated with these transactions are transaction based and not part of our core operations. We analyze our operating performance primarily by the rental income of our real estate and the revenue driven by our investment management business, net of operating, administrative and financing expenses. This income stream is not directly impacted by fluctuations in the market value of our investments in real estate or debt securities. As a result, although these items have had a material impact on our operations and are reflected in our financial statements, the removal of the effects of these items allows us to better understand the core operating performance of our properties over the long-term.

We use Core FFO, including by segment and region, to: (i) evaluate our performance and the performance of our properties in comparison to expected results and results of previous periods, relative to resource allocation decisions; (ii) evaluate the performance of our management; (iii) budget and forecast future results to assist in the allocation of resources; (iv) provide guidance to the financial markets to understand our expected operating performance; (v) assess our operating performance as compared to similar real estate companies and the industry in general; and (vi) evaluate how a specific potential investment will impact our future results. Because we make decisions with regard to our performance with a long-term outlook, we believe it is appropriate to remove the effects of items that we do not expect to affect the underlying long-term performance of the properties we own. As noted above, we believe the long-term performance of our properties is principally driven by rental income. We believe investors are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in planning and executing our business strategy. Core AFFO To arrive at Core AFFO, we adjust Core FFO to further exclude our share of; (i) straight-line rents; (ii) amortization of above- and below-market lease intangibles; (iii) recurring capital expenditures; (iv) amortization of management contracts; (v) amortization of debt premiums and discounts, net of amounts capitalized, and; (vi) stock compensation expense. We believe Core AFFO provides a meaningful indicator of our ability to fund cash needs, including cash distributions to our stockholders. Limitations on Use of our FFO Measures While we believe our defined FFO measures are important supplemental measures, neither NAREIT’s nor our measures of FFO should be used alone because they exclude significant economic components of net earnings computed under GAAP and are, therefore, limited as an analytical tool. Accordingly, these are only a few of the many measures we use when analyzing our business. Some of these limitations are: The current income tax expenses and acquisition costs that are excluded from our defined FFO measures represent the taxes and transaction costs that are payable. Depreciation and amortization of real estate assets are economic costs that are excluded from FFO. FFO is limited, as it does not reflect the cash requirements that may be necessary for future replacements of the real estate assets. Further, the amortization of capital expenditures and leasing costs necessary to maintain the operating performance of industrial properties are not reflected in FFO. Gains or losses from property acquisitions and dispositions or impairment charges related to expected dispositions represent changes in value of the properties. By excluding these gains and losses, FFO does not capture realized changes in the value of acquired or disposed properties arising from changes in market conditions. The deferred income tax benefits and expenses that are excluded from our defined FFO measures result from the creation of a deferred income tax asset or liability that may have to be settled at some future point. Our defined FFO measures do not currently reflect any income or expense that may result from such settlement. The foreign currency exchange gains and losses that are excluded from our defined FFO measures are generally recognized based on movements in foreign currency exchange rates through a specific point in time. The ultimate settlement of our foreign currency-denominated net assets is indefinite as to timing and amount. Our FFO measures are limited in that they do not reflect the current period changes in these net assets that result from periodic foreign currency exchange rate movements. The gains and losses on extinguishment of debt that we exclude from our Core FFO, may provide a benefit or cost to us as we may be settling our debt at less or more than our future obligation. The merger, acquisition and other integration expenses and the natural disaster expenses that we exclude from Core FFO are costs that we have incurred. We compensate for these limitations by using our FFO measures only in conjunction with net earnings computed under GAAP when making our decisions. This information should be read with our complete consolidated financial statements prepared under GAAP. To assist investors in compensating for these limitations, we reconcile our defined FFO measures to our net earnings computed under GAAP. Fixed Charge Coverage is defined as Adjusted EBITDA divided by total fixed charges. Fixed charges consist of net interest expense adjusted for amortization of finance costs and debt discount (premium), capitalized interest, and preferred stock dividends. We use fixed charge

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First Quarter 2014

coverage to measure our liquidity. We believe that fixed charge coverage is relevant and useful to investors because it allows fixed income investors to measure our ability to make interest payments on outstanding debt and make distributions/dividends to preferred unitholders/stockholders. Our computation of fixed charge coverage is not calculated in accordance with applicable SEC rules and may not be comparable to fixed charge coverage reported by other companies.

General and Administrative Expenses (“G&A”) were as follows (in thousands):

Three Months Ended

March 31,

2014 2013

Gross overhead $ 117,249 $ 106,745

Less: rental expenses (8,123) (9,466)

Less: investment management expenses (24,163) (19,909)

Capitalized amounts (21,760) (21,173)

G&A $ 63,203 $ 56,197

We capitalize certain costs directly related to our development and leasing activities. Capitalized G&A expenses include salaries and related costs as well as other G&A costs. The capitalized costs were as follows (in thousands):

Three Months Ended

March 31,

2014 2013

Development activities $ 16,861 $ 15,190

Leasing activities 4,718 5,485

Costs related to internally developed software 181 498

Total capitalized G&A $ 21,760 $ 21,173

G&A as a percent of Assets Under Management (in thousands):

Net G&A—midpoint of 2014 guidance range (a) $ 238,000

Add: Investment management expenses- midpoint of 2014 guidance range (a) 97,500

Adjusted G&A, using 2014 guidance (a) $ 335,500

Carrying value at period end:

Operating properties $ 42,222,132

Development portfolio—TEI 2,321,476

Land portfolio 1,681,959

Other real estate investments 494,359

Total Assets Under Management $ 46,719,926

G&A as % of Assets Under Management 0.72%

G&A as a percent of Assets Under Management – Prologis Share (in thousands):

Net G&A—midpoint of 2014 guidance range (a) $ 238,000

Less: investment management income-midpoint of 2014 guidance range (a) (205,000)

Add: investment management expenses- midpoint of 2014 guidance range (a) 97,500

Adjusted G&A, using 2014 guidance (a) $ 130,500

Carrying value at period end:

Operating properties—Prologis share $ 24,377,313

Development portfolio—Prologis share of TEI 1,925,947

Land portfolio—Prologis share 1,591,411

Other real estate investments 494,359

Total Assets Under Management—Prologis share $ 28,389,030

G&A as % of Assets Under Management—Prologis share 0.46%

(a)

These amounts represent the midpoint of the 2014 guidance provided in this Supplemental

Package.

Global Markets comprise approximately 30 of the largest markets tied to global trade. These

markets feature large population centers with high per-capita consumption and are located near

major seaports, airports, and ground transportation systems.

Interest Expense consisted of the following (in thousands):

Three Months Ended

March 31,

2014 2013

Gross interest expense $ 102,464 $ 136,199

Amortization of discount (premium), net (5,835) (10,715)

Amortization of deferred loan costs 3,467 3,288

Interest expense before capitalization 100,096 128,772

Capitalized amounts (14,573) (13,744)

Net interest expense $ 85,523 $ 115,028

Investment Capacity is our estimate of the gross real estate, which could be acquired by our co-investment ventures through the use of existing equity commitments from us and our partners plus up to the ventures maximum leverage limits.

Investment Management NOI represents investment management income less investment management expenses.

Net Asset Value (“NAV”). We consider NAV to be a useful supplemental measure of our operating performance because it enables both management and investors to estimate the fair value of our business. The assessment of the fair value of a particular segment of our business is subjective in that it involves estimates and can be calculated using various methods. Therefore, we have presented the financial results and investments related to our business segments that we believe are important in calculating our NAV but have not presented any specific methodology nor provided any guidance on the assumptions or estimates that should be used in the calculation.

The components of NAV do not consider the potential changes in rental and fee income streams or the franchise value associated with our global operating platform, investment management platform, or development platform.

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First Quarter 2014

Net Effective Rent Change (GAAP) represents the change on operating portfolio properties in net effective rental rates (average rate over the lease term) on new and renewed leases signed during the period as compared with the previous effective rental rates in that same space.

Net Operating Income (“NOI”) represents rental income less rental expenses.

Noncontrolling Interest. The following table includes information for each entity we consolidate and in which we own less than 100% (dollars in thousands):

Ownership Noncontrolling

Percentage Interest Real Estate Debt

Mexico Fondo Logistico 20.0% 224,723 458,859 190,716

Brazil Fund 50.0% 74,137 — -

Prologis U.S. Logistics Venture 55.0% 443,846 999,134 -

Other consolidated entities various 131,870 1,099,190 47,432

Limited partners in the Operating Partnership 47,632 — -

Noncontrolling interests $ 922,208 $ 2,557,183 $ 238,148

Operating Portfolio includes stabilized industrial properties in our owned and managed portfolio. A developed property moves into the Operating Portfolio when it meets Stabilization.

Pro-Rata Balance Sheet and Operating Information. The consolidated amounts shown are derived from and prepared on a consistent basis with our consolidated financial statements and are adjusted to remove the amounts attributable to non-controlling interests. The Prologis share of unconsolidated co-investment ventures column was derived on an entity-by-entity basis by applying our ownership percentage to each line item to calculate our share of that line item. For purposes of balance sheet data, we used our ownership percentage at the end of the period and for operating information, we used our average ownership percentage for the period, consistent with how we calculate our share of net earnings (loss) during the period. We used a similar calculation to derive the noncontrolling interests’ share of each line item. In order to present the total owned and managed portfolio, we added our investors’ share of each line item in the unconsolidated co-investment ventures and the noncontrolling interests share of each line item to the Prologis Total Share.

Prologis Share represents our proportionate economic ownership of each entity included in our total owned and managed portfolio.

Regional Markets benefit from large population centers but typically are not as tied to the global supply chain, but rather serve local consumption and are often less supply constrained.

Rental Income included the following (in thousands):

Three Months Ended

March 31,

2014 2013

Rental income $ 295,506 $ 348,917

Amortization of lease intangibles (7,694) (9,919)

Rental expense recoveries 87,362 99,113

Straight-lined rents 13,066 16,678

$ 388,240 $ 454,789

Same Store. We evaluate the operating performance of the operating properties we own and manage using a “Same Store” analysis because the population of properties in this analysis is consistent from period to period, thereby eliminating the effects of changes in the composition of the portfolio on performance measures. We include the properties included in our owned and managed portfolio that were in operation at January 1, 2013 and throughout the full periods in both 2013 and 2014. We have removed all properties that were disposed of to a third party from the population for both periods. We believe the factors that impact rental income, rental expenses and NOI in the Same Store portfolio are generally the same as for the total operating portfolio. In order to derive an appropriate measure of period-to-period operating performance, we remove the effects of foreign currency exchange rate movements by using the current exchange rate to translate from local currency into U.S. dollars, for both periods.

Our same store measures are non-GAAP measures that are commonly used in the real estate industry and are calculated beginning with rental income and rental expenses from the financial statements prepared in accordance with GAAP. It is also common in the real estate industry and expected from the analyst and investor community that these numbers be further adjusted to remove certain non-cash items included in the financial statements prepared in accordance with GAAP to reflect a cash same store number. In order to clearly label these metrics, we call one Same Store NOI- GAAP and one Same Store NOI-Adjusted Cash. As these are non-GAAP measures they have certain limitations as an analytical tool and may vary among real estate companies. As a result, we provide a reconciliation from our financial statements prepared in accordance with GAAP to Same Store NOI-GAAP and then to Same Store NOI-Adjusted Cash with explanations of how these metrics are calculated and adjusted.

The following is a reconciliation of our consolidated rental income, rental expenses and NOI, as included in the Consolidated Statements of Operations, to the respective amounts in our Same Store portfolio analysis (dollars in thousands):

Three Months Ended

March 31,

Change

2014 2013 (%)

Rental Income:

Per the Consolidated Statements of Operations $ 388,240 $ 454,789

Properties not included and other adjustments (a) (32,814) (17,673)

Unconsolidated Co-Investment Ventures 449,816 355,878

Same Store—Rental Income 805,242 792,994 1.5%

Rental Expense:

Per the Consolidated Statements of Operations 110,517 133,919

Properties not included and other adjustments (b) (1,073) (6,113)

Unconsolidated Co-Investment Ventures 109,219 95,592

Same Store—Rental Expense 218,663 223,398 -2.1%

NOI-GAAP:

Per the Consolidated Statements of Operations 277,723 320,870

Properties not included and other adjustments (31,741) (11,560)

Unconsolidated Co-Investment Ventures 340,597 260,286

Same Store—NOI—GAAP 586,579 569,596 3.0%

NOI-Adjusted Cash:

Same store- NOI—GAAP 586,579 569,596

Adjustments (c) (5,405) (11,299)

Same Store—NOI- Adjusted Cash 581,174 558,297 4.1%

(a) To calculate Same Store rental income, we exclude the net termination and renegotiation fees to allow us to evaluate the growth or decline in each property’s rental income without regard to items that are not indicative of the property’s recurring operating performance.

(b) To calculate Same Store rental expense, we include an allocation of the property management expenses for our consolidated properties based on the property management fee that is provided for in the individual management agreements under which our wholly

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First Quarter 2014

owned management companies provide property management services (generally the fee is based on a percentage of revenue). On consolidation, the management fee income and expenses are eliminated and the actual cost of providing property management services is recognized.

(c) In order to derive Same Store- NOI—Adjusted Cash, we adjust Same Store- NOI- GAAP to exclude non-cash items included in our rental income in our GAAP financial statements, including straight line rent adjustments and adjustments related to purchase accounts to reflect leases at fair value at the time of acquisition.

Same Store Average Occupancy represents the average occupied percentage of the Same Store portfolio for the period.

Stabilization is defined when a property that was developed has been completed for one year or is 90% occupied. Upon stabilization, a property is moved into our Operating Portfolio.

Tenant Retention is the square footage of all leases rented by existing tenants divided by the square footage of all expiring and rented leases during the reporting period, excluding the square footage of tenants that default or buy-out prior to expiration of their lease, short-term tenants and the square footage of month-to-month leases.

Total Expected Investment (“TEI”) represents total estimated cost of development or expansion, including land, development and leasing costs. TEI is based on current projections and is subject to change. Non-U.S. dollar investments are translated to U.S. dollars using the exchange rate at period end or the date of development start for purposes of calculating development starts in any period.

Turnover Costs represent the costs incurred in connection with the signing of a lease, including leasing commissions and tenant improvements. Tenant improvements include costs to prepare a space for a new tenant and for a lease renewal with the same tenant. It excludes costs to prepare a space that is being leased for the first time (i.e. in a new development property).

Value-Added Acquisitions are properties we acquire for which we believe the discount in pricing attributed to the operating challenges could provide greater returns post-stabilization than the returns of stabilized properties that are not Value-Added Acquisitions. Value Added Acquisitions must have one or more of the following characteristics: (i) existing vacancy in excess of 20%; (ii) short term lease roll-over, typically during the first two years of ownership; (iii) significant capital improvement requirements in excess of 10% of the purchase price and must be invested within the first two years of ownership.

Value-Added Conversions represent the repurposing of industrial properties to a higher and better use, including office, residential, retail, research and development, data center, self storage or manufacturing with the intent to ultimately sell the property once repositioned. Activities required to prepare the property for conversion to a higher and better use may include such activities as re-zoning, re-designing, re-constructing, and re-tenanting. The economic gain on sales of value added conversions represents the amount by which the sales proceeds exceed our original cost in dollars and percentages.

Value Creation represents the value that we will create through our development and leasing activities. We calculate value creation by estimating the NOI that the property will generate at Stabilization and applying an estimated stabilized capitalization rate applicable to that property. The value creation is calculated as the amount by which the estimated value exceeds our total expected investment and does not include any fees or promotes we may earn.

Weighted Average Estimated Stabilized Yield is calculated as NOI assuming stabilized occupancy divided by Acquisition Cost or TEI, as applicable.