Earnings Release and Supplemental Information Unaudited First Quarter 2012

Copyright © 2012 Prologis First Quarter 2012 Report Table of Contents Overview Press Release 1 Highlights Company Profile 4 Financial Statements Consolidated Balance Sheets 6 Consolidated Statements of Operations 7 Consolidated Statements of Funds from Operations (FFO) 8 Reconciliation of Net Earnings (Loss) to FFO 9 EBITDA Reconciliation 10 Operations Overview Operating Portfolio 11 Operating Metrics 14 Customer Information 15 Capital Deployment Building Dispositions and Contributions 16 Building Acquisitions 17 Development Starts 18 Development Portfolio 19 Land Portfolio 20 Private Capital Detail Fund Information 22 Fund Operating and Balance Sheet Information 23 Capitalization Debt and Equity Summary 24 Debt Covenants and Other Metrics 25 Assets Under Management 26 Net Asset Value Components 27 Notes and Definitions 29 Duck Creek, Stockton, United States Suscon, Dartford, Uk Prologis Park Narita III, Iwayama, Japan

Copyright © 2012 Prologis 1 Prologis, Inc. Announces First Quarter 2012 Earnings Results - Core FFO Exceeds Internal Expectations - - Same Store Net Operating Income Ahead of Plan - - Progress on Fund Rationalization - SAN FRANCISCO, May 1, 2012 – Prologis, Inc. (NYSE: PLD), the leading global owner, operator and developer of industrial real estate, today reported results for the first quarter of 2012. Core funds from operations (Core FFO) per fully diluted share was $0.40 for the first quarter 2012 compared to $0.29 for the same period in 2011. Funds from operations (FFO) as defined by Prologis per fully diluted share was $0.56 for the first quarter 2012 compared to $0.24 for the same period in 2011. The difference between Core FFO and FFO in the first quarter 2012 primarily relates to gains on real estate transactions. Net earnings per share were $0.44 for the first quarter 2012 compared to a net loss of $(0.18) for the same period in 2011. The first quarter 2011 comparative results represent solely legacy ProLogis and therefore are not directly comparable to the 2012 reported results. "We started the year with a strong quarter, demonstrating solid execution from the team, bolstered by the strength of global trade, domestic consumption and the rebuilding of customer inventories,” said Hamid R. Moghadam, chairman and co-chief executive officer, Prologis. “We continue to make excellent progress on our key priorities, completing nearly $1 billion in dispositions and contributions, rationalizing two of our funds, and increasing occupancy in our operating portfolio.” Operating Portfolio Metrics During the first quarter, the company leased a total of 30.9 million square feet (2.9 million square meters) in its combined operating and development portfolios. Prologis ended the quarter with 92.3 percent occupancy in its operating portfolio, which was up 10 basis points over the prior quarter. The quarter-end occupancy was ahead of plan, driven by a 78.3 percent tenant retention rate for the quarter with existing customers who signed renewals totaling 19.8 million square feet (1.8 million square meters), and the continued recovery of global logistics markets. Same-store net operating income (NOI) in the first quarter of 2012 increased 1.7 percent over the first quarter 2011, compared to an increase of 0.4 percent in the fourth quarter of 2011. Rental rates on leases signed in the first quarter same-store pool decreased by 1.1 percent from in-place rents, as compared to a decrease of 4.5 percent in the fourth quarter 2011. “The teams delivered strong leasing volume in what is typically the year’s slowest quarter,” said Walter C. Rakowich, co-chief executive officer, Prologis. “Space utilization remains very high and the strongest demand continues to be for large Class-A facilities, of which there is very little available supply. Consequently, our build-to-suit development pipeline is increasing.” Dispositions and Contributions During the first quarter 2012, the company completed approximately $994 million in building and land dispositions and contributions. Prologis' share of the proceeds was $762 million, reflecting a weighted average stabilized capitalization rate of 7.2 percent on building sales and contributions. Development Starts & Acquisitions Capital deployed or committed during the first quarter 2012 totaled approximately $322 million, of which $244 million was Prologis’ share, including the following: Development starts of $211 million totaling 1.5 million square feet (143,257 square meters) in three projects, which monetized $51 million of land. Of the total expected investment of $211 million, $197 million was in build-to-suit projects. Prologis’ share of the total expected investment is $186 million and the company’s share of estimated value creation on development starts in the first quarter is $49.5 million; and

Copyright © 2012 Prologis 2 Acquisitions & Development Starts Capital deployed or committed during the fourth quarter 2011 totaled approximately $345 million, of which $210 million was Prologis’ share, including: Acquisitions of $178 million including 11 industrial properties totaling to 1.6 million square feet (150,000 square meters) with a stabilized capitalization rate of 7.0 percent and 10 acres of land. Of the total acquisitions, $106 million was Prologis’ share; and Development starts of $166 million totaling 2.2 million square feet (206,500 square meters) in 9 projects, which monetized $41 million of land. Prologis’ share of the total expected investment is $105 million. At quarter end, Prologis’ global development portfolio totaled 13.1 million square feet (1.2 million square meters), with an estimated total investment of $1.4 billion. Prologis’ share of the estimated total investment was $1.2 billion with an estimated value creation at stabilization of $238 million. Private Capital Activity In 2011, Prologis raised or received new, third-party equity commitments of approximately $1.8 billion. Consistent with the company’s priority to streamline its private capital business, it has implemented a plan to rationalize its co-investment ventures into a smaller number of differentiated investment vehicles. As previously announced the company sold its 20 percent interest in its Prologis Korea Fund and liquidated the first phase of its Prologis North America Properties Fund I during the second half of 2011. Subsequent to year end, the company purchased its partner’s 63 percent interest in Prologis North America Fund II and brought the portfolio entirely onto its balance sheet. Financing Activity During the fourth quarter, Prologis completed approximately $1.4 billion of capital markets activities, including debt repurchases, refinancings, and new financings. As a result and in combination with the significant disposition and contribution activity, the company: Reduced its share of total debt by $907 million; Lowered its share of 2012 debt maturities by $399 million; and Improved its key debt metrics in line with its previously stated strategic priorities. “We exceeded our balance sheet management and delevering objectives for 2011 and remain committed to building one of the top balance sheets in the industry,” said William Sullivan, chief financial officer, Prologis. “Carrying this momentum into 2012, a key area of focus is on further improving our financial position and mitigating our exposure to foreign currency.” Guidance for 2012 Prologis established a full-year 2012 Core FFO guidance range of $1.60 to $1.70 per diluted share. The company also expects to recognize a net loss for GAAP purposes, on a relative basis, of $(0.40) to $(0.50) per share. The difference between the company’s Core FFO and net earnings guidance for 2012 predominately relates to real estate depreciation and merger related expenses. The Core FFO and earnings guidance reflected above excludes any potential gains (losses) recognized from property dispositions, due to the variability of timing, composition of properties and estimate of proceeds. In reconciling from net earnings to Core FFO, Prologis makes certain adjustments including but not limited to real estate depreciation and amortization expense, impairment charges, deferred taxes, unrealized gains or losses on foreign currency or derivative activity, as well as transaction and merger costs. The principal drivers supporting Prologis’ 2012 guidance include the following: Year end occupancy in its operating portfolio between 92.5 and 93.5 percent (consistent with historical seasonal trends, the company expects occupancy to decrease in the first quarter and trend higher through the remainder of the year); Same-store NOI growth flat to 1.0 percent, excluding the impact of foreign exchange movements; Acquisitions of $111 million, including $71 million in 10 logistics facilities totaling approximately 1.0 million square feet (91,231 square meters) with a stabilized capitalization rate of 6.6 percent and an investment of $40 million in land and land infrastructure. Of the total acquisitions, $58 million was Prologis’ share. At quarter end, Prologis’ global development portfolio totaled 12.0 million square feet (128,131 square meters), with a total expected investment of $1.4 billion. Prologis’ share of the estimated total investment is $1.2 billion, with an estimated value creation at stabilization of $248 million. Private Capital Activity During the first quarter 2012, Prologis raised $128 million in new third- party equity for the Prologis Targeted U.S. Logistics Fund. The company continued the rationalization of its co-investment ventures into fewer, more profitable and differentiated investment vehicles. As previously announced, during the first quarter the company: Purchased its partner's interest in Prologis North American Fund II and brought the entire $1.6 billion portfolio directly onto its balance sheet; Concluded the Prologis California Fund, as it had reached the end of the venture’s term. The portfolio was equally divided with its partner, and Prologis' 50 percent share of the fund's $1.0 billion of real estate was brought directly onto its balance sheet; and Disposed of 11 of the 12 assets held in Prologis North American Fund XI. Capital Markets During the first quarter 2012, Prologis completed more than $1.3 billion of debt financings and refinancings, with approximately $1.0 billion related to the REIT and $296 million on behalf of our property funds. Significant financing activity during the first quarter included the following: A $642 million (€487.5 million) multi-currency senior term loan agreement at an all-in drawn margin of 150 basis points over LIBOR, extendable at the company’s option through 2017; and $372 million (¥ 30.5 billion) in three TMK bond financings with a weighted average term of five years and weighted average rate of 1.05 percent. Subsequent to quarter end the company paid off $449million of its 2.25 percent convertible notes and repaid $59 million of senior unsecured notes at maturity. “During the first quarter, we made excellent progress toward our stated goal of streamlining our private capital business by rationalizing two funds,” said William E. Sullivan, chief financial officer, Prologis. “While this activity modestly increased our total debt in the interim, it enhanced the simplification of the balance sheet and brought a substantial amount of high-quality assets directly into the REIT. We remain highly focused on de-levering the balance sheet and expect to make progress on improving our debt metrics throughout the course of 2012 and 2013.” Guidance for 2012 Prologis re-affirmed its full-year 2012 Core FFO guidance range of $1.60 to $1.70 per diluted share. The company also expects to recognize net earnings, for GAAP purposes, of $0.05 to $0.15 per share. The difference between the company’s Core FFO and net earnings guidance for 2012 predominantly relates to real estate depreciation, recognized gains on real estate transactions, and merger-related expenses. 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, impairment charges, deferred taxes, unrealized gains or losses on foreign currency or derivative activity, as well as transaction and merger costs.

Copyright © 2012 Prologis 3 Development starts of $1.1 to $1.4 billion, of which approximately 70 percent is expected to be the company’s share; Acquisitions of buildings of $400 to $600 million, of which approximately 40 percent is expected to be the company’s share; Building and land dispositions and contributions of $4.5 to $5.5 billion, of which approximately 70 percent is expected to be the company’s share. A substantial portion of the disposition and contribution guidance relates to the formation of the Prologis Targeted Japan Logistics Fund and subsequent contribution of assets from its balance sheet; and An average euro exchange rate of $1.30 and an average yen exchange rate of ¥80 per U.S. dollar. Webcast and Conference Call Information The company will host a webcast /conference call to discuss quarterly results, current market conditions and future outlook today, February 8, 2012, at 12:00 p.m. Eastern Time. Interested parties are encouraged to access the live webcast by clicking the microphone icon located near the top of the opening page at: http://ir.prologis.com. Interested parties also can participate via conference call by dialing (877) 256-7020 from the U.S. and Canada or (+1 973-409-9692) internationally with reservation code 40596350. A telephonic replay will be available from February 8, 2012, through March 8, 2012, at 855-859-2056 (from the U.S. and Canada) or +1 404-537-3406 (from all other countries), with the reservation code 40596350. The webcast and podcast replay will be posted when available in the "Financial Information" section of the Prologis Investor Relations 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 December 31, 2011, Prologis owned or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 600 million square feet (55.7 million square meters) in 22 countries. The company leases modern distribution facilities to more than 4,500 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises. The statements in this release 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,” 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 developed properties, disposition activity, general conditions in the geographic areas where we operate, synergies to be realized from our recent merger transaction, our debt and financial position, our ability to form new property funds and the availability of capital in existing or new property funds — 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 release. Prologis Contacts Tracy A. Ward James Larkin SVP, IR & Corporate Communications VP, Corporate Communications Direct: +1 415 733 9565 Direct: +1 415 733 9411 Email: tward@prologis.com Email: jlarkin@prologis.com Webcast and Conference Call Information The company will host a webcast /conference call to discuss quarterly results, current market conditions and future outlook today, May 1, 2012, at 12:00 p.m. Eastern Time. Interested parties are encouraged to access the live webcast by clicking the microphone icon located near the top of the opening page at: http://ir.prologis.com. Interested parties a lso can participate via conference call by dialing 877-256-7020 from the United States and Canada or (+1) 973-409-9692 internationally with reservation code 67489991. A telephonic replay will be available from May 2, 2012, through June 2, 2012, at 855-859-2056 (from the United States and Canada) or (+1) 404-537-3406 (from all other countries), with the reservation code 67489991. The webcast and podcast replay will be posted when available in the "Financial Information" section of the Prologis Investor Relations 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, 2012, Prologis owned or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 584 million square feet (54.2 million square meters) in 22 countries. The company leases modern distribution facilities to more than 4,500 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises. The statements in this release 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,” 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 developed properties, disposition activity, general conditions in the geographic areas where we operate, synergies to be realized from our recent merger transaction, our debt and financial position, our ability to form new property funds and the availability of capital in existing or new property funds — 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 release. Prologis Contacts Tracy A. Ward James Larkin SVP, IR & Corporate Communications VP, Corporate Communications Direct: +1 415 733 9565 Direct: +1 415 733 9411 Email: tward@prologis.com Email: jlarkin@prologis.com

Copyright © 2012 Prologis First Quarter 2012 Report Highlights Company Profile 4 (A) (B) Original cost basis for the total land portfolio is $3.1 billion. Number of operating portfolio buildings 2,419 595 75 373 139 25 4 2 6 33 1 1 Total (msf) 410 142 32 $348 $147 $858 7,265 3,578 146 $1,056 $741 $196 TOTAL 537 1,993 $ 1,353 $ 35 12 584 10,989 3,089 Land (acres) Land gross book value (millions) (B) AMERICAS (4 countries) ASIA (4 countries) EUROPE (14 countries) Operating Portfolio (msf) Development Portfolio (msf) Other (msf) (A) Development portfolio TEI (millions) Generally represents properties managed by Prologis on behalf of other third parties (17 msf), properties in which Prologis has an ownership interest but doesn’t manage (10 msf) and other properties owned by Prologis (8 msf). 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, 2012, Prologis owned or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects totaling approximately 584 million square feet (54.3 million square meters) in 22 countries. The company leases modern distribution facilities to more than 4,500 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises.

Copyright © 2012 Prologis First Quarter 2012 Report Highlights Company Profile 5 (A) AMB and Prologis completed a merger (the “Merger”) on June 3, 2011. The financial results presented throughout this supplemental include Prologis for the full period and AMB results from the date of the Merger going forward. As such, results for the three months ended March 31, 2011 are not impacted by the Merger. See the Notes and Definitions for more information. 2012 2011 (A) 500,064 $ 229,867 $ 202,412 (46,616) 262,072 62,146 184,765 74,407 133,823 51,131 388,869 211,667 Net earnings (loss) attributable to common stockholders 0.44 $ (0.18) $ FFO, as defined by Prologis 0.56 0.24 Core FFO 0.40 0.29 Per common share - diluted: FFO, as defined by Prologis (dollars in thousands, except per share data) Core FFO AFFO Core EBITDA Three months ended March 31, Revenues Net earnings (loss) attributable to common stockholders $- $50 $100 $150 $200 $250 $300 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Funds from Operations (in millions) (A) Core FFO FFO, as defined by Prologis 90.7% 91.0% 92.2% 92.3% 80% 85% 90% 95% 100% Q2 2011 Q3 2011 Q4 2011 Q1 2012 Period Ending Occupancy %

Copyright © 2012 Prologis First Quarter 2012 Report Financial Statements Consolidated Balance Sheets 6 (in thousands) $ 23,438,703 $ 21,552,548 787,029 860,531 1,933,321 1,984,233 419,432 390,225 26,578,485 24,787,537 2,256,901 2,157,907 Net investments in properties 24,321,584 22,629,630 2,452,939 2,857,755 247,241 322,834 102,183 444,850 Net investments in real estate 27,123,947 26,255,069 343,736 176,072 91,957 71,992 163,679 147,999 1,144,634 1,072,780 Total assets $ 28,867,953 $ 27,723,912 $ 12,380,921 $ 11,382,408 1,936,372 1,886,030 Total liabilities 14,317,293 13,268,438 582,200 582,200 4,604 4,594 16,370,254 16,349,328 (219,574) (182,321) (3,019,829) (3,092,162) Total stockholders' equity 13,717,655 13,661,639 774,950 735,222 58,055 58,613 Total equity 14,550,660 14,455,474 Total liabilities and equity $ 28,867,953 $ 27,723,912 Noncontrolling interests - limited partnership unitholders Preferred stock Accounts payable, accrued expenses, and other liabilities Debt Distributions in excess of net earnings Equity: Common stock Additional paid-in capital Accumulated other comprehensive loss Noncontrolling interests Stockholders' equity: Other assets Liabilities: Less accumulated depreciation Restricted cash Accounts receivable Cash and cash equivalents Liabilities and Equity: December 31, 2011 Investments in and advances to unconsolidated investees Land Assets held for sale Operating properties Development portfolio Notes receivable backed by real estate March 31, 2012 Investments in real estate assets: Assets: Other real estate investments

Copyright © 2012 Prologis First Quarter 2012 Report Financial Statements Consolidated Statements of Operations 7 (A) The financial results include Prologis for the full period and no impact from the AMB results. (B) See Calculation of Per Share Amounts in the Notes and Definitions. (in thousands, except per share amounts) $ 464,594 $ 195,714 32,357 29,834 3,113 4,319 500,064 229,867 125,096 60,624 16,881 10,552 60,159 39,183 10,728 5,988 3,185 - 193,136 84,733 409,185 201,080 90,879 28,787 11,758 11,921 2,237 1,720 5,427 4,436 (133,447) (90,527) (16,135) - 267,771 3,725 (27,101) (5,641) 5,419 - 115,929 (74,366) 206,808 (45,579) 12,124 6,369 194,684 (51,948) 7,164 9,824 11,249 1,960 18,413 11,784 213,097 (40,164) (118) (83) 212,979 (40,247) 10,567 6,369 $ 202,412 $ (46,616) 476,107 254,698 $ 0.44 $ (0.18) Expenses: 2012 2011 (A) Revenues: Rental income Private capital revenue Development management and other income Total revenues Three Months Ended March 31, Interest expense Earnings from other unconsolidated investees, net Rental expenses Private capital expenses General and administrative expenses Impairment of real estate properties Depreciation, amortization and other expenses Merger, acquisition and other integration expenses Total expenses Operating income Other income (expense): Earnings from unconsolidated co-investment ventures, net Interest income Discontinued operations: Impairment of other assets Gains on acquisitions and dispositions of investments in real estate, net Foreign currency and derivative gains (losses) and other income (expenses), net Gain on early extinguishment of debt, net Total other income (expense) Earnings (loss) before income taxes Income tax expense - current and deferred Earnings (loss) from continuing operations Income attributable to disposed properties and assets held for sale Net gains on dispositions, net of related impairment charges and taxes Consolidated net earnings (loss) Net earnings attributable to noncontrolling interests Net earnings (loss) attributable to controlling interests Less preferred stock dividends Net earnings (loss) available for common stockholders Total discontinued operations Net earnings (loss) per share available for common stockholders - Diluted Weighted average common shares outstanding - Diluted (B)

Copyright © 2012 Prologis First Quarter 2012 Report Financial Statements Consolidated Statements of Funds from Operations (FFO) 8 (A) The financial results include Prologis for the full period and no impact from the AMB results. (B) See Calculation of Per Share Amounts in the Notes and Definitions. (in thousands, except per share amounts) $ 477,501 $ 215,372 32,357 29,834 3,113 4,319 Total revenues 512,971 249,525 127,815 66,687 16,881 10,552 60,159 39,183 10,728 5,988 8,445 8,957 Total operating expenses 224,028 131,367 288,943 118,158 40,691 45,425 6,305 3,270 5,427 4,436 (133,447) (90,562) (19,320) - 104,731 2,568 (2,865) (7,276) 5,419 - (11,073) (7,421) Total other income (expense) (4,132) (49,560) 10,567 6,369 12,172 83 262,072 62,146 19,320 - - 6,925 10,728 5,988 (102,918) (2,568) (4,437) - - 1,916 Total of adjustments (77,307) 12,261 $ 184,765 $ 74,407 476,107 256,200 $ 0.40 $ 0.29 Our share of gains on early extinguishment of debt, net Revenues: 2012 Depreciation and amortization of non-real estate assets and other expenses FFO from unconsolidated co-investment ventures, net Impairment of real estate properties and other assets FFO from other unconsolidated investees, net Interest expense Other income (expense): Interest income Rental income Operating FFO Private capital revenue Merger, acquisition and other integration expenses Core FFO per share - Diluted Weighted average common shares outstanding - Diluted (B) Gains on acquisitions and dispositions of investments in real estate, net Japan disaster expenses Our share of gains on acquisitions and dispositions of investments in real estate, net FFO, as defined by Prologis Less FFO attributable to noncontrolling interests Income tax expense on dispositions Impairment charges Less preferred share dividends Core FFO Current income tax benefit (expense) Gain on early extinguishment of debt, net Foreign currency exchange gains (losses) and other income (expenses), net Merger, acquisition and other integration expenses 2011 (A) Three Months Ended March 31, Private capital expenses Development management and other income Expenses: General and administrative expenses Rental expenses

Copyright © 2012 Prologis First Quarter 2012 Report Financial Statements Reconciliations of Net Earnings (Loss) to FFO 9 (A) The financial results include Prologis for the full period and no impact from the AMB results. $ 202,412 $ (46,616) 184,691 75,776 (171,265) (1,297) (12,054) - 34,538 35,677 238,322 63,540 24,236 (1,635) 1,051 864 (1,537) (623) 262,072 62,146 (77,307) 12,261 $ 184,765 $ 74,407 Adjustments to arrive at Adjusted FFO ("AFFO"), including our share of unconsolidated investees: (11,347) (14,685) (13,414) (6,930) (23,987) (9,042) (10,333) (7,299) Amortization of management contracts 1,216 665 Amortization of debt discounts/(premiums) and financing costs, net of capitalization (1,389) 9,403 Stock compensation expense 8,312 4,612 AFFO $ 133,823 $ 51,131 Common stock dividends $ 130,080 $ 64,042 2012 2011 (A) Three Months Ended March 31, Our share of reconciling items from unconsolidated investees Unrealized foreign currency and derivative losses (gains), net Deferred income tax expense (benefit) Our share of reconciling items from unconsolidated investees Straight-lined rents and amortization of lease intangibles Property improvements Tenant improvements Leasing commissions Reconciliation of net earnings (loss) to FFO Subtotal-NAREIT defined FFO FFO, as defined by Prologis Reconciling items related to noncontrolling interests Core FFO Net earnings (loss) attributable to common shares Add (deduct) NAREIT defined adjustments: Add (deduct) our defined adjustments: Adjustments to arrive at Core FFO Real estate related depreciation and amortization Net gains on non-FFO dispositions (in thousands)

Copyright © 2012 Prologis First Quarter 2012 Report Financial Statements EBITDA Reconciliation 10 (A) Adjustments for the effects of the Prologis North American Industrial Fund II and Prologis California acquisitions to reflect NOI for the full period. See Notes and Definitions for more detail. (in thousands) Reconciliation of consolidated net earnings (loss) to Core EBITDA $ 202,412 $ (46,616) (279,020) (7,601) 188,801 80,049 133,447 90,527 19,320 - 10,728 5,988 (5,419) - 12,124 8,285 12,352 - (7,164) (9,824) 118 83 10,567 6,369 32,548 2,977 - 6,925 330,814 137,162 1,813 - 31,531 35,677 23,723 36,536 982 - 1,543 2,689 (1,537) (623) - 226 $ 388,869 $ 211,667 Depreciation and amortization Pro forma adjustment (A) 2011 2012 Interest expense Current and deferred income tax expense (benefit) Impairment charges Merger, acquisition and other integration expenses Net gains on acquisitions and dispositions of investments in real estate, net Consolidated net earnings (loss) Three Months Ended March 31, Gain on early extinguishment of debt Core EBITDA Interest expense Current and deferred income tax expense (benefit) Realized losses on derivative activity Depreciation and amortization Other non-cash gains Our share of reconciling items from unconsolidated investees: Income on properties sold during the period included in discontinued operations Net gains on disposition of real estate, net Other adjustments made to arrive at Core FFO Core EBITDA, prior to our share of unconsolidated investees Unrealized losses (gains) and stock compensation expense Loss on early extinguishment of debt Net earnings attributable to noncontrolling interest Preferred stock dividends

Copyright © 2012 Prologis First Quarter 2012 Report Operations Overview Operating Portfolio – Square Feet, Occupied and Leased 11 (A) Selected and ordered by Prologis share of NOI. (square feet in thousands) Region # of Buildings Total Owned and Managed Prologis Share Prologis Share (%) % of Total Total Owned and Managed Prologis Share Total Owned and Managed Prologis Share Atlanta East 130 18,135 14,277 78.7% 3.7% 85.0% 84.4% 85.6% 85.1% Baltimore/Washington East 67 7,862 5,349 68.0% 1.4% 93.5% 92.2% 93.6% 92.3% Central Valley Northwest 21 7,981 6,139 76.9% 1.6% 88.8% 87.4% 88.8% 87.4% Central & Eastern PA East 27 14,049 7,137 50.8% 1.9% 94.5% 96.9% 94.5% 96.9% Chicago Central 211 35,573 27,690 77.8% 7.2% 90.9% 92.3% 90.9% 92.3% Dallas/Ft. Worth Central 172 24,999 20,566 82.3% 5.4% 92.8% 93.0% 92.8% 93.0% Houston Central 83 9,907 7,223 72.9% 1.9% 97.6% 98.4% 97.9% 98.8% New Jersey/New York City East 183 22,818 16,630 72.9% 4.3% 91.6% 90.4% 91.6% 90.4% San Francisco Bay Area Northwest 238 20,012 17,541 87.7% 4.6% 91.0% 90.7% 91.1% 90.9% Seattle Northwest 69 8,630 4,901 56.8% 1.3% 92.7% 93.2% 92.7% 93.2% South Florida East 93 10,578 7,699 72.8% 2.0% 90.2% 91.4% 90.2% 91.4% Southern California Southwest 305 56,621 46,582 82.3% 12.2% 96.3% 96.4% 96.6% 96.8% On Tarmac Various 32 2,649 2,435 91.9% 0.6% 91.0% 90.2% 91.0% 90.2% East 19 6,383 5,081 79.6% 1.3% 97.7% 97.2% 97.7% 97.2% Latin America 181 29,242 16,650 56.9% 4.4% 92.0% 91.4% 92.0% 91.4% Latin America 3 934 93 10.0% 0.0% 100.0% 100.0% 100.0% 100.0% Americas total 1,834 276,373 205,993 74.5% 53.8% 92.6% 92.7% 92.8% 92.9% Northern 9 2,016 1,654 82.0% 0.4% 99.6% 99.6% 99.6% 99.6% Southern 143 35,139 26,069 74.2% 6.8% 93.1% 92.3% 93.4% 92.7% Northern 84 17,261 8,238 47.7% 2.2% 98.8% 97.7% 98.8% 97.7% Northern 50 10,300 6,399 62.1% 1.7% 89.4% 89.9% 90.1% 90.2% CEE 96 20,766 12,373 59.6% 3.2% 87.2% 85.4% 89.6% 88.3% Southern 23 6,470 5,809 89.8% 1.5% 74.2% 76.4% 74.6% 76.9% UK 73 17,195 10,485 61.0% 2.8% 96.8% 95.8% 96.8% 95.8% 478 109,147 71,027 65.1% 18.6% 92.1% 90.9% 92.8% 91.6% China 24 5,331 2,287 42.9% 0.6% 97.9% 96.8% 97.9% 96.8% Japan 46 18,998 13,188 69.4% 3.5% 95.6% 94.8% 95.9% 95.2% Singapore 5 942 942 100.0% 0.2% 100.0% 100.0% 100.0% 100.0% 75 25,271 16,417 65.0% 4.3% 96.2% 95.3% 96.4% 95.7% 2,387 410,791 293,437 71.4% 76.7% 92.7% 92.4% 93.0% 92.7% Southern 27 8,378 7,690 91.8% 2.0% 90.0% 89.1% 91.3% 90.6% CEE 29 6,821 5,096 74.7% 1.3% 90.9% 89.2% 92.3% 89.7% Northern 10 3,808 2,738 71.9% 0.7% 100.0% 100.0% 100.0% 100.0% CEE 30 5,336 3,815 71.5% 1.0% 84.0% 84.3% 85.1% 85.9% Central 39 10,309 8,046 78.0% 2.1% 93.9% 92.1% 93.9% 92.1% Northwest 33 5,208 4,138 79.5% 1.1% 96.8% 96.2% 97.2% 96.8% Central 27 8,310 7,515 90.4% 2.0% 95.8% 95.4% 95.8% 95.4% Central 61 6,358 4,892 76.9% 1.3% 93.0% 93.1% 93.2% 93.3% Central 11 4,341 3,809 87.7% 1.0% 98.2% 99.2% 98.2% 99.2% Central 28 6,898 4,379 63.5% 1.1% 95.7% 93.3% 97.5% 96.1% Various 115 18,619 11,532 61.9% 3.0% 89.5% 86.3% 90.7% 86.7% 410 84,386 63,650 75.4% 16.6% 92.6% 91.6% 93.4% 92.2% Various 292 41,757 25,510 61.1% 6.7% 87.7% 89.9% 88.0% 90.2% 3,089 536,934 382,597 71.3% 100.0% 92.3% 92.1% 92.7% 92.5% Occupied Leased Japan Global Markets U.S. Canada Belgium Mexico Brazil Square Feet Singapore China France Germany Netherlands Poland Spain Europe total United Kingdom Regional markets (A) Czech Republic - Europe Asia total Total global markets Italy -Europe Hungary - Europe Sweden -Europe Columbus -Americas Denver - Americas San Antonio -Americas Other markets (18 markets) Total operating portfolio - owned and managed Memphis -Americas Louisville - Americas Cincinnati -Americas Remaining other regional (5 markets) Regional markets total

Copyright © 2012 Prologis First Quarter 2012 Report Operations Overview Operating Portfolio – NOI and Gross Book Value 12 (A) Selected and ordered by Prologis share of NOI. (dollars in thousands) Region Atlanta East $10,203 $7,568 74.2% 1.9% $770,523 $574,082 74.5% 2.0% Baltimore/Washington East 9,723 6,155 63.3% 1.6% 589,878 370,361 62.8% 1.3% Central Valley Northwest 6,268 4,761 76.0% 1.2% 428,258 323,503 75.5% 1.2% Central & Eastern PA East 11,685 5,533 47.4% 1.4% 865,454 404,585 46.7% 1.4% Chicago Central 22,462 17,027 75.8% 4.3% 2,109,699 1,604,661 76.1% 5.7% Dallas/Ft. Worth Central 15,450 11,815 76.5% 3.0% 1,185,508 927,440 78.2% 3.3% Houston Central 9,011 6,075 67.4% 1.5% 531,427 337,782 63.6% 1.2% New Jersey/New York City East 25,767 16,960 65.8% 4.3% 1,976,619 1,332,249 67.4% 4.8% San Francisco Bay Area Northwest 26,870 23,471 87.4% 5.9% 1,917,623 1,675,528 87.4% 6.0% Seattle Northwest 10,335 5,641 54.6% 1.4% 811,228 455,586 56.2% 1.6% South Florida East 11,832 8,664 73.2% 2.2% 1,025,693 773,509 75.4% 2.8% Southern California Southwest 57,509 46,492 80.8% 11.7% 5,044,244 4,106,572 81.4% 14.7% On Tarmac Various 7,346 6,489 88.3% 1.6% 317,371 280,803 88.5% 1.0% East 8,563 6,639 77.5% 1.7% 660,169 525,725 79.6% 1.9% Latin America 30,500 17,930 58.8% 4.5% 1,726,551 938,346 54.3% 3.4% Latin America 2,676 268 10.0% 0.1% 96,542 9,654 10.0% 0.0% 266,200 191,488 71.9% 48.3% 20,056,787 14,640,386 73.0% 52.3% Northern 2,724 2,094 76.9% 0.5% 173,635 136,590 78.7% 0.5% Southern 44,786 32,040 71.5% 8.1% 2,932,362 2,089,899 71.3% 7.5% Northern 25,395 11,971 47.1% 3.0% 1,486,566 684,120 46.0% 2.4% Northern 14,003 8,297 59.3% 2.1% 990,890 565,830 57.1% 2.0% CEE 19,663 11,858 60.3% 3.0% 1,380,914 748,350 54.2% 2.7% Southern 7,277 6,885 94.6% 1.8% 584,687 532,012 91.0% 1.9% UK 33,767 19,446 57.6% 4.9% 2,019,909 1,124,135 55.7% 4.0% 147,615 92,591 62.7% 23.4% 9,568,963 5,880,936 61.5% 21.0% China 3,796 1,138 30.0% 0.3% 275,578 87,765 31.8% 0.3% Japan 59,332 39,606 66.8% 10.0% 4,107,697 2,721,163 66.2% 9.8% Singapore 2,473 2,473 100.0% 0.6% 145,059 145,059 100.0% 0.5% 65,601 43,217 65.9% 10.9% 4,528,334 2,953,987 65.2% 10.6% 479,416 327,296 68.3% 82.6% 34,154,084 23,475,309 68.7% 83.9% Southern 7,989 7,219 90.4% 1.8% 553,589 499,898 90.3% 1.8% CEE 8,035 5,886 73.3% 1.5% 546,314 388,286 71.1% 1.4% Northern 5,825 4,191 71.9% 1.1% 349,551 249,964 71.5% 0.9% CEE 5,999 4,168 69.5% 1.0% 379,443 240,602 63.4% 0.9% Central 5,604 3,942 70.3% 1.0% 385,428 290,831 75.5% 1.0% Northwest 4,341 3,450 79.5% 0.9% 289,658 234,800 81.1% 0.8% Central 3,621 3,193 88.2% 0.8% 264,206 236,373 89.5% 0.9% Central 4,385 3,119 71.1% 0.8% 282,826 206,844 73.1% 0.7% Central 3,127 2,748 87.9% 0.7% 173,660 153,602 88.4% 0.5% Central 4,412 2,311 52.4% 0.6% 277,630 160,382 57.8% 0.6% Various 13,939 7,292 52.3% 1.8% 950,500 536,387 56.4% 1.9% 67,277 47,519 70.6% 12.0% 4,452,805 3,197,969 71.8% 11.4% Various 35,588 21,504 60.4% 5.4% 2,481,648 1,318,521 53.1% 4.7% $582,281 $396,319 68.1% 100.0% $41,088,537 $27,991,799 68.1% 100.0% First Quarter NOI Total Owned and Managed Prologis Share ($) Prologis Share (%) % of Total Total Owned and Managed Prologis Share ($) Prologis Share (%) Gross Book Value % of Total Global Markets U.S. Canada Mexico Brazil Americas total Belgium France Germany Netherlands Poland Spain United Kingdom Europe total China Japan Singapore Asia total Total global markets Regional markets (A) Italy - Europe Czech Republic - Europe Hungary - Europe Sweden - Europe Columbus - Americas Denver - Americas San Antonio - Americas Memphis - Americas Louisville - Americas Cincinnati - Americas Remaining other regional (5 markets) Regional markets total Other markets (18 markets) Total operating portfolio

Copyright © 2012 Prologis First Quarter 2012 Report 13 Operations Overview Operating Portfolio – Summary by Region (square feet and dollars in thousands) # of Buildings Total Owned and Managed Prologis Share Prologis Share (%) % of Total Total Owned and Managed Prologis Share Total Owned and Managed Prologis Share 1,595 240,598 240,598 100.0% 62.9% 92.4% 92.4% 92.6% 92.6% 306 73,420 73,420 100.0% 19.1% 89.9% 89.9% 90.7% 90.7% 31 14,427 14,427 100.0% 3.8% 95.0% 95.0% 95.4% 95.4% Total operating portfolio - consolidated 1,932 328,445 328,445 100.0% 85.8% 91.9% 91.9% 92.3% 92.3% 824 131,943 32,444 24.6% 8.5% 91.7% 91.9% 91.8% 92.1% 289 65,702 19,718 30.0% 5.2% 94.5% 94.5% 95.2% 95.1% 44 10,844 1,990 18.4% 0.5% 97.8% 97.7% 97.8% 97.7% Total operating portfolio - unconsolidated 1,157 208,489 54,152 26.0% 14.2% 92.9% 93.1% 93.2% 93.4% 2,419 372,541 273,042 73.3% 71.4% 92.1% 92.3% 92.3% 92.6% 595 139,122 93,138 66.9% 24.3% 92.1% 90.9% 92.8% 91.6% 75 25,271 16,417 65.0% 4.3% 96.2% 95.3% 96.4% 95.7% Total operating portfolio - owned and managed 3,089 536,934 382,597 71.3% 100.0% 92.3% 92.1% 92.7% 92.5% 5 748 748 100.0% 13.1% 13.1% 13.1% 13.1% 1 286 79 27.6% 0.0% 0.0% 0.0% 0.0% Total owned and managed 3,095 537,968 383,424 71.3% 92.2% 91.9% 92.5% 92.3% $203,206 $203,206 100.0% 51.3% $15,263,484 $15,263,484 100.0% 54.5% 89,491 89,491 100.0% 22.6% 5,547,856 5,547,856 100.0% 19.8% 37,816 37,816 100.0% 9.5% 2,574,210 2,574,210 100.0% 9.2% $330,513 $330,513 100.0% 83.4% $23,385,550 $23,385,550 100.0% 83.5% $131,156 $32,407 24.7% 8.2% $9,529,048 $2,348,432 24.6% 8.4% 92,827 27,998 30.2% 7.0% 6,219,815 1,878,040 30.2% 6.7% 27,785 5,401 19.4% 1.4% 1,954,124 379,777 19.4% 1.4% $251,768 $65,806 26.1% 16.6% $17,702,987 $4,606,249 26.0% 16.5% $334,362 $235,613 70.5% 59.5% $24,792,532 $17,611,916 71.0% 62.9% 182,318 117,489 64.4% 29.6% 11,767,671 7,425,896 63.1% 26.5% 65,601 43,217 65.9% 10.9% 4,528,334 2,953,987 65.2% 10.6% $582,281 $396,319 68.1% 100.0% $41,088,537 $27,991,799 68.1% 100.0% (16) (16) 100.0% 53,153 53,153 100.0% (149) (41) 27.5% 17,203 4,744 27.6% $582,116 $396,262 68.1% $41,158,893 $28,049,696 68.1% Value added properties - consolidated Value added properties - unconsolidated Total owned and managed Square Feet Gross Book Value Prologis Share ($) Prologis Share (%) Europe Asia First Quarter NOI Americas Europe Asia Total Value added properties - consolidated % of Total Prologis Share ($) Prologis Share (%) % of Total Total Owned and Managed Value added properties - unconsolidated Asia Total Total operating portfolio - owned and managed Unconsolidated Europe Asia Total operating portfolio - unconsolidated Americas Americas Occupied Leased Europe Consolidated Europe Total operating portfolio - consolidated Americas Asia Americas Consolidated Americas Europe Asia Unconsolidated Total Owned and Managed

Copyright © 2012 Prologis First Quarter 2012 Report Operations Overview Operating Metrics – Owned and Managed 14 (A) See the Notes and Definitions for further explanations. (B) Turnover costs per foot represent expected costs based on the leases signed during the quarter, rather than costs incurred as presented in the “Capital Expenditures Incurred” section. (C) This metric is calculated using the trailing twelve month NOI based on pro forma information for the pre-Merger period. (square feet and dollars in thousands) Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2011 Q3 2011 Q4 2011 Q1 2012 1,360 1,810 1,365 1,017 552,370 547,380 538,400 522,571 New leases 11,841 11,545 13,663 10,023 2.2% (0.1%) 0.9% (0.6%) Renewals 21,697 20,095 22,533 19,812 (0.3%) 1.5% 2.0% (6.6%) 34,898 33,450 37,561 30,852 3.1% (0.7%) 0.4% 1.7% 76.7% 76.3% 80.1% 78.3% 2.5% 1.6% 1.6% 2.6% $ 1.37 $ 1.36 $ 1.40 $ 1.14 27,721 27,969 32,159 28,227 Q2 2011 Q3 2011 Q4 2011 Q1 2012 (6.1%) (8.6%) (4.5%) (1.1%) 24,880 $ 33,611 $ 32,297 $ 17,100 $ 0.04 $ 0.06 $ 0.06 $ 0.03 $ 24,741 23,934 29,418 28,598 21,682 19,136 23,674 16,401 Total turnover costs 46,423 43,070 53,092 44,999 71,303 $ 76,681 $ 85,389 $ 62,099 $ N/A N/A 11.5% 11.9% 69.0% 76.5% 66.5% 76.9% 49,215 $ 58,687 $ 56,770 $ 47,734 $ Same Store Information (A) Prologis share Weighted average ownership percent Leasing Activity Total square feet of leases signed Properties under development Trailing four quarters - % of gross NOI (C) $ per square foot Average occupancy Total capital expenditures Leasing commissions Property improvements Rental income Rental expenses Operating properties: Weighted average customer retention Percentage change in rental rates Tenant improvements Capital Expenditures Incurred Square feet of leases signed: Square feet of population Percentage change: Net operating income Square feet of leasing activity Turnover costs (per square foot) (B) 91.0% 89.3% 93.4% 90.7% 91.1% 90.0% 95.0% 91.0% 92.2% 91.6% 96.0% 92.2% 92.1% 92.1% 96.2% 92.3% 80% 85% 90% 95% 100% Total Asia Americas Europe Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Period Ending Occupancy by Region

Copyright © 2012 Prologis First Quarter 2012 Report Operations Overview Customer Information – Owned and Managed 15 (square feet and dollars in thousands) 10.7% 18.4%

Copyright © 2012 Prologis First Quarter 2012 Report Capital Deployment Building Dispositions and Contributions (A) 16 (A) Amounts include industrial building dispositions, but do not include dispositions of wholly owned non-industrial buildings or land subject to ground leases of $6.0 million of which $5.0 million is Prologis’ share. (B) Prologis share reflects actual ownership on consolidated funds. For contributions, this amount reflects cash proceeds to Prologis (net of units received for partial consideration). (C) This is a consolidated fund. (square feet and dollars in thousands) 2,307 2,307 $219,487 $219,487 100.0% Prologis North American Properties Fund XI 3,516 703 135,362 27,072 20.0% Total Americas 5,823 3,010 354,849 246,559 69.5% 1,969 1,969 122,671 122,671 100.0% ProLogis European Properties (C) 3,670 3,439 338,862 317,513 93.7% ProLogis European Properties Fund II 1,937 576 141,268 41,985 29.7% Total Europe 7,576 5,984 602,801 482,169 80.0% Asia - - - - - Total Third Party Building Dispositions 13,399 8,994 $957,650 $728,728 76.1% Total Americas - - - - - 139 139 $16,875 $14,343 85.0% Total Europe 139 139 16,875 14,343 85.0% Asia - - - - - 139 139 $16,875 $14,343 85.0% 13,538 9,133 $974,525 $743,071 76.2% 7.2% Building Contributions and Dispositions to Co-Investment Ventures Prologis Europe Logistics Venture Total Asia Weighted average stabilized cap rate Americas Europe Total Contributions and Dispositions to the Co-Investment Ventures Total Building Dispositions and Contributions Square Feet Total Proceeds Prologis Share of Proceeds ($) Prologis Share of Square Feet Prologis Share of Proceeds (%) (B) Q1 2012 Total Asia Prologis wholly owned Third Party Building Dispositions Americas Europe Prologis wholly owned

Copyright © 2012 Prologis First Quarter 2012 Report Capital Deployment Third Party Building Acquisitions 17 Third Party Building Acquisitions Prologis wholly owned 182 182 $ 12,580 $ 12,580 100.0% Prologis Targeted U.S. Logistics Fund 389 107 28,690 7,913 27.6% Total Americas 571 289 41,270 20,493 49.7% Prologis European Properties Fund II 64 19 5,115 1,520 29.7% Europe Logistics Venture I 347 52 24,293 3,644 15.0% Total Europe 411 71 29,408 5,164 17.6% Asia - - - - - 982 360 $ 70,678 $ 25,657 36.3% 6.6% Q1 2012 Prologis Share of Acquisition Costs ($) Prologis Share of Acquisition Costs (%) Square Feet Acquisition Costs Americas Weighted average stabilized cap rate Prologis Share of Square Feet Total Third Party Acquisitions Europe (square feet and dollars in thousands)

Copyright © 2012 Prologis First Quarter 2012 Report $- $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 2009 2010 2011 Q1 Americas Europe Asia Capital Deployment Development Starts 18 (A) Value creation excludes fees or promotes that we may earn. See complete definition in the Notes and Definitions section. (B) This represents the economic gain realized from the sale of a Value Added Conversion property during the quarter. The gain represents the amount by which the sales proceeds exceeds our original cost, which equated to 38% this quarter. First Quarter 2012 Development Starts Regional Break Out Prologis share vs. Third Party Build to Suit vs. Speculative Historical Development Starts (TEI) (in thousands, except percent and per square foot) $313,877 $758,905 $1,016,763 $211,038 Americas Europe Asia Prologis Share Third Party Speculative Build to Suit Square Feet Total Expected Investment Cost Per Square Foot Leased % at Start Square Feet Total Expected Investment Cost Per Square Foot Leased % at Start Square Feet Total Expected Investment Americas - - - - - - - - - - Brazil Fund and related joint ventures 317 $33,935 $107 100.0% 79 $8,484 $107 100.0% 25.0% 25.0% Total Americas 317 33,935 107 100.0% 79 8,484 107 100.0% 25.0% 25.0% Europe 264 14,255 54 0.0% 264 14,255 54 0.0% 100.0% 100.0% 264 14,255 54 0.0% 264 14,255 54 0.0% 100.0% 100.0% Asia 961 162,848 169 100.0% 961 162,848 169 100.0% 100.0% 100.0% Prologis China Logisitics Venture I - - - - - - - - - - 961 162,848 169 100.0% 961 162,848 169 100.0% 100.0% 100.0% Total 1,542 $211,038 $137 82.9% 1,304 $185,587 $142 79.8% 84.6% 87.9% Weighted average estimated stabilized yield (%) 8.3% $17,516 Weighted average estimated cap rate at stabilization (%) 6.6% $54,356 Prologis share of value creation on development starts (%) (A) 91.0% Prologis share of value creation on development starts ($) (A) $49,486 Prologis share of value creation realized on VACs (B) 22,844 Total Prologis share of estimated and realized value creation this quarter $72,330 Pro forma NOI ($) Estimated value creation ($) (A) Total Asia Total Q1 2012 Prologis wholly owned Prologis Share ($) - Q1 Prologis Share (%) - Q1 Prologis wholly owned Total Europe Prologis wholly owned

Copyright © 2012 Prologis First Quarter 2012 Report Capital Deployment Development Portfolio 19 (in thousands, except percent) (A) Value creation excludes fees or promotes that we may earn. See complete definition in the Notes and Definitions section. Sq Ft TEI $ Sq Ft TEI $ Sq Ft TEI $ Sq Ft TEI $ TEI $ Prologis share of TEI $ % of Total Leased % - $ - 147 $7,858 - $ - 147 $7,858 $7,858 $7,858 0.7% 0.0% 244 28,024 614 71,663 - - 614 71,663 99,687 99,687 8.4% 36.8% - - - - - - - - - - 0.0% 0.0% - - 415 26,103 - - 415 26,103 26,103 26,103 2.2% 0.0% U.S. Total 244 28,024 1,176 105,624 - - 1,176 105,624 133,648 133,648 11.3% 22.2% 482 27,640 140 6,416 - - 140 6,416 34,056 34,056 2.9% 52.9% Americas total 726 55,664 1,316 112,040 - - 1,316 112,040 167,704 167,704 14.2% 31.6% 319 31,183 447 36,027 - - 447 36,027 67,210 67,210 5.7% 58.3% 507 38,836 - - - - - - 38,836 38,836 3.3% 43.8% - - 201 9,957 - - 201 9,957 9,957 9,957 0.8% 0.0% - - - - - - - - - - 0.0% 0.0% Europe total 826 70,019 648 45,984 - - 648 45,984 116,003 116,003 9.8% 45.4% 1,557 255,285 2,397 374,405 961 162,848 3,358 537,253 792,538 792,538 66.6% 66.0% Asia total 1,557 255,285 2,397 374,405 961 162,848 3,358 537,253 792,538 792,538 66.6% 66.0% 3,109 380,968 4,361 532,429 961 162,848 5,322 695,277 1,076,245 1,076,245 90.6% 54.1% - - - - - - - - - - 0.0% - - - 264 14,255 - - 264 14,255 14,255 14,255 1.2% 0.0% - - 264 14,255 - - 264 14,255 14,255 14,255 1.2% 0.0% 3,109 380,968 4,625 546,684 961 162,848 5,586 709,532 1,090,500 1,090,500 91.8% 52.4% Prologis Targeted U.S. Logistics Fund - - 272 27,796 - - 272 27,796 27,796 7,666 0.6% 0.0% Brazil Fund and related joint ventures 295 31,749 1,279 120,681 - - 1,279 120,681 152,430 76,215 6.4% 32.7% Prologis European Properties Fund II - - 134 11,718 - - 134 11,718 11,718 3,483 0.3% 100.0% Prologis Targeted Europe Logistics Fund - - 47 5,286 - - 47 5,286 5,286 1,717 0.1% 0.0% Prologis China Logistics Venture I 168 6,435 - - 1,078 58,665 1,078 58,665 65,100 9,764 0.8% 0.0% 463 38,184 1,732 165,481 1,078 58,665 2,810 224,146 262,330 98,845 8.2% 19.8% 3,572 $ 419,152 6,357 $ 712,165 2,039 $ 221,513 8,396 $ 933,678 $ 1,352,830 $ 1,189,345 100.0% 43.5% 3,283 $397,775 5,397 $619,584 1,118 $171,779 6,515 $791,363 $1,189,138 49.5% Total development portfolio - Prologis share (%) 91.9% 94.9% 84.9% 87.0% 54.9% 77.5% 77.6% 84.8% 87.9% $17,785 $252,086 $162,731 $414,817 $432,602 $17,306 $203,126 $128,983 $332,109 $349,415 0.0% 18.5% 94.9% 35.1% n/a 32.2% 47.1% 35.8% 7.8% 8.2% 7.7% 8.1% 8.0% $108,226 Weighted average estimated cap rate at stabilization (%) 6.6% $286,958 $247,748 86.3% Under Development Total development portfolio - owned & managed Total development portfolio - Prologis share Cost to complete ($) Central East Northwest United Kingdom Europe Southwest Northern Europe Southern Europe Latin America Europe Central Europe Prologis share of value creation (%) (A) Prologis share of cost to complete ($) Percent build to suit (based on Prologis share) (%) Pre-leased percent (%) Prologis share of value creation ($) (A) Pro forma NOI ($) Estimated value creation ($) (A) Weighted average estimated stabilized yield (%) Japan Asia Total global markets Total Development Portfolio Consolidated Total Under Development U.S. 2013 Expected Completion 2012 Expected Completion Pre-Stabilized Developments Total unconsolidated development portfolio Total regional and other markets Regional and other markets Americas Unconsolidated Total consolidated development portfolio

Copyright © 2012 Prologis First Quarter 2012 Report Capital Deployment Land Portfolio – Owned and Managed 20 (A) Ordered by our share of current book value. (dollars in thousands) Region Prologis Prologis Prologis Prologis % of Share Share (%) Share ($) Share (%) Total Atlanta East 732 732 100.0% $ 28,031 $ 28,031 100.0% 1.4% Baltimore/Washington East 106 106 100.0% 14,868 14,868 100.0% 0.8% Central Valley Northwest 170 170 100.0% 16,409 16,409 100.0% 0.8% Central & Eastern PA East 339 339 100.0% 29,657 29,657 100.0% 1.5% Chicago Central 638 638 100.0% 60,506 60,506 100.0% 3.1% Dallas/Ft. Worth Central 470 470 100.0% 23,044 23,044 100.0% 1.2% Houston Central 65 65 100.0% 7,884 7,884 100.0% 0.4% New Jersey/New York City East 305 305 100.0% 127,056 127,056 100.0% 6.5% Seattle Northwest 15 15 100.0% 2,148 2,148 100.0% 0.1% South Florida East 377 377 100.0% 143,787 143,787 100.0% 7.3% Southern California Southwest 779 779 100.0% 123,167 123,167 100.0% 6.3% Canada 230 230 100.0% 95,423 95,423 100.0% 4.9% Mexico 1,009 1,009 100.0% 209,856 209,856 100.0% 10.7% Brazil 376 188 50.0% 47,054 23,527 50.0% 1.2% 5,611 5,423 96.6% 928,890 905,363 97.5% 46.2% Northern 30 30 100.0% 10,371 10,371 100.0% 0.5% Southern 396 396 100.0% 69,396 69,396 100.0% 3.5% Northern 193 193 100.0% 46,508 46,508 100.0% 2.4% Northern 63 63 100.0% 57,790 57,790 100.0% 3.0% CEE 893 893 100.0% 118,215 118,215 100.0% 6.0% Southern 100 100 100.0% 19,960 19,960 100.0% 1.0% UK 981 981 100.0% 250,697 250,697 100.0% 12.8% 2,656 2,656 100.0% 572,937 572,937 100.0% 29.2% China 60 45 75.0% 24,645 13,508 54.8% 0.7% Japan 86 86 100.0% 171,809 171,809 100.0% 8.8% 146 131 89.7% 196,454 185,317 94.3% 9.5% 8,413 8,210 97.6% 1,698,281 1,663,617 98.0% 84.9% CEE 338 338 100.0% 47,137 47,137 100.0% 2.4% CEE 263 263 100.0% 42,941 42,941 100.0% 2.2% Southern 107 107 100.0% 32,507 32,507 100.0% 1.7% East 129 129 100.0% 25,566 25,566 100.0% 1.3% CEE 95 95 100.0% 18,600 18,600 100.0% 0.9% East 229 229 100.0% 13,082 13,082 100.0% 0.7% Northwest 66 66 100.0% 8,480 8,480 100.0% 0.4% Central 166 166 100.0% 7,229 7,229 100.0% 0.4% Central 199 199 100.0% 6,692 6,692 100.0% 0.3% Central 75 75 100.0% 4,919 4,919 100.0% 0.3% Central 127 127 100.0% 4,469 4,469 100.0% 0.3% Central 13 13 100.0% 425 425 100.0% 0.0% 1,807 1,807 100.0% 212,047 212,047 100.0% 10.9% Total other markets (11 markets) Various 769 769 100.0% 83,149 83,149 100.0% 4.2% Total land portfolio - owned and managed 10,989 10,786 98.2% $ 1,993,477 $ 1,958,813 98.3% 100.0% Original Cost Basis $ 3,073,677 Indianapolis Americas total Total Owned & Managed Louisville Total regional markets Central Florida Savannah Slovakia Memphis Cincinnati Czech Republic Italy Hungary Belgium France Germany Land by Market Total Owned & Managed Current Book Value Brazil Mexico Acres Global markets U.S. Canada Denver Columbus Regional markets (A) Netherlands Poland Spain Total global markets China Japan Asia total Europe total United Kingdom

Copyright © 2012 Prologis First Quarter 2012 Report Capital Deployment Land Portfolio – Summary and Roll Forward 21 Investment at Acres % of Total March 31, 2012 % of Total 6,889 62.7% 1,009,129 $ 50.6% Brazil Fund and related joint ventures 376 3.4% 47,054 2.4% Total Americas 7,265 66.1% 1,056,183 53.0% 3,578 32.5% 740,840 37.2% 128 1.2% 183,352 9.2% Prologis China Logistics Venture 1 18 0.2% 13,102 0.6% Total Asia 146 1.4% 196,454 9.8% 10,989 100.0% 1,993,477 $ 100.0% Americas Europe Asia Total 1,053,806 $ 737,001 $ 249,100 $ 2,039,907 $ Acquisitions 14,584 - - 14,584 Dispositions (A) (3,982) (6,877) - (10,859) Development starts (10,574) (2,092) (38,209) (50,875) Infrastructure costs 17,318 5,809 2,731 25,858 Reclasses (13,556) - - (13,556) Impairment charges - - (3,185) (3,185) Effect of changes in foreign exchange rates and other (1,413) 6,999 (13,983) (8,397) 1,056,183 $ 740,840 $ 196,454 $ 1,993,477 $ Land Portfolio Summary Prologis wholly owned Americas Total land portfolio - owned and managed Prologis wholly owned Europe Asia Prologis wholly owned As of March 31, 2012 Land Roll Forward - Owned and Managed As of December 31, 2011 (dollars in thousands) (A) Includes 116 acres that were sold for $13.5 million in proceeds.

Copyright © 2012 Prologis First Quarter 2012 Report Private Capital Detail Fund Information 22 (A) These funds are or will be actively investing in new properties through acquisition and/or development activities, whereas the remaining funds do not expect to be actively investing in new properties. (B) During the first quarter, this co-investment venture sold all but one of its operating buildings. (C) We have a 50% ownership interest in and consolidate an entity that in turn owns 50% of an entity that is accounted for on the equity method (“Brazil Fund”). The Brazil Fund develops industrial properties in Brazil. During 2011, the Brazil Fund sold 90% of three properties to a third party and retained a 10% ownership interest in the properties (“Brazil JVs”). Therefore, we effectively own 25% of the Brazil Fund and 5% of the operating properties in the Brazil JVs, which are included in our Owned and Managed operating pool. (D) Values represent Prologis’ stepped up basis and may not equal the entities stand alone financial statements.

Copyright © 2012 Prologis First Quarter 2012 Report Private Capital Fund Operating and Balance Sheet Information 23 (A) Includes the unconsolidated property funds listed on the previous page. (B) Includes Prologis California and Prologis North American Industrial Fund II. We acquired all of the assets and liabilities of Prologis North America Industrial Fund II and our 50% share of the assets and liabilities of Prologis California during the quarter. (C) Represents the entire entity, not our proportionate share. (dollars in thousands)

Copyright © 2012 Prologis First Quarter 2012 Report Capitalization Debt and Equity Summary 24 (A) Interest rate is based on the effective rate (which includes the amortization of related premiums and discounts) and weighted based on borrowings outstanding. Dividend Security Shares Value Series Rate Value Common Stock 459.6 $36 $16,555 Series L 6.5% $49 $2,146 Partnership Units 3.3 $36 119 Series M 6.8% 58 Total 462.9 $16,674 Series O 7.0% 75 Borrowings outstanding 850 Series P 6.9% 50 Outstanding letters of credit 73 Series Q 8.5% 100 $1,223 Series R 6.8% 125 Series S 6.8% 125 344 7.1% $582 $1,567 Less: Current availability Unrestricted cash Total liquidity Market Equity Preferred Stock Liquidity Price Aggregate lender commitments (dollars and shares in millions) $64 $458 - $1 $33 $556 $113 $669 $405 $1,074 $708 65.9% 376 482 - 1 202 1,061 573 1,634 1,564 3,198 1,861 58.2% 374 - 409 643 578 2,004 1,070 3,074 835 3,909 3,205 82.0% 287 460 441 1 208 1,397 21 1,418 1,143 2,561 1,735 67.7% 638 - - 1 314 953 111 1,064 1,203 2,267 1,264 55.8% 700 - - 1 558 1,259 2 1,261 698 1,959 1,407 71.8% 900 - - 1 247 1,148 64 1,212 265 1,477 1,227 83.1% 647 - - 1 284 932 1 933 222 1,155 998 86.4% 683 - - 1 10 694 1 695 402 1,097 796 72.6% - - - - 162 162 1 163 333 496 255 51.4% - - - 10 143 153 2 155 139 294 193 65.6% Subtotal 4,669 1,400 850 661 2,739 10,319 1,959 12,278 7,209 19,487 13,649 70.0% 79 (78) 1 - 68 70 33 103 33 136 108 79.4% Subtotal 4,748 1,322 851 661 2,807 10,389 1,992 12,381 7,242 19,623 $13,757 70.1% - - - - - - (484) (484) (5,382) (5,866) Prologis share of debt $4,748 $1,322 $851 $661 $2,807 $10,389 $1,508 $11,897 $1,860 $13,757 $4,625 $1,322 $155 $30 $1,773 $7,905 $122 $8,027 $1,021 9,395 $ $9,048 - - 276 477 17 770 1,216 1,986 528 2,887 2,514 - - 8 - - 8 167 175 116 533 291 123 - 412 154 995 1,684 - 1,684 182 1,617 1,866 - - - - 22 22 3 25 13 35 38 Prologis share of debt $4,748 $1,322 $851 $661 $2,807 $10,389 $1,508 $11,897 $1,860 $13,757 5.7% 4.8% 1.7% 2.0% 4.2% 4.6% 4.4% 4.6% 4.7% 5.0% 4.7% 5.3 1.3 2.6 2.3 5.0 4.3 2.2 3.9 3.9 4.1 4.0 Weighted average interest rate (A) Weighted average remaining maturity in years Unamortized net (discounts) premiums Third party share of debt Prologis share of debt by local currency Dollars Euro GBP 2019 2020 2021 Yen Other Thereafter 2018 Investees Consolidated Investees 2016 Debt Debt Debt Maturity Debt Debt 2012 2013 2014 2015 Total Mortgage Debt 2017 Facilities Debt Senior Convertible Credit Other Prologis Unsecured Consolidated Total Unconsolidated Secured Prologis Share (%) Prologis Total Share of Debt Total Debt

Copyright © 2012 Prologis First Quarter 2012 Report Capitalization Debt Covenants and Other Metrics 25 (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. (B) All metrics include both consolidated and Prologis share of unconsolidated investees. (C) See Notes and Definitions for calculation of amounts. (dollars in thousands) Covenant Actual Covenant Actual <60% 39.5% <60% 39.5% >1.5x 2.86x >1.5x 2.85x <40% 13.2% <40% 13.2% >150% 273.4% >150% 273.4% Covenant Actual <60% 39.7% >1.5x 2.68x >1.5x 3.33x <35% 13.7% >$10.0 billion $15.9 billion 2012 2011 First Quarter Fourth Quarter 43.6% 43.5% 18.5% 17.9% 228.5% 228.7% 2.11x 2.07x 8.86x 8.62x Unencumbered Encumbered Total 14,705,821 $ 8,732,882 $ 23,438,703 $ 787,029 - 787,029 1,898,563 34,758 1,933,321 419,432 - 419,432 - 247,241 247,241 84,271 17,912 102,183 Total consolidated 17,895,116 9,032,793 26,927,909 978,919 3,627,330 4,606,249 68,788 5,498 74,286 Gross real estate assets 18,942,823 $ 12,665,621 $ 31,608,444 $ Unsecured Secured Debt Mortgage Debt Total 7,579,959 $ 2,738,957 $ 10,318,916 $ 601,013 1,357,862 1,958,875 107,935 1,742,573 1,850,508 Total debt - at par 8,288,907 5,839,392 14,128,299 (82,861) (395,020) (477,881) Total Prologis share of debt - at par 8,206,046 5,444,372 13,650,418 26,679 76,451 103,130 (1,708) (3,756) (5,464) - 9,116 9,116 Total debt, net of premium (discount) 8,231,017 $ 5,526,183 $ 13,757,200 $ Our share of premium (discount) - unconsolidated Premium (discount) - consolidated Secured and Unsecured Debt as of March 31, 2012 Prologis debt Consolidated investees debt Our share of unconsolidated investees debt Third party share of premium (discount) Third party share of consolidated debt Unconsolidated development portfolio and land - Prologis' share Operating portfolio Unconsolidated operating portfolio - Prologis' share Encumbrances as of March 31, 2012 Secured debt as % of gross real estate assets Unencumbered gross real estate assets to unsecured debt Consolidated: Development portfolio Land Other real estate investments Notes receivable backed by real estate Assets held for sale Covenants as of March 31, 2012 (A) Minimum net worth Fixed charge coverage ratio Maximum secured debt to adjusted total assets Unencumbered assets ratio to unsecured debt Fixed charge coverage ratio Maximum secured debt to total asset value New Prologis Indenture Legacy AMB Indenture Debt as % of gross real estate assets Debt/Core EBITDA Unencumbered debt service coverage ratio Outstanding indebtedness to adjusted total assets Maximum consolidated leverage to total asset value Global Line Debt Metrics (A) (B) (C) Fixed charge coverage ratio

Copyright © 2012 Prologis First Quarter 2012 Report Capitalization Assets Under Management 26 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 Europe 31.9% Asia 12.0% $ 31,013 $ 45,355 Debt $13,757 Committed Equity/Investment $2,341 Americas 56.1% $ 45,355 Direct owned and other assets $23,729 Equity Cap $16,674 AUM Private Capital $21,626 Preferred Shares $582 Investors' share of assets in JVs/funds $12,001 Prologis share of assets in JVs/funds $7,284 Total Enterprise Value $31,013 Total Enterprise Value Total AUM by Division Assets Under Management (dollars in millions)

Copyright © 2012 Prologis First Quarter 2012 Report 229,391 $ 14,609,221 $ 64 $ 207,569 $ 207,569 $ 830,276 95.4% 69,456 5,273,447 76 90,989 90,989 363,956 94.4% 14,427 2,574,210 178 37,816 37,816 151,264 95.0% 17,221 68,884 313,274 22,456,878 72 336,374 353,595 1,414,380 95.1% 11,207 654,263 58 (4,363) 31.6% 3,964 274,409 69 (1,498) 11.0% 15,171 928,672 61 (5,861) 26.2% 328,445 $ 23,385,550 $ 71 $ 330,513 $ 353,595 $ 1,414,380 91.9% 32,444 $ 2,348,432 $ 72 $ 32,407 $ 32,407 $ 129,628 91.9% 19,718 1,878,040 95 27,998 27,998 111,992 94.5% 1,990 379,777 191 5,401 5,401 21,604 97.7% 57 228 54,152 $ 4,606,249 $ 85 $ 65,806 $ 65,863 $ 263,452 93.1% 382,597 $ 27,991,799 $ 73 $ 396,319 $ 419,458 $ 1,677,832 92.1% Square Feet 726 $ 46,888 $ 55,664 $ 77 $ 4,391 45.4% 826 60,490 70,019 85 5,463 26.9% 1,557 252,781 255,285 164 18,296 80.2% 57.9% 1,316 78,244 112,040 85 7,944 912 25,097 60,239 66 5,318 3,358 323,529 537,253 160 38,214 8,695 $ 787,029 $ 1,090,500 $ 125 $ 79,626 863 $ 41,258 $ 83,880 $ 97 10,163 56 3,810 5,200 93 409 187 3,726 9,765 52 868 1,106 $ 48,794 $ 98,845 $ 89 $ 11,440 9,801 $ 835,823 $ 1,189,345 $ 121 $ 91,066 Prologis share of unconsolidated operating portfolio Americas Asia Properties under development Total operating portfolio CONSOLIDATED Prestabilized Annualized NOI CONSOLIDATED OPERATING PORTFOLIO First Quarter NOI (Actual) Americas Gross Book Value Americas Europe Prologis interest in unconsolidated operating portfolio UNCONSOLIDATED OPERATING PORTFOLIO (Prologis Share) Europe Properties generating net operating loss Sub-total Sub-total Pro forma adjustment for mid-quarter acquisitions/development completions Total consolidated portfolio Square Feet Real Estate Operations Europe Asia Properties generating net operating income Percent Occupied GBV per Sq. Ft. First Quarter NOI (Pro Forma) Development TEI per Sq Ft. Percent Occupied Investment Balance TEI Pro forma adjustment for mid-quarter acquisitions/development completions (A) Annualized Pro Forma NOI Europe Asia Americas Europe Americas UNCONSOLIDATED (Prologis Share) Prologis interest in unconsolidated development portfolio Development Platform (see development pages) Prologis share of unconsolidated development portfolio Europe Asia Total development portfolio Total consolidated portfolio Asia Americas Net Asset Value Components 27 (A) This adjustment also includes pro-forma adjustments for the 100% of the NOI related to Prologis California and Prologis North America Fund II. (in thousands, except for percentages and per square foot)

Copyright © 2012 Prologis First Quarter 2012 Report Net Asset Value Components - Continued 28 (in thousands) $ 343,736 91,957 512,890 419,432 57,897 163,679 247,241 55,866 Investments in and advances to other unconsolidated investees 386,310 98,337 $ 2,377,345 674,084 621,211 73,691 168,495 395,045 833,005 $ 2,765,531 $ 37,759 $ 3,073,677 $ 1,933,321 25,492 $ 1,958,813 Private capital revenue $ 32,357 $ 129,428 Private capital expenses (16,881) (67,524) Profit margin $ 15,476 $ 61,904 $ 3,113 $ 10,318,916 Consolidated investee debt - at par 1,958,875 1,850,508 14,128,299 582,200 $ 14,710,499 Outstanding shares of common stock 459,555 Preferred stock Total debt and preferred stock Debt and Preferred Stock Private capital Development management income As of March 31, 2012 Prologis debt - at par Prologis share of unconsolidated debt - at par Subtotal debt Current book value of land Total Private Capital / Development Management First Quarter Annualized Prologis share of book value of land in unconsolidated investees Original land basis Tenant security deposits Other liabilities Noncontrolling interests UNCONSOLIDATED Prologis share of net assets (liabilities) Land Investment Balance Total liabilities and noncontrolling interests Value added tax and other tax liabilities Deferred income taxes Restricted cash Deposits, prepaid assets and other tangible assets Other real estate investments Accounts receivable Notes receivable backed by real estate Assets held for sale, net of liabilities Total other assets Other liabilities Prologis receivable from unconsolidated co-investment ventures Accounts payable and other current liabilities Prologis' share of value added operating propertie Cash and cash equivalents Balance Sheet and Other Items As of March 31, 2012 CONSOLIDATED Other assets

Notes and Definitions Copyright © 2012 Prologis First Quarter 2012 Report 29 For purposes of our Consolidated Statements of FFO, we do not segregate discontinued operations. In addition, we include the gains or losses from disposition and impairment charges of land parcels and development properties in the calculation of FFO, including those classified as discontinued operations. 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. Our real estate operations segment represents the direct, long-term ownership of industrial properties. Our investment strategy in this segment focuses primarily on the ownership and leasing of industrial properties in global and regional markets. Our intent is to hold and use these properties; however, depending on market and other conditions, we may contribute or sell these properties to co-investment ventures or sell to third parties. When we contribute to an unconsolidated co-investment venture or sell properties we have developed, we recognize FFO to the extent the proceeds received exceed our original investment (i.e. prior to depreciation) and present the results as Gains (Losses) on Acquisition and Dispositions of Investments in Real Estate, Net. We have industrial properties that are currently under development and land available for development that are part of this segment as well. We may develop the land or sell to third parties, depending on market conditions, customer demand and other factors. The private capital segment represents the long- term management of unconsolidated co-investment ventures and other joint ventures. In June 2011, AMB Property Corporation (“AMB”) and ProLogis combined through a merger of equals (the “Merger”). As a result of the Merger, each outstanding ProLogis common share was converted into 0.4464 shares of AMB common stock. At the time of the Merger, AMB changed its name to Prologis, Inc. After consideration of all applicable factors pursuant to the business combination accounting rules, the Merger resulted in a reverse acquisition in which AMB was considered the “legal acquirer” and ProLogis was considered the “accounting acquirer”. As such, the historical results of AMB have not been included in the 2011 results. During the second quarter of 2011, we increased our ownership of ProLogis European Properties (“PEPR”), through open market purchases and a mandatory tender offer. Pursuant to the tender offer and open-market purchases made during the tender period, we acquired additional ordinary units and convertible preferred units of PEPR that were funded through borrowings under our existing credit facilities and a new €500 million bridge facility, which was subsequently repaid with proceeds received from our June equity offering. After completion of the tender offer, we began consolidating PEPR. During the first quarter of 2012, we acquired our partner’s 63% interest in and now own 100% of Prologis North American Industrial Fund II. We also acquired our share of the assets and liabilities in Prologis California. These two transactions increased our real estate by $2.1 billion and debt by $1.0 billion. Acquisition cost represents 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 closing costs, lease intangibles; and estimated acquisition capital expenditures including leasing costs to achieve stabilization. Assets Held For Sale and Discontinued Operations. During the three months ended March 31, 2012, we disposed of 70 properties aggregating 7.9 million square feet to third parties. During all of 2011, we disposed of land subject to ground leases and 94 properties aggregating 10.7 million square feet to third parties. As of March 31, 2012, we had land and nine operating properties that met the criteria to be presented as held for sale. The amounts included in Assets Held for Sale include real estate investment balances and the related assets and liabilities for each property. The operations of the properties held for sale and properties that were disposed of to third parties during a period, including the aggregate net gains or losses recognized upon their disposition, are presented as discontinued operations in our Consolidated Statements of Operations for all periods presented. The income attributable to these properties was as follows (in thousands): Three Months Ended March 31, 2012 2011 Rental income …………………………………………………………………………… $ 12,907 $ 19,658 Rental expenses…………………………………………………………………………. (2,719) (6,063) Depreciation and amortization…………………………………………………………. (3,024) (3,736) Interest expense………………………………………………………………………… - (35) Income attributable to disposed properties and assets held for sale $ 7,164 $ 9,824 Assets Under Management (“AUM”) represents the estimated value of the real estate we own or manage through our consolidated entities and unconsolidated investees. We calculate AUM by adding the noncontrolling interests’ share of the estimated fair value of the real estate investment to our share of total market capitalization.

Notes and Definitions Three Months Ended March 31, 2012 2011 (a) Net earnings (loss) Net earnings (loss) $ 202,412 $ (46,616) Noncontrolling interest attributable to exchangeable limited partnership units 1,003 - Interest expense on exchangeable debt assumed exchanged 4,216 - Adjusted net earnings (loss) - Diluted $ 207,631 $ (46,616) Weighted average common shares outstanding - Basic (b) 459,203 254,698 Incremental weighted average effect on exchange of limited partnership units 3,347 - Incremental weighted average effect of stock awards 1,678 - Incremental weighted average effect on exchange of certain exchangeable debt 11,879 - Weighted average common shares outstanding - Diluted (b) 476,107 254,698 Net earnings (loss) per share - Basic $ 0.44 $ (0.18) Net earnings (loss) per share - Diluted $ 0.44 $ (0.18) FFO, as defined by Prologis FFO, as defined by Prologis $ 262,072 $ 62,146 Noncontrolling interest attributable to exchangeable limited partnership units 1,003 67 Interest expense on exchangeable debt assumed exchanged 4,216 - FFO - Diluted, as defined by Prologis $ 267,291 $ 62,213 Weighted average common shares outstanding - Basic (b) 459,203 254,698 Incremental weighted average effect of exchange of limited partnership units 3,347 339 Incremental weighted average effect of stock awards 1,678 1,163 Incremental weighted average effect of exchange of certain exchangeable debt 11,879 - Weighted average common shares outstanding - Diluted (b) 476,107 256,200 FFO per share - Diluted, as defined by Prologis $ 0.56 $ 0.24 Core FFO Core FFO $ 184,765 $ 74,407 Noncontrolling interest attributable to exchangeable limited partnership units 1,003 67 Interest expense on exchangeable debt assumed exchanged 4,216 - Core FFO – Diluted $ 189,984 $ 74,474 Weighted average common shares outstanding - Basic (b) 459,203 254,698 Incremental weighted average effect of exchange of limited partnership units 3,347 339 Incremental weighted average effect of stock awards 1,678 1,163 Incremental weighted average effect of exchange of certain exchangeable debt 11,879 - Weighted average common shares outstanding - Diluted (b) 476,107 256,200 Core FFO per share - Diluted $ 0.40 $ 0.29 (a) In periods with a net loss, the inclusion of any incremental shares is anti-dilutive, and therefore, both basic and diluted shares are the same. (b) The historical Prologis shares outstanding have been adjusted by the Merger exchange ratio of 0.4464. calculate Core EBITDA beginning with consolidated net earnings(loss) and removing the affect of interest, income taxes, depreciation and amortization, impairment charges, 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 Core FFO (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), including our share of these items from unconsolidated investees. 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 adjusted Core EBITDA to include a pro forma adjustment to reflect a full period of NOI on the operating properties we acquire in a significant transaction, such as the Merger, PEPR acquisition, acquisition of assets from Prologis California and the acquisition of Prologis North American Industrial Fund II. In addition, we excluded Merger, Acquisition and Other Integration Expenses and costs associated with the hurricane and tsunami that occurred in first quarter 2011 in Japan. By excluding interest expense 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 included the costs of repurchasing debt securities. Although difficult to predict, these items may be recurring given the uncertainty of the current economic climate and its adverse effects on the real estate and financial markets. 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. As a liquidity measure, we believe that Core 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 Core EBITDA in conjunction with net income (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 Core 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, Core EBITDA has limitations as an analytical tool and should be used in conjunction with our required GAAP presentations. Core EBITDA does not reflect our historical cash expenditures or future cash requirements for working capital, capital expenditures distribution requirements or contractual commitments. Core 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 and liquidity, 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 Core EBITDA may not be comparable to EBITDA reported by other companies. We compensate for the limitations of Core EBITDA by providing investors with financial statements prepared according to GAAP, along with this detailed discussion of Core EBITDA and a reconciliation of Core EBITDA to consolidated net earnings (loss), a GAAP measurement. Copyright © 2012 Prologis 30 We use Core EBITDA to measure both our operating performance and liquidity. We core EBITDA. First Quarter 2012 Report We consider Core 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, Calculation of Per Share Amounts is as follows (in thousands, except per share amounts):

Copyright © 2012 Prologis First Quarter 2012 Report 31 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 and impairment charges of previously depreciated properties. We agree that these two 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 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 from dispositions of land and development properties, as well as our proportionate share of the gains and losses from dispositions recognized by our unconsolidated investees, 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 See below for the detailed calculations for the three months ended for the respective period (dollars in thousands): is our estimate of the gross real estate, which could be acquired through the use of the equity commitments from our property fund or co-investment venture partners, plus our funding obligations and estimated debt capitalization. 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. Debt Metrics. Committed Equity/Investment FFO; FFO, as defined by Prologis; Core FFO; AFFO (collectively referred to as “FFO”). FFO, as defined by Prologis, Three Months Ended Mar. 31 Dec. 31 2012 2011 Debt as a % of gross real estate assets: Total debt - at par $ 14,128,299 $ 13,888,412 Less: cash and cash equivalents (343,736) (176,072) Total debt, net of cash $ 13,784,563 $ 13,712,340 Gross real estate assets $ 31,608,444 $ 31,492,422 Debt as a % of gross real estate assets 43.6% 43.5% Secured debt as a % of gross real estate assets: Secured debt - at par $ 5,839,392 $ 5,626,474 Gross real estate assets $ 31,608,444 $ 31,492,422 Secured debt as a % of gross real estate assets 18.5% 17.9% Unencumbered gross real estate assets to unsecured debt: Unencumbered gross real estate assets $ 18,942,823 $ 18,896,910 Unsecured debt - at par $ 8,288,907 $ 8,261,938 Unencumbered gross real estate assets to unsecured debt 228.5% 228.7% Fixed Charge Coverage ratio: Core EBITDA $ 388,869 $ 397,629 Interest expense $ 133,447 $ 129,341 Amortization and write-off of deferred loan costs (4,956) (4,316) Amortization of debt premium (discount), net 6,737 5,682 Capitalized interest 13,619 14,090 Preferred stock dividends 10,567 10,276 Our share of fixed charges from unconsolidated entities 24,474 37,003 Total fixed charges $ 183,888 $ 192,076 Fixed charge coverage ratio 2.11x 2.07x Debt to Core EBITDA: Total debt, net of cash $ 13,784,563 $ 13,712,340 Core EBITDA-annualized $ 1,555,476 $ 1,590,516 Debt to Core EBITDA ratio 8.86x 8.62x 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. Notes and Definitions

Copyright © 2012 Prologis First Quarter 2012 Report 32 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 investees; (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 investees; and (v) mark-to-market adjustments associated with derivative financial instruments. We calculate FFO, as defined by Prologis for our unconsolidated investees on the same basis as we calculate our FFO, as defined by Prologis. 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 P rologis, 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 recognized by our unconsolidated investees to the extent they are included in FFO, as defined by Prologis: gains or losses from acquisition, contribution or sale of land or development properties; income tax expense related to the sale of investments in real estate; impairment charges recognized related to our investments in real estate (either directly or through our investments in unconsolidated investees) generally as a result of our change in intent to contribute or sell these properties; impairment charges of goodwill and other assets; gains or losses from the early extinguishment of debt; merger, acquisition and other integration expenses; and 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 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. We currently have and have had over the past several years a stated priority to strengthen our financial position. We expect to accomplish this by reducing our debt, our investment in certain low yielding assets, such as land that we decide not to develop and our exposure to foreign currency exchange fluctuations. As a result, we have sold to third parties or contributed to unconsolidated investees real estate properties that, depending on market conditions, might result in a gain or loss. The impairment charges related to goodwill and other assets that we have recognized were similarly caused by the decline in the real estate markets. Also in connection with our stated priority to reduce debt and extend debt maturities, we have purchased portions of our debt securities. As a result, we recognized net gains or losses on the early extinguishment of certain debt due to the financial market conditions at that time. We have also adjusted for some non-recurring items. The merger, acquisition and other integration expenses include costs we incurred in 2011 and that we expect to incur in 2012 associated with the Merger and PEPR Acquisition and the integration of our systems and processes. We have not adjusted for the acquisition costs that we have incurred as a result of routine acquisitions but only the costs associated with significant business combinations that we would expect to be infrequent in nature. Similarly, the expenses related to the natural disaster in Japan that we recognized in 2011 are a rare occurrence but we may incur similar expenses again in the future. We analyze our operating performance primarily by the rental income of our real estate and the revenue driven by our private capital 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. AFFO To arrive at AFFO, we adjust Core FFO to further exclude; (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 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, they are two of many measures we use when analyzing our business. Some of these limitations are: The current income tax expenses that are excluded from our defined FFO measures represent the taxes 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 Notes and Definitions

Copyright © 2012 Prologis First Quarter 2012 Report 33 Notes and Definitions Global Markets comprise the largest, most liquid markets benefiting from demand tied to global trade. These markets are defined by large population centers with high consumption per capita and typically feature major seaports, airports, and other transportation infrastructure tied to global trade. While initial returns might be lower, global markets tend to outperform overall markets in terms of growth and total return. Interest Expense consisted of the following (in thousands): Market Equity is defined as the total number of outstanding shares of our common stock and common limited partnership units multiplied by the closing price per share of our common stock at period end. Merger, Acquisition and Other Integration Expenses. In connection with the Merger, we have incurred significant transaction, integration, and transitional costs. These costs include investment banker advisory fees; legal, tax, accounting and valuation fees; termination and severance costs (both cash and stock based compensation awards) for terminated and transitional employees; system conversion; and other integration costs. Certain of these costs were obligations of AMB and were expensed prior to the closing of the Merger by AMB. The remainder of the costs are being expensed by us as incurred, which in some cases will be through the end of 2012. In addition, we have included costs associated with the acquisition of a controlling interest in PEPR and reduction in workforce charges associated with dispositions made in 2011. The following is a breakdown of the costs incurred: 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, in this supplemental report, 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, private capital platform, or development platform. Net Gains on Acquisitions and Dispositions of Investments in Real Estate includes the gains we recognized from the acquisition of our share of the real estate properties in one of our unconsolidated co- investment ventures, Prologis California in the first quarter of 2012. 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 the 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 impairment charges of goodwill and other assets that we exclude from Core FFO, have been or may be realized as a loss in the future upon the ultimate disposition of the related investments or other assets through the form of lower cash proceeds. 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. To assist investors in compensating for these limitations, we reconcile our defined FFO measures to our net earnings computed under GAAP. This information should be read with our complete financial statements prepared under GAAP. Fixed Charge Coverage is defined as Core 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. Prologis uses fixed charge coverage to measure its liquidity. Prologis believes that the fixed charge coverage is relevant and useful to investors because it allows fixed income investors to measure Prologis’ ability to meet its interest payments on outstanding debt, make distributions to its preferred unitholders and pay dividends to its preferred stockholders. Prologis’ 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”) Three Months Ended March 31, 2012 2011 Gross G&A expense 101,814 66,543 Reported as rental expense (8,158) (4,911) Reported as private capital expenses (16,881) (10,552) Capitalized amounts (16,616) (11,897) Net G&A 60,159 39,183 Gross interest expense 148,847 89,023 Amortization of discount (premium), net (6,737) 7,838 Amortization of deferred loan costs 4,956 4,997 Interest expense before capitalization 147,066 101,858 Capitalized amounts (13,619) (11,331) Net interest expense 133,447 90,527 Three Months Ended March 31, 2012 2011 Termination, severance and transitional employee costs 7,685 3,807 Professional fees 2,216 2,181 Office closure, travel and other costs 827 - Total 10,728 5,988 Three Months Ended March 31, 2012 2011 consisted of the following (in thousands):

Net Operating Income (“NOI”) represents rental income less rental expenses. Operating Portfolio includes stabilized operating industrial properties we own or that we manage and are owned by an unconsolidated investee accounted for by the equity method of accounting. Operating Segments – Real Estate Operations represents the direct long-term ownership of industrial properties, including land and the development of properties. Operating Segments – Private Capital represents the management of unconsolidated property funds/co- investment ventures and other joint ventures and the properties they own. Pre-stabilized Development represents properties that are complete but have not yet reached Stabilization. Pro forma NOI reflects the NOI for a full quarter of operating properties that were acquired, contributed or stabilized during the quarter. Pro forma NOI for the properties in our development portfolio is based on current total expected investment and an estimated stabilized yield. A reconciliation of our rental income and rental expenses, computed under GAAP, to adjusted net operating income (NOI) for the operating portfolio for purposes of the Net Asset Value calculation is as follows: 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 under GAAP. Removing the net termination fees from rental income allows for the calculation of pro forma NOI to include only rental income that is indicative of the property's recurring operating performance. The actual NOI for properties that were contributed and not part of discontinued operations during the three-month period is removed. Straight-lined rents and amortization of above and below market leases are removed from rental income computed under GAAP to allow for the calculation of a cash yield. (a) (b) (c) Regional Markets, similar to global markets, also benefit from large-population centers and demand. They are located at key crossroads in the supply chain and/or near economic centers for leading national or global industries. Our assets reflect the highest quality class-A product in that market and are often less supply- constrained and focus on delivering bulk goods to customers. Rental Income includes the following (in thousands): Same Store. We evaluate the operating performance of the industrial 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 all consolidated properties, and properties owned by property funds and joint ventures that are managed by us and in which we have an equity interest (referred to as “unconsolidated investees”), in our same store analysis. We have defined the same store portfolio, for the quarter ended March 31, 2012, as those operating properties in operation at January 1, 2011 that were in operation throughout the full periods in both 2011 and 2012 either by Prologis or AMB or their unconsolidated investees. 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 net operating income 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, to derive the same store results. Same Store Average Occupancy represents the average occupied percentage for the period. Same Store Rental Expense represents gross property operating expenses. In computing the percentage change in rental expenses for the same store analysis, rental expenses include property management expenses for our direct owned properties based on the property management fee that has been computed as provided in the individual agreements under which our wholly owned management companies provide property management services to each property (generally, the fee is based on a percentage of revenues). Same Store Change in Rental Rate represents the change in effective rental rates (average rate over the lease term) on new leases signed during the period as compared with the previous effective rental rates in that same space. Same Store Rental Income includes the amount of rental expenses that are recovered from customers under the terms of their respective lease agreements. In computing the percentage change in rental income for the same store analysis, rental income (as computed under GAAP) is adjusted to remove the net termination fees recognized for each period. Removing the net termination fees for the same store calculation allows 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. 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. Notes and Definitions Copyright © 2012 Prologis 34 First Quarter 2012 Report Three Months Ended March 31, 2012 2011 (in thousands) Reconciliation of NOI Rental income ............................................................................................................................................... $ 464,594 Rental expenses .......................................................................................................................................... (125,096) NOI ................................................................................................................................................................. 339,498 ............................................................................................. (993) Less: Actual NOI for development portfolio and other ............................................................................... (7,711) Less: NOI on contributed properties (b) ........................................................................................................ (281) Adjusted NOI for operating portfolio owned at March 31, 2012 330,513 ................................................................ (8,002) $ 322,511 NOI for operating portfolio owned at March 31, 2012 - Cash Net termination fees and adjustments (a) Rental income ............................................................................................................. $ 363,911 Amortization of lease intangibles (9,463) Rental expense recoveries 91,858 Straight - lined rents ..................................................................................................... 18,288 $ 464,594 .......................................................................................... ................................................................................... $ 141,757 (202) 42,999 11,160 $ 195,714 Straight - lined rents and amortization of lease intangibles (c)

Copyright © 2012 Prologis First Quarter 2012 Report Value Creation represents the value that will be created through our development and leasing activities at stabilization. We calculate value by estimating the NOI that the property will generate at Stabilization and applying an estimated stabilized cap 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 Yeild is calculated as NOI adjusted to reflect stabilized occupancy divided by Acquisition Cost or TEI, as appilicable. 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 which Prologis acquires as part of management’s current belief that the discount in pricing attributed to the operating challenges of the property could provide greater returns, once stabilized, than the returns of stabilized properties, which 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. Total Market Capitalization is defined as market equity plus our share of total debt and preferred stock. Total Estimated 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. 35 Notes and Definitions