Mark-to-market (MTM)

%

Note: Lease Mark-to-Market on a Net Effective Rent basis represents the difference between current in place net effective rent in the operating portfolio compared to current market Net Effect Rent for comparable spaces divided by the current in place net effective rent. Note that consistent with the definition of rent change, rents are reflected on a triple net basis, is weighted by square feet and excludes short-term leases, defined as a term of less than one year. Source: Prologis Research