Prologis, Inc. (PLD)

Prologis, Inc. is a self-administered and self-managed real estate investment trust (REIT) and the global leader in logistics real estate. It owns, manages and develops high-quality logistics facilities in high-barrier, high-growth markets and delivers integrated infrastructure solutions to the customers in its buildings. It conducts its business through Prologis, L.P., of which it is the sole general partner, and invests through wholly owned subsidiaries and co-investment ventures with institutional partners. The company began operating as a fully integrated real estate company in 1997 and is listed on the NYSE under the ticker "PLD."

The business has two reportable segments. The Real Estate segment covers Rental Operations and Development. Rental Operations generally contributes 90% to 95% of consolidated revenues, earnings and FFO and collects rent through operating leases, with a weighted average lease term of 70 months on leases commenced in 2025. Development builds modern logistics facilities and is selectively expanding into data centers, focusing on securing power and build-to-suit leases. The Strategic Capital segment manages the unconsolidated co-investment ventures and generally contributes 5% to 10% of revenues, earnings and FFO, excluding promotes. It earns asset management and property management fees, plus leasing, acquisition, construction management, development and disposition fees, and in some ventures incentive fees known as promotes. The ventures include three publicly traded vehicles: Nippon Prologis REIT in Japan, China AMC Prologis Logistics REIT in China and FIBRA Prologis in Mexico. The company holds 15% to 55% ownership in these ventures. It also offers Prologis Essentials, a platform of operational, energy and sustainability solutions, and has more than 1 gigawatt of solar generation and storage capacity across its owned and managed portfolio.

At December 31, 2025, Prologis owned or had investments in properties and development projects expected to total about 1.3 billion square feet across 20 countries on four continents. The portfolio is concentrated in key commercial hubs near end consumers. Demand is driven by e-commerce growth, rising global consumption, supply chain efficiency and resiliency, and the need for modern, well-located facilities. Substantially all consolidated rental revenue and NOI is generated in the U.S., while most strategic capital revenue is generated outside the U.S. Co-investment partners include many of the world's largest institutional investors. The ten unconsolidated ventures held an operating portfolio with a gross book value of $62.4 billion across 562 million square feet.

The company manages properties on an owned and managed basis regardless of ownership. It recycles capital by contributing newly developed properties to co-investment ventures, selling data centers and selling non-strategic assets. It sources land through direct ownership, options and Covered Land Plays, and its consolidated land and real estate investments could support $37.3 billion of total expected investment in new development. It manages foreign currency exposure, mainly in pounds sterling, Canadian dollars, euros and yen, by investing abroad through co-investment ventures, borrowing in local currencies and using derivatives. Its headquarters is at Pier 1, Bay 1, San Francisco, California, with other principal offices in Amsterdam, Denver, Mexico City, Sao Paulo, Shanghai, Singapore and Tokyo.