PLDNYSEReal Estate Investment TrustsUS GAAP · USD

Prologis, Inc.

Prologis, Inc. is a U.S.-based real estate investment trust focused on logistics real estate, including warehouses, distribution centers, and development projects. Its portfolio spans major commercial hubs across North America, Europe, and Asia, and it also manages co-investment ventures tied to logistics properties and related services.

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Revenue8,790m USD
+7.2 %y/y
Operating profit (EBIT)4,358m USD
−1.3 %y/y
EBIT margin49.6%
−4.3 ppy/y
Net income3,328m USD
−10.8 %y/y
Free cash flow5,008m USD
+2.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02,0004,0006,0008,00010,000m USD2020: 4,439 m USD2020: EBIT 2,119 m USD20202021: 4,759 m USD2021: EBIT 3,207 m USD20212022: 5,974 m USD2022: EBIT 3,468 m USD20222023: 8,023 m USD2023: EBIT 3,708 m USD20232024: 8,202 m USD2024: EBIT 4,416 m USD20242025: 8,790 m USD2025: EBIT 4,358 m USD20258,7904,358
RevenueOperating profit (EBIT)

Business

Share of revenue
Rental Operations85 %

Leased logistics properties, including warehouses, distribution centers, and infill facilities.

Development and Acquisitions7 %

Ground-up development, redevelopment, and property acquisition/disposition activity.

Strategic Capital8 %

Asset management, property management, and related services for co-investment ventures.

Customers

Prologis serves logistics users that need strategically located space to store, sort, and move goods through supply chains. Customers include international, national, regional, and local operators across many industries, with demand tied to e-commerce fulfillment, consumption, and supply chain efficiency.

Logistics operating customers

Tenants leasing warehouses and distribution space to store and move goods efficiently.

E-commerce fulfillment users

Customers needing infill and Last Touch® facilities for fast delivery and dense market coverage.

National and regional distributors

Operators using import, intermodal, and regional distribution centers for network coverage.

Institutional co-investment partners

Investors in joint ventures and public vehicles that buy exposure to logistics real estate and services.

Strategy

Prologis focuses on owning, developing, and managing logistics real estate in high-barrier markets where supply is constrained and customer demand is tied to supply chain design. It also expands beyond rent collection through Prologis Essentials, technology-enabled services, and venture investments that support logistics operations and sustainability needs.

Expand logistics real estate footprint in high-barrier marketsMedium term

Concentrated assets near consumers support pricing power and customer retention.

Grow Prologis Essentials and adjacent servicesMedium term

Services deepen customer relationships and add revenue beyond base rent.

Scale strategic capital and co-investment venturesMedium term

Third-party capital expands fee-based earnings and asset management reach.

Use technology and venture investing to stay relevant to logistics changeLong term

Digital tools and emerging technologies can improve operating efficiency and customer stickiness.

Geography

Prologis operates in 20 countries across four continents, with a portfolio concentrated in major commerce hubs near end consumers. The company has principal office locations in the United States, Europe, Latin America, and Asia, and it generates a meaningful share of strategic capital revenue outside the U.S.

Risks

Prologis is exposed to cyclical logistics demand, new supply, and tenant decision delays, all of which can affect occupancy and rent growth. Because it operates globally and uses co-investment ventures, it also faces currency, regulatory, tax, and governance risks, including the need to maintain REIT qualification.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →REIT qualification risk1Supply-demand imbalance in logistics real estate2Global currency and regulatory exposure3Co-investment venture and sponsor risk4Environmental and asset impairment risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. REIT qualification riskImpact: CriticalLikelihood: Low

    Failure to satisfy REIT income, asset, or distribution tests would materially alter tax treatment.

    Exposure: Corporate structure

  2. Supply-demand imbalance in logistics real estateImpact: HighLikelihood: Medium

    New warehouse supply or weaker tenant demand can reduce occupancy and rent growth.

    Exposure: Core rental portfolio

  3. Global currency and regulatory exposureImpact: HighLikelihood: Medium

    Operations outside the U.S. create translation, repatriation, and compliance risk.

    Exposure: International portfolio and strategic capital ventures

  4. Co-investment venture and sponsor riskImpact: MediumLikelihood: Medium

    Joint ventures and public vehicles depend on continued influence, partner alignment, and market conditions.

    Exposure: Strategic Capital segment

  5. Environmental and asset impairment riskImpact: MediumLikelihood: Low

    Property values can be affected by environmental issues, obsolescence, or changes in hold intent.

    Exposure: Owned and developed real estate

Accounting

Judgemental items
Lease accounting and straight-line rent

Rental revenue includes noncash timing adjustments that can differ from cash collections.

Impact: Affects revenue recognition and comparability across periods

Real estate impairment and recoverability

Management estimates fair value and hold periods when testing long-lived assets.

Impact: Can create material impairment charges on properties held for sale or underperforming assets

Strategic capital fee and promote recognition

Asset management fees and promote revenues depend on venture valuations and milestone events.

Impact: Can cause uneven revenue recognition across quarters

Capitalized development and internal costs

Certain G&A and project costs are capitalized into development and building improvements.

Impact: Affects expense timing and asset carrying values

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Last updated: 24/09/2026