Prologis (PLD)
Owner, developer and manager of global logistics real estate and co-investment ventures.
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Prologis is first and foremost a landlord for the giant warehouses that keep goods moving. Rent pays nearly all the bills, while fees from investor-owned property funds add a much smaller stream. The next act uses the same land, roofs, power connections and customer relationships for data centers, solar power, warehouse equipment and truck charging—but those newer businesses are still tucked inside the property engine.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
6 in detail · 14 more below
Rental Operations
Leasing warehouses is the engine that funds everything else. Amazon is the largest tenant at 6.3% of rent, while Home Depot and FedEx are also major named customers; no single customer reaches 10%.
Competes with Infill warehouse portfolio (Link Logistics / Blackstone) · Logistics portfolio (Goodman Group)
In plain English
Think of Prologis as a landlord for the enormous buildings where companies store, sort and ship goods. Retailers, manufacturers and delivery companies rent space for years at a time and usually repay most of the day-to-day property costs.
Rent rises through scheduled increases and when an old lease is replaced at a higher market price. Customers keep paying because the buildings sit near consumers and transport routes, where suitable land and permission to build are hard to replace.
Data Centers
Prologis turns well-sited land and secured electricity into prepared plots, empty shells or fully finished computer buildings. By mid-2026, billions of dollars of work was underway; the watchpoint is whether power, permits and customer commitments arrive together.
Competes with Data-centre workbook (Goodman Group) · U.S. Hyperscale Fund / PlatformDIGITAL (Digital Realty)
In plain English
Picture a warehouse-sized home for thousands of computers. Before one can open, it needs a huge, dependable electricity connection, suitable land and local permission. Prologis already knows how to secure land and build large boxes, so it is adapting that playbook.
Large cloud-computing customers order the current projects before construction begins. They may buy a powered plot, an empty building or a finished site ready for their machines; Prologis generally makes its money by selling the completed property.
Prologis Energy Solutions
Warehouse roofs become small power plants, with large rechargeable batteries smoothing when electricity is used. By early 2026, the amount installed had climbed quickly, but roof access, power-network connections, incentives and whether each project saves enough money still limit the spread.
Competes with Commercial Solar (Altus Power) · Microgrid Solutions (PowerFlex)
In plain English
A warehouse roof is usually idle acreage in the sky. Prologis covers some roofs with solar panels, adds large rechargeable cabinets that save electricity for later, and can build private power equipment for tenants or nearby communities.
Customers such as Wayfair pay for more dependable or cleaner power without assembling the pieces themselves. Prologis earns through the property operation, while equipment makers and installers are paid to expand the system. The public power network remains the gatekeeper for many projects.
Operations
This is the setup counter attached to the warehouse lease. Prologis can supply planning, moving help, storage, conveyors, software and security; the opportunity is the existing customer base, while spending depends on savings tenants can actually see.
Competes with Warehouse and Distribution Solutions (FORTNA) · Supply Chain Advisory / Distribution & Warehouse (CBRE)
In plain English
Getting an empty warehouse ready can mean hiring a small army of separate specialists. Operations lets a tenant ask its landlord for much of that work in one place: layout advice, move-in help, storage gear, conveyors, automated machines, computer tools and security.
The tenant pays for projects and ongoing help, and Prologis passes work to equipment, machine and software partners where needed. Even when the service fee is modest, a smoother move-in can help win or renew the much larger property lease.
Strategic Capital
Large outside investors fund shared property funds that Prologis operates and partly owns. The business produced $592 million of revenue in fiscal 2025, down from the prior year; occasional success fees make quarterly results uneven.
Competes with Goodman Partnerships (Goodman Group) · Core+ Real Estate (Blackstone)
In plain English
Pension funds and other large investors want warehouse property without running thousands of buildings themselves. They put most of the money into shared property funds; Prologis adds some of its own money, selects or contributes buildings and handles the work.
Those investors pay recurring fees for management and for buying or selling property. Prologis can also collect a bonus when a fund clears agreed performance targets. That last payment can be large but does not arrive on a smooth schedule, so this stream jumps around more than rent.
Development and Acquisitions
Prologis buys land or buildings, develops new facilities, then keeps them, places them into an investor vehicle or sells them. Only $39 million appeared as direct revenue in fiscal 2025; much of the payoff instead comes through rent or sale gains.
Competes with Development workbook (Goodman Group) · Build-to-suit / speculative developments (Panattoni)
In plain English
This is the workshop that feeds the property portfolio. Prologis buys a site, hires contractors and builds either for a customer already committed to the space or before a tenant has signed.
Once the building is ready, Prologis has three doors: keep it and collect rent, place it into a shared investor fund, or sell it. Direct project fees are tiny beside rent, so the real test is whether construction creates a building worth more than the land and work that went into it.
Rental OperationsLeasing warehouses is the engine that funds everything else. Amazon is the largest tenant at 6.3% of rent, while Home Depot and FedEx are also major named customers; no single customer reaches 10%.Leasing warehouses is the engine that funds everything else. Amazon is the largest tenant at 6.3% of rent, while Home Depot and FedEx are also major named customers; no single customer reaches 10%.
In plain English
Think of Prologis as a landlord for the enormous buildings where companies store, sort and ship goods. Retailers, manufacturers and delivery companies rent space for years at a time and usually repay most of the day-to-day property costs.
Rent rises through scheduled increases and when an old lease is replaced at a higher market price. Customers keep paying because the buildings sit near consumers and transport routes, where suitable land and permission to build are hard to replace.
Competes with Infill warehouse portfolio (Link Logistics / Blackstone) · Logistics portfolio (Goodman Group)
Data CentersPrologis turns well-sited land and secured electricity into prepared plots, empty shells or fully finished computer buildings. By mid-2026, billions of dollars of work was underway; the watchpoint is whether power, permits and customer commitments arrive together.Prologis turns well-sited land and secured electricity into prepared plots, empty shells or fully finished computer buildings. By mid-2026, billions of dollars of work was underway; the watchpoint is whether power, permits and customer commitments arrive together.
In plain English
Picture a warehouse-sized home for thousands of computers. Before one can open, it needs a huge, dependable electricity connection, suitable land and local permission. Prologis already knows how to secure land and build large boxes, so it is adapting that playbook.
Large cloud-computing customers order the current projects before construction begins. They may buy a powered plot, an empty building or a finished site ready for their machines; Prologis generally makes its money by selling the completed property.
Competes with Data-centre workbook (Goodman Group) · U.S. Hyperscale Fund / PlatformDIGITAL (Digital Realty)
Prologis Energy SolutionsWarehouse roofs become small power plants, with large rechargeable batteries smoothing when electricity is used. By early 2026, the amount installed had climbed quickly, but roof access, power-network connections, incentives and whether each project saves enough money still limit the spread.Warehouse roofs become small power plants, with large rechargeable batteries smoothing when electricity is used. By early 2026, the amount installed had climbed quickly, but roof access, power-network connections, incentives and whether each project saves enough money still limit the spread.
In plain English
A warehouse roof is usually idle acreage in the sky. Prologis covers some roofs with solar panels, adds large rechargeable cabinets that save electricity for later, and can build private power equipment for tenants or nearby communities.
Customers such as Wayfair pay for more dependable or cleaner power without assembling the pieces themselves. Prologis earns through the property operation, while equipment makers and installers are paid to expand the system. The public power network remains the gatekeeper for many projects.
Competes with Commercial Solar (Altus Power) · Microgrid Solutions (PowerFlex)
OperationsThis is the setup counter attached to the warehouse lease. Prologis can supply planning, moving help, storage, conveyors, software and security; the opportunity is the existing customer base, while spending depends on savings tenants can actually see.This is the setup counter attached to the warehouse lease. Prologis can supply planning, moving help, storage, conveyors, software and security; the opportunity is the existing customer base, while spending depends on savings tenants can actually see.
In plain English
Getting an empty warehouse ready can mean hiring a small army of separate specialists. Operations lets a tenant ask its landlord for much of that work in one place: layout advice, move-in help, storage gear, conveyors, automated machines, computer tools and security.
The tenant pays for projects and ongoing help, and Prologis passes work to equipment, machine and software partners where needed. Even when the service fee is modest, a smoother move-in can help win or renew the much larger property lease.
Competes with Warehouse and Distribution Solutions (FORTNA) · Supply Chain Advisory / Distribution & Warehouse (CBRE)
Strategic CapitalLarge outside investors fund shared property funds that Prologis operates and partly owns. The business produced $592 million of revenue in fiscal 2025, down from the prior year; occasional success fees make quarterly results uneven.Large outside investors fund shared property funds that Prologis operates and partly owns. The business produced $592 million of revenue in fiscal 2025, down from the prior year; occasional success fees make quarterly results uneven.
In plain English
Pension funds and other large investors want warehouse property without running thousands of buildings themselves. They put most of the money into shared property funds; Prologis adds some of its own money, selects or contributes buildings and handles the work.
Those investors pay recurring fees for management and for buying or selling property. Prologis can also collect a bonus when a fund clears agreed performance targets. That last payment can be large but does not arrive on a smooth schedule, so this stream jumps around more than rent.
Competes with Goodman Partnerships (Goodman Group) · Core+ Real Estate (Blackstone)
Development and AcquisitionsPrologis buys land or buildings, develops new facilities, then keeps them, places them into an investor vehicle or sells them. Only $39 million appeared as direct revenue in fiscal 2025; much of the payoff instead comes through rent or sale gains.Prologis buys land or buildings, develops new facilities, then keeps them, places them into an investor vehicle or sells them. Only $39 million appeared as direct revenue in fiscal 2025; much of the payoff instead comes through rent or sale gains.
In plain English
This is the workshop that feeds the property portfolio. Prologis buys a site, hires contractors and builds either for a customer already committed to the space or before a tenant has signed.
Once the building is ready, Prologis has three doors: keep it and collect rent, place it into a shared investor fund, or sell it. Direct project fees are tiny beside rent, so the real test is whether construction creates a building worth more than the land and work that went into it.
Competes with Development workbook (Goodman Group) · Build-to-suit / speculative developments (Panattoni)
Named in filings, launches and programs
- Prologis MobilityService · RampingBuilds and runs charging depots for electric truck fleets; current earnings remain limited and expansion depends on vehicles, routes and available power.
- Prologis EssentialsPlatformThe umbrella for warehouse operations, energy, on-site power and workforce help sold alongside a property lease.
- OnDemandServiceProvides on-site power and charging equipment intended to keep a tenant's operation running reliably.
- WorkforceServiceHelps warehouse tenants train and find workers, including through a relationship with staffing platform Instawork.
- Prologis VenturesEcosystemThe company investment arm backed more than fifty businesses from 2016 through fiscal 2025.
- Prologis Logistics Investment Venture Europe (PLIVE)PlatformA new European property venture funded mainly by La Caisse and operated by Prologis.
- GIC U.S. Customer-Built Warehouse VenturePlatformGIC supplies outside capital for major U.S. warehouses commissioned by customers before construction begins.
- China AMC Prologis Logistics REIT (C-REIT)PlatformA Shenzhen-listed logistics property fund launched in late 2025 that adds another source of management fees.
- FIBRA PrologisPlatformThe Mexico-listed property vehicle expanded by acquiring nearly four-fifths of Terrafina.
- Nippon Prologis REITPlatformA Japan-listed logistics property vehicle managed within Strategic Capital.
- SEGRO CombinationBrand · AnnouncedThe proposed acquisition remains subject to approvals and is not part of Prologis's current operations.
- Austin Customer-Built Data CenterCustomer program · RampingAn ongoing Austin computer-building project commissioned by a large unnamed cloud customer.
- Large Data-Center CampusCustomer program · RampingA large computer campus started in mid-2026 for an unnamed customer, with about $800 million of expected investment.
- Pending Data-Center Lease ProgramCustomer program · AnnouncedComputer-building capacity awaiting final signed customer agreements; the counterparties remain unnamed.
Prologis MobilityService · Ramping
Builds and runs charging depots for electric truck fleets; current earnings remain limited and expansion depends on vehicles, routes and available power.
Prologis EssentialsPlatform
The umbrella for warehouse operations, energy, on-site power and workforce help sold alongside a property lease.
OnDemandService
Provides on-site power and charging equipment intended to keep a tenant's operation running reliably.
WorkforceService
Helps warehouse tenants train and find workers, including through a relationship with staffing platform Instawork.
Prologis VenturesEcosystem
The company investment arm backed more than fifty businesses from 2016 through fiscal 2025.
Prologis Logistics Investment Venture Europe (PLIVE)Platform
A new European property venture funded mainly by La Caisse and operated by Prologis.
GIC U.S. Customer-Built Warehouse VenturePlatform
GIC supplies outside capital for major U.S. warehouses commissioned by customers before construction begins.
China AMC Prologis Logistics REIT (C-REIT)Platform
A Shenzhen-listed logistics property fund launched in late 2025 that adds another source of management fees.
FIBRA PrologisPlatform
The Mexico-listed property vehicle expanded by acquiring nearly four-fifths of Terrafina.
Nippon Prologis REITPlatform
A Japan-listed logistics property vehicle managed within Strategic Capital.
SEGRO CombinationBrand · Announced
The proposed acquisition remains subject to approvals and is not part of Prologis's current operations.
Austin Customer-Built Data CenterCustomer program · Ramping
An ongoing Austin computer-building project commissioned by a large unnamed cloud customer.
Large Data-Center CampusCustomer program · Ramping
A large computer campus started in mid-2026 for an unnamed customer, with about $800 million of expected investment.
Pending Data-Center Lease ProgramCustomer program · Announced
Computer-building capacity awaiting final signed customer agreements; the counterparties remain unnamed.