Prologis, Inc. (PLD)

Prologis is a global industrial REIT that owns, builds, and manages space for warehouses, manufacturing, distribution, and large-scale storage. PLD became the world's largest industrial REIT by focusing on business-to-business fulfillment and e-commerce. As of the beginning of 2026, PLD's portfolio had just under 5900 buildings, with 1.3 billion square feet of space in 20 countries. Many properties have on-site solar. About one-fifth of assets are warehouses over 500,000 square feet, and about 65% of total properties are in North America. The company's top tenants are Amazon, Home Depot Inc., and FedEx Corp., with Amazon accounting for about 5.3% of net effective rent. PLD partners with other companies in joint ventures to reduce risk. The REIT also has a coinvestment program labeled Strategic Capital that creates venture opportunities for institutional capital partners. Total revenues in 2025 reached about $8.8 billion, and Strategic Capital accounted for about 7% of total 2025 revenues with $235 billion of assets under management. PLD has faced pressure from an oversupply of warehouse space due to slowing sales at online retailers. In response, the company has focused on customized facilities and increased its focus on other industry sectors, including developing data-center facilities. As of the beginning of 2026, about 2% of net rentable area is from data centers. About 40% of new development projects are customized while joint venture projects boost growth. The company is a member of the S&P 500 and has a market cap of about $125 billion.

The major indices are mixed at midday on Friday, with the S&P 500 and Dow Jones Industrial Average higher but the Nasdaq lower at midday. As detailed by Bloomberg and The Wall Street Journal, Federal Reserve Chairman Kevin Warsh took part in a moderated discussion this morning in Bangkok at the International Monetary Fund's annual meeting. Bloomberg noted that Mr. Warsh made no remarks on monetary policy or concerning his outlook for the U.S. economy, apart from reiterating that the Fed will deliver price stability.

Prologis was formed by the 2011 merger of AMB Property and Prologis Trust. The company develops, acquires, and operates around 1.3 billion square feet of high-quality industrial and logistics facilities across the globe. The company also has a strategic capital business segment that has around $60 billion of third-party assets under management. The company is organized into four global divisions (Americas, Europe, Asia, and other Americas) and operates as a real estate investment trust.

Prologis was formed by the 2011 merger of AMB Property and Prologis Trust. The company develops, acquires, and operates around 1.3 billion square feet of high-quality industrial and logistics facilities across the globe. The company also has a strategic capital business segment that has around $60 billion of third-party assets under management. The company is organized into four global divisions (Americas, Europe, Asia, and other Americas) and operates as a real estate investment trust.