Prologis Inc
prologis.comWhat Do They Do?
Owns, manages and develops logistics facilities for logistics and distribution users, and provides property, energy and sustainability services to customers and institutional investors.
10-K for FY2025, filed Feb 13, 2026Prologis is the global leader in logistics real estate, operating in high-barrier, high-growth markets across 20 countries on four…View ↗
Our teams actively manage our portfolio by delivering comprehensive real estate services, including leasing, property management…View ↗
Our scale and customer-focused strategy have driven us to expand the services we offer. Our 1.3 billion square foot portfolio serves as the…View ↗
At December 31, 2025, in our Real Estate Segment representing our consolidated properties, we had more than 4,000 customers occupying 649…View ↗
In our Strategic Capital Segment, we view our partners and investors as our customers. At December 31, 2025, we had 159 investors in our…View ↗
How Do They Make Money?
Logistics tenants pay rent under leases over the lease term, with many also reimbursing property costs. Institutional investors in co-investment ventures pay recurring management fees and fees for services as those services are provided; incentive payments can depend on venture returns or development milestones.
10-K for FY2025, filed Feb 13, 2026Rental Operations. Rental operations comprise the largest component of our reportable segments and generally contributes 90% to 95% of our…View ↗
This segment generates durable, long-term cash flows and generally contributes 5% to 10% of our consolidated revenues, earnings and FFO…View ↗
Rental Revenues and Recoveries. We lease our operating properties to customers under agreements that are generally classified as operating…View ↗
Strategic Capital Revenues. Strategic capital revenues include revenues or fees we earn from the management services we provide to…View ↗
We may also earn incentive returns (“promotes” or “promote revenues”) directly from third-party investors in the co-investment ventures…View ↗
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10-K for FY2025, filed Feb 13, 2026
FY2025 revenue by reportable segment ↗
$8.8B
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10-K for FY2025, filed Feb 13, 2026
$8.8B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Real Estate Operations
Recurring
10-K for FY2025, filed Feb 13, 2026 |
93%
FY2022: 83%
|
Real Estate Operations, FY2025
$8.2B Sources
|
Recurring |
|
Strategic Capital
|
6.7%
FY2022: 17%
|
Strategic Capital, FY2025
$592.4M Sources
|
Who Are Their Customers?
Logistics users across industries rent the properties; institutional partners and investors are customers of the co-investment venture management business.
10-K for FY2025, filed Feb 13, 2026At December 31, 2025, in our Real Estate Segment representing our consolidated properties, we had more than 4,000 customers occupying 649…View ↗
In our Strategic Capital Segment, we view our partners and investors as our customers. At December 31, 2025, we had 159 investors in our…View ↗
Rental Operations. Rental operations comprise the largest component of our reportable segments and generally contributes 90% to 95% of our…View ↗
This segment generates durable, long-term cash flows and generally contributes 5% to 10% of our consolidated revenues, earnings and FFO…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 38 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 13, 2026
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Jul 29, 2026
$1.1BView ↗
- ▲ +86%
- vs $571.2M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 29, 2026
Open tableView ↗
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Aug 5, 2026
Prologis raised about $2.1 billion in a stock offering
Proceeds are intended for general corporate purposes, including potential acquisitions such as SEGRO.
Sources
8-K, filed Aug 5, 2026
On August 4, 2026, Prologis, Inc. (“Prologis” or the “Company”) entered into an underwriting agreement, dated August 4, 2026, among the…View ↗
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Aug 4, 2026
Prologis made a recommended offer to acquire SEGRO
The proposed combination is subject to shareholder, court and regulatory approvals.
Sources
8-K, filed Aug 4, 2026
On August 4, 2026, Prologis, Inc. (“Prologis” or the “Company”), issued an announcement (the “Rule 2.7 Announcement”), pursuant to Rule 2.7…View ↗
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Jul 16, 2026
Prologis raised its 2026 earnings and development-start guidance
The company raised earnings guidance and its range for development starts.
Sources
8-K, filed Jul 16, 2026
Raises 2026 Guidance for the second time; leasing hits recordView ↗
Growing. Revenue grew 85% in 4 years, from $4.8B in FY2021 to $8.8B in FY2025, about 17% a year.
Data center development
The latest report adds selective data center development and describes energy procurement and conversion of logistics sites to support these projects; the older report focused on logistics facilities.
10-K for FY2022, filed Feb 14, 2023 10-K for FY2025, filed Feb 13, 2026Prologis is the global leader in logistics real estate, operating in high-barrier, high-growth markets across 20 countries on four…View ↗
Development. Our development business provides the opportunity to profitably build modern logistics facilities that address the evolving…View ↗
Value Creation from Development. Our global development program serves as a profitable way to expand our portfolio, build scale, serve…View ↗
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