What it does
The company states that it is a self-administered and self-managed REIT that holds substantially all of its assets through Prologis, L.P. It owns, manages and develops logistics facilities, and invests both through wholly owned subsidiaries and co-investment ventures. It manages its portfolio on an owned-and-managed basis, covering consolidated properties and properties owned by unconsolidated ventures that it manages. The filing also describes integrated infrastructure solutions for customers’ operational, energy and sustainability needs, along with selective data-center development.
Source: Prologis, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The filing lists two reportable segments: Real Estate and Strategic Capital. The segment table reports $8.2 billion of Real Estate Operations revenue for FY2025, representing 93.3% of revenue, and $592.4 million of Strategic Capital revenue, representing 6.74%. Rental operations collect rent under operating leases, including reimbursements for most property operating costs. Strategic Capital earns revenue principally from asset-management and property-management services for unconsolidated co-investment ventures, with additional leasing, acquisition, construction-management, development and disposition services. The company can also earn incentive fees, called promotes, under specified venture conditions.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Real Estate Operations | $8.2 billion | 93.3% | 8.87% |
| Strategic Capital | $592.4 million | 6.74% | −11.8% |
Source: Prologis, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The company states that its portfolio serves a broad base of international, national, regional and local logistics users across varied industries. It describes facilities positioned near major cities, seaports and intermodal hubs, including infill and Last Touch facilities intended to support delivery expectations. The filing says that substantially all consolidated rental revenue, NOI and cash flows from rental operations are generated in the U.S. It also states that most strategic-capital revenue is generated outside the U.S. In the Strategic Capital segment, the company views venture partners and investors as customers.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Real Estate Operations | $8.2 billion | 93.3% | 8.87% |
| Strategic Capital | $592.4 million | 6.74% | −11.8% |
Source: Prologis, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing states that real estate ownership is highly fragmented and that the company competes with many owners and operators. It says competitively priced logistics space can affect occupancy and rents, particularly amid economic uncertainty or elevated new supply. The filing also identifies competition from regional, national and global operators and developers in capital deployment, and from investment and asset managers seeking institutional capital in strategic capital. It does not name individual competing companies.
Source: Prologis, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
- As a global company, it is subject to social, geopolitical and economic risks associated with conducting business in many countries.
- General economic conditions and events affecting geographically concentrated property areas may affect financial results.
- Acquired properties may not perform as anticipated, and rehabilitation, repositioning, renovation and improvement costs may exceed estimates.
- Development projects may face financing, permitting, power, demand, leasing, cost, delay and execution risks.
- Co-investment venture relationships may be terminated or dissolved, reducing assets under management and fee revenues.
- To meet REIT distribution requirements, the company may need access to external sources of capital.
Source: Prologis, Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
The filing reports 2,802 employees at December 31, 2025. The company states that it seeks to recruit and retain employees with varied experiences and perspectives, and provides training, education and mentorship opportunities. Its employees are not organized under collective bargaining agreements, except in Brazil, France and Spain; there is also a works council in France. The company’s corporate headquarters is in San Francisco, with other principal offices in Amsterdam, Denver, Mexico City, Sao Paulo, Shanghai, Singapore and Tokyo.
Source: Prologis, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov