Prologis, Inc.

Prologis, Inc. is the world's largest owner, operator, and developer of logistics real estate, with a portfolio of approximately 1.3 billion square feet across 20 countries on four continents. The company is a real estate investment trust headquartered in San Francisco, generating $8.79 billion in revenue in fiscal 2025 and serving as the physical backbone of global supply chains — its buildings hold the goods that move through ports, rail yards, and last-mile delivery networks to reach end consumers.

This is a story about what happens when an already-dominant industrial franchise adds two new engines — data center development and scaled energy infrastructure — at the exact moment its core logistics market begins to inflect from a cyclical downturn. Prologis enters mid-2026 with occupancy stabilizing, market rents turning positive for the first time in two and a half years, a lease mark-to-market representing roughly $750 million of embedded net operating income yet to flow through earnings, and a data center pipeline measured in gigawatts rather than square feet. The debate is not whether Prologis is a quality business — that much is settled — but whether the market is correctly pricing the durability of its compounding and the option value of its adjacent bets.

The file turns on a single question: can Prologis fund an ambitious expansion into digital infrastructure while maintaining the discipline that made its logistics franchise the benchmark against which all other industrial platforms are measured?