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Here are 1-3 brief analogies for Prologis (PLD):

• The **Simon Property Group of industrial real estate.** (Simon is known for malls, Prologis for warehouses and distribution centers.)

• The **American Tower for logistics infrastructure.** (American Tower owns critical cell towers, Prologis owns critical warehouses for the global supply chain.)

• The **Marriott of industrial properties.** (Marriott operates a global portfolio of hotels, Prologis operates a global portfolio of logistics and industrial facilities.)

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• Leasing of Logistics Facilities: Providing industrial warehouse and distribution space for rent to customers across various industries.
• Property Management: Managing the operational aspects of their logistics properties, including maintenance, security, and tenant services.
• Development Services: Designing, building, and delivering new state-of-the-art logistics facilities to meet evolving customer and market demands.
• Strategic Capital Management: Managing investment funds and joint ventures with institutional partners focused on acquiring and developing logistics real estate globally.

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• Amazon.com, Inc. (AMZN)
• United Parcel Service, Inc. (UPS)
• The Home Depot, Inc. (HD)
• Walmart Inc. (WMT)
• DHL (operating brand of Deutsche Post AG; symbol: DPW.DE for Germany, or DPSGY for ADR)
• XPO Logistics, Inc. (XPO)
• FedEx Corporation (FDX)

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Hamid R. Moghadam, Co-Founder, Chairman and CEO

Hamid R. Moghadam co-founded Prologis' predecessor, AMB Property Corporation, in 1983 and led it through its initial public offering in 1997. In 2011, he orchestrated the combination of AMB and ProLogis to create the current Prologis, the world's largest logistics real estate company. Moghadam also co-founded Abbey, Moghadam & Company in 1983, which initially focused on investment advisory services. AMB launched its first private equity fund in 1989.

Timothy D. Arndt, Chief Financial Officer

Timothy D. Arndt became Prologis' Chief Financial Officer in April 2022. He joined AMB Property Corporation, Prologis' predecessor company, in 2004, serving in various capacities including portfolio management in the Strategic Capital division, treasurer, and head of corporate planning, and played a key role in the company's M&A activities. Prior to joining AMB, he worked in real estate strategy at Gap Inc. and in debt capital markets at Forest City Enterprises.

Dan Letter, President

Dan Letter serves as President of Prologis, a position he has held since 2025, and also sits on the company's Board of Directors. He is responsible for global real estate operations, capital deployment, and Strategic Capital. Letter joined AMB Property Corporation in 2004 and has held various leadership roles, including global head of Capital Deployment and president of the Central Region.

Carter Andrus, Chief Operating Officer

Carter Andrus was appointed Chief Operating Officer effective January 1, 2024. He joined Prologis in 2008 and has held numerous leadership positions across market, regional, and global levels, most recently serving as global head of operations. Before joining Prologis, Andrus was a senior vice president at Colliers.

Deborah Briones, Chief Legal Officer and General Counsel

Deborah Briones serves as Prologis' Chief Legal Officer and General Counsel, a role she assumed in 2024.

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Key Business Risks for Prologis (PLD)

Prologis, Inc. (PLD) faces several key risks that could impact its business and financial performance. The most significant risks include its substantial debt load and exposure to interest rate fluctuations, broader economic and geopolitical instability affecting tenant demand, and intense competition within the logistics real estate market.

1. Interest Rate Fluctuations and Substantial Debt Load: Prologis operates with a significant debt load, making it highly vulnerable to rising interest rates. As of the third quarter of 2025, the company's long-term debt reached approximately $35.303 billion. While the weighted average interest rate on its current debt is relatively low, refinancing maturing debt in a higher-rate environment could substantially increase interest expenses, directly pressuring net earnings and Core Funds From Operations (Core FFO). For instance, interest expenses saw a 20.09% increase year-over-year in Q1 2025. Changes in global financial markets, including interest rates and foreign currency exchange rates, are consistently cited as major risk factors in Prologis's SEC filings.
2. Economic and Geopolitical Instability Affecting Tenant Demand: Prologis is heavily reliant on consistent demand from e-commerce and global trade for its logistics facilities. Global economic downturns, geopolitical tensions, and trade disruptions can weaken tenant demand, leading to lower occupancy rates and slower rent growth. The current "polycrisis"—a convergence of economic instability, geopolitical pressures, and climate challenges—is forcing major logistics and retail companies to reassess their supply chains, directly influencing their decisions on where to locate manufacturing and storage facilities. A decline in e-commerce growth could also reduce the demand for logistics facilities and impact the expansion of Prologis's real estate portfolio.
3. Competition, Market Saturation, and Property Obsolescence: The logistics real estate sector is highly competitive, with numerous players vying for market share. Prologis faces risks from increased or unanticipated competition for its properties, which can put pressure on rental rates and occupancy levels, particularly if the market experiences saturation from new developments. Additionally, older and less flexible properties in its portfolio face obsolescence risks as demand increasingly favors modern, technologically advanced logistics assets, potentially leaving legacy segments vulnerable.

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Companies offering "Warehouse-as-a-Service" or on-demand logistics solutions (e.g., Flexe, Stord, Flowspace). These platforms allow businesses to access warehouse space and fulfillment services on a short-term, flexible, and scalable basis, directly challenging the traditional long-term lease model that is fundamental to Prologis' revenue. This emerging model, driven by technology and the need for supply chain agility, could lead to shorter lease terms, increased tenant churn, and pressure on rental rates for traditional logistics real estate landlords.

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Prologis's primary products and services revolve around providing logistics real estate solutions, specifically owning, operating, and developing high-quality warehouse and distribution facilities.

The addressable market for these main products and services is the global logistics real estate market.

• Global Logistics Real Estate Market: The global logistics real estate market was valued at approximately USD 385.2 billion in 2024 and is anticipated to reach USD 625.8 billion by 2033.

Based on the global market size in 2024, the regional breakdowns are:

• North America Logistics Real Estate Market: North America dominates the global logistics real estate market, representing approximately 40% of the worldwide value in 2024, which equates to an estimated USD 154.08 billion.
• Europe Logistics Real Estate Market: Europe accounts for approximately 30% of the global market in 2024, which equates to an estimated USD 115.56 billion.
• Asia-Pacific Logistics Real Estate Market: The Asia-Pacific region accounts for approximately 20% of the global market in 2024, which equates to an estimated USD 77.04 billion.

Prologis also offers an "Essentials Platform" which includes various services such as energy solutions (smart lighting, metering, solar), electric vehicle (EV) charging infrastructure, racking systems, forklifts, and workforce training programs. However, specific addressable market sizes for these individual products and services, separate from the overarching logistics real estate market, are not available.

For the market sizes of Prologis's "Essentials Platform" products (solar power, racking systems, forklifts, EV charging infrastructure, etc.): null

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1. Continued Rent Growth and High Occupancy in Logistics Properties: Prologis has consistently reported strong rent changes and high occupancy rates across its logistics portfolio. In Q3 2025, the company achieved a record leasing quarter with 62 million square feet signed, and portfolio occupancy increased to 95.3%. The net effective rent change was 49% and cash rent change was 29% in Q3 2025. Prologis expects average occupancy to remain around 95% and rent change to average in the low 50s for the full year 2025. This sustained pricing power and demand for quality logistics space are anticipated to be significant revenue drivers.
2. Strategic Expansion into Data Centers: Prologis is making a substantial strategic pivot into the data center business, which is seen as a core growth driver. The company has expanded its power capacity to support data centers, adding 400 megawatts (a 13% increase) in Q1 2025 and moving 1.5 gigawatts of additional capacity to advanced stages in Q3 2025, totaling 5.2 gigawatts secured or advanced. This expansion represents a potential $15 billion investment and positions Prologis as a major player in utility-scale power delivery for digital infrastructure, unlocking significant data center opportunities.
3. Development and Build-to-Suit Activities: Prologis continues to focus on development, particularly build-to-suit projects, to meet customer demand and drive future revenue. The company increased its development starts forecast to a range of $2.75 billion to $3.25 billion in Q3 2025. In Q3 2025, nine additional build-to-suit projects were signed, bringing the total to 21 for the year with an expected investment of $1.6 billion. This ongoing development pipeline and focus on customized solutions for strategic customers are expected to contribute significantly to future revenue.
4. Growth in its Energy Business: Prologis is advancing its energy business, particularly in solar generation and storage. The company is on track to achieve its goal of developing over 900 megawatts of solar and storage capacity for the year 2025 and aims to reach 1 gigawatt by year-end. This initiative, driven by robust customer interest amid increasing energy prices and forecasted power shortages, represents another avenue for revenue growth as Prologis integrates solar, storage, and off-grid energy solutions with its real estate.

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Capital Allocation Decisions (Last 3-5 Years) for Prologis (PLD)

Share Repurchases

• Prologis authorized a share repurchase program of up to $1,000 million in March 2020.
• The company's annual share buybacks were approximately $88.98 million in 2022.
• Share buybacks were $4.003 million for the quarter ending March 31, 2025.

Share Issuance

• Prologis issues public equity from time to time, with proceeds contributed to its Operating Partnership in exchange for partnership units.

Inbound Investments

• The strategic capital segment, which manages unconsolidated co-investment ventures with third parties, had $92 billion in assets under management by the end of 2022.
• Prologis increased its strategic capital revenue guidance for 2025 to a range of $580 million to $590 million, indicating successful capital deployment through its funds.
• In 2024, the U.S. Logistics Fund deployed over $2 billion in capital, and the Prologis European Logistics Fund deployed nearly $800 million.

Outbound Investments

• Prologis completed the acquisition of Industrial Property Trust Inc. for approximately $4 billion in cash in January 2020.
• In February 2020, Prologis completed an all-stock acquisition of Liberty Property Trust for $13.0 billion, including assumed debt.
• The company acquired competitor Duke Realty for $23 billion in October 2022, and an additional 14 million square feet of industrial property from The Blackstone Group for $3.1 billion in June 2023.

Capital Expenditures

• Prologis's capital expenditures amounted to approximately -$6.3 billion as of September 30, 2025.
• Development starts guidance for Prologis's share in 2025 increased to a range of $2.75 billion to $3.25 billion, with a significant focus on build-to-suit projects.
• The company is making strategic investments to expand its data center capacity, securing or advancing 5.2 gigawatts of power, representing a potential $15 billion investment in powered shells.