Prologis (PLD)
Market Price (8/5/2026): $139.65 | Market Cap: $130.3 BilSector: Real Estate | Industry: Industrial REITs
Prologis (PLD)
Market Price (8/5/2026): $139.65Market Cap: $130.3 BilSector: Real EstateIndustry: Industrial REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.2%, Dividend Yield is 3.0% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 57%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 57%, CFO LTM is 5.2 Bil, FCF LTM is 5.2 Bil Low stock price volatilityVol 12M is 22% Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, Automation & Robotics, E-commerce & Digital Retail, E-commerce & DTC Adoption, Show more. | Weak multi-year price returns2Y Excs Rtn is -24%, 3Y Excs Rtn is -45% | Expensive valuation multiplesP/SPrice/Sales ratio is 14x Key risksPLD key risks include [1] significant vulnerability to rising interest rates due to its substantial $35.3 billion long-term debt load. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.2%, Dividend Yield is 3.0% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 57%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 57%, CFO LTM is 5.2 Bil, FCF LTM is 5.2 Bil |
| Low stock price volatilityVol 12M is 22% |
| Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, Automation & Robotics, E-commerce & Digital Retail, E-commerce & DTC Adoption, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -24%, 3Y Excs Rtn is -45% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 14x |
| Key risksPLD key risks include [1] significant vulnerability to rising interest rates due to its substantial $35.3 billion long-term debt load. |
Qualitative Assessment
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Prologis (PLD) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat.
Prologis reported robust results for its fiscal Q2 2026, which ended on June 30, 2026, significantly surpassing analyst expectations. The company announced net earnings per diluted share of $1.13, an increase from $0.61 in the same period of 2025. Core Funds From Operations (FFO) per diluted share reached $1.63, exceeding analysts' consensus estimates of $1.53 by 6.54%. Additionally, quarterly revenue climbed 11.0% year-over-year to $2.43 billion, also surpassing analyst projections of $2.16 billion.
2. Upgraded Full-Year 2026 Guidance.
Following its strong Q2 performance, Prologis raised its full-year 2026 guidance for the second time this year, signaling increased confidence in future profitability. The company updated its net earnings guidance to a range of $4.40 to $4.55 per diluted share, an increase from the previous range of $3.80 to $4.05. Core FFO guidance was also raised to $6.22 to $6.30 per share from the earlier $6.07 to $6.23.
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Prologis (PLD) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat.
Prologis reported robust results for its fiscal Q2 2026, which ended on June 30, 2026, significantly surpassing analyst expectations. The company announced net earnings per diluted share of $1.13, an increase from $0.61 in the same period of 2025. Core Funds From Operations (FFO) per diluted share reached $1.63, exceeding analysts' consensus estimates of $1.53 by 6.54%. Additionally, quarterly revenue climbed 11.0% year-over-year to $2.43 billion, also surpassing analyst projections of $2.16 billion.
2. Upgraded Full-Year 2026 Guidance.
Following its strong Q2 performance, Prologis raised its full-year 2026 guidance for the second time this year, signaling increased confidence in future profitability. The company updated its net earnings guidance to a range of $4.40 to $4.55 per diluted share, an increase from the previous range of $3.80 to $4.05. Core FFO guidance was also raised to $6.22 to $6.30 per share from the earlier $6.07 to $6.23.
3. Record Leasing Activity and Strong Operating Fundamentals.
Prologis demonstrated exceptional operational strength with record leasing activity during fiscal Q2 2026. The company signed over 67 million square feet of leases, a new record. This robust demand led to an increase in owned and managed period-end occupancy to 95.5%, a 20-basis point rise compared to March 31, 2026. Furthermore, Prologis achieved a year-over-year same-store Net Operating Income (NOI) growth of 6.4% on a net effective basis and 8.5% on a cash basis, with rent change on rollovers exceeding 36% on a net effective basis.
4. Strategic Expansion into Data Centers.
Prologis highlighted its strategic expansion beyond traditional logistics into digital infrastructure, particularly data centers, as a new growth driver. The company initiated $1.6 billion in development across logistics and data centers during Q2 2026 and expanded its data center power pipeline to 5.8 gigawatts (GW). This pipeline represents a significant investment potential of approximately $17 billion for powered shell development or up to $87 billion on a turnkey basis, positioning Prologis to capitalize on the increasing intersection of logistics and digital infrastructure needs.
5. Positive Analyst Revisions and Price Target Increases.
Several financial analysts reacted positively to Prologis's strong performance and outlook, leading to multiple price target increases and maintained "Buy" ratings. For instance, Truist Financial increased its price target from $154.00 to $162.00 on July 21, 2026, and BTIG Research raised its price objective from $160.00 to $170.00 on July 1, 2026. Mizuho also lifted its price target to $159 from $150 on July 17, 2026. The overall analyst consensus remains a "Moderate Buy" with an average price target of $153.81.
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Stock Movement Drivers
Fundamental Drivers
The -1.4% change in PLD stock from 4/30/2026 to 8/4/2026 was primarily driven by a -12.7% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 141.00 | 139.05 | -1.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,948 | 9,190 | 2.7% |
| Net Income Margin (%) | 41.5% | 45.8% | 10.2% |
| P/E Multiple | 35.3 | 30.8 | -12.7% |
| Shares Outstanding (Mil) | 931 | 933 | -0.2% |
| Cumulative Contribution | -1.4% |
Market Drivers
4/30/2026 to 8/4/2026| Return | Correlation | |
|---|---|---|
| PLD | -1.4% | |
| Market (SPY) | 7.3% | 2.4% |
| Sector (XLRE) | 1.7% | 72.2% |
Fundamental Drivers
The 8.1% change in PLD stock from 1/31/2026 to 8/4/2026 was primarily driven by a 24.8% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 128.58 | 139.05 | 8.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,738 | 9,190 | 5.2% |
| Net Income Margin (%) | 36.7% | 45.8% | 24.8% |
| P/E Multiple | 37.2 | 30.8 | -17.2% |
| Shares Outstanding (Mil) | 929 | 933 | -0.5% |
| Cumulative Contribution | 8.1% |
Market Drivers
1/31/2026 to 8/4/2026| Return | Correlation | |
|---|---|---|
| PLD | 8.1% | |
| Market (SPY) | 11.8% | 25.7% |
| Sector (XLRE) | 9.8% | 74.2% |
Fundamental Drivers
The 34.4% change in PLD stock from 7/31/2025 to 8/4/2026 was primarily driven by a 13.7% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 103.43 | 139.05 | 34.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,561 | 9,190 | 7.3% |
| Net Income Margin (%) | 40.3% | 45.8% | 13.7% |
| P/E Multiple | 27.8 | 30.8 | 10.7% |
| Shares Outstanding (Mil) | 928 | 933 | -0.5% |
| Cumulative Contribution | 34.4% |
Market Drivers
7/31/2025 to 8/4/2026| Return | Correlation | |
|---|---|---|
| PLD | 34.4% | |
| Market (SPY) | 23.1% | 26.3% |
| Sector (XLRE) | 11.9% | 73.0% |
Fundamental Drivers
The 22.7% change in PLD stock from 7/31/2023 to 8/4/2026 was primarily driven by a 19.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 113.37 | 139.05 | 22.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,722 | 9,190 | 19.0% |
| Net Income Margin (%) | 42.5% | 45.8% | 7.7% |
| P/E Multiple | 31.9 | 30.8 | -3.4% |
| Shares Outstanding (Mil) | 924 | 933 | -1.0% |
| Cumulative Contribution | 22.7% |
Market Drivers
7/31/2023 to 8/4/2026| Return | Correlation | |
|---|---|---|
| PLD | 22.7% | |
| Market (SPY) | 74.4% | 48.8% |
| Sector (XLRE) | 29.9% | 80.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PLD Return | 72% | -31% | 22% | -18% | 25% | 15% | 69% |
| Peers Return | 61% | -30% | 17% | -11% | 11% | 13% | 47% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| PLD Win Rate | 83% | 33% | 50% | 50% | 75% | 62% | |
| Peers Win Rate | 72% | 33% | 53% | 45% | 65% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PLD Max Drawdown | -11% | -42% | -26% | -24% | -27% | -10% | |
| Peers Max Drawdown | -10% | -38% | -23% | -20% | -23% | -11% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: REXR, EGP, FR, STAG, TRNO. See PLD Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/4/2026 (YTD)
How Low Can It Go
| Event | PLD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.5% | -18.8% |
| % Gain to Breakeven | 34.3% | 23.1% |
| Time to Breakeven | 190 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.9% | -9.5% |
| % Gain to Breakeven | 29.7% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.1% | -6.7% |
| % Gain to Breakeven | 12.5% | 7.1% |
| Time to Breakeven | 114 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.9% | -24.5% |
| % Gain to Breakeven | 63.7% | 32.4% |
| Time to Breakeven | 1285 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.2% | -33.7% |
| % Gain to Breakeven | 54.3% | 50.9% |
| Time to Breakeven | 75 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -14.6% | -19.2% |
| % Gain to Breakeven | 17.2% | 23.8% |
| Time to Breakeven | 32 days | 105 days |
In The Past
Prologis's stock fell -25.5% during the 2025 US Tariff Shock. Such a loss loss requires a 34.3% gain to breakeven.
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| Event | PLD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.5% | -18.8% |
| % Gain to Breakeven | 34.3% | 23.1% |
| Time to Breakeven | 190 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.9% | -9.5% |
| % Gain to Breakeven | 29.7% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.9% | -24.5% |
| % Gain to Breakeven | 63.7% | 32.4% |
| Time to Breakeven | 1285 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -35.2% | -33.7% |
| % Gain to Breakeven | 54.3% | 50.9% |
| Time to Breakeven | 75 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -36.2% | -17.9% |
| % Gain to Breakeven | 56.7% | 21.8% |
| Time to Breakeven | 162 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -80.3% | -53.4% |
| % Gain to Breakeven | 407.2% | 114.4% |
| Time to Breakeven | 1400 days | 1085 days |
In The Past
Prologis's stock fell -25.5% during the 2025 US Tariff Shock. Such a loss loss requires a 34.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Prologis (PLD)
Prologis, Inc. (PLD) is the global leader in logistics real estate, specializing in the ownership, development, and management of modern logistics facilities. The company strategically focuses on high-barrier, high-growth markets across 19 countries. As of December 31, 2020, Prologis owned or had investments in properties and development projects totaling approximately 984 million square feet, establishing it as a critical provider of industrial infrastructure worldwide.
Prologis' core business involves leasing these state-of-the-art logistics properties, which include warehouses and distribution centers, to a diverse base of approximately 5,500 customers. These tenants primarily fall into two major categories: business-to-business (B2B) operations and companies engaged in retail and online fulfillment. Essentially, Prologis provides the physical backbone necessary for global supply chains and e-commerce, enabling businesses to efficiently store, distribute, and deliver goods.
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Here are a few analogies to describe Prologis:
- The Simon Property Group of industrial warehouses.
- The Amazon of logistics facilities.
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- Leasing of Logistics Facilities: Providing modern warehouse and distribution space to businesses for their supply chain and fulfillment operations.
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Prologis (PLD) leases modern logistics facilities primarily to other companies, not individuals. Due to its highly diversified customer base of approximately 5,500 customers, Prologis does not publicly disclose specific "major" customer names, as no single customer typically accounts for a material percentage of its total revenue.
However, Prologis categorizes its customer base principally across two major categories:
- Business-to-business (B2B): Companies that require logistics facilities for their operations, serving other businesses.
- Retail/Online Fulfillment: Companies involved in retail and e-commerce that need warehousing and distribution centers to fulfill orders for consumers.
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Hamid R. Moghadam, Chairman and Chief Executive Officer
Hamid R. Moghadam is the Co-Founder, Chairman, and Chief Executive Officer of Prologis. He co-founded the company's predecessor, AMB Property Corporation, in 1983 and led it through its initial public offering in 1997. He orchestrated the 2011 merger of AMB with ProLogis to create the current Prologis, the world's largest logistics real estate company. Mr. Moghadam has been at the helm of 8 different companies throughout his career. He will transition to the role of Executive Chairman effective January 1, 2026. He received his Bachelor and Master of Science degrees in engineering from MIT and an MBA from Stanford Graduate School of Business.
Dan Letter, President (Incoming Chief Executive Officer effective January 1, 2026)
Dan Letter serves as the President of Prologis and is slated to succeed Hamid R. Moghadam as Chief Executive Officer on January 1, 2026. He joined AMB (Prologis' predecessor) in 2004. Throughout his tenure, he rose to president of the U.S. central region operations in 2019 and global head of capital deployment in 2021 before becoming firmwide president at the start of 2023. Mr. Letter is also joining Prologis' board of directors.
Tim Arndt, Chief Financial Officer
Tim Arndt is the Chief Financial Officer at Prologis, a position he has held since April 1, 2022. In this role, he is responsible for the company's worldwide corporate finance function, encompassing treasury, capital markets, financial planning and analysis, accounting, tax, risk, investor relations, and internal audit. Mr. Arndt joined AMB Property Corporation, Prologis' predecessor, in 2004. His prior roles at the company include portfolio management in its Strategic Capital division, corporate treasurer, head of corporate planning, and a member of the global deployment team. Before joining AMB, he worked in real estate strategy at Gap Inc. and in debt capital markets at Forest City Enterprises. Mr. Arndt holds a BBA from the University of Toledo and an MBA from Cleveland State University, and he completed the Stanford Executive Program.
Carter Andrus, Chief Operating Officer
Carter Andrus is the Chief Operating Officer of Prologis. He is responsible for overseeing all aspects of the company's operations, with a focus on the efficient and effective management of Prologis' extensive portfolio of logistics facilities and the performance of its global team. Mr. Andrus brings extensive experience in the real estate and logistics sectors to his role.
Edward S. Nekritz, Chief Legal Officer and General Counsel
Edward S. Nekritz serves as Chief Legal Officer and General Counsel for Prologis, a role he has held since June 2011. He oversees all legal services and strategic risk management globally, and also leads the Risk Management, Environmental, and Government Affairs departments. Mr. Nekritz is also responsible for Prologis' investment services group, managing contract negotiations, due diligence, and closings on acquisitions, dispositions, and financings. He plays a significant role in Prologis' strategic initiatives, including mergers and acquisitions, global investment funds, and portfolio transactions. Mr. Nekritz joined Prologis in 1995 as a Vice President and the company's first in-house attorney. Prior to Prologis, he practiced real estate and corporate law at Mayer, Brown & Platt from 1990 to 1995. His work includes involvement in over $100 billion of public M&A transactions, including the 2011 merger of Prologis and AMB Property Corporation, and assisting with IPOs for Prologis' businesses in Japan and Mexico. He earned a Bachelor of Arts with honors from Harvard College and a J.D. from the University of Chicago Law School.
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The key risks to Prologis's business are primarily centered around broader economic conditions, the impact of interest rate fluctuations on its significant debt, and competitive pressures within the logistics real estate market.
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Economic Downturns, Market Volatility, and Demand Fluctuations: Prologis's business is highly susceptible to general economic conditions, including potential recessions, inflation, and market volatility. Economic downturns, supply chain disruptions, and shifts in customer demand can significantly impact the company's ability to lease properties and maintain occupancy rates. As a company with investments concentrated in the logistics sector, Prologis is particularly exposed to economic changes within this sector. A decline in customer demand directly affects the need for logistics space, influencing rental income and property valuations.
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Interest Rate Increases and Substantial Debt Load: Prologis operates with a considerable amount of debt, making it vulnerable to fluctuations in interest rates. Rising interest rates can lead to increased financing costs, even if the current debt structure is favorable. Changes in global financial markets and interest rates are consistently cited as factors that can affect Prologis's outcomes and results. While Prologis employs hedging strategies, these may not fully mitigate adverse market movements.
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Competitive Pressures and Moderating Market Rents/Vacancy: Prologis operates in a highly fragmented real estate market characterized by intense competition from various regional, national, and global operators and developers. This competitive landscape can impact occupancy rates and limit the company's ability to charge premium rents. The industrial real estate market has shown signs of cooling from its previous boom, with moderating market rent growth and rising vacancy rates in the broader sector. An increase in new supply meeting tempered demand could lead to a recalibration in the logistics real estate sector, affecting Prologis's profitability.
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The addressable markets for Prologis's main products and services, primarily logistics real estate and the leasing of modern logistics facilities, vary depending on the specific market definition and geographic scope.
Global Market
- The global logistics real estate market was estimated to be approximately USD 101.25 billion in 2024, with projections to grow.
- Other estimates for the global logistics real estate market indicate a value of USD 325 billion in 2023, anticipated to reach USD 540 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.2%.
- Another report values the logistics real estate market at USD 208.6 billion in 2025, projected to reach USD 302.1 billion by 2034 at a CAGR of 4.2%.
- The global storage and warehouse leasing market was valued at approximately USD 115.56 billion in 2024 and is projected to grow to USD 227.19 billion by 2033, at a CAGR of 7.8%.
- A broader "warehouse & logistics real estate market" was valued at approximately USD 1.5 trillion in 2025, with projections to exceed USD 2.8 trillion by 2033, at a CAGR of 7% from 2025 to 2033.
U.S. Market
- The Storage & Warehouse Leasing market in the U.S. was valued at approximately USD 38.2 billion in 2024 and USD 38.4 billion in 2025.
- The U.S. logistics real estate market size was estimated at USD 31.95 billion in 2024 and is projected to grow at a CAGR of 4.2%.
- The U.S. warehousing market is projected to grow at a CAGR of 6.7% from 2024 to 2030. North America, as a region, held the largest market share in the global logistics real estate market in 2024.
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- Rent Growth from Mark-to-Market Opportunities: Prologis anticipates substantial revenue growth by bringing existing leases to current market rates. The company has a significant "lease mark-to-market," indicating a large embedded increase in net operating income (NOI) that will be realized as older, below-market leases expire and are renewed at higher current market rents.
- Expansion of Development Pipeline, including Build-to-Suit Projects: Prologis continues to increase its development starts, with a considerable portion dedicated to build-to-suit projects. This strategy brings new, income-generating properties online, tailored to customer needs, contributing to revenue expansion.
- Strategic Expansion into Data Centers: A key strategic shift for Prologis involves significant investment in data center development. The company plans to allocate a substantial percentage of its new development pipeline to data centers, recognizing their higher margin potential and increasing demand driven by artificial intelligence and cloud computing.
- Strategic Acquisitions and Market Penetration: Prologis is actively pursuing strategic acquisitions of land and existing logistics facilities in high-barrier, high-growth markets globally. This includes expanding its footprint in critical hubs across the U.S., Europe, and Mexico, bolstering its portfolio and market share.
- Demand Driven by E-commerce Growth and Supply Chain Modernization: The ongoing expansion of e-commerce, along with the need for more resilient and efficient supply chains, continues to fuel strong demand for Prologis's modern logistics facilities. This trend, including the requirement for last-mile delivery solutions, underpins sustained occupancy and rental growth.
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Share Repurchases
- Prologis's annual share buybacks for 2024 amounted to $1.65 million.
- The company's trailing twelve months (TTM) annual share buybacks were $1.334 million.
- For the quarter ending March 31, 2025, share repurchases were $4.003 million.
Share Issuance
- Prologis's shares outstanding increased by 17.27% in 2023 compared to 2022.
- Shares outstanding saw an increase of 0.19% in 2024 from 2023, and a 0.34% increase in 2025 from 2024.
- The number of outstanding shares rose from December 2024 (926 million) to December 2025 (929 million), indicating new share issuance.
Inbound Investments
- The Strategic Capital segment, which involves co-investment ventures with third parties, had $87.0 billion in assets under management as of June 30, 2024.
- Prologis co-invests in its Strategic Capital funds with levels ranging from 15% to 55%.
- As of the end of 2022, the Strategic Capital segment managed over $62 billion in third-party assets and $92 billion in total assets under management.
Outbound Investments
- In the fourth quarter of 2022, Prologis acquired Duke Realty for $25.1 billion in an all-stock deal, adding 142 million square feet of logistics buildings across 19 major U.S. markets.
- Prologis revised its 2024 acquisition budget for industrial properties to $1 billion–$1.5 billion, up from an initial $500 million–$1 billion.
- The company deployed $2.1 billion in capital during the first half of 2025 for acquisitions and development in high-growth markets.
Capital Expenditures
- Capital expenditures for Prologis Inc. amounted to -$4.9 billion for the fiscal year ending December 31, 2025.
- For 2026, Prologis forecasts development starts between $4 billion and $5 billion on an owned and managed basis, with about 40% of these focused on data centers.
- Development starts reached a record $1.1 billion in the first half of 2025, with nearly 65% of new Q2 2025 development starts being build-to-suit projects.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 67.25 |
| Mkt Cap | 8.4 |
| Rev LTM | 820 |
| Op Inc LTM | 324 |
| FCF LTM | 410 |
| FCF 3Y Avg | 383 |
| CFO LTM | 491 |
| CFO 3Y Avg | 451 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.0% |
| Rev Chg 3Y Avg | 10.2% |
| Rev Chg Q | 8.6% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Inc Chg LTM | 10.7% |
| Op Inc Chg 3Y Avg | 14.1% |
| Op Mgn LTM | 39.9% |
| Op Mgn 3Y Avg | 39.5% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 56.3% |
| CFO/Rev 3Y Avg | 56.6% |
| FCF/Rev LTM | 50.3% |
| FCF/Rev 3Y Avg | 51.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 8.4 |
| P/S | 12.7 |
| P/Op Inc | 31.4 |
| P/EBIT | 18.6 |
| P/E | 26.3 |
| P/CFO | 20.3 |
| Total Yield | 6.5% |
| Dividend Yield | 3.0% |
| FCF Yield 3Y Avg | 4.9% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Real Estate Segment | 8,198 | 7,530 | 6,823 | 4,934 | 4,169 |
| Strategic Capital Segment | 592 | 672 | 1,200 | 1,040 | 591 |
| Total | 8,790 | 8,202 | 8,023 | 5,974 | 4,759 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Real Estate Segment | 6,188 | 5,717 | 5,145 | 3,688 | 3,105 |
| Gains on other dispositions of investments in real estate, net | 686 | 904 | 161 | 589 | 773 |
| Strategic Capital Segment | 322 | 380 | 815 | 736 | 384 |
| Gains on dispositions of development properties and land, net | 258 | 414 | 462 | 598 | 817 |
| General and administrative expenses | -469 | -419 | -390 | -331 | -293 |
| Depreciation and amortization expenses | -2,626 | -2,581 | -2,485 | -1,813 | -1,578 |
| Total | 4,358 | 4,416 | 3,708 | 3,468 | 3,207 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Real Estate Segment | 85,521 | 82,946 | 81,823 | 76,674 | 48,088 |
| Investments in and advances to unconsolidated entities | 11,094 | 10,079 | 9,544 | 9,699 | 8,611 |
| Cash and cash equivalents | 1,146 | 1,319 | 530 | 278 | 556 |
| Other assets | 728 | 701 | 625 | 679 | 524 |
| Assets held for sale or contribution | 203 | 249 | 462 | 531 | 670 |
| Strategic Capital Segment | 32 | 36 | 36 | 36 | 38 |
| Total | 98,724 | 95,329 | 93,021 | 87,897 | 58,486 |
Price Behavior
| Market Price | $139.05 | |
| Market Cap ($ Bil) | 129.7 | |
| First Trading Date | 11/21/1997 | |
| Distance from 52W High | -7.3% | |
| 50 Days | 200 Days | |
| DMA Price | $143.48 | $133.99 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -3.1% | 3.8% |
| 3M | 1YR | |
| Volatility | 25.4% | 22.5% |
| Downside Capture | -3.26 | 18.50 |
| Upside Capture | -3.01 | 49.24 |
| Correlation (SPY) | 9.2% | 28.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.04 | 0.02 | 0.19 | 0.50 | 0.51 | 0.83 |
| Up Beta | 0.10 | 0.08 | 0.46 | 0.75 | 0.77 | 0.88 |
| Down Beta | -0.10 | 0.20 | 0.20 | 0.54 | 0.60 | 0.81 |
| Up Capture | 58% | -1% | 15% | 43% | 44% | 52% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 13 | 22 | 31 | 63 | 132 | 382 |
| Down Capture | -45% | -11% | 7% | 33% | 29% | 95% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 9 | 21 | 32 | 63 | 119 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PLD | |
|---|---|---|---|---|
| PLD | 37.0% | 22.5% | 1.32 | - |
| Sector ETF (XLRE) | 12.2% | 14.1% | 0.59 | 73.1% |
| Equity (SPY) | 25.2% | 12.9% | 1.47 | 25.5% |
| Gold (GLD) | 21.1% | 28.1% | 0.67 | 16.1% |
| Commodities (DBC) | 28.3% | 19.8% | 1.14 | -14.7% |
| Real Estate (VNQ) | 15.6% | 13.8% | 0.81 | 77.0% |
| Bitcoin (BTCUSD) | -44.2% | 43.0% | -1.23 | 10.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PLD | |
|---|---|---|---|---|
| PLD | 4.5% | 27.2% | 0.16 | - |
| Sector ETF (XLRE) | 2.6% | 19.1% | 0.04 | 84.2% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 57.7% |
| Gold (GLD) | 17.3% | 18.5% | 0.76 | 13.4% |
| Commodities (DBC) | 8.1% | 19.6% | 0.31 | 9.0% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 84.4% |
| Bitcoin (BTCUSD) | 10.0% | 53.0% | 0.38 | 23.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PLD | |
|---|---|---|---|---|
| PLD | 13.3% | 27.1% | 0.49 | - |
| Sector ETF (XLRE) | 6.2% | 20.4% | 0.26 | 84.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 63.0% |
| Gold (GLD) | 11.6% | 16.1% | 0.58 | 14.2% |
| Commodities (DBC) | 7.0% | 18.0% | 0.31 | 16.4% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 83.7% |
| Bitcoin (BTCUSD) | 58.0% | 66.2% | 0.98 | 13.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/16/2026 | 4.6% | 0.9% | |
| 4/16/2026 | 1.7% | 1.2% | 2.1% |
| 1/21/2026 | 0.3% | -1.6% | 6.3% |
| 10/15/2025 | 6.3% | 9.1% | 8.1% |
| 7/16/2025 | 1.4% | 0.5% | -2.2% |
| 4/16/2025 | 1.8% | 3.0% | 10.9% |
| 1/21/2025 | 7.1% | 10.8% | 11.1% |
| 10/16/2024 | 4.6% | -2.0% | -4.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 17 | 14 |
| # Negative | 9 | 7 | 9 |
| Median Positive | 1.4% | 2.3% | 5.7% |
| Median Negative | -2.5% | -2.0% | -4.1% |
| Max Positive | 7.1% | 10.8% | 14.4% |
| Max Negative | -7.2% | -9.1% | -22.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/16/2026 | 4.6% | 0.9% | |
| 4/16/2026 | 1.7% | 1.2% | 2.1% |
| 1/21/2026 | 0.3% | -1.6% | 6.3% |
| 10/15/2025 | 6.3% | 9.1% | 8.1% |
| 7/16/2025 | 1.4% | 0.5% | -2.2% |
| 4/16/2025 | 1.8% | 3.0% | 10.9% |
| 1/21/2025 | 7.1% | 10.8% | 11.1% |
| 10/16/2024 | 4.6% | -2.0% | -4.0% |
| 7/17/2024 | 1.4% | 3.4% | 1.6% |
| 4/17/2024 | -7.2% | -8.6% | -4.1% |
| 1/17/2024 | -2.4% | -1.5% | 0.4% |
| 10/17/2023 | -2.5% | -9.1% | -1.4% |
| 7/18/2023 | -3.1% | -0.8% | -4.1% |
| 4/18/2023 | 0.5% | 0.0% | -1.5% |
| 1/18/2023 | 1.0% | 4.1% | 5.0% |
| 10/19/2022 | -3.6% | 2.3% | 7.4% |
| 7/18/2022 | -1.5% | 4.9% | 14.4% |
| 4/19/2022 | 4.0% | 2.9% | -22.8% |
| 1/19/2022 | 0.1% | 0.3% | -5.9% |
| 10/15/2021 | 0.9% | 6.8% | 9.6% |
| 7/19/2021 | -0.4% | 0.5% | 5.0% |
| 4/19/2021 | -0.3% | 2.1% | 1.4% |
| 1/26/2021 | -2.6% | 0.8% | -4.4% |
| 10/20/2020 | 0.5% | -2.5% | 1.1% |
| SUMMARY STATS | |||
| # Positive | 15 | 17 | 14 |
| # Negative | 9 | 7 | 9 |
| Median Positive | 1.4% | 2.3% | 5.7% |
| Median Negative | -2.5% | -2.0% | -4.1% |
| Max Positive | 7.1% | 10.8% | 14.4% |
| Max Negative | -7.2% | -9.1% | -22.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 04/26/2022 | 10-Q |
| 12/31/2021 | 02/09/2022 | 10-K |
| 09/30/2021 | 10/26/2021 | 10-Q |
| 06/30/2021 | 07/27/2021 | 10-Q |
| 03/31/2021 | 04/27/2021 | 10-Q |
| 12/31/2020 | 02/11/2021 | 10-K |
| 09/30/2020 | 10/28/2020 | 10-Q |
| 06/30/2020 | 07/28/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/11/2020 | 10-K |
| 09/30/2019 | 10/21/2019 | 10-Q |
Recent Forward Guidance
Updated 7/17/2026Latest: Q2 2026 Earnings Reported 7/16/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Earnings | 4.4 | 4.47 | 4.55 | 14.0% | Raised | Guidance: 3.92 for 2026 | |
| 2026 Core FFO | 6.22 | 6.26 | 6.3 | 1.8% | Raised | Guidance: 6.15 for 2026 | |
| 2026 Average Occupancy | 0.95 | 0.95 | 0.96 | 0.1% | Raised | Guidance: 0.95 for 2026 | |
| 2026 Same Store NOI - Cash | 0.07 | 0.07 | 0.07 | 0.4% | Raised | Guidance: 0.07 for 2026 | |
| 2026 Same Store NOI - Net Effective | 0.05 | 0.06 | 0.06 | 0.4% | Raised | Guidance: 0.05 for 2026 | |
| 2026 Strategic Capital Revenue | 660.00 Mil | 670.00 Mil | 680.00 Mil | ||||
| 2026 General & Administrative Expenses | 510.00 Mil | 517.50 Mil | 525.00 Mil | ||||
| 2026 Realized Development Gains | 600.00 Mil | 650.00 Mil | 700.00 Mil | ||||
Prior: Q1 2026 Earnings Reported 4/16/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net earnings attributable to common stockholders | 3.8 | 3.92 | 4.05 | 1.9% | Raised | Guidance: 3.85 for 2026 | |
| 2026 Core FFO attributable to common stockholders/unitholders | 6.07 | 6.15 | 6.23 | 0.8% | Raised | Guidance: 6.1 for 2026 | |
| 2026 Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense) | 6.12 | 6.2 | 6.28 | ||||
| 2026 Average occupancy - Prologis Share | 0.95 | 0.95 | 0.96 | 0.1% | Raised | Guidance: 0.95 for 2026 | |
| 2026 Same store NOI - cash - Prologis Share | 0.06 | 0.07 | 0.07 | 0.4% | Raised | Guidance: 0.06 for 2026 | |
| 2026 Same store NOI - net effective - Prologis Share | 0.05 | 0.05 | 0.06 | 0.4% | Raised | Guidance: 0.05 for 2026 | |
Q4 2025 Earnings Reported 1/21/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net earnings attributable to common stockholders | 3.7 | 3.85 | 4 | 11.6% | Higher New | Actual: 3.45 for 2025 | |
| 2026 Core FFO attributable to common stockholders/unitholders | 6 | 6.1 | 6.2 | 5.3% | Higher New | Actual: 5.79 for 2025 | |
| 2026 Average occupancy - Prologis Share | 0.95 | 0.95 | 0.96 | 0.3% | 0.2% | Higher New | Actual: 0.95 for 2025 |
| 2026 Same store NOI - cash - Prologis Share | 0.06 | 0.06 | 0.07 | 25.0% | 1.2% | Higher New | Actual: 0.05 for 2025 |
| 2026 Same store NOI - net effective - Prologis Share | 0.04 | 0.05 | 0.05 | ||||
Q3 2025 Earnings Reported 10/15/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Net earnings attributable to common stockholders | 3.4 | 3.45 | 3.5 | 12.2% | Raised | Guidance: 3.08 for 2025 | |
| 2025 Core FFO attributable to common stockholders/unitholders | 5.78 | 5.79 | 5.81 | 0.3% | Raised | Guidance: 5.78 for 2025 | |
| 2025 Average occupancy - Prologis Share | 0.95 | 0.95 | 0.95 | 0 | Affirmed | Guidance: 0.95 for 2025 | |
| 2025 Same store NOI - cash - Prologis Share | 0.05 | 0.05 | 0.05 | 0.5% | Raised | Guidance: 0.04 for 2025 | |
| 2025 Development starts | 2.75 Bil | 3.00 Bil | 3.25 Bil | 20.0% | Raised | Guidance: 2.50 Bil for 2025 | |
Insider Activity
Updated 7/20/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Moghadam, Hamid | Trust | Sell | 7202026 | 149.91 | 50,000 | 7,495,500 | 145,276,132 | Form | |
| 2 | Arndt, Timothy D | Chief Financial Officer | Direct | Sell | 6172026 | 150.00 | 3,597 | Form | ||
| 3 | Slusser, Sarah A | Direct | Sell | 3182026 | 127.57 | 10 | 1,276 | 1,403 | Form | |
| 4 | Slusser, Sarah A | Direct | Sell | 3182026 | 114.69 | 42 | 4,817 | 2,408 | Form | |
| 5 | Slusser, Sarah A | Direct | Sell | 3182026 | 115.87 | 18 | 2,086 | 7,300 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Moghadam, Hamid | Trust | Sell | 7202026 | 149.91 | 50,000 | 7,495,500 | 145,276,132 | Form | |
| 2 | Arndt, Timothy D | Chief Financial Officer | Direct | Sell | 6172026 | 150.00 | 3,597 | Form | ||
| 3 | Slusser, Sarah A | Direct | Sell | 3182026 | 127.57 | 10 | 1,276 | 1,403 | Form | |
| 4 | Slusser, Sarah A | Direct | Sell | 3182026 | 114.69 | 42 | 4,817 | 2,408 | Form | |
| 5 | Slusser, Sarah A | Direct | Sell | 3182026 | 115.87 | 18 | 2,086 | 7,300 | Form | |
| 6 | Slusser, Sarah A | Direct | Sell | 3182026 | 108.63 | 22 | 2,390 | 8,799 | Form | |
| 7 | Slusser, Sarah A | Direct | Sell | 3182026 | 108.58 | 19 | 2,063 | 11,184 | Form | |
| 8 | Slusser, Sarah A | Direct | Buy | 3182026 | 107.34 | 13 | 1,395 | 13,095 | Form | |
| 9 | Connor, James B | Direct | Sell | 1052026 | 126.58 | 80,000 | Form | |||
| 10 | Bita, Cristina Gabriela | Direct | Sell | 12022025 | 127.60 | 621 | 79,240 | 1,047,341 | Form | |
| 11 | Bita, Cristina Gabriela | Direct | Sell | 11032025 | 123.14 | 500 | 61,570 | 1,087,203 | Form | |
| 12 | Bita, Cristina Gabriela | Direct | Sell | 10022025 | 115.69 | 500 | 57,845 | 1,079,272 | Form | |
| 13 | Bita, Cristina Gabriela | Direct | Sell | 9042025 | 111.00 | 1,000 | 111,000 | 1,091,019 | Form | |
| 14 | Palazzolo, Lori A | Chief Accounting Officer/MD | Direct | Sell | 8272025 | 111.33 | 25,000 | 2,783,215 | 46,090 | Form |
Investor Activity (13F)
Updated Aug 5, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| B&I Capital AG | $44.0 Mil | 15.0% | 24 | ADD +11.8% | 13F |
| Hazelview Securities Inc. | $64.4 Mil | 12.0% | 45 | ADD +6.1% | 13F |
| Adelante Capital Management LLC | $174.7 Mil | 11.9% | 42 | Hold | 13F |
| GRS Advisors, LLC | $82.1 Mil | 8.1% | 32 | New | 13F |
| Vert Asset Management LLC | $23.5 Mil | 7.4% | 48 | Hold | 13F |
| Lasalle Investment Management Securities LLC | $166.5 Mil | 6.6% | 48 | Hold | 13F |
| Resolution Capital Ltd | $311.7 Mil | 6.6% | 40 | TRIM -23.8% | 13F |
| Seven Post Investment Office LP | $19.7 Mil | 6.4% | 36 | Hold | 13F |
| Iyo Bank, Ltd. | $13.0 Mil | 4.6% | 35 | Hold | 13F |
| Land & Buildings Investment Management, LLC | $22.3 Mil | 3.8% | 20 | ADD +26.3% | 13F |
| Cander Asset Management LP | $18.7 Mil | 3.3% | 43 | ADD +269.6% | 13F |
| Anomaly Capital Management, LP | $53.3 Mil | 3.2% | 21 | TRIM -53.8% | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $21.2 Mil | 3.1% | 28 | ADD +64.4% | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $6.3 Mil | 1.5% | 46 | ADD +294.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| GRS Advisors, LLC | $82.1 Mil | 8.1% | 32 | New | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $6.3 Mil | 1.5% | 46 | ADD +294.4% | 13F |
| Cander Asset Management LP | $18.7 Mil | 3.3% | 43 | ADD +269.6% | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $21.2 Mil | 3.1% | 28 | ADD +64.4% | 13F |
| Land & Buildings Investment Management, LLC | $22.3 Mil | 3.8% | 20 | ADD +26.3% | 13F |
| B&I Capital AG | $44.0 Mil | 15.0% | 24 | ADD +11.8% | 13F |
| Hazelview Securities Inc. | $64.4 Mil | 12.0% | 45 | ADD +6.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Resolution Capital Ltd | $311.7 Mil | 6.6% | 40 | TRIM -23.8% | 13F |
| Adelante Capital Management LLC | $174.7 Mil | 11.9% | 42 | Hold | 13F |
| Lasalle Investment Management Securities LLC | $166.5 Mil | 6.6% | 48 | Hold | 13F |
| GRS Advisors, LLC | $82.1 Mil | 8.1% | 32 | New | 13F |
| Hazelview Securities Inc. | $64.4 Mil | 12.0% | 45 | ADD +6.1% | 13F |
| Anomaly Capital Management, LP | $53.3 Mil | 3.2% | 21 | TRIM -53.8% | 13F |
| B&I Capital AG | $44.0 Mil | 15.0% | 24 | ADD +11.8% | 13F |
| Vert Asset Management LLC | $23.5 Mil | 7.4% | 48 | Hold | 13F |
| Land & Buildings Investment Management, LLC | $22.3 Mil | 3.8% | 20 | ADD +26.3% | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $21.2 Mil | 3.1% | 28 | ADD +64.4% | 13F |
| Seven Post Investment Office LP | $19.7 Mil | 6.4% | 36 | Hold | 13F |
| Cander Asset Management LP | $18.7 Mil | 3.3% | 43 | ADD +269.6% | 13F |
| Iyo Bank, Ltd. | $13.0 Mil | 4.6% | 35 | Hold | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $6.3 Mil | 1.5% | 46 | ADD +294.4% | 13F |
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