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Prologis
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Latest analysis
Updated Oct 28, 2026
Prologis Q3 2026: Development gains jump 8x, data center pipeline expands amid SEGRO combination.
Prologis reported $326 million in consolidated Real Estate Segment NOI growth for the nine months ended September 30, 2026, driven by $424 million in gains on disposition of development properties—an 8x increase versus $53 million in the prior year—principally from contributions to unconsolidated co-investment ventures in the U.S. and Europe. The company is actively expanding its data center development platform by securing power access and build-to-suit leases, with $34.9 billion in estimated total development potential across consolidated holdings and $39.7 billion on an owned-and-managed basis. The strategic capital segment continues generating 5–10% of consolidated revenues and FFO (excluding promotes), supported by four new co-investment ventures formed in 2026 and $62.8 billion in gross book value held by unconsolidated ventures at quarter-end.
Tone: cautiousRevenue
$8.8B
PLD 10-K · FY 2025
Employees
2,802
Revenue FY2024
$8.2B
Founded
1997
Profile
PLD 10-K Item 1 · Feb 13, 2026Prologis is the global leader in logistics real estate, owning, managing and developing high-quality logistics facilities across 20 countries on four continents. The company operates through two segments — Real Estate and Strategic Capital — and serves more than 6,500 customers across a 1.3 billion square foot owned-and-managed portfolio. Beyond traditional leasing, Prologis offers integrated energy, sustainability and digital infrastructure solutions through its Essentials platform and is selectively developing data centers.
Read filing description ↓ Collapse description ↑
Prologis is the global leader in logistics real estate, operating in high-barrier, high-growth markets across 20 countries on four continents. Our portfolio is concentrated in key commercial hubs, strategically located near end consumers to enable the efficient flow of goods. We own, manage and develop high-quality logistics facilities and deliver integrated infrastructure solutions that optimize how our customers operate within our buildings. Our services address the evolving needs of modern supply chains, including the growing convergence of physical, digital and energy infrastructure, as logistics facilities increasingly support power and data-intensive operations. Consistent with this strategy, we are leveraging our development capabilities, energy solutions and strategic locations to deliver digital infrastructure requirements through selective development of data centers. Logistics real estate demand is driven by the essential role supply chains play in the global economy and heightened by several long-term structural factors. These include: (i) customers repositioning their supply chains to meet rising e-commerce penetration and service expectations; (ii) growth in global consumption; (iii) an increased focus on supply chain efficiency and resiliency; and (iv) the need for modern, well-located facilities to support evolving distribution and fulfillment requirements. We believe these factors will continue to support demand for logistics space and relatively low vacancy rates over the long term. Our 1.3 billion square foot portfolio serves as the foundation for a comprehensive platform of solutions that address the challenges our customers face in global fulfillment today. Through Prologis Essentials, we deliver solutions to support our customers' operational, energy and sustainability needs. We have more than 1 gigawatt of solar generation and storage capacity on our O&M portfolio, including Prologis and third-party owned projects.
Primary products
- Logistics facilities (rental operations)
- Development (build-to-suit and speculative)
- Prologis Essentials
- Prologis Essentials LED
- Prologis Essentials SolarSmart
- Strategic Capital (co-investment ventures)
Business segments
End markets
Geographies
Named customers
“Prologis is the global leader in logistics real estate, operating in high-barrier, high-growth markets across 20 countries on four continents.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from $8.2 billion in 2024 to $8.8 billion in 2025, driven primarily by growth in Real Estate Segment rental revenues, partially offset by a decline in Strategic Capital revenues.
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