Supply Chain · Profile from Supply Chain Research Companion
Prologis
Prologis, Inc., the San Francisco–based industrial real estate investment trust (REIT) that owns or manages the largest portfolio of logistics buildings in the world — on the order of 1.2–1.3bn square feet across about 20 countries (company; verify the current figure in the latest supplemental) — and leases them to retailers, e-commerce companies, 3PLs, manufacturers and food distributors. It does not move a single box, yet it collects rent from almost every kind of supply chain in this knowledge base: Amazon Logistics has long been its largest tenant (company; verify share of rent), and GXO, Ryder, Walmart, Home Depot and DHL are among the users of buildings like its own. Its story turns on owning the nodes: the landlord's share of the supply chain. It was built by merger — AMB Property and ProLogis (2011), DCT Industrial (2018, ~$8.4bn announced), Liberty Property (2020, ~$12.6bn announced) and Duke Realty (2022, ~$26bn announced) (company; deal values include assumed debt) — and it rode the 2020–22 e-commerce boom, when US industrial vacancy fell to roughly 3–4% and rents rose by double digits, through the 2023–25 normalisation, when vacancy rose to about 7% (brokers, reported). By Q3 2026 its occupancy was ~95.1% (average) / ~95.6% (period end), core FFO ~$1.60 a share, and it was turning land with grid connections into data centres (company release, 15 Oct 2026). Its great failure came first: in 2008 the old ProLogis, levered and developing speculatively worldwide, lost more than 90% of its share value and its CEO, and survived by halting development, cutting the dividend and selling assets.
At a glance
- Founded
- AMB Property — 1983, San Francisco, by Hamid Moghadam and Douglas Abbey as an investment manager for institutions (company history; verify); REIT IPO Nov 1997 (verify). ProLogis — 1991 as Security Capital Industrial Trust, part of William Sanders's Security Capital Group, Santa Fe/Denver; renamed ProLogis in 1998 (verify). The two merged in Jun 2011 under the Prologis name, with AMB as the legal acquirer
- Headquarters
- San Francisco, California (Pier 1)
- Ownership / structure
- Listed REIT (NYSE: PLD); S&P 500 member; widely held. Runs both a wholly owned balance sheet and co-investment ventures and funds for institutional partners (open-ended and listed vehicles such as Nippon Prologis REIT and FIBRA Prologis; verify current list), on which it earns fees and "promotes"
- Leadership (2026)
- Daniel S. Letter, CEO from 1 Jan 2026 (president since Jan 2023; joined 2004); Hamid Moghadam, co-founder, executive chairman (CEO to end-2025) (company announcement, Feb 2025; handover on schedule assumed — verify)
- Business lines
- Real estate (rental operations and development) — logistics buildings owned, leased and developed; Strategic capital — fees and promotes from co-investment ventures; Prologis Energy — rooftop solar, storage and EV charging; Essentials — fit-out, forklifts, racking and procurement for tenants (company); Data centres — developing powered shells and turnkey sites on its land (2024–26)
- Scale
- ~1.2–1.3bn sq ft owned and managed (company, verify); thousands of customers (company figure ~6,000+, verify); Q3 2026 leasing ~60m sq ft in the quarter; ~$1bn of development starts in Q3 2026, ~80% speculative (company release, 15 Oct 2026)
- Financials (Q3 2026)
- Core FFO $1.60/share (from $1.49), $1.61 excluding net promote income (from $1.50); average occupancy 95.1%, period-end 95.6%; cash same-store NOI +5.9%; 2026 core FFO guidance tightened to $6.25–6.29 (from $6.22–6.30); average occupancy guidance 95.25–95.50% (from 95.25–95.75%); cash same-store NOI guidance raised to 7.00–7.50%; GAAP net earnings guidance cut to $4.05–4.15 (from $4.40–4.55), mainly on transactions and depreciation (company 8-K release, 15 Oct 2026; secondary summaries)
- Signature moves (incl. failures)
- AMB's founding and REIT IPO (1983/1997); the 2008 crisis and near-collapse of ProLogis (failure); AMB–ProLogis merger (2011); DCT Industrial (2018); Liberty Property (2020); Duke Realty (2022); the e-commerce rent boom and its 2023–25 normalisation (partial failure of the boom-year forecast); rooftop solar and Prologis Energy (2020s); data-centre conversions and power (2024–26)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1997
AMB Founding and REIT IPO
Founding; spin-off or IPO (conversion of managed portfolios into a listed REIT)
2008
Financial Crisis and Near Collapse
Restructuring (failure): crisis response — development halt, dividend cut, asset sales, CEO change
2011
AMB ProLogis Merger
Merger (all-stock, "merger of equals" in presentation; AMB the legal acquirer)
2018
DCT Industrial Acquisition
Acquisition (all-stock merger)
2020
Liberty Property Acquisition
Acquisition (all-stock merger)
2022
Duke Realty Acquisition
Acquisition (all-stock merger, after an initially rejected unsolicited approach)
2022
Ecommerce Rent Boom and 2023 25 Normalisation
Pricing or service change (aggressive rent increases at renewal) and the cycle response (development slowdown) — a partial failure of the boom-year forecast
2023
Rooftop Solar and Prologis Energy
Strategy pivot / new service: on-site solar generation, battery storage and EV-charging for tenants and the grid
2024
Data Centre Conversions and Power
Strategy pivot: developing data centres (powered shells and turnkey) on land and sites with grid capacity, including conversions of logistics sites