Prologis is a publicly traded industrial real estate investment trust formed in 2011 through the merger of AMB Property Corporation and ProLogis. Headquartered in San Francisco and trading on the New York Stock Exchange under ticker symbol PLD, the company has origins dating to 1983 when Hamid Moghadam and Doug Abbey founded an investment firm focused on institutional clients. Following the 2011 merger, Prologis pursued growth through acquisitions including DCT Industrial Trust in 2018, Liberty Property Trust in 2020, and Duke Realty in 2022 for approximately $23 billion, which added 153 million square feet of operating properties across 19 U.S. markets.
The company owns or manages approximately 1.3 billion square feet across nearly 5,900 buildings in 20 countries, with $230 billion in assets under management. The portfolio consists primarily of industrial warehouses and distribution centers, with the United States representing 803 million square feet and generating 86% of net operating income. International holdings span Europe at 242 million square feet, Other Americas including Mexico at 83 million square feet, and Asia at 114 million square feet. Southern California accounts for approximately 20% of NOI, representing exposure to the Inland Empire and Los Angeles distribution corridors. Other major U.S. markets include Chicago, New Jersey/New York, Dallas-Fort Worth, Atlanta, and Houston, while international operations include facilities in London, Tokyo, Paris, and Mexico City.
The company serves approximately 6,500 customers across transportation, warehousing, retail, e-commerce, manufacturing, and wholesale distribution sectors. Amazon is the largest tenant at roughly 5% of annual base rent, with the top five customers including Home Depot, FedEx, DHL, and Geodis representing approximately 10% of total rent combined. In 2023, Prologis acquired a 14-million-square-foot industrial portfolio from Blackstone for $3.1 billion, expanding presence across key U.S. markets. The company has also launched initiatives beyond property ownership, including Prologis Ventures in 2016 to invest in logistics technology and the Essentials platform providing fulfillment solutions to tenants.
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