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Prologis, Inc. is a global leader in logistics real estate, operating in high-barrier, high-growth markets across 19 countries on four continents . The company is structured into two main operating segments: the Real Estate Segment and the Strategic Capital Segment. Prologis focuses on owning, leasing, and developing logistics properties, with rental operations being the primary revenue driver . Additionally, the company manages unconsolidated co-investment ventures and has launched new business lines under the Essentials umbrella, focusing on energy, mobility, and operational essentials .
- Real Estate Segment - Owns, leases, and develops logistics properties, with rental operations as the primary revenue driver through operating leases and property cost reimbursements .
- Strategic Capital Segment - Manages unconsolidated co-investment ventures, generating revenue through asset and property management services, and is capitalized through private and public equity .
- Essentials - Focuses on new business lines in energy, mobility, and operational essentials, expected to grow significantly in the future .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Hamid R. Moghadam ExecutiveBoard | Chairman of the Board & CEO | Board Member at Stanford Management Company | Co-founded Prologis; CEO since 2012; built Prologis into the largest publicly traded industrial REIT globally. | View Report → |
Carter H. Andrus Executive | Chief Operating Officer (COO) | None | Joined Prologis in 2008; became COO in January 2024; previously Global Head of Operations and President of the Central Region. | |
Daniel Letter Executive | President | None | Joined Prologis in 2004; became President in January 2023; previously Global Head of Capital Deployment and President of the Central Region. | |
Deborah K. Briones Executive | Chief Legal Officer, General Counsel, and Secretary (effective Jan 2025) | None | Joined Prologis in 2004; currently Managing Director and Deputy General Counsel; will succeed Edward Nekritz as CLO on Jan 1, 2025. | |
Edward S. Nekritz Executive | Chief Legal Officer, General Counsel, and Secretary (until Jan 2025) | None | Joined Prologis in 1995; retiring as CLO on Jan 1, 2025; has been instrumental in M&A activities and global expansion. | |
Joseph Ghazal Executive | Chief Investment Officer (CIO) | None | Joined Prologis in 2001; became CIO in January 2024; previously Global Head of Capital Deployment and CIO for Europe. | |
Nathaalie Carey Executive | Senior Vice President of Human Resources (SVP of HR) | None | Joined Prologis in 2022; oversees HR operations across multiple regions and global DEIB programs; will transition to CHRO on Jan 1, 2025. | |
Timothy D. Arndt Executive | Chief Financial Officer (CFO) | None | Joined Prologis in 2004; became CFO in April 2022; previously served as Treasurer and held leadership roles in corporate planning and global deployment. | |
Avid Modjtabai Board | Director | Board Member at Avnet, Inc. | Director since 2020; former Senior EVP at Wells Fargo; extensive experience in technology, innovation, and customer solutions. | |
Carl B. Webb Board | Director | Co-Managing Member of Ford Financial Fund II & III; Chairman of Mechanics Bank | Director since 2007; extensive experience in private equity and banking; serves as Chair of the Audit Committee at Prologis. | |
Cristina G. Bita Board | Director | Vice President of Finance at Google; Chair of the Google Sustainability Board | Director since 2018; leads global finance activities for Google’s Devices and Services and Global Marketing organizations; expertise in sustainability and technology. | |
David P. O’Connor Board | Director | Board Member at Regency Centers Corporation; Managing Partner of High Rise Capital Partners, LLC; Non-Executive Co-Chairman of HighBrook Investors LLC | Director since 2015; brings extensive real estate investment expertise to the Prologis Board. | |
George L. Fotiades Board | Director | Chairman of the Board at AptarGroup, Inc. | Director since 2011; former CEO of Cantel Medical Corp.; extensive leadership experience in healthcare and consumer products industries. | |
Guy A. Metcalfe Board | Director | Board Member at CBRE Group, Inc. and RioCan Real Estate Investment Trust | Director since 2024; retired Global Chairman of Morgan Stanley’s real estate investment banking business; involved in over $850 billion of transactions. | |
Irving F. Lyons III Board | Director | Board Member at Essex Property Trust, Inc.; Principal at Lyons Asset Management | Director since 2011; previously served as Vice Chairman and Chief Investment Officer of Prologis; extensive experience in real estate investment and development. | |
James B. Connor Board | Director | Board Member at EPR Properties and Healthpeak Properties, Inc. | Director since 2022; former CEO of Duke Realty Corporation; extensive experience in logistics REITs and real estate investment. | |
Lydia H. Kennard Board | Director | Board Member at Freeport-McMoRan Inc., AECOM, and Vulcan Materials Company | Director since 2004; former CEO of Los Angeles World Airports; founder of KDG Construction Consulting and KDG Aviation. | |
Olivier Piani Board | Director | Founder and CEO of OP Conseils; Senior Consultant with Ardian | Director since 2017; extensive experience in real estate and finance, particularly in the European market. |
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Despite noting that market rents decreased approximately 3% globally this quarter, with Southern California being a significant contributor , you've raised your acquisition guidance for the second straight quarter . How do you reconcile increasing acquisition activity with the softening rent environment, and what gives you confidence in pursuing acquisitions amid these market conditions?
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You've mentioned an uptick in lease commencements with terms less than one year, attributed to customer uncertainty and strategic positioning on rents . How does this trend of shorter lease terms impact your long-term leasing strategy and vacancy risk, and what measures are you taking to mitigate potential impacts on occupancy and rent growth?
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Given that vacancies are up and customers are taking longer to make decisions due to uncertainties, yet you reported strong leasing activity in Q3 , what catalysts do you foresee that will prompt customers to move from hesitant to more active in 2025, and how are you positioning the company to capitalize on potential demand recovery?
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With the reduction in your development starts guidance due to slow decision-making in build-to-suits and deferring new speculative development amidst stubborn demand , how do you plan to manage growth initiatives in light of these challenges, and what is your outlook for development activity as market conditions evolve?
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You've tightened and slightly reduced your net effective same-store growth forecast due to increased noncash write-offs from higher bankruptcies expected in the balance of the year . Do you anticipate this trend of rising bankruptcies to continue, and how might this affect your future financial performance and risk management strategies?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Amazon | Leases operating properties for e-commerce fulfillment | Real Estate Segment (Consolidated & O&M) | 6.0% of consolidated NER , 4.9% of O&M NER , 34 million sq ft (consolidated) , 46 million sq ft (O&M) |
Home Depot | Leases operating properties for home improvement retail | Real Estate Segment (Consolidated & O&M) | 2.8% of consolidated NER , 1.8% of O&M NER , 17 million sq ft (consolidated) , 19 million sq ft (O&M) |
FedEx | Leases operating properties for shipping and distribution | Real Estate Segment (Consolidated & O&M) | 1.7% of consolidated NER , 1.3% of O&M NER , 7 million sq ft (consolidated) , 11 million sq ft (O&M) |
UPS | Leases operating properties for shipping and distribution | Real Estate Segment (Consolidated & O&M) | 1.0% of consolidated NER , 0.8% of O&M NER , 6 million sq ft (consolidated) , 9 million sq ft (O&M) |
DHL | Leases operating properties for shipping and distribution | Real Estate Segment (Consolidated & O&M) | 0.7% of consolidated NER , 1.1% of O&M NER , 4 million sq ft (consolidated) , 13 million sq ft (O&M) |
Geodis | Leases operating properties for supply chain management | Real Estate Segment (Consolidated & O&M) | 0.9% of consolidated NER , 1.1% of O&M NER , 6 million sq ft (consolidated) , 15 million sq ft (O&M) |
NFI | Leases operating properties for supply chain management | Real Estate Segment (Consolidated & O&M) | 0.7% of consolidated NER , 0.5% of O&M NER , 4 million sq ft (consolidated) , 4 million sq ft (O&M) |
Walmart | Leases operating properties for retail distribution | Real Estate Segment (Consolidated & O&M) | 0.7% of consolidated NER , 0.6% of O&M NER , 6 million sq ft (consolidated) , 8 million sq ft (O&M) |
Lululemon | Leases operating properties for retail distribution | Real Estate Segment (Consolidated & O&M) | 0.7% of consolidated NER , 0.4% of O&M NER , 2 million sq ft (consolidated) , 2 million sq ft (O&M) |
GigaCloud | Leases operating properties for supply chain management | Real Estate Segment (Consolidated & O&M) | 0.7% of consolidated NER , 0.4% of O&M NER , 3 million sq ft (consolidated) , 3 million sq ft (O&M) |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Real Estate Portfolio Acquisition (by Prologis) | 2023 | Prologis closed a $3.1 billion acquisition on June 29, 2023, acquiring 70 operating properties totaling approximately 14 million square feet in the U.S., funded primarily through senior notes and credit facility draws as part of its strategic expansion effort. |
Duke Realty Corporation and Duke Realty Limited Partnership | 2022 | Prologis completed the merger-driven acquisition valued at about $23 billion on October 3, 2022, using equity issuance, debt assumption, and a 0.475 stock exchange ratio to significantly expand its logistics real estate portfolio, including over 480 industrial operating properties. |
Recent press releases and 8-K filings for PLD.
- Delivered strong Q1 performance with rental & other revenues of $1,999M, net earnings of $592M, and Core FFO of $1,356M.
- Updated 2025 guidance with net earnings targeted between $3.45M and $3.70M and Core FFO between $5.65M and $5.81M.
- Achieved robust leasing activity with 58 million sq ft leased, initiated new build-to-suit projects, and expanded power capacity to support growing data center demand.
- Reported solid financial performance with Core FFO per share of $1.42 (including net promotes) & $1.43 (excluding net promotes), maintained occupancy at 95.2%, and recorded net earnings per diluted share of $0.63 marking a 10.9% YoY increase.
- Maintained strong liquidity with approximately $6.5 billion available and issued $549M of debt at an average rate of 4.1%.
- Recognized as a global leader with 1.3 billion sq ft of properties across 20 countries, serving approximately 6,500 customers.
- Adjusted capital deployment targets on development and disposition activities amid tariff and market uncertainty.