Company Overview
About Prologis
Prologis, Inc. is a San Francisco, California-based global logistics real estate investment trust — publicly traded on the New York Stock Exchange (NYSE: PLD) as an S&P 500 REIT component — owning, operating, and developing over 1.3 billion square feet of industrial and logistics properties across 6,000+ buildings in 20 countries throughout North America, Latin America, Europe, and Asia, with approximately $130+ billion in assets under management and 6,700 customer relationships. In fiscal year 2024, Prologis reported full-year Core FFO of $5.56 per share (with Q4 2024 Core FFO of $1.50 per share, up 19.0% year-over-year) and net earnings of $4.01 per share, maintaining $7.4 billion in liquidity and a conservative debt-to-EBITDA ratio of 4.6x. Founded in 1983 as AMB Property Corporation by Hamid Moghadam and Doug Abbey, Prologis became the world's largest industrial REIT through strategic consolidation: ProLogis Trust merger ($46B combined entity, 2011), DCT Industrial Trust ($8.5B, 2018), Liberty Property Trust ($13B, 2020), and Duke Realty ($23B, 2022 — the largest US commercial real estate transaction since the pandemic). CEO Hamid Moghadam will transition to Executive Chairman in 2026 with Dan Letter assuming the CEO role.
Business Model & Competitive Advantage
Prologis's logistics real estate model addresses the supply chain efficiency requirement that e-commerce fulfillment, last-mile delivery, and global manufacturing reshoring create for proximity to population centers and transportation infrastructure: a Walmart fulfillment center serving the Dallas-Fort Worth metroplex must be within 30 minutes of 7 million consumers, adjacent to interstate highway interchange, and large enough (500,000-1,000,000 sq ft) to operate sortation automation — site characteristics that require decades of land acquisition and entitlement in infill locations that Prologis has assembled through its consolidation strategy. Prologis's Essentials platform (offering solar installations, EV charging infrastructure, workforce training, racking systems, and warehouse automation to its 6,700 customers) generates fee income beyond rental revenue while reducing customer churn by embedding operational services into the facility relationship. The company's conversion of logistics facilities into hyperscale data centers (32+ MW turnkey) capitalizes on industrial-zoned land positions in power-accessible locations that AI infrastructure buildout demands.
Competitive Landscape 2025–2026
In 2025, Prologis competes in the global industrial and logistics REIT market with Duke Realty (absorbed 2022), EastGroup Properties (NYSE: EGP, Sun Belt industrial REIT, $800M revenue), and GLP Capital Partners (private, Asian logistics giant, $125B AUM) for e-commerce and 3PL customer lease renewals, build-to-suit development contracts, and institutional capital allocation to logistics real estate. Prologis's 95%+ occupancy rate across its portfolio through multiple market cycles demonstrates the mission-critical nature of proximity-advantaged logistics facilities that cannot be replicated through new construction in infill locations. The Science-Based Targets initiative net-zero 2040 commitment and the Essentials solar + EV platform serve the sustainability procurement requirements of Fortune 500 customers (Amazon, FedEx, DHL) whose own net-zero commitments require supplier facility emissions reduction. The 2025 strategy under incoming CEO Dan Letter focuses on the data center conversion opportunity within the industrial portfolio, expanding AI and automation infrastructure partnerships through Essentials, and maintaining occupancy through the post-pandemic e-commerce demand normalization.
The Prologis Story
Founders
Company Timeline
Major milestones in Prologis's journey
Leadership Team
Meet the leaders behind Prologis
Hamid R. Moghadam
Hamid Moghadam co-founded AMB Property Corporation in 1983 and has served as Chairman and CEO of Prologis since the 2011 merger with ProLogis. He led the company through its 1997 IPO and subsequent transformation into the world's largest industrial REIT. After 40+ years of visionary leadership, Moghadam will transition to Executive Chairman in January 2026 while Dan Letter assumes the CEO role.
Dan Letter
Dan Letter currently serves as Global President of Prologis and will become CEO in January 2026 as part of the company's succession plan. He joined Prologis in 2004 and brings deep industry experience with a leadership style rooted in collaboration and innovation, overseeing operations across all global regions.
Carter Andrus
Carter Andrus was appointed COO in January 2024 and is responsible for operational excellence across Prologis' global portfolio of 6,000+ buildings. He reports to President Dan Letter and leads property management, development execution, and customer service delivery.
Joseph Ghazal
Joseph Ghazal was appointed CIO in January 2024, overseeing Prologis' investment strategy, capital deployment, and portfolio optimization across 20 countries. He leads acquisition underwriting, disposition strategy, and capital allocation decisions supporting the company's disciplined growth approach.
Susan Uthayakumar
Susan Uthayakumar serves as Chief Energy & Sustainability Officer, leading Prologis' ambitious net-zero emissions by 2040 commitment validated by the Science-Based Targets initiative. She oversees solar installations, EV infrastructure deployment, energy efficiency programs, and ESG reporting.
James Connor
James Connor, former Chairman and CEO of Duke Realty Corporation, joined the Prologis Board of Directors upon completion of the $23 billion Duke Realty acquisition in October 2022, bringing deep expertise in U.S. industrial real estate markets and customer relationships.
Open Positions
Reddit Discussions
Key Differentiators
Market Leader
Prologis is recognized as a market leader in the Real Estate & Property Tech sector, demonstrating strong industry presence and customer trust.
Frequently Asked Questions
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