Prologis vs Iron Mountain
Side-by-side comparison of AI visibility scores, market position, and capabilities
San Francisco global logistics REIT (NYSE: PLD) with 1.3B sq ft in 20 countries; 2024 Core FFO $5.56/share, CEO transition to Dan Letter 2026, data center conversions and Essentials platform competing with EastGroup for industrial.
About
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.
Hybrid records storage and data center REIT with $6.1B FY2024 revenue; 5 GW data center target by 2030 from AI demand; 20%+ data center revenue growth; hyperscaler leases with Microsoft, Google.
About
Iron Mountain Incorporated is a global storage and information management services company that has evolved from a physical records storage business into a hybrid physical-and-digital infrastructure REIT, founded in 1951 by Herman Knaust in an abandoned iron ore mine in Livingston, New York, and now headquartered in Boston, Massachusetts, trading on NYSE (IRM). The company generated approximately $6.1 billion in revenues for FY2024 under CEO William Meaney, managing over 1,450 facilities across 60+ countries. Iron Mountain's physical Records Management segment—storing approximately 750 million cubic feet of physical records in its vast warehouse network and providing secure document destruction through Recall and SFG subsidiaries—generates highly predictable, recurring storage rental revenues from long-term contracts with corporations, healthcare providers, government agencies, and financial institutions obligated by regulatory retention requirements to preserve documents for decades.
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