Prologis is a global leader in logistics real estate, focusing on owning, operating, and developing modern logistics facilities in high-barrier, high-growth markets. The company's properties serve a diverse customer base, primarily in business-to-business and retail/online fulfillment sectors. Key corporate strategies include extensive property development and the use of co-investment ventures. Its portfolio is geographically concentrated in major U.S. markets including Southern California, New Jersey/New York City, the San Francisco Bay Area, Chicago, Dallas/Ft. Worth, South Florida, and Atlanta. Internationally, the company has a significant presence across the Americas in Mexico, Canada, and Brazil; throughout Europe in countries like the United Kingdom, Germany, France, and the Netherlands; and in key Asian markets such as Japan and China.
Prologis continues to focus on strategic growth and capital efficiency, balancing its development pipeline and asset recycling program to fund future expansion and buy back shares. The company maintains an active pace of transactions while continuing to benefit from the after-effects of major historical consolidations. Notably, the firm has fully integrated its transformative $26 billion all-stock acquisition of Duke Realty from late 2022, a transaction that added 160 million square feet at approximately $162 per square foot and carried an implied cap rate in the 4.0% to 5.0% range. Furthermore, the company continues to optimize the 14 million square foot industrial portfolio acquired from Blackstone in 2023 for $3.1 billion, which traded at approximately $221 per square foot with a 4.0% cap rate.
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