Prologis, Inc.

Long-term industrial leases (typically 3-7 years) with 78-80% tenant retention and approximately 95% portfolio occupancy sustained across FY2021-FY2025 provide strong multi-year revenue visibility. A 130-million-square-foot leasing pipeline and 18% mark-to-market embedded in existing leases reinforce forward NOI visibility into FY2026.

Industrial logistics accounts for roughly 93% of FY2025 revenue ($8.2 billion in rental income), with strategic capital fees contributing the remaining approximately 7%. The nascent data center pipeline (5.7 GW secured) represents a future diversification driver but current revenue remains concentrated in a single property type.

U.S. operations account for approximately 85% of Prologis's net operating income of $6.4 billion in FY2025, with international markets across 19 additional countries contributing roughly 15%. Global scale is real but revenue weighting places this firmly in a single-country-dominant profile.

The existing portfolio of 1.3 billion square feet operates with high NOI margins, as incremental tenant revenues require minimal additional platform overhead at scale. New development is capex-intensive (typical of the industrial REIT structure), which limits pure incremental scalability, though development yields averaged approximately 6.6% in FY2025.

Industrial logistics space is mission-critical for the supply chain operations of tenants including Amazon, FedEx, and Home Depot, supported by multi-year contractual leases with meaningful renewal rates. Long lease terms and essential logistics infrastructure use create contractual revenue durability consistent with a high-quality industrial REIT.