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Prologis provides logistics facilities near commercial hubs and end consumers to businesses across many industries. Tenants pay rent under multiyear leases and reimburse most property operating costs. Rental operations generate the vast majority of revenue, with almost all consolidated rental income coming from the United States. California accounts for a substantial part of its property holdings. Amazon is its largest tenant, but its customer base is broad.
Rental income depends on keeping properties occupied and the rents Prologis can secure when leases expire. Moving expiring leases to current market rents is its main revenue-growth driver. It also builds logistics facilities, including properties tailored to individual tenants, which generate rental income once leased. Prologis may keep completed developments or contribute them to ventures it owns alongside other investors.
Its smaller Strategic Capital business earns fees from managing those ventures’ properties and investments, mainly outside the United States. Asset-management fees depend largely on property valuations; some ventures also pay performance fees when investment returns clear agreed thresholds. As a real estate investment trust, Prologis must distribute most of its taxable income, limiting cash it can retain for investment. REIT rules also restrict how far it can expand non-real-estate activities.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
First Industrial Realty Trust and Prologis both build industrial properties and collect rent from tenants, so both seek earnings growth by replacing expiring leases with higher rents. Watch First Industrial’s renewal and re-leasing rents for a comparison with Prologis’s main growth driver.
Terreno Realty Corporation and Prologis collect rent from warehouse and distribution tenants in commercial hubs where space is hard to add, near customers and transport links. Terreno’s warehouse leasing in six major coastal U.S. markets offers a focused comparison for demand in these locations.
EastGroup Properties Inc. and Prologis build and lease industrial distribution facilities, competing for tenants who care about location and facing pressure from new warehouse supply. Watch concessions EastGroup offers these tenants: they show how hard landlords must compete to secure rent.
REXFORD INDUSTRIAL REALTY, INC. and Prologis lease and redevelop industrial properties in urban markets where space is constrained. Rexford’s portfolio is entirely in Southern California infill markets, making its leasing results a concentrated view of industrial tenant demand there.
STAG Industrial and Prologis both collect rent from large U.S. industrial property portfolios, so tenant demand and occupancy matter to both. STAG’s leased share of its buildings offers a comparison for how much industrial space tenants are taking.
LXP Industrial Trust and Prologis lease warehouses and distribution properties to industrial tenants, with tenants paying substantial property costs as well as rent. Most LXP properties leave nearly all taxes, utilities, insurance and ordinary repairs with tenants, though some leases leave costs with the landlord—a distinction to watch in rental margins.
Amazon pays Prologis for logistics space and was its largest customer at December 31, 2025, accounting for 6.3% of consolidated Real Estate Segment net effective rent. Amazon sells goods to consumers through online and physical stores; watch its logistics-space leasing plans for a direct signal about this source of Prologis rent.
Corporacion Inmobiliaria Vesta, S.A.B de C.V. develops and leases industrial parks and buildings in Mexico and names Prologis as a rival for tenants and investment opportunities. Watch Vesta’s tenant rent concessions for evidence of competitive pressure on industrial rental income in Mexico.
Global Net Lease, Inc. competes with Prologis for industrial tenants, but its rental results also include substantial retail and office exposure. At December 31, 2025, industrial and distribution properties supplied 46% of its annualized straight-line rent, so watch that segment rather than total rent when comparing it with Prologis.
EastGroup Properties Inc. earningsEGP
EastGroup’s tenant concessions show how much an industrial landlord must give up to secure tenants, offering a read on competitive pressure on Prologis’s rents.
Watch whether EastGroup is offering more concessions to lease space, alongside how its leasing is holding up. More concessions suggest landlords must give up more to secure tenants, which could put pressure on Prologis’s rents; fewer concessions with leasing holding up would suggest landlords have more bargaining power. EastGroup’s markets are not Prologis’s whole portfolio, so this is a read on competitive pressure, not a direct measure of Prologis’s results.
First Industrial Realty Trust, Inc. earningsFR
First Industrial’s renewal and re-leasing rents show whether industrial landlords can replace expiring leases with higher rents, a key source of Prologis’s rental growth.
Compare First Industrial’s renewal and re-leasing rents with Prologis’s reliance on leases rolling over to higher market rents. Rising rents would show landlords can still lift income when leases turn over, supporting Prologis’s main rental-growth path; flat or falling rents would suggest that path is weakening. Their properties and leases differ, so the direction is more informative than treating the figures as directly interchangeable.
REXFORD INDUSTRIAL REALTY, INC. earningsREXR
Rexford’s leasing in Southern California offers a focused read on local demand for industrial space, in a state that is an important market for Prologis.
Read Rexford’s leasing results in light of its concentration in Southern California. Strong leasing would indicate tenants are still taking industrial space there, supporting demand for Prologis’s California properties; weaker leasing would suggest landlords may have a harder time filling space, putting local occupancy and rents under more scrutiny. This is a regional signal, not a verdict on Prologis’s entire portfolio.
Corporacion Inmobiliaria Vesta, S.A.B de C.V. earningsVTMX
Vesta’s tenant concessions in Mexico show how hard local landlords are competing for tenants, a factor in the market where Prologis also leases industrial space.
Watch whether Vesta’s leasing concessions in Mexico are increasing. More concessions would suggest landlords need to give up more rent or lease terms to attract tenants, adding potential pressure to Prologis’s negotiations in that market; fewer would suggest less need to trade terms for occupancy. Vesta’s results describe the competitive setting, not Prologis’s own leases.
Fed Interest Rate Decision
Prologis’s rate-sensitive debt means the Fed’s decision on short-term borrowing costs can change interest paid on debt that reprices and on refinancing, affecting earnings and cash for investment.
Expected4.0%Last release4.0%
If it comes in above expectations
If the policy rate is higher than expected, interest costs on repricing debt and new borrowing may rise, leaving Prologis with less cash for investment.
If it comes in below expectations
If the policy rate is lower than expected, interest costs on repricing debt and new borrowing may ease, leaving Prologis with more cash for investment.
Amazon.Com Inc earningsAMZN
Amazon is Prologis’s largest customer, so its business results and any disclosed logistics-space plans can show whether this important source of rent is expanding or easing.
Read Amazon’s business activity alongside any disclosed plans for logistics space. Stronger activity with plans to maintain or expand capacity would support continued demand for the warehouses it leases from Prologis; weaker activity or plans to reduce space would raise the risk of pressure on rent from this major customer. Amazon’s results alone do not establish a change in its Prologis leases, so the space plans matter.
LXP Industrial Trust earningsLXP
LXP’s tenant-paid property costs offer a contrast with Prologis, which gets reimbursement for most operating costs, showing how expenses can affect landlords’ rental income.
Read who bears LXP’s property costs—tenants or the landlord—alongside rent and expense changes. If tenants continue to pay most taxes, utilities, insurance and ordinary repairs, LXP has less direct cost pressure; if more costs shift to the landlord, they can eat into net rental income. Prologis also receives reimbursement for most property operating costs, but expenses not fully reimbursed can still weigh on net operating income. Their lease structures differ, so headline rents alone are not a fair comparison.
