Prologis rents out warehouses at rising rents, yet its 2025 earnings per share were below 2021's. Its planned purchase of Segro, paid mostly in new shares, will test whether greater size reaches each owner.
A parcel that reaches your door has probably spent time in a large warehouse first. Prologis owns, builds and rents out buildings like that, where businesses pay rent for space to store goods before sending them on to customers. Its warehouses stand in the United States, Europe, Asia and the rest of the Americas, with the United States by far its largest market.
Income depends on how much of the space is let and at what rent. In 2025 the rental business brought in $8.2 billion of the group's $8.8 billion of revenue. A much smaller arm earns fees for managing properties owned by ventures with outside investors. Prologis also builds new warehouses, keeping some and selling others at a gain. Three costs decide what is left: running the buildings, depreciation and interest on the debt that paid for them. Depreciation spreads a building's cost over its working life; recording it moves no cash. To keep its tax status as a real estate investment trust, Prologis must pay out at least 90% of its taxable income each year, so it may need outside money to grow.
Create a free account to unlock the rest of this report and access all published research.
This report is general, non-personalized research provided solely for informational and educational purposes. It is not financial or investment advice, a personalized recommendation, an offer to the public, a solicitation, an instruction to buy, sell or hold a financial instrument, or an invitation to engage in an investment activity. ReasyPort is not an authorised or regulated investment firm and does not provide a MiFID II investment service.
This report is based on primary and public sources identified in the report, including issuer filings, annual and interim reports, regulated announcements, investor-relations materials, market data and, where relevant, institutional macroeconomic publications. Facts should be read separately from interpretations, estimates and opinions.
Text, analyses, summaries, translations and charts may be produced with the support of Artificial Intelligence and are subjected to deterministic data and consistency checks before publication. These controls reduce, but cannot eliminate, errors, omissions or incorrect interpretations. Editorial responsibility for publication remains with the producer identified above.
ReasyPort View labels, fair values, forecasts, scenarios, price references and other forward-looking statements are editorial estimates or opinions, not facts or trading instructions. They depend on the assumptions, methodology, market price and information available on the stated reference date and may change without notice. The report is not monitored or updated in real time.
Any relationship, compensation, material holding or other circumstance known to ReasyPort that could reasonably impair the objectivity of a report must be disclosed with that report. Questions, corrections and potential conflicts may be reported through the legal contact shown above.
Public and primary sources, automated extraction and data providers may contain material errors, omissions, inaccuracies, restatements or delays. Accuracy, completeness and timeliness are therefore not guaranteed, and important information should be checked against the original source before it is used.
To the maximum extent permitted by applicable law, ReasyPort, the author, the publisher and the persons involved in producing the report are not liable for losses arising from decisions made solely in reliance on this report. Nothing in this notice excludes or limits any liability that cannot lawfully be excluded or limited.
Any investment decision should be made independently, if appropriate with the support of a licensed financial adviser. Investments in financial instruments involve risks, including the possible partial or total loss of invested capital.
Research methodology, assumptions and disclosuresMeaning of ReasyPort View