Prologis (PLD) Citi’s Miami Global Property CEO Conference 2026 summary

Company overview and strategic positioning

• Manages over $230 billion in assets, with 1.3 billion sq ft across 6,000 buildings in 20 countries, serving 7,000 customers.

• Focuses on growing operating income ahead of inflation and compounding earnings through disciplined capital allocation and a robust development franchise.

• Owns or controls 14,000 acres of land, positioning for AI-driven data center demand and conversion opportunities.

• Energy business generates 1.1 GW of power, targeting over 2 GW by 2030 to support data center growth.

• Key reasons to invest: improving occupier market, significant embedded rent upside, and value creation in logistics and data centers.

Market trends and leasing activity

• Leasing activity and tenant discussions are performing in line or slightly better than recent reports, with customers more proactive.

• Leasing pipeline remains elevated, with strong customer decision-making despite macroeconomic noise.

• Supreme Court tariff rulings have not impacted leasing or customer sentiment.

• Market rents in Sun Belt markets are improving, with a 45% gap between in-place and replacement cost rents; similar trends expected on the coasts.

• Strongest leasing acceleration seen in Houston, the Southeast, Northern Europe, Mexico, Brazil, and Japan.

Regional performance and outlook

• Southern California expected to recover two to three quarters after the rest of the country, with Class A space outperforming.

• Long-term outlook for California remains positive due to high barriers to entry and economic scale.