Prologis (PLD) Investor presentation summary

Company overview and scale

• Operates a 1.3 billion square foot logistics real estate portfolio across 20 countries, facilitating $3.2 trillion in goods throughput, equivalent to 2.9% of global GDP as of 2024.

• Manages $215 billion in assets, with 5,887 buildings and 6,500 customers worldwide.

• Holds an A2/A credit rating from Moody's and S&P, with over 40 years of real estate and development expertise.

Industry drivers and market trends

• Logistics real estate is essential infrastructure, driven by e-commerce growth, supply chain proximity, and diverse demand from retail, consumer goods, and structural trends.

• E-commerce requires over three times more space per dollar of sales than brick-and-mortar, intensifying demand for modern logistics facilities.

• Limited new supply and increasing distance of new developments from city centers support long-term rent growth and asset value appreciation.

Business model and financial strength

• Operates a self-funded model, generating $6.6B in net operating income and $4.7B in development portfolio value, with $42B in land bank buildout potential.

• Maintains a fortress balance sheet with 25% debt/gross market cap, 6.4x fixed charge coverage, $7.5B liquidity, and 8.3 years weighted average debt maturity.

• Top 10 customers account for only 14% of portfolio rent, reflecting a highly diversified customer base.