Prologis (PLD) Nareit REITweek: 2026 Investor Conference summary

Company overview and differentiation

• Operates 1.3 billion sq ft of logistics facilities in 20 countries, serving over 6,500 customers in major consumption markets.

• Focuses on high-quality portfolios in high-barrier markets, representing 78% of global GDP.

• Manages $68 billion in third-party capital and has a robust development and energy platform.

• Controls 14,000 acres for future development, with a $42 billion investment pipeline.

• Built a growing data center platform with 5.6 GW of power and 1.3 GW in solar/storage.

Market trends and leasing activity

• Leasing activity remains strong, with record-breaking quarters except during tariff uncertainty.

• Data center suppliers now account for about 10% of new leasing, especially in Texas, Illinois, and Virginia.

• Customers are making more complex decisions due to macroeconomic uncertainty but continue to lease as expected.

Market fundamentals and inflection

• Portfolio occupancy has grown for four to five quarters, with global market rent growth seen in the latest quarter.

• Vacancy rates are low at 7.5%, setting up for recovery and earlier transition through the inflection phase.