Prologis

In 1983 Douglas Abbey, Hamid Moghadam and T. Robert Burke (who joined in 1984) established AMB Property Corporation to invest in office, industrial and community shopping center properties for major institutional investors. AMB closed its initial public offering in 1997 with more than $2.8 billion in assets.⁠[1]

The company that later became ProLogis was incorporated in 1991 as Security Capital Industrial Trust (SCI) and made its initial public offering on the New York Stock Exchange in 1994. In 1998 SCI officially changed its name to ProLogis and acquired Meridian Industrial Trust for $1.5 billion.⁠[2]

In July 2003 ProLogis, then a Denver-based industrial real estate investment trust, was added to the S&P 500S&P 500The S&P 500 is a U.S. large-cap equity index compiled by S&P Dow Jones Indices. It includes 500 leading companies, covers about 80% of available market capitalization and is described by S&P DJI as “widely regarded as the best single gauge of large-cap U.S. equities.”Open the full entry. With a market capitalization of about $4.85 billion it ranked 340th in the index and became its sixth REIT.⁠[3]

On September 15, 2005, ProLogis announced the closing of its merger with Catellus Development Corporation, valued at about $5.5 billion including assumed liabilities and transaction costs. The deal added land positions supporting more than 133 million buildable square feet. Chief executive Jeffrey H. Schwartz said, “We expect to accelerate ProLogis’ future earnings growth.”⁠[4]

On November 12, 2008, ProLogis announced that Jeffrey H. Schwartz had resigned as chairman and chief executive officer and that president and chief operating officer Walter C. Rakowich had been named CEO. Facing “dislocation in the credit markets,” the company set a 2009 dividend target 52% below the 2008 rate and said it expected no new development activity for the foreseeable future.⁠[5]

On January 31, 2011, ProLogis and AMB Property Corporation announced an all-stock merger of equals. The combined company would be named ProLogis, trade under the NYSE ticker PLD and have its corporate headquarters in San Francisco, with Hamid Moghadam and Walter C. Rakowich serving as co-CEOs through December 31, 2012.⁠[6]

The merger was completed on June 3, 2011. Each ProLogis share was converted into 0.4464 of a PLD common share and each AMB common share became one PLD share, giving the combined company a global portfolio of about 600 million square feet.⁠[7]

After the merger the company used the brand Prologis in English and, in Chinese, the brand name AMB had adopted during its 2002 international expansion.⁠[1]

On December 27, 2012, Prologis announced that co-CEO Walter C. Rakowich would retire on December 31, 2012, as previously planned, and that Hamid R. Moghadam would become chairman and CEO on January 1, 2013. Rakowich said, “I am especially proud of how seamlessly the company has come together over the past two years.”⁠[8]

On June 1, 2015, Prologis completed the $5.9 billion acquisition of KTR Capital Partners’ real estate assets and operating platform. The properties went into Prologis U.S. Logistics Venture, a consolidated 55-45 joint venture with Norges Bank Investment Management, and Prologis’ share was about $3.2 billion. The operating portfolio totaled about 60 million square feet.⁠[9]

On August 22, 2018, Prologis completed its all-stock acquisition of DCT Industrial Trust, valued at $8.5 billion including assumed debt, with each DCT share converted into 1.02 Prologis shares. DCT brought a 71 million square foot owned and managed operating portfolio, expanding Prologis’ presence in Southern California, the San Francisco Bay Area, Seattle and South Florida.⁠[10]

On February 4, 2020, Prologis completed its all-stock acquisition of Liberty Property Trust, valued at $13.0 billion including assumed debt, with each Liberty common share converted into the right to receive 0.675 Prologis common shares. On an owned and managed basis Liberty brought a 108 million square foot logistics operating portfolio in markets including the Lehigh Valley, Chicago and Houston.⁠[11]

On September 30, 2021, a warehouse in Carson, California, caught fire and was later identified as a source of material causing odors in the Dominguez Channel. In July 2022 the Los Angeles water quality regulator proposed a $17 million penalty against the owner, Liberty Property Limited Partnership, its parent Prologis and two tenants. Prologis denied wrongdoing.⁠[12]

On December 16, 2025, a Los Angeles County Superior Court judge found that the discharge of fire debris contributed to odors that generated more than 4,000 complaints and imposed penalties of more than $10 million on the warehouse operators and four corporate officers. Owners Liberty Property Limited Partnership and Prologis were also found liable but owed no penalty because they had spent $10 million on site cleanup.⁠[13]

In a case brought by private plaintiffs, a jury returned an $8.8 million verdict against Prologis and its tenants. Los Angeles County, which was not part of the trial, finalized a $6 million settlement with the plaintiffs more than a month after the verdict, and by May 2026 Superior Court Judge Lawrence P. Riff had approved it, rejecting objections from Prologis and its tenants.⁠[14]

In May 2022 Duke Realty rejected a Prologis offer of nearly $24 billion. On June 13, 2022, the companies announced an all-stock deal valued at about $26 billion including debt, under which Duke Realty shareholders would receive 0.475 of a Prologis share for each Duke share.⁠[15]

On October 3, 2022, Prologis completed the acquisition, valued at approximately $23 billion including the assumption of debt. It added about 480 fully operational logistics buildings totaling 142 million square feet in 19 major U.S. markets and more than 500 new customers for its Essentials offerings.⁠[16]

On February 19, 2025, Prologis announced that Hamid Moghadam, who co-founded predecessor AMB Property Corporation in 1983, would retire as CEO effective January 1, 2026, and continue as executive chairman. President Dan Letter, who joined AMB in 2004 as a development manager and later served as global head of capital deployment, would succeed him and joined the board immediately.⁠[17]

Prologis, Inc., a Maryland-incorporated REIT, reports two segments: Real Estate and Strategic Capital. At December 31, 2025, its properties and development projects were expected to total about 1.3 billion square feet in 20 countries, and it had 2,802 employees.⁠[18]

On January 21, 2026, Prologis announced 2025 total revenues of $8.79 billion (2024: $8.20 billion) and net earnings attributable to common stockholders of $3.32 billion (2024: $3.73 billion), or $3.56 per diluted share. It signed a record 228 million square feet of leases during the year and expanded its data center power pipeline to 5.7 gigawatts.⁠[19]

On October 15, 2026, Prologis announced third-quarter 2026 net earnings of $0.86 per diluted share (prior-year quarter: $0.82) and Core FFO of $1.60 per diluted share (prior-year quarter: $1.49), with owned and managed period-end occupancy of 95.6%. Daniel S. Letter attributed demand to e-commerce, advanced manufacturing and “the build-out of the data center supply chain.”⁠[20]