Prologis owns and leases logistics real estate — warehouses and distribution facilities — making it the largest logistics real estate platform in the world at roughly 1.3 billion square feet across 20 countries. Customers include retailers, e-commerce companies, third-party logistics providers, and food and beverage companies. Amazon is the largest single customer at roughly 6% of consolidated net effective rent, with Home Depot, FedEx, UPS, and Walmart rounding out the top five. The core earnings engine is rental operations: Prologis leases space under multi-year operating leases, growing revenue by rolling expiring leases up to current market rates and maintaining high occupancy. Prologis estimates its lease mark-to-market at roughly 18% as of year-end 2025, representing approximately $800M of embedded NOI not yet realized. Prologis also develops new logistics facilities and, increasingly, data centers — primarily build-to-suit for hyperscalers — which it either holds, sells, or contributes to co-investment ventures. The company manages roughly $62B in gross assets through 10 co-investment ventures with institutional investors, earning recurring management fees and transaction fees through its Strategic Capital segment. Prologis also operates Prologis Essentials, an adjacent business providing rooftop solar, energy storage, and EV charging to tenants, with 1.1 gigawatts of solar capacity deployed across the portfolio today.