Prologis (NYSE: PLD) is the largest REIT in the world and the operating system of global commerce: roughly 5,900 buildings, 1.3 billion square feet, 6,500 tenants across 20 countries, with about 3% of world GDP flowing through its warehouses. In 2026 it added a second act that could dwarf the first: converting its irreplaceable land and power positions into data centers.
| Prologis (PLD) Snapshot | |
|---|---|
| Share Price (delayed) | $142.64 +0.34% |
| Market Cap | $132.5B |
| Annualized Dividend | $4.16 (Quarterly) |
| Dividend Yield | 2.93% |
| Occupancy | 95.3% |
| Credit Rating | A (S&P) |
| Sector | Industrial ยท Logistics |
Market data updates automatically several times daily. Last price refresh: Jul 14, 2026.
Business Model and the Record Quarter
Q1 2026 was one of the strongest in company history: 66.7 million square feet leased, average occupancy of 95.3%, cash same-store NOI up 8.8%, and raised full-year guidance (core FFO of $6.07 to $6.23, same-store NOI of 6.25 to 7%). The embedded engine: in-place rents sit well below market after years of rent growth, so NOI compounds even in flat markets as leases roll. The new engine: $1.3 billion of build-to-suit data center starts in Q1 alone, with letters of intent totaling 1.3 gigawatts on its powered land bank, an asset no other industrial owner can replicate.
Dividend Safety Analysis
A-rated credit (one of only a handful in REITs), conservative payout against surging FFO, and a decade-plus record of double-digit dividend growth. This is one of the most secure growing dividends in real estate, period.
The Honest Risk Section
Scale means macro is the tenant: global trade policy, tariff whiplash, and e-commerce cycles hit demand directly, and the market’s post-COVID normalization already proved warehouse rents can flatten. The data center pivot also carries development risk at multi-billion scale. Premium quality trades at a premium multiple.
Frequently Asked Questions
Is Prologis the largest REIT?
Yes, the largest REIT in the world by market value: 1.3 billion square feet of logistics real estate across 20 countries, with roughly 3% of global GDP moving through its buildings.
What is Prologis’s data center strategy?
Converting owned land and secured power capacity into data center developments: $1.3 billion of build-to-suit starts in Q1 2026 and letters of intent totaling 1.3 gigawatts.
Is Prologis’s dividend safe?
Among the safest in REITs: A-rated balance sheet, conservative payout, and a long record of double-digit increases funded by FFO growth.
Analysis based on Q1 2026 results (April 2026) and raised guidance. Live market data updates automatically. Independent research, not investment advice.