Prologis, Inc. (NYSE: PLD) is a Real Estate Investment Trust, specializing in the ownership, development, and management of modern industrial properties. As of June 30, 2025, the company operated a portfolio totaling approximately 1.3 billion square feet across 5,895 buildings in 20 countries. Prologis serves a diverse customer base of approximately 6,500 tenants, primarily in the business-to-business and retail/online fulfillment sectors. The company’s real estate holdings are geographically diversified, with the majority located in the United States, which accounts for 801 million square feet of logistics space. Additional holdings include 253 million square feet in Europe, 130 million square feet in other parts of the Americas, and 115 million square feet in Asia. Top tenants for Prologis include Amazon, Home Depot, FedEx, DHL, and Geodis. Those five tenants accounted for 10.5% of the company's net effective rent as of 2Q 2025, with Amazon alone accounting for 5% of that net effective rent. Southern California is the company's top market, with 20.1% of its NOI and 13.8% of its total square feet in Southern California as of the end of 2Q 2025.