Prologis

AMB, the earliest predecessor of Prologis, was formed in 1984. In its present form, Prologis was created in 2011 through the merger of AMB and ProLogis, both multinational real estate companies based in the United States.

In 1983, Hamid Moghadam and Doug Abbey founded Abbey, Moghadam and Company, an investment manager serving institutions. T. Robert Burke joined the company in 1984, establishing AMB Property Corporation, investors in office, industrial and community shopping centers on behalf of large institutional investors.{{cite web | title=History | url=https://www.prologis.com/about/history | publisher=Prologis}} During the savings and loan crisis, the company avoided significant financial repercussions by investing in industrial parks and shopping centers, and began to exit the office market in 1987. AMB launched its first private equity fund in 1989, which focused on industrial and retail properties.

In late 1997, AMB became a public company via an initial public offering, with more than US$2.8 billion under management. In 1999, the company sold its retail portfolio to focus solely on the industrial sector, then made its first overseas investment in 2002, developing a facility for Procter & Gamble. That year, AMB initiated an international expansion program focused on buying and developing distribution facilities near global trade hubs, particularly in growth markets such as Latin America, Asia, and Europe. AMB added an internal development division in 2004 and, by 2011, was expanding its operations in China and Brazil.

Real Estate entrepreneur William Sanders formed Security Capital Industrial Trust (SCI), a legacy company of Prologis,{{cite news | last=Grant | first=Peter | title=Cold Snap: Developers Pour Money Into Cold Storage in China | url=https://www.wsj.com/articles/cold-snap-developers-pour-money-into-cold-storage-in-china-1483476867 | work=The Wall Street Journal | date=January 3, 2017 | url-access=subscription}} in 1991, and it became a public company via an IPO in 1994.{{cite news | last=Robaton | first=Anna | title=Prologis Together | url=https://www.reit.com/news/reit-magazine/may-june-2012/prologis-together | work=National Association of Real Estate Investment Trusts | date=May 2012}}

ProLogis, Inc. (then with a capitalized L) was incorporated on November 24, 1997 under the leadership of K. Dane Brooksher, a former KPMG senior executive.{{cite news| url=https://news.lumen.com/Charles-L-Biggs-And-K-Dane-Brooksher-Join-Qwest-Communications-Board-Of-Directors|website=Lumen|title=Charles L. Biggs And K. Dane Brooksher Join Qwest Communications Board Of Directors|date=February 18, 2004|access-date=May 6, 2025}}

SCI officially changed its name to ProLogis Trust in July 1998, then active in 84 markets in 12 countries, with a market capitalization of nearly $5 billion.{{cite news | last=Moore | first=Paula | title=Security Capital tries for name recognition | url=https://www.bizjournals.com/denver/stories/1998/06/22/newscolumn2.html | work=American City Business Journals | date=June 22, 1998}} In November 1998, ProLogis Trust acquired Meridian Industrial Trust for $862.5 million in stock, and was the largest owner of industrial and warehouse properties in the U.S.{{cite news | title=Prologis To Acquire Meridian, A Rival Landlord | url=https://www.nytimes.com/1998/11/18/business/company-news-prologis-to-acquire-meridian-a-rival-landlord.html | work=The New York Times| date=November 18, 1998 | url-access=subscription}} ProLogis Trust formed its first property funds in 1999 and entered the Japanese market in 2001, the same year it shortened its name to ProLogis. In 2003, ProLogis was added to the S&P 500 Index and entered the Chinese market, forming its first joint venture in China with Suzhou Logistics Center Co. Ltd. In 2004, the company acquired Keystone Industrial Trust for $1.6 billion.{{cite web | last=Chapman | first=Parke | title=ProLogis to Buy Keystone for $1.6B | url=https://www.nreionline.com/news/prologis-buy-keystone-16b | work=National Real Estate Investor | date=May 4, 2004}} Brooksher retired as chairman and CEO on December 31, 2004.{{cite web | url=https://www.globest.com/2003/03/27/two-senior-level-executives-resign-at-prologis/|website=Globest|title=Two Senior-level Executives Resign at Prologis|date=|access-date=May 6, 2025}}

In 2005, Prologis was headquartered in Aurora, Colorado, and acquired Catellus Development Corporation for $3.6 billion, later selling a portfolio of those assets with rights to the Catellus name to TPG Capital, in 2011, for $505 million.{{cite web | last=Finkelstein | first=Alex | title=ProLogis--TPG $505 Million Deal Closing in First Quarter | url=https://www.worldpropertyjournal.com/us-markets/-real-estate-1/prologis-tpg-capital-catellus-development-corp-walter-c-rakowich-ted-r-antenucci-mike-curless-los-angeles-union-station-lauth-co-kelvin-davis-3703.php | work=World Property Channel | date=January 5, 2011}}

In 2006, ProLogis became a Fortune 1000 company and the ProLogis European Properties Fund became a public company. Following aggressive expansion and heavy borrowing, ProLogis' CEO Jeffrey Schwartz was replaced by Walter Rakowich in 2008, who implemented cost-cutting efforts, raising capital and selling assets. In December 2008, ProLogis sold a portfolio of assets to the Government of Singapore Investment Corporation, with which it formed Global Logistic Properties.{{Cite web|date=2011-06-06|title=AMB-Prologis Merger Complete - Firm to Expand in China|url=https://www.mingtiandi.com/real-estate/logistics/amb-prologis-merger-complete-firm-to-expand-in-asia/|access-date=2020-12-20|website=Mingtiandi|language=en-US}}

The company sold its China operations and some of its Japanese interests to GIC Private Limited for $1.3 billion in 2009. That August, ProLogis secured financing from Deutsche Pfandbriefbank and an unidentified German bank for two of its funds.{{cite news | title=ProLogis, a Warehouse Firm, Raises 280 Million Euros | url=https://dealbook.nytimes.com/2009/08/11/prologis-raises-280-million-euros/ | work=The New York Times | date=August 11, 2009 | url-access=subscription }} The Blackstone Group acquired a portfolio of assets from the company in late 2010 for $1 billion.

In March 2011, before the merger with ProLogis, AMB Property formed a €470 million joint venture with Allianz Real Estate.{{cite news | title=Allianz, AMB form European logistics joint venture | url=https://www.reuters.com/article/allianz-amb/allianz-amb-form-european-logistics-joint-venture-idUSLDE71R1ZX20110303 | first=Karen | last=Foster | work=Reuters | date=March 3, 2011}} Agreed to in January 2011, AMB Property Corporation contracted to buy the larger ProLogis for $8.7 billion, with the new entity named Prologis.{{cite news | last=Slatin | first=Peter | title=Prologis Becomes World's Biggest Industrial Property Company--Now What? | url=https://www.forbes.com/sites/peterslatin/2011/06/20/prologis-becomes-worlds-biggest-industrial-property-company-now-what/ | work=Forbes | date=June 20, 2011}}{{cite news | title=ProLogis and AMB Property to Merge | url=https://dealbook.nytimes.com/2011/01/31/prologis-and-amb-agree-to-merge/ | work=The New York Times | date=January 31, 2011 | url-access=subscription}}{{cite news | last1=Chu | first1=Kathleen | last2=Kuwako | first2=Katsuyo | title=Prologis to Boost Japan Rents, Buy Warehouses on Abenomics Bonus | url=https://www.bloomberg.com/news/2013-11-26/prologis-to-boost-japan-rents-buy-warehouses-on-abenomics-bonus.html | work=Bloomberg News | date=November 26, 2013 | url-access=subscription}} Prologis would then be based in San Francisco, AMB's hometown, and maintain an office in Denver, Colorado, where ProLogis was based.{{cite news|last=Troianovski|first=Anton|author-link=Anton Troianovski|date=January 31, 2011|title=Warehouse Giants AMB Property, ProLogis to Merge|work=The Wall Street Journal|url=https://www.wsj.com/articles/SB10001424052748703439504576115793342259946|url-access=subscription}}

Completed in June 2011, the merger was one of the biggest real estate deals since the Great Recession, and created the largest industrial real estate company in the world. With a total market value estimated at $24 billion, the new Prologis had around $46 billion in assets under management and logistics and distribution facilities in North America, Europe, Asia and South America. AMB CEO Hamid R. Moghadam and ProLogis CEO Walter Rakowich were appointed as the new company's co-chiefs, with Moghadam becoming the sole CEO in 2013.

In February 2012, the company sold a 3.5 million square foot portfolio in the United Kingdom to The Blackstone Group for $335 million.{{cite news | url=https://www.bizjournals.com/sanfrancisco/blog/real-estate/2012/02/prologis-sells-portfolio-to-blackstone.html | title=Prologis sells 3.5-million-square-foot portfolio in the U.K. to Blackstone | first=Blanca | last=Torres | work=American City Business Journals | date=February 8, 2012}}

On February 14, 2013, Nippon Prologis REIT, Inc. (NPR), a Japanese real estate investment trust formed by Prologis, completed an IPO on the Tokyo Stock Exchange.{{cite news | first1=Kathleen | last1=Chu | first2=Katsuyo | last2=Kuwako | title=Nippon Prologis Jumps in Debut After $1 Billion IPO: Tokyo Mover | url=https://www.bloomberg.com/news/articles/2013-02-14/nippon-prologis-set-to-rise-in-tokyo-debut-after-1-billion-ipo | work=Bloomberg News | date=February 14, 2013 | url-access=subscription}} In March 2013, Prologis formed the Prologis European Logistics Partners Sarl joint venture with Norges Bank Investment Management for US$3.1 billion.{{cite web | title=Prologis and Norges Bank Investment Management close EUR2.4bn JV in Europe | url=https://www.propertyfundsworld.com/2013/03/20/181916/prologis-and-norges-bank-investment-management-close-eur24bn-jv-europe | work=Property Funds World | date=March 20, 2013}} In August 2013, in partnership with The Blackstone Group the company acquired a 17 million square foot portfolio for $960 million from Lehman Brothers.{{cite news | url=https://www.bloomberg.com/news/articles/2013-05-22/blackstone-prologis-said-to-buy-portfolio-of-warehouses | title=Blackstone, Prologis Said to Buy Portfolio of Warehouses | first1=Nadja | last1=Brandt | first2=Hui-yong | last2=Yu | work=Bloomberg News | date=May 23, 2013}}{{cite news | url=https://www.bizjournals.com/newyork/news/2013/08/07/lehman-sells-industrial-properties-to.html | title=Lehman sells industrial properties to Blackstone, Prologis | work=American City Business Journals | date=August 7, 2013 | url-access=subscription}} In 2013, Prologis announced plans for further expansion in Japan, its second largest market, after the United States.

In 2014, the company completed the spin-off of FIBRA Prologis, its Mexican affiliate (also known as Prologis Property Mexico SA), raising about 7 billion pesos (US$541 million){{cite news | last=Levin | first=Jonathan | title=Prologis Property REIT Unchanged in First Mexico IPO of 2014 | url=https://www.bloomberg.com/news/articles/2014-06-03/prologis-property-raises-541-million-in-1st-mexico-ipo-of-2014 | work=Bloomberg News | date=June 4, 2014 | url-access=subscription}} and sold a 59-property portfolio to TPG for $375 million.{{cite news | url=https://www.bizjournals.com/dallas/news/2014/06/18/prologis-sells-59-properties-throughout-u-s-to.html | title=Prologis sells 59 properties throughout U.S. to TPG | first=Candace | last=Carlisle | work=American City Business Journals | date=June 18, 2014}}

Prologis had reduced its number of managed funds from 23 to 11 by the spring of 2015, and was managing $29 billion in real-estate assets.{{cite news | last1=Raice | first1=Shayndi | last2=Whelan | first2=Robbie | title=Prologis to Buy KTR Capital for $5.9 Billion | url=https://www.wsj.com/articles/prologis-to-buy-ktr-capital-for-5-9-billion-1429464155 | work=The Wall Street Journal | date=April 19, 2015 | url-access=subscription}} That quarter, the company sold a Silicon Valley industrial park to Facebook, Inc. With corporate headquarters remaining in San Francisco, that April, Prologis announced a plan to move offices from east Denver, Colorado, to a new building in downtown Denver{{cite news | last=Raabe | first=Steve | title=Prologis to move Denver ops HQ to Z Block project in lower downtown | url=https://www.denverpost.com/2015/04/14/prologis-to-move-denver-ops-hq-to-z-block-project-in-lower-downtown/ | work=The Denver Post | date=April 14, 2015}} in 2017.{{cite news | last=Rolett | first=Burl | title=Prologis sells building near current HQ | url=https://businessden.com/2016/05/06/prologis-sells-building-near-current-hq/ | work=Business Den | date=May 6, 2016}} That June, Prologis partnered with Norges Bank Investment Management to buy KTR Capital Partners for $5.9 billion, expanding its real estate portfolio in the U.S. through the Prologis U.S. Logistics Venture.{{cite news | last=Bhaktavatsalam | first=Vidya | title=Prologis, Norway Buy KTR Real Estate for $5.9 Billion | url=https://www.bloomberg.com/news/articles/2015-04-19/prologis-agrees-to-acquire-ktr-portfolio-for-5-9-billion | work=Bloomberg News |date=April 19, 2015 | url-access=subscription}}{{cite press release | url=https://www.prnewswire.com/news-releases/prologis-completes-59-billion-ktr-acquisition-300091404.html | title=Prologis Completes $5.9 Billion KTR Acquisition | publisher=PR Newswire | date=June 1, 2015}} In October 2015, it acquired Morris Realty Associates' portfolio of logistics and retail properties in the U.S. for $820 million, selling off the retail assets to an affiliate of The Blackstone Group for $374 million.{{cite press release | url=https://www.prnewswire.com/news-releases/prologis-completes-acquisition-of-industrial-portfolio-in-northern-new-jersey-300159050.html | title=Prologis Completes Acquisition of Industrial Portfolio in Northern New Jersey | publisher=PR Newswire | date=October 13, 2015}}

Prologis formed Prologis Ventures, its venture capital arm, in March 2016, making 20 investments by late 2019.{{Citation| last=Alder| first=Alan| date=14 November 2019| title =Tech focus keeps Prologis Ventures atop logistics real estate trends (with video)| publisher =Freight Waves| url=https://www.freightwaves.com/news/tech-focus-keeps-prologis-ventures-atop-logistics-real-estate-trends| access-date =14 August 2020}} and invested over $250 million in about 50 early- and growth-stage companies by 2024.{{Cite web|url=https://www.fastcompany.com/91108445/building-the-future-of-commerce|title=Building the future of commerce |website=Fast Company |access-date=2025-04-04}}

By late 2016, Prologis had built large multistory warehouses in Japan, Singapore and China.{{cite news | last=Dineen | first=J.K. | title=Prologis plan for Bayview offers blue-collar salvation | url=https://www.sfgate.com/bayarea/article/Prologis-plan-for-Bayview-offers-blue-collar-10809742.php | work=San Francisco Chronicle | date=December 20, 2016}} The company began construction on a three-floor warehouse in Seattle, Washington, in November 2016, which was the first multi-story warehouse in the country.{{cite news | last=E. Phillips | first=Erica | title=Prologis to Build First Multistory Warehouse in the U.S. | url=https://www.wsj.com/articles/prologis-to-build-first-multistory-warehouse-in-the-u-s-1478019977 | work=The Wall Street Journal | date=November 1, 2016 | url-access=subscription}} The following month, Prologis also outlined plans to build a three-story warehouse in San Francisco. That December, Prologis received two 2016 Eurobuild CEE Awards.{{cite news | title=Prologis receives two 2016 Eurobuild CEE Awards | url=https://bbj.hu/real-estate/prologis-receives-two-2016-eurobuild-cee-awards_126114 | work=Budapest Business Journal | date=December 12, 2016}}

Acquisitions include DCT Industrial Trust for $8.5 billion in August 2018,{{cite press release | url=https://www.prnewswire.com/news-releases/prologis-completes-8-5-billion-acquisition-of-dct-industrial-trust-300700840.html | title=Prologis Completes $8.5 Billion Acquisition of DCT Industrial Trust | publisher=PR Newswire | date=August 22, 2018}} Liberty Property Trust for $13 billion in January 2020,{{cite press release | url=https://www.prnewswire.com/news-releases/prologis-completes-13-billion-acquisition-of-liberty-property-trust-300998528.html | title=Prologis Completes $13 Billion Acquisition of Liberty Property Trust | publisher=PR Newswire | date=February 4, 2020}} and, the following month, Industrial Property Trust for $4 billion.{{cite press release | url=https://www.prnewswire.com/news-releases/prologis-completes-4-billion-acquisition-of-industrial-property-trust-300983814.html | title=Prologis Completes $4 Billion Acquisition of Industrial Property Trust | publisher=PR Newswire | date=January 8, 2020}} In April 2021, the company acquired Hilltop Mall in Richmond, California for $117 million,{{cite news| url=https://www.bizjournals.com/sanfrancisco/news/2021/04/22/s-f-developer-buys-richmonds-hilltop-mall.html| title=Why a S.F. developer just bought Richmond's former Hilltop Mall| first=Ted| last=Andersen| work=American City Business Journals| date=April 22, 2021| url-access=subscription}} then, in June 2022, the land below California's Great America in Santa Clara, California from Cedar Fair, which leased the land back with plans to close the amusement park by 2033.{{cite web | title=Developer buys land leased to Great America in Santa Clara; park remains open for now | website=CBS News | date=June 28, 2022 | url=https://www.cbsnews.com/sanfrancisco/news/great-america-santa-clara-cedar-fair-sold/ | access-date=November 2, 2022}}{{cite web | title=Developer buys land leased to Great America in Santa Clara; park remains open for now | website=CBS News | date=June 28, 2022 | url=https://www.bizjournals.com/sanjose/news/2022/06/27/cedar-fair-prologis-great-america.html}} Prologis acquired competitor Duke Realty in October 2022, for $23 billion, completing the largest commercial real estate transaction in the U.S. since the onset of the COVID-19 pandemic. The following June, it acquired a further 14 million square feet of industrial property from The Blackstone Group for $3.1 billion.{{cite news | url=https://www.wsj.com/articles/prologis-buying-3-1-billion-industrial-property-portfolio-from-blackstone-e9de63eb | title=Prologis Buying $3.1 Billion Industrial Property Portfolio From Blackstone| publisher=The Wall Street Journal | date=June 26, 2023|access-date=12 January 2024}}

Prologis had become the first logistics REIT with an approved science-based carbon-emissions target in 2018; in June 2022, the Science Based Targets initiative validated a commitment by Prologis to reach net-zero emissions by 2040.{{Cite web|url=https://esgnews.com/prologis-commits-to-net-zero-emissions-by-2040 |title=Prologis Commits to Net Zero Emissions by 2040|website=ESG News|access-date=2025-04-04}} In 2020, Prologis completed construction of the world's first industrial building to receive Zero Carbon Certification from the International Living Future Institute (ILFI) in Eindhoven, Netherlands.{{Cite web|url=https://realassets.ipe.com/propertyeu/prologis-eindhoven-shed-wins-benchmark-zero-carbon-certification/10112502.article |title=Prologis Eindhoven shed wins benchmark zero carbon certification|website=IPE Real Assets |access-date=2025-04-04}} In 2024, Prologis built North America’s largest heavy-duty truck charging hub, powered by a microgrid. The Denker Avenue hub is located in Torrance, California.{{Cite web |title=Prologis and Performance Team roll out largest electric charging depot in Southern California |url=https://www.logisticsmgmt.com/article/prologis_and_performance_team_roll_out_largest_electric_charging_depot_in_southern_california |website=Logistics Management|access-date=2025-04-04}} That November, Prologis was ranked second in the nation for on-site solar generation by the Solar Energy Industries Association (SEIA) Solar Means Business Report.{{Cite web|url=https://seia.org/research-resources/solar-means-business/ |title=Solar Means Business 2024|website=SEIA |access-date=2025-04-04}}

In 2024, Prologis ranked 39th among the Drucker Institute and The Wall Street Journal{{'}}s annual Management Top 250 companies for employee engagement and development.{{Cite web |title=The Little-Known Company That Gives Its Employees a Real Voice |url=https://www.wsj.com/business/prologis-employee-engagement-70e9cead |website=The Wall Street Journal|access-date=2025-04-04}} The company was also named among the Corporate Knights Global 100,{{Cite web |title=The Global 100 list: How the world’s most sustainable corporations are driving the green transition |url=https://www.corporateknights.com/rankings/global-100-rankings/2024-global-100-rankings/the-20th-annual-global-100/ |website=Corporate Knights|access-date=2025-04-04}} Fast Company{{'}}s Most Innovative Companies in logistics in 2024,{{Cite web|url=https://www.fastcompany.com/91040771/prologis-most-innovative-companies-2024|title=Building the future of commerce |website=Fast Company |access-date=2025-04-04}} the World's Most Sustainable Companies by Time,{{Cite web |title=World's Most Sustainable Companies of 2024 |url=https://time.com/collection/worlds-most-sustainable-companies-2024/ |website=Time|access-date=2025-04-04}} and continues to be counted among the Fortune 500 and Fortune's annual Most Admired Companies list.{{Cite web |title=Prologis |url=https://fortune.com/company/prologis/ |website=Fortune|access-date=2025-04-04}}

Since 2016, the company has published white papers and its own market research, including the quarterly Industrial Business Indicator and the annual Prologis Logistics Rent Index.{{cite news | title=A Clear Perspective on Logistics Real Estate | url=https://www.prologis.com/about/logistics-industry-research | work=Prologis}}{{cite news | last=E. Phillips | first=Erica | title=Warehouse Rental Rates Jump as Industrial Capacity is Squeezed | url=https://www.wsj.com/articles/warehouse-rental-rates-jump-as-industrial-capacity-is-squeezed-1459371952 | work=The Wall Street Journal | date=March 30, 2016 | url-access=subscription}}

In partnership with Oxford Economic Papers, the company determined that, in 2022, $2.7 trillion of goods either produced or sold worldwide passed through Prologis facilities, representing 2.8% of the global GDP with an economic impact of $300 billion.{{cite news | title=Oxford Economics: Prologis Properties Facilitate Goods Equal to Nearly 3% of the World's GDP and House 1.1 Million Jobs | url=https://www.wsj.com/articles/oxford-economics-prologis-properties-facilitate-goods-equal-to-nearly-3-of-the-world-s-gdp-and-house-1-1-million-jobs-01671027215 | work=Wall Street Journal|date=December 14, 2022}}{{cite web | url=https://www.prologis.com/about/logistics-industry-research/economic-impact-our-logistics-real-estate | title=Economic Impact of Our Logistics Real Estate | date=September 2017 | website=Prologis}}

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• {{Official website|https://www.prologis.com/}}

{{Finance links

| name = Prologis, Inc.

| google = PLD

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Category:1997 initial public offerings

Category:American companies established in 1983

Category:Companies based in San Francisco

Category:Companies listed on the New York Stock Exchange

Category:Financial services companies established in 1983

Category:Real estate companies established in 1983

Category:Real estate investment trusts of the United States