Company Insights

PLD customer relationships

Explore interactive graphBrowse insights index
PLD customer relationship map

Prologis (PLD): Tenant Relationships That Underpin a Logistics REIT

Prologis operates and monetizes a global portfolio of logistics real estate by leasing high-quality distribution and fulfillment space to large retailers, carriers and third‑party logistics firms under predominantly long‑term operating leases, while augmenting cash flow with property services and energy solutions. The company's revenue is driven by occupancy, long lease durations and a concentrated roster of enterprise tenants that anchor demand and pricing power.
Explore NullExposure for deeper customer analytics

Why tenant lists matter for investors: durable cash flow from long leases

Investors value Prologis for its scale, long weighted‑average lease terms and high retention that translate into predictable rental cash flows and recurring NOI. The FY2025 Form 10‑K lists tenant rankings across global operations; several names—Amazon, Home Depot, UPS, FedEx and Walmart—are repeatedly identified as top customers, reinforcing both customer concentration and counterparty credit quality.

Customer roster: who’s renting Prologis space (FY2025 filings)

Below are direct, one‑to‑two sentence takeaways for every customer Prologis listed in its FY2025 10‑K extract.

  • Amazon — Amazon is reported as Prologis’ largest customer by the cited ranking in the FY2025 10‑K, reflecting significant exposure to e‑commerce fulfillment demand. According to Prologis’ FY2025 Form 10‑K, Amazon ranks first in their customer listing for the period.
  • Home Depot — Home Depot is listed among the top tenants and represents large‑format retail distribution demand in Prologis’ U.S. portfolio, per the FY2025 10‑K.
  • FedEx — FedEx appears as a top logistics customer, underscoring Prologis’ exposure to parcel network demand and carrier real estate needs in FY2025.
  • UPS — UPS is named as a high‑ranked customer in the FY2025 filing, reflecting carrier occupancy for last‑mile and regional distribution facilities.
  • Walmart — Walmart is included among Prologis’ customers, representing big‑box retail and omni‑channel distribution demand as stated in the FY2025 10‑K.
  • GXO — GXO is listed among significant logistics customers, showing Prologis’ relationship with third‑party logistics operators in FY2025.
  • DSV — DSV appears on the roster as a global logistics customer, highlighting exposure to international freight and warehousing demand.
  • Pepsi — Pepsi is included, demonstrating tenancy from food & beverage supply chains and manufacturing/distribution uses.
  • NFI Industries — NFI Industries is named among customers, signaling usage by dedicated trucking and distribution operators.
  • Wayfair — Wayfair is listed as a tenant focused on online retail fulfillment and warehousing needs in FY2025.
  • Ryder — Ryder is cited as a customer, reflecting fleet and logistics operator occupancy in Prologis facilities.
  • Maersk — Maersk is present on the list, indicating relationships with global ocean and logistics integrators.
  • GigaCloud — GigaCloud is included as a customer, representing cloud‑era logistics or technology‑adjacent tenants in select markets.
  • Geodis — Geodis appears among the named logistics providers, evidencing Prologis’ tenant mix of international freight forwarders.
  • Tesla — Tesla is listed in the customer ranking, indicating direct industrial tenancy tied to automotive supply chains and light manufacturing usage.
  • Berkshire Hathaway — Berkshire Hathaway appears on the roster, reflecting occupied space by a diversified holding with industrial and distribution interests.
  • OnTrac — OnTrac is included as a regional parcel carrier tenant, showing exposure to last‑mile regional delivery networks.
  • RONA — RONA is listed, representing regional retail distribution demand in specific North American markets.
  • The Clorox Company — The Clorox Company is cited as a tenant, indicating consumer goods distribution presence in the portfolio.
  • Western Post — Western Post appears as a customer, reflecting regional logistics operators occupying Prologis property.
  • Imperial Dade — Imperial Dade is listed, representing industrial and distribution tenancy for supplies and consumables.
  • Kellanova — Kellanova (Kellogg spin) is included, pointing to food manufacturing and distribution uses.
  • CEVA Logistics — CEVA Logistics is named among tenants, reinforcing the third‑party logistics component of Prologis’ customer base.
  • DHL — DHL is reported as a customer, demonstrating carrier and global logistics operator occupancy across geographies.
  • Lululemon — Lululemon is listed, showing demand from apparel and specialty retail for fulfillment and distribution space.

Sources for the customer list are drawn directly from Prologis’ FY2025 Form 10‑K customer rankings and excerpts reported in the company filing.

What the constraints tell investors about Prologis’ operating model

Prologis’ FY2025 disclosures present company‑level operating characteristics that shape tenant economics and investment risk:

  • Contracting posture: long‑term orientation. The company reports weighted average lease terms of roughly 64 months for leases commenced in 2024 and 52 months remaining on portfolio leases as of year‑end, confirming a long‑duration leasing model that underpins recurring revenue.
  • Geographic footprint: global but U.S.‑centric cash flow. Prologis operates in 20 countries across four continents, yet substantially all consolidated rental revenue and cash flows are generated in the U.S., signaling global diversification of assets with North American cash‑flow concentration.
  • Relationship role: primarily landlord, selectively a service provider. Prologis collects rent through operating leases and provides ancillary services (Prologis Essentials, renewable energy and infrastructure), positioning the company as both landlord and strategic service partner for customers.
  • Relationship maturity and renewal dynamics. The company retains roughly 70% or more of customers by square footage for leases commenced in each year, indicating high renewal rates and stability in occupancy.
  • Segment focus: distribution‑first with light manufacturing and services. Properties are primarily used for distribution, packing, assembly and light manufacturing; Prologis also sells complementary services that support operational uptime and energy performance.

(These characteristics are described in Prologis’ FY2025 10‑K and referenced evidence in the company filing.)

Investment implications and risk framing

Concentration among a small number of enterprise tenants—notably Amazon, Home Depot, UPS, FedEx and Walmart—creates both strength and risk: these tenants deliver scale and predictable demand, but they also create tenant concentration risk if demand patterns change. Long lease durations and high retention rates provide resilience to cyclical rent pressures, while Prologis’ global footprint diversifies leasing opportunities even as U.S. cash flow remains dominant. Investors should weigh Prologis’ premium valuation metrics (high EV/EBITDA, price/book) against its high occupancy quality and the structural secular tailwinds of e‑commerce and supply‑chain modernization.

For deeper, tenant‑level exposure analysis and scenario modeling, visit NullExposure.

Bottom line and next steps for investors

Prologis is a cash‑flow centric logistics real estate platform with long‑dated leases, high tenant retention and a roster anchored by major retailers and carriers. The FY2025 tenant list validates exposure to e‑commerce, retail distribution and logistics operators—critical drivers of demand for industrial real estate. For investors and operators who need granular customer relationship intelligence to inform underwriting or portfolio strategy, start your analysis and accelerate diligence at NullExposure.