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Prologis, based in San Francisco, achieved a record 228 million square feet of new tenant leases in 2025, including 43.8 million square feet in Q4. The company expanded its data center power capacity to 5.7 gigawatts and controls 14,000 acres for development.

Prologis closed $4.4 billion in property sales and $1.15 billion in acquisitions for the year. In 2026, it plans to start $4 billion to $5 billion in new projects, with 40% as data centers. The company reported Q4 revenue of $2.25 billion and net income of $1.4 billion. Prologis anticipates a decline in vacancy rates from 7.4% in 2025 to 7.1-7.2% in 2026.