Prologis, a logistics real estate company, is being revalued as a data center and infrastructure platform, with investors seeing potential for a substantial long-term rerating based on its $25 billion（約4兆円） data center expansion opportunity.

What happened

Prologis delivered strong first-quarter results with core FFO of $1.50 per share, revenue growth of 7.4% year-over-year to $2.3 billion（約3700億円）, occupancy of 95.3%, and a net rent change of 31.9%. Management raised 2026 core FFO guidance to $6.07-$6.23 per share and increased the quarterly dividend by 6%.

Why it matters

As the world's largest logistics real estate investment trust with approximately 1.3 billion square feet of logistics space across 19 countries, Prologis is benefiting from macro conditions that have slowed new supply creation—higher interest rates, elevated construction costs, and tariff uncertainty have strengthened pricing power for dominant landlords. The company's data center business, with its substantially higher margins than traditional logistics, appears positioned to shift the company's valuation framework from a REIT multiple toward infrastructure-style multiples.

What to watch

Prologis has outlined a potential $25 billion（約4兆円） data center expansion opportunity supported by a 10GW pipeline, with the company having assembled scarce entitled land with access to power near major population centers. Nearshoring trends into Mexico and resilient domestic consumption-driven demand are supporting occupancy and rent growth.