Prologis

Prologis dominates as the world's largest REIT by market cap at $120 billion. Amazon and FedEx, the two largest tenants, anchor a portfolio that captures 90% of global e-commerce-driven warehouse demand. With supply chain modernization accelerating, Prologis has generated a 15% average annual total return over the past five years, outperforming the average industrial REIT by 4 percentage points.