Prologis owns and operates industrial warehouse and logistics real estate, the largest industrial real estate investment trust in the world, leasing large distribution centers and warehouses to e-commerce companies, retailers and logistics providers. As a real estate investment trust, the company distributes most of its taxable income to shareholders as dividends, generating revenue from warehouse rental income across its portfolio of owned logistics properties. Prologis has benefited significantly from the growth of e-commerce, since online retailers need substantial warehouse and distribution space to store inventory and fulfill orders, a structural tailwind that has driven strong demand for the type of industrial logistics properties Prologis owns. The company's rental income and property values are tied to e-commerce growth, supply chain and logistics industry trends, and overall industrial and warehouse space demand across the major markets where it owns properties.