Prologis (PLD), a San Francisco-based real estate investment trust (REIT), reported an 18% drop in earnings, with revenue falling to $2.01 billion from $2.45 billion year-over-year due to high warehouse vacancies and slow demand. Despite this decline, Prologis is significantly raising its spending budget and focusing on data centers and artificial intelligence (AI) as new growth opportunities. CEO Hamid Moghadam remains optimistic about the potential of these technologies to guide the company's future growth.

Original article posted on July 19, 2024