PLDPrologis, Inc.

Prologis owns warehouses worldwide — the property e-commerce rents.

A real estate investment trust in form: it must distribute nearly all profit to shareholders and therefore pays no tax on it itself. Hence a high dividend yield as a property of the structure rather than management's generosity.

Warehouse value is set not by square metres but by location: a site near a large city allows next-day delivery, and such land is scarce by definition. That gives the trust a rare ability to raise rents on renewal well above inflation — the gap between in-place and market rents is the metric investors follow.

The risks are rates and the cycle: expensive money lowers property valuations and raises construction costs, while slowing e-commerce reduces demand for space. The company also develops rooftop solar and leases capacity for data centres.