Share count
957Mpeak FY2025
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PLD, Prologis Inc.
Prologis, Inc. is a self-administered and self-managed REIT and is the sole general partner of Prologis, L.P. through which it holds substantially all of its assets.
Prologis is the global leader in logistics real estate, operating in high-barrier, high-growth markets across 20 countries on four continents.
We own, manage and develop high-quality logistics facilities and deliver integrated infrastructure solutions that optimize how our customers operate within our buildings.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$8.8B
+7.2% YoY · 15% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $8.9B 5-yr avg $7.1B
Revenue $2.3B +7.4% vs yr-ago qtr
Operating margin 52.7% yr-ago 41.1%
Net income $1.0B yr-ago $640M
Net margin 45.5% yr-ago 29.9%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Occupancy, rents, and the cost of debt. Read on funds from operations and net asset value, because GAAP depreciation distorts the earnings, and a property downturn meets a balance sheet built on leverage. On its own account, the filing leans hardest on debt terms & refinancing, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Funds from operations per share have compounded about 8% a year across the record. The dividend takes 67% of FFO, and is covered. Debt is 35% of assets, conservative for a REIT. The quality and location of the properties, the lease terms and occupancy, and the cost of the debt are what the 10-K settles, and no single ratio captures them.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $2.5B | $2.6B | $2.8B | $3.3B | $4.4B | $4.8B | $6.0B | $8.0B | $8.2B | $8.8B | $8.9B | RevenueRevenue |
| $1.2B | $1.7B | $1.6B | $1.6B | $1.5B | $2.9B | $3.4B | $3.1B | $3.7B | $3.3B | $3.7B | Net incomeNet inc. |
| Cash flow & returns | |||||||||||
| $1.7B | $1.9B | $2.0B | $2.7B | $3.0B | $4.5B | $5.2B | $5.5B | $6.3B | $6.0B | $5.7B | Funds from operationsFFO |
| Balance sheet | |||||||||||
| 53% | 51% | 57% | 50% | 57% | 41% | 48% | 58% | 57% | 63% | 67% | Dividend payout (FFO)Payout |
| $27.1B | $25.8B | $34.6B | $35.2B | $50.4B | $53.0B | $81.6B | $88.7B | $91.2B | $95.1B | $95.2B | Real estate (gross)RE gross |
| $30.2B | $29.5B | $38.4B | $40.0B | $56.1B | $58.5B | $87.9B | $93.0B | $95.3B | $98.7B | $98.1B | Total assetsAssets |
| 35% | 32% | 29% | 30% | 30% | — | 27% | 31% | 32% | 35% | 35% | Debt / assetsDebt/assets |
| $10.6B | $9.4B | $11.1B | $11.9B | $16.8B | $215M | $23.9B | $29.0B | $30.9B | $35.0B | $34.7B | Total debtDebt |
| $9.8B | $9.0B | $10.7B | $10.8B | $16.3B | ($341M) | $23.6B | $28.5B | $29.6B | $33.9B | $33.8B | Net debt / (cash)Net debt |
| 2.2× | 7.1× | 7.4× | 7.7× | 6.7× | 12.0× | 11.2× | 5.8× | 5.1× | 4.3× | 4.6× | Interest coverageInt. cov. |
| $15.0B | $15.6B | $22.3B | $22.7B | $32.0B | $33.4B | $53.2B | $53.2B | $54.0B | $53.2B | $53.5B | Shareholders’ equityEquity |
| Per share | |||||||||||
| 547M | 552M | 590M | 655M | 754M | 765M | 812M | 952M | 954M | 957M | 958M | Shares out (diluted)Shares |
| $3.06 | $3.38 | $3.32 | $4.14 | $4.03 | $5.91 | $6.38 | $5.82 | $6.62 | $6.22 | $5.99 | FFO / shareFFO/sh |
| $1.63 | $1.71 | $1.90 | $2.05 | $2.28 | $2.45 | $3.07 | $3.39 | $3.74 | $3.93 | $3.99 | Dividends / shareDiv/sh |
| $27.42 | $28.30 | $37.78 | $34.59 | $42.38 | $43.71 | $65.59 | $55.88 | $56.58 | $55.59 | $55.87 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +7.9%/yr | +9.3%/yr |
| Owner earnings / share | +9.7%/yr (2-yr) | +9.7%/yr (2-yr) |
| EPS | +5.2%/yr | +12.1%/yr |
| Dividends / share | +10.3%/yr | +11.5%/yr |
| Capital spending / share | −7.9%/yr (2-yr) | −7.9%/yr (2-yr) |
| Book value / share | +8.2%/yr | +5.6%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$8.8Blow FY2016
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Is it a good business?
- about $5.56 per shareNet income $3.3B + depreciation $2.6B − gains on sale $636M
What this means
GAAP net income with property depreciation added back, because the buildings a REIT charges against earnings usually hold or grow their value. This, not net income, is what a REIT is actually priced on. It is an approximation here: where a filing reports gains on property sales, we remove them, the way the NAREIT definition does.
- CoveredDividends $3.8B ÷ FFO $5.3BIndustry peers: median 57%
What this means
A REIT must distribute most of its taxable income, so a high payout is normal and the question is whether FFO covers it. Above 100%, the trust is funding the dividend with debt or asset sales, and a cut usually follows.
Is it sound?
- Debt / assets 35%ConservativeTotal debt $35.0B ÷ assets $98.7BIndustry peers: median 26%
What this means
Every REIT runs on leverage; how much is the question. Heavy debt is what turns a property downturn into a wipeout, as 2008 showed, so a conservative balance sheet is part of the moat here, not a drag on it.
- Strong(operating income + depreciation) ÷ interest $1.0BIndustry peers: median 6.0×
What this means
How many times the property cash earnings cover the interest bill. Comfortable coverage is what lets a REIT refinance through a tight credit market instead of being forced to sell into one.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Debt maturity
the debt note, SEC EDGAR →Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.
Bars scaled to the largest single year; “later” is everything due after 2029, shown apart since it dwarfs the years.
Due in the next 12 months$1.2Bthe first rung: what must be repaid or rolled over within the year
Within two years$3.2Bthe near wall, the part most exposed to today’s credit conditions
Biggest single year$3.4Bin 2029the lumpiest maturity, where a refinancing, if needed, is largest
Total scheduled principal$34.5Bevery year plus what lies beyond, as the footnote totals it
Against what the business has and earns
Cash & short-term investments, Mar 31, 2026$861M
One year of owner earnings (FY2025)$4.9B
Together, against $1.2B due next year4.9×
Cash on hand as of Mar 31, 2026 plus a year’s owner earnings comes to $5.8B against the $1.2B due in the twelve months after the Dec 31, 2025 schedule: 4.9 times it.
Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the total the table states.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Net income |
|---|---|---|---|---|
| 2021 | Mr. Moghadam | $24.9M | $113.7M | $2.9B |
| 2022 | Mr. Moghadam | $48.2M | −$8.2M | $3.4B |
| 2023 | Mr. Moghadam | $50.9M | $95.9M | $3.1B |
| 2024 | Mr. Moghadam | $24.9M | −$24.3M | $3.7B |
| 2025 | Mr. Moghadam | $25.0M | $80.6M | $3.3B |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Net income is the whole business's, as filed, for the same fiscal years.
- Insider ownership0.5%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- CEO pay ratio177:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
- Stock-based compensation$185M
The slice of the business handed to employees in shares this year, 2% of revenue, equal to 4% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Income taxes, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Industrial REITs
The same industry, side by side on the REIT lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | FFO margin | FFO / assets | Payout (FFO) | Debt / assets |
|---|---|---|---|---|---|
| PLDPrologis Inc. | $8.8B | 71% | 6.0% | 55% | 31% |
| REXRRexford Industrial | $1.0B | 54% | 3.9% | 56% | 25% |
| STAGSTAG Industrial | $845M | 67% | 7.4% | 58% | 42% |
| FRFirst Industrial | $727M | 53% | 6.5% | 54% | 26% |
| EGPEastGroup | $721M | 62% | 8.0% | — | 42% |
| TRNOTerreno Realty | $476M | 54% | 4.4% | 71% | 24% |
| ILPTIndustrial Logistics Properties Trust | $449M | 50% | 4.7% | 8% | 57% |
| LXPLXP Industrial Trust | $350M | 55% | 5.3% | 81% | 24% |
| Group median | — | 54% | 5.6% | 56% | 28% |
The price
What a price has to assume.
What the price implies
price / FFOA REIT is priced on a multiple of its funds from operations (FFO), the cash it earns once the depreciation on its buildings is added back. Type today’s price; we show the multiple you would pay and the income and growth it implies.
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The assumptions
FFO / share, delivered7%/yr’20→’25
The justified multiple is 1 ÷ (required return − growth), a perpetuity on FFO. At an 8% required return and 3% growth, a REIT is worth about 20× FFO.
Enter a price above to run it.
Price / FFO—
Justified by growth—
Dividend yield—
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
FFO about $5.99 per share on 932M shares. The dials set the multiple they justify; your price sets the multiple you are paying. FFO here adds back depreciation and removes property-sale gains, the NAREIT method; it does not net out maintenance capex (AFFO), occupancy or lease terms, which the 10-K does.
Cite: Owner Scorecard, "Prologis Inc. (PLD), the owner's record," https://ownerscorecard.com/c/PLD, data as of 2026-07-09.
Manual order: ← PLAY its page in the Manual PLMR →
Industry order: ← PINE the REITs — Specialty & Diversified chapter PSA →