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Prologis, Inc.PLD

Sector
Financial Services
Industry
Real Estate Investment Trusts
Exchange
NYSE

Stock Price $PLD

Latest filings

You are here#2 of 14 in Real Estate by market cap

Filing record · 2016–202610-K1110-Q328-K176

PLD filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 176 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jan ’18Jan ’18
  2. Deal closed8-K · Feb ’20Feb ’20
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  10. $8.79B
YoY changeLargest recent move+34.3%in FY23Latest +7.2%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All PLD Financial Metrics45 metrics

Income Statement12

Balance Sheet16

Cash Flow12

Per Share5

02—Overview

Prologis, Inc. Financial Overview 2021–2025

Updated Jul 10, 2026

Prologis commands immense pricing power across its global logistics real estate portfolio, highlighted by a staggering 76.4%a rent increase on new leases in FY2023 and a still-massive 50.1% rent change in FY2025. This embedded lease mark-to-market upside underpins a clear investment thesis: the company effectively translates its structural scale and high-barrier properties into relentless organic income growth.

The company aggressively expanded its footprint while maintaining rigid balance sheet discipline, with total available liquidity growing from $5.0 billion at the end of FY2021 to $7.6 billionb in FY2025. Prologis capitalized on this financial flexibility to execute major market consolidations, most notably the $23.2 billion acquisition of Duke Realty in FY2022, while advancing $2.9 billion in consolidated development starts during FY2025. Despite rising interest rates and softening broader economic demand, portfolio occupancy remained tightly constrained, shifting only marginally from 97.7% in FY2021 to a resilient 95.6% in FY2025.

Market participants pay a steep premium for this operational consistency and embedded rent growth. Anchored by a massive $118.6 billionc market cap, the stock closed at $127.66 and traded at 35.9x earnings at the end of FY2025, reflecting sustained investor conviction in its long-term cash flow generation.

Recent Developments (Q4 2025 and Q1 2026)

Prologis recently launched an unsolicited all-stock takeover bid for SEGRO plc on June 16, 2026, a proposal the target unequivocally rejected. This aggressive pursuit follows a highly profitable Q1 2026, where total revenues climbed 7.4% year-over-year to $2.30 billiond. Net earnings to common stockholders surged 65.7% to reach $980.5 million, boosting diluted earnings per share to $1.05. To further support its liquidity profile, the company secured a new $3 billion revolving credit facility in March 2026 and subsequently issued $1.25 billion in senior unsecured notes.

Bulls contend that surging operating cash flow, which hit $1.29 billione in Q1 2026, provides ample firepower for strategic expansion and ongoing development starts. Conversely, bears caution that a lofty multiple of 39.9x earnings as of April 30, 2026, leaves little room for error if macroeconomic conditions soften or M&A bidding battles escalate.

What to watch: a firm offer or withdrawal regarding the SEGRO acquisition by July 22, 2026; potential shifts in the 95.3% portfolio occupancy rate.

03—Filings

Recent SEC Filings

  1. 8-KPrologis, Inc. 8-K Report, Financial Results (Oct 15, 2026)Prologis reported third quarter 2026 results that showed solid operating momentum. Core FFO per diluted share rose to $1.60 from $1.49 a year earlier, a 7% increase, and Core FFO excluding Net Promote Income was $1.61 versus $1.50. Net earnings per diluted share were $0.86, up from $0.82. Same store cash NOI grew 5.9% and cash rent change on leases signed was 23.4%, while period-end occupancy reached 95.5% for the Prologis Share portfolio. Management reported signing 60 million square feet of leases and announcing nearly $2.3 billion of transactions, and it cited healthy demand from e-commerce, advanced manufacturing and data center supply chain build-out. Guidance was mixed. The company raised its 2026 Core FFO range to $6.25–$6.29 from $6.22–$6.30, a narrower band with a slightly higher low end, and it raised same store cash NOI growth to 7.00%–7.50%. However, it lowered 2026 net earnings guidance to $4.05–$4.15 per diluted share from $4.40–$4.55. The filing does not explicitly explain this reduction, but the gap between net earnings and Core FFO guidance is driven mainly by real estate gains, so investors should review the lower net earnings outlook alongside the stable Core FFO outlook. Dispositions guidance was also reduced to $1.75–$2.50 billion from $2.25–$2.75 billion, and acquisitions guidance was raised to $2.1–$2.3 billion from $1.5–$2.0 billion. Balance sheet metrics remained strong, with approximately $8.8 billion of total liquidity, debt-to-Adjusted EBITDA of 4.5x, debt at 23.9% of gross market capitalization, a weighted average interest rate of 3.3%, and credit ratings of A2 (Moody's) and A (S&P). The company also disclosed that SEGRO plc shareholders approved the proposed combination with Prologis, which management described as an important milestone. Completion of the transaction remains pending, and the filing does not provide the transaction's final terms or timing. The filing is furnished rather than filed, and the earnings release includes a U.K. Takeover Code profit forecast statement.
  2. 8-KPrologis, Inc. 8-K Report, Corporate Update (Aug 6, 2026)Prologis, Inc. (PLD) filed an 8-K on August 6, 2026, reporting the exercise of the underwriters' option to purchase an additional 2,250,000 shares of common stock following a recent underwritten offering. This exercise is expected to result in approximately $312.2 million in additional net proceeds to the Company, after underwriting discounts but before estimated transaction expenses. The closing for this additional share issuance is scheduled for August 7, 2026, subject to customary conditions. This event indicates strong investor demand for Prologis' equity, allowing the company to raise substantial capital beyond the initial offering size. Investors should note that this report does not constitute an offer to sell or solicit an offer to buy securities and that all shares are being offered under an effective shelf registration statement. The filing also includes standard forward-looking statements, highlighting potential risks and uncertainties that could affect future performance, including economic conditions, competition, financing, and integration risks related to potential combinations.
  3. 8-KPrologis, Inc. 8-K Report, Corporate Update (Aug 5, 2026)Prologis, Inc. (PLD) has filed an 8-K report detailing a significant underwritten public offering of its common stock, which is expected to raise approximately $2.1 billion in net proceeds (or up to $2.4 billion if an over-allotment option is fully exercised). The offering, which is expected to close on August 5, 2026, involves the sale of 15,000,000 shares, with an additional 2,250,000 shares available for over-allotment. These proceeds will be contributed to Prologis's Operating Partnership and are earmarked for general corporate purposes, including funding potential acquisitions such as SEGRO plc. This capital raise provides Prologis with substantial financial flexibility for strategic growth initiatives. Investors should note the involvement of major underwriters J.P. Morgan Securities LLC and BofA Securities, Inc., and the standard lock-up provision preventing the company from issuing new shares for 30 days post-agreement. While the company has outlined potential uses for the funds, including the SEGRO plc acquisition, the definitive completion of such strategic moves remains subject to various conditions and market factors.
  4. 8-KPrologis, Inc. 8-K Report, Material Agreement (Aug 4, 2026)Prologis, Inc. (PLD) has filed an 8-K report on August 4, 2026, announcing a significant definitive agreement to acquire the entire issued and to be issued share capital of SEGRO plc. This transaction, referred to as the Combination, will be structured as a recommended offer under UK takeover rules. SEGRO shareholders will receive a mix of Prologis common stock and a cash alternative, with a substantial portion of the cash component to be funded by a new committed term loan facility of up to approximately £3.575 billion. The company also announced its intention to seek a secondary listing of its common stock on the London Stock Exchange as part of this strategic move.
  5. 8-KPrologis, Inc. 8-K Report, Financial Results (Jul 16, 2026)Prologis reported second quarter 2026 results on July 16, 2026, and raised its full-year 2026 guidance for the second time this year. Net earnings attributable to common stockholders rose to $1.13 per diluted share from $0.61 a year earlier, and Core FFO per diluted share rose to $1.63 from $1.46. Core FFO excluding Net Promote Income was $1.60, up from $1.47. Net earnings guidance was raised to $4.40-$4.55 (from $3.80-$4.05), and Core FFO guidance to $6.22-$6.30 (from $6.07-$6.23). Net promote expense guidance moved from $(50) million to zero. Management cited record leasing of over 67 million square feet, period-end occupancy of 95.5%, and same-store NOI growth of 6.4% on a net effective basis and 8.5% on a cash basis at Prologis share. Leasing and rent growth were the main operating drivers. Net effective rent change on the operating portfolio was 36.9% at Prologis share, and cash rent change was 22.3%. Development starts totaled $1.34 billion at Prologis share for the quarter, with an estimated 7.2% weighted average yield, and the data center power pipeline expanded to 5.8 GW. Balance sheet metrics stayed solid, with Debt/Adjusted EBITDA at 4.7x, debt at 23.9% of market capitalization, roughly $7.6 billion of liquidity, and a weighted average interest rate of 3.3%. Consolidated debt rose to $36.4 billion from $34.7 billion in the prior quarter, and total liabilities increased, which bears watching. The filing also includes a U.K. Takeover Code disclosure tied to a possible offer for SEGRO plc. Under Rule 28, the company's per-share earnings guidance is designated a profit forecast, and the board has confirmed it. Investors should weigh this acquisition-related context alongside the strong operating and guidance results.
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04—See also

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