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olivLaw · US equity research

Prologis, Inc. PLD

Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)

127.98USD−0.03% · 1 dayClose 30 Oct 2026

Prologis, Inc. (PLD) is the global leader in logistics real estate, with a portfolio of about 1.3 billion square feet across 20 countries. At September 30, 2026 the company reported annualized Prologis share NOI of 7.2 billion USD and a 5.8 GW data center power pipeline, secured or in advanced stage. Its 2026 guidance points to Core FFO of 6.25 to 6.29 USD per share.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 30 Oct 2026, Prologis, Inc. (PLD) stock was 127.98 USD (−0.03% on the day), with market capitalisation 119.3 bn USD, P/E 32.2 on diluted EPS of 3.97 USD over the last 12 months, dividend yield 0.07%, beta 0.74, 52-week range 122.40–150.06 USD. Latest reported quarter (Q1 2026): revenue of 2.3 bn USD (+7.4% YoY), net income of 982.0 m USD (+65.6% YoY), diluted EPS 1.05 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
119.3 bn USD
shares as of 28 Apr 2026
P/E (TTM)
32.2
Diluted EPS TTM 3.97 · TTM to 31 Mar 2026
E/P (TTM)
3.10%
TTM to 31 Mar 2026
Dividend yield
0.07%
DPS 12m 0.09
Beta (2y)
0.74
Volatility (1y) 21%
52-week range
122.40150.06

Price history

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Technical reading

RSI (14)
46.2
neutral
Bollinger (20, 2)
123.43 – 132.40
in the upper half of the band · %B 0.51 · band width 7.0%
SMA 50 / 200
132.95 / 137.85
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-1.69 / -2.03
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−1.4%−0.9%−0.5 pp—
3 months−11.5%+1.2%−12.7 pp—
6 months−9.5%+4.8%−14.3 pp—
Year to date+0.3%+10.7%−10.5 pp—
1 year+3.0%+11.1%−8.1 pp+9.6%
3 years+27.0%+80.7%−53.7 pp+36.4%
5 years−11.7%+64.6%−76.3 pp—
Max drawdown (1y)
−17.3%
16 Jul 2026 → 19 Oct 2026
Max drawdown (5y)
−48.1%
28 Apr 2022 → 08 Apr 2025
Compound annual growth (5y)
−2.5%
S&P 500 +10.5%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q1 2026 · 31 Mar 2026

Revenue
2.3 bn USD
+7.4% YoY
Net income
982.0 m USD
+65.6% YoY
Diluted EPS
1.05
+66.7% YoY
net / operating
42.7% / 52.7%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Revenue2.0 bn2.0 bn2.2 bn2.1 bn2.2 bn2.2 bn2.3 bn2.3 bn
Operating income1.0 bn1.3 bn1.4 bn878.4 m912.7 m940.3 m1.6 bn1.2 bn
Depreciation & amortisation637.3 m649.3 m656.4 m652.1 m657.2 m648.0 m668.8 m731.5 m
Interest expense208.3 m230.1 m232.2 m231.8 m251.9 m258.3 m260.5 m254.3 m
Pre-tax income954.6 m1.1 bn1.4 bn682.9 m645.7 m875.8 m1.6 bn1.1 bn
Income tax43.1 m4.2 m86.9 m43.4 m23.4 m54.5 m82.7 m48.0 m
Net income861.3 m1.0 bn1.3 bn593.0 m571.2 m764.3 m1.5 bn982.0 m
Diluted EPS0.921.081.370.630.610.821.491.05
Operating cash flow1.1 bn ≈1.4 bn ≈1.3 bn1.2 bn1.2 bn ≈1.4 bn ≈1.2 bn1.3 bn
Dividends paid892.8 m ≈892.9 m ≈893.0 m939.9 m941.6 m ≈941.3 m ≈942.0 m1.0 bn

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 52 percentile of its own 42-quarter history (min 18.7, median 31.3, max 58.6; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue2.8 bn3.3 bn4.4 bn4.8 bn6.0 bn8.0 bn8.2 bn8.8 bn
Revenue YoY+7.1%+18.8%+33.3%+7.2%+25.5%+34.3%+2.2%+7.2%
Net income1.6 bn1.6 bn1.5 bn2.9 bn3.4 bn3.1 bn3.7 bn3.3 bn
Net income YoY−0.2%−4.6%−5.8%+98.4%+14.5%−9.1%+22.0%−10.8%
Diluted EPS2.872.462.013.944.253.294.013.56
Diluted EPS YoY−6.2%−14.3%−18.3%+96.0%+7.9%−22.6%+21.9%−11.2%
net %58.8%47.2%33.4%61.8%56.3%38.1%45.5%37.9%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.1 bn USD
Financial debt
35.0 bn USD
Net debt
33.9 bn USD
Equity
57.8 bn USD
Total assets
98.7 bn USD
Debt / equity
0.61x
Current ratio
unavailable
ROE
5.7%
ROA
3.4%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
8.0 bn
2024
8.2 bn
2025
8.8 bn

SEC (XBRL)· 13 Feb 2026verified

Operating income
2023
3.7 bn
2024
4.4 bn
2025
4.4 bn

SEC (XBRL)· 13 Feb 2026verified

Depreciation & amortisation
2023
2.5 bn
2024
2.6 bn
2025
2.6 bn

SEC (XBRL)· 13 Feb 2026verified

EBITDA
2023
6.2 bn ≈
2024
7.0 bn ≈
2025
7.0 bn ≈

SEC (XBRL)· 13 Feb 2026derived

Interest expense
2023
641.3 m
2024
863.9 m
2025
1.0 bn

SEC (XBRL)· 13 Feb 2026verified

Pre-tax income
2023
3.5 bn
2024
4.1 bn
2025
3.8 bn

SEC (XBRL)· 13 Feb 2026verified

Income tax
2023
211.0 m
2024
166.9 m
2025
204.0 m

SEC (XBRL)· 13 Feb 2026verified

Net income
2023
3.1 bn
2024
3.7 bn
2025
3.3 bn

SEC (XBRL)· 13 Feb 2026verified

Diluted EPS
2023
3.29
2024
4.01
2025
3.56

SEC (XBRL)· 13 Feb 2026verified

Weighted average diluted shares
2023
951.8 m
2024
953.6 m
2025
956.8 m

SEC (XBRL)· 13 Feb 2026verified

Dividend per share
2023
0.00
2024
0.01
2025
0.03

SEC (XBRL)· 13 Feb 2026verified

Balance sheet · USD

Cash
2023
530.0 m
2024
1.3 bn
2025
1.1 bn

SEC (XBRL)· 13 Feb 2026verified

Property, plant & equipment, net
2023
208.0 m
2024
212.3 m
2025
221.7 m

SEC (XBRL)· 13 Feb 2026verified

Intangibles (excl. goodwill)
2023
1.7 bn
2024
1.6 bn
2025
1.5 bn

SEC (XBRL)· 13 Feb 2026verified

Total assets
2023
93.0 bn
2024
95.3 bn
2025
98.7 bn

SEC (XBRL)· 13 Feb 2026verified

Long-term debt
2023
29.0 bn
2024
30.9 bn
2025
35.0 bn

SEC (XBRL)· 13 Feb 2026verified

Total liabilities
2023
35.2 bn
2024
36.7 bn
2025
41.0 bn

SEC (XBRL)· 13 Feb 2026verified

Equity
2023
57.8 bn
2024
58.6 bn
2025
57.8 bn

SEC (XBRL)· 13 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
5.4 bn
2024
4.9 bn
2025
5.0 bn

SEC (XBRL)· 13 Feb 2026verified

Investing cash flow
2023
-6.4 bn
2024
-3.1 bn
2025
-3.6 bn

SEC (XBRL)· 13 Feb 2026verified

Financing cash flow
2023
1.3 bn
2024
-1,000.0 m
2025
-1.6 bn

SEC (XBRL)· 13 Feb 2026verified

Dividends paid
2023
3.2 bn
2024
3.6 bn
2025
3.8 bn

SEC (XBRL)· 13 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
7.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
13.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
14.6%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-1.3%
computed by olivLawFY 2025
Net income growth (YoY)
-10.8%
computed by olivLawFY 2025
Net income CAGR 3Y
-0.4%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
17.6%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-11.2%
computed by olivLawFY 2025
EPS CAGR 3Y
-5.7%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
12.1%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
82.7%
computed by olivLawTTM to 31 Mar 2026
EBIT margin
52.4%
computed by olivLawTTM to 31 Mar 2026
Net margin
42.5%
computed by olivLawTTM to 31 Mar 2026
FCF margin
unavailable
input data missing

Returns

ROE
7.1%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
ROA
3.9%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
ROIC
4.9%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
ROCE
unavailable
input data missing
Payout ratio (EPS)
2.3%
computed by olivLawTTM to 31 Mar 2026
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
33.8 bn USD
computed by olivLawbalance sheet at 31 Mar 2026
Net debt / EBITDA
4.6x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Debt / equity
0.6x
computed by olivLawbalance sheet at 31 Mar 2026
Interest coverage
4.6x
computed by olivLawTTM to 31 Mar 2026

Liquidity

Current ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
5.1 bn USD
computed by olivLawTTM to 31 Mar 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
Cash conversion
69.4%
computed by olivLawTTM to 31 Mar 2026

Market and valuation

Market capitalisation
119.3 bn USD
computed by olivLawbalance sheet at 31 Mar 2026
Enterprise value
153.1 bn USD
computed by olivLawbalance sheet at 31 Mar 2026
Market cap / net income TTM
31.4x
computed by olivLawTTM to 31 Mar 2026
P/E (TTM)
32.2x
computed by olivLawTTM to 31 Mar 2026
Earnings yield
3.1%
computed by olivLawTTM to 31 Mar 2026
P/B
2.2x
computed by olivLawbalance sheet at 31 Mar 2026
P/S
13.3x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
EV/EBITDA
20.7x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
EV/EBIT
32.6x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
EV/Sales
17.1x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Dividend yield
0.1%
computed by olivLawTTM to 31 Mar 2026
Shareholder yield (distributions)
3.2%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026

9 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 66 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

127.98 USD

30 Oct 2026Source: olivLaw, closing series

Market cap: 119.3 bn USD

Key indicators

Market capitalisation
119.3 bn USD
computed by olivLawbalance sheet at 31 Mar 2026
P/E (TTM)
32.2x
computed by olivLawTTM to 31 Mar 2026
P/B
2.2x
computed by olivLawbalance sheet at 31 Mar 2026
EV/EBITDA
20.7x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
ROE
7.1%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Net margin
42.5%
computed by olivLawTTM to 31 Mar 2026
Revenue growth (YoY)
7.2%
computed by olivLawFY 2025
Dividend yield
0.1%
computed by olivLawTTM to 31 Mar 2026

Coverage and freshness

22/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Mar 2026
Latest balance sheet date: 31 Mar 2026
Share count (cover of the latest filing), as of: 28 Apr 2026
Source: SEC (XBRL)published 30 Apr 2026
verified 1906derived 128

Score by group

  • Quality74
  • Growth100
  • Valuation65
  • Balance sheet82
  • Returns22

Estimated value range

Low
109.31
USD per share
Mid
155.72
USD per share
High
172.92
USD per share
Price: 127.98 USD
The price is within the range
Potential to the central value: 21.7% (value / price − 1)
Margin of safety: 17.8% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 109.31 – 172.92 USD.

Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Net asset value (NAV)unavailable · input data missing
  • Dividend discount (DDM)outside the aggregate0.39 – 0.53 (Mid 0.45)
    a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
  • Peers: P/B109.31 – 172.92 (Mid 155.72)
    11 companies used · median multiple 2.7x · quartiles 1.9x – 3.0x
    DLR, ESS, EXR, HST, KIM, O, PSA, VICI, VMRK, VTR, WELL
Multiple comparisons use the SIC vertical: Real Estate Investment Trusts (SIC 6798)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 66/100

FactorValueScoreWeight used
ROE · Quality7.1%38 (vs peers)7%
EBITDA margin · Quality82.7%100 (on a fixed band)9%
Revenue CAGR 3Y · Growth13.7%100 (on a fixed band)9%
Net debt / EBITDA · Balance sheet4.6x67 (vs peers)15%
Interest coverage · Balance sheet4.6x100 (on a fixed band)13%
P/B · Valuation2.2x69 (vs peers)20%
P/E (TTM) · Valuation32.2x56 (vs peers)9%
Dividend yield · Returns0.1%0 (vs peers)15%
Payout ratio (EPS) · Returns2.3%100 (on a fixed band)4%

Score groups

  • Balance sheet82/100 · 2/2 factors with a value
  • Growth100/100 · 1/1 factors with a value
  • Quality74/100 · 2/2 factors with a value
  • Returns22/100 · 2/2 factors with a value
  • Valuation65/100 · 2/2 factors with a value

Memo

Prologis, Inc. (PLD). Latest full fiscal year: 2025; data up to 2026-03-31.

Figures computed from the financial statements: revenue 8.8 bn USD in 2025; YoY growth 7.2%; net margin 42.5%; ROE 7.1%; net debt/EBITDA 4.6x.

The estimated value range is 109.31–172.92 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 155.72 USD, the price of 127.98 USD leaves a potential of 21.7% (value / price − 1) and a margin of safety of 17.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 66/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • EBITDA margin: 82.7%
  • Revenue CAGR 3Y: 13.7%
  • Interest coverage: 4.6x
  • Payout ratio (EPS): 2.3%

What contradicts it

  • Dividend yield: 0.1%

Versus the vertical median

Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 16 companies

Only companies with a capitalisation between 14.8 bn and 944.7 bn (within 8× of the company's); 139 of the vertical were left out.

Multiples and returns vs the median

P/E
32.2x
vertical median 36.8x
below median (−12.4%)
EV/EBITDA
20.7x
vertical median 18.9x
above median (+9.3%)
P/S
13.3x
vertical median 8.8x
above median (+51.3%)
P/B
2.2x
vertical median 2.7x
below median (−17.9%)
ROE
7.1%
vertical median 8.0%
below median (−11.1%)
Net margin
42.5%
vertical median 21.7%
above median (+95.4%)
EBIT margin
52.4%
vertical median 34.3%
above median (+52.8%)
Revenue YoY
7.2%
vertical median 5.2%
above median (+37.1%)
Net debt/EBITDA
4.6x
vertical median 4.9x
below median (−5.8%)
Dividend yield
0.1%
vertical median 3.8%
below median (−98.2%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
WELLWelltower Inc.172.1 bn100.44.0%12.7%+35.6%+30% / +181%
PLDPrologis, Inc.119.3 bn32.27.1%42.5%+7.2%+3% / +27%
EQIXEquinix Inc100.3 bn60.911.5%16.4%+5.4%+20% / +39%
AMTAmerican Tower Corporation87.1 bn26.490.6%30.7%+5.1%+5% / +5%
DLRDigital Realty Trust, Inc.63.5 bn47.26.2%21.7%+10.0%+6% / +45%
PSAPublic Storage60.7 bn33.016.0%37.8%+2.7%+17% / +36%
ORealty Income Corporation53.9 bn41.53.3%21.5%+9.1%−2% / +20%
VTRVentas, Inc.44.8 bn159.51.9%4.0%+18.5%+15% / +100%
CCICrown Castle Inc.37.7 bn45.1—20.7%−4.4%−2% / −5%
IRMIron Mountain Inc34.7 bn82.5—5.7%+12.2%+13% / +97%
EXRExtra Space Storage Inc.31.6 bn30.87.9%29.9%+3.7%+13% / +46%
VICIVICI Properties Inc.26.9 bn11.28.3%56.5%+4.1%−18% / −12%
VMRKVivmark Residential23.2 bn27.18.1%—+4.8%+4% / +12%
SBACSba Communications Corporation19.9 bn20.2—34.5%+5.1%−2% / −10%
HSTHost Hotels & Resorts, Inc.17.3 bn16.915.8%16.5%+7.6%+58% / +63%
ESSEssex Property Trust, Inc.17.0 bn40.68.0%22.7%+6.4%+5% / +23%
KIMKimco Realty Corporation16.4 bn27.15.8%27.8%+5.1%+19% / +37%

1- and 3-year price returns: for PLD from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
84.87
Total return -34% · Per year -34%
149.43
Total return 17% · Per year 17%
224.25
Total return 75% · Per year 75%
3 years
98.38
Total return -23% · Per year -8%
193.32
Total return 51% · Per year 15%
316.18
Total return 147% · Per year 35%
5 years
114.04
Total return -11% · Per year -2%
250.10
Total return 96% · Per year 14%
445.80
Total return 249% · Per year 28%
What moves the 3-year price the most
  • Exit P/E± 48.33
  • Net margin± 33.83
  • Annual revenue growth± 25.51
  • Annual dilution± 2.84

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 15 Oct 2026; since then the company filed 10-Q (28 Oct 2026).

In brief

Prologis, Inc. (PLD) is the global leader in logistics real estate, with a portfolio of about 1.3 billion square feet across 20 countries 13. At September 30, 2026 the company reported annualized Prologis share NOI of 7.2 billion USD and a 5.8 GW data center power pipeline, secured or in advanced stage 3. Its 2026 guidance points to Core FFO of 6.25 to 6.29 USD per share 3.

SWOT

Strengths

  • Global leadership in logistics real estate and a large portfolio in locations that are hard to replicate.
  • Prudent balance sheet with low average interest cost, available liquidity and capacity to invest through co-investment ventures.
  • A large gap between in-place and market rents that supports rental income growth.

Weaknesses

  • Heavy geographic concentration in California, where local economic conditions can weigh on results.
  • Exposure to foreign currencies for part of the assets and NOI outside the United States.
  • Corporate and promote-related expenses that rise as the business expands.

Opportunities

  • Converting some logistics sites into data centers if access to energy can be secured.
  • Growing co-investment ventures and the fee income they generate.
  • Rising e-commerce and the need for more resilient supply chains.

Threats

  • A weaker economy or unstable trade policy could reduce demand for logistics space.
  • Excess logistics supply could reduce occupancy and pressure rents.
  • More difficult financial markets could hamper debt refinancing and property sales.

Risks

  • California concentrationhigh

    A large share of properties and NOI sits in one region, so a slowdown in the local economy could affect results.

  • Currency and international riskmedium

    Assets and income outside the United States are exposed to exchange-rate swings and transfer restrictions, which affect the dollar-reported financial position.

  • Logistics supplymedium

    Excess logistics space could reduce occupancy and limit rents, especially during periods of economic uncertainty.

  • Access to capitalmedium

    If financing becomes more expensive or harder to obtain, debt refinancing and property sales could be delayed.

  • Compliance and regulationlow

    Environmental, tax and compliance requirements across several countries could generate unplanned costs.

Investment thesis

What would need to be true (bull case)

  • If market rents keep exceeding contracted rents, lease renewals could drive rising rental income over a long period.
  • If data center development turns into realized value, the company could gain a new growth engine.
  • The co-investment structure could support recurring fee income that depends less on the company's own balance sheet.

What would break the thesis

  • If the economy slows or trade policy worsens, demand for logistics space could fall faster than expected.
  • A heavy concentration in California could amplify losses if the local market weakens.
  • If financing costs rise or asset sales are delayed, financial flexibility could prove smaller than estimated.

What to watch

  • Actualizarea ghidajului Core FFO pentru 2026Q4 2026
  • Quarterly results and portfolio occupancy on a Prologis share basisQ4 2026
  • Update to 2026 Core FFO guidanceQ4 2026
  • Progress on data center projects and the energy power portfolio2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 15 Oct 2026; since then the company filed 10-Q (28 Oct 2026).

The business

The strategy combines development, acquisitions and co-investment ventures with large institutional investors, which broadens access to capital and reduces currency exposure 12. The company is expanding into data centers through power procurement and build-to-suit construction 13.

Market context

Demand for logistics space is supported by e-commerce growth, global consumption and the need for resilient supply chains 12. For 2026 the guidance assumes average occupancy of 95.25% to 95.50% on a Prologis share basis, while revenues have risen on higher rents 3.

Trends

  • Rolling leases to higher market rentstailwind

    Market rents sit well above in-place rents, and the remaining mark-to-market could keep supporting rental income growth even without further market rent increases 1.

  • Demand for data centerstailwind

    The company is developing data centers on land with access to power and has built a 5.8 GW power pipeline; if data center demand holds, this direction could create additional value 13.

  • Economic and tariff uncertaintyheadwind

    Tariff policy and trade uncertainty slowed some leasing decisions in 2025, although leasing activity remained healthy 1.

  • Financing costs and currenciesmixed

    The cost of debt remains low, but exposure to foreign currencies and interest rates could affect results if financial markets deteriorate 12.

Competitive position

Real estate ownership is highly fragmented, and Prologis competes with many owners and operators as well as regional, national and global developers 1. Competitively priced logistics space could reduce occupancy and limit the rents the company can charge 1.

Competitive advantages include strategic locations near population centers, the scale of the portfolio and the Prologis Essentials services that enhance property value 1. In strategic capital, competition comes from asset managers seeking institutional capital 1.

  • Regional, national and global logistics investors and developers

    Compete for tenants and for property acquisitions; specific firms are not named in the sources.

  • Asset and investment managers seeking institutional capital

    Compete in the strategic capital business for institutional fund commitments.

  • Owners selling comparable assets

    Can lower sale or contribution prices for assets in the same markets.

  • Other data center operators

    Compete for land with access to power and for build-to-suit contracts.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

  • Current report30 Oct 2026
    Other events · Financial statements and exhibits
  • Quarterly report28 Oct 2026
  • Current report15 Oct 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Current report06 Aug 2026
    Other events
  • Current report05 Aug 2026
    Other events · Financial statements and exhibits
  • Current report04 Aug 2026
    Material agreement · Creation of a direct financial obligation · Item 3.02 · Other events · Financial statements and exhibits
  • Quarterly report29 Jul 2026
  • Current report16 Jul 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Current report01 Jul 2026
    Departure or appointment of officers · Financial statements and exhibits
  • Current report24 Jun 2026
    Other events · Financial statements and exhibits

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Prologis, Inc. · 13 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Prologis, Inc. · 29 Jul 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Prologis, Inc. · 15 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

Prologis, Inc. (PLD): stock, results, valuation and forecast · olivLaw