Last Updated: 10 Nov 2026
Prologis is the world's largest owner and developer of logistics real estate, with about 1.3 billion square feet of warehouses and distribution centres owned or invested in across 20 countries. It is a real estate investment trust (REIT) that earns rent from about 6,500 customers and fees from managing property funds for outside investors, and it is building a growing data centre business on its land. FY2025 total revenues were $8,790m and Core FFO was $5.81 per share. In Aug 2026 it agreed to buy UK-based industrial landlord SEGRO plc, which would expand its European portfolio by about 47%. Figures below come from company filings. Track live prices on ChartsView Live Charts and rate-sensitive data releases on the Economic Calendar.
1. Company Snapshot
| Field | Value |
|---|---|
| Company | Prologis, Inc. (NYSE: PLD), S&P 500 member, structured as a REIT |
| CEO / Leadership | Dan Letter, CEO (since 1 Jan 2026); Hamid Moghadam, co-founder and Executive Chairman; Tim Arndt, CFO |
| Employees | 2,802 (31 Dec 2025, FY2025 10-K) |
| Market cap | ~$124.1bn ($130.55 close on 9 Nov 2026 × 950.5m shares per Q3 2026 10-Q cover) |
| FY2025 Revenue | $8,790m total revenues (+7.2%) |
| FY2025 earnings | GAAP net earnings $3.56 per diluted share; Core FFO $5.81 per share |
| Portfolio | ~1.3bn sq ft in 20 countries; average occupancy 95.1% in Q3 2026 |
| Assets under management | ~$230bn (Mar 2026) |
| Dividend | $1.07 per quarter, $4.28 annualised (+6% in Feb 2026) |
| Fiscal year end | 31 December |
2. Bull Case vs Bear Case
Bull Case
- Rents still resetting higher: leases signed in Q3 2026 showed a 38.0% net effective rent change on renewal (23.4% on a cash basis), and cash same-store NOI grew 5.9%.
- Data centre optionality: Prologis has a 5.8 GW power pipeline on its land, with more than $2bn of data centre starts in 2026 so far.
- Low-cost, long-dated debt: the weighted average interest rate on its share of debt is 3.3% with a 7.6-year average term, and debt is 4.5x Adjusted EBITDA.
- Fee income from fund management: strategic capital generated $592m of revenue in FY2025, with $67bn of third-party capital under management, adding growth without using its own balance sheet.
Bear Case
- GAAP guidance cut: on 15 Oct 2026 FY2026 net earnings guidance was lowered to $4.05–$4.15 per share from $4.40–$4.55, and strategic capital revenue guidance was trimmed.
- SEGRO execution and dilution: the ~$18.8bn mostly-share deal, a $2.4bn equity raise in Aug 2026 and a new $5.0bn at-the-market share programme all add new shares; management expects the deal to be “broadly neutral to minimally dilutive” to Core FFO per share in its first full year.
- Interest-rate sensitivity: management has flagged a higher interest rate environment; higher yields raise refinancing costs and widen the gap between buyers' and sellers' prices for property.
- Occupancy below full: guided average occupancy of 95.25%–95.50% for 2026 was narrowed down at the top end, as new supply and slower decision-making weigh on leasing.
3. Business Segments
Prologis reports two segments: Real Estate (owning, leasing and developing property) and Strategic Capital (managing co-investment funds for institutional investors). FY2025 revenue lines:
| Segment | % of revenue (FY2025) | What it is |
|---|---|---|
| Real Estate: rental revenues | ~92.8% ($8,159m) | Rent and recoveries from warehouses and distribution centres on the consolidated portfolio |
| Strategic Capital | ~6.7% ($592m) | Asset-management fees ($521m recurring), transaction fees ($69m) and promotes ($2m) from co-investment ventures |
| Real Estate: development management and other | ~0.4% ($39m) | Fees for managing development for third parties and other income |
FY2025 segment NOI was $6,188m for Real Estate and $321m for Strategic Capital. About 9% of consolidated revenue came from outside the US.
4. Business Model & Moat
How it makes money. Most income is rent from long leases on logistics buildings near big consumer markets, rented to retailers, e-commerce firms, third-party logistics providers and manufacturers. As old leases expire, they are re-let at current market rents, which have run well above in-place rents. Prologis also develops new buildings, keeping or selling them at a profit, and earns fees from managing funds that own Prologis-run property.
Location and land. Many of its sites are close to dense cities where new land is scarce and planning is slow. Its land bank and redevelopment sites could support about $42.6bn of future development (owned and managed basis, FY2025 10-K).
Scale and cost of capital. As the largest operator, it can serve multinational customers in many markets, borrow cheaply (A2/A credit ratings) and bring in partners such as GIC and La Caisse for joint ventures. Its Essentials platform sells energy, solar and operating services to tenants. The moat depends on location and capital cost rather than technology, so a long downturn in logistics demand would still hurt it.
5. Financial Health
All figures from Prologis earnings releases and 10-K / 10-Q filings, cross-checked against SEC XBRL data.
| Fiscal Year | Revenue ($m) | YoY % | GAAP EPS | Adjusted EPS | Dividend/share | Long-term debt (YE) |
|---|---|---|---|---|---|---|
| FY2021 | $4,759m | +7.2% | $3.94 | $4.15† | $2.52 | $17,715m |
| FY2022 | $5,974m | +25.5% | $4.25 | $5.16† | $3.16 | $23,876m |
| FY2023 | $8,024m | +34.3% | $3.29 | $5.61† | $3.48 | $29,001m |
| FY2024 | $8,202m | +2.2% | $4.01 | $5.56† | $3.84 | $30,879m |
| FY2025 | $8,790m | +7.2% | $3.56 | $5.81† | $4.04 | $35,037m |
† Prologis does not report adjusted EPS. The column shows Core FFO per diluted share, its main non-GAAP earnings measure. Core FFO includes net promote income ($0.55 per share in FY2022, $0.06 in FY2021). Debt is the consolidated balance-sheet “Debt” line. The FY2022–FY2023 revenue jump reflects the Duke Realty acquisition.
| Quarter / Half | Revenue | Adjusted EPS | GAAP EPS |
|---|---|---|---|
| Q3 2026 | $2,387.5m | $1.60† | $0.86 |
| Q2 2026 | $2,425.5m | $1.63† | $1.13 |
| Q1 2026 | $2,297.7m | $1.50† | $1.05 |
| Q4 2025 | $2,252.7m | $1.44† | $1.49 |
| Q3 2025 | $2,213.9m | $1.49† | $0.82 |
| Q2 2025 | $2,183.9m | $1.46† | $0.61 |
| FY2025 total | $8,790.1m | $5.81† | $3.56 |
† Core FFO per diluted share. Q2 2026 includes promote income; excluding it, Core FFO was $1.60.
Cash flow. FY2025 operating cash flow was $5,008m. Spending on property was split across several lines: development $2,781m, tenant improvements and leasing commissions $562m, property improvements $327m (together $3,671m), and acquisitions $1,801m. Dispositions and contributions brought in $2,246m. Depreciation and amortisation was $2,626m. Dividends paid were $3,765m.
Balance sheet (30 Sep 2026). Cash of $2,274m and consolidated debt of $36,833m, against total assets of $103,895m and equity of $60,342m. Liquidity was about $8.8bn. A committed £3.6bn ($4.7bn) term loan is in place to fund the cash part of the SEGRO deal.
FY2026 guidance (15 Oct 2026). Core FFO of $6.25–$6.29 per share (narrowed from $6.22–$6.30), net earnings of $4.05–$4.15 per share (cut from $4.40–$4.55), development starts of $5.0bn–$5.75bn and cash same-store NOI growth of 7.00%–7.50%.
6. Valuation Snapshot
Raw metrics, November 2026. Not opinions on whether the stock is cheap or expensive.
| Metric | Value |
|---|---|
| Share price | $130.55 (close 9 Nov 2026) |
| Market cap | ~$124.1bn ($130.55 × 950.5m shares) |
| Trailing P/E (GAAP) | ~28.8x (last four quarters GAAP EPS $4.53). REITs are usually compared on FFO: see Price / Core FFO below |
| Price / Core FFO (last 4 quarters) | ~21.2x (Core FFO $6.17 per share over Q4 2025–Q3 2026) |
| P/E (forward) | ~31.8x on the midpoint of management's FY2026 net earnings guidance ($4.10); ~20.8x on the Core FFO guidance midpoint ($6.27) |
| P/S (TTM) | ~13.3x (market cap ~$124.1bn / last-four-quarter revenues $9,363m) |
| P/FCF | ~93x (market cap ~$124.1bn / FY2025 FCF $1,338m; FCF = operating CF $5,008m − development, leasing and property improvement spending $3,671m per FY2025 cash flow statement). Counting only recurring capex (leasing costs and property improvements, $890m), FCF is $4,119m and P/FCF ~30x |
| Enterprise value | ~$158.6bn (market cap ~$124.1bn + consolidated debt $36,833m − cash $2,274m, per 30 Sep 2026 balance sheet; noncontrolling interests not added) |
| EV/EBITDA (TTM) | ~22.7x on FY2025 GAAP EBITDA of $6,984m (operating income $4,358m + D&A $2,626m), latest full year. Operating income includes $944m of gains on real estate transactions; excluding them, ~26.3x. On Prologis' own FY2025 Adjusted EBITDA of $7,431m, ~21.4x |
| Dividend yield | ~3.3% ($4.28 annualised / $130.55) |
| 52-week high | $153.35 |
| 52-week low | $121.40 |
| Short interest (% of float) | ~1.84% (17.46m shares, Finviz, viewed 10 Nov 2026; 18.47m shares at the 30 Sep 2026 settlement) |
| Days to cover | ~4.8 days (Finviz short ratio 4.78) |
7. What Are They Building
SEGRO acquisition. Announced 4 Aug 2026 at about $18.8bn. SEGRO holders receive 0.0920 new Prologis shares per SEGRO share, with a partial cash alternative of up to about £3.5bn in total. SEGRO shareholders approved on 28 Sep 2026. Completion needs regulatory approvals, court sanction and approval of a secondary Prologis listing in London, and is expected in the first half of 2027. The combined group would manage about $269bn of assets with a 368m sq ft European operating portfolio.
Data centres. A 5.8 GW power pipeline (1.7 GW secured), with management saying about 1 GW could start in 2027 and much of the pipeline by 2030. Data centre supply-chain customers were about 17% of US new leasing in Q3 2026.
Energy and Essentials. More than 1 GW of solar generation and storage on the portfolio, sold to tenants through the Prologis Essentials platform with operating and fleet-charging services.
Development and joint ventures. 2026 development starts guided at $5.0bn–$5.75bn with an estimated 7.1% stabilised yield on the development portfolio. New partnerships in 2026 include a $1.6bn US build-to-suit venture with GIC (Mar) and the PLIVE pan-European venture with La Caisse (Apr).
8. Competitive Landscape
| Peer | Market cap (Nov 2026) | Key 2025 metric |
|---|---|---|
| EastGroup Properties (EGP) | ~$10.7bn (Finviz, 10 Nov 2026) | FY2025 revenue $721.3m (FY2025 10-K, SEC XBRL) |
| Rexford Industrial (REXR) | ~$8.2bn (Finviz, 10 Nov 2026) | FY2025 revenue $1,003.1m (FY2025 10-K, SEC XBRL) |
| First Industrial (FR) | ~$7.5bn (Finviz, 10 Nov 2026) | FY2025 revenue $727.1m (FY2025 10-K, SEC XBRL) |
| STAG Industrial (STAG) | ~$7.2bn (Finviz, 10 Nov 2026) | FY2025 revenue $845.2m (FY2025 10-K, SEC XBRL) |
Prologis' FY2025 revenue of $8,790m is about nine times Rexford's, the largest of these US peers by revenue. Outside the US its main listed rivals include Goodman Group in Australia and SEGRO, which it has agreed to buy.
9. Leadership & Insider Activity
Dan Letter became CEO on 1 Jan 2026, succeeding co-founder Hamid Moghadam, who remains Executive Chairman. Tim Arndt is CFO and Carter Andrus COO. Alfred F. Kelly Jr. joined the board on 1 Jul 2026. No open-market insider purchases were found in 2026 Form 4 filings.
| Name | Date | Type | Shares | Price | Value | Plan Type |
|---|---|---|---|---|---|---|
| Cristina Bita / George Fotiades (Directors) | 17 Sep 2026 | Settlement of deferred / phantom units | 2,815 / 1,687 | $0 | Compensation | Not a market trade |
| Hamid Moghadam (Executive Chairman) | 16 Jul 2026 | Sale (held in trust for his children) | 50,000 | $149.91 | ~$7.50m | 10b5-1 (adopted 31 Mar 2026) |
| Dan Letter (CEO) | 14 Jul 2026 | LTIP unit grant | 21,671 | $0.01 | Compensation | Annual award |
| Tim Arndt (CFO) | 15 Jun 2026 | Sale | 3,597 | $150.00 | ~$0.54m | 10b5-1 (adopted 26 Nov 2025) |
| Dan Letter (CEO) | 29 May 2026 | LTIP units converted and redeemed for cash | 50,000 | Not stated | Not stated | Not open market |
| Irving F. Lyons III (Director) | 28 Apr 2026 | Deferred stock units converted to shares | 43,825 | $141.53 | Conversion, not a purchase | Not open market |
| Hamid Moghadam (Executive Chairman) | 26 Mar 2026 | Gift between own holdings / trusts | 1,019,089 | n/a | No sale | Not open market |
Source: SEC Form 4 filings.
10. Key Risks
- Logistics demand (Market): the business is concentrated in one property type; a downturn in trade, retail or e-commerce would cut leasing and rents.
- Interest rates and capital markets (Financial): higher rates raise borrowing costs, can lower property values, and matter more because a REIT must pay out most of its income and so relies on outside capital.
- SEGRO deal (Execution): completion depends on regulatory approvals and court sanction; integration, synergies, transaction costs and currency exposure add risk.
- Tariffs and geopolitics (Macro): about 9% of revenue is outside the US, and trade disputes can change where customers locate warehouses.
- Development and data centres (Operational): development and data centre conversions depend on power, permits and tenants; projects may cost more or lease more slowly than planned.
- Dilution (Capital): share-based funding, including the SEGRO share issue and the new $5.0bn at-the-market programme, increases the share count.
- REIT status and regulation (Regulatory): losing REIT status would bring corporate tax; climate and environmental rules raise compliance costs.
11. Recent Developments
- 30 Oct 2026 — New $5.0bn at-the-market programme. An equity distribution agreement for up to $5.0bn of common stock, including forward sales, replacing the 2020 programme.
- 28 Oct 2026 — 2027 Supply Chain Outlook published. Prologis' survey found power reliability is now the top factor in where logistics customers locate.
- 15 Oct 2026 — Q3 2026 results. Revenues $2,387.5m (+7.8%), Core FFO $1.60 per share (Q3 2025: $1.49), 95.6% period-end occupancy and 60m sq ft of leases signed; FY2026 Core FFO guidance narrowed to $6.25–$6.29 while net earnings guidance was cut to $4.05–$4.15.
- 28 Sep 2026 — SEGRO shareholders approve. SEGRO's shareholders voted in favour of the Prologis acquisition.
- 02 Sep 2026 — Dividend declared. $1.07 per share, paid 30 Sep 2026.
- 07 Aug 2026 — Equity offering completed. 17.25m shares sold, including the underwriters' option, raising about $2.4bn.
- 04 Aug 2026 — SEGRO deal agreed. Recommended acquisition of SEGRO plc for about $18.8bn, mainly in Prologis shares.
12. Key Dates
- Expected early Dec 2026 — Q4 2026 dividend declaration (last year declared 3 Dec 2025, paid 31 Dec 2025).
- Expected mid-to-late Jan 2027 — Q4 and FY2026 results with initial 2027 guidance, which management says will exclude SEGRO; date not yet announced (FY2025 results were released on 21 Jan 2026).
- Expected 1H 2027 — completion of the SEGRO acquisition, subject to regulatory approvals and court sanction.
- 04 Aug 2027 — long-stop date for the SEGRO deal (extendable to 4 Apr 2028).
Discuss Prologis and other REITs on the ChartsView Forum.
Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.