Prologis, Inc. (PLD) SEC Filings & Earnings Calls

Interest expense increased to $287M from $258M year-over-year, reflecting higher debt levels and rates

“Interest expense (286,955) (258,274)” · word for word

Development value creation declined sharply to $39M in Q3 from $169M prior year, though TTM remains strong

“Estimated value creation from development stabilizations - Prologis Share 39 169” · word for word

Share dilution from equity offering; 17.25 million total shares issued.

“underwritten offering of 15,000,000 shares... additional 2,250,000 shares” · word for word

Forward-looking statements highlight risks including integration of SEGRO combination, market conditions, and interest rate changes.

“Forward-looking statements section details numerous risks including the SEGRO combination, market conditions, and interest rates.”

Dilution risk from equity offering

“15,000,000 shares offered, representing approximately 4% of shares outstanding”

Acquisition execution risk for SEGRO plc

“There can be no assurance that the Company will complete the SEGRO plc combination on the proposed terms” · word for word

Execution risk from regulatory approvals, shareholder vote, and integration; increased leverage from cash component.

“Combination subject to antitrust approvals, court sanction, and SEGRO shareholder vote; cash funded by committed term loan.”

Interest rate risk

“Interest expense increased during the six months ended June 30, 2026, as compared to the same period in 2025, principally due to the issuance of senior notes to finance our acquisition and development activities and higher interest rates on new issuances.” · word for word

Foreign currency risk

“Given the global nature of our operations, we are exposed to foreign currency exchange risk related to investments in and earnings from our foreign investments.” · word for word

Development pipeline execution risk; data center power pipeline may face delays or cost overruns.

“Development starts $4.5B-$5.5B; data center power pipeline 5.8GW”

Risk of failed acquisition or overpayment; regulatory and integration risks.

“Forward-looking statements highlight risks including SEGRO rejection, regulatory, and integration.”

Economic and Geopolitical Uncertainty

“While we believe we are well-positioned for long-term revenue growth, supported by the embedded rent growth in our in-place portfolio, the potential impact of ongoing economic volatility on our business, future financial condition and operating results remains difficult to predict.” · word for word

Interest Rate Exposure

“Interest expense increased during the three months ended March 31, 2026, as compared to the same period in 2025, principally due to the issuance of senior notes to finance our acquisition and development activities and higher interest rates on new issuances.” · word for word

Geopolitical and FX risk from international operations (20 countries).

“Europe 9% of NOI, Asia 2%; FX hedging in place for Euro, Sterling, Yen.”

Data center power pipeline execution risk; 5.6GW is large and may face delays.

“DATA CENTER POWER PIPELINE 5.6GW secured or in advanced stage.” · word for word

Moderating Industrial Demand

“despite operating in a moderating-demand environment and navigating macroeconomic challenges, including unanticipated headwinds in the first half of the year that contributed to higher market vacancies, softer rent growth and slower fundraising activity.” · word for word

Strategic Capital Fundraising Slowdown

“While capital raising conditions were challenging in 2025... Third-party equity raise: $1.5B (threshold performance, 50% of target bonus)” · word for word

Data Center Power Constraint

“Because power availability remains a key constraint in data center development, securing capacity represents a meaningful competitive advantage” · word for word

International operations risk

“During 2025, we generated approximately $788 million, or 9.0% of our consolidated revenues, from operations outside the U.S.” · word for word

Currency risk

“volatility in currencies and currency restrictions, which may prevent the availability of capital or the transfer of profits to the U.S.” · word for word

Competition and supply risk

“Competitively priced logistics space could impact our occupancy rates and limit the rents we can charge” · word for word

Development pipeline carries execution and leasing risk

“Development starts of $3B-$4B (Prologis share) and $4B-$5B (owned and managed) in 2026 guidance.”

Net Promote Income expected negative in 2026

“Net Promote Income (Expense) $ (50) $ (50) in 2026 guidance.” · word for word

No material operational or financial risk identified; filing relates to executive compensation structure.

“Filing only describes changes to equity award terms and retirement eligibility waivers.”

Tariff Policy Uncertainty

“the potential impact of ongoing economic uncertainty on our business, future financial condition and operating results remains difficult to predict.” · word for word

Interest Rate Risk

“Interest expense increased during the nine months ended September 30, 2025, as compared to the same period in 2024, principally due to the issuance of senior notes to finance our acquisition and development activities and higher interest rates on new issuances.” · word for word

Foreign Currency Exposure

“Total foreign currency and derivative gains (losses), net $ (140 ) $ (12 )” · word for word