PLDPrologis
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. 10-K, Item 1
- Headquarters
- San Francisco, CA
- CEO
- Hamid Moghadam
- Next results
- around Jan 20, 2027
3 paragraphs in Risk Factors of the 10-K filed Feb 13, 2026 with nothing like them in the 10-K filed Feb 14, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 29 Real estate companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
access to debt and equity capital, in the private and public markets, in order to acquire properties from us. Should they have limited or no access to capital on favorable terms, then dispositions and contributions could be delayed.
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We have acquired properties and will continue to acquire properties through the direct acquisition of real estate, the acquisition of entities that own real estate or through additional investments in co-investment ventures that acquire properties. The acquisition of
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•even if power is secured for our data center developments, unanticipated disruptions to the supply of such power (including initial delivery delays) or increases in the cost of such power due to impacts from local regulatory changes, availability of fuel sources, or natural disasters, could impact our ability to lease or sell such assets as intended;
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New in the latest 10-Q
11 paragraphs in the 10-Q filed Oct 28, 2026 with nothing like them in the 10-Q filed Jul 29, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
Nine Months Ended September 30, 2026 2025 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Operating activities: Consolidated net earnings $3,048,671 $2,083,084 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Straight-lined rents and amortization of above and below market leases (501,708) (530,691) Equity-based compensation awards 165,744 141,654 Depreciation and amortization 2,131,324 1,957,278 Earnings from unconsolidated entities, net (396,183) (268,418) Operating distributions from unconsolidated entities 529,846 454,682 Decrease (increase) in operating receivables from unconsolidated entities (54,659) 8,166 Amortization of debt discounts and debt issuance costs, net 63,237 64,450 Gains on dispositions of development properties and land, net (423,717) (53,363) Gains on other dispositions of investments in real estate, net (359,924) (116,078) Unrealized foreign currency and derivative losses (gains), net (6,388) 155,348 Losses (gains) on early extinguishment of debt, net 1,777 - Deferred income tax expense (benefit) 57,839 (2,948) Decrease (increase) in other assets (130,156) (127,522) Increase (decrease) in accounts payable and accrued expenses and other liabilities 267,206 84,556 Net cash provided by (used in) operating activities 4,392,909 3,850,198 Investing activities: Real estate development (2,385,518) (1,958,714) Real estate acquisitions (1,626,921) (1,246,417) Tenant improvements and lease commissions on previously leased space (435,258) (413,577) Property improvements (195,773) (212,536) Proceeds from dispositions and contributions of real estate 1,531,872 340,944 Investments in and advances to unconsolidated entities (383,123) (50,657) Return of investment from unconsolidated entities 305,659 76,156 Proceeds from the settlement of net investment hedges 5,091 4,852 Payments on the settlement of net investment hedges (7,719) (18,908) Purchase of short-term investments (1,000,000) (176,715) Proceeds from maturity of short-term investments 176,485 - Net cash provided by (used in) investing activities (4,015,205) (3,655,572) Financing activities: Proceeds from issuance of common partnership units in exchange for contributions from 2,411,446 -
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Proposed Combination. On August 4, 2026, we entered into a definitive Co-operation Agreement with SEGRO plc (“SEGRO”) to acquire the entire issued and to be issued share capital of SEGRO (the “Acquisition”). SEGRO shareholders will receive 0.0920 shares of Prologis common stock for each SEGRO share. SEGRO shareholders may elect a partial cash alternative of up to approximately £3.5 billion, representing 25% of the total consideration based on a fixed price of 1,031.7 pence per SEGRO share, subject to a pro-rata scale-back. We will also include the SEGRO debt assumed in the total cost of the Acquisition. In connection with the Acquisition, Prologis is applying for a secondary listing of its common stock on the London Stock Exchange. The transaction was approved by SEGRO shareholders on September 28, 2026, and is subject to certain other closing conditions, including certain regulatory approvals. It is currently expected that, subject to the satisfaction or waiver of all relevant conditions, the Acquisition will be completed in the first half of 2027.
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Issuance of Common Stock. On August 5, 2026, we completed an underwritten public offering of 15.0 million shares of our common stock (the “Base Offering”). On August 7, 2026, we closed on the issuance and sale of an additional 2.25 million shares of common stock in connection with the underwriters' exercise of an option to purchase the additional shares pursuant to the underwriting agreement relating to the Base Offering (collectively, the “Offering”). We received approximately $2.4 billion in net proceeds from the Offering. We invested $1.0 billion of these proceeds into short-term investments maturing between December 2026 and February 2027, which are included in Other Assets on the Consolidated Balance Sheets.
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At September 30, 2026, we had $749.1 million of outstanding performance and surety bonds and standby letters of credit, principally related to certain development and renewable energy projects.
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In the normal course of business, we enter into build-to-suit arrangements with customers that obligate us to complete construction. At September 30, 2026, we had approximately $1.9 billion of remaining estimated investment to complete consolidated development projects under such arrangements, which is expected to be funded as construction progresses. The amount ultimately invested may vary from these estimates based on changes in project scope, timing and construction costs.
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income (expense), net Gains (losses) on early extinguishment of debt, net 144 - (1,777) - Earnings before income taxes $ 977,861 $ 875,795 $ 3,302,774 $ 2,204,407
Read in the 10-Q ↗
Proposed Combination. On August 4, 2026, we entered into a definitive Co-operation Agreement with SEGRO to acquire the entire issued and to be issued share capital of SEGRO (the “Acquisition”). SEGRO shareholders will receive 0.0920 shares of Prologis common stock for each SEGRO share. SEGRO shareholders may elect a partial cash alternative of up to approximately £3.5 billion, representing 25% of the total consideration based on a fixed price of 1,031.7 pence per SEGRO share, subject to a pro-rata scale-back. We will also include the SEGRO debt assumed in the total cost of the Acquisition. In connection with the Acquisition, Prologis is applying for a secondary listing of its common stock on the London Stock Exchange. The transaction was approved by SEGRO shareholders on September 28, 2026, and is subject to certain other closing conditions, including certain regulatory approvals. It is currently expected that, subject to the satisfaction or waiver of all relevant conditions, the Acquisition will be completed in the first half of 2027.
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• We completed a public offering of 17.25 million shares of our common stock, generating approximately $2.4 billion in net proceeds. We invested $1.0 billion of these proceeds into short-term investments maturing between December 2026 and February 2027.
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• At September 30, 2026, our total debt was $36.8 billion with a weighted average term of 8 years and an effective interest rate of 3.2%. Our financing activities during the nine months ended September 30, 2026 included the following:
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• In August 2026, we entered into an unsecured term loan agreement (the “2026 Term Loan”) with aggregate commitments of £3.6 billion ($4.7 billion at September 30, 2026), with borrowing availability subject to the closing of the SEGRO acquisition and satisfaction of certain other conditions. Borrowings under the facility may be made in British pound sterling or euros and mature one year after the closing date of the SEGRO acquisition, with an option to extend two additional one-year periods.
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Item 6
10.2† First Amendment to Term Loan Credit Agreement and Borrower Accession Agreement, dated as of September 1, 2026
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 28, 2026 against Item 1A of the 10-K filed Feb 13, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
Read in the 10-Q ↗
At September 30, 2026, no material changes had occurred in our risk factors as discussed in Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2025.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Work on PLD in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
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