Prologis, Inc. (PLD) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that Prologis, Inc. surfaced in its latest filing.

• Prologis elected REIT status under IRC Sections 856-860 starting with the taxable year ended December 31, 1997.1997
• At December 31, 2025, approximately $13.7 billion, or 13.8%, of total consolidated assets were invested in currencies other than the U.S. dollar, principally the British pound sterling, Canadian dollar, euro and Japanese yen.December 31, 2025
• For the year ended December 31, 2025, $432.8 million, or 6.6%, of total consolidated segment NOI, was denominated in a currency other than the U.S. dollar.December 31, 2025
• At December 31, 2025, 30.6% of consolidated operating properties or $24.7 billion (based on consolidated gross book value) were located in California (Central Valley, San Francisco Bay Area and Southern California markets), representing 23.6% of aggregate square footage and 31.9% of consolidated operating property NOI.December 31, 2025
• Significant holdings (more than 3% of total consolidated investment before depreciation) in operating properties exist in Atlanta, Chicago, Dallas/Fort Worth, Houston, Lehigh Valley, New Jersey/New York City, Seattle and South Florida, with no single market contributing more than 10%.December 31, 2025
• During 2025, the company generated approximately $788 million, or 9.0% of consolidated revenues, from operations outside the U.S.2025
• At December 31, 2025, the top 10 customers accounted for 16.3% of consolidated NER and 15.2% of O&M NER.December 31, 2025
• At December 31, 2025, Prologis had investments in co-investment ventures that owned real estate with a gross book value of approximately $73.8 billion.December 31, 2025
• Prologis has formed publicly traded investment vehicles, such as Nippon Prologis REIT, Inc., China AMC Prologis Logistics REIT and FIBRA Prologis, for which it serves as sponsor or manager, and there is a risk that the managerial relationship may be terminated.
• The company has elected not to carry earthquake insurance for assets in Japan based on annual analyses by outside consultants.
• At December 31, 2025, credit ratings were A from Standard and Poor's and A2 from Moody's, both with stable outlooks.December 31, 2025