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Prologis

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Analysis

PLD 10-K Analysis: 18% Embedded Rent Growth Masks a Deteriorating Earnings Engine

Prologis, the world's largest logistics REIT, generated an industry-best 79.5% EBITDA margin in FY2025 — yet FFO per share fell 6.0% while dividends grew 5.2%. The 10-K reveals $35.3 billion in debt at 5.06x EBITDA with a $10.68 billion maturity wall approaching at refinancing rates 110 basis points above the current portfolio. The 18% embedded lease mark-to-market provides ~3.1% annual organic rent growth, but that barely offsets the projected interest headwind. Meanwhile, the filing describes data centers as 'selective development' — three weeks before management announced a $25 billion commitment. The entire valuation at 19.9x FFO hinges on whether the data center pivot is optionality or necessity.

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15 min

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AI Infrastructure Capex: What 863 SEC Filings Reveal

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Cybersecurity Incidents: What 916 SEC 8-K Filings Reveal

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