{"schemaVersion":1,"research":true,"symbol":"pld","name":"Prologis","topic":"moat","path":"/stock/pld/moat","status":"published","version":4,"updatedAt":"2026-10-18T12:47:26.096Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Prologis has a narrow moat from strategically located logistics properties, supported by its global customer platform. Realized pricing is strong: commenced leases achieved 34.2% net effective rent increases in the first half of 2026, alongside 95.4% occupancy. However, rollover gains reflect accumulated market rent growth, while recent market rental growth has been lower or negative. Above-market occupancy supports differentiation, but fragmented competition and limited evidence of durable relative pricing constrain the verdict.","advantages":[{"mechanism":"intangible_assets","claim":"Ownership of strategically located properties near population centers, labor and transportation infrastructure creates a location advantage. The global customer platform supports this advantage, but does not establish network effects or independently demonstrated switching costs.","durability":"Existing sites and local entitlement expertise are difficult to reproduce quickly. Above-market occupancy in 2025 and strong 2026 leasing outcomes support a current advantage. Its persistence across a full supply cycle is less established; data centers and undeveloped land represent additional potential rather than proven moat extensions.","risks":"Competing supply can constrain rents and occupancy. Recent lower or negative market rental growth shows that large rollover increases can coexist with weakening market conditions. California concentration increases exposure to local conditions.","invalidation":"The thesis would weaken materially if occupancy persistently fell to or below relevant market benchmarks, or if rollover rents became persistently negative after embedded lease gains expired while comparable markets remained healthier. Repeated concessions or tenant losses despite comparable competing availability would further undermine location differentiation.","competitors":[],"evidenceIds":["e48","e418","e784","e785"],"counterEvidenceIds":["e45","e46","e70","e203","e414","e1427"]}],"evidence":[{"id":"e48","sourceId":"filing-1","location":"Business — Competition; locations, customer platform and asserted competitive advantages","excerpt":"Despite this competitive environment, our global reach and local market knowledge, developed over the years, provide us with distinct competitive advantages, including the following: • a portfolio of properties strategically located in markets with high population densities, growing consumption and significant barriers to entry, typically near major labor pools and extensive transportation infrastructure, including our Last Touch® facilities; • the ability to leverage the scale and structure of our 1.3 billion square foot O&M portfolio to provide multi-market customers with a single point of contact through our in-house global Customer Led Solutions Team to address their needs; • services and solutions offered through Prologis Essentials to assist our customers with their operational, energy and sustainability needs and at the same time enhancing the value of our real estate; • strategically located, global land and redevelopment sites with the potential to support $42.6 billion of TEI in new logistics space on an O&M basis, including build-to-suit development and redevelopment into industrial properties or data centers; • capabilities to build new data centers and convert existing properties to data centers in key markets, with $686 million of TEI on an O&M basis currently under development; • local teams with the expertise, experience and relationships to lease our properties and deploy capital advantageously, supported by our in-house government and community affairs and entitlement teams; 8 Table of Contents • development of logistics facilities with sustainable design features that meet customer needs for efficient, high-quality buildings while supporting their progress toward sustainability goals; • relationships and a successful track record with investors in our strategic capital business that is comprised of 94% open-ended ventures, long-term ventures and three publicly traded vehicles; • a market intelligence team that tracks business conditions in real time, allowing us to proactively pursue opportunities, respond to disruptions and create revenue-generating capabilities; • ongoing investment in technology and talent to support our sustainability objectives, including expansion of renewable energy initiatives and the integration of energy solutions across the portfolio; • an internal venture capital group, Prologis Ventures, which invests in growth stage companies innovating across the logistics sector; and • a strong balance sheet and credit ratings, complemented by significant liquidity, borrowing capacity and long-term fixed-rate debt at favorable rates."},{"id":"e45","sourceId":"filing-1","location":"Business — Competition; fragmented ownership","excerpt":"Competition Real estate ownership is highly fragmented, and we face competition from many owners and operators."},{"id":"e46","sourceId":"filing-1","location":"Business — Competition; competing space and pricing constraints","excerpt":"Competitively priced logistics space could impact our occupancy rates and limit the rents we can charge, which in turn could affect our operating results, particularly during periods of economic uncertainty or elevated new supply."},{"id":"e70","sourceId":"filing-1","location":"Risk Factors — California property and NOI concentration","excerpt":"At December 31, 2025, 30.6% of our consolidated operating properties or $24.7 billion (based on consolidated gross book value, or investment before depreciation) were located in California (Central Valley, San Francisco Bay Area and Southern California markets), which represented 23.6% of the aggregate square footage of our operating properties and 31.9% of our consolidated operating property NOI."},{"id":"e203","sourceId":"filing-1","location":"Risk Factors — competing rents and lease-expiration pressure","excerpt":"Our competitors may offer space at rental rates below current market rates or below what we currently charge, and we may be pressured to reduce our rates to retain customers when leases expire, or risk losing potential customers."},{"id":"e204","sourceId":"filing-1","location":"Risk Factors — inflation exposure under fixed lease terms","excerpt":"Additionally, rising inflation or costs could negatively impact our net operating income on existing leases with contractual guaranteed base rent and fixed charges, inclusive of certain rental expenses."},{"id":"e267","sourceId":"filing-1","location":"Revenue Recognition — contractual recovery of rental expenses","excerpt":"Generally, under the terms of our leases, the majority of our rental expenses are recovered from our customers, including common area maintenance, real estate taxes and insurance."},{"id":"e297","sourceId":"filing-1","location":"Note 11 — PSU settlement and three-year performance conditions","excerpt":"PSUs are granted under the Company's 2020 Long-Term Incentive Plan and are settled in equity at the end of a three-year performance period if applicable market-based performance hurdles are met."},{"id":"e299","sourceId":"filing-1","location":"Note 11 — target PSU performance threshold","excerpt":"Prologis must perform at the 55th percentile to earn a target award of 100.0%."},{"id":"e300","sourceId":"filing-1","location":"Note 11 — PSU payout cap and minimum performance threshold","excerpt":"The award is capped at 200.0% of the target for performance at or above the 85th percentile, and there is no payout in the event Prologis’ performance is below the 35th percentile."},{"id":"e327","sourceId":"filing-2","location":"Consolidated Balance Sheets — June 30, 2026; investments, cash and debt","excerpt":"CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except per share data) June 30, 2026 December 31, 2025 ASSETS Investments in real estate properties $ 97,013,785 $ 95,129,356 Less accumulated depreciation 15,783,188 14,729,149 Net investments in real estate properties 81,230,597 80,400,207 Investments in and advances to unconsolidated entities 11,467,403 11,093,936 Assets held for sale or contribution 498,975 203,344 Net investments in real estate 93,196,975 91,697,487 Cash and cash equivalents 1,765,043 1,145,647 Other assets 6,049,854 5,881,122 Total assets $ 101,011,872 $ 98,724,256 LIABILITIES AND EQUITY Liabilities: Debt $ 36,442,085 $ 35,037,073 Accounts payable and accrued expenses 2,529,638 1,963,645 Other liabilities 3,920,634 3,969,530 Total liabilities 42,892,357 40,970,248 Equity: Prologis, Inc."},{"id":"e328","sourceId":"filing-2","location":"Consolidated Statements of Income — first-half rental revenues, expenses and share counts","excerpt":"CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Revenues: Rental $ 2,177,074 $ 2,025,332 $ 4,302,158 $ 4,012,597 Strategic capital 241,619 147,162 402,431 288,301 Development management and other 6,759 11,375 18,586 22,636 Total revenues 2,425,452 2,183,869 4,723,175 4,323,534 Expenses: Rental 530,861 487,963 1,051,144 976,280 Strategic capital 95,590 64,917 177,479 125,694 General and administrative 129,626 106,871 256,516 221,572 Depreciation and amortization 689,518 657,221 1,421,024 1,309,279 Other 20,166 11,706 30,289 21,355 Total expenses 1,465,761 1,328,678 2,936,452 2,654,180 Operating income before gains on real estate transactions, net 959,691 855,191 1,786,723 1,669,354 Gains on dispositions of development properties and land, net 79,196 10,477 372,179 37,928 Gains on other dispositions of investments in real estate, net 212,449 47,044 303,489 83,843 Operating income 1,251,336 912,712 2,462,391 1,791,125 Other income (expense): Earnings from unconsolidated entities, net 147,470 107,692 240,766 175,591 Interest expense (276,311 ) (251,866 ) (530,597 ) (483,617 ) Foreign currency, derivative and other gains (losses) and other income (expense), net 109,663 (122,829 ) 154,274 (154,487 ) Gains (losses) on early extinguishment of debt, net (31 ) - (1,921 ) - Total other income (expense) (19,209 ) (267,003 ) (137,478 ) (462,513 ) Earnings before income taxes 1,232,127 645,709 2,324,913 1,328,612 Income tax expense (108,173 ) (23,405 ) (156,144 ) (66,788 ) Consolidated net earnings 1,123,954 622,304 2,168,769 1,261,824 Less net earnings attributable to noncontrolling interests 61,763 51,075 124,602 97,642 Net earnings attributable to controlling interests 1,062,191 571,229 2,044,167 1,164,182 Less preferred stock dividends 1,347 1,505 2,847 2,957 Net earnings attributable to common stockholders $ 1,060,844 $ 569,724 $ 2,041,320 $ 1,161,225 Weighted average common shares outstanding – Basic 933,092 928,476 932,175 927,909 Weighted average common shares outstanding – Diluted 957,884 955,882 957,654 955,601 Net earnings per share attributable to common stockholders – Basic $ 1.14 $ 0.61 $ 2.19 $ 1.25 Net earnings per share attributable to common stockholders – Diluted $ 1.13 $ 0.61 $ 2.18 $ 1.25 The accompanying notes are an integral part of these Consolidated Financial Statements."},{"id":"e346","sourceId":"filing-2","location":"Note 7 — actual January 2026 PSU grants","excerpt":"We granted PSUs for the 2026 – 2028 performance period in January 2026, with a fair value of $76.2 million."},{"id":"e413","sourceId":"filing-2","location":"MD&A — first-half operating summary; management characterization of retention","excerpt":"SUMMARY OF THE SIX MONTHS ENDED JUNE 30, 2026 Our operating results during the six months ended June 30, 2026 were strong, supported by healthy customer demand, high retention and robust leasing activity across our consolidated portfolio."},{"id":"e414","sourceId":"filing-2","location":"MD&A — accumulated market rent growth underlying rollover gains","excerpt":"We continued to benefit from the favorable mark-to-market of our existing leases, reflecting cumulative market rent growth over the past several years."},{"id":"e418","sourceId":"filing-2","location":"MD&A — June occupancy and first-half commenced-lease rent changes","excerpt":"These factors contributed to occupancy in our operating portfolio of 95.4% at June 30, 2026 and rent change on leases that commenced during the six months ended June 30, 2026 of 34.2% on a net effective basis, both metrics based on our ownership share."},{"id":"e422","sourceId":"filing-2","location":"MD&A — realized development-property and land disposition gains","excerpt":"Gains on Real Estate Transactions, Net Gains on the disposition of development properties and land were $372 million and $38 million for the six months ended June 30, 2026 and 2025, respectively, principally from the contribution of real estate properties and land to unconsolidated co-investment ventures in the U.S."},{"id":"e455","sourceId":"filing-2","location":"Note 3 — outstanding equity commitments","excerpt":"At June 30, 2026, our outstanding equity commitments were $930.5 million, primarily for our U.S."},{"id":"e477","sourceId":"filing-2","location":"MD&A — fixed or inflation-linked contractual lease escalations","excerpt":"Through our global footprint, we have a diversified lease portfolio and our revenues from in-place leases are contractual with fixed or inflation-linked escalations."},{"id":"e478","sourceId":"filing-2","location":"MD&A — trailing-twelve-month commenced-lease duration","excerpt":"For the trailing twelve months ended June 30, 2026, the weighted average lease term for leases commenced in our consolidated operating portfolio was 68 months."},{"id":"e491","sourceId":"filing-2","location":"MD&A — consolidated debt duration and interest rate","excerpt":"At June 30, 2026, the weighted average remaining term of our consolidated debt was 8 years and the weighted average interest rate was 3.3%."},{"id":"e501","sourceId":"filing-2","location":"Liquidity and Capital Resources — June 30 liquidity","excerpt":"At June 30, 2026, we had total available liquidity of $7.6 billion, including available capacity on our credit facilities of $5.8 billion and unrestricted cash balances of $1.8 billion."},{"id":"e502","sourceId":"filing-2","location":"Liquidity and Capital Resources — actual senior-note issuance","excerpt":"We issued $2.2 billion of senior notes with a weighted average interest rate of 4.3% and weighted average maturity of 8 years (principal in millions):"},{"id":"e518","sourceId":"filing-2","location":"Subsequent acquisition proposal disclosure — uncertain offer","excerpt":"There can be no certainty that an offer for SEGRO will be made."},{"id":"e579","sourceId":"filing-3","location":"Board and Corporate Governance — Audit Committee independence and qualifications","excerpt":"All Audit Committee members meet the independence, experience and financial literacy requirements of the NYSE and Section 10A of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)."},{"id":"e581","sourceId":"filing-3","location":"Board and Corporate Governance — Compensation Committee independence","excerpt":"PROLOGIS PROXY STATEMENT | MARCH 19, 2026 20 Table of Contents BOARD OF DIRECTORS AND CORPORATE GOVERNANCE Talent and Compensation Committee Members: George Fotiades (chair) David O’Connor Olivier Piani Meetings in 2025: 3 Independence: The Board determined all members of the Compensation Committee are independent in accordance with NYSE and SEC rules."},{"id":"e640","sourceId":"filing-3","location":"Compensation Discussion and Analysis — 2025 deployment targets and actual outcomes","excerpt":"PROLOGIS PROXY STATEMENT | MARCH 19, 2026 46 Table of Contents COMPENSATION DISCUSSION AND ANALYSIS DEPLOYMENT WEIGHTED AT 20% ABOVE TARGET OVERALL Key performance Metric Metric weighting Threshold performance 50% of target bonus Target performance 100% of target bonus Stretch performance 200% of target bonus Scored 2025 performance(3)(4) Economic stabilizations(1) 6.7% $2.75B $3B $3.250B $1.99B Economic stabilizations — margin(1) 6.7% 15% 20% 25% 27.7% Build-to-suit volume(2) 6.7% $1.25B $1.5B $1.75B $1.89B Total category score 133.5% of target (1) “Economic stabilizations” refers to development stabilizations that achieved at least 90% occupancy during 2025."},{"id":"e654","sourceId":"filing-3","location":"Compensation Discussion and Analysis — 2025 special-meeting rights enhancement","excerpt":"Finally, our objective third-party governance scores exceeded our high-reach expectations, supported by our recent actions to enhance stockholder rights, including reducing the threshold for stockholders to call a special meeting in 2025."},{"id":"e668","sourceId":"filing-3","location":"Compensation Discussion and Analysis — ownership-guideline compliance","excerpt":"PROLOGIS PROXY STATEMENT | MARCH 19, 2026 56 Table of Contents COMPENSATION DISCUSSION AND ANALYSIS Stock ownership guidelines All NEOs and directors are in compliance."},{"id":"e770","sourceId":"filing-3","location":"Related-party matters — absence of detailed written review and waiver procedures","excerpt":"Although we do not have detailed written procedures concerning the waiver of the application of our Code of Ethics and Business Conduct or the review and approval of transactions with directors or their affiliates, our directors would consider all relevant facts and circumstances in considering any such waiver or review and approval."},{"id":"e772","sourceId":"filing-3","location":"Proxy operating highlights — 2025 customer Net Promoter Score","excerpt":"Net Promoter Score: +51 – We achieved a Net Promoter Score of +51 on a scale of -100 to +100 in 2025, indicating strong customer loyalty."},{"id":"e784","sourceId":"filing-3","location":"Compensation Discussion and Analysis — same-store growth and relative occupancy achievements","excerpt":"Same-store NOI growth(1) and average occupancy above market each exceeded their rigorous stretch goals."},{"id":"e785","sourceId":"filing-3","location":"Compensation Discussion and Analysis — above-market occupancy amid moderating demand and new supply","excerpt":"In an environment marked by moderating demand growth and increasing new supply in certain markets, maintaining occupancy levels above market benchmarks underscores the quality and desirability of Prologis’s assets and team, the strength of customer relationships and our disciplined portfolio management."},{"id":"e807","sourceId":"filing-3","location":"Compensation practices — retirement-benefit waiver removal for new awards from January 2026","excerpt":"Any equity-based awards granted to them on or after January 1, 2026, will not be subject to the terms of their previously executed waiver of retirement eligibility benefits."},{"id":"e1427","sourceId":"filing-6","location":"MD&A — positive embedded rent gap despite recent lower or negative market rental growth","excerpt":"This lease mark-to-market remained meaningfully positive at approximately 17% (on an NER and our share basis), reflecting the accumulated rent growth embedded in our in-place leases remaining to be realized despite recent quarters of lower or even negative market rental growth."},{"id":"e1428","sourceId":"filing-6","location":"MD&A — March occupancy and first-quarter commenced-lease rent changes","excerpt":"These factors contributed to occupancy in our operating portfolio of 95.3% at March 31, 2026 and rent change on leases that commenced during the three months ended March 31, 2026 of 31.9% on a net effective basis, both metrics based on our ownership share."}],"changes":["Retain the previous narrow verdict and its distinction between realized rollover pricing and durable competitive outperformance.","Add explicit erosion evidence: recent lower or negative market rental growth limits extrapolation of the 34.2% rollover increase.","Incorporate disclosed above-market occupancy, customer satisfaction, actual compensation arrangements and mixed deployment outcomes into the criterion assessments."],"limitations":["The evidence consists of issuer filings. Property characteristics, customer-platform benefits and relative occupancy achievements are issuer-reported; the supplied passages do not establish long-run competitor-relative rent premiums.","Competition passages identify generic owner, developer and investment-manager categories. Named acquisition targets, investees and director affiliations do not establish named competitor coverage, so competitor arrays remain empty.","No numerical customer retention rate or quantified relocation costs are supplied. Customer satisfaction and occupancy provide indirect retention evidence, not proof of customer lock-in.","The sources include a proxy, actual PSU grants and reported ownership-guideline compliance, but no individual ownership amounts in the supplied passages. The proxy's meeting proposals do not establish election or advisory-vote outcomes.","Data-center procurement advantages and development potential remain largely management claims. The acquisition proposal is not treated as completed or as realized value creation.","Source dates are filing dates with dateKind filed. The latest supplied filing is July 29, 2026; no later operating or transaction outcome is established."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Strategic locations and the established customer platform are supported by above-market occupancy and strong realized leasing outcomes. This supports a location advantage, although the barriers themselves are issuer-described and relative rent premiums are unquantified.","evidenceIds":["e48","e418","e784","e785"]},{"criterion":"durability","grade":2,"rationale":"Sites and local expertise can persist, and 68-month commenced leases provide contractual continuity. Fragmented competition and recent lower or negative market rental growth limit evidence of sustained economic protection beyond existing leases.","evidenceIds":["e48","e478","e45","e1427"]},{"criterion":"customer_dependency","grade":2,"rationale":"High occupancy, a +51 customer Net Promoter Score and multi-year leases indicate customer value and commitment. Dependency is assessed indirectly; the passages do not quantify switching costs or demonstrate that customers cannot substitute other facilities.","evidenceIds":["e418","e772","e478","e203"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Above-market occupancy amid new supply and continued positive rollover pricing demonstrate resilience. Actual market-rent softness and California concentration leave meaningful exposure; generic competition risks are possibilities rather than evidence of realized tenant losses.","evidenceIds":["e785","e418","e1427","e70","e46"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Net effective increases of 31.9% on first-quarter commenced leases and 34.2% for the first half demonstrate strong realized repricing. These overlapping periods reflect accumulated market rent gains, not proof of continuing spot-rent increases or a premium over competitors.","evidenceIds":["e1428","e418","e414","e1427"]},{"criterion":"retention","grade":2,"rationale":"Occupancy of 95.4%, above-market occupancy in 2025 and a +51 customer satisfaction score support repeat demand indirectly. Management describes high retention, but no numerical renewal rate is supplied and occupancy can include replacement tenants.","evidenceIds":["e418","e785","e772","e413"]},{"criterion":"margin_resilience","grade":3,"rationale":"Contractual recovery of most property expenses and fixed or inflation-linked rent escalations provide concrete protection. First-half rental revenues and expenses imply a rental NOI margin of approximately 75.6% versus 75.7% a year earlier, demonstrating stability over this comparison. This is not evidence of a moat by itself, and unrecovered costs remain exposed to inflation.","evidenceIds":["e267","e477","e328","e204"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Prologis can negotiate market rents on rollover and has contractual escalations and expense recoveries. Multi-year leases constrain immediate repricing, while competing space limits renewal terms. The evidence supports meaningful but bounded freedom.","evidenceIds":["e418","e477","e478","e267","e203"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Realized disposition gains, $7.6 billion liquidity and eight-year debt duration support capital recycling and financing discipline. Results are mixed: 2025 economic stabilizations of $1.99 billion missed the $3 billion target, despite strong margins and build-to-suit volume. Debt and investments increased, new notes cost 4.3%, and $930.5 million of equity commitments remain. The evidence does not establish returns on all recent spending.","evidenceIds":["e422","e501","e491","e640","e327","e502","e455"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual PSU grants use multi-year performance conditions, above-median target requirements and a zero-payout floor, with reported ownership-guideline compliance. These are adopted arrangements rather than proposed awards. Removal of retirement-benefit waivers for new awards weakens some service conditions, and individual ownership amounts are absent.","evidenceIds":["e346","e297","e299","e300","e668","e807"]},{"criterion":"execution","grade":3,"rationale":"High occupancy, strong realized rollover pricing and reported above-market occupancy demonstrate effective leasing execution. Build-to-suit volume exceeded its target, although economic stabilization volume missed. Execution is judged from operating outcomes rather than executive biographies or stock returns; acquisition-proposal completion is not assumed.","evidenceIds":["e418","e784","e785","e640","e518"]},{"criterion":"governance","grade":2,"rationale":"Independent audit and compensation committees and a completed reduction in the special-meeting threshold support oversight and shareholder rights. The explicit absence of detailed written procedures for related-party reviews and ethics waivers is a governance weakness. The supplied proxy does not establish subsequent shareholder voting outcomes.","evidenceIds":["e579","e581","e654","e770"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"39b2927e4fe49ed8ba460f24758ef63a031275ae789250a1a84b28ed0247a696","updatedAt":"2026-10-18T12:47:26.096Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1045609/000119312526051453/pld-20251231.htm","publishedAt":"2026-02-13","sha256":"b2b1d6f33f176c324c13eddff8d2f75432a764725fc0c0edfdd80b65c1f3de34","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1045609/000119312526323746/pld-20260630.htm","publishedAt":"2026-07-29","sha256":"6c85d3a6cf4cd910b79b54d5bd9ec4596d461ac168578dc299c8837629d08627","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1045609/000119312526115132/d36709ddef14a.htm","publishedAt":"2026-03-19","sha256":"3d3b5653f8a6099961cbe5ac136cdf415e1afa4cbafb9a1c817f5694c29c07b1","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1045609/000095017025021272/pld-20241231.htm","publishedAt":"2025-02-14","sha256":"1124d538c4f89c8ca882b608cb368e03f2fa1c6411c888c0d170e1dfc0e64f3e","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1045609/000095017024014539/pld-20231231.htm","publishedAt":"2024-02-13","sha256":"5d8adc41fb24c7b075a291519798995eec140cb965fbcce97e8d3cb8e9eb5b8b","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1045609/000119312526197850/pld-20260331.htm","publishedAt":"2026-04-30","sha256":"4e66d2dbc475d7a636a7c5bf0f0b0d017797789569877a926f98010ee2e7c0c0","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:552e172843f86b2b950974c941d76b12829472f55e1b82b70e3cf50d35ae2357","usage":{"input_tokens":93348,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3919,"reasoning_output_tokens":115},"basisSupplement":{"previousHash":"4a544ce929fe7ebb4466494bfbc55358c599a9e5e7ff9b8699abd7b65aee9b11","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":67.38179281596155,"roic":5.654831367063562,"fcf_margin":null,"sbc_revenue":2.374817205385508},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roce":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":58.046815938953664,"roic":4.899201429332709,"fcf_margin":null,"sbc_revenue":2.935471062117029},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roce":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":46.21183181489204,"roic":4.151203495932468,"fcf_margin":null,"sbc_revenue":3.3358139727342375},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roce":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":53.842111487866404,"roic":4.856688931184914,"fcf_margin":null,"sbc_revenue":2.825628138865418},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roce":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":49.57680361159741,"roic":4.584501703501664,"fcf_margin":null,"sbc_revenue":2.109935385461439},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roce":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1045609/000119312526051453/pld-20251231.htm","publishedAt":"2026-02-13","sha256":"b2b1d6f33f176c324c13eddff8d2f75432a764725fc0c0edfdd80b65c1f3de34","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1045609/000119312526323746/pld-20260630.htm","publishedAt":"2026-07-29","sha256":"6c85d3a6cf4cd910b79b54d5bd9ec4596d461ac168578dc299c8837629d08627","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1045609/000119312526115132/d36709ddef14a.htm","publishedAt":"2026-03-19","sha256":"3d3b5653f8a6099961cbe5ac136cdf415e1afa4cbafb9a1c817f5694c29c07b1","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1045609/000095017025021272/pld-20241231.htm","publishedAt":"2025-02-14","sha256":"1124d538c4f89c8ca882b608cb368e03f2fa1c6411c888c0d170e1dfc0e64f3e","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1045609/000095017024014539/pld-20231231.htm","publishedAt":"2024-02-13","sha256":"5d8adc41fb24c7b075a291519798995eec140cb965fbcce97e8d3cb8e9eb5b8b","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1045609/000119312526197850/pld-20260331.htm","publishedAt":"2026-04-30","sha256":"4e66d2dbc475d7a636a7c5bf0f0b0d017797789569877a926f98010ee2e7c0c0","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}