PLD · 10-K filed 13 Feb 2026 · year to 31 Dec 2025

Prologis

21 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Partners and platforms

FIBRA Prologis

earns from · more than 99% of Terrafinanamed as a risk

We have formed publicly traded investment vehicles, such as Nippon Prologis REIT, Inc., China AMC Prologis Logistics REIT and FIBRA Prologis, for which we serve as sponsor or manager.Risk factors (Item 1A)

Nippon Prologis REIT, Inc.

earns fromnamed as a risk

China AMC Prologis Logistics REIT

earns fromnamed as a risk

Other companies

Moody's

A2named as a risk

At December 31, 2025, our credit ratings were A from Standard and Poor's and A2 from Moody's, both with stable outlooks.Risk factors (Item 1A)

Also named by DG, RLI, WHR

Standard & Poor's

Anamed as a risk

At December 31, 2025, our credit ratings were A from Standard and Poor's and A2 from Moody's, both with stable outlooks.Risk factors (Item 1A)

Also named by RLI, WTM

Foreign currency contracts

exposed to its price · $140 million cash paymentnamed as a risk

Although the impact to net earnings is mitigated through higher translated U.S. dollar earnings from these currencies, a weakening of the U.S. dollar against these currencies by 10% could result in a $140 million cash payment on settlement of these contracts.Market risk (Item 7A)

Also named by TEAM

Logistics real estate sector

concentrated innamed as a risk

This concentration may expose us to the risk of economic downturns in this sector to a greater extent than if our business activities were more diversified.Risk factors (Item 1A)

Places

California

concentrated in · 30.6% of our consolidated operating properties or $24.7 billion; 31.9% of our consolidated operating property NOInamed as a risk

Because of the investment we have located in California, a downturn in California’s economy or real estate conditions, including state income tax and property tax laws, could adversely affect our business.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Atlanta, Chicago, Dallas/Fort Worth, Houston, Lehigh Valley, New Jersey/New York City, Seattle and South Florida

concentrated in · more than 3% of total consolidated investment before depreciationnamed as a risk

In addition to California, we also have significant holdings (defined as more than 3% of total consolidated investment before depreciation) in operating properties in certain markets located in Atlanta, Chicago, Dallas/Fort Worth, Houston, Lehigh Valley, New Jersey/New York City, Seattle and South Florida.Risk factors (Item 1A)

Japan

operates innamed as a risk

We have elected not to carry earthquake insurance for our assets in Japan based on this analysis.Risk factors (Item 1A)

Also named by A, AAPL, AFL, AMKR, ANET, BMY, BSX, CAT and 25 more

Germany, Japan, Mexico and the United Kingdom

concentrated innamed as a risk

Our O&M portfolio, which includes our consolidated properties and properties owned by our unconsolidated co-investment ventures, has concentrations of properties in the same markets mentioned above, as well as in markets in Germany, Japan, Mexico and the U.K., and are subject to the economic conditions in those markets.Risk factors (Item 1A)

United States

concentrated in

Substantially all of our consolidated rental revenue, NOI and cash flows from rental operations are generated in the U.S.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Hazards

Earthquakes

concentrated innamed as a risk

U.S. properties located in active seismic areas include properties in our markets in California and Washington.Risk factors (Item 1A)

Also named by AAPL, AMKR, AN, ANET, APP, BRO, CDNS, CEG and 37 more

Asbestos

named as a risk

Some of our properties are known to contain asbestos-containing building materials.Risk factors (Item 1A)

Also named by AAP, APG, BLDR, CARR, JCI, NVT, RPM, TRV

Hurricanes and floods

concentrated innamed as a risk

Furthermore, a number of our properties are located in areas that are known to be subject to hurricane or flood risk.Risk factors (Item 1A)

Also named by HON, LIN, SOLS

Commodities and inputs

Euro, British pound sterling, Canadian dollar and Japanese yen

exposed to its price · approximately $13.7 billion, or 13.8% of our total consolidated assetsnamed as a risk

At December 31, 2025, approximately $13.7 billion, or 13.8% of our total consolidated assets, were invested in a currency other than the U.S. dollar, principally the British pound sterling, Canadian dollar, euro and Japanese yen.Risk factors (Item 1A)

Electric power for data centers

depends onnamed as a risk

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;Risk factors (Item 1A)

Also named by AMT

Regulators

Internal Revenue Service (IRS)

subject to · 100% penalty taxnamed as a risk

The Internal Revenue Service (“IRS”) may contend that certain transfers or dispositions of properties by us or contributions of properties into our co-investment ventures are prohibited transactions.Risk factors (Item 1A)

Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO and 39 more

Laws and programs

Real Estate Investment Trust (REIT) qualification under Internal Revenue Code

subject to · at least 90% of its taxable incomenamed as a risk

If Prologis, Inc. lost its REIT status, our net earnings would be significantly reduced for each of the years involved.Risk factors (Item 1A)

Foreign Corrupt Practices Act

subject tonamed as a risk

We are required to comply with many regulations in different countries, including (but not limited to) the Foreign Corrupt Practices Act, the U.K. Bribery Act and similar laws and regulations.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

Americans with Disabilities Act

subject tonamed as a risk

Our properties are also subject to various federal, state and local regulatory requirements, such as the Americans with Disabilities Act and state and local fire, life-safety, energy and greenhouse gas emissions requirements.Risk factors (Item 1A)

Also named by AMT, CMG, DRI, ELS, HHH, HLT, LLYVA, LYV and 3 more