What is Prologis's lease costs?

Prologis (PLD) reported lease costs of $484.64M in Q3 2025.

How has Prologis's lease costs changed year-over-year?

Prologis's lease costs increased by 13.4% year-over-year, from $427.43M to $484.64M.

What is the long-term trend for Prologis's lease costs?

Over 3 years (2021 to 2024), Prologis's lease costs has grown at a 19.2% compound annual growth rate (CAGR), from $1.04B to $1.77B.

What does lease costs mean?

The total costs required to operate and maintain the company's leased properties.

Operating Expenses

Lease Costs

Prologis Lease Costs decreased by 0.7% to $484.64M in Q3 2025 compared to the prior quarter. Year-over-year, this metric grew by 13.4%, from $427.43M to $484.64M. Over 3 years (FY 2021 to FY 2024), Lease Costs shows an upward trend with a 19.2% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.

Analysis

StatementIncome Statement

SectionOperating Expenses

CategoryEfficiency

SignalLower is better

VolatilityModerate

First reportedQ1 2019

Last reportedQ3 2025

How to read this metric

Rising costs relative to revenue may indicate operational inefficiencies or aging assets requiring higher maintenance spend.

Detailed definition

These are the direct operating expenses incurred to maintain and manage leased properties, including property taxes, ins...

Peer comparison

Comparable to property operating expenses (OpEx) reported by other industrial REITs.

Metric ID: is_wfc_lease_costs

Historical Data

18 periods

	Q2 '21	Q3 '21	Q4 '21	Q1 '22	Q2 '22	Q3 '22	Q4 '22	Q1 '23	Q2 '23	Q3 '23	Q4 '23	Q1 '24	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25
Value	$245.13M	$256.61M	$261.69M	$275.67M	$270.47M	$284.71M	$374.89M	$412.55M	$387.94M	$416.08M	$408.23M	$454.26M	$445.24M	$427.43M	$438.47M	$488.32M	$487.96M	$484.64M
QoQ Change	—	+4.7%	+2.0%	+5.3%	-1.9%	+5.3%	+31.7%	+10.0%	-6.0%	+7.3%	-1.9%	+11.3%	-2.0%	-4.0%	+2.6%	+11.4%	-0.1%	-0.7%
YoY Change	—	—	—	—	+10.3%	+11.0%	+43.3%	+49.7%	+43.4%	+46.1%	+8.9%	+10.1%	+14.8%	+2.7%	+7.4%	+7.5%	+9.6%	+13.4%

Range$245.13M – $488.32M

CAGR+17.4%

Avg YoY Growth+19.9%

Median YoY Growth+10.6%

Current Streak2 quarters decline

Frequently Asked Questions

What is Prologis's lease costs?: Prologis (PLD) reported lease costs of $484.64M in Q3 2025.
How has Prologis's lease costs changed year-over-year?: Prologis's lease costs increased by 13.4% year-over-year, from $427.43M to $484.64M.
What is the long-term trend for Prologis's lease costs?: Over 3 years (2021 to 2024), Prologis's lease costs has grown at a 19.2% compound annual growth rate (CAGR), from $1.04B to $1.77B.
What does lease costs mean?: The total costs required to operate and maintain the company's leased properties.