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Prologis PLD Real Estate Operations — Operating Expenses

Other segment segments

Strategic Capital
$69.27M+12.9%

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Other financials

Income statement

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Revenue$2.4B+10.2%
Operating income$940.3M-24.8%
Net income$1.1B-20.9%
EPS (diluted)$1.13-17.5%

Balance sheet

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Cash & equivalents$1.2B+51.9%
Total debt$35.9B+9.1%
Total equity$52.6B-0.8%
Total assets$98.3B+2.5%

Cash flow

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Operating cash flow$1.4B+0.9%

Valuation

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Market cap$131.34B+33.9%
Enterprise value$166.08B-5.4%
P/E43.9×+16.0×
P/S14.7×+3.2×

Profitability

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Operating margin47.5%-1.0pp
Net margin33.4%-12.9pp
FCF margin63.3%

Returns & leverage

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Return on equity6.2%+0.3pp
Debt / equity0.7×+0.1×

Where this comes from

Reported directly by Prologis in its filing.

Tagged under the XBRL concept us-gaap:OperatingExpenses.

The source filing: Prologis’s 10-Q, filed October 28, 2025.

Filed
Oct 28, 2025
Fiscal quarter
Q3 FY2025
Calendar quarter
Q3 2025
Accession
0001193125-25-253512
Line itemThree Months Ended September 30, 2025Three Months Ended September 30, 2024Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
Other Americas(10,073)(6,820)(28,255)(20,446)
Europe(18,387)(13,738)(51,814)(32,637)
Asia(5,638)(6,148)(16,337)(16,249)
Total real estate segment(493,359)(443,108)(1,490,994)(1,366,288)
Strategic capital segment:
U.S. (1)(34,290)(30,594)(93,331)(106,273)
Other Americas(6,066)(4,020)(15,599)(17,041)
Europe(18,149)(17,617)(53,797)(59,402)

ITEM 1. Financial Statements

FAQ

What is Prologis's real estate operations — operating expenses?
Prologis (PLD) reported real estate operations — operating expenses of $493.36M in Q3 2025.
How has Prologis's real estate operations — operating expenses changed year-over-year?
Prologis's real estate operations — operating expenses increased by 11.3% year-over-year, from $443.11M to $493.36M.
What is the long-term trend for Prologis's real estate operations — operating expenses?
Over 2 years (2022 to 2024), Prologis's real estate operations — operating expenses has grown at a 20.6% compound annual growth rate (CAGR), from -$1.25B to -$1.81B.
What does real estate operations — operating expenses mean?
This metric captures the total costs incurred to operate, maintain, and manage the industrial real estate portfolio, including property taxes, insurance, utilities, and facility maintenance. It represents the direct cash outflows required to sustain property operations and support tenant services. Monitoring these expenses is critical for assessing the efficiency of property management and the impact of inflationary pressures on operating margins.

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