Prologis: Logistics Giant, Data Centers Growth, And Its Expensive Preferreds

2025-12-22 07:22:23 ET

Prologis ( PLD ) offers the largest logistics portfolio in the world, with an investment-grade balance sheet and an expanding data center business that could drive the commons higher even after a 21% price return year-to-date. This outperformed the S&P 500's 16% return over the same time frame. The REIT last declared a quarterly cash dividend of $1.01 per share , kept unchanged from its prior distribution, and $4.04 per share annualized for a 3.2% dividend yield. While this means a negative 94 basis points spread to the current U.S. 10-year Treasury yield ( US10Y ) at 4.14%, PLD grew its fiscal 2025 third-quarter core funds from operations ((FFO)) by 4.2% year-over-year to $1.49 per share and has compounded its quarterly dividend distributions by 11.7% over the last 5 years. The internally managed REIT has outperformed its sector median across every time frame for dividend growth, with trailing twelve-month growth currently running at 5.2%, a 110% difference to its peer group median. ...

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