Prologis dividend: cash coverage and yield
In 2025, Prologis paid a $4.04 dividend per share against $5.81 of Core FFO per share. The dividend is supportable, but expansion depends on recycling capital and using financing.
How much does Prologis pay per share?
The annual table’s row labelled AFFO presents Prologis’s Core FFO measure. Prologis reports AFFO separately: it removes noncash rent and deducts property improvements and turnover costs, while making other specified adjustments. In 2025, Core FFO was $5.81 per share against a dividend of $4.04. The displayed payout was 69.5%, but that does not mean the remaining 30.5% was free cash after every building obligation.
The current annualized dividend is $4.28 after the latest increase. The base case pays $4.41, $4.67 and $4.95, reflecting a roughly 5% initial increase followed by 6% annual increases. Coverage supports moderation: 2025 AFFO per share was $5.81 against a $4.04 dividend. The bear case holds each period at $4.28 because leverage and weaker leasing could pause increases. The bull case pays $4.45, $4.76 and $5.09, requiring 7% annual increases.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| AFFO attributable to common stockholders/unitholders | 4,950 (4,650 / 5,100) | 5,250 (4,650 / 5,550) | 5,570 (4,700 / 6,050) |
| Shares (millions) | 1,082 (1,100 / 1,065) | 1,088 (1,109 / 1,069) | 1,094 (1,118 / 1,073) |
| Dividends per share | 4.41 (4.28 / 4.45) | 4.67 (4.28 / 4.76) | 4.95 (4.28 / 5.09) |
| Price to AFFO attributable to common stockholders/unitholders | 20.00 (17.00 / 22.00) | 20.00 (16.00 / 24.00) | 19.00 (15.00 / 25.00) |
Is Prologis’s dividend covered by its cash?
Development and capital spending, together with acquisitions, required more than the cash left after dividends. Prologis filled that gap by selling properties and issuing debt. This is like a household whose wages cover groceries but not a house extension: it must save, sell an asset or borrow. The dividend was supportable, but expansion depended on recycling capital and using financing.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 5,008,434 | 4,912,209 | 5,373,058 | 4,126,430 | 2,996,042 |
| − Dividends paid | 3,764,745 | 3,570,480 | 3,228,589 | 2,494,723 | 1,872,861 |
| = Operating cash after dividends | 1,243,689 | 1,341,729 | 2,144,469 | 1,631,707 | 1,123,181 |
| − Acquisitions | 1,800,527 | 2,327,605 | 4,195,714 | 2,492,108 | 2,320,448 |
| − Development and capital spending | 3,670,812 | 4,092,639 | 4,090,970 | 3,668,971 | 3,138,864 |
| − Shares bought back | 0 | 0 | 0 | 0 | 0 |
What this means. The 2022 acquisitions number does not include the Duke Realty purchase because it was paid with shares and assumed debt rather than cash.
What could change Prologis’s dividend?
October 15 guidance expects 2026 cash same-store NOI growth of 7.0%–7.5%. Average occupancy is guided to 95.3%–95.5%. Core FFO is guided to $6.25–$6.29 per share. Net earnings guidance is lower because accounting earnings include items Core FFO adjusts for.
What is Prologis’s dividend yield today?
The modeled range by October 2029 is $63.06 to $140.96. Today's price is $126.94, so even the bull case requires meaningful execution before the shares offer upside.
| Today (Oct 16, 2026) | |
|---|---|
| Share price | 126.94 |
| Market value (calculated) | 118,445.315 |
| Price to AFFO (calculated) | 20.6x |
| Dividend yield (calculated) | 3.4% |
What this means. The price-to-adjusted funds from operations figure uses core funds from operations instead, so it may not match the stated measure.