PROLOGIS (PLD) DIvidends Date & History

Key Takeaways

• PLD pays a quarterly dividend of $1.07 per share, equal to an annualized $4.28 per share and a dividend yield of roughly 3.0%.
• Prologis is a real estate investment trust (REIT) and distributes most of its taxable income to shareholders, giving the payout a consistent, recurring structure.
• The company has raised its dividend for more than a decade, with a five-year compound annual growth rate of approximately 11.7%.
• The dividend is well covered on a funds-from-operations basis, with a payout ratio near 60% — a healthy level for a REIT.
• Prologis combines a modest but growing yield with double-digit payout growth, making it a potential fit for dividend growth and long-term income investors.

Dividend Overview

Prologis, Inc. (PLD) is the world's largest industrial real estate investment trust (REIT), owning warehouses, distribution centers, and logistics facilities that support global supply chains. As a REIT, the company is required to distribute at least 90% of its taxable income to shareholders, which underpins a steady, predictable dividend policy.

The company pays its dividend quarterly, currently at $1.07 per share — an annualized rate of $4.28 per share. Based on recent trading levels, the stock's dividend yield is approximately 3.0%. Prologis is best classified as a dividend growth stock rather than a high-yield play: its yield is moderate, but the company has a long track record of increasing its payout at a rate well above most large-cap peers and the broader market.

Dividend History and Growth

Prologis has a strong history of consistent, rising payouts. The company has increased its dividend for 12 consecutive years, and its board most recently raised the quarterly dividend by 5.9%, from $1.01 to $1.07 per share, in February 2026. Over the past five years, the dividend has grown at a compound annual rate of roughly 11.7%, a pace that meaningfully outpaces both the average REIT and the S&P 500.

This growth reflects a deliberate, long-term strategy of returning a rising share of cash flow to investors while retaining capital for development and acquisitions. The most recent ex-dividend date was June 16, 2026, with the payment made on June 30, 2026; the next quarterly ex-dividend date was scheduled for September 16, 2026, with payment on September 30, 2026.

Dividend Sustainability and Payout Ratio

For REITs, the most meaningful coverage measure is funds from operations (FFO), which adds back non-cash depreciation and property gains or losses to net income. On this basis, Prologis's dividend appears well supported: its FFO payout ratio sits near 60%, comfortably within a sustainable range for an industrial REIT.

The company's headline, GAAP-based payout ratio can look elevated because depreciation on its large property portfolio reduces accounting earnings, but this is a non-cash charge that does not affect the cash available for distributions. Prologis also generates substantial operating cash flow and benefits from a high-quality, diversified tenant base, high portfolio occupancy, and an investment-grade balance sheet. These factors provide a meaningful cushion for continued dividend payments even if the leasing environment softens.

Dividend Compared to Industry Peers

Within the industrial REIT sector, Prologis's yield of roughly 3.0% is slightly below the industry average, which typically falls in the 3.4% to 3.5% range. Peers in logistics real estate include EGP, FR, and STAG, several of which offer comparable or higher current yields.

However, Prologis differentiates itself through the pace of its dividend growth. While some higher-yielding peers grow their payouts more slowly, Prologis has delivered double-digit annualized dividend increases, supported by contractual rent escalations and rent growth as leases renew at market rates. For investors weighing current income against future income growth, Prologis trades a slightly lower starting yield for a faster-growing distribution.

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Is This Stock Attractive for Dividend Investors?

Prologis may appeal primarily to dividend growth investors and long-term, buy-and-hold investors who value a rising income stream over a maximum starting yield. Its roughly 3.0% yield is respectable but not among the highest in the REIT space, and its true appeal lies in a 12-year record of consecutive dividend increases and a five-year growth rate near 11.7%.

Income-focused investors seeking immediate, high current yield may find higher payouts elsewhere in the real estate sector. Similarly, conservative investors should be aware that REITs are sensitive to interest rates and broader economic cycles, which can introduce share-price volatility even when the dividend itself remains intact. The dividend appears well covered by funds from operations and strong cash generation, but no payout is guaranteed. Overall, Prologis presents a balanced profile suited to investors who can accept a moderate current yield in exchange for meaningful, long-term dividend growth and a leading position in global logistics real estate.

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