Close · Oct 16, 2026125.75P/E 25.7 · EV yield 4.1%
P/Cash FFO22.5×Cash FFO/sh 5.59
Yield · spread to 10y3.4%−1.73 pt vs. the bond
−4% below 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 16, 20265.09%2-year 4.74%
Board median yield4.4%trailing dividends ÷ last close
Yield spread to the 10-year−0.71 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO15.6×five-year median 16.7× · −7%
Lights on0 of 3prices Oct 16, 2026 · TTM through Jun 30, 2026
Where it has traded
quarter-end P/Cash FFO · 19 quarters · Dec 31, 2021 → Jun 30, 2026
Five-year median 23.5×, middle half 21.1–25.1×, range 19.4–40.7×. Now 22.5×: −4% below its own median, higher than 37% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile
Where the cash goes
TTM through Jun 30, 2026 · $B
Cash FFO 5.36B = net income 4.59B + depreciation 2.79B − 2.02B other non-cash items · dividends 4.04B · retained 1.32B
Against the board
PLD is the only Industrial REIT on the board; blue vs. the other 23 REITs, grey
P/Cash FFO22.5× vs. 17.1×
Dividend yield3.4% vs. 4.3%
Cash FFO payout75% vs. 66%
Net debt / EBITDA5.5× vs. 5.6×
Interest cover6.0× vs. 5.0×
EBITDA margin68% vs. 58%
Board averages are the plain mean of every other REIT with a usable window; property types trade at structurally different multiples, so read the P/FFO bar loosely.
Quarter by quarter
8 quarters · Dec 31, 2024 → Sep 30, 2026 · a gap is a dropped quarter