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Prologis Executive Compensation (FY25)

PLD · San Francisco, CA · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Daniel Letter
Median of the other named officers
$6,701,275
5 officers, excluding the chief executive
Latest say-on-pay support
=
April 28, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 22, 2026Latest filing (8-K): April 30, 2026
13 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Prologis brief$1,500Get the executive brief
Velarion Member, one year
499 figures on this page: 492 cited to the filing that reported them, 7 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Daniel Letter: $12,296,349 → $15,190,625 (23.5% higher)
Say-on-pay support: 91.2% → 58.3% (32.9 points lower)
CEO pay ratio: 201:1 → 177:1 (11.9% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Prologis' chief executive and what were they paid?
Daniel Letter, Chief Executive Officer, received $15,190,625 in total compensation for fiscal 2025. Letter's total was 23.5% higher than the $12,296,349 reported for fiscal 2024.
What was Prologis' say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 58.3% of votes cast for or against in favor at the meeting held April 28, 2026.
Which companies are in Prologis' peer group?
Companies named in the disclosed peer group include Adobe Inc., American Tower Corporation, Automatic Data Processing, Inc., BlackRock, Inc. and Crown Castle Inc., among others.
What is Prologis' chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 177:1, against median employee compensation of $141,121.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Hamid Moghadam
Executive Chairman
◇◇◇———◇◇
Eugene F. Reilly
Chief Investment Officer
◇◇◇—◇—◇◇
Gary Anderson
Chief Operating Officer
◇◇◇—◇—◇◇
Edward S. Nekritz
Chief Legal Officer and Secretary
◇◇◇—◇—◇◇
Thomas S. Olinger
Chief Financial Officer
◇—◇—◇—◇◇
Timothy Arndt
Chief Financial Officer
◇◇◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Hamid Moghadam
Executive Chairman
◇◇◇———◇◇
Gary Anderson
Chief Operating Officer
◇◇◇———◇◇
Edward Nekritz
Chief Legal Officer and General Counsel
◇◇◇———◇◇
Daniel Letter
Chief Executive Officer
◇◇◇———◇◇
Timothy Arndt
Chief Financial Officer
◇◇◇———◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Hamid Moghadam
Executive Chairman
◇◇◇———◇◇
Daniel Letter
Chief Executive Officer
◇◇◇———◇◇
Timothy Arndt
Chief Financial Officer
◇◇◇———◇◇
Edward Nekritz
Chief Legal Officer and General Counsel
◇◇◇———◇◇
Joseph Ghazal
Chief Investment Officer
◇◇◇———◇◇
Carter Andrus
Chief Operating Officer
◇◇◇———◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Hamid Moghadam
Executive Chairman
◇◇◇———◇◇
Daniel Letter
Chief Executive Officer
◇◇◇———◇◇
Timothy Arndt
Chief Financial Officer
◇◇◇———◇◇
Carter Andrus
Chief Operating Officer
◇◇◇———◇◇
Joseph Ghazal
Former Chief Investment Officer
Departed during or after this year
◇◇◇———◇◇
Deborah Briones
Chief Legal Officer, General Counsel and Secretary
◇◇◇———◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Carter AndrusRSU◇——◇——◇
Carter AndrusPSU◇◇◇◇◇—◇
Carter AndrusRSU◇——◇——◇
Daniel LetterRSU◇——◇——◇
Daniel LetterRSU◇——◇——◇
Daniel LetterPSU◇◇◇◇◇—◇
Deborah BrionesRSU◇——◇——◇
Deborah BrionesRSU◇——◇——◇
Deborah BrionesPSU◇◇◇◇◇—◇
Hamid MoghadamRSU◇——◇——◇
Hamid MoghadamRSU◇——◇——◇
Hamid MoghadamPSU◇◇◇◇◇—◇
Joseph GhazalRSU◇——◇——◇
Joseph GhazalRSU◇——◇——◇
Joseph GhazalPSU◇◇◇◇◇—◇
Timothy ArndtRSU◇——◇——◇
Timothy ArndtRSU◇——◇——◇
Timothy ArndtPSU◇◇◇◇◇—◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Timothy ArndtRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Deborah BrionesRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇———
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Daniel LetterRSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Joseph GhazalRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Hamid MoghadamRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Carter AndrusPSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Carter Andrus
Chief Operating Officer · Change-in-control agreement
Severance multiple◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-solicit period◇
Daniel Letter
Chief Executive Officer · Change-in-control agreement
Severance multiple◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-solicit period◇
Deborah Briones
Chief Legal Officer, General Counsel and Secretary · Change-in-control agreement
Severance multiple◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-solicit period◇
Clawback◇
Hamid Moghadam
Executive Chairman · Change-in-control agreement
Severance multiple◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-solicit period◇
Joseph Ghazal
Former Chief Investment Officer · Change-in-control agreement
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Non-solicit period◇
Timothy Arndt
Chief Financial Officer · Change-in-control agreement
Severance multiple◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-solicit period◇
Clawback◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Irving F. Lyons III
Lead independent director
◇◇———◇◇
George L. Fotiades
◇◇———◇◇
Lydia H. Kennard
◇◇———◇◇
Avid Modjtabai
◇◇————◇
Guy A. Metcalfe
◇◇———◇◇
Cristina G. Bita
◇◇———◇◇
James B. Connor
◇◇———◇◇
David P. O'Connor
◇◇———◇◇
Olivier Piani
◇◇————◇
Sarah A. Slusser
◇◇———◇◇
Carl Webb
◇—————◇
Daniel S. Letter and Hamid R. Moghadam served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Board meeting fee◇
Committee meeting fee◇
Equity is delivered as deferred stock units.
Stock ownership guideline: 5x annual cash retainer ($600,000)

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Adobe Inc. ADBE
  • American Tower Corporation AMT
  • Automatic Data Processing, Inc. ADP
  • BlackRock, Inc. BLK
  • Crown Castle Inc. CCI
  • Digital Realty Trust, Inc. DLR
  • Equinix, Inc. EQIX
  • Evercore Inc. EVR
  • Global Payments Inc. GPN
  • Intuit Inc. INTU
  • Jefferies Financial Group Inc. JEF
  • Lazard Ltd. LAZ
  • Northern Trust Corporation NTRS
  • Paychex, Inc. PAYX
  • S&P Global Inc. SPGI
  • ServiceNow, Inc. NOW
  • State Street Corporation STT
  • The Carlyle Group Inc. CG
  • Welltower Inc. WELL
  • Workday, Inc. WDAY

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025April 28, 2026=◇◇◇
2024May 8, 2025=◇◇◇
2023May 9, 2024=◇◇◇
2022May 4, 2023=◇◇◇
2020April 29, 2021=◇◇◇
2019April 29, 2020=◇◇◇
2018May 1, 2019=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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- Daniel Letter (Chief Executive Officer), FY2025 total compensation $15,190,625 (base salary $795,385) [exec_comp, SEC accession 0001193125-26-115132, filed 2026-03-19]

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What this page does not include

Everything above is a fact Prologis disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Prologis sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Say-on-pay responsiveness
Prologis recorded a low support level. The responsiveness analysis covers what the company said it would do, what it did, and how that compares with the companies that recovered their vote.
Responsiveness analysis
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
499 figures on this page: 492 cited to the filing that reported them, 7 calculated from figures it prints.
492 cited to the filing
7 calculated from the filing

Documents cited

  1. 0001193125-26-197916
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-115132
    Director Compensation · Director Compensation for Fiscal Year 2025* · Employment Agreement · Grants of Plan-Based Awards in Fiscal Year 2025 · and 4 more sections
  3. 000119312526115132
    CEO Pay Ratio
  4. 0001193125-25-118803
    Item 5.07 Submission of Matters to a Vote of Security Holders
  5. 0001193125-25-067058
    Summary Compensation Table for Fiscal Year 2024*
  6. 0001193125-24-138191
  7. 0001193125-24-081522
    Summary Compensation Table for Fiscal Year 2023 · Summary Compensation Table for Fiscal Year 2023*
  8. 0001193125-23-138238
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001193125-21-148185
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001193125-20-132374
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001193125-19-135178
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001193125-13-338422
    Employment Agreement
  13. 0001193125-23-079100
    Summary Compensation Table for Fiscal Year 2022*
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Velarion, “Prologis executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/PLD (accessed 2026).
Short form: data: Velarion

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13 filings cited on this page
Method: intel.velarion.ai/methodology
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers Prologis discloses

The companies named in PLD's own disclosed peer group.

Adobe Inc.American Tower CorporationAutomatic Data Processing, Inc.BlackRock, Inc.Crown Castle Inc.Digital Realty Trust, Inc.Equinix, Inc.Evercore Inc.Global Payments Inc.Intuit Inc.Jefferies Financial Group Inc.Lazard Ltd.Northern Trust CorporationPaychex, Inc.S&P Global Inc.ServiceNow, Inc.State Street CorporationThe Carlyle Group Inc.Welltower Inc.Workday, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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