Key Takeaways
- • Prologis reported Q3 2026 net earnings of $0.86 per diluted share, up from $0.82 a year earlier, and Core FFO of $1.60 per diluted share, up from $1.49 in Q3 2025.
- • The company signed 60 million square feet of leases and announced nearly $2.3 billion of transactions during the quarter, according to CEO Daniel S. Letter.
- • Prologis narrowed its 2026 Core FFO guidance to $6.25 to $6.29 per share from $6.22 to $6.30, while cutting net earnings guidance to $4.05 to $4.15 from $4.40 to $4.55.
- • Shareholders approved the proposed SEGRO plc transaction, which Prologis says will expand its European platform; the company disclosed a profit forecast under U.K. Takeover Code Rule 28.
- • Average occupancy was 95.1% on a Prologis-share basis, cash same-store NOI growth was 5.9%, and cash rent change was 23.4%.
Summary
Prolologis, Inc. (PLD) reported third-quarter 2026 results for the period ended September 30, 2026, citing healthy customer demand. Net earnings per diluted share were $0.86, compared with $0.82 for the same period in 2025. Core FFO per diluted share was $1.60, compared with $1.49, and Core FFO excluding Net Promote Income (Expense) was $1.61, compared with $1.50.
CEO Daniel S. Letter said the company signed 60 million square feet of leases and announced nearly $2.3 billion of transactions. He stated that customers are running lean on inventory and that excess capacity within their networks has largely cleared, pointing to demand supported by e-commerce, advanced manufacturing and the build-out of the data center supply chain. Letter called shareholder approval of the SEGRO transaction an important milestone and said the company looks forward to completing the deal and expanding its European platform.
Operating metrics on a Prologis-share basis included 95.1% average occupancy and 95.6% period-end occupancy on an owned and managed basis, 5.9% cash same-store NOI growth, 38.0% net effective rent change and 23.4% cash rent change. Deployment activity included $702 million of acquisitions at a 4.2% weighted average stabilized cap rate, $401 million of development stabilizations, $964 million of development starts at an estimated 6.6% weighted average yield, and $169 million of total dispositions and contributions.
CFO Timothy D. Arndt said the results reflected strong operating performance and disciplined capital allocation, and that the balance sheet gives the company capacity to keep investing in growth in a higher interest rate environment. During the quarter, Prologis and its co-investment ventures closed $1.3 billion of debt at a weighted average rate of 4.0% and a 4.5-year term. At quarter-end, total available liquidity was approximately $8.8 billion, Debt-to-Adjusted EBITDA was 4.5x, and debt was 23.9% of total market capitalization.
For 2026, the company lowered its net earnings guidance to $4.05 to $4.15 per diluted share from $4.40 to $4.55, and raised its Core FFO guidance to $6.25 to $6.29 from $6.22 to $6.30. It raised development starts guidance to $5.0 billion to $5.75 billion and acquisitions guidance to $2.1 billion to $2.3 billion, and cut dispositions guidance to $1.75 billion to $2.5 billion. The company disclosed the profit forecast under the U.K. Takeover Code, noting the U.K. Takeover Panel granted a dispensation from the reporting accountant requirement. The call was scheduled for October 15, 2026 at 9:00 a.m. PT.
CEO Daniel S. Letter said the company signed 60 million square feet of leases and announced nearly $2.3 billion of transactions. He stated that customers are running lean on inventory and that excess capacity within their networks has largely cleared, pointing to demand supported by e-commerce, advanced manufacturing and the build-out of the data center supply chain. Letter called shareholder approval of the SEGRO transaction an important milestone and said the company looks forward to completing the deal and expanding its European platform.
Operating metrics on a Prologis-share basis included 95.1% average occupancy and 95.6% period-end occupancy on an owned and managed basis, 5.9% cash same-store NOI growth, 38.0% net effective rent change and 23.4% cash rent change. Deployment activity included $702 million of acquisitions at a 4.2% weighted average stabilized cap rate, $401 million of development stabilizations, $964 million of development starts at an estimated 6.6% weighted average yield, and $169 million of total dispositions and contributions.
CFO Timothy D. Arndt said the results reflected strong operating performance and disciplined capital allocation, and that the balance sheet gives the company capacity to keep investing in growth in a higher interest rate environment. During the quarter, Prologis and its co-investment ventures closed $1.3 billion of debt at a weighted average rate of 4.0% and a 4.5-year term. At quarter-end, total available liquidity was approximately $8.8 billion, Debt-to-Adjusted EBITDA was 4.5x, and debt was 23.9% of total market capitalization.
For 2026, the company lowered its net earnings guidance to $4.05 to $4.15 per diluted share from $4.40 to $4.55, and raised its Core FFO guidance to $6.25 to $6.29 from $6.22 to $6.30. It raised development starts guidance to $5.0 billion to $5.75 billion and acquisitions guidance to $2.1 billion to $2.3 billion, and cut dispositions guidance to $1.75 billion to $2.5 billion. The company disclosed the profit forecast under the U.K. Takeover Code, noting the U.K. Takeover Panel granted a dispensation from the reporting accountant requirement. The call was scheduled for October 15, 2026 at 9:00 a.m. PT.
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