Prologis, Inc. Earnings Recaps
Q1 2026
Apr 16, 2026
Prologis delivered a resilient Q1 2026 performance, driven by robust leasing, strategic capital deployment, and expanding data center and energy platforms, amid geopolitical uncertainties. The company raised its full-year outlook, reflecting confidence in underlying demand and operational strength.
Key takeaways
- Achieved record leasing with 64 million sq ft signed, maintaining occupancy at 95.3% and raising full-year rent change guidance to nearly 40%.
- Modules of development, including $2.1 billion in starts (75% speculative logistics, $1.3 billion in data centers), highlight confidence in market fundamentals.
- Data center pipeline exceeds 5.6 GW of secured/advanced energy projects, with potential to generate over $15 billion in investment value.
- Capital recycling includes $1.2 billion asset sales and joint ventures with GIC and La Caisse, demonstrating strong investor demand.
- EBIT metrics showcase solid NOI growth (6.1% on net basis), with improving lease mark-to-market at 17%, signaling stabilization in rent pricing.
Q3 2025
Oct 16, 2025
Prologis delivered a strong third quarter in 2025, marked by record leasing activity and increased portfolio occupancy, positioning the company for sustained growth in the evolving logistics market.
Key takeaways
- Record leasing of nearly 62 million square feet and a 20 basis point increase in occupancy to 95.3%.
- Core FFO surpassed expectations at $1.49 per share, driven by significant rent growth of 49% net effective and 29% cash.
- Continued momentum in data center capacity, with 5.2 gigawatts secured, signaling a $15 billion investment opportunity.
- Robust demand for build-to-suit projects, totaling 21 signed this year, indicating strong customer relationships and strategic land utilization.
- Improved customer sentiment and operational conditions forecast a favorable demand landscape, as evidenced by steady net absorption and a slowdown in rent declines.