Prologis (PLD) investor relations material

Executive summary

• Q3 revenue was $2.388B; net earnings attributable to common stockholders were $815.7M and diluted EPS was $0.86, up from $0.82 YoY.

• Core FFO was $1.60 per diluted share, or $1.61 excluding net promote expense; AFFO was $1.207B.

• Healthy demand supported 60M sq. ft. of signed leases and 55.9M sq. ft. of leases commenced; full-year capital activity remained on track for $15B.

• Operating portfolio occupancy was 95.5%; same-store cash NOI grew 5.9% YoY.

Financial highlights

• Q3 revenue was $2.388B vs. $2.214B YoY, including $2.224B of rental revenue and $164M of strategic capital revenue.

• Q3 Core FFO was $1.545B vs. $1.426B YoY; AFFO was $1.207B vs. $1.064B.

• Q3 operating income was $1.045B vs. $940.3M; net gains on real estate transactions were $108.0M vs. $47.7M.

• 9M revenue was $7.111B, net earnings attributable to common stockholders were $2.857B, and Core FFO was $4.544B.

• 9M net cash from operations was $4.393B; net gains on real estate transactions were $784M, principally from venture contributions and third-party property sales.

Outlook and guidance

• 2026 net earnings guidance was lowered to $4.05–$4.15 per diluted share; Core FFO guidance was raised to $6.25–$6.29, unchanged excluding net promote income or expense.

• Average occupancy guidance is 95.25%–95.50%; same-store NOI growth guidance is 5.5%–6.0% net effective and 7.0%–7.5% cash.

• Development starts guidance increased to $6B–$6.75B; 55%–65% are expected to be build-to-suit. Acquisitions guidance increased to $2.1B–$2.3B, with contributions and dispositions of $3.5B–$4.75B expected.

• Strategic capital revenue excluding promotes is forecast at $650M–$660M; G&A guidance is $515M–$525M.

• Guidance assumes constant FX rates and excludes future or potential foreign currency and derivative gains or losses; most estimated 2026 Euro, Sterling and Yen Core FFO is hedged.