Prologis (PLD) investor relations material

Executive summary

• Q3 revenue was $2.388B, net earnings attributable to common stockholders were $815.7M, and Core FFO was $1.545B, or $1.60 per diluted share.

• Healthy demand supported 60M sq. ft. of leases signed and 55.9M sq. ft. of leases commenced; nearly $2.3B of transactions were announced.

• Full-year capital activity remained on track for $15B, with healthy logistics demand and development opportunities in logistics and data centers.

Financial highlights

• Q3 revenue rose to $2.388B from $2.214B YoY; rental revenue was $2.224B and strategic capital revenue was $164M.

• Net earnings attributable to common stockholders were $815.7M, or $0.86 diluted EPS, versus $762.9M, or $0.82, a year earlier.

• Core FFO was $1.545B, or $1.60 per diluted share ($1.61 excluding net promote income/expense); AFFO was $1.207B, versus $1.426B and $1.064B, respectively, in Q3 2025.

• Adjusted EBITDA attributable to common stockholders/unitholders was $2.081B, up from $1.868B YoY.

• Same-store NOI grew 5.7% net effective and 5.9% cash; rollover rent change was 38.0% net effective and 23.4% cash, adding $85M of incremental NOI.

Outlook and guidance

• 2026 net earnings guidance was lowered to $4.05–$4.15 per diluted share from $4.40–$4.55; Core FFO guidance rose to $6.25–$6.29 per share from $6.22–$6.30.

• 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, with the remainder in new logistics development.

• Acquisitions guidance increased to $2.1B–$2.3B; contributions and dispositions are expected at $3.5B–$4.75B.

• Strategic capital revenue excluding promotes is expected at $650M–$660M and G&A at $515M–$525M; earnings guidance assumes constant FX rates and excludes future or potential foreign currency and derivative gains or losses.