Prologis Supplemental Information THIRD QUARTER 2026 Unaudited Prologis Park Berlin, Berlin, Germany
Prologis, Inc. (PLD) filed an SEC Form 8-K — Results of Operations and Financial Condition. Prologis Supplemental Information THIRD QUARTER 2026 Unaudited Prologis Park Berlin, Berlin, Germany Contents Highlights 3 Company Profile 5 Company Performance 7 Prologis Leading Indicators and Proprietary Metrics 8 Guidance Financial Information 9 Consolidated Balance Sheets 10
How this was made
The 30-second read
Why it matters
The new guidance may cause a short‑term price adjustment as analysts recalibrate earnings models.
Market read
Guidance updates are a primary source of information for REIT investors and can influence sector sentiment.
What to watch
Potential impact of rising energy‑storage investments and power‑pipeline projects on future cash flow.
Third-quarter total revenues were $2,388 million, Core FFO attributable to common stockholders/unitholders was $1,545 million, and average occupancy - Prologis Share was 95.4%.
Rental and other revenues, Core FFO, AFFO and adjusted EBITDA were higher than the prior-year quarter, while occupancy remained at 95.4%, rent change - Prologis Share was 38.0%, and full-year Core FFO guidance was $6.25 to $6.29 per diluted share.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Three Months Ended September 30, 2026 Rental and other revenuesGAAP | $2.22B | – | – |
| Three Months Ended September 30, 2026 Strategic capital revenuesGAAP | $164M | – | – |
| Three Months Ended September 30, 2026 Total revenuesGAAP | $2.39B | – | – |
| Nine Months Ended September 30, 2026 Total revenuesGAAP | $7.11B | – | – |
| Three Months Ended September 30, 2026 Operating incomeGAAP | $ 1,044,720 | – | – |
| Nine Months Ended September 30, 2026 Operating incomeGAAP | $ 3,507,111 | – | – |
| Three Months Ended September 30, 2026 Net earnings attributable to common stockholdersGAAP | $816M | – | – |
| Nine Months Ended September 30, 2026 Net earnings attributable to common stockholdersGAAP | $2.86B | – | – |
| Three Months Ended September 30, 2026 Net earnings per share attributable to common stockholders - DilutedGAAP | $ 0.86 | – | – |
| Nine Months Ended September 30, 2026 Net earnings per share attributable to common stockholders - DilutedGAAP | $ 3.04 | – | – |
| Three Months Ended September 30, 2026 Core FFO attributable to common stockholders/unitholdersnon-GAAP | $1.54B | – | – |
| Nine Months Ended September 30, 2026 Core FFO attributable to common stockholders/unitholdersnon-GAAP | $4.54B | – | – |
| Three Months Ended September 30, 2026 Core FFO attributable to common stockholders/unitholders per diluted sharenon-GAAP | 1.60 | – | – |
| Nine Months Ended September 30, 2026 Core FFO attributable to common stockholders/unitholders per diluted sharenon-GAAP | 4.73 | – | – |
| Three Months Ended September 30, 2026 AFFO attributable to common stockholders/unitholdersnon-GAAP | $1.21B | – | – |
| Nine Months Ended September 30, 2026 AFFO attributable to common stockholders/unitholdersnon-GAAP | $4.00B | – | – |
| Three Months Ended September 30, 2026 Adjusted EBITDA attributable to common stockholders/unitholdersnon-GAAP | $2.08B | – | – |
| Nine Months Ended September 30, 2026 Adjusted EBITDA attributable to common stockholders/unitholdersnon-GAAP | $6.40B | – | – |
| Q3 2026 Average occupancy - Prologis Shareother | 95.4% | – | 0.4% |
| Q3 2026 Period ending occupancy - Prologis Shareother | 96.0% | – | – |
| Q3 2026 Same store NOI - cash - Prologis Sharenon-GAAP | 5.9% | – | – |
| Q3 2026 Same store NOI - net effective - Prologis Sharenon-GAAP | 5.7% | – | – |
| Q3 2026 Rent change (net effective) - Prologis Shareother | 38.0% | – | – |
| Q3 2026 Rent change (cash) - Prologis Shareother | 23.4% | – | – |
| Three Months Ended September 30, 2026 Estimated value creation from development stabilizations - Prologis Sharenon-GAAP | $39M | – | – |
| Nine Months Ended September 30, 2026 Estimated value creation from development stabilizations - Prologis Sharenon-GAAP | $516M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Rental and other revenues, Three Months Ended September 30, 2026Rental revenue was $ 2,205,269 and development management and other revenue was $ 17,923. | $2.22B | – | – |
| Strategic capital revenues, Three Months Ended September 30, 2026Third-party share of fee related and promote revenue was $ 112,313; Fee Related Earnings was $ 71,213; and Net Promote Income (Expense) was $ (10,158). | $164M | – | – |
2026 Guidance outlook
- Operating expensesGeneral & administrative expenses $ 515 to $ 525
- NoteNet earnings attributable to common stockholders $ 4.05 to $ 4.15
- NoteCore FFO attributable to common stockholders/unitholders $ 6.25 to $ 6.29
- NoteCore FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense) $ 6.25 to $ 6.29
- NoteAverage occupancy - Prologis Share 95.25 % to 95.50 %
- NoteSame store NOI - cash - Prologis Share 7.00 % to 7.50 %
- NoteSame store NOI - net effective - Prologis Share 5.50 % to 6.00 %
- NoteStrategic capital revenue, excluding promote revenue $ 650 to $ 660
- NoteNet Promote Income (Expense) $ – to $ –
- NoteRealized development gains $ 600 to $ 700
- NoteDevelopment stabilizations, Owned and Managed $ 2,500 to $ 3,000; Prologis Share $ 2,750 to $ 3,250
- NoteDevelopment starts, Owned and Managed $ 5,000 to $ 5,750; Prologis Share $ 6,000 to $ 6,750
- NoteAcquisitions, Owned and Managed $ 2,100 to $ 2,300; Prologis Share $ 3,100 to $ 3,400
- NoteDispositions, Owned and Managed $ 1,750 to $ 2,500; Prologis Share $ 2,500 to $ 3,250
- NoteContributions, Owned and Managed $ 1,750 to $ 2,250; Prologis Share $ 3,000 to $ 3,500
Capital returns
- Common stock dividends and common limited partnership unit distributions were $ 1,045 million for the three months ended September 30, 2026, compared with $ 967 million for the three months ended September 30, 2025.
- Dividends and distributions per common share/unit were 1.07 for the three months ended September 30, 2026, compared with 1.01 for the three months ended September 30, 2025.
- Common stock dividends and common limited partnership unit distributions were $ 3,097 million for the nine months ended September 30, 2026, compared with $ 2,898 million for the nine months ended September 30, 2025.
- Dividends and distributions per common share/unit were 3.21 for the nine months ended September 30, 2026, compared with 3.03 for the nine months ended September 30, 2025.
What drove it
- Rental and other revenues were $ 2,224 million for the third quarter of 2026, compared with $ 2,064 million for the third quarter of 2025.
- Strategic capital revenues were $ 164 million for the third quarter of 2026, compared with $ 150 million for the third quarter of 2025.
- Rent change (net effective) - Prologis Share was 38.0%, and rent change (cash) - Prologis Share was 23.4%.
- Average occupancy - Prologis Share was 95.4%, while period ending occupancy - Prologis Share was 96.0%.
- Nine-month development starts totaled $ 4,727,555 on an Owned and Managed basis and $ 4,089,237 on a Prologis Share basis.
- The total development portfolio had TEI of $ 7,883,986 on an Owned and Managed basis and $ 6,769,063 on a Prologis Share basis, with 41.0% leased on an Owned and Managed basis and 39.0% leased on a Prologis Share basis.
- Third-quarter total third-party acquisitions were $ 947,315 on an Owned and Managed basis and $ 701,842 on a Prologis Share basis.
Concerns
- Q3 2026 same store NOI - cash - Prologis Share was 5.9%, compared with 8.5% in Q2 2026.
- Q3 2026 same store NOI - net effective - Prologis Share was 5.7%, compared with 6.4% in Q2 2026.
- Estimated value creation from development stabilizations - Prologis Share was $ 39 million in the third quarter of 2026, compared with $ 169 million in the third quarter of 2025.
- Net Promote Income (Expense) was $ (10,158) in the current quarter and $ (8,672) for the trailing twelve months.
- The development portfolio was 39.0% leased on a Prologis Share basis.
What to watch
- Average occupancy - Prologis Share guidance of 95.25 % to 95.50 %.
- Same store NOI - cash - Prologis Share guidance of 7.00 % to 7.50 % and same store NOI - net effective - Prologis Share guidance of 5.50 % to 6.00 %.
- Development stabilization guidance of $ 2,750 to $ 3,250 on a Prologis Share basis.
- Development-start guidance of $ 6,000 to $ 6,750 on a Prologis Share basis.
- Strategic capital revenue, excluding promote revenue, guidance of $ 650 to $ 660 and Net Promote Income (Expense) guidance of $ – to $ –.
- Core FFO attributable to common stockholders/unitholders guidance of $ 6.25 to $ 6.29 per diluted share.
Balance sheet and cash flow
- Cash and cash equivalents were $ 2,273,497 at September 30, 2026, compared with $ 1,765,043 at June 30, 2026.
- Short-term investments were 1,000,000 and total liquidity was $ 8,836,215.
- Debt was $ 36,832,482 at September 30, 2026, compared with $ 36,442,085 at June 30, 2026.
- Total assets were $ 103,894,706 at September 30, 2026, compared with $ 101,011,872 at June 30, 2026.
- Net investments in real estate were $ 94,451,466 at September 30, 2026, compared with $ 93,196,975 at June 30, 2026.
- Debt as % of gross real estate assets was 34.3 %, compared with 35.7 % at June 30, 2026.
- Debt/Adjusted EBITDA was 4.5x, compared with 4.7x at June 30, 2026.
- Fixed charge coverage ratio was 6.2x, compared with 6.4x at June 30, 2026.
- Weighted average interest rate was 3.3 % and weighted average remaining maturity in years was 7.6.
Analysis
Prologis reported higher third-quarter revenue and earnings measures than in the prior-year period. Total revenues were $2,388 million versus $2,214 million, while net earnings attributable to common stockholders were $816 million versus $763 million. Core FFO attributable to common stockholders/unitholders was $1,545 million versus $1,426 million, AFFO was $1,207 million versus $1,064 million, and adjusted EBITDA was $2,081 million versus $1,868 million. Diluted net earnings per share were $0.86, compared with $0.82, and Core FFO per diluted share was 1.60, compared with 1.49.
Operating indicators showed continued high occupancy and significant leasing economics. Average occupancy - Prologis Share was 95.4%, compared with 95.2% in Q3 2025 and 95.3% in Q2 2026. Period ending occupancy - Prologis Share was 96.0%. Rent change (net effective) - Prologis Share was 38.0%, and rent change (cash) - Prologis Share was 23.4%. Same store NOI - cash - Prologis Share was 5.9% and same store NOI - net effective - Prologis Share was 5.7%, below the Q2 2026 figures of 8.5% and 6.4%, respectively.
Capital deployment remained substantial. Prologis started $1,024,018 of developments on an Owned and Managed basis during the quarter and $4,727,555 through the first nine months of 2026. The total development portfolio represented $7,883,986 of TEI on an Owned and Managed basis and $6,769,063 on a Prologis Share basis, with estimated value creation of $1,413,651. Third-quarter development stabilizations represented $427,297 of TEI on an Owned and Managed basis and generated estimated value creation of $38,888. The company also completed $947,315 of total third-party acquisitions and $312,887 of total dispositions and contributions during the quarter on an Owned and Managed basis.
The balance sheet showed $2,273,497 of cash and cash equivalents, 1,000,000 of short-term investments, and $8,836,215 of total liquidity. Debt was $36,832,482. Debt as a percentage of gross real estate assets was 34.3%, debt to adjusted EBITDA was 4.5x, and the fixed charge coverage ratio was 6.2x. The weighted average interest rate was 3.3% and weighted average remaining maturity was 7.6 years. Common stock dividends and common limited partnership unit distributions were $1,045 million, or 1.07 per common share/unit.
Full-year 2026 Core FFO guidance is $6.25 to $6.29 per diluted share, with net earnings attributable to common stockholders of $4.05 to $4.15 per share. The operating guide calls for average occupancy - Prologis Share of 95.25% to 95.50%, same store NOI - cash - Prologis Share of 7.00% to 7.50%, and same store NOI - net effective - Prologis Share of 5.50% to 6.00%. Management also guides to $2,750 to $3,250 of development stabilizations and $6,000 to $6,750 of development starts on a Prologis Share basis.
Not in the filing
stated, not guessed- Previous-quarter outlook was not provided, so prior-guidance comparisons are unavailable.
- Gross margin was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Share repurchases were not reported.
- A tax rate was not reported.
- Named executive commentary and attributable executive quotes were not provided.
- Percentage changes for total revenue, net earnings, Core FFO, AFFO and adjusted EBITDA were not printed on their respective rows.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Prologis is the world’s largest logistics REIT, regularly filing quarterly updates via Form 8‑K.
Ticker impact
Prologis issued 2026 guidance for net earnings and core FFO in its supplemental 8‑K filing.
likely modest pressure as the market prices in the guidance range.
The filing is the first public disclosure of the 2026 outlook; investors will adjust models, but the guidance range is within historical expectations, limiting upside or downside.
Market effects
Provides a benchmark for the logistics real‑estate sector's 2026 outlook.
Highlights exposure to European and Asian markets within Prologis' portfolio.
Sets a reference point for global REIT investors tracking industrial property demand.
Counterpoint
If the guidance is perceived as too conservative, the stock could rally on a surprise upside.
Key entities
- companyPrologis, Inc.
Global leader in logistics real estate.
