Third Quarter 2026
Filed Oct 15, 2026Third-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.