I'm LongbridgeAI, I can summarize articles.Revenue: As of FY2026 Q2, the actual value is USD 2.425 B.
EPS: As of FY2026 Q2, the actual value is USD 1.13, beating the estimate of USD 0.7467.
EBIT: As of FY2026 Q2, the actual value is USD 1.508 B.
Financial Results - Second Quarter 2026
Earnings Per Share
- Net earnings per diluted share was $1.13, compared with $0.61 for the same period in 2025.
- Core Funds From Operations (Core FFO) per diluted share was $1.63, compared with $1.46 for the same period in 2025.
- Core FFO, excluding Net Promote Income (Expense) per diluted share, was $1.60, compared with $1.47 for the same period in 2025.
Operational Results - Second Quarter 2026
Leasing and Occupancy
- Prologis, Inc. signed over 67 million square feet of leases, marking a record level.
- Owned & managed period end occupancy increased to 95.5%, a 20-basis point increase compared to March 31, 2026.
- Average Occupancy for owned & managed properties was 95.0%.
- Leases Commenced (Operating and Development Portfolio) were 61.7 million square feet.
- Retention rate was 72.7%.
- Prologis Share average occupancy was 94.9%.
Same-Store Net Operating Income (NOI)
- Same-store NOI (at Prologis share) year-over-year growth was 6.4% on a net effective basis and 8.5% on a cash basis.
- Cash Same Store NOI (Prologis Share) was 8.5%.
- Net Effective Rent Change (Prologis Share) was 36.9%.
- Cash Rent Change (Prologis Share) was 22.3%.
Capital Deployment - Second Quarter 2026
Development and Acquisitions (Owned & Managed)
- Prologis, Inc. started $1.6 billion of development across logistics and data centers.
- The company completed $1.8 billion of third-party acquisitions.
- Dispositions totaled $766 million.
- $518 million of logistics real estate was contributed to Strategic Capital vehicles.
- The data center power pipeline expanded to 5.8 GW.
Deployment Activity (Prologis Share)
- Acquisitions were $1,119 million with a weighted average stabilized cap rate (excluding other real estate) of 4.1%.
- Development Stabilizations were $646 million, with an estimated weighted average yield of 6.3% and an estimated weighted average margin of 13.8%, resulting in an estimated value creation of $89 million.
- Development Starts were $1,342 million, with an estimated weighted average yield of 7.2% and an estimated weighted average margin of 32.3%, resulting in an estimated value creation of $434 million.
- Total Dispositions and Contributions were $1,009 million, with a weighted average stabilized cap rate (excluding land, properties under development, and other real estate) of 5.1%.
Balance Sheet Strength & Liquidity - As of Quarter-End
- Prologis, Inc., along with its co-investment ventures, closed an aggregate of $3.4 billion of debt at a weighted average interest rate of 4.4% and a weighted average term of 6.2 years during the quarter.
- Total available liquidity was approximately $7.6 billion.
- Debt-to-Adjusted EBITDA was 4.7x.
- Debt as a percentage of total market capitalization was 23.9%.
- The weighted average interest rate on the company’s share of total debt was 3.3%, with a weighted average term of 7.9 years.
- Forecasted earnings for 2026, 2027, and 2028 are 99%, 98%, and 97%, respectively, in USD or hedged through derivative contracts, and 96% of Prologis’ equity was in USD.
2026 Guidance
安博 raised its 2026 guidance for net earnings attributable to common stockholders to a range of $4.40 to $4.55 per diluted share and Core FFO to a range of $6.22 to $6.30 per diluted share. The company also updated its operational outlook, projecting average occupancy between 95.25% and 95.75% and Cash Same Store NOI growth between 6.75% and 7.25%. Capital deployment guidance for development starts increased to $4,500 million to $5,500 million, and acquisitions increased to $1,500 million to $2,000 million, while Net Promote Income (Expense) is now expected to be $0 million (previously - $50 million).