Prologis | 8-K: FY2026 Q2 Revenue: USD 2.425 B

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).