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, /PRNewswire/ -- FIBRA Prologis (BMV:FIBRAPL 14), a leading owner and operator of Class-A industrial real estate in Mexico, declared today a cash distribution of Ps. 1,295.5 million (US$70.1 million), or Ps. 0.7766 per Certificado Bursátil Fiduciario Inmobiliario ("CBFI") (US$0.0420 per CBFI).

The distribution is payable November 4, 2026, to CBFI holders.

Ex-dividend date of November 3, 2026.

Record date of November 3, 2026.

Legal Basis

Concept

Generated

Payment Date

Total Amount (Ps$)

Number of CBFIs

Ps$/CBFI

Article 187, section VI, ISR Law

Fiscal Result Distributed in cash

Sep-26

4-Nov-26

$        1,295,542,284.00

1,668,204,310

$                      0.7766

Fiscal Result Distributed in Certificates

Sep-26

4-Nov-26

$                                   -

-

 Total Distributed Fiscal Result (subject to withholding as
 applicable)

$        1,295,542,284.00

1,668,204,310

$                      0.7766

Article 188, section IX, ISR Law

Capital reimbursement

Sep-26

4-Nov-26

$                                   -

$                                -

Total amount distributed (Fiscal Result + Capital Reimbursement)

$        1,295,542,284.00

1,668,204,310

$                      0.7766

ABOUT FIBRA PROLOGIS

FIBRA Prologis is a leading owner and operator of Class-A industrial real estate in Mexico. As of September 30, 2026, the company's portfolio comprised 515 Investment Properties, totaling 87.3 million square feet (8.1 million square meters). This includes 352 logistics and manufacturing facilities across 6 industrial core markets in Mexico, comprising 66.6 million square feet (6.2 million square meters) of Gross Leasing Area (GLA) and 163 buildings with 20.7 million square feet (1.9 million square meters) of non-strategic assets in other markets.

FORWARD-LOOKING STATEMENTS

The statements in this release that are not historical facts are forward-looking statements. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which FIBRA Prologis operates, management's beliefs and assumptions made by management.  Such statements involve uncertainties that could significantly impact FIBRA Prologis financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature.  All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, acquisition activity, development activity, disposition activity, general conditions in the geographic areas where we operate, expected distributions, and our debt and financial position, are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic climates, (ii) changes in financial markets, trade relations, interest rates and foreign currency exchange rates, (iii) increased or unanticipated competition for our properties, (iv) risks associated with acquisitions, dispositions and development of properties, (v) maintenance of real estate investment trust ("FIBRA") status and tax structuring, (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings, (vii) risks related to our investments (viii) environmental uncertainties, including risks of natural disasters, (ix) risks related to global pandemics, and (x) those additional factors discussed in reports filed with the "Comisión Nacional Bancaria y de Valores" and  the Mexican Stock Exchange by FIBRA Prologis under the heading "Risk Factors." FIBRA Prologis undertakes no duty to update any forward-looking statements appearing in this release.

Non-Solicitation - Any securities discussed herein or in the accompanying presentations, if any, have not been registered under the Securities Act of 1933 or the securities laws of any state and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and any applicable state securities laws. Any such announcement does not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein or in the presentations, if and as applicable.

SOURCE FIBRA Prologis

SEGRO PLC (LSE:SGRO), the FTSE 100 warehouse and data centre landlord, said it had contracted £70 million of new headline rent in the nine months to 30 September, 32% more than a year earlier, and that the Prologis takeover was expected to complete in the first half of 2027.

Headline rent is the annualised gross rent receivable once incentives such as rent-free periods have expired.

Of the new rent, £42 million came from the existing portfolio and £28 million from development lettings, in a trading update covering 1 January to 30 September.

Shareholders approved the scheme of arrangement for Prologis’s recommended best and final share offer on 28 September, but the deal remains subject to certain conditions, with Prologis progressing the relevant regulatory processes with SEGRO’s assistance.

Rent reviews, renewals and regears, which reset leases to current market levels, delivered an average uplift of 43% in the UK, 34% across the group and 5% in continental Europe.

Occupancy rose 20 basis points to 94.7% since the half-year, and customer retention stayed at 80%.

Development completions totalled 152,500 square metres, representing £13 million of potential headline rent, 59% of which had been secured through pre-lets or the leasing of speculatively developed space before completion.

Projects under construction or in advanced negotiations represent £103 million of potential rent, two-thirds of which is associated with pre-lets.

SEGRO expects to sign a pre-let with a major hyperscaler in the coming months for its first fully fitted data centre in west London, through a joint venture with Pure DC.

SEGRO has completed £223 million of disposals above book value, with a further £57 million exchanged and due to complete by year-end, while discussions on a new UK big box joint venture are progressing and are expected to generate about £500 million of net proceeds.

Loan-to-value stands at 33%, with £1.2 billion of available liquidity.

David Sleath, the chief executive, said demand and supply dynamics for modern, well-located industrial, logistics and data centre space remained supportive, enabling progress with lettings, rent increases and development signings.

Full year results are due on 10 February 2027.

Prologis (NYSE:PLD) reported third-quarter core funds from operations of $1.60 per share, or $1.61 excluding net promote expense, as the logistics real estate company cited rising occupancy, strong leasing activity and continued demand from e-commerce, advanced manufacturing and data center-related customers.

Chief Executive Officer Dan Letter said the company signed 60 million square feet of leases during the quarter and replenished its pipeline. Prologis also remained active in capital deployment and recycling and is on track for $15 billion of activity for the year, he said.

“Operating fundamentals are healthy, and we remain constructive on the outlook,” Letter said. He added that higher construction costs, financing costs and return requirements are making new development more difficult to justify at current rents, potentially creating a more favorable supply environment. Occupancy, Rent Growth and Embedded NOI Prologis ended the quarter with 95.6% occupancy, up 10 basis points from the second quarter. Average occupancy was 95.1%, also an increase of 10 basis points.

Rent change on rollover was 38% on a net-effective basis, contributing $85 million of incremental net operating income. On a cash basis, rent change was 23%. The company’s lease mark-to-market stood at 16%, representing about $780 million of embedded NOI at spot rents, according to Chief Financial Officer Tim Arndt.

Same-store NOI increased 5.7% on a net-effective basis and 5.9% on a cash basis. Arndt said the embedded mark-to-market figure does not include additional potential upside from inflation and elevated replacement-cost rents over coming years.

Management said rents required to justify new construction are now 27% above current market levels. Managing Director Chris Caton said the setup supports above-inflation rent growth over time, while noting it was too early to provide a 2027 market forecast.

U.S. net absorption totaled 63 million square feet in the third quarter, which the company said was consistent with a normalized annual range of 230 million to 240 million square feet. Market vacancy declined 10 basis points to 7.1%, while market rents increased 50 basis points for a third consecutive quarter of positive growth.

Caton identified Dallas, Houston, Atlanta, Phoenix, Indianapolis and Northern California among markets projected to record 5% to 6% rent growth this year. Internationally, he said Brazil showed the strongest global momentum, while the Netherlands had the best rent dynamics in Europe.

Development, Acquisitions and Capital Markets Prologis started $1 billion of development during the quarter, bringing year-to-date starts to nearly $5 billion. The company said it owns or controls sites supporting the next $40 billion of logistics development.

The company acquired $950 million of real estate in the quarter at an estimated 20% discount to replacement cost and disposed of $310 million of properties. The year-to-date spread between acquisition and disposition internal rates of return was 150 basis points, Arndt said.

Letter said Prologis evaluates deployment based on total return and believes its balance sheet and access to both private-vehicle and corporate capital provide flexibility that some competitors lack. Arndt noted that a significant portion of quarterly acquisition activity came from one transaction with a high lease mark-to-market.

Management acknowledged that a recent increase in Treasury yields has widened the bid-ask spread in transaction markets. Arndt said the company expects transaction volumes to moderate as buyers and sellers recalibrate, while its reduced contribution and disposition guidance also reflects caution over potential pricing turbulence and the timing of certain transactions moving into the new year.

Prologis raised $2.4 billion of common equity during the quarter and completed about $1.3 billion of debt financing at an average rate just below 4%. Approximately 95% of its debt is fixed rate, with an average remaining life of roughly eight years. Liquidity totaled nearly $9 billion at quarter-end.

Data Centers and SEGRO Transaction Management highlighted data centers as a major growth opportunity. Prologis’ data center pipeline totals 5.8 gigawatts, including 1.7 gigawatts of secured power and 4.1 gigawatts in advanced stages. Letters of intent cover about 1 gigawatt, much of which the company expects to start in 2027.

Letter said the company had already started more than $2 billion of data center projects this year and characterized the business as lumpy because of the size and complexity of hyperscaler decisions. He said the reported pipeline has not been affected by data center moratoriums and that 85% of the 5.8-gigawatt pipeline could start by 2030.

Data center supply-chain customers represented about 10% of Prologis’ global new leasing and 17% of U.S. new leasing during the quarter. The company estimates those customers could require more than 150 million square feet through the end of the decade for data center construction and ongoing service needs.

Prologis also said SEGRO shareholders approved the planned combination on Sept. 28. The transaction is proceeding through regulatory clearances and is still expected to close in the first half of 2027. Following completion, Prologis expects to have a 363 million-square-foot operating portfolio in Europe. Arndt said the company does not expect its initial 2027 guidance to include specific SEGRO impacts because the closing date remains uncertain.

Updated Outlook For the full year, Prologis narrowed its average occupancy outlook to 95.25% to 95.5%. It raised its same-store NOI growth forecast to 5.5% to 6% on a net-effective basis and 7% to 7.5% on a cash basis.

Development starts are now expected to total $6 billion to $6.75 billion on an owned and managed basis. Acquisition guidance increased to $2.1 billion to $2.3 billion. Contributions and dispositions are projected at $3.5 billion to $4.75 billion. Strategic capital revenue, excluding promotes, is forecast at $650 million to $660 million. Net earnings are expected to range from $4.05 to $4.15 per share. Core FFO is expected to range from $6.25 to $6.29 per share, both with and without promotes. Letter said the increased development-start outlook is largely tied to an expected high volume of fourth-quarter build-to-suit activity. Build-to-suit projects are expected to account for 55% to 65% of annual starts.

About Prologis (NYSE:PLD) Prologis, Inc (NYSE: PLD) is a global logistics real estate company that owns, develops, acquires and manages distribution facilities, warehouses and other properties used throughout the supply chain. Its portfolio serves manufacturers, retailers, transportation providers and third-party logistics companies.

The company provides logistics real estate and related services in key markets across North America, Europe, Asia and Latin America. Its properties are generally located near major population centers, transportation hubs, ports and trade corridors, supporting e-commerce, industrial and distribution operations.

Prologis traces its roots to 1983 and was created in its current form through the 1999 merger of ProLogis and Security Capital Industrial Trust.

Key Takeaways Prologis lifted 2026 cash same-store NOI growth guidance to 7-7.5%, with quarterly core FFO at $1.6 a share.U.S. industrial vacancy fell to 7.1%, while new developments require rents 27% above prevailing market levels.PLD outlined a 5.8-gigawatt data center pipeline as its pending SEGRO deal targets first-half 2027 closing.
Prologis, Inc. (PLD - Free Report) cited improving logistics demand and tighter on during its third-quarter 2026 earnings call. Higher interest rates, however, threaten property transactions and valuations.

Management covered rent growth, annual guidance, data center opportunities and the pending SEGRO combination. Analysts questioned whether operating gains can withstand tougher capital markets.

PLD Sees Tightening Supply Supporting Rent GrowthCEO Dan Letter said that rising construction and financing costs have pushed rents needed to justify new development 27% above prevailing market levels. He expects higher return thresholds to restrain supply and support rents.

Chief financial officer Timothy Arndt reported U.S. industrial net absorption of 63 million square feet. Market vacancy declined to 7.1%, while rents rose 50 basis points, their third consecutive quarterly increase.

Asked by UBS about accelerating pricing power, managing director of Global Strategy and Analytics Christopher Caton projected vacancy approaching 7% by year-end. He identified several U.S. markets tracking 5-6% rent growth this year.

Prologis Revises Operating and Earnings GuidanceArndt raised 2026 cash same-store net operating income growth guidance to 7%-7.5%, from 6.75%-7.25%. The net effective growth range increased to 5.5%-6%, from 5.25%-5.75%, reflecting stronger property performance.

For the reported quarter, core funds from operations (FFO) of $1.6 per share exceeded the Zacks Consensus Estimate of $1.58, up from $1.49 a year earlier. Revenues came in at $2.21 billion, beating the $2.2 billion estimate.

Full-year core FFO guidance narrowed to $6.25-$6.29 per share from $6.22-$6.30. Net earnings guidance declined to $4.05-$4.15 per share from $4.40-$4.5. Answering Mizuho, Arndt described the revised 95.25-95.50% average occupancy outlook as primarily a tighter range.

PLD Faces Data Center Execution QuestionsArndt outlined a 5.8-gigawatt data center pipeline, including 1.7 gigawatts of secured power and 4.1 gigawatts in advanced stages. Letters of intent cover approximately 1 gigawatt, much of which is expected to start in 2027.

Data center suppliers generated 17% of new U.S. logistics leasing during the quarter. Management estimates these customers will require upward of 150 million square feet of logistics space through decade-end.

A BMO Capital Markets analyst questioned the pace of converting letters of intent into leases. Dan Letter cited lengthy hyperscaler negotiations rather than one bottleneck. Answering Raymond James, he said that specific data center moratoriums had not affected the pipeline.

Prologis Balances Higher Starts With CautionArndt increased full-year owned-and-managed development starts guidance to $6-$6.75 billion. Build-to-suit projects should represent 55-65% of annual starts, with considerable activity concentrated in the fourth quarter.

An Evercore ISI analyst questioned the increase amid higher development return requirements. Dan Letter said that the build-to-suit pipeline was 20-25% larger than a year earlier, supporting the higher starts forecast.

Asked by Goldman Sachs about rising acquisition guidance and lower disposition expectations, Arndt cited completed purchases, delayed transactions and interest-rate volatility. The company raised its acquisition target to $2.1 billion-$2.3 billion while approaching asset sales cautiously.

PLD Progresses Toward SEGRO IntegrationCEO Dan Letter highlighted SEGRO shareholder approval in September as a milestone toward expanding the European platform. Management still expects the transaction to close in the first half of 2027, subject to regulatory approvals.

Arndt said that Prologis raised $2.4 billion in common equity during the quarter toward the transaction. Quarter-end liquidity was approximately $8.8 billion, and about 95% of debt carried fixed rates.

Responding to Wells Fargo, Arndt mentioned that initial 2027 guidance was not expected to include SEGRO before closing. He declined to quantify synergies or earnings accretion during the regulatory process.

Prologis Emphasizes Discipline AheadDan Letter maintained that customer discussions remain constructive, supported by e-commerce, advanced manufacturing and data center supply-chain activity. Executives nevertheless emphasized stricter underwriting as borrowing costs fluctuate.

Management's posture balances confidence in leasing demand with caution over near-term investment pricing. Priorities remain leasing execution, disciplined development and completing the European combination.

PLD's Zacks Rank and Style Scores Signal CautionPLD carries a Zacks Rank #4 (Sell), reflecting an unfavorable earnings-estimate revision picture. Its Value Score of D and Growth Score of F indicate weaker characteristics, while its Momentum Score of A points to more favorable price momentum.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The stock's VGM Score of D reflects a weak combined assessment of value, growth and momentum. The stronger Momentum Score does not offset the weaker overall profile, and the Zacks Rank can change as analysts revise estimates after the reported results.

Key Takeaways Prologis' Q3 core FFO climbed 7.4% to $1.60 per share, beating estimates as rental revenues rose to $2.21B.Average occupancy rose to 95.1%, with cash same-store NOI growth up to 5.9% despite slower rent increases.Prologis narrowed 2026 core FFO guidance to $6.25-$6.29 and raised development starts to $5.0B-$5.75B. Prologis, Inc. (PLD - Free Report) reported third-quarter 2026 core funds from operations (FFO) of $1.60 per share, up 7.4% from $1.49 a year earlier. The figure surpassed the Zacks Consensus Estimate of $1.58 by 1.3%.

Rental revenues rose 7.4% year over year to $2.21 billion, exceeding the $2.20 billion consensus estimate by 0.2%. Results benefited from higher rental revenues, steady leasing demand and improved occupancy levels. Growth in same-store net operating income (NOI) further supported the performance. However, elevated operating expenses weighed on the results to some extent.

PLD's Revenue Mix & Expense TrendsTotal revenues grew 7.8% to $2.39 billion from $2.21 billion in the year-ago quarter. Strategic capital revenues reached $164.3 million, up from $150.4 million. Development management and other revenues were $17.9 million compared with $9.3 million a year earlier.

Revenue growth was accompanied by higher costs. Total expenses climbed 9.8% to $1.45 billion year over year, with rental expenses of $511.7 million versus $484.6 million and general and administrative costs of $127.6 million versus $110.7 million. Depreciation and amortization rose to $710.3 million from $648 million.

PLD's Leasing & Same-Store TrendsLeases commenced across the operating and development portfolio totaled 55.9 million square feet, down from 65.6 million a year earlier. The owned and managed portfolio posted average occupancy of 95.1%, versus 94.8% last year. Period-end occupancy was 95.6% compared with 95.3%, while customer retention eased to 75.9% from 77.2%.

On a Prologis-share basis, net effective rent change was 38% and cash rent change was 23.4%, below 49.4% and 29.4%, respectively, a year ago. Cash same-store NOI growth improved to 5.9% from 5.2% year over year, while net effective same-store NOI growth climbed to 5.7% from 3.9%.

PLD's Development & Investment ActivityOn a Prologis-share basis, acquisitions totaled $702 million at a weighted average stabilized capitalization rate of 4.2%. Development starts were $964 million, with an estimated weighted average yield of 6.6%, an estimated margin of 16.1% and $155 million of estimated value creation.

Development stabilizations totaled $401 million, with an estimated yield of 5.6% and value creation of $39 million. Dispositions and contributions together totaled $169 million at a weighted average stabilized capitalization rate of 5.1%, excluding land, properties under development and other real estate.

PLD's Data Center & European FocusPrologis' data center power pipeline stood at 5.8 gigawatts secured or in advanced stages as of Sept. 30, 2026. That included 1.7 gigawatts of Secured Power, of which 680 megawatts were under development, and 4.1 gigawatts of Advanced-Stage Power.

Regarding its proposed combination with SEGRO plc, management highlighted shareholder approval as an important milestone toward completing the transaction. The combination is expected to expand Prologis’ European platform. Management cited e-commerce, advanced manufacturing and the build-out of the data center supply chain among the drivers supporting customer demand.

PLD's Liquidity & Leverage PositionPrologis ended September with approximately $8.8 billion in available liquidity. Consolidated cash and equivalents totaled $2.27 billion at September-end compared with $1.77 billion at June-end.

Debt-to-adjusted EBITDA was 4.5 times, down from 4.7 times at June-end, while debt represented 23.9% of total market capitalization. The company's share of total debt carried a weighted average interest rate of 3.3% and a weighted average term of 7.6 years. During the third quarter, Prologis and its co-investment ventures closed $1.3 billion of debt at a weighted average interest rate of 4% and a weighted average term of 4.5 years.

Prologis' Updated 2026 GuidanceManagement narrowed 2026 core FFO per-share guidance to $6.25-$6.29 from $6.22-$6.30, lifting the low end but lowering the high end. The Zacks Consensus Estimate for the same is currently pegged at $6.27 per share.

Cash same-store NOI growth guidance on a Prologis-share basis was increased to 7%-7.50% from 6.75-7.25%. The average occupancy outlook narrowed to 95.25-95.50% from 95.25-95.75%. Net effective same-store NOI growth expectations also rose to 5.50%-6% from 5.25-5.75%.

Capital deployment targets moved higher. Prologis now projects $5.0-$5.75 billion in development starts and $2.1-$2.3 billion of acquisitions compared with $4.5-$5.5 billion and $1.5-$2.0 billion, respectively, before the update. Expected development stabilizations increased to $2.5-$3.0 billion from $2.25-$2.75 billion.

PLD's Zacks RankPrologis currently has a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Earnings ReleasesWe now look forward to the earnings releases of other REITs, such as Crown Castle (CCI - Free Report) and BXP (BXP - Free Report) , which are slated to report on Oct. 21 and Oct. 27, respectively.

The Zacks Consensus Estimate for Crown Castle’s third-quarter 2026 FFO per share is pegged at $1.20, which implies a 7.1% year-over-year increase. CCI currently carries a Zacks Rank #3 (Hold).

The Zacks Consensus Estimate for BXP’s third-quarter 2026 FFO per share is pegged at $1.80, which suggests a year-over-year increase of 3.5%. BXP currently carries a Zacks Rank #3.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

Could Falling Yields Make REIT Stocks Worth a Second Look?Prologis NYSE: PLD reported third-quarter core funds from operations of $1.60 per share, or $1.61 excluding net promote expense, as the logistics real estate company cited rising occupancy, strong leasing activity and continued demand from e-commerce, advanced manufacturing and data center-related customers.

Chief Executive Officer Dan Letter said the company signed 60 million square feet of leases during the quarter and replenished its pipeline. Prologis also remained active in capital deployment and recycling and is on track for $15 billion of activity for the year, he said.

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Prologis Q1 2026: Data Centers Steal the Show“Operating fundamentals are healthy, and we remain constructive on the outlook,” Letter said. He added that higher construction costs, financing costs and return requirements are making new development more difficult to justify at current rents, potentially creating a more favorable supply environment.

Occupancy, Rent Growth and Embedded NOI
Prologis ended the quarter with 95.6% occupancy, up 10 basis points from the second quarter. Average occupancy was 95.1%, also an increase of 10 basis points.

3 Under-the-Radar AI Infrastructure Stocks Powering the Next BuildoutRent change on rollover was 38% on a net-effective basis, contributing $85 million of incremental net operating income. On a cash basis, rent change was 23%. The company’s lease mark-to-market stood at 16%, representing about $780 million of embedded NOI at spot rents, according to Chief Financial Officer Tim Arndt.

Same-store NOI increased 5.7% on a net-effective basis and 5.9% on a cash basis. Arndt said the embedded mark-to-market figure does not include additional potential upside from inflation and elevated replacement-cost rents over coming years.

Management said rents required to justify new construction are now 27% above current market levels. Managing Director Chris Caton said the setup supports above-inflation rent growth over time, while noting it was too early to provide a 2027 market forecast.

U.S. net absorption totaled 63 million square feet in the third quarter, which the company said was consistent with a normalized annual range of 230 million to 240 million square feet. Market vacancy declined 10 basis points to 7.1%, while market rents increased 50 basis points for a third consecutive quarter of positive growth.

Caton identified Dallas, Houston, Atlanta, Phoenix, Indianapolis and Northern California among markets projected to record 5% to 6% rent growth this year. Internationally, he said Brazil showed the strongest global momentum, while the Netherlands had the best rent dynamics in Europe.

Development, Acquisitions and Capital Markets
Prologis started $1 billion of development during the quarter, bringing year-to-date starts to nearly $5 billion. The company said it owns or controls sites supporting the next $40 billion of logistics development.

The company acquired $950 million of real estate in the quarter at an estimated 20% discount to replacement cost and disposed of $310 million of properties. The year-to-date spread between acquisition and disposition internal rates of return was 150 basis points, Arndt said.

Letter said Prologis evaluates deployment based on total return and believes its balance sheet and access to both private-vehicle and corporate capital provide flexibility that some competitors lack. Arndt noted that a significant portion of quarterly acquisition activity came from one transaction with a high lease mark-to-market.

Management acknowledged that a recent increase in Treasury yields has widened the bid-ask spread in transaction markets. Arndt said the company expects transaction volumes to moderate as buyers and sellers recalibrate, while its reduced contribution and disposition guidance also reflects caution over potential pricing turbulence and the timing of certain transactions moving into the new year.

Prologis raised $2.4 billion of common equity during the quarter and completed about $1.3 billion of debt financing at an average rate just below 4%. Approximately 95% of its debt is fixed rate, with an average remaining life of roughly eight years. Liquidity totaled nearly $9 billion at quarter-end.

Data Centers and SEGRO Transaction
Management highlighted data centers as a major growth opportunity. Prologis’ data center pipeline totals 5.8 gigawatts, including 1.7 gigawatts of secured power and 4.1 gigawatts in advanced stages. Letters of intent cover about 1 gigawatt, much of which the company expects to start in 2027.

Letter said the company had already started more than $2 billion of data center projects this year and characterized the business as lumpy because of the size and complexity of hyperscaler decisions. He said the reported pipeline has not been affected by data center moratoriums and that 85% of the 5.8-gigawatt pipeline could start by 2030.

Data center supply-chain customers represented about 10% of Prologis’ global new leasing and 17% of U.S. new leasing during the quarter. The company estimates those customers could require more than 150 million square feet through the end of the decade for data center construction and ongoing service needs.

Prologis also said SEGRO shareholders approved the planned combination on Sept. 28. The transaction is proceeding through regulatory clearances and is still expected to close in the first half of 2027. Following completion, Prologis expects to have a 363 million-square-foot operating portfolio in Europe. Arndt said the company does not expect its initial 2027 guidance to include specific SEGRO impacts because the closing date remains uncertain.

Updated Outlook
For the full year, Prologis narrowed its average occupancy outlook to 95.25% to 95.5%. It raised its same-store NOI growth forecast to 5.5% to 6% on a net-effective basis and 7% to 7.5% on a cash basis.

Development starts are now expected to total $6 billion to $6.75 billion on an owned and managed basis.
Acquisition guidance increased to $2.1 billion to $2.3 billion.
Contributions and dispositions are projected at $3.5 billion to $4.75 billion.
Strategic capital revenue, excluding promotes, is forecast at $650 million to $660 million.
Net earnings are expected to range from $4.05 to $4.15 per share.
Core FFO is expected to range from $6.25 to $6.29 per share, both with and without promotes.

Letter said the increased development-start outlook is largely tied to an expected high volume of fourth-quarter build-to-suit activity. Build-to-suit projects are expected to account for 55% to 65% of annual starts.

About Prologis (NYSE:PLD)Prologis, Inc NYSE: PLD is a global logistics real estate company that owns, develops, acquires and manages distribution facilities, warehouses and other properties used throughout the supply chain. Its portfolio serves manufacturers, retailers, transportation providers and third-party logistics companies.

The company provides logistics real estate and related services in key markets across North America, Europe, Asia and Latin America. Its properties are generally located near major population centers, transportation hubs, ports and trade corridors, supporting e-commerce, industrial and distribution operations.

Prologis traces its roots to 1983 and was created in its current form through the 1999 merger of ProLogis and Security Capital Industrial Trust.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Healthy customer demand supports continued momentum

, /PRNewswire/ -- Prologis, Inc. (NYSE: PLD) today announced results for the quarter ended September 30, 2026.

Net earnings per diluted share was $0.86, compared with $0.82 for the same period in 2025. Core funds from operations (Core FFO)* per diluted share was $1.60, compared with $1.49 for the same period in 2025. Core FFO, excluding Net Promote Income (Expense)* per diluted share was $1.61, compared with $1.50 for the same period in 2025. "We executed well on our plan this quarter, signing 60 million square feet of leases and announcing nearly $2.3 billion of transactions," said Daniel S. Letter, chief executive officer of Prologis. "Customers are running lean on inventory, and excess capacity within their networks has largely cleared. We see healthy demand supported by e-commerce, advanced manufacturing and the build-out of the data center supply chain."

Letter added: "On SEGRO, shareholder approval was an important milestone in bringing our two companies together. We look forward to completing the transaction and expanding our platform in Europe, increasing the scale at which we can serve customers."

"Our financial results reflect another quarter of strong operating performance and disciplined capital allocation," said Timothy D. Arndt, chief financial officer of Prologis. "That performance, together with the strength of our balance sheet, gives us the capacity and flexibility to continue investing in growth even in a higher interest rate environment."

OPERATING PERFORMANCE 

Owned & Managed

     3Q26

Average Occupancy

95.1 %

Period End Occupancy

95.6 %

Leases Commenced (Operating and Development Portfolio)             

55.9 MSF

Retention

75.9 %

Prologis Share

3Q26

Average Occupancy

95.1 %

Cash Same Store NOI* Growth

5.9 %

Net Effective Rent Change

38.0 %

Cash Rent Change

23.4 %

 DEPLOYMENT ACTIVITY

Prologis Share

          3Q26

Acquisitions

$702M

     Weighted avg stabilized cap rate (excluding other real estate)          

4.2 %

Development Stabilizations

$401M

     Estimated weighted avg yield

5.6 %

     Estimated weighted avg margin

9.7 %

     Estimated value creation

$39M

     % Build-to-suit

17.5 %

Development Starts

$964M

     Estimated weighted avg yield

6.6 %

     Estimated weighted avg margin

16.1 %

     Estimated value creation

$155M

     % Build-to-suit

18.3 %

Total Dispositions and Contributions

$169M

Weighted avg stabilized cap rate (excluding land, properties under
development, and other real estate)

5.1 %

BALANCE SHEET STRENGTH & LIQUIDITY
During the quarter, the company:

Closed, together with its co-investment ventures, an aggregate of $1.3 billion of debt at a weighted average interest rate of 4.0% and a weighted average term of 4.5 years. As of quarter-end:

Total available liquidity was approximately $8.8 billion. Debt-to-Adjusted EBITDA* was 4.5x and 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 7.6 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 
Prologis' guidance for net earnings is included in the table below as well as guidance for Core FFO*, which are reconciled in our supplemental information.

2026 GUIDANCE 

Earnings (per diluted share)**

Previous

Current

Net earnings attributable to common
stockholders

$4.40 to $4.55

$4.05 to $4.15

Core FFO attributable to common
stockholders/unitholders*

$6.22 to $6.30

$6.25 to $6.29

Core FFO attributable to common
stockholders/unitholders, excluding Net
Promote Income (Expense)*

$6.22 to $6.30

$6.25 to $6.29

  ** Note: Please refer to section titled "U.K. Takeover Code Required Disclosure in Connection With Offer
for SEGRO plc" below.

Operations - Prologis Share

Previous

Current

Average occupancy

95.25% to 95.75%

95.25% to 95.50%

Cash Same Store NOI*

6.75% to 7.25%

7.00% to 7.50%

Net Effective Same Store NOI*

5.25% to 5.75%

5.50% to 6.00%

Strategic Capital (in millions)

Previous

Current 

Strategic Capital revenue, excluding promote
revenue

$660 to $680

$650 to $660

Net Promote Income (Expense)1

$0

$0

 G&A (in millions)

 Previous

 Current 

General & administrative expenses

$510 to $525

$515 to $525

Capital Deployment - Prologis Share (in millions)2

Previous 

Current 

Development stabilizations

$2,250 to $2,750

$2,500 to $3,000

Development starts

$4,500 to $5,500

$5,000 to $5,750

Acquisitions

$1,500 to $2,000

$2,100 to $2,300

Contributions

$2,000 to $2,500

$1,750 to $2,250

Dispositions

$2,250 to $2,750

$1,750 to $2,500

Realized development gains

$600 to $700

$600 to $700

1.

Net promote expense relates to amortization of stock compensation issued to employees related to promote income recognized in prior periods.

2.

Inclusive of data centers.

*‌

This is a non-GAAP financial measure. See the Notes and Definitions in our supplemental information for further explanation and a reconciliation to the most directly comparable GAAP measure.

The earnings guidance described above includes potential gains recognized from real estate transactions but excludes any future or potential foreign currency or derivative gains or losses as our guidance assumes constant foreign currency rates. In reconciling from net earnings to Core FFO*, Prologis makes certain adjustments, including but not limited to our share of real estate depreciation and amortization expense, gains (losses) recognized from real estate transactions and early extinguishment of debt, impairment charges, deferred taxes and unrealized gains or losses on foreign currency or derivative activity. The difference between the company's Core FFO* and net earnings guidance relates predominantly to these items. Please refer to our quarterly Supplemental Information, which is available on our Investor Relations website at https://ir.prologis.com and on the SEC's website at www.sec.gov for a definition of Core FFO* and other non-GAAP measures used by Prologis, along with reconciliations of these items to the closest GAAP measure for our results and guidance.

U.K. TAKEOVER CODE REQUIRED DISCLOSURE IN CONNECTION WITH OFFER FOR SEGRO PLC
Prologis' Earnings (per diluted share) guidance set forth above (the "Profit Forecast") constitutes a profit forecast for the purposes of Rule 28 of the U.K. City Code on Takeovers and Mergers (the "Code"). The U.K. Takeover Panel has granted Prologis a dispensation from the Code requirement to include a report from a reporting accountant and Prologis' financial advisers in respect of the Profit Forecast. SEGRO plc has agreed to Prologis receiving this dispensation, on the basis that: (i) the Profit Forecast is presented on a basis consistent with Prologis' ordinary course quarterly guidance; and (ii) the Prologis board of directors is providing the confirmations in respect of the Profit Forecast stated below. The U.K. Takeover Panel has granted its dispensation on the same basis.

Prologis' board of directors has considered the Profit Forecast and confirms that the Profit Forecast is valid and has been properly compiled on the basis of the assumptions, and subject to the factors, set forth in the "Forward-Looking Statements" disclaimer below and that the basis of accounting used in preparing the Profit Forecast is consistent with the accounting policies of Prologis.

The Profit Forecast and certain other statements set forth in this announcement constitute "forward-looking statements" as described in the "Forward-Looking Statements" disclaimer below, and investors should consider the Profit Forecast and such other statements in the context of being so disclaimed.

OCTOBER 15, 2026, CALL DETAILS
The call will take place on Thursday, October 15, 2026, at 9:00 a.m. PT/12:00 p.m. ET. To access a live broadcast of the call, please dial +1 (877) 897-2615 (toll-free from the United States and Canada) or +1 (201) 689-8514 (from all other countries). A live webcast can be accessed from the Investor Relations section of www.prologis.com.

A telephonic replay will be available October 15 - October 29 at +1 (877) 660-6853 (from the United States and Canada) or +1 (201) 612-7415 (from all other countries) using access code 13757425. The webcast replay will be posted in the Investor Relations section of www.prologis.com under "Events & Presentations."

ABOUT PROLOGIS
The world runs on logistics. At Prologis, we don't just lead the industry, we define it. We create the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. From agile supply chains to clean energy solutions, our ecosystems help your business move faster, operate smarter and grow sustainably. With unmatched scale, innovation and expertise, Prologis is a category of one–not just shaping the future of logistics but building what comes next. Learn more at Prologis.com.

FORWARD-LOOKING STATEMENTS
The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," and "estimates" including variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future—including statements relating to the combination with SEGRO plc ("SEGRO"), rent and occupancy growth, acquisition and development activity, including data center developments and power procurement related thereto, contribution and disposition activity, general conditions in the geographic areas where we operate, expectations regarding new lines of business, our debt, capital structure and financial position, our ability to earn revenues from co-investment ventures, form new co-investment ventures and the availability of capital in existing or new co-investment ventures—are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) international, national, regional and local economic and political climates and conditions; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties, including those specific to data center development and the integration of the operations of significant real estate portfolios; (v) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; (x) Prologis' and SEGRO's ability to complete the combination on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties relating to satisfying the conditions to the combination and relating to failure to realize the expected benefits or synergies of the combination; and (xi) those additional factors discussed in reports filed with the Securities and Exchange Commission by us under the heading "Risk Factors." We undertake no duty to update any forward-looking statements appearing in this document except as may be required by law.

dollars in millions, except per share/unit data

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Rental and other revenues

$                             2,224

$                             2,064

$                                6,544

$                                6,098

Strategic capital revenues

164

150

567

439

Total revenues

2,388

2,214

7,111

6,537

Net earnings attributable to common stockholders

816

763

2,857

1,924

Core FFO attributable to common stockholders/unitholders*

1,545

1,426

4,544

4,178

AFFO attributable to common stockholders/unitholders*

1,207

1,064

4,002

3,184

Adjusted EBITDA attributable to common stockholders/unitholders*

2,081

1,868

6,401

5,428

Estimated value creation from development stabilizations - Prologis Share

39

169

516

473

Common stock dividends and common limited partnership unit distributions

1,045

967

3,097

2,898

Per common share - diluted:

Net earnings attributable to common stockholders

$                               0.86

$                              0.82

$                                  3.04

$                                 2.06

Core FFO attributable to common stockholders/unitholders*

1.60

1.49

4.73

4.37

Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*

1.61

1.50

4.72

4.41

Business line reporting:

Real estate* 

1.54

1.43

4.53

4.19

Strategic capital* 

0.06

0.06

0.20

0.18

Core FFO attributable to common stockholders/unitholders*

1.60

1.49

4.73

4.37

Realized development gains, net of taxes*

0.08

0.01

0.47

0.05

Dividends and distributions per common share/unit

1.07

1.01

3.21

3.03

*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

in thousands

September 30, 2026

June 30, 2026

December 31, 2025

Assets:

Investments in real estate properties:

Operating properties

$                                                  83,327,950

$                                                   82,117,896

$                                                  80,561,020

Development portfolio

3,168,563

2,741,535

3,019,009

Land

4,794,539

4,802,617

4,888,153

Other real estate investments

7,468,798

7,351,737

6,661,174

98,759,850

97,013,785

95,129,356

Less accumulated depreciation

16,359,720

15,783,188

14,729,149

Net investments in real estate properties   

82,400,130

81,230,597

80,400,207

Investments in and advances to unconsolidated entities

11,505,548

11,467,403

11,093,936

Assets held for sale or contribution

545,788

498,975

203,344

Net investments in real estate

94,451,466

93,196,975

91,697,487

Cash and cash equivalents

2,273,497

1,765,043

1,145,647

Other assets

7,169,743

6,049,854

5,881,122

Total assets

$                                               103,894,706

$                                                101,011,872

$                                                  98,724,256

Liabilities and Equity:

Liabilities:

Debt 

$                                                 36,832,482

$                                                  36,442,085

$                                                  35,037,073

Accounts payable, accrued expenses and other liabilities

6,720,593

6,450,272

5,933,175

Total liabilities

43,553,075

42,892,357

40,970,248

Equity:

Stockholders' equity

55,909,034

53,725,722

53,193,178

Noncontrolling interests

3,312,124

3,304,267

3,316,713

Noncontrolling interests - limited partnership unitholders

1,120,473

1,089,526

1,244,117

Total equity

60,341,631

58,119,515

57,754,008

Total liabilities and equity

$                                                103,894,706

$                                                101,011,872

$                                                  98,724,256

Three Months Ended

Nine Months Ended

     September 30,

September 30,

in thousands, except per share amounts

2026

2025

2026

2025

Revenues:

Rental

$                       2,205,269

$                       2,054,200

$                       6,507,427

$                       6,066,797

Strategic capital 

164,326

150,351

566,757

438,652

Development management and other 

17,923

9,330

36,509

31,966

Total revenues

2,387,518

2,213,881

7,110,693

6,537,415

Expenses:

Rental 

511,715

484,635

1,562,859

1,460,915

Strategic capital 

84,202

69,270

261,681

194,964

General and administrative 

127,597

110,662

384,113

332,234

Depreciation and amortization

710,300

647,999

2,131,324

1,957,278

Other

16,957

8,724

47,246

30,079

Total expenses

1,450,771

1,321,290

4,387,223

3,975,470

Operating income before gains on real estate transactions, net

$                           936,747

$                            892,591

$                        2,723,470

$                      2,561,945

Gains on dispositions of development properties and land, net

51,538

15,435

423,717

53,363

Gains on other dispositions of investments in real estate, net

56,435

32,235

359,924

116,078

Operating income

$                        1,044,720

$                            940,261

$                        3,507,111

$                      2,731,386

Other income (expense):

Earnings from unconsolidated entities, net

155,417

92,827

396,183

268,418

Interest expense

(286,955)

(258,274)

(817,552)

(741,891)

Foreign currency, derivative and other gains (losses) and other income (expense), net     

64,535

100,981

218,809

(53,506)

Gains (losses) on early extinguishment of debt, net

144

—

(1,777)

—

Total other income (expense)

(66,859)

(64,466)

(204,337)

(526,979)

Earnings before income taxes

977,861

875,795

3,302,774

2,204,407

Current income tax benefit (expense)

(59,164)

(59,847)

(196,264)

(124,271)

Deferred income tax benefit (expense)

(38,795)

5,312

(57,839)

2,948

Consolidated net earnings

879,902

821,260

3,048,671

2,083,084

Net earnings attributable to noncontrolling interests

(46,191)

(38,329)

(125,231)

(107,044)

Net earnings attributable to noncontrolling interests - limited partnership units

(16,608)

(18,665)

(62,170)

(47,592)

Net earnings attributable to controlling interests

817,103

764,266

2,861,270

1,928,448

Preferred stock dividends

(1,369)

(1,369)

(4,216)

(4,326)

Net earnings attributable to common stockholders 

$                            815,734

$                              762,897

$                        2,857,054

$                           1,924,122

Weighted average common shares outstanding - Diluted

968,511

956,603

961,350

955,824

Net earnings per share attributable to common stockholders - Diluted

$                                  0.86

$                                    0.82

$                                 3.04

$                                    2.06

    Three Months Ended

Nine Months Ended

September 30,

September 30,

in thousands

2026

2025

2026

2025

Net earnings attributable to common stockholders

$                            815,734

$                              762,897

$                           2,857,054

$                          1,924,122

Add (deduct) NAREIT defined adjustments:

Real estate related depreciation and amortization

683,465

626,093

2,052,673

1,896,978

Gains on other dispositions of investments in real estate, net of taxes (excluding development properties and land)      

(56,435)

(32,277)

(358,450)

(115,048)

Adjustments related to noncontrolling interests

(11,268)

(13,142)

(35,361)

(48,888)

Our proportionate share of adjustments related to unconsolidated entities

142,760

138,279

426,100

422,637

NAREIT defined FFO attributable to common stockholders/unitholders*

$                         1,574,256

$                           1,481,850

$                           4,942,016

$                          4,079,801

Add (deduct) our modified adjustments:

Unrealized foreign currency, derivative and other losses (gains), net

12,728

(37,767)

(6,911)

154,948

Deferred income tax expense (benefit)

38,795

(5,312)

57,839

(2,948)

Adjustments related to noncontrolling interests

6

—

503

—

Our proportionate share of adjustments related to unconsolidated entities

437

(1,183)

(5,725)

(2,948)

FFO, as modified by Prologis attributable to common stockholders/unitholders*

$                         1,626,222

$                           1,437,588

$                           4,987,722

$                         4,228,853

Add (deduct) Core FFO defined adjustments:

Gains on dispositions of development properties and land, net

(51,538)

(15,435)

(423,717)

(53,363)

Current income tax expense (benefit) on dispositions

7,413

2,799

15,473

3,602

Losses (gains) on early extinguishment of debt, net

(144)

—

1,777

—

Venture formation costs

—

—

6,049

—

Adjustments related to noncontrolling interests

—

675

271

3,496

Our proportionate share of adjustments related to unconsolidated entities

(37,380)

3

(43,382)

(4,945)

Core FFO attributable to common stockholders/unitholders*

$                         1,544,573

$                           1,425,630

$                           4,544,193

$                         4,177,643

Add (deduct) AFFO defined adjustments:

Gains on dispositions of development properties and land, net

51,538

15,435

423,717

53,363

Current income tax benefit (expense) on dispositions

(7,413)

(2,799)

(15,473)

(3,602)

Straight-line rents and amortization of lease intangibles

(174,807)

(162,529)

(501,708)

(530,691)

Property improvements

(98,490)

(109,397)

(195,773)

(212,536)

Turnover costs

(177,483)

(138,212)

(435,258)

(413,577)

Amortization of debt discount, financing costs and management contracts, net

22,126

21,989

65,512

65,310

Stock compensation amortization expense

49,964

44,509

165,744

141,654

Adjustments related to noncontrolling interests

19,656

25,052

59,285

57,628

Our proportionate share of adjustments related to unconsolidated entities

(22,832)

(55,987)

(108,547)

(151,669)

AFFO attributable to common stockholders/unitholders*

$                         1,206,832

$                          1,063,691

$                          4,001,692

$                         3,183,523

*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

Three Months Ended

Nine Months Ended

September 30,

September 30,

in thousands

2026

2025

2026

2025

Net earnings attributable to common stockholders

$                                 815,734

$                                   762,897

$                                2,857,054

$                                1,924,122

Gains on other dispositions of investments in real estate, net (excluding development properties and land)

(56,435)

(32,235)

(359,924)

(116,078)

Depreciation and amortization expense

710,300

647,999

2,131,324

1,957,278

Interest charges

254,043

242,992

747,749

694,500

Current and deferred income tax expense, net

97,959

54,535

254,103

121,323

Net earnings attributable to noncontrolling interests - limited partnership units

16,608

18,665

62,170

47,592

NOI adjustments for real estate transactions

(1,740)

1,353

12,450

11,663

Preferred stock dividends

1,369

1,369

4,216

4,326

Unrealized foreign currency, derivative and other losses (gains), net

12,728

(37,767)

(6,911)

154,948

Stock compensation amortization expense

49,964

44,509

165,744

141,654

Losses (gains) on early extinguishment of debt, net

(144)

—

1,777

—

Venture formation costs

—

—

6,049

—

Adjustments related to noncontrolling interests

(28,970)

(32,315)

(99,398)

(97,984)

Our proportionate share of adjustments related to unconsolidated entities

209,127

195,704

624,796

585,130

Adjusted EBITDA attributable to common stockholders/unitholders*

$                              2,080,543

$                              1,867,706

$                              6,401,199

$                              5,428,474

*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

Adjusted EBITDA. We use Adjusted EBITDA attributable to common stockholders/unitholders ("Adjusted EBITDA"), a non-GAAP financial measure, as a measure of our operating performance. The most directly comparable GAAP measure is net earnings.

We believe Adjusted EBITDA provides relevant and useful information by offering insight into our operating performance before the effects of financing decisions, income taxes, and certain non-cash or non-recurring charges.

We calculate Adjusted EBITDA by beginning with consolidated net earnings attributable to common stockholders and removing the effect of:

gains or losses from the disposition of investments in real estate (excluding development properties and land); depreciation and amortization expense; impairment charges; interest charges; current and deferred income taxes; preferred stock dividends; unrealized gains or losses on foreign currency and derivatives; stock compensation amortization expense; gains from the revaluation of equity investments upon acquisition of a controlling interest; gains or losses on early extinguishment of debt and derivative contracts (including cash charges); and third-party costs associated with the successful formation of new ventures. We also include an adjustment to reflect a full period of NOI on the operating properties we acquire or stabilize during the quarter and to remove NOI on properties we dispose of during the quarter, assuming all transactions occurred at the beginning of the quarter. For properties we contribute, we make an adjustment to reflect NOI at the new ownership percentage for the full quarter.

We calculate Adjusted EBITDA based on our proportionate ownership share of both our unconsolidated entities and consolidated ventures. We reflect our share of Adjusted EBITDA measures for unconsolidated entities by applying our average ownership percentage for the period to the applicable adjusting items on an entity-by-entity basis. We reflect our share for consolidated ventures in which we do not own 100% of the equity by removing the noncontrolling interests share of the applicable adjustments based on our average ownership percentage for the applicable periods.

While we believe Adjusted EBITDA is an important supplemental measure, it should not be used alone as it excludes significant components of net earnings computed under GAAP and is therefore limited as an analytical tool. We do not use Adjusted EBITDA as an alternative measure to net earnings computed under GAAP or as an alternative to cash from operating activities computed under GAAP or as an indicator of our ability to fund our cash needs. Our computation of Adjusted EBITDA may not be comparable to EBITDA reported by other companies in both the real estate industry and other industries. We compensate for the limitations of Adjusted EBITDA by providing investors with financial statements prepared according to GAAP, along with this detailed discussion of Adjusted EBITDA and a reconciliation to Adjusted EBITDA from consolidated net earnings attributable to common stockholders.

Business Line Reporting is a non-GAAP financial measure. Core FFO and development gains are generated by our three lines of business: (i) real estate operations; (ii) strategic capital; and (iii) development. The real estate operations line of business represents total Prologis Core FFO, less the amount allocated to the strategic capital line of business. The amount of Core FFO allocated to the strategic capital line of business represents the third-party share of asset management fees and transactional fees that we earn from our consolidated and unconsolidated co-investment ventures less costs directly associated with our strategic capital group and Net Promote Income (Expense). Realized development gains include our share of gains on dispositions of development properties and land, net of taxes. To calculate the per share amount, the amount generated by each line of business is divided by the weighted average diluted common shares outstanding used in our Core FFO per share calculation. Management believes evaluating our results by line of business is a useful supplemental measure of our operating performance because it helps the investing public compare the operating performance of Prologis' respective businesses to other companies' comparable businesses. Prologis' computation of FFO by line of business may not be comparable to that reported by other real estate companies as they may use different methodologies in computing such measures.

Calculation of Per Share Amounts

Three Months Ended

Nine Months Ended

Sep. 30,

Sep. 30,

in thousands, except per share amounts

2026

2025

2026

2025

Net earnings

Net earnings attributable to common stockholders

$             815,734

$              762,897

$           2,857,054

$           1,924,122

Noncontrolling interest attributable to exchangeable limited partnership units

16,781

18,781

62,639

47,592

Adjusted net earnings attributable to common stockholders - Diluted

$             832,515

$              781,678

$           2,919,693

$           1,971,714

Weighted average common shares outstanding - Basic

944,132

928,851

936,252

928,186

Incremental weighted average effect on exchange of limited partnership units

19,778

22,809

20,629

22,958

Incremental weighted average effect of equity awards

4,601

4,943

4,469

4,680

Weighted average common shares outstanding - Diluted

968,511

956,603

961,350

955,824

Net earnings per share - Basic

$                    0.86

$                    0.82

$                    3.05

$                    2.07

Net earnings per share - Diluted

$                    0.86

$                    0.82

$                    3.04

$                    2.06

Three Months Ended

Nine Months Ended

Sep. 30,

Sep. 30,

in thousands, except per share amounts

2026

2025

2026

2025

Core FFO

Core FFO attributable to common stockholders/unitholders

$          1,544,573

$           1,425,630

$           4,544,193

$           4,177,643

Noncontrolling interest attributable to exchangeable limited partnership units

261

273

714

825

Core FFO attributable to common stockholders/ unitholders - Diluted

$          1,544,834

$           1,425,903

$           4,544,907

$           4,178,468

Less: Net Promote Income (Expense)

(10,158)

(12,268)

3,689

(36,598)

Core FFO attributable to common stockholders/ unitholders, excluding Net      
Promote Income (Expense) - Diluted

$          1,554,992

$           1,438,171

$           4,541,218

$           4,215,066

Weighted average common shares outstanding - Basic

944,132

928,851

936,252

928,186

Incremental weighted average effect on exchange of limited partnership units

19,778

22,909

20,629

23,223

Incremental weighted average effect of equity awards

4,601

4,943

4,469

4,680

Weighted average common shares outstanding - Diluted

968,511

956,703

961,350

956,089

Core FFO per share - Diluted

$                    1.60

$                     1.49

$                     4.73

$                     4.37

Core FFO per share, excluding Net Promote Income (Expense) - Diluted

$                    1.61

$                     1.50

$                     4.72

$                     4.41

Development Portfolio includes industrial and non-industrial properties, data centers, yards and parking lots that are under development and properties that are developed but have not met Stabilization. At September 30, 2026, total TEI for yards, parking lots, data centers and non-industrial assets was $2.9 billion on an Owned and Managed basis and $2.8 billion on a Prologis Share basis. We do not disclose square footage for yards and parking lots.

Estimated Value Creation represents the value that we expect to create through our development and leasing activities. We calculate Estimated Value Creation by estimating the Stabilized NOI that the property will generate and applying a stabilized capitalization rate applicable to that property. Estimated Value Creation is calculated as the amount by which the value exceeds our TEI, including closing costs and taxes, if any, and does not include any fees or promotes we may earn. 

Estimated Weighted Average Margin is calculated on development properties as Estimated Value Creation, less estimated closing costs and taxes, if any, on properties expected to be sold or contributed, divided by TEI.

Estimated Weighted Average Stabilized Yield is calculated on the properties in the Development Portfolio as Stabilized NOI divided by TEI. The yields on a Prologis Share basis were as follows:

               Pre-Stabilized

Developments

               2026 Expected Completion

               2027 and Thereafter Expected
Completion

               Total Development Portfolio

U.S.

6.8 %

6.3 %

7.9 %

7.6 %

Other Americas       

5.0 %

8.9 %

8.8 %

8.2 %

Europe

5.0 %

5.5 %

5.9 %

5.4 %

Asia

5.7 %

6.2 %

4.9 %

5.3 %

Total

6.1 %

6.2 %

7.5 %

7.1 %

FFO, as modified by Prologis attributable to common stockholders/unitholders ("FFO, as modified by Prologis"); Core FFO attributable to common stockholders/unitholders ("Core FFO"); AFFO attributable to common stockholders/unitholders ("AFFO"); (collectively referred to as "FFO"). FFO is a non-GAAP financial measure that is commonly used in the real estate industry, with net earnings as the most directly comparable GAAP measure.

The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as earnings computed under GAAP to exclude depreciation and gains and losses from sales net of any related tax, along with impairment charges, of previously depreciated properties. We exclude the gains on revaluation of equity investments upon acquisition of a controlling interest and the gain recognized from a partial sale of our investment, as these are similar to gains from the sales of previously depreciated properties. This measure excludes similar adjustments from our unconsolidated entities and the third parties' share of our consolidated ventures.

Our FFO Measures

Our FFO measures begin with NARElT's definition, with certain adjustments to calculate FFO, as modified by Prologis, and Core FFO, both as defined below, to reflect our business and execution of our management strategy. While these adjustments are subject to significant fluctuations from period to period, with both positive and negative short-term impacts, the removal of the effects of these items enhances our understanding of the core operating performance of our properties over the long term.

We use FFO, as modified by Prologis, so that management, analysts and investors are able to evaluate our performance against other REITs that do not have similar operations or operations in jurisdictions outside the U.S. We use both Core FFO and AFFO to (i) assess our operating performance as compared to other real estate companies; (ii) evaluate our performance and the performance of our properties in comparison with expected results and results of previous periods; (iii) evaluate the performance of our management; (iv) budget and forecast future results to assist in the allocation of resources; (v) provide guidance to the financial markets to understand our expected operating performance; and (vi)  evaluate how a specific potential investment will impact our future results.

We calculate our FFO measures based on our proportionate ownership share of both our unconsolidated entities and consolidated ventures. We reflect our share of our FFO measures for unconsolidated entities by applying our average ownership percentage for the period to the applicable adjustments on an entity-by-entity basis. We reflect our share for consolidated ventures in which we do not own 100% of the equity by removing the noncontrolling interests share of the applicable adjustments based on our average ownership percentage for the applicable periods.

FFO, as modified by Prologis

To arrive at FFO, as modified by Prologis, we adjust the NAREIT defined FFO measure to exclude:

deferred income tax benefits and deferred income tax expenses recognized by our subsidiaries; current income tax expense related to acquired tax liabilities that were recorded as deferred tax liabilities in an acquisition, to the extent the expense is offset with a deferred income tax benefit  in earnings that is excluded from our defined FFO measure; and foreign currency exchange gains and losses resulting from (a) debt transactions between us and our foreign entities; (b) third-party debt that is used to hedge our investment in foreign entities; (c) derivative financial instruments related to any such debt transactions; and (d) mark-to-market adjustments associated with derivative and other financial instruments. Core FFO

To arrive at Core FFO, we adjust FFO, as modified by Prologis, to exclude the following:

gains or losses from the disposition of land and development properties that were developed with the intent to contribute or sell; income tax expense related to the sale of investments in real estate; impairment charges recognized related to our investments in real estate generally as a result of our change in intent to contribute or sell these properties; gains or losses from the early extinguishment of debt and redemption and repurchase of preferred stock; and third-party costs associated with the successful formation of new ventures. AFFO

To arrive at AFFO, we adjust Core FFO to include realized gains from the disposition of land and development properties, net of current tax expense, turnover costs and property improvements and exclude the following items that we recognize directly in Core FFO:

straight-line rents; amortization of above- and below-market lease intangibles; amortization of management contracts; amortization of debt premiums and discounts and financing costs, net of amounts capitalized; and stock compensation amortization expense. Limitations on the use of our FFO measures

While we believe our modified FFO measures are important supplemental measures, neither NAREIT's measures or our measures of FFO should be used alone because they exclude significant components of net earnings computed under GAAP and are, therefore, limited as an analytical tool. Some of these limitations arise from excluding income tax expense that may be payable or depreciation and amortization expenses that reflect costs necessary to maintain operating performance. In addition, our FFO measure does not reflect changes in asset values resulting from fluctuations in market conditions or foreign currency exchange rates nor costs or benefits from settlement of deferred income taxes or the extinguishment of debt. We do not use NAREIT's measures or our measures of FFO as alternatives to net earnings computed under GAAP or as alternatives to cash from operating activities computed under GAAP or as indicators of our ability to fund our cash needs.

We compensate for the limitations by using our FFO measures only in conjunction with net earnings computed under GAAP when making our decisions. This information should be read with our complete Consolidated Financial Statements prepared under GAAP. To assist investors in compensating for these limitations, we reconcile our modified FFO measures from consolidated net earnings attributable to common stockholders.

Guidance. The following is a reconciliation of our annual guided Net Earnings per share to our guided Core FFO per share:

                                             Low

                                        High

Net earnings attributable to common stockholders (a)

$  4.05

$     4.15

Our share of:

Depreciation and amortization

3.28

3.32

Net gains on real estate transactions, net of taxes

(1.12)

(1.22)

Unrealized foreign currency losses (gains), losses (gains) on early

   extinguishment of debt and other, net

0.04

0.04

Core FFO attributable to common stockholders/unitholders

$  6.25

$     6.29

Less: Net Promote Income (Expense)

—

—

Core FFO attributable to common stockholders/unitholders, excluding Net Promote                
Income (Expense)

$  6.25

$     6.29

‌   

(a)

‌

Earnings guidance includes potential future gains recognized from real estate transactions, but excludes future foreign currency or derivative gains or losses
as these items are difficult to predict.

Market Capitalization equals Market Equity, less liquidation preference of the preferred shares/units, plus our share of total debt.

Net Promote Income (Expense) is promote revenue earned from third-party investors during the period, net of related cash and stock compensation expenses, and taxes and foreign currency derivative gains and losses, if applicable.

Operating Portfolio represents industrial properties in our Owned and Managed portfolio that have reached Stabilization. Assets held for sale, Non-Strategic Assets and non-industrial assets are excluded from the portfolio. NOI of our Operating Portfolio excludes net termination fees and adjustments. Prologis Share of NOI includes NOI for the properties contributed to or acquired from co-investment ventures at our actual share prior to and subsequent to change in ownership. The U.S. markets not presented consist of Austin, Charlotte, Columbus, Denver, Louisville, Portland, Raleigh-Durham, Reno, San Antonio, Savannah and Tampa. The European countries not presented consist of Belgium, Czech Republic, Hungary, Italy, Poland, Slovakia, Spain and Sweden.

Owned and Managed represents the consolidated properties as well as properties owned by our unconsolidated co-investment ventures, which we manage.

Prologis Share represents our proportionate economic ownership of each entity, or property included in our total Owned and Managed portfolio, whether consolidated or unconsolidated.

Rent Change (Cash) represents the percentage change in starting rental rates per the lease agreement, on new and renewed leases, commenced during the period compared with the previous ending rental rates in that same space. This measure excludes any short-term leases of less than one-year, holdover payments, free rent periods and introductory ("teaser") rates defined as 50% or less of the stabilized rate.

Rent Change (Net Effective) represents the percentage change in net effective rental rates (average rate over the lease term), on new and renewed leases, commenced during the period compared with the previous net effective rental rates for the same respective spaces. This measure excludes any short-term leases of less than one year and holdover payments.

Retention is the square footage of all leases commenced during the period that are rented by existing tenants divided by the square footage of all expiring leases during the reporting period. The square footage of tenants that default or buy-out prior to expiration of their lease and short-term leases of less than one year, are not included in the calculation.

Same Store. Our same store metrics are non-GAAP financial measures, which are commonly used in the real estate industry and expected from the financial community, on both a net effective and cash basis. We evaluate the performance of the operating properties we own and manage using a "same store" analysis because the population of properties in this analysis is consistent from period to period, which allows us and investors to analyze our ongoing business operations. We determine our same store metrics on property NOI, which is calculated as rental revenue less rental expense for the applicable properties in the same store population for both consolidated and unconsolidated properties based on our ownership interest, as further defined below.

We define our same store population for the three months ended September 30, 2026 as the properties in our Owned and Managed Operating Portfolio, including the property NOI for both consolidated properties and properties owned by the unconsolidated co-investment ventures at January 1, 2025 and owned throughout the same three-month period in both 2025 and 2026.

We believe the drivers of property NOI for the consolidated portfolio are generally the same for the properties owned by the ventures in which we invest and therefore we evaluate the same store metrics of the Owned and Managed portfolio based on Prologis' ownership in the properties ("Prologis Share").

The same store population excludes properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the period (January 1, 2025) and properties acquired or disposed of to third parties during the periods. To derive an appropriate measure of period-to-period operating performance, we remove the effects of foreign currency exchange rate movements by using the reported period-end exchange rate to translate from local currency into the U.S. dollar, for both periods.

As non-GAAP financial measures, the same store metrics have certain limitations as an analytical tool and may vary among real estate companies. As a result, we provide a reconciliation of Rental Revenues less Rental Expenses ("Property NOI") (from our Consolidated Financial Statements prepared in accordance with U.S. GAAP) to our Same Store Property NOI measures, as follows:

     Three Months Ended

Sep. 30,

dollars in thousands

‌                         2026

‌                         2025

               ‌     Change (%)

Reconciliation of Consolidated Property NOI to Same Store Property NOI measures:                 

Rental revenues

$     2,205,269

$     2,054,200

Rental expenses

(511,715)

(484,635)

Consolidated Property NOI

$     1,693,554

$     1,569,565

Adjustments to derive same store results:

Property NOI from consolidated properties not included in same
     store portfolio and other adjustments (a)

(210,095)

(163,892)

Property NOI from unconsolidated co-investment ventures
     included in same store portfolio (a)(b)

1,001,336

955,412

Third parties' share of Property NOI from properties included in
     same store portfolio (a)(b)

(774,809)

(743,868)

Prologis Share of Same Store Property NOI - Net Effective (b)

$     1,709,986

$     1,617,217

5.7 %

Consolidated properties straight-line rent and fair value lease
     amortization included in the same store portfolio (c)

(137,117)

(132,380)

Unconsolidated co-investment ventures straight-line rent and fair
     value lease amortization included in the same store portfolio (c)

(37,816)

(38,610)

Third parties' share of straight-line rent and fair value lease
      amortization included in the same store portfolio (b)(c)

29,103

31,079

Prologis Share of Same Store Property NOI - Cash (b)(c)

$     1,564,156

$     1,477,306

5.9 %

‌     

(a)

‌

We exclude properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the periods and properties acquired or disposed of to third parties during the periods. We also exclude one-time items due to early lease terminations, including termination fees received from customers and the write-off of related lease assets and liabilities, that are not indicative of the property's recurring operating performance in order to evaluate the growth or decline in each property's rental revenues. Same Store Property NOI is adjusted to include an allocation of property management expenses for our consolidated properties based on the property management services provided to each property (generally, based on a percentage of revenues). On consolidation, these amounts are eliminated and the actual costs of providing property management and leasing services are recognized as part of our consolidated rental expense.

(b)

We include the Property NOI for the same store portfolio for both consolidated properties and properties owned by the co-investment ventures based on our investment in the underlying properties. In order to calculate our share of Same Store Property NOI from the co-investment ventures in which we own less than 100%, we use the co-investment ventures' underlying Property NOI for the same store portfolio and apply our ownership percentage at September 30, 2026 to the Property NOI for both periods, including the properties contributed during the periods. We adjust the total Property NOI from the same store portfolio of the co-investment ventures by subtracting the third parties' share of both consolidated and unconsolidated co-investment ventures. During the periods presented, certain wholly owned properties were contributed to a co-investment venture and are included in the same store portfolio. Neither our consolidated results nor those of the co-investment ventures, when viewed individually, would be comparable on a same store basis because of the changes in composition of the respective portfolios from period to period (e.g. the results of a contributed property are included in our consolidated results through the contribution date and in the results of the venture subsequent to the contribution date based on our ownership interest at the end of the period). As a result, only line items labeled "Prologis Share of Same Store Property NOI" are comparable period-over-period.

(c)

We further remove certain noncash items (straight-line rent and fair value lease amortization) included in the financial statements prepared in accordance with U.S. GAAP to reflect a Same Store Property NOI - Cash measure. We manage our business and compensate our executives based on the same store results of our Owned and Managed portfolio at 100% as we manage our portfolio on an ownership-blind basis.
We calculate those results by including 100% of the properties included in our same store portfolio.

Stabilization is defined as the earlier of when a property that was developed has been completed for one year, is contributed to a co-investment venture following completion or is 90% occupied. Upon Stabilization, a property is moved into our Operating Portfolio.

Total Expected Investment ("TEI") represents total estimated cost of development or expansion, including land, development and leasing costs. TEI is based on current projections and is subject to change.

Weighted Average Interest Rate is based on the effective rate, which includes the amortization of related premiums and discounts and finance costs.

Weighted Average Stabilized Capitalization ("Cap") Rate is calculated as Stabilized NOI divided by the Acquisition Price.

SOURCE Prologis, Inc.

SummaryREITs are trading at materially higher implied cap rates than private real estate, creating a significant public-private valuation gap and potential opportunity.Historical cap rate cycles highlight the importance of asset durability, balance sheet strength, and sustainable cash flow over headline yields or discounts.Select REITs like Prologis, VICI Properties, and Equinix exemplify the HALO philosophy—owning irreplaceable assets with embedded growth and strong financials.Closing the valuation gap may require stable interest rates, improved transaction activity, and continued NOI growth; selectivity and risk management remain paramount.Looking for a helping hand in the market? Members of iREIT®+HOYA Capital get exclusive ideas and guidance to navigate any climate. Learn More » Tom Werner/DigitalVision via Getty Images

Many years ago, I read an article about a real estate professor named Bob Ellis that has stayed with me throughout my career. As I recall the story, Ellis walked into his classroom, approached the chalkboard, and wrote

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of REXR, VICI, PLD, EQIX either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Prologis, Inc. (NYSE:PLD) will release its third quarter earnings report before the opening bell on Thursday, Oct. 15.

Analysts expect the Maryland-based company to report quarterly earnings of 78 cents per share, down from 80 cents per share in the year-ago period. The consensus estimate for PLD’s quarterly revenue is $2.22 billion. It reported $2.05 billion last year, according to Benzinga Pro.

On Aug. 4, Prologis announced an approximately $2.1 billion public offering of 15 million shares.

Shares of Prologis fell 0.6% to close at $128.08 on Monday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

Wells Fargo analyst Blaine Heck maintained an Overweight rating and cut the price target from $167 to $166 on Sept. 1, 2026. This analyst has an accuracy rate of 52%. RBC Capital analyst Michael Carroll upgraded the stock from Sector Perform to Outperform and boosted the price target from $148 to $160 on Aug. 5, 2026. This analyst has an accuracy rate of 64%. Scotiabank analyst Nicholas Yulico maintained a Sector Perform rating and increased the price target from $146 to $150 on July 23, 2026. This analyst has an accuracy rate of 58%. Truist Securities analyst Michael Lewis maintained a Buy rating and raised the price target from $154 to $162 on July 21, 2026. This analyst has an accuracy rate of 61%. Mizuho analyst Vikram Malhotra maintained an Outperform rating and raised the price target from $150 to $159 on July 17, 2026. This analyst has an accuracy rate of 54%. Considering buying PLD stock? Here’s what analysts think:

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Pensionfund PDN decreased its holdings in Prologis, Inc. (NYSE:PLD – Free Report) by 5.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 122,053 shares of the real estate investment trust’s stock after selling 7,000 shares during the period. Prologis accounts for about 6.4% of Pensionfund PDN’s holdings, making the stock its 3rd biggest position. Pensionfund PDN’s holdings in Prologis were worth $15,847,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. BlackRock Inc. bought a new stake in Prologis during the 2nd quarter valued at $14,006,587,000. Capital Research Global Investors grew its position in shares of Prologis by 4.4% in the fourth quarter. Capital Research Global Investors now owns 16,061,390 shares of the real estate investment trust’s stock valued at $2,050,397,000 after purchasing an additional 678,363 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Prologis by 4.4% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 14,753,884 shares of the real estate investment trust’s stock valued at $1,998,709,000 after purchasing an additional 618,467 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Prologis by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 11,565,453 shares of the real estate investment trust’s stock valued at $1,528,636,000 after purchasing an additional 110,681 shares during the period. Finally, Cardano Risk Management B.V. lifted its holdings in Prologis by 999.3% during the 4th quarter. Cardano Risk Management B.V. now owns 11,228,730 shares of the real estate investment trust’s stock worth $1,433,460,000 after purchasing an additional 10,207,267 shares in the last quarter. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Prologis Trading Down 0.2% Shares of PLD traded down $0.26 during mid-day trading on Monday, reaching $128.65. The company’s stock had a trading volume of 1,071,350 shares, compared to its average volume of 3,747,873. Prologis, Inc. has a 52 week low of $111.03 and a 52 week high of $153.35. The stock has a market cap of $120.04 billion, a PE ratio of 28.68 and a beta of 1.31. The company’s fifty day moving average price is $138.50 and its two-hundred day moving average price is $139.99. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.63.

Prologis (NYSE:PLD – Get Free Report) last issued its earnings results on Thursday, July 16th. The real estate investment trust reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.38. The company had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Prologis had a net margin of 45.79% and a return on equity of 7.29%. The firm’s revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.46 EPS. Prologis has set its FY 2026 guidance at 6.220-6.300 EPS. On average, analysts predict that Prologis, Inc. will post 6.27 earnings per share for the current fiscal year. Prologis Dividend Announcement The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were paid a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Wednesday, September 16th. Prologis’s payout ratio is 95.32%.

Wall Street Analysts Forecast Growth A number of research analysts have weighed in on the company. Weiss Ratings lowered Prologis from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, August 26th. Scotiabank raised their price objective on shares of Prologis from $146.00 to $150.00 and gave the company a “sector perform” rating in a research report on Thursday, July 23rd. Truist Financial upped their target price on shares of Prologis from $154.00 to $162.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Royal Bank Of Canada raised shares of Prologis from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $148.00 to $160.00 in a report on Tuesday, August 4th. Finally, Mizuho boosted their price target on shares of Prologis from $150.00 to $159.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. Sixteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $154.52.

View Our Latest Stock Analysis on PLD

Prologis Company Profile (Free Report)

Prologis, Inc (NYSE: PLD) is a global logistics real estate company that owns, develops, acquires and manages distribution facilities, warehouses and other properties used throughout the supply chain. Its portfolio serves manufacturers, retailers, transportation providers and third-party logistics companies.

The company provides logistics real estate and related services in key markets across North America, Europe, Asia and Latin America. Its properties are generally located near major population centers, transportation hubs, ports and trade corridors, supporting e-commerce, industrial and distribution operations.

Prologis traces its roots to 1983 and was created in its current form through the 1999 merger of ProLogis and Security Capital Industrial Trust.

See Also Five stocks we like better than Prologis A Manufacturing Surprise Could Be a Big Win for These 2 Companies What a $1 Billion Chip Deal Says About Amazon’s AI Ambitions 3 Stocks Benefiting From AI Demand Just Announced Major Buybacks Insiders Are Selling These 3 Stocks, Should You? Want to see what other hedge funds are holding PLD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prologis, Inc. (NYSE:PLD – Free Report).

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Prologis (PLD - Free Report) closed at $129.84 in the latest trading session, marking a -2.09% move from the prior day. The stock fell short of the S&P 500, which registered a loss of 0.25% for the day. Meanwhile, the Dow lost 0.86%, and the Nasdaq, a tech-heavy index, added 0.24%.

Shares of the industrial real estate developer witnessed a loss of 5.06% over the previous month, trailing the performance of the Finance sector with its loss of 4.43%, and the S&P 500's loss of 0.42%.

The investment community will be paying close attention to the earnings performance of Prologis in its upcoming release. The company is slated to reveal its earnings on October 15, 2026. The company is expected to report EPS of $1.58, up 6.04% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $2.2 billion, up 7.1% from the year-ago period.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $6.27 per share and a revenue of $8.7 billion, signifying shifts of +7.92% and +6.67%, respectively, from the last year.

Investors might also notice recent changes to analyst estimates for Prologis. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Prologis presently features a Zacks Rank of #4 (Sell).

Looking at valuation, Prologis is presently trading at a Forward P/E ratio of 21.16. This represents a premium compared to its industry average Forward P/E of 11.85.

The REIT and Equity Trust - Other industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 105, positioning it in the top 43% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

QRG Capital Management Inc. grew its holdings in Prologis, Inc. (NYSE:PLD – Free Report) by 11.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 154,967 shares of the real estate investment trust’s stock after purchasing an additional 15,396 shares during the quarter. QRG Capital Management Inc.’s holdings in Prologis were worth $20,993,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Envestnet Portfolio Solutions Inc. lifted its position in Prologis by 1.7% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 156,316 shares of the real estate investment trust’s stock worth $21,176,000 after buying an additional 2,577 shares in the last quarter. Andra AP fonden raised its stake in Prologis by 11.3% during the second quarter. Andra AP fonden now owns 174,728 shares of the real estate investment trust’s stock worth $23,670,000 after purchasing an additional 17,700 shares during the period. Anchor Investment Management LLC boosted its holdings in Prologis by 1,510.7% in the 2nd quarter. Anchor Investment Management LLC now owns 451 shares of the real estate investment trust’s stock valued at $61,000 after purchasing an additional 423 shares during the last quarter. Sequoia Financial Advisors LLC boosted its holdings in Prologis by 0.3% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 27,758 shares of the real estate investment trust’s stock valued at $3,760,000 after purchasing an additional 84 shares during the last quarter. Finally, National Pension Service grew its stake in shares of Prologis by 1.0% in the 2nd quarter. National Pension Service now owns 2,832,204 shares of the real estate investment trust’s stock valued at $383,679,000 after buying an additional 29,124 shares during the period. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Prologis Trading Down 1.4% NYSE PLD opened at $134.00 on Thursday. The firm has a 50 day simple moving average of $140.80 and a 200-day simple moving average of $140.12. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.70 and a current ratio of 0.70. Prologis, Inc. has a one year low of $111.03 and a one year high of $153.35. The firm has a market cap of $125.03 billion, a price-to-earnings ratio of 29.84 and a beta of 1.30.

Prologis (NYSE:PLD – Get Free Report) last announced its earnings results on Thursday, July 16th. The real estate investment trust reported $1.13 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.38. Prologis had a net margin of 45.79% and a return on equity of 7.29%. The firm had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the prior year, the firm earned $1.46 EPS. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. Prologis has set its FY 2026 guidance at 6.220-6.300 EPS. Equities research analysts anticipate that Prologis, Inc. will post 6.27 EPS for the current fiscal year. Prologis Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Wednesday, September 16th. Prologis’s dividend payout ratio (DPR) is presently 95.32%.

Analyst Upgrades and Downgrades PLD has been the subject of a number of recent analyst reports. Barclays raised their price target on shares of Prologis from $139.00 to $156.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. BMO Capital Markets cut their target price on Prologis from $162.00 to $158.00 and set an “outperform” rating for the company in a research note on Monday, June 29th. BTIG Research lifted their target price on Prologis from $160.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, July 1st. Wells Fargo & Company reduced their price objective on shares of Prologis from $167.00 to $166.00 and set an “overweight” rating on the stock in a report on Tuesday, September 1st. Finally, Truist Financial upped their target price on shares of Prologis from $154.00 to $162.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Sixteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $154.52.

Get Our Latest Research Report on PLD

Prologis Company Profile (Free Report)

Prologis, Inc is a global real estate investment trust (REIT) that owns, develops, acquires and manages logistics and industrial properties. Its portfolio is designed to support supply-chain operations and includes distribution centers, warehouses, fulfillment facilities and other industrial buildings used by manufacturers, retailers, transportation companies and logistics providers.

The company also provides related property and business services, including facility management, leasing, development and customer-focused solutions through its Prologis Essentials platform.

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Prologis (NYSE:PLD) Chief Financial Officer Tim Arndt said the logistics real estate company continues to see improving leasing activity, rising occupancy and positive market rent growth as it moves through the third quarter.

Speaking at an investor event moderated by Sarah Cooper, Global Head of Real Estate Equity Sales, Arndt said the operational trends the company has discussed over recent quarters have continued. He pointed to strong leasing volumes, faster customer decision-making, improving occupancy and positive market rent growth as factors supporting development activity and broader value creation.

Arndt said Prologis expects third-quarter lease signings to be in the range of its recent record quarters, which have totaled roughly 60 million to 65 million square feet. While the quarter was not complete, he said the company had seen a strong start and that deals in the agreement stage were moving more quickly through the pipeline. “We are seeing our lease pipeline stay well over 100 million square feet in new inquiries,” Arndt said.

Data Center Demand Adds to Leasing Activity About 10% of Prologis’ new leasing is tied to some form of support for the data center build-out, according to Arndt. He said the opportunity should provide a longer-term source of logistics demand because data center infrastructure requires an ecosystem of hardware, chips, mechanical, electrical and plumbing equipment, as well as future repair, maintenance and replacement activity.

Prologis has also expanded its own data center development efforts. Arndt said the company has a team of about 75 people focused on the business and has secured or advanced approximately 5.8 gigawatts of power capacity. Of that total, 1.6 gigawatts are secured, while the remainder is in advanced stages.

The company has started approximately $4 billion of data center build-to-suit transactions since formally pursuing the opportunity, Arndt said. Prologis generally plans to minimize risk by securing power at attractive costs, beginning vertical construction only after signing leases with high-credit tenants, and selling projects after completion to recycle capital into its core logistics operations.

Arndt said Prologis has completed more than $2 billion of data center starts during the first half of the year, filling its guidance bucket for data center starts. The company may also use private equity partnerships for particularly large turnkey development opportunities, while continuing to fund other activity from its balance sheet and through capital recycling.

Market Fundamentals and Rent Growth Arndt said U.S. logistics net absorption of 66 million square feet in the second quarter represented a return toward a more productive market pace. He estimated that a healthy annual absorption level would be around 225 million square feet.

Earlier weaker absorption reflected tenants working through excess space taken during the early stages of the COVID-19 period, he said. As customers right-size their portfolios, Prologis has seen demand increase, with its portfolio benefiting ahead of the broader market because of its location and quality.

The company’s lease mark-to-market, or the difference between in-place rents and market rents, stands at about 17%, which Arndt said represents roughly $700 million of potential incremental revenue as leases roll. He added that replacement-cost rents are approximately another 20% above current market rents, producing a combined rent gap of roughly 38% to 39% when compounded.

Arndt said that if markets tighten and replacement-cost rent gaps close as they have in prior real estate cycles, market rent growth could reach the mid-single digits annually for several years. He described that outlook as potentially conservative, depending on inflation, secular demand drivers and the pace of market tightening.

Strong markets include Sun Belt and Southeast U.S. locations, Texas, Indianapolis, Columbus and Memphis, according to Arndt. Southern California is “definitely inflecting,” he said, with Prologis more than 96% occupied there and reporting strong rent growth. Seattle and central Pennsylvania remain behind other U.S. markets, while China continues to work through excess vacancy. Europe has been a stabilizing part of the company’s portfolio, Arndt said, with high occupancy and positive market rent growth emerging sooner than in the U.S. He said Prologis expects its pending SEGRO transaction to close in the first half of next year, subject to regulatory processes and a shareholder vote expected at the end of the month. Arndt described the companies’ European portfolios and teams as highly complementary.

Development, Capital and E-Commerce Prologis owns or controls 14,000 acres of land, much of which it prepared and entitled during slower post-COVID periods, Arndt said. The company has seen continued demand for build-to-suit projects, particularly for larger buildings that can be difficult for tenants to find in existing inventory.

Build-to-suit development has historically represented about 35% of Prologis’ development starts, and Arndt said the company expects a similar mix going forward.

The company’s strategic capital platform has nearly $70 billion in third-party assets under management. Arndt said Prologis has been developing new investment vehicles across regions and formats, including vehicles with more development exposure, as it seeks to attract capital beyond traditional open-ended funds.

On e-commerce, Arndt said online sales account for approximately 24% of U.S. retail sales and are expected to gain roughly 100 basis points of penetration annually through the end of the decade. Prologis expects e-commerce to account for about 28% to 30% of U.S. retail sales by 2030. The company sees a three-times multiplier in logistics demand for each retail dollar that shifts to e-commerce, he said.

Arndt added that e-commerce leasing has returned to the high-teens percentage of Prologis’ new leasing activity. While Amazon remains active, he said the company typically serves roughly 35 to 40 individual e-commerce tenants in a given quarter.

Arndt said customers have largely moved beyond uncertainty surrounding tariffs and trade-policy changes, adapting supply chains rather than abandoning logistics footprints. He said supply-chain disruption and a need for redundancy could directionally support logistics demand over time.

About Prologis (NYSE:PLD) Prologis, Inc is a global real estate investment trust (REIT) that owns, develops, acquires and manages logistics and industrial properties. Its portfolio is designed to support supply-chain operations and includes distribution centers, warehouses, fulfillment facilities and other industrial buildings used by manufacturers, retailers, transportation companies and logistics providers.

The company also provides related property and business services, including facility management, leasing, development and customer-focused solutions through its Prologis Essentials platform.

Could Falling Yields Make REIT Stocks Worth a Second Look?Prologis NYSE: PLD Chief Financial Officer Tim Arndt said the logistics real estate company continues to see improving leasing activity, rising occupancy and positive market rent growth as it moves through the third quarter.

Speaking at an investor event moderated by Sarah Cooper, Global Head of Real Estate Equity Sales, Arndt said the operational trends the company has discussed over recent quarters have continued. He pointed to strong leasing volumes, faster customer decision-making, improving occupancy and positive market rent growth as factors supporting development activity and broader value creation.

Get Prologis alerts:

Prologis Q1 2026: Data Centers Steal the ShowArndt said Prologis expects third-quarter lease signings to be in the range of its recent record quarters, which have totaled roughly 60 million to 65 million square feet. While the quarter was not complete, he said the company had seen a strong start and that deals in the agreement stage were moving more quickly through the pipeline.

“We are seeing our lease pipeline stay well over 100 million square feet in new inquiries,” Arndt said.

Data Center Demand Adds to Leasing Activity 3 Under-the-Radar AI Infrastructure Stocks Powering the Next BuildoutAbout 10% of Prologis’ new leasing is tied to some form of support for the data center build-out, according to Arndt. He said the opportunity should provide a longer-term source of logistics demand because data center infrastructure requires an ecosystem of hardware, chips, mechanical, electrical and plumbing equipment, as well as future repair, maintenance and replacement activity.

Prologis has also expanded its own data center development efforts. Arndt said the company has a team of about 75 people focused on the business and has secured or advanced approximately 5.8 gigawatts of power capacity. Of that total, 1.6 gigawatts are secured, while the remainder is in advanced stages.

The company has started approximately $4 billion of data center build-to-suit transactions since formally pursuing the opportunity, Arndt said. Prologis generally plans to minimize risk by securing power at attractive costs, beginning vertical construction only after signing leases with high-credit tenants, and selling projects after completion to recycle capital into its core logistics operations.

Arndt said Prologis has completed more than $2 billion of data center starts during the first half of the year, filling its guidance bucket for data center starts. The company may also use private equity partnerships for particularly large turnkey development opportunities, while continuing to fund other activity from its balance sheet and through capital recycling.

Market Fundamentals and Rent Growth Arndt said U.S. logistics net absorption of 66 million square feet in the second quarter represented a return toward a more productive market pace. He estimated that a healthy annual absorption level would be around 225 million square feet.

Earlier weaker absorption reflected tenants working through excess space taken during the early stages of the COVID-19 period, he said. As customers right-size their portfolios, Prologis has seen demand increase, with its portfolio benefiting ahead of the broader market because of its location and quality.

The company’s lease mark-to-market, or the difference between in-place rents and market rents, stands at about 17%, which Arndt said represents roughly $700 million of potential incremental revenue as leases roll. He added that replacement-cost rents are approximately another 20% above current market rents, producing a combined rent gap of roughly 38% to 39% when compounded.

Arndt said that if markets tighten and replacement-cost rent gaps close as they have in prior real estate cycles, market rent growth could reach the mid-single digits annually for several years. He described that outlook as potentially conservative, depending on inflation, secular demand drivers and the pace of market tightening.

Strong markets include Sun Belt and Southeast U.S. locations, Texas, Indianapolis, Columbus and Memphis, according to Arndt. Southern California is “definitely inflecting,” he said, with Prologis more than 96% occupied there and reporting strong rent growth. Seattle and central Pennsylvania remain behind other U.S. markets, while China continues to work through excess vacancy. Europe has been a stabilizing part of the company’s portfolio, Arndt said, with high occupancy and positive market rent growth emerging sooner than in the U.S. He said Prologis expects its pending SEGRO transaction to close in the first half of next year, subject to regulatory processes and a shareholder vote expected at the end of the month. Arndt described the companies’ European portfolios and teams as highly complementary.

Development, Capital and E-Commerce Prologis owns or controls 14,000 acres of land, much of which it prepared and entitled during slower post-COVID periods, Arndt said. The company has seen continued demand for build-to-suit projects, particularly for larger buildings that can be difficult for tenants to find in existing inventory.

Build-to-suit development has historically represented about 35% of Prologis’ development starts, and Arndt said the company expects a similar mix going forward.

The company’s strategic capital platform has nearly $70 billion in third-party assets under management. Arndt said Prologis has been developing new investment vehicles across regions and formats, including vehicles with more development exposure, as it seeks to attract capital beyond traditional open-ended funds.

On e-commerce, Arndt said online sales account for approximately 24% of U.S. retail sales and are expected to gain roughly 100 basis points of penetration annually through the end of the decade. Prologis expects e-commerce to account for about 28% to 30% of U.S. retail sales by 2030. The company sees a three-times multiplier in logistics demand for each retail dollar that shifts to e-commerce, he said.

Arndt added that e-commerce leasing has returned to the high-teens percentage of Prologis’ new leasing activity. While Amazon remains active, he said the company typically serves roughly 35 to 40 individual e-commerce tenants in a given quarter.

Arndt said customers have largely moved beyond uncertainty surrounding tariffs and trade-policy changes, adapting supply chains rather than abandoning logistics footprints. He said supply-chain disruption and a need for redundancy could directionally support logistics demand over time.

About Prologis (NYSE:PLD)Prologis, Inc is a global real estate investment trust (REIT) that owns, develops, acquires and manages logistics and industrial properties. Its portfolio is designed to support supply-chain operations and includes distribution centers, warehouses, fulfillment facilities and other industrial buildings used by manufacturers, retailers, transportation companies and logistics providers.

The company also provides related property and business services, including facility management, leasing, development and customer-focused solutions through its Prologis Essentials platform.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Prologis, Inc. (PLD) BofA NY Global Real Estate Conference 2026 September 15, 2026 11:05 AM EDT

Company Participants

Timothy Arndt - Chief Financial Officer

Conference Call Participants

Sarah Cooper

Presentation

Sarah Cooper

Sarah Cooper, Global Head of Real Estate Equity Sales and for various reasons, you have me moderating, but I would welcome all of your questions as we proceed, particularly around the things that I'm not allowed to mention.

So thank you to management. We have Tim Arndt, CFO; Justin Meng, Head of IR. That's all from your team, right? [indiscernible] as well here with us.

Question-and-Answer Session

Sarah Cooper

So to jump right in, maybe you can give us the latest updates on leasing and tenant demand into September, hit on what's changed since earnings and the pipeline as well, if that's okay.

Timothy Arndt
Chief Financial Officer

Sure. Well, good morning, everybody. It's great to be here, be back in New York. Maybe I'll just even widen out a little bit further and touch on the quarter overall and how the business is performing. In a nutshell, things are going very well. If we just begin around the operational part of the business, all of the trends that we have been talking about for really, in my view, about the last 8 quarters now that I think the market has taken more notice the last 2 or 3. All those positive trends around our leasing volumes, the pace of decision-making, lifting of occupancies.

We've seen a couple of quarters of positive market rent growth. All those things have been continuing here into the third quarter. That's been great to see. It's something that is facilitating continued growth in our value creation business, namely development of logistics facilities for one part. That's an area of our deployment that had been

Prologis (PLD - Free Report) closed the most recent trading day at $135.66, moving -2.04% from the previous trading session. The stock's performance was behind the S&P 500's daily loss of 0.48%. Elsewhere, the Dow lost 0.77%, while the tech-heavy Nasdaq lost 0.64%.

Coming into today, shares of the industrial real estate developer had lost 0.73% in the past month. In that same time, the Finance sector lost 0.68%, while the S&P 500 lost 0.97%.

The investment community will be closely monitoring the performance of Prologis in its forthcoming earnings report. The company is scheduled to release its earnings on October 15, 2026. The company is forecasted to report an EPS of $1.57, showcasing a 5.37% upward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $2.2 billion, reflecting a 7.1% rise from the equivalent quarter last year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $6.25 per share and revenue of $8.7 billion, which would represent changes of +7.57% and +6.67%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for Prologis. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.16% downward. Prologis is currently sporting a Zacks Rank of #3 (Hold).

Digging into valuation, Prologis currently has a Forward P/E ratio of 22.16. This valuation marks a premium compared to its industry average Forward P/E of 12.67.

The REIT and Equity Trust - Other industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 101, which puts it in the top 42% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

California State Teachers Retirement System boosted its position in Prologis, Inc. (NYSE:PLD – Free Report) by 13,234.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 189,453,847 shares of the real estate investment trust’s stock after purchasing an additional 188,033,109 shares during the quarter. California State Teachers Retirement System owned about 20.30% of Prologis worth $25,665,313,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Manning & Napier Advisors LLC purchased a new stake in shares of Prologis in the second quarter valued at approximately $25,000. Solstein Capital LLC acquired a new stake in shares of Prologis in the second quarter valued at approximately $25,000. Clearstead Trust LLC purchased a new position in Prologis during the second quarter worth approximately $28,000. Johnson Financial Group Inc. purchased a new position in Prologis during the second quarter worth approximately $29,000. Finally, SouthState Bank Corp boosted its stake in Prologis by 73.1% during the fourth quarter. SouthState Bank Corp now owns 225 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 95 shares during the last quarter. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Wall Street Analyst Weigh In Several analysts have recently weighed in on the stock. Robert W. Baird set a $140.00 price target on shares of Prologis in a research note on Friday, July 31st. Scotiabank lifted their price target on shares of Prologis from $146.00 to $150.00 and gave the company a “sector perform” rating in a research report on Thursday, July 23rd. Wells Fargo & Company lowered their price objective on Prologis from $167.00 to $166.00 and set an “overweight” rating for the company in a research report on Tuesday, September 1st. Truist Financial raised their target price on Prologis from $154.00 to $162.00 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Finally, Raymond James Financial initiated coverage on Prologis in a research report on Thursday, June 18th. They issued a “market perform” rating on the stock. Sixteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $154.52.

Check Out Our Latest Stock Report on Prologis Insider Buying and Selling at Prologis In other news, CFO Timothy Arndt sold 3,597 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $150.00, for a total transaction of $539,550.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.52% of the company’s stock.

Prologis Stock Performance NYSE PLD opened at $137.42 on Tuesday. The company has a market cap of $128.22 billion, a P/E ratio of 30.61 and a beta of 1.30. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a 50-day moving average of $142.03 and a two-hundred day moving average of $140.56. Prologis, Inc. has a 1-year low of $110.60 and a 1-year high of $153.35.

Prologis (NYSE:PLD – Get Free Report) last announced its quarterly earnings data on Thursday, July 16th. The real estate investment trust reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.38. Prologis had a net margin of 45.79% and a return on equity of 7.29%. The firm had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter in the previous year, the business posted $1.46 earnings per share. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. Prologis has set its FY 2026 guidance at 6.220-6.300 EPS. As a group, analysts anticipate that Prologis, Inc. will post 6.27 EPS for the current year.

Prologis Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a $1.07 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $4.28 annualized dividend and a dividend yield of 3.1%. Prologis’s payout ratio is 95.32%.

Prologis Profile (Free Report)

Prologis, Inc is a real estate investment trust (REIT) specializing in logistics and distribution facilities. The company focuses on acquiring, developing, and managing high-quality industrial real estate assets that support supply chain infrastructure for third-party logistics providers, e-commerce businesses, retailers and manufacturers. Its portfolio primarily consists of warehouse and distribution centers designed to optimize goods movement and storage near key transportation hubs.

With a global presence, Prologis serves customers across the Americas, Europe and Asia Pacific.

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, /PRNewswire/ -- Prologis, Inc. (NYSE: PLD) will host a webcast and conference call with senior management to discuss its third quarter results, current market conditions and future outlook on Thursday, October 15, 2026, at 9:00 a.m. PT/12:00 p.m. ET.

To access a live broadcast of the call, please dial +1 (877) 897-2615 (toll-free from the United States and Canada) or +1 (201) 689-8514 (from all other countries). A live webcast can be accessed from the Investor Relations section of www.prologis.com.

A telephonic replay will be available October 15 - October 29 at +1 (877) 660-6853 (from the United States and Canada) or +1 (201) 612-7415 (from all other countries) using access code 13762465. The webcast replay will be posted in the Investor Relations section of www.prologis.com under "Events & Presentations."

About Prologis
The world runs on logistics. At Prologis, we don't just lead the industry, we define it. We create the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. From agile supply chains to clean energy solutions, our ecosystems help your business move faster, operate smarter and grow sustainably. With unmatched scale, innovation and expertise, Prologis is a category of one–not just shaping the future of logistics but building what comes next. Learn more at Prologis.com.

Forward-Looking Statements
The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," and "estimates" including variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future—including statements relating to rent and occupancy growth, acquisition and development activity, including data center developments and power procurement related thereto, contribution and disposition activity, general conditions in the geographic areas where we operate, expectations regarding new lines of business, our debt, capital structure and financial position, our ability to earn revenues from co-investment ventures, form new co-investment ventures and the availability of capital in existing or new co-investment ventures—are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) international, national, regional and local economic and political climates and conditions; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties, including those specific to data center development and the integration of the operations of significant real estate portfolios; (v) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; and (x) those additional factors discussed in reports filed with the Securities and Exchange Commission by us under the heading "Risk Factors." We undertake no duty to update any forward-looking statements appearing in this document except as may be required by law.

SOURCE Prologis, Inc.

, /PRNewswire/ -- The Board of Directors of Prologis, Inc. (NYSE: PLD) declared a regular cash dividend for the quarter ending September 30, 2026, on the following securities:

A dividend of $1.07 per share of the company's common stock, payable on September 30, 2026, to common stockholders of record at the close of business on September 16, 2026; and A dividend of $1.0675 per share of the company's 8.54% Series Q Cumulative Redeemable Preferred Stock, payable on September 30, 2026, to Series Q stockholders of record at the close of business on September 16, 2026. ABOUT PROLOGIS
The world runs on logistics. At Prologis, we don't just lead the industry, we define it. We create the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. From agile supply chains to clean energy solutions, our ecosystems help your business move faster, operate smarter and grow sustainably. With unmatched scale, innovation and expertise, Prologis is a category of one–not just shaping the future of logistics but building what comes next. Learn more at Prologis.com.

FORWARD-LOOKING STATEMENTS
The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," and "estimates" including variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future—including statements relating to rent and occupancy growth, acquisition and development activity, including data center developments and power procurement related thereto, contribution and disposition activity, general conditions in the geographic areas where we operate, expectations regarding new lines of business, our debt, capital structure and financial position, our ability to earn revenues from co-investment ventures, form new co-investment ventures and the availability of capital in existing or new co-investment ventures—are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) international, national, regional and local economic and political climates and conditions; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties, including those specific to data center development and the integration of the operations of significant real estate portfolios; (v) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; and (x) those additional factors discussed in reports filed with the Securities and Exchange Commission by us under the heading "Risk Factors." We undertake no duty to update any forward-looking statements appearing in this document except as may be required by law.

SOURCE Prologis, Inc.

Adelante Capital Management LLC bought a new position in shares of Prologis, Inc. (NYSE:PLD – Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 1,274,473 shares of the real estate investment trust’s stock, valued at approximately $172,653,000. Prologis makes up 11.4% of Adelante Capital Management LLC’s portfolio, making the stock its 2nd largest position. Adelante Capital Management LLC owned about 0.14% of Prologis as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Manning & Napier Advisors LLC purchased a new stake in shares of Prologis during the 2nd quarter valued at $25,000. Solstein Capital LLC purchased a new stake in shares of Prologis during the second quarter valued at $25,000. Ares Financial Consulting LLC acquired a new position in Prologis during the fourth quarter valued at $26,000. Clearstead Trust LLC purchased a new position in shares of Prologis during the 2nd quarter valued at approximately $28,000. Finally, Johnson Financial Group Inc. acquired a new position in shares of Prologis in the second quarter worth about $29,000. 93.50% of the stock is owned by institutional investors.

Insider Buying and Selling at Prologis In other Prologis news, CFO Timothy D. Arndt sold 3,597 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $150.00, for a total value of $539,550.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.52% of the company’s stock.

Prologis Price Performance Prologis stock opened at $142.70 on Thursday. The stock has a market cap of $133.15 billion, a P/E ratio of 31.78 and a beta of 1.31. The company has a fifty day simple moving average of $142.41 and a 200-day simple moving average of $140.55. Prologis, Inc. has a 12-month low of $110.51 and a 12-month high of $153.35. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.63. Prologis (NYSE:PLD – Get Free Report) last posted its earnings results on Thursday, July 16th. The real estate investment trust reported $1.13 EPS for the quarter, beating the consensus estimate of $0.75 by $0.38. The firm had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.16 billion. Prologis had a return on equity of 7.29% and a net margin of 45.79%.Prologis’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.46 earnings per share. Prologis has set its FY 2026 guidance at 6.220-6.300 EPS. Equities analysts expect that Prologis, Inc. will post 6.27 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth Several research analysts recently commented on the company. Scotiabank increased their price objective on Prologis from $146.00 to $150.00 and gave the company a “sector perform” rating in a research note on Thursday, July 23rd. Raymond James Financial assumed coverage on Prologis in a research report on Thursday, June 18th. They set a “market perform” rating for the company. BTIG Research upped their target price on shares of Prologis from $160.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, July 1st. Truist Financial increased their target price on shares of Prologis from $154.00 to $162.00 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Finally, Wells Fargo & Company boosted their price target on shares of Prologis from $155.00 to $167.00 and gave the company an “overweight” rating in a research note on Monday, June 1st. Sixteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Prologis has a consensus rating of “Moderate Buy” and an average price target of $154.57.

View Our Latest Stock Report on PLD

Prologis Profile (Free Report)

Prologis, Inc is a real estate investment trust (REIT) specializing in logistics and distribution facilities. The company focuses on acquiring, developing, and managing high-quality industrial real estate assets that support supply chain infrastructure for third-party logistics providers, e-commerce businesses, retailers and manufacturers. Its portfolio primarily consists of warehouse and distribution centers designed to optimize goods movement and storage near key transportation hubs.

With a global presence, Prologis serves customers across the Americas, Europe and Asia Pacific.

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The PrintPrologis, Inc. (NYSE:PLD) is heading toward its recommended $18.8 billion acquisition of SEGRO plc (OTC:SEGXF) with a 68.4% dividend payout against the midpoint of its current 2026 Core FFO guidance. The $1.07 quarterly dividend annualizes to $4.28, while the midpoint of the $6.22 to $6.30 Core FFO range is $6.26.

That payout ratio is a useful standalone snapshot, but it is not the main analytical issue created by the transaction. The more important relationship is between Prologis’ expanding equity base and the per-share earnings the combined company will need to produce after closing.

Prologis sold 15 million common shares in August, and the underwriters exercised their option for another 2.25 million. The company’s issued-and-outstanding share count increased from 933,083,372 at Aug. 3 to 950,333,372 at Aug. 7, a 17.25 million-share, or 1.85%, increase by DFB calculation.

At the current $4.28 annualized dividend rate, those additional shares correspond to about $73.8 million of annualized common-dividend payments if the rate is maintained. That does not change the 68.4% per-share payout calculation today, but it does increase the aggregate cash required to support the same dividend rate.

The August Offering Expanded The Equity Base Before ClosingPrologis entered into the underwriting agreement for the 15 million-share base offering on Aug. 4. The offering closed Aug. 5 and generated approximately $2.1 billion of net proceeds after estimated expenses.

The underwriters then exercised the option for another 2.25 million shares. Prologis estimated approximately $312.2 million of additional net proceeds after the underwriting discount but before estimated transaction expenses. Its Aug. 10 Rule 2.9 announcement reported 950,333,372 common shares issued and outstanding at the close of business Aug. 7.

Prologis said the offering proceeds would be contributed to Prologis, L.P., its operating partnership, for general corporate purposes, including potential acquisitions such as SEGRO. The company did not earmark a specific amount of the proceeds to the acquisition.

The equity raise therefore has two observable effects before SEGRO closes: more cash available for capital allocation and a larger common-equity base. The second matters for the dividend because maintaining the same per-share payment across more shares requires a larger aggregate cash outlay.

SEGRO Will Add Another Layer Of Share ConsiderationThe recommended SEGRO acquisition is itself structured primarily around Prologis shares. SEGRO shareholders who do not elect the partial cash alternative are set to receive 0.0920 new Prologis shares for each SEGRO share.

A shareholder taking only the basic cash entitlement would receive 258 pence in cash plus 0.0690 new Prologis shares for each SEGRO share. The aggregate partial cash alternative is capped at approximately GBP 3.5 billion.

If that alternative is fully taken up, Prologis said the transaction would result in approximately 93.9 million new Prologis shares, representing about 8.9% of the enlarged issued share capital under the assumptions in the transaction announcement. Lower cash participation would leave more consideration payable in Prologis shares.

The cash component has separate funding channels, including a committed term-loan facility, existing liquidity and other available sources. Prologis reported approximately $7.6 billion of available liquidity at June 30 and debt-to-Adjusted EBITDA of 4.7x.

The point is not that Prologis lacks funding capacity. It is that the acquisition combines debt capacity, existing liquidity and a materially larger equity base, making per-share execution central to how the transaction ultimately affects dividend coverage.

What The Larger Equity Base Means For Dividend CoveragePrologis expects the combination to have a broadly neutral to minimally dilutive impact on Core FFO per share and AFFO per share in the first full year after completion, assuming annualized run-rate synergies.

That forward-looking expectation now matters more than the standalone 68.4% payout ratio. The current ratio is based on 2026 guidance for Prologis before SEGRO is consolidated. The transaction is expected to close in the first half of 2027, and no post-close Core FFO guidance range exists today.

For investors, the relationship between the dividend, the August equity raise and the SEGRO consideration is straightforward. The equity raise has already increased the share count and aggregate dividend cash requirement at the current rate. The acquisition is expected to add another substantial block of Prologis shares. The combined business then has to generate enough Core FFO and AFFO per share to absorb that larger denominator.

That does not establish that the dividend is protected, nor does it establish that the acquisition will be accretive. The analytical point is that Prologis’ funding mix shifts the dividend question away from the current standalone payout ratio and toward post-close per-share earnings.

If the combined company delivers the broadly neutral to minimally dilutive per-share outcome Prologis currently expects, the larger equity base would be supported by the earnings and synergies of the combined platform. If that outcome differs, the post-close payout relationship will differ with it. That is the connection the current 68.4% ratio alone cannot show.

Source: Prologis second-quarter 2026 results, July 16, 2026; Prologis quarterly common dividend announcement, April 28, 2026; Prologis recommended SEGRO acquisition announcement and Rule 2.7 materials, Aug. 4, 2026; Prologis common-stock offering Form 8-K, Aug. 4-5, 2026; Prologis Form 8-K reporting exercise of the underwriters’ additional-share option, Aug. 6, 2026; Prologis Rule 2.9 announcement reporting issued and outstanding shares at Aug. 7, released Aug. 10, 2026. Dividend payout, share-count increase and annualized dividend calculations by Dividend Forensics Bureau from company-reported figures.

The author holds no position in any security mentioned. Structural research, not personalized investment advice.

Further dividend structure research is published at dividendforensics.com

Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Prologis, Inc. (NYSE:PLD – Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 1,154,926 shares of the real estate investment trust’s stock, valued at approximately $156,458,000. Barrow Hanley Mewhinney & Strauss LLC owned approximately 0.12% of Prologis as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brighton Jones LLC boosted its position in Prologis by 629.0% in the 4th quarter. Brighton Jones LLC now owns 17,475 shares of the real estate investment trust’s stock valued at $1,847,000 after buying an additional 15,078 shares during the last quarter. Schnieders Capital Management LLC. raised its position in shares of Prologis by 45.4% during the second quarter. Schnieders Capital Management LLC. now owns 10,728 shares of the real estate investment trust’s stock worth $1,128,000 after acquiring an additional 3,350 shares during the last quarter. Walleye Capital LLC acquired a new position in shares of Prologis during the second quarter valued at $422,000. NewEdge Advisors LLC lifted its stake in shares of Prologis by 6.8% during the second quarter. NewEdge Advisors LLC now owns 63,829 shares of the real estate investment trust’s stock valued at $6,710,000 after acquiring an additional 4,074 shares during the period. Finally, Treasurer of the State of North Carolina boosted its holdings in Prologis by 2.4% in the second quarter. Treasurer of the State of North Carolina now owns 433,312 shares of the real estate investment trust’s stock valued at $45,550,000 after acquiring an additional 10,266 shares during the last quarter. Institutional investors own 93.50% of the company’s stock.

Insider Buying and Selling In other Prologis news, CFO Timothy D. Arndt sold 3,597 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $150.00, for a total value of $539,550.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.52% of the company’s stock.

Prologis Stock Down 0.0% NYSE:PLD opened at $141.77 on Monday. The firm has a market capitalization of $132.28 billion, a price-to-earnings ratio of 31.57 and a beta of 1.31. Prologis, Inc. has a twelve month low of $109.14 and a twelve month high of $153.35. The stock’s 50 day moving average price is $142.53 and its two-hundred day moving average price is $140.36. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.63. Prologis (NYSE:PLD – Get Free Report) last released its quarterly earnings data on Thursday, July 16th. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.38. The firm had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.16 billion. Prologis had a return on equity of 7.29% and a net margin of 45.79%.The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.46 earnings per share. Prologis has set its FY 2026 guidance at 6.220-6.300 EPS. Equities research analysts expect that Prologis, Inc. will post 6.27 earnings per share for the current fiscal year.

Analysts Set New Price Targets A number of analysts recently commented on PLD shares. Robert W. Baird set a $140.00 price objective on Prologis in a research report on Friday, July 31st. Wells Fargo & Company upped their target price on shares of Prologis from $155.00 to $167.00 and gave the company an “overweight” rating in a research report on Monday, June 1st. BTIG Research raised their target price on shares of Prologis from $160.00 to $170.00 and gave the company a “buy” rating in a research note on Wednesday, July 1st. Scotiabank boosted their price target on shares of Prologis from $146.00 to $150.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 23rd. Finally, Truist Financial increased their target price on Prologis from $154.00 to $162.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Sixteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $154.57.

Get Our Latest Stock Report on PLD

About Prologis (Free Report)

Prologis, Inc is a real estate investment trust (REIT) specializing in logistics and distribution facilities. The company focuses on acquiring, developing, and managing high-quality industrial real estate assets that support supply chain infrastructure for third-party logistics providers, e-commerce businesses, retailers and manufacturers. Its portfolio primarily consists of warehouse and distribution centers designed to optimize goods movement and storage near key transportation hubs.

With a global presence, Prologis serves customers across the Americas, Europe and Asia Pacific.

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Bank of New York Mellon Corp purchased a new position in shares of Prologis, Inc. (NYSE:PLD – Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 5,483,450 shares of the real estate investment trust’s stock, valued at approximately $742,843,000. Bank of New York Mellon Corp owned 0.59% of Prologis as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new position in Prologis during the fourth quarter worth about $1,589,125,000. Cardano Risk Management B.V. raised its position in shares of Prologis by 999.3% in the fourth quarter. Cardano Risk Management B.V. now owns 11,228,730 shares of the real estate investment trust’s stock valued at $1,433,460,000 after purchasing an additional 10,207,267 shares during the period. Swedbank AB lifted its stake in shares of Prologis by 36.2% during the 4th quarter. Swedbank AB now owns 7,664,583 shares of the real estate investment trust’s stock valued at $978,461,000 after buying an additional 2,038,329 shares in the last quarter. Bessemer Group Inc. boosted its holdings in Prologis by 8,000.9% in the 4th quarter. Bessemer Group Inc. now owns 1,595,963 shares of the real estate investment trust’s stock worth $203,741,000 after buying an additional 1,576,262 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Prologis by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 123,323,290 shares of the real estate investment trust’s stock worth $15,743,451,000 after buying an additional 1,258,407 shares during the period. 93.50% of the stock is owned by hedge funds and other institutional investors.

Prologis Stock Down 0.6% Shares of NYSE PLD opened at $140.51 on Friday. The business has a 50-day moving average of $142.66 and a 200-day moving average of $140.28. The firm has a market capitalization of $131.11 billion, a price-to-earnings ratio of 31.29 and a beta of 1.31. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.63. Prologis, Inc. has a 12 month low of $107.84 and a 12 month high of $153.35.

Prologis (NYSE:PLD – Get Free Report) last posted its quarterly earnings data on Thursday, July 16th. The real estate investment trust reported $1.13 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.38. Prologis had a net margin of 45.79% and a return on equity of 7.29%. The firm had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter last year, the company posted $1.46 EPS. The business’s quarterly revenue was up 11.0% on a year-over-year basis. Prologis has set its FY 2026 guidance at 6.220-6.300 EPS. Sell-side analysts expect that Prologis, Inc. will post 6.28 earnings per share for the current fiscal year. Insider Activity at Prologis In other news, CFO Timothy D. Arndt sold 3,597 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $150.00, for a total value of $539,550.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.52% of the company’s stock.

Wall Street Analysts Forecast Growth A number of research firms recently weighed in on PLD. Wall Street Zen upgraded shares of Prologis from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Mizuho raised their price target on Prologis from $150.00 to $159.00 and gave the stock an “outperform” rating in a report on Friday, July 17th. Scotiabank lifted their price target on Prologis from $146.00 to $150.00 and gave the company a “sector perform” rating in a research report on Thursday, July 23rd. Robert W. Baird set a $140.00 price objective on Prologis in a research note on Friday, July 31st. Finally, Morgan Stanley increased their price objective on Prologis from $135.00 to $151.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 26th. Sixteen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, Prologis currently has a consensus rating of “Moderate Buy” and an average price target of $154.57.

Get Our Latest Research Report on PLD

Prologis Profile (Free Report)

Prologis, Inc is a real estate investment trust (REIT) specializing in logistics and distribution facilities. The company focuses on acquiring, developing, and managing high-quality industrial real estate assets that support supply chain infrastructure for third-party logistics providers, e-commerce businesses, retailers and manufacturers. Its portfolio primarily consists of warehouse and distribution centers designed to optimize goods movement and storage near key transportation hubs.

With a global presence, Prologis serves customers across the Americas, Europe and Asia Pacific.

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AssuredPartners Investment Advisors LLC bought a new stake in Prologis, Inc. (NYSE:PLD – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 25,367 shares of the real estate investment trust’s stock, valued at approximately $3,436,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PLD. BlackRock Inc. purchased a new position in shares of Prologis during the 2nd quarter worth about $14,006,587,000. Norges Bank purchased a new stake in Prologis in the fourth quarter worth $1,589,125,000. Cardano Risk Management B.V. increased its position in shares of Prologis by 999.3% during the fourth quarter. Cardano Risk Management B.V. now owns 11,228,730 shares of the real estate investment trust’s stock worth $1,433,460,000 after acquiring an additional 10,207,267 shares during the period. Deutsche Bank AG bought a new stake in shares of Prologis in the second quarter valued at about $968,959,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Prologis in the 2nd quarter valued at about $742,843,000. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Insider Activity In related news, CFO Timothy D. Arndt sold 3,597 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $150.00, for a total transaction of $539,550.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.52% of the company’s stock.

Wall Street Analysts Forecast Growth A number of research firms have weighed in on PLD. Truist Financial upped their target price on Prologis from $154.00 to $162.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Mizuho lifted their target price on shares of Prologis from $150.00 to $159.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. BMO Capital Markets dropped their price target on Prologis from $162.00 to $158.00 and set an “outperform” rating on the stock in a research note on Monday, June 29th. Robert W. Baird set a $140.00 price objective on Prologis in a report on Friday, July 31st. Finally, Morgan Stanley upped their price objective on shares of Prologis from $135.00 to $151.00 and gave the company an “equal weight” rating in a report on Tuesday, May 26th. Sixteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, Prologis currently has a consensus rating of “Moderate Buy” and a consensus price target of $154.57. View Our Latest Report on Prologis

Prologis Price Performance Shares of NYSE PLD opened at $141.12 on Thursday. The firm has a fifty day moving average of $142.80 and a 200 day moving average of $140.21. Prologis, Inc. has a one year low of $107.84 and a one year high of $153.35. The firm has a market cap of $131.67 billion, a PE ratio of 31.43 and a beta of 1.31. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.70 and a current ratio of 0.70.

Prologis (NYSE:PLD – Get Free Report) last released its earnings results on Thursday, July 16th. The real estate investment trust reported $1.13 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.38. Prologis had a return on equity of 7.29% and a net margin of 45.79%.The business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter last year, the business posted $1.46 earnings per share. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. Prologis has set its FY 2026 guidance at 6.220-6.300 EPS. As a group, research analysts predict that Prologis, Inc. will post 6.28 EPS for the current fiscal year.

Prologis Profile (Free Report)

Prologis, Inc is a real estate investment trust (REIT) specializing in logistics and distribution facilities. The company focuses on acquiring, developing, and managing high-quality industrial real estate assets that support supply chain infrastructure for third-party logistics providers, e-commerce businesses, retailers and manufacturers. Its portfolio primarily consists of warehouse and distribution centers designed to optimize goods movement and storage near key transportation hubs.

With a global presence, Prologis serves customers across the Americas, Europe and Asia Pacific.

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