Prologis (PLD) Q2 2026 earnings summary

Executive summary

• Achieved record leasing with over 67 million sq ft signed, driving high occupancy rates of 95.4%-95.5% and robust customer retention.

• Net earnings attributable to common stockholders for the first half of 2026 reached $2.18B, up from $1.16B year-over-year, with Core FFO for the first half at $3.00B and Q2 at $1.63 per share.

• Expanded global logistics portfolio to 1.3B sq ft across 20 countries, with $240B in gross AUM and significant growth in data centers and energy infrastructure.

• Closed a $1.2B European joint venture and expanded strategic capital with new co-investment ventures, earning $83M in promote revenue.

• Raised 2026 guidance for the second time, reflecting strong operating fundamentals and market demand.

Financial highlights

• Q2 2026 total revenues were $2.43B, with six-month revenues at $4.72B, and net earnings per diluted share for Q2 at $1.13, up from $0.61 year-over-year.

• Core FFO per diluted share for Q2 was $1.63, up from $1.46 in Q2 2025; same-store NOI growth was 6.4% net effective and 8.5% cash.

• Debt-to-Adjusted EBITDA ended at 4.7x; debt as % of market capitalization: 23.9%; total available liquidity: $7.6B.

• Acquired $1.8B of real estate at a 20% discount to replacement cost; disposition activity totaled $800M.

• Data center starts YTD totaled $2.1B, exceeding full-year guidance.

Outlook and guidance

• 2026 net earnings guidance: $4.40–$4.55 per share; Core FFO guidance: $6.22–$6.30 per share.

• Average occupancy guidance: 95.25%-95.75%; cash same-store NOI growth guidance: 6.75%-7.25%.

• Development starts guidance raised to $5.5–$6.5B; acquisitions guidance increased to $1.5–$2B.

• Strategic capital revenue (ex-promotes) unchanged at $660–$680M; G&A expected at $510–$525M.

• FX risk largely hedged for 2026 Euro, Sterling, and Yen Core FFO.