Prologis 8-K
PositiveEarningsGuidance raised
Record leasing drives a second outlook raise; FY2026 earnings forecast doubles as a U.K. takeover-code profit forecast tied to a possible SEGRO offer
Filed 2026-07-16 08:05 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with raised FY2026 guidance. Prologis raised its annual outlook for the second time this year, citing record leasing and improving operating fundamentals; real estate transaction gains also contributed to higher reported earnings. Its FY2026 per-share earnings forecast is also presented as a U.K. takeover-code profit forecast in connection with a possible offer for SEGRO plc.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | $2.43B | $2.18B | 11.1% |
| Operating income | $1.25B | $913M | 37.1% |
| Net earnings attributable to common stockholders | $1.06B | $570M | 86.2% |
| Diluted EPS | $1.13 | $0.61 | 85.2% |
| Core FFO per diluted share, non-GAAP | $1.63 | $1.46 | 11.6% |
- Record leases signed exceeded 67M square feet; period-end occupancy was 95.5%, up 20 bp Q/Q. Prologis-share same-store NOI grew 6.4% net effective and 8.5% cash Y/Y.
- Owned-and-managed activity included $1.6B of development starts and $1.8B of third-party acquisitions. Prologis and its co-investment ventures closed $3.4B of debt at a 4.4% weighted average rate and 6.2-year average term; quarter-end liquidity was ≈$7.6B and debt/Adjusted EBITDA was 4.7x.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Net earnings attributable to common stockholders, GAAP, per diluted share | FY2026 | $4.40-$4.55 | $3.80-$4.05 | Raised |
| Core FFO attributable to common stockholders/unitholders, non-GAAP, per diluted share | FY2026 | $6.22-$6.30 | $6.07-$6.23 | Raised |
| Core FFO excluding Net Promote Income (Expense), non-GAAP, per diluted share | FY2026 | $6.22-$6.30 | $6.12-$6.28 | Raised |
| Average occupancy, Prologis Share | FY2026 | 95.25%-95.75% | 95.00%-95.75% | Raised |
| Same-store NOI, cash, Prologis Share, non-GAAP | FY2026 | 6.75%-7.25% | 6.25%-7.00% | Raised |
| Same-store NOI, net effective, Prologis Share, non-GAAP | FY2026 | 5.25%-5.75% | 4.75%-5.50% | Raised |
| Strategic capital revenue, excluding promote revenue | FY2026 | $660M-$680M | $660M-$680M | Reaffirmed |
| Net Promote Income (Expense), non-GAAP | FY2026 | $0 | $(50)M | Raised |
| General and administrative expenses | FY2026 | $510M-$525M | $510M-$525M | Reaffirmed |
| Development stabilizations, Prologis Share | FY2026 | $2.25B-$2.75B | $2.25B-$2.75B | Reaffirmed |
| Development starts, Prologis Share | FY2026 | $4.5B-$5.5B | $3.5B-$4.5B | Raised |
| Acquisitions, Prologis Share | FY2026 | $1.5B-$2.0B | $1.0B-$1.5B | Raised |
| Contributions, Prologis Share | FY2026 | $2.0B-$2.5B | $1.75B-$2.25B | Raised |
| Dispositions, Prologis Share | FY2026 | $2.25B-$2.75B | $1.75B-$2.25B | Raised |
| Realized development gains | FY2026 | $600M-$700M | $500M-$700M | Raised |
Investor Takeaways
- FY2026 results will show whether earnings and operating performance deliver within the raised guidance ranges.
- Watch for further developments regarding the possible SEGRO plc offer.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3