Prologis 8-K
EarningsGuidance lowered
Healthy demand supported 55.9M sq ft of lease commencements; FY2026 GAAP EPS guidance cut to $4.05–$4.15.
Filed 2026-10-15 09:18 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results and revised FY2026 guidance. Revenue rose 7.8% Y/Y to $2.39B, while net earnings attributable to common stockholders per diluted share increased to $0.86 from $0.82. Prologis cited healthy customer demand, 55.9 million square feet of leases commenced and nearly $2.3B of transactions; it lowered its net earnings guidance range and narrowed its Core FFO range.
Key Figures
| Metric | Q3 2026 | 9M 2026 |
|---|---|---|
| Revenue | $2.39B, +7.8% Y/Y | $7.11B, +8.8% Y/Y |
| Operating income | $1.04B, +11% Y/Y | $3.51B, +28% Y/Y |
| Net earnings attributable to common stockholders | $816M, +6.9% Y/Y | $2.86B, +48% Y/Y |
| Core FFO attributable to common stockholders/unitholders (non-GAAP) | $1.54B, +8.3% Y/Y | $4.54B, +8.8% Y/Y |
| Diluted EPS | $0.86, +4.9% Y/Y | $3.04, +48% Y/Y |
| Core FFO per diluted share (non-GAAP) | $1.60, +7.4% Y/Y | $4.73, +8.2% Y/Y |
| AFFO attributable to common stockholders/unitholders (non-GAAP) | $1.21B, +13% Y/Y | $4.00B, +26% Y/Y |
- Cash same-store NOI growth was 5.9%, vs 5.2% a year earlier; average occupancy was 95.1%. Net effective rent change was 38.0% and cash rent change was 23.4%.
- Cash and cash equivalents were $2.27B; consolidated debt was $36.8B net of premiums, discounts and finance costs ($37.4B at par). Total available liquidity was approximately $8.8B; debt to adjusted EBITDA was 4.5x.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Net earnings attributable to common stockholders (GAAP), per diluted share | FY2026 | $4.05-$4.15 | $4.40-$4.55 | Lowered |
| Core FFO attributable to common stockholders/unitholders (non-GAAP), per diluted share | FY2026 | $6.25-$6.29 | $6.22-$6.30 | Narrowed |
| Core FFO excluding Net Promote Income (Expense) (non-GAAP), per diluted share | FY2026 | $6.25-$6.29 | $6.22-$6.30 | Narrowed |
| Average occupancy, Prologis share | FY2026 | 95.25%-95.50% | 95.25%-95.75% | Narrowed |
| Cash same-store NOI, Prologis share (non-GAAP) | FY2026 | 7.00%-7.50% | 6.75%-7.25% | Raised |
| Net effective same-store NOI, Prologis share (non-GAAP) | FY2026 | 5.50%-6.00% | 5.25%-5.75% | Raised |
| Strategic capital revenue, excluding promote revenue | FY2026 | $650M-$660M | $660M-$680M | Lowered |
| Net Promote Income (Expense) | FY2026 | $0 | $0 | Reaffirmed |
| General and administrative expenses | FY2026 | $515M-$525M | $510M-$525M | Narrowed |
| Development stabilizations, Prologis share | FY2026 | $2.50B-$3.00B | $2.25B-$2.75B | Raised |
| Development starts, Prologis share | FY2026 | $5.00B-$5.75B | $4.50B-$5.50B | Raised |
| Acquisitions, Prologis share | FY2026 | $2.10B-$2.30B | $1.50B-$2.00B | Raised |
| Contributions, Prologis share | FY2026 | $1.75B-$2.25B | $2.00B-$2.50B | Lowered |
| Dispositions, Prologis share | FY2026 | $1.75B-$2.50B | $2.25B-$2.75B | Lowered |
| Realized development gains | FY2026 | $600M-$700M | $600M-$700M | Reaffirmed |
Investor Takeaways
- Watch completion of the SEGRO combination; Prologis described shareholder approval as an important milestone.
- Future leasing, occupancy and same-store NOI results will show whether customer demand continues to support the FY2026 operating outlook.
The summary is written by an AI model reading the filing.
Model 005 · prompt c016c5fc48 · 2026-10-15 14:34:19Z