Prologis reported third-quarter 2026 revenue of $2.388 billion, up 7.9% from $2.214 billion a year earlier, as rental and other revenues rose to $2.224 billion from $2.064 billion and strategic capital revenues increased to $164 million from $150 million.
Net earnings attributable to common stockholders climbed to $816 million from $763 million in the prior-year quarter. On a per-share basis, diluted net earnings increased to $0.86 from $0.82.
Core FFO attributable to common stockholders and unitholders rose to $1.545 billion from $1.426 billion, while per-share core FFO increased to $1.60 from $1.49. AFFO attributable to common stockholders and unitholders advanced to $1.207 billion from $1.064 billion, with per-share AFFO up to $1.25 from $1.12.
For the first nine months of 2026, total revenue reached $7.111 billion, compared with $6.537 billion a year earlier. Net earnings attributable to common stockholders more than doubled to $2.857 billion from $1.924 billion. Core FFO increased to $4.544 billion from $4.178 billion, and AFFO rose to $4.002 billion from $3.184 billion.
Adjusted EBITDA attributable to common stockholders and unitholders increased to $2.081 billion in the third quarter from $1.868 billion a year earlier, and to $6.401 billion for the nine-month period from $5.428 billion.
Estimated value creation from development stabilizations fell to $39 million in the third quarter from $169 million a year earlier, but rose to $516 million year to date from $473 million.
Prologis said its operating portfolio generated annualized NOI of $7.2 billion. The company’s global footprint stood at 1.3 billion square feet across 5,941 buildings in 20 countries, with 815 million square feet in the U.S., 266 million in Europe, 130 million in other Americas markets and 116 million in Asia.
Its data center power pipeline totaled 5.8 gigawatts, including 1.7 gigawatts secured power and 4.1 gigawatts in advanced stage.
For 2026, Prologis guided to net earnings per share of $4.05 to $4.15 and core FFO per share of $6.25 to $6.29, unchanged at the midpoint from the prior range implied in the release. Average occupancy guidance was 95.25% to 95.50%, and same-store NOI growth guidance was 7.0% to 7.5% on a cash basis and 5.5% to 6.0% on a net effective basis.
Capital deployment guidance called for $2.5 billion to $3.0 billion of development stabilizations, $5.0 billion to $5.75 billion of development starts, $2.1 billion to $2.3 billion of acquisitions, $1.75 billion to $2.5 billion of dispositions, and $1.75 billion to $2.25 billion of contributions. Today the company's shares have moved -2.31% to a price of $130.46. Check out the company's full 8-K submission here.
