Prologis Q3 2026 earnings: Core FFO rises to $1.60 a share as net earnings guidance is cut

Prologis said Thursday its third-quarter Core funds from operations rose to $1.60 per diluted share from $1.49 a year earlier, as the logistics real estate company signed 60 million square feet of leases and kept occupancy above 95%.

Net earnings attributable to common stockholders came to $816 million, or $0.86 per share, compared with $763 million, or $0.82, in the third quarter of 2025. Total revenue climbed to $2.39 billion from $2.21 billion, according to the company's supplemental report.

The full-year picture was mixed. Prologis narrowed its 2026 Core FFO forecast to $6.25 to $6.29 per share from $6.22 to $6.30, but cut its net earnings guidance to $4.05 to $4.15 per share from $4.40 to $4.55. It also trimmed the top of its average occupancy range to 95.50% from 95.75%, while raising its cash same-store NOI growth outlook to 7.00% to 7.50%.

Shares were down about 1.8% near $128.06 in midday trading Thursday.

"Customers are running lean on inventory, and excess capacity within their networks has largely cleared," Chief Executive Daniel S. Letter said, citing demand from e-commerce, advanced manufacturing and the data center supply chain. He called shareholder approval on the SEGRO deal "an important milestone" toward combining the two companies.

Leases continued to reprice higher. Net effective rent change on Prologis' share of leases was 38.0%, and cash rent change was 23.4%. Period-end occupancy for the owned and managed portfolio was 95.6%.

The company raised its 2026 acquisitions outlook to $2.1 billion to $2.3 billion from $1.5 billion to $2.0 billion and lifted its development-starts range to $5.0 billion to $5.75 billion. Quarterly dividends and distributions rose to $1.07 per share from $1.01 a year ago, and Prologis ended the quarter with about $8.8 billion of available liquidity.

By the numbers

• Core FFO per diluted share: $1.60, vs. $1.49
• Net earnings per diluted share: $0.86, vs. $0.82
• Total revenue: $2.39 billion, vs. $2.21 billion
• Cash same-store NOI growth (Prologis share): 5.9%
• Leases signed: 60 million square feet
• 2026 Core FFO guidance: $6.25 to $6.29 per share

Sources

1. Prologis, Inc., Form 8-K, Exhibit 99.2 press release "Prologis Reports Third Quarter 2026 Results," filed Oct. 15, 2026, accession 0001193125-26-422375
2. Prologis, Inc., Form 8-K, Exhibit 99.1 Supplemental Information, Third Quarter 2026, filed Oct. 15, 2026, accession 0001193125-26-422375

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