Prologis Q3 Revenue Reaches $2.39 Billion as Core FFO Hits $1.60 Per Share
The logistics real estate leader reported growth in rental income and strategic capital fees for the third quarter of 2026, while narrowing its full-year Core FFO guidance.
What they reported
- Total revenues for the three months ended September 30, 2026, rose to $2,388 million, up from $2,214 million in the same period last year.
- Rental and other revenues grew to $2,224 million from $2,064 million a year earlier.
- Strategic capital revenues increased to $164 million from $150 million in the prior year's third quarter.
- Net earnings attributable to common stockholders rose to $816 million, or $0.86 per diluted share, compared to $763 million, or $0.82 per diluted share, in Q3 2025.
- Core FFO climbed to $1,545 million, or $1.60 per share, up from $1,426 million, or $1.49 per share, a year ago.
Against the forecast and a year ago
- Full-year 2026 Core FFO guidance is now set at a tight range of $6.25 to $6.29 per share.
- Full-year net earnings guidance is projected between $4.05 and $4.15 per share.
- Average occupancy for the Prologis Share is expected to land between 95.25% and 95.50% for the full year.
What management said
Management highlighted its global scale, operating 1.3 billion square feet across 20 countries and generating $7.2 billion in annual net operating income. They emphasized progress on their data center power pipeline, which has reached 5.8 gigawatts of secured or advanced-stage capacity, including 1.7 gigawatts of secured power.
What to watch next
- The build-out of the land portfolio, which represents a total expected investment of $39.7 billion.
- Same-store cash net operating income growth, which is guided to rise between 7.00% and 7.50% for the full year.
- Capital deployment execution, with full-year Prologis Share development starts guided at $5.0 billion to $5.75 billion and acquisitions guided at $2.1 billion to $2.3 billion.