Prologis Logs 64M Sq Ft Record Leasing, Boosts Core FFO Outlook
Prologis delivered Q1 net earnings per diluted share of $1.05 versus $0.63 year-over-year and Core FFO of $1.50 compared with $1.42, driven by record lease signings of 64 million square feet. The company launched $1.3 billion in data center build-to-suit development and raised its 2026 Core FFO guidance to $6.07–$6.23 per share.
1. Q1 Financial Results
Prologis reported net earnings per diluted share of $1.05 for Q1 2026, up from $0.63 in Q1 2025, while Core FFO rose to $1.50 per share versus $1.42 a year earlier. Average occupancy remained steady at 95.4% for Prologis share properties.
2. Leasing and Development
The company signed a record 64 million square feet of logistics leases, driving a net effective rent change of 31.9% and cash same-store NOI growth of 8.8%. Data center build-to-suit development starts reached $1.3 billion, representing 81.2% of new project starts.
3. Strategic Capital and Financing
Under its Strategic Capital platform, Prologis closed $5.5 billion of debt at a 3.7% weighted average interest rate and secured partnerships with GIC and La Caisse to expand its investment capacity. Total available liquidity was $6.7 billion at quarter-end.
4. Guidance and Balance Sheet
Prologis raised its full-year 2026 Core FFO outlook to $6.07–$6.23 per share from $6.00–$6.20 and lifted net earnings guidance to $3.80–$4.05 per share. Debt-to-Adjusted EBITDA stood at 4.8x, with average debt maturity extended to 8.1 years.