Prologis Posts $1.05 Q1 EPS, Signs Record 64M Sq Ft Leases
Prologis delivered first-quarter net EPS of $1.05, up from $0.63 a year earlier and above the $0.81 consensus, on revenue of $2.14 billion versus a $2.12 billion forecast. The REIT signed a record 64 million sq ft of leases and boosted FY2026 EPS guidance to $3.80–$4.05.
1. Q1 Financial Results
Prologis reported net earnings per diluted share of $1.05 for the first quarter versus $0.63 a year earlier and above the $0.81 consensus. Revenue reached $2.14 billion compared with a $2.12 billion forecast, while core funds from operations per share rose to $1.50 from $1.42 a year ago.
2. Record Lease Signings
The company achieved record logistics lease signings of 64 million square feet in Q1, driving total new leases commenced to 66.7 million square feet. Average occupancy improved by 40 basis points year-over-year to 95.3%, reflecting strong retailer and manufacturer demand.
3. Raised FY2026 Guidance
Prologis raised its full-year 2026 EPS outlook to a range of $3.80–$4.05, well above the $2.93 consensus. Core FFO guidance was also lifted to $6.07–$6.23 per share, reflecting higher occupancy assumptions and increased development starts.
4. Strategic Capital Initiatives
Partnerships with GIC and La Caisse will expand Prologis’s access to capital while preserving balance sheet strength. The company also initiated $1.3 billion of build-to-suit data center development starts to scale its digital infrastructure and energy platform.