Prologis Raises 2026 FFO to $6.07-$6.23, Logs 64M Sq Ft Leases
Prologis reported Q1 revenue of $2.3B, up 7% y/y, and core FFO of $1.50 per share. It raised its 2026 FFO range to $6.07-$6.23 and highlighted record 64M sq ft lease signings, 98% occupancy on large assets, and a $3.5-$4.5B development pipeline.
1. Q1 Financial Performance
Prologis delivered consolidated revenue of $2.3 billion in the first quarter, a 7% year-over-year increase that topped consensus. Core funds from operations reached $1.50 per share, an 8-cent gain year-over-year and above analyst expectations by one cent.
2. Record Lease Signings and Pipeline
Lease commencements totaled 66.7 million square feet, including new contracts representing 64 million square feet, driven by strength in Dallas, Houston, Atlanta and Midwest markets. The pipeline for new developments hit an all-time high of $2.1 billion in Q1, with 75% speculative starts and 98% occupancy on properties over 500,000 square feet.
3. Upgraded 2026 Outlook
Prologis increased its 2026 core FFO guidance to a range of $6.07–$6.23 per share, reflecting expectations for average occupancy of 95%–95.75% and development starts of $3.5–$4.5 billion, including data centers. Management noted net effective rent change of 32% in Q1, on track for 40% full-year growth.