Prologis, Inc. Earnings Summary — Q2 FY2026

• Net earnings attributable to common stockholders nearly doubled year-over-year to $1,061 million ($1.13 per diluted share).
• Core FFO per share grew to $1.63, up from $1.46 in the same quarter last year, driven by strong real estate and strategic capital performance.
• The data center power pipeline has reached 5.8GW of secured or advanced-stage power, marking a significant strategic pivot toward energy-intensive infrastructure.
• Rental and other revenues increased by 7.2% year-over-year to $2.18 billion, supported by 95.7% average occupancy across the Prologis share of the portfolio.
• Strategic capital revenues saw a substantial jump of 64.2% year-over-year to $242 million, reflecting higher asset management and transaction fees.
• The company maintained a strong balance sheet with $1.77 billion in cash and significant liquidity, supporting a $4.5B - $5.5B development start target for the year.

Management raised or tightened several guidance targets for FY2026, projecting Net Earnings between $4.40 and $4.55 per share and Core FFO between $6.22 and $6.30 per share. Same-store cash NOI growth is expected to remain healthy between 6.75% and 7.25%.

Improving

Earnings performance surpassed the prior year significantly, fueled by a resurgence in disposition gains and the rapid monetization of the data center power pipeline.

The company is transiting from a period of market stabilization to one of opportunistic growth, specifically leveraging its land bank for data center and energy infrastructure. High-barrier markets in the U.S. and Europe continue to anchor the portfolio's cash flow stability.