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Prologis, Inc.

Q2 FY26Industrial REITs

Prologis, Inc. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹146

Market cap₹1.4L Cr

P/E36.9

Updated29 May 2026

Read4 min read

Prologis, Inc. Q2 FY26 key numbers

Revenue: Development starts are increasing, with $4.5 billion to $5.5 billion planned, including around 40% in data center build-to-suits.

As stated in Prologis, Inc.'s Q2 FY26 earnings call transcript · published 29 May 2026. Reported figures, not investment advice.

The short version

- Market rent growth is beginning to show signs of stability with incremental increases, though broad-based and sustained rent growth is still early. - Net earnings guidance for 2026 range between $3.80 and $4.05 per share.

From Prologis, Inc.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Moderate growth

Market rent growth is beginning to show signs of stability with incremental increases, though broad-based and sustained rent growth is still early.
Southern California is in a bottoming process with improving demand and near-trough vacancy; expected to trail overall market rent growth by 2–3 quarters.
Leasing pipelines are at record highs with diverse demand across customer sizes and sectors, indicating strong underlying demand.
Development starts are increasing, with $4.5 billion to $5.5 billion planned, including around 40% in data center build-to-suits.
Strategic capital initiatives have raised over $2.6 billion in third-party equity across multiple new vehicles, signaling capital deployment growth.

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Profitability & Margins

Net earnings guidance for 2026 range between $3.80 and $4.05 per share.
Core FFO (Funds From Operations), including net promote expense, expected between $6.07 and $6.23 per share.
Core FFO excluding net promote expense anticipated between $6.12 and $6.28 per share, reflecting an 80 basis point increase from prior midpoint.
The company is raising full-year outlook due to first-quarter outperformance and increased average occupancy expectations.
Same-store NOI growth projected at 4.75% to 5.5% net effective.
Cash growth expected between 6.25% and 7%.
Strong leasing momentum and stable occupancy underpin these earnings forecasts.

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Capital Expenditure Plans

Capex planned

Development starts increased to $4.5 billion to $5.5 billion (own and managed basis), with ~40% allocated to data center build-to-suits.
Acquisitions expected between $1 billion and $1.5 billion at share.
Combined contribution and disposition activity projected between $3.5 billion and $4.5 billion at share.
5 new strategic capital vehicles launched recently, including ventures with GIC and La Caisse focused on development and acquisitions, plus an acquisition vehicle in Japan.
Raised over $2.6 billion of third-party equity aligning capital with growing investment opportunities in a more accretive format.

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Fundraising & Capital Structure

- Raised $5.5 billion in new financing during the quarter at a weighted average rate of ~3.75%, including a $3 billion recast of a credit facility with a low spread of 63 basis points—the lowest of any REIT. - Closed commitments for 3 additional strategic capital vehicles recently: • New venture with GIC focused on U.S. build-to-suit developments • Expanded relationship with La Caisse via a pan-European venture for development and acquisitions • New acquisition vehicle in Japan

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Order Book & Pipeline

Order book rising

(Page 3)
There is diversity in lease proposal pipelines, with growth seen in various unit sizes (both above and below 100,000 sq ft), organizational types (international and local scale), and both renewals and new requirements. (Page 8)
Data center build-to-suit pipeline is strong with 1.3 gigawatts of deals under LOI (letters of intent). (Page 9)
Overall data center power pipeline stands at 5.6 gigawatts secured or in advanced stages, representing a sizable development and investment opportunity. (Page 3, Page 9)

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What the Q2 FY26 call signalled

3 of 4 strong

RevenueModerate growth

CapexCapex planned

FundraiseFundraise planned

Order bookOrder book rising

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Frequently Asked Questions

What were Prologis, Inc. Q2 FY26 results?

- Market rent growth is beginning to show signs of stability with incremental increases, though broad-based and sustained rent growth is still early. - Net earnings guidance for 2026 range between $3.80 and $4.05 per share.

What is Prologis, Inc. share price analysis?

Prologis, Inc. currently shows a below-average growth signal. The stock trades at a P/E of 36.9 with a market cap of $135,786. Investors should review the full earnings analysis for detailed insights.

Is Prologis, Inc. planning capital expenditure?

- Development starts increased to $4.5 billion to $5.5 billion (own and managed basis), with ~40% allocated to data center build-to-suits.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.