Prologis Posts Record Leasing, Raises 2026 Earnings Guidance
Prologis reported record leasing results, driving an increase in earnings guidance. The company's strong performance boosted its stock, outperforming its competitors. Prologis' growth in logistics and data centers also contributed to its success.
PLD delivered a standout second quarter, signing a record 67 million square feet of leases, the highest quarterly total in its history, as structural demand from both logistics and data centers accelerated . The logistics REIT posted net earnings of $1.06 billion, or $1.13 per diluted share, with Core FFO of $1.63 per share, ahead of Wall Street expectations .
On the strength of that print, Prologis raised its full-year 2026 outlook for the second time this year: net earnings guidance moved to $4.40-$4.55 per share from $3.80-$4.05, and Core FFO guidance to $6.22-$6.30 from $6.07-$6.23 . Operating fundamentals firmed alongside the leasing surge, with period-end occupancy rising to 95.5% and same-store net operating income up 6.4% net effective and 8.5% on a cash basis . The guidance raise sent PLD shares up roughly 7% pre-market, outperforming its industrial-REIT peers.
The results position Prologis as a barometer for both the warehouse cycle and the data center land grab, two demand drivers management is leaning into. Investors will watch whether record leasing translates into sustained rent growth and whether the expanding data center pipeline can offset any softening in traditional logistics absorption.
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