Prologis FFO of $1.61 beats by $0.04, revenue of $2.39B beats by $180M; updates FY outlook
- Prologis press release (PLD): Q3 FFO of $1.61 beats by $0.04.
- Revenue of $2.39B (+8.1% Y/Y) beats by $180M.
- Total available liquidity was approximately $8.8 billion.
- Debt-to-Adjusted EBITDA* was 4.5x and debt as a percentage of total market capitalization was 23.9%.
- The weighted average interest rate on the company's share of total debt was 3.3%, with a weighted average term of 7.6 years.
- Forecasted earnings for 2026, 2027 and 2028 are 99%, 98% and 97%, respectively, in USD or hedged through derivative contracts and 96% of Prologis' equity was in USD.
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2026 GUIDANCE Prologis' guidance for net earnings is included in the table below as well as guidance for Core FFO*, which are reconciled in our supplemental information.
2026 GUIDANCE
Earnings (per diluted share)**
Previous
Current
Net earnings attributable to commonstockholders
$4.40 to $4.55
$4.05 to $4.15
Core FFO attributable to commonstockholders/unitholders*
$6.22 to $6.30
$6.25 to $6.29
Core FFO attributable to commonstockholders/unitholders, excluding NetPromote Income (Expense)*
$6.22 to $6.30
$6.25 to $6.29 (vs. consensus of $6.27)
** Note: Please refer to section titled "U.K. Takeover Code Required Disclosure in Connection With Offerfor SEGRO plc" below.
Operations - Prologis Share
Previous
Current
Average occupancy
95.25% to 95.75%
95.25% to 95.50%
Cash Same Store NOI*
6.75% to 7.25%
7.00% to 7.50%
Net Effective Same Store NOI*
5.25% to 5.75%
5.50% to 6.00%
Strategic Capital (in millions)
Previous
Current
Strategic Capital revenue, excluding promoterevenue
$660 to $680
$650 to $660
Net Promote Income (Expense)1
$0
$0
G&A (in millions)
Previous
Current
General & administrative expenses
$510 to $525
$515 to $525
Capital Deployment - Prologis Share (in millions)2
Previous
Current
Development stabilizations
$2,250 to $2,750
$2,500 to $3,000
Development starts
$4,500 to $5,500
$5,000 to $5,750
Acquisitions
$1,500 to $2,000
$2,100 to $2,300
Contributions
$2,000 to $2,500
$1,750 to $2,250
Dispositions
$2,250 to $2,750
$1,750 to $2,500
Realized development gains
$600 to $700
$600 to $700
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