Prologis Q2 2026 Earnings Call: Complete Transcript

Prologis (NYSE: PLD ) released second-quarter financial results and hosted an earnings call on Thursday.

Read the complete transcript below.

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View the webcast at Summary Prologis delivered strong Q2 2026 results with core FFO of $1.63 per share, exceeding expectations, driven by robust leasing activity and increased occupancy.

The company signed a record 67 million square feet of leases and started $1.6 billion in new projects, highlighting strong demand and strategic investments in logistics, data centers, and energy.

Prologis raised its full-year guidance, expecting net earnings of $4.40 to $4.55 per share and core FFO between $6.22 and $6.30 per share, driven by improved market conditions and increased development starts.

Significant operational highlights include a 95.5% occupancy rate, a 36% rent change on rollover, and the expansion of the power pipeline to 5.8 gigawatts, indicating long-term growth potential.

The company emphasized its strategic capital strategy with a $1.2 billion European joint venture and acquisitions at a 20% discount to replacement cost, enhancing portfolio returns.

Management expressed confidence in Prologis's integrated solutions approach, leveraging its platform to meet evolving customer demands across logistics, energy, and warehouse operations.

Full Transcript OPERATOR Greetings and welcome to the Prologis Q2 2026 earnings conference call.

At this time, all participants are in a listen-only mode.

A question and answer session will follow the formal presentation.

If anyone should require operator assistance during the conference, press star zero on your telephone keypad.

As a reminder, this conference also is being recorded.

It is now my pleasure to introduce Justin Meng, Senior Vice President, Head of Investor Relations.

Thank you.

You may begin.

Justin Meng, Senior Vice President, Head of Investor Relations Thank you, Operator, and good morning everyone.

Welcome to our second quarter 2026 earnings conference call.

Joining us today are Dan Letter, CEO, Tim Arndt, CFO, and Chris Caton, Managing Director.

I'd like to note that this call will contain forward-looking statements within the meaning of the federal securities laws, including statements regarding our outlook, expectations, and future performance.

These statements are based on current assumptions and are subject to risks and uncertainties that could cause actual results to differ materially.

Please refer to our SEC filings and second quarter earnings press release for a discussion of these risks.

We undertake no obligation to update any forward-looking statements.

Additionally, during this call, we will discuss certain financial measures such as FFO and EBITDA that are non-GAAP and in accordance with ReGG.

We have provided a reconciliation to the most directly comparable GAAP measures in our second quarter earnings press release and supplemental.

Both are available on our website at I'd also note that in connection with the company's possible offer for Seagro under the UK Takeover code, for regulatory reasons, we will not take or respond to any questions directly or indirectly related to Seagro or the possible offer.

And with that, I will hand the call over to Dan.

Dan Letter, President Thank you, Justin, and good morning everyone.

Thank you for joining us today.

As we look across the business, it's clear we're entering the next phase of growth where logistics, data centers, and energy increasingly reinforce one another.

We delivered another exceptional quarter driven by strengthening demand, disciplined execution, and the expanding capabilities of our platform.

As a result, we're raising our outlook for the year.

We signed a record 67 million square feet of leases during the quarter and after several quarters of sustained demand, we believe the market is entering its next phase.

We're putting that demand to work through disciplined investment.