Prologis (PLD) PLD Q2 Financial Results Summary
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Prologis (PLD) Q2 2026: Strong Growth in Earnings and Revenue — Positive Outlook
In the second quarter of 2026, Prologis (PLD) reported a significant increase in both revenue and net earnings compared to the same period last year. Total revenues reached $2.425 billion, up $240 million or 11% from $2.184 billion in Q2 2025. Net earnings attributable to common stockholders surged to $1.061 billion, a remarkable increase of $491 million or 86% from $570 million in the prior year.
This quarter's performance is undoubtedly a positive outcome for shareholders, reflecting the company's robust operational efficiency and strategic positioning in the logistics real estate sector. The substantial growth in both revenue and net earnings indicates strong demand for Prologis's properties, particularly in high-barrier, high-growth markets.
Key Financial Metrics:
- Total Revenues: $2.425 billion (up $240 million or 11% YoY)
- Net Earnings Attributable to Common Stockholders: $1.061 billion (up $491 million or 86% YoY)
- Core FFO: $1.559 billion (up $162 million or 12% YoY)
- AFFO: $1.323 billion (up $287 million or 28% YoY)
- Dividends: $1.07 per share (up from $1.01 in Q2 2025)
Prologis's strong performance is further underscored by its Core Funds From Operations (Core FFO), which increased to $1.559 billion, representing a 12% growth from $1.396 billion in the same quarter last year. Additionally, the Adjusted EBITDA attributable to common stockholders rose to $2.143 billion, up $354 million or 20% YoY.
Dividend and Shareholder Returns
Prologis continues to reward its shareholders with a quarterly dividend of $1.07 per share, reflecting a commitment to returning value to investors. This is an increase from $1.01 per share in Q2 2025, indicating the company's confidence in its ongoing financial health and cash flow generation.
Guidance and Future Outlook
Looking ahead, Prologis has provided guidance for 2026, projecting net earnings attributable to common stockholders in the range of $4.40 to $4.55 per share and Core FFO between $6.22 and $6.30 per share. The company anticipates maintaining an average occupancy rate of 95.25% to 95.75% and expects same-store net operating income (NOI) growth of 6.75% to 7.25%.
Investors should closely monitor Prologis's development activities, as the company has a robust pipeline with $40.6 billion in estimated build-out of land. The ongoing demand for logistics facilities, particularly in e-commerce and supply chain management, positions Prologis favorably for continued growth.
Conclusion
Overall, Prologis's Q2 2026 results reflect a strong operational performance and a positive outlook for the remainder of the year. The significant increases in revenue and net earnings, coupled with a commitment to shareholder returns, suggest that Prologis remains a solid investment in the logistics real estate sector. Investors should keep an eye on the company's development pipeline and occupancy rates as key indicators of future performance.
Consolidated Statements of Income
Note: All amounts are in thousands.
| Financial Information | Three Months Ended June 30, 2026 | Six Months Ended June 30, 2026 |
|---|---|---|
| Revenues: | Rental: $2,177,074 | $4,302,158 |
| Strategic capital | $241,619 | $402,431 |
| Development management and other | $6,759 | $18,586 |
| Total revenues | $2,425,452 | $4,723,175 |
| Expenses: | Rental: $530,861 | $1,051,144 |
| Strategic capital | $95,590 | $177,479 |
| General and administrative | $129,626 | $256,516 |
| Depreciation and amortization | $689,518 | $1,421,024 |
| Other | $20,166 | $30,289 |
| Total expenses | $1,465,761 | $2,936,452 |
| Operating income before gains on real estate transactions, net | $959,691 | $1,786,723 |
| Gains on dispositions of development properties and land, net | $79,196 | $372,179 |
| Gains on other dispositions of investments in real estate, net | $212,449 | $303,489 |
| Operating income | $1,251,336 | $2,462,391 |
| Other income (expense): | Earnings from unconsolidated entities, net: $147,470 | $240,766 |
| Interest expense | $(276,311) | $(530,597) |
| Foreign currency, derivative and other gains (losses) and other income (expense), net | $109,663 | $154,274 |
| Gains (losses) on early extinguishment of debt, net | $(31) | $(1,921) |
| Total other income (expense) | $(19,209) | $(137,478) |
| Earnings before income taxes | $1,232,127 | $2,324,913 |
| Current income tax benefit (expense) | $(89,319) | $(137,100) |
| Deferred income tax benefit (expense) | $(18,854) | $(19,044) |
| Consolidated net earnings | $1,123,954 | $2,168,769 |
| Net earnings attributable to noncontrolling interests | $(39,062) | $(79,040) |
| Net earnings attributable to noncontrolling interests - limited partnership units | $(22,701) | $(45,562) |
| Net earnings attributable to controlling interests | $1,062,191 | $2,044,167 |
| Preferred stock dividends | $(1,347) | $(2,847) |
| Net earnings attributable to common stockholders | $1,060,844 | $2,041,320 |
| Weighted average common shares outstanding - Diluted | 957,884 | 957,654 |
| Net earnings per share attributable to common stockholders - Diluted | $1.13 | $2.18 |
Consolidated Balance Sheets
Note: All amounts are in thousands.
| Financial Information | June 30, 2026 | March 31, 2026 | December 31, 2025 |
|---|---|---|---|
| Assets: | |||
| Investments in real estate properties: | |||
| Operating properties | $82,117,896 | $80,875,731 | $80,561,020 |
| Development portfolio | $2,741,535 | $2,492,161 | $3,019,009 |
| Land | $4,802,617 | $4,684,949 | $4,888,153 |
| Other real estate investments | $7,351,737 | $7,188,604 | $6,661,174 |
| Total | $97,013,785 | $95,241,445 | $95,129,356 |
| Less accumulated depreciation | $(15,783,188) | $(15,298,353) | $(14,729,149) |
| Net investments in real estate properties | $81,230,597 | $79,943,092 | $80,400,207 |
| Investments in and advances to unconsolidated entities | $11,467,403 | $11,241,723 | $11,093,936 |
| Assets held for sale or contribution | $498,975 | $499,799 | $203,344 |
| Net investments in real estate | $93,196,975 | $91,684,614 | $91,697,487 |
| Cash and cash equivalents | $1,765,043 | $861,144 | $1,145,647 |
| Other assets | $6,049,854 | $5,587,693 | $5,881,122 |
| Total assets | $101,011,872 | $98,133,451 | $98,724,256 |
| Liabilities and Equity: | |||
| Liabilities: | |||
| Debt | $36,442,085 | $34,669,592 | $35,037,073 |
| Accounts payable, accrued expenses and other liabilities | $6,450,272 | $5,515,367 | $5,933,175 |
| Total liabilities | $42,892,357 | $40,184,959 | $40,970,248 |
| Equity: | |||
| Stockholders' equity | $53,725,722 | $53,503,401 | $53,193,178 |
| Noncontrolling interests | $3,304,267 | $3,316,274 | $3,316,713 |
| Noncontrolling interests - limited partnership unitholders | $1,089,526 | $1,128,817 | $1,244,117 |
| Total equity | $58,119,515 | $57,948,492 | $57,754,008 |
| Total liabilities and equity | $101,011,872 | $98,133,451 | $98,724,256 |
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