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Prologis Lifts 2026 Earnings Forecast on Record Leasing Momentum

Prologis raised its full-year earnings guidance Thursday after posting record lease signings in the second quarter. The REIT's second outlook increase this year came on the back of strong results. The San Francisco-based warehouse operator signed leases covering 67 million square feet, surpassing its first-quarter record. Second-quarter consolidated revenue reached $2.43 billion, up 11% year-over-year. Core FFO per share came in 17 cents higher year-over-year and 8 cents better than analyst expectations. The company now projects core FFO in a range with a midpoint of $6.30 per share, representing a 2% increase. Portfolio occupancy reached 95%, up 10 basis points year-over-year. Net effective rent growth on multiyear leases reached 36.9%, nearing the company's 40% full-year target. Prologis plans $4.5 billion in development starts, including data center projects, reflecting expanding demand across logistics, digital infrastructure and energy sectors.