The combination of a modest Core FFO beat, raised guidance on both Core FFO and Same Store NOI, and the SEGRO shareholder approval, all point to continued operational momentum. The raised guidance on Core FFO and Same Store NOI is a positive signal for the stock.
Price Chart
Executive Summary
Prologis reported Q3 2026 Core FFO of $1.60 per share, beating the $1.58 consensus by 1.27%, and GAAP EPS of $0.86 vs $0.79 consensus (8.9% beat). The company raised its full-year Core FFO guidance to $6.25-$6.29 and its Cash Same Store NOI growth guidance to 7.00%-7.50%, while narrowing net earnings guidance downward to $4.05-$4.15.
Key Financial Metrics
Key Facts
- Core FFO per share of $1.60 beat consensus of $1.58 (1.27% beat) and grew 7.4% YoY from $1.49.
- GAAP EPS of $0.86 beat consensus of $0.79 (8.9% beat) and grew 4.9% YoY from $0.82.
- Full-year 2026 Core FFO guidance raised to $6.25-$6.29 from $6.22-$6.30; net earnings guidance narrowed to $4.05-$4.15 from $4.40-$4.55.
- Cash Same Store NOI growth guidance raised to 7.00%-7.50% (from 6.75%-7.25%); Net Effective Same Store NOI guidance also raised.
- Average occupancy of 95.1% with period-end occupancy at 95.6%; 60M sq ft of leases signed in Q3.
- SEGRO shareholder approval received shareholder approval for the combination, expanding European platform.
- Available liquidity of ~$8.8B; Debt-to-Adjusted EBITDA at 4.5x; debt as % of market cap at 23.9%.
- Total revenues of $2.388B vs $2.214B YoY; rental revenues $2.224B vs $2.054B YoY.
- Core FFO per share (Street convention) of $1.60 vs $1.49 YoY; AFFO per share $1.61 vs $1.50 YoY.
Financial Impact
Core FFO beat consensus by 1.27% on Core FFO and 8.9% on GAAP EPS; guidance raised on Core FFO and Same Store NOI; SEGRO deal advancing.
Risk Factors
- Interest rate environment remains elevated, pressuring cap rates and debt costs
- Execution risk on SEGRO integration and integration
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302909334 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | Press Release | $126.94 $126.66 | ▼ −0.22% | ▲ +0.79% | $126.47 (−0.37%) |
Sep 3, 2026 7w ago | Press Release | $137.34 | awaiting T+5 | — | $126.47 (−7.91%) |
Aug 4, 2026 12w ago | Press Release | $139.05 $139.50 | ▲ +0.32% | ▲ +0.42% | $126.47 (−9.05%) |
Aug 4, 2026 12w ago | Press Release | $139.05 $139.50 | ▲ +0.32% | ▲ +0.42% | $126.47 (−9.05%) |
Jul 16, 2026 14w ago | Press Release | $150.06 $145.12 | ▼ −3.29% | ▼ −1.62% | $126.47 (−15.72%) |
Mar 19, 2026 31w ago | DEFA14A | $131.09 $129.74 | ▼ −1.03% | ▲ +1.18% | $126.47 (−3.52%) |
US Market Status
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