Prologis

Prologis owns, develops and manages logistics real estate, mainly warehouses and distribution centers. It also builds data centers and solar and energy storage projects on its sites. At September 30, 2026, it owned or had investments in properties and development projects of about 1.3 billion square feet in 20 countries, with 5,941 buildings and about 6,500 customers.

The U.S., where it includes Mexico, gave 84% of its share of net operating income, Europe 9%, Other Americas 5% and Asia 2%. Its strategic capital business manages co-investment ventures for other investors, and gross assets under management were $238 billion. In August 2026, it agreed to buy SEGRO, a U.K. logistics real estate company.

Prologis is a real estate investment trust, and its shares trade on the New York Stock Exchange. Daniel S. Letter is chief executive officer.

The market doubts that Prologis can grow earnings per share fast enough while interest rates stay high and while it buys SEGRO. On August 4, 2026, Prologis agreed to buy SEGRO for about £14.0 billion, mostly with new Prologis shares, and SEGRO holders can get up to about £3.5 billion in cash. Rent growth on new leases has also slowed from its peak: the net effective rent change was 38.0% in Q3 2026, against 49.4% a year earlier.

For the gap to close, three things must be true. Occupancy must stay near 95.5%, and cash same store NOI must keep growing near the 2026 guidance of 7.00% to 7.50%. The SEGRO deal must close in the first half of 2027 as planned, with integration costs and new debt under control and no large cut to Core FFO per share.

The data center pipeline of 5.8 GW of secured or advanced-stage power must turn into leased projects with good margins. The Q4 2026 report, expected around January 20, 2027, with the first guidance for 2027, gives the next test. If these checks pass, the gap can close over the next one to two years.

1. Jan 20, 2027 · est.Pending

   Q4 2026 results and 2027 guidanceOccupancy near 95.5%, cash same store NOI growth near 7% and 2027 Core FFO guidance above the 2026 result pass; flat guidance or falling occupancy fail.
2. Q2 2027 · est.Pending

   SEGRO deal closesCompletion in the first half of 2027 on the agreed terms pass; a delay, a block by a regulator or new conditions fail.

Every passed and failed checkpoint across all picks

• October 30, 2026Prologis signed a new at-the-market equity distribution agreement that replaces its earlier program.
• October 15, 2026Prologis reported Q3 2026 results. Core FFO was $1.60 per diluted share, up from $1.49, and net earnings were $0.86 per share. It signed 60 million square feet of leases. Period-end occupancy was 95.6%, and cash same store NOI grew 5.9%. The company narrowed its 2026 Core FFO guidance to $6.25 to $6.29 per share and lowered its net earnings guidance to $4.05 to $4.15 per share.
• September 28, 2026SEGRO shareholders approved the purchase of SEGRO by Prologis. The deal still needs other approvals, including some from regulators.

Last earnings

October 15, 2026 (8-K on sec.gov)

Next earnings

Expected about January 20, 2027. The company has not confirmed the date.

• 8-KOther company newsFiled October 30, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 28, 2026 · pld-20260930
• 8-KEarnings release and Investor disclosureFiled October 15, 2026 · pld-20261015
• 8-KOther company newsFiled August 6, 2026 · Read it on sec.gov
• 8-KOther company newsFiled August 5, 2026 · Read it on sec.gov
• 8-KNew material agreement and New debt or financial obligationFiled August 4, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 29, 2026 · pld-20260630
• 8-KEarnings release and Investor disclosureFiled July 16, 2026 · pld-20260716
• 8-KChange of directors or officersFiled July 1, 2026 · Read it on sec.gov
• 8-KOther company newsFiled June 24, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1045609)

• The SEGRO deal still needs regulatory approvals and court sanction. A delay, higher integration costs or more debt for the cash part can lower Core FFO per share.
• Higher interest rates raise the cost of new debt and can raise the yields that buyers ask for warehouses, which lowers property values and the gains from development.
• Demand for warehouses depends on trade and consumer spending. New tariffs or a slower economy can lower leasing and rent growth.
• Data center projects need large amounts of power and capital. Delays in power supply or weak demand can lower the returns on these projects.

Prologis funds itself mostly with unsecured bonds in several currencies. At September 30, 2026, consolidated debt was $36.83 billion and cash was $2.27 billion. Read more

Dividend yield

3.2% (last 12 months, at today’s price of $130.55)

Paid per share

$4.22 in the last 12 months (4 payments)

Current annual rate

$4.28 ($1.07 × 4 a year)

Payout ratio

113% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 16, 2026, $1.07 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 11.3% a year. Over the last 10 years, the dividend grew by about 9.8% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.