Overview

• U.S. logistics real estate firm's Q2 revenue rose, beating analyst expectations

• Q2 net income also beat analyst expectations

• Company raised 2026 guidance, citing record leasing and improved fundamentals

Outlook

• Prologis raises 2026 net earnings guidance to $4.40-$4.55 per share from $3.80-$4.05

• Company lifts 2026 Core FFO guidance to $6.22-$6.30 per share from $6.07-$6.23

• Prologis expects 2026 average occupancy of 95.25%-95.75% and cash same-store NOI growth of 6.75%-7.25%

Result Drivers

• RECORD LEASING - Signed over 67 mln sq ft of leases, a record level for the company

• OCCUPANCY IMPROVEMENT - Period end occupancy increased to 95.5%, up 20 basis points from March 31, 2026

• SAME-STORE NOI GROWTH - Delivered same-store NOI year-over-year growth of 6.4% on a net effective basis and 8.5% on a cash basis

Company press release: ID:nPn8Tb4pKa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Revenue	Beat	$2.43 bln	$2.23 bln (7 Analysts)
Q2 EPS		$1.13
Q2 Net Income	Beat	$1.06 bln	$759.46 mln (7 Analysts)
Q2 Adjusted FFO		$1.56 bln
Q2 Adjusted FFO Per Share		$1.60

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 8 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the commercial reits peer group is "buy"

• Wall Street's median 12-month price target for Prologis Inc is $154.00, about 7.4% above its July 15 closing price of $143.42

• The stock recently traded at 43 times the next 12-month earnings vs. a P/E of 39 three months ago

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