Prologis (PLD) Q1 FY26 earnings call

Earnings call· Mar 2026 (Q1 FY26)· Real Estate· Apr 16, 2026

Source: earnings call transcript

Prologis delivered a strong Q1 FY26, marked by record leasing activity and significant expansion into data center development, leveraging its land bank and strategic capital partnerships. Despite geopolitical uncertainties and elevated concessions in some markets, the company raised its full-year FFO outlook, reflecting resilient demand and disciplined execution across its global platform. The focus remains on compounding growth through logistics, digital infrastructure, and energy initiatives.

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PLD operating KPIs by quarter

PLD operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Jun 2025 Q2 FY25	Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	This call Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Sep 2026 Q3 FY26	Change vs prior quarter
Occupancy rate	95.1% Occupancy ended the quarter at 95.1%, down just 10% sequentially and further widening our outperformance to the market now at 290 basis points. Source: earnings call transcript	95.3% As a result, occupancy grew over the quarter to 95.3%, an increase of 20 basis points. Source: earnings call transcript	—	95.3% We ended the quarter with occupancy of 95.3%, reflecting the seasonal drop we telegraphed and typically experience each first quarter. Source: earnings call transcript	95.5% We ended the quarter with 95.5% occupancy, a 20 basis point improvement over the first quarter. Source: earnings call transcript	95.6% We ended the quarter with 95.6% occupancy, up 10 basis points from the second quarter, with average occupancy of 95.1%, also a 10 basis point increase. Source: earnings call transcript	+0.1 pt
Square feet	—	<62M sq ft We had a record quarter for leasing with signings of nearly 62 million square feet, an uptick in portfolio occupancy and another very strong quarter in rent change. Source: earnings call transcript	57M sq ft Our teams performed exceptionally well, signing 57 million square feet of leases in the quarter and driving occupancy toward 96%, further widening our out-performance versus the market. Source: earnings call transcript	64M sq ft First, we delivered another quarter of record leasing with 64 million square feet of signings supported by both strong retention and healthy new leasing activity. Source: earnings call transcript	—	—	+12.3%
Properties	—	6,000 And then if you think about our land bank, our 14,000 acres of land that we own or control, you look at our 6,000 buildings in these infill locations and think about how well we are set up for not only the current wave of AI demand, but the next wave, which will be inference. Source: earnings call transcript	6,000 We own 6,000 buildings adjacent to the world's most dynamic consumption centers. Source: earnings call transcript	—	6,000 And we have dozens, if not hundreds of applications out there and across all of our geographies, our 6,000 buildings and literally hundreds and hundreds of land sites, building a power bank. Source: earnings call transcript	—	—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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