PLD US S&P 500Russell 1000 Earnings call
Prologis (PLD) · Q3 2026 results and valuation
Share price: $130.03 · 2026-11-11
Prologis is a real estate investment trust that owns, manages, and develops logistics facilities and data centers. The company provides infrastructure solutions and property management services to customers within the global supply chain and distribution sectors. It operates in markets across 20 countries on four continents. Source: 10-K annual report (2026-02-13)
Results Q3 2026 vs Q1 2026 · previous quarter · published 15 Oct 2026 and 16 Apr 2026
Management sounded about as positive as a typical company call, in its script and in answers to analysts.
1 · Numbers
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Figures not yet filed
Outlook given
2 · How management spoke
Typical
More upbeat than 52% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Prologis acquired $950 million of real estate during the quarter at an estimated discount to replacement cost of 20%.
Valuation
Is Prologis undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (3-year revenue growth), the model's fair value is $44.83 a share — the stock trades 190% above it. Today's price assumes 19.3% growth a year.
Current price
$130.03
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+19.3% for 10 yrs
Fair value / share
$44.83
Buy below
$33.63
Price vs fair value
Overvalued 190%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Guidance
The company expects net earnings to range between $4.05 and $4.15 per share and core FFO to range between $6.25 and $6.29 per share, both with and without promotes.
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Figure
The company signed 60 million square feet of leases and replenished its pipeline to provide clear visibility into customer needs.
Source quote
“We signed 60 million square feet of leases and fully replenished our pipeline, giving us clear visibility into what our customers need.”
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Figure
The company owns or controls sites to develop the next $40 billion of logistics development using a highly capital-efficient land strategy.
Source quote
“We own or control sites to develop the next $40 billion of logistics development with a highly capital-efficient land strategy.”
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Figure
The pipeline totals 5.8 gigawatts, which includes 1.7 of secured power and 4.1 in advanced stages to indicate current project scale.
Source quote
“Our pipeline currently totals 5.8 gigawatts, including 1.7 of secured power and 4.1 in advanced stages.”
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Figure
PLD acquired $950 million of real estate during the quarter at an estimated discount to replacement cost of 20%.
Source quote
“We acquired $950 million of real estate during the quarter at an estimated discount to replacement cost of 20%.”
4 more
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Figure
The company raised $2.4 billion of common equity during the quarter, completing an important part of the transaction's consideration.
Source quote
“We also raised $2.4 billion of common equity during the quarter, completing an important part of the transaction's consideration.”
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Figure
More broadly, while the abrupt shift in the interest rate environment presents challenges, Prologis is fortunate to hold approximately 95% of its debt on a fixed rate basis with approximately 8 years of average life…
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Figure
The figure is approximately 20% to 25% larger than it was at this time last year.
Source quote
“It's actually probably about 20% to 25% larger than it was at this time last year.”
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Figure
The company plans to deliver 5.8 gigawatts over the next 5 years.
Source quote
“We're talking with confidence about delivering these 5.8 gigawatts over the next 5 years as well.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Our strong year-to-date performance in same-store growth is driving an increase to its range to 5.5% to 6% on a net effective basis and 7% to 7.5% on a cash...”
“As we saw in the U.S., even as market rents soften, Mexico's heightened lease mark-to-market is delivering strong rent change and same-store growth.”
“Beyond the U.S., our global platform is designed to deepen customer relationships and expand value creation opportunity, but it is also key to delivering resilient, diversified operating performance.”
Full figures
Q3 2026 figures are not available yet: the company files its quarterly report (10-Q) a few weeks after the call. This page compares what management said; the figures are added when the report is filed.
Topics
Most discussed now
- New Prologis appreciates the constructive engagement with the SEGRO leadership team and look forward to closing the transaction.
- New As Dan just said, Prologis' ability to wait longer maybe than the average investor for those rents to come through...
- Following completion, Prologis will have a 363 million (sic) [ 368 million ] square foot operating portfolio in Europe with...
- Most of Prologis' customers are operating efficiently, so incremental growth in their businesses should translate into additional space…
- Prologis is certainly seeing an outsized percentage of demand in the data center build-out.
Faded since Q1 2026
- Fading These partnerships reflect strong investor demand for Prologis' platform and its ability to deploy capital into high-quality opportunities…
- Fading Prologis is expanding its strategic capital platform.
- Fading That's being matched up with this incredible data center opportunity that Dan is speaking to.
- Fading Prologis is getting ahead of what it sees as growing deployment volumes on one part in logistics, you see us ramping...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Other events · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
For the nine months ended September 30, 2026, Prologis reported total revenues of $7.111 billion, up from $6.537 billion in the same period of 2025.
- Other events · SEC 8-K
Prologis, Inc. received notice that underwriters exercised their option to purchase an additional 2,250,000 shares of common stock, with expected net proceeds of approximately $312.2 million.
- Other events · SEC 8-K
Prologis, Inc. entered into an underwriting agreement for a public offering of 15,000,000 shares of common stock, resulting in net proceeds of approximately $2.1 billion to $2.4 billion.
- Material agreement; New financial obligation; Unregistered share sale; Other events · SEC 8-K
Prologis, Inc. entered into a Co-operation Agreement to acquire SEGRO plc for approximately £14.0 billion, with a partial cash alternative of up to £3.5 billion available for shareholders.
- Results of operations; Regulation FD disclosure · SEC 8-K
For the six months ended June 30, 2026, Prologis reported total revenues of $4.723 billion, compared to $4.324 billion for the same period in 2025.
- Director or officer change · SEC 8-K
Prologis, Inc. appointed Alfred F. Kelly, Jr. to its board of directors on July 1, 2026.
- Other events · SEC 8-K
The filing identifies risk factors in Prologis' Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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this year
capital activity
Source quote
“We also remained active deploying and recycling capital and are on track for $15 billion of activity this year.”
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2027
start of projects for customers with letters of intent
Source quote
“We are engaged with customers across the pipeline, with letters of intent covering approximately 1 gigawatt, much of which we expect to start in 2027.”
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in the coming weeks
publication of research on demand for build-out and ongoing service of a new segment
Source quote
“a topic we explore in greater depth through research we plan to publish in the coming weeks.”
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the first half of 2027
closing of the transaction with SEGRO
Source quote
“The transaction is now progressing through the required regulatory clearances, and we continue to expect it to close in the first half of 2027.”
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this year
market rent growth of 5% to 6% in specific markets (Dallas, Houston, Atlanta, Phoenix, Indianapolis, Northern California)
Source quote
“So places like Dallas, Houston, Atlanta, Phoenix, Indianapolis, Northern California, these are all markets that are on pace to have market rent growth of 5% to 6% this year.”