Prologis impresses Wall Street with solid quarter and bolstered data center ambitions

Published: 2026-04-16 15:06:34 ET PLD

The global leader in logistics real estate beat Q1 expectations, driven by robust leasing demand, record lease signings and an increase in its annual guidance. It's shares rose over 2% in trading.

Kevin Smith

Published on 04/16/2026 at 03:06 pm EDT

Prologis reported Q1 results on Thursday that exceeded market expectations, supported by resilient demand for its warehouse space and the acceleration of its data center projects. The group saw its shares climb over 2% after raising its annual Core FFO guidance, a key profitability metric for the REIT sector.Q1 revenue reached $2.30bn, compared to $2.14bn a year earlier (+7.4%), surpassing the consensus estimate of approximately $2.12bn. Diluted EPS came in at $1.05, up from $0.63 a year ago, while Core FFO per share rose to $1.50 from $1.42 (+5.6%), also slightly ahead of expectations.The group highlighted record lease signings of 64 million square feet during the quarter, which it believes illustrates the resilience of demand from retailers and industrial players. The average occupancy rate remained high at 95.3%, while cash same-store NOI jumped by 8.8%.Prologis simultaneously accelerated its digital infrastructure efforts, with $1.3bn in new build-to-suit data center projects. In this context, the group raised its 2024 Core FFO guidance to $6.07-$6.23 per share, up from the previous range of $6.00-$6.20. The group also intends to leverage its new partnerships with GIC in the United States and La Caisse in Europe to support its next growth phase, even as it continues to cite an uncertain geopolitical environment.