$PLD · Prologis, Inc.
Prologis filed its Q3 FY2026 10-Q, reporting total revenues of $2.388B (+7.8% YoY), net earnings attributable to common stockholders of $815.7M ($0.86 diluted EPS vs $0.82 in Q3 2025), and operating margin of 43.8%. Gains on real estate dispositions jumped significantly — $51.5M on development properties (vs $15.4M) and $56.4M on other dispositions (vs $32.2M).
- Q3 revenue of $2.388B, up 7.8% YoY from $2.214B, driven by rental and strategic capital growth.
- Net earnings attributable to common stockholders: $815.7M ($0.86/share diluted) vs $762.9M ($0.82/share) in Q3 2025.
- Gains on dispositions of development properties and land surged to $51.5M from $15.4M in the prior-year quarter.
- Nine-month gains on other dispositions of real estate investments reached $359.9M vs $116.1M in the same period last year.
- Total assets grew to $103.9B; debt increased to $36.8B from $35.0B at year-end 2025.
Extended-hours trading shows PLD at $126.94, up +1.37% vs the regular close of $125.22, suggesting a positive initial reaction to the Q3 results and strong disposition gains.
Prologis delivered broad-based strength: revenue growth, margin expansion, and a surge in disposition gains that nearly doubled operating income growth versus the prior year.
Prologis's 43.8% operating margin and 7.8% rental revenue growth reinforce its position as the dominant industrial REIT, with strategic capital revenues from co-investment ventures growing to $162.5M in Q3 from $148.2M a year ago.
Interest expense rose to $287.0M in Q3 from $258.3M a year ago, reflecting higher debt levels ($36.8B). Foreign currency translation losses of $35.5M in Q3 2026 vs a $26.4M gain in Q3 2025 signal currency headwinds.