Discloses 5.7GW AI data‑center pipeline, framing a long‑duration logistics and infrastructure play
- Prologis reported first-quarter 2026 results on April 16, posting record leasing and outlining a bigger push into data centers as management tied warehouse demand to digital infrastructure growth. - The company said it signed 64 million square feet of leases, started $1.3 billion of build-to-suit data-center projects, and kept occupancy at 95.3% while raising its 2026 Core FFO outlook. - The update extends a January pivot, when Prologis said its data-center power pipeline had reached 5.7 gigawatts and paired that with new capital partnerships. (ir.prologis.com)
Prologis used its April 16 earnings report to pair record warehouse leasing with a larger data-center buildout. (ir.prologis.com) The San Francisco-based real estate investment trust said net earnings were $1.05 a share in the first quarter, up from $0.63 a year earlier. Core funds from operations rose to $1.50 a share from $1.42. (ir.prologis.com) Prologis said it signed 64 million square feet of leases in the quarter and ended March with occupancy at 95.3%. It also said cash same-store net operating income rose 8.8% and net effective rent change was 31.9%. (ir.prologis.com) The new piece was data centers. Chief executive Daniel Letter said Prologis started $1.3 billion of build-to-suit data-center development in the quarter as it scaled what it calls its digital infrastructure and energy platform. (ir.prologis.com) That data-center push had already been building. In its January 21 full-year 2025 results, Prologis said its data-center power pipeline had expanded to 5.7 gigawatts of capacity secured or in advanced stages of procurement. (ir.prologis.com) Management also raised its 2026 outlook on April 16. Prologis said stronger execution and capital strength supported an increased Core FFO forecast, while the quarter included $5.5 billion of debt closed with co-investment ventures at a 3.7% weighted average interest rate. (ir.prologis.com) The financing piece matters because Prologis is leaning on outside capital as it broadens beyond warehouses. The company announced a $1.6 billion U.S. build-to-suit logistics joint venture with GIC on March 19 and a pan-European logistics venture with La Caisse on April 9. (ir.prologis.com ) (ir.prologis.com) Institutional filings around the stock showed investors adjusting positions rather than exiting. Teacher Retirement System of Texas disclosed a 13F filing on January 28 for holdings as of December 31, 2025, and MarketBeat reported on April 25 that Munich Reinsurance Co Stock Corp in Munich had raised its Prologis stake to 77,643 shares in the fourth quarter. (sec.gov) (marketbeat.com) For now, Prologis is still reporting a warehouse business with mid-90s occupancy and tens of millions of square feet of quarterly leasing. The bet it is asking investors to underwrite is that the same land, power access and capital network can support a much larger digital-infrastructure business. (ir.prologis.com 1) (ir.prologis.com 2)
