Q2 2026 Prologis Inc Earnings Call Transcript
Key Points
- Prologis Inc (PLD) signed a record 67 million square feet of leases during the quarter, indicating strong demand and market presence.
- The company has a 14,000-acre land bank representing 240 million square feet of embedded development opportunity, providing flexibility to meet customer demand.
- Prologis Inc (PLD) started $1.6 billion of new projects, expanding its logistics platform and creating opportunities in data centers and energy.
- The power pipeline has expanded to approximately 5.8 gigawatts, representing significant investment potential and long-term growth opportunities.
- Prologis Inc (PLD) closed a $1.2 billion European joint venture, reflecting strong demand for high-quality logistics assets and expanding strategic capital relationships.
- The company faces regulatory constraints, as evidenced by the inability to discuss the potential offer for SEGRO during the call.
- Despite strong performance, the market rent growth needed to expand the embedded mark-to-market remains uncertain.
- Prologis Inc (PLD) is experiencing challenges in the Southern California market, which is only in the early stages of recovery.
- The development yield starts declined by 160 basis points quarter-over-quarter, primarily due to deal mix.
- There are rising concerns about nimbyism affecting data center developments, which could impact future project approvals.
Greetings, and welcome to the Prologis Q2 2026 earnings conference call. (Operator Instructions) As a reminder, this conference also is being recorded.
It is now my pleasure to introduce Justin Meng, Senior Vice President, Head of Investor Relations. Thank you. You may begin.
Thank you, Operator, and good morning, everyone. Welcome to our second quarter 2026 earnings conference call. Joining us today are Dan Letter, CEO; Tim Arndt, CFO; and Chris Caton, Managing Director.
I'd like to note that this call will contain forward-looking statements within the meaning of the federal securities laws, including statements regarding our outlook, expectations, and future performance. These statements are based on current assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings and second quarter earnings press release for a discussion of these risks. We undertake no obligation to update any
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