# Prologis Stock Q3 2026: Core FFO Up 7% as Leasing Holds and SEGRO Nears
> Prologis stock Q3 2026: revenue rose 7.8% to $2.39bn, Core FFO rose 7.4% to $1.60 a share and 2026 guidance narrowed to $6.25-6.29. PLD earnings.

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## Facts
- Ticker: PLD
- QSILabs fair value: $124.51 USD
- Price: $129.65 (as of 2026-11-02)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-10-15) and Form 10-Q filed 2026-10-28; price as of 2026-11-02 close
- Fiscal period: Q3 2026 (July-September 2026)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/prologis-stock-q3-2026-earnings-leasing-data-centers-segro/

## Short answer
Prologis stock Q3 2026 is a story of steady warehouse demand, a bigger development programme tilted towards data centers and a pending takeover of SEGRO. In the three months to 30 September 2026, total revenues rose 7.8% to $2,387.5m and Core funds from operations (Core FFO), the cash earnings measure Prologis guides on, rose 7.4% to $1.60 a diluted share. Average occupancy was 95.1%, cash same-store net operating income (NOI) rose 5.9%, and new leases were signed at net effective rents 38.0% above the leases they replaced. Prologis narrowed its 2026 Core FFO guidance to $6.25-6.29 a share and raised its targets for development starts and acquisitions. Our discounted cash flow model gives $124.51 a share, against a $129.65 close on 2 November 2026; below we show which assumptions drive that number and how far it moves when you change them.

## Key takeaways
- Revenue rose 7.8%, Core FFO per share 7.4%. Total revenues were $2,387.5m, up from $2,213.9m, and Core FFO was $1,545m, or $1.60 a diluted share, up from $1.49. Adjusted funds from operations (AFFO) rose 13.4% to $1,207m.
- Leasing held up. Average occupancy was 95.1%, Prologis commenced 55.9m square feet of leases with 75.9% retention, and rents on renewed and re-let space were 38.0% higher on a net effective basis and 23.4% higher in cash.
- Guidance narrowed. The 2026 Core FFO range moved to $6.25-6.29 a share from $6.22-6.30, and cash same-store NOI growth to 7.00-7.50% from 6.75-7.25%. The midpoint implies fourth-quarter Core FFO of about $1.54 a share.
- More building, much of it data centers. Development starts were $4,089m in the first nine months, Prologis share, at an estimated 7.7% stabilized yield; data centers were $2,034m of that. Guidance for 2026 starts rose to $5,000-5,750m.
- SEGRO is coming but not in our numbers. Prologis agreed on 4 August to buy SEGRO plc for 0.0920 Prologis shares per SEGRO share plus a partial cash alternative; SEGRO shareholders approved it on 28 September and completion is expected in the first half of 2027.
- Our value: $124.51 a share, 4.0% below the $129.65 close on 2 November 2026. Analysts' average target is $152.07; with Prologis's own five-year beta of 1.32 instead of the industry beta, our model would give $55.89.
- What to watch. Rent growth as older leases reprice, the yields on the data center pipeline, how the SEGRO deal is financed and how much new stock Prologis issues under its new $5bn programme.

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