PLD · Earnings call · 2026Q3T · Full report
Capital Recycling and Returns
Prologis, Inc. · 2026-10-15 · Importance 68 · Surprise 42 · In source text
Prologis acquired $950 million of real estate during the third quarter at an estimated 20% discount to replacement cost. Disposition activity totaled $310 million, and the acquisition-disposition IRR spread reached 150 basis points year-to-date. Acquisition guidance increased to $2.1 billion-$2.3 billion, while contributions and dispositions guidance was set at $3.5 billion-$4.75 billion. Management cited transaction timing and caution around potential pricing turbulence as reasons for the lower contributions and dispositions outlook.
Key facts
- Prologis is on track for $15 billion of activity this year.
- Prologis revised strategic capital revenue, excluding promotes, to a range of $650 million to $660 million.
- Prologis expects contributions and dispositions to range from $3.5 billion to $4.75 billion.
- Prologis' disposition activity totaled $310 million in the quarter.
- Prologis reported the IRR spread between acquisitions and dispositions stands at 150 basis points year-to-date.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | committed | +23.3% | Prologis revised strategic capital revenue, excluding promotes, to a range of $650 million to $660 million. |
| assets | positive | probable | — | Prologis is on track for $15 billion of activity this year. |
| cash | positive | probable | — | Prologis expects contributions and dispositions to range from $3.5 billion to $4.75 billion. |
| cash | positive | realized | — | Prologis' disposition activity totaled $310 million in the quarter. |
| assets | negative | realized | — | Prologis' disposition activity totaled $310 million in the quarter. |