PLD · Earnings call · 2026Q3T · Full report

Occupancy and Leasing Activity

Prologis, Inc. · 2026-10-15 · Importance 66 · Surprise 56

Portfolio occupancy ended the quarter at 95.6%, with average occupancy at 95.1%, and management said the leasing pipeline was particularly advanced at the agreement stage. Rent change on rollover was 38% on a net effective basis and 23% on a cash basis, while the lease mark-to-market was 16%, representing approximately $780 million of embedded NOI at spot rents. Same-store NOI growth was 5.7% net effective and 5.9% cash, reflecting continued leasing and rent momentum. In Southern California, market occupancy reached 93.5%, while Prologis was nearly 97% occupied; Inland Empire demand was strong across size categories and South Bay Class A properties benefited from aerospace activity.

Key facts

• Prologis ended the quarter with 95.6% occupancy, up 10 basis points from the second quarter.
• Prologis reported average occupancy of 95.1% for the quarter, a 10 basis point increase.
• Prologis reported market vacancy declined 10 basis points to 7.1% in the U.S.
• Prologis signed 60 million square feet of leases in the third quarter.