PLD · Earnings call · 2026Q3T · Full report
Balance Sheet and Liquidity
Prologis, Inc. · 2026-10-15 · Importance 50 · Surprise 24 · In source text
Prologis closed approximately $1.3 billion of debt financing during the third quarter at an average rate just under 4%. Approximately 95% of debt was fixed rate, with approximately eight years of average life remaining. Liquidity at quarter-end was nearly $9 billion, and management described debt metrics as being in excellent shape. The company said it could fund data center development without requiring a joint venture because of available balance sheet capacity.
Key facts
- Prologis raised $2.4 billion of common equity during the quarter.
- Prologis' liquidity at the end of the quarter was nearly $9 billion.
- Prologis closed on approximately $1.3 billion in debt financing at an average rate of just under 4% during the quarter.
- Prologis said it does not require any JV or other funding for its data center business and has been executing on it on its own with plenty of balance sheet capacity.
- Prologis holds approximately 95% of its debt on a fixed rate basis with approximately 8 years of average life remaining.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | — | Prologis raised $2.4 billion of common equity during the quarter. |
| cash | positive | realized | — | Prologis' liquidity at the end of the quarter was nearly $9 billion. |
| liability | negative | realized | — | Prologis closed on approximately $1.3 billion in debt financing at an average rate of just under 4% during the quarter. |
| cash | positive | realized | — | Prologis closed on approximately $1.3 billion in debt financing at an average rate of just under 4% during the quarter. |