Prologis Hits Record Q1 Warehouse Leases, Raises 2026 Outlook

Key Details Prologis reported exceptional first-quarter results with 64 million square feet in new logistics lease signings, exceeding expectations across multiple metrics. The San Francisco-based REIT posted consolidated revenue of $2.3 billion, up 7% year-over-year and beating the $2.12 billion consensus estimate. Core funds from operations reached $1.50 per share, outperforming expectations by a penny. Why It Matters Warehouse occupancy improved 40 basis points to 95.3%, signaling strong demand in the logistics sector. Total new leases commenced grew 3% year-over-year to 66.7 million square feet, indicating robust customer activity and confidence in the freight and supply chain markets. What's Next Prologis raised its 2026 guidance, forecasting core FFO between $6.07 and $6.23 per share, a 1% increase at the midpoint. The company expects average occupancy of 95% to 95.75% and increased development starts of $3.5 billion to $4.5 billion, reflecting confidence in continued logistics demand driven by e-commerce and supply chain reshoring trends.