PLD | Earnings Review — Q2 2026

PLD delivered its most emphatic print of 2026. Core FFO/share (the REIT-equivalent "EPS", incl. net promote income) of $1.63 beat the pre-print Street consensus of ~$1.52 by +7.2% (+11.6% YoY), and total revenue of $2,425M beat the implied ~$2.30-2.35B Street frame by roughly +4% (+11.0% YoY) — both growth rates hit their fastest pace in the trailing 10 quarters, a clean reversal of the four-quarter deceleration that bottomed in Q4'25 (revenue +2.4% YoY, Core FFO/share -4.0% YoY, the only negative print in the window). Record leasing (67M sq ft, a 4th record quarter in 7) and $83M of promote income from three outperforming strategic-capital vehicles were the identified drivers of the beat; same-store NOI (cash) accelerated to +8.5%, near cycle highs, and period-end occupancy turned positive YoY (+30bps) for the first time in this window.

Guidance: FY2026 Core FFO/share guidance was raised for the second time this year, to $6.22–$6.30 from $6.07–$6.23 (mid +$0.11), alongside raises to net earnings/share ($4.40–$4.55), average occupancy (95.25%–95.75%), cash same-store NOI (6.75%–7.25%), and development starts (+$1.0B to $5.5–$6.5B, driven by data-center pipeline conversion). But the raise is a dollar-for-dollar pass-through of the Q2 beat, not a fresh 2H upgrade: back-solving both guide vintages shows an identical implied 2H run-rate of ~$1.565/quarter Core FFO/share before and after the raise, and the new guide's implied 2H cash same-store NOI (~5.35%) is a ~330bps deceleration from the blistering 1H average (~8.65%).

Tone: management's framing shifted from Q1's "resilient demand, cautiously monitoring geopolitical risk" to Q2's more expansive "entering its next phase of growth" as logistics, digital infrastructure, and energy "increasingly reinforce one another" (CEO Dan Letter) — consistent with record leasing and the data-center power pipeline scaling to ~5.8GW (YTD starts of $2.1B already exceed the prior full-year guide). Whether the Q1 geopolitical risk caveat genuinely receded or was simply not captured by this run's recap-based sourcing could not be confirmed (data gap, not evidence the risk resolved).

Contradictions (3 found): (1) CEO Dan Letter self-corrected a data-center development-margin claim mid-call on the Q1'26 call (25-50% "better than logistics" vs., moments later, "25-50%, not better than logistics"); (2) Q4 2025 U.S. vacancy was reported as 7.4% on the Q4'25 call but as 7.5% ("flat sequentially") on the Q1'26 call describing that same quarter-end, unreconciled; (3) this repo's own earnings_calendar.json labels the 7/16/2026 report "2026Q3" while this review (matching the prior review.json and this run's own convention) calls it "2026Q2" — a real risk for downstream folder/URL naming, flagged and not adopted here.

Catalysts to watch into Q3'26 (~2026-10-21, approximate — see date caveat below): data-center power-pipeline conversion into powered-shell/turnkey builds (5.8GW pipeline, up to ~$87B potential turnkey investment); whether Street Q3 consensus re-marks high enough to compress the next beat back toward the smaller, in-line end of PLD's historical range (this quarter's beat leaned on an identifiable promote-income catalyst, not a broad re-rating); peak-season e-commerce leasing follow-through off record Q2 absorption (66M sq ft, strongest since 2022); Fed policy path and whether cap-rate compression actually follows short-rate cuts; and continued tariff/USMCA headline risk against a backdrop of reshoring-driven demand.

| Metric | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | Q1'26 | Q2'26 | |---|---|---|---|---|---|---|---|---|---|---| | Total revenue ($M) | 1,957 | 2,008 | 2,036 | 2,201 | 2,140 | 2,184 | 2,214 | 2,253 | 2,298 | 2,425 | | Revenue YoY % | — | — | — | — | +9.4% | +8.8% | +8.7% | +2.4% | +7.4% | +11.0% | | Core FFO / share | $1.28 | $1.34 | $1.43 | $1.50 | $1.42 | $1.46 | $1.49 | $1.44 | $1.50 | $1.63 | | Core FFO/share YoY % | — | — | — | — | +10.9% | +9.0% | +4.2% | −4.0% | +5.6% | +11.6% | | Core FFO margin (Core FFO / revenue) | 62.4% | 63.8% | 67.1% | 65.2% | 63.4% | 63.9% | 64.4% | 61.4% | 62.7% | 64.3% | | Same-store NOI, cash (Prologis share) | +5.7% | +7.2% | +7.2% | +6.7% | +6.2% | +4.9% | +5.2% | +5.7% | +8.8% | +8.5% | | Average occupancy | 96.8% | 96.1% | 95.9% | 95.6% | 94.9% | 94.9% | 94.8% | 95.3% | 95.3% | 95.3% | | Period-end occupancy | 97.0% | 96.4% | 95.9% | 95.9% | 95.2% | 95.1% | 95.3% | 95.8% | 95.3% | 95.4% | | Period-end occupancy YoY (bps) | — | — | — | — | −180 | −130 | −60 | −10 | +10 | +30 | | Rent change, net effective (op. portfolio) | +55.5% | +62.7% | +57.6% | +52.2% | +43.4% | +44.2% | +42.5% | +37.5% | +27.1% | +30.4% | | Rent change, cash (op. portfolio) | +37.3% | +41.0% | +36.2% | +29.1% | +23.8% | +26.7% | +24.3% | +21.8% | +13.5% | +17.0% |

Verdict — accelerating. Revenue growth troughed at +2.4% YoY in Q4'25 and re-accelerated for two consecutive quarters to +11.0% YoY in Q2'26 — its fastest pace in the window; Core FFO/share growth shows the same pattern, bottoming at −4.0% YoY in Q4'25 and rebounding to +11.6% YoY. Same-store NOI (both cash and net-effective) is at or near cycle highs, occupancy turned positive YoY for the first time in this series, and rent spreads — while still normalizing from 2024's extraordinary levels — ticked up quarter-over-quarter for the first time (net effective +27.1%→+30.4%, cash +13.5%→+17.0%). Geographically, the U.S. (largest region), Europe, and Asia all improved occupancy YoY; Other Americas is the one soft spot (−230bps), though a small share of the portfolio.

Data-quality flag: Visible Alpha and Bloomberg (true FFO-consensus vendors) are not connected this run. The only historical consensus feed available (FMP stable/earnings) mixes metric bases across quarters for this REIT — three quarters (Q3'24, Q4'25, Q1'26) report on an incompatible GAAP-EPS basis rather than Core FFO and are marked N/A rather than forced into a false comparison. Quarterly revenue-consensus history was not independently tracked this run (only a Q2'26 frame); this table therefore covers the headline Core FFO/share metric.

| Quarter | Consensus | Actual (Core FFO/sh) | Variance | Result | |---|---|---|---|---| | Q3'24 | ⚪ N/A (data-basis flag) | $1.43 | — | ⚪ N/A | | Q4'24 | $1.38 | $1.50 | +8.7% | 🟢 Beat | | Q1'25 | $1.38 | $1.42 | +2.9% | 🟢 Beat | | Q2'25 | $1.41 | $1.46 | +3.5% | 🟢 Beat | | Q3'25 | $1.44 | $1.49 | +3.5% | 🟢 Beat | | Q4'25 | ⚪ N/A (data-basis flag) | $1.44 | — | ⚪ N/A | | Q1'26 | ⚪ N/A (data-basis flag) | $1.50 | — | ⚪ N/A | | ▶ Q2'26 (THIS QTR) | $1.52 | $1.63 | +7.2% | 🟢 Beat |

| Window | Beat rate (metric-consistent quarters only) | Non-miss rate | Avg. beat magnitude | |---|---|---|---| | L12Q (Q3'23–Q2'26, 9 of 12 usable) | 7/9 = 77.8% | 9/9 = 100% (0 misses) | +4.3% (range +0.8% to +8.7%) | | L4Q (Q3'25–Q2'26, 2 of 4 usable) | 2/2 = 100% (small sample) | 2/2 = 100% | — |

Pattern classification: Consistent beater. PLD has not missed Core FFO consensus in any metric-consistent quarter going back to Q3 2023 (two "in-line" prints, Q4'23 and Q1'24, were exact matches, not misses). Beat magnitude has been variable, not monotonic — the middle of the window (Q2'24–Q3'25) ran mostly small beats (0.0%–3.5%), suggesting the Street had caught up to PLD's cadence — but Q2'26's +7.2% is the second-largest beat in the 12-quarter window (behind only Q4'24's +8.7%), driven by an identifiable, partly one-time catalyst (record leasing + $83M promote income) rather than a broad re-rating of the estimate base. Worth watching whether Q3'26 consensus resets high enough to compress the next beat back toward the smaller, in-line end of the historical range.

Scope note: PLD is a REIT and guides annually only — no standalone quarterly Core FFO, revenue-dollar, or margin guide. The headline metric is Core FFO/share; the closest REIT-equivalent KPIs to "margin" are same-store NOI growth (cash and net-effective) and average occupancy, plus development starts as the forward-NOI capital-deployment driver.

New guidance issued with the Q2 2026 print (2026-07-16) — 2nd FY2026 raise

| Guidance line | New FY2026 Guide | Prior FY2026 Guide (issued Q1, 2026-04-16) | Change | |---|---|---|---| | Core FFO/share, incl. net promote | $6.22 – $6.30 | $6.07 – $6.23 | Mid +$0.11 | | Net earnings/share | $4.40 – $4.55 | $3.80 – $4.05 | Mid +$0.55 (+14.0%) | | Average occupancy | 95.25% – 95.75% | 95.00% – 95.75% | Low end +25bps | | Same-store NOI — cash | 6.75% – 7.25% | 6.25% – 7.00% | Mid +37.5bps | | Development starts (owned & managed) | $5.5B – $6.5B | $4.5B – $5.5B | Mid +$1.0B (+20.0%) | | Same-store NOI — net effective | Not reissued in available source | 4.75% – 5.50% | Flagged, not carried forward as fact |

Guidance vs. expectations — FY2026

| Metric | Prior Guide Mid (Q1) | New Guide Mid | Consensus* | vs Prior | vs Consensus | |---|---|---|---|---|---| | Core FFO/sh, incl. promote | $6.15 | $6.26 | ~$6.15 (pre-print) | +$0.11 / +1.8% | +$0.11 / +1.8% above stale pre-print consensus | | Net earnings/sh | $3.925 | $4.475 | n/a — not tracked this run | +$0.55 / +14.0% | n/a | | Average occupancy | 95.375% | 95.50% | ~95.4% (pre-print) | +12.5bps | +~10bps | | Same-store NOI — cash | 6.625% | 7.00% | ~6.5% (pre-print) | +37.5bps | +~50bps | | Development starts (O&M) | $5.0B | $6.0B | n/a — no Street consensus tracked | +$1.0B / +20.0% | n/a |

* Consensus figures are pre-print (pre-July-16) Street/Zacks-proxy estimates; Bloomberg/Visible Alpha are not connected this run, so these are stale post-print and have not yet re-marked to the new guide.

Core FFO/share guidance waterfall (FY2026, $/share)

| Step | Value | Note | |---|---|---| | Prior Guide Mid (issued 2026-04-16) | $6.15 | — | | + Q2 beat pass-through | +$0.11 | = Q2 actual ($1.63) − Q2 pre-print consensus ($1.52) | | = New Guide Mid (issued 2026-07-16) | $6.26 | — | | vs. pre-print Consensus | ~$6.15 | New guide sits +$0.11 above stale pre-print consensus |

Key finding — this raise is a pass-through of the Q2 beat, not a fresh upgrade to forward expectations. Backing out 1H actuals from both guide vintages: at Q1, 1H run-rate assumed Q1 actual $1.50 + Q2 consensus $1.52 = $3.02, implying 2H = $6.15 − $3.02 = $3.13 (~$1.565/quarter). At Q2, 1H actual is now $1.50 + $1.63 = $3.13, implying 2H = $6.26 − $3.13 = $3.13 (~$1.565/quarter) — identical to the prior-guide implied 2H run-rate. Management banked the beat dollar-for-dollar into the full-year number but did not raise underlying 2H expectations at all.

FQ+1 (Q3 2026, implied — PLD does not guide quarterly)

| Metric | Prior Guide-Implied (at Q1) | New Guide-Implied (at Q2) | vs Prior | |---|---|---|---| | Core FFO/sh (2H/quarter run-rate) | ~$1.565 | ~$1.565 | Unchanged | | Average occupancy | ~95.4–95.5% | ~95.5–95.6% | Roughly flat | | Same-store NOI — cash (back-solved 2H run-rate) | ~5.35% | ~5.35% | Unchanged — a ~330bps deceleration from the ~8.65% 1H average |

Management tone — Q1 2026 call vs. Q2 2026 call

| Dimension | Q1 2026 (2026-04-16 call) | Q2 2026 (2026-07-16 call, recap-sourced) | Shift | |---|---|---|---| | Cycle framing | "Progressed further through the stages of inflection" | "Entering its next phase of growth" — logistics, digital infrastructure, energy "increasingly reinforce one another" | More confident / expansive | | Demand commentary | "Resilient demand, disciplined execution"; "2026 business plans unchanged" | "Customer demand is broadening, and our opportunity set is expanding"; U.S. net absorption strongest since 2022 (66M sq ft) | Broadening / strengthening | | Leasing | Record 64M sq ft | Record 67M sq ft — 4th record quarter in 7 | Incrementally better | | Risk caveats | Middle East conflict flagged explicitly: "heightened level of awareness" | No geopolitical caveat present in available recap quotes | Cannot confirm dropped vs. simply not captured — flagged data gap | | Guidance action | 1st raise: Core FFO to $6.07–$6.23 | 2nd raise: Core FFO to $6.22–$6.30; development starts +$1.0B | Second consecutive raise, larger magnitude | | Data center confidence | 1.3GW under LOI | 5.8GW power pipeline (~$87B potential turnkey); YTD starts of $2.1B already exceed prior FY guide | Materially more advanced / larger scale |

Net read: the reported trend is accelerating (revenue and Core FFO/share both hit 5-quarter highs), but the guidance trajectory is not chasing it — it embeds a meaningful 2H deceleration on both Core FFO/share growth and cash same-store NOI. This reads as continued "guide conservative, ratchet through the year" behavior consistent with the 12-quarter zero-miss track record, though it cannot be fully disambiguated from a genuine known deceleration (tougher comps, normalizing rent mark-to-market/promote income) without the full Q2 Q&A transcript (unavailable this run).

| Metric | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | Q1'26 | Q2'26 | |---|---|---|---|---|---|---|---|---| | Revenue YoY % | +6.3% | +16.5% | +9.4% | +8.8% | +8.7% | +2.4% | +7.4% | +11.0% | | Rev accel (bps QoQ) | n/a¹ | +1,020 | −717 | −59 | −2 | −638 | +502 | +365 | | Core FFO/sh YoY % | +10.0% | +19.1% | +10.9% | +9.0% | +4.2% | −4.0% | +5.6% | +11.6% | | Core FFO/sh accel (bps QoQ) | n/a¹ | +905 | −811 | −198 | −476 | −820 | +963 | +601 |

¹ Q3'24 acceleration would require the Q2'24 YoY rate, which itself requires Q2'23 data outside this 8-quarter window — left blank rather than estimated.

Three inflection points:

1. Q4'24 (peak, +1,020bps rev / +905bps Core FFO/sh accel): flattered by an easy Q4'23 comp (revenue had decelerated to a much lower rate that quarter historically) — a partly mechanical acceleration, not pure demand strength.
2. Q4'25 (trough): Core FFO/share YoY turns negative (−4.0%) for the first time in the window; revenue YoY compresses to a cycle-low +2.4%. Not a demand problem — leasing volume stayed strong (57M sq ft in Q4'25 alone) — but driven by three named headwinds: a tough Q4'24 base comp, normalizing rent mark-to-market (net-effective rent change on rollover ran >50% for full-year 2025 but guided down toward the high-30s/~40% for 2026), and the Duke Realty (FPLA) acquisition drag (management-quantified at 75–100bps on net-effective same-store NOI, "with us for a few more years").
3. Q1'26 → Q2'26 (reacceleration): two straight quarters of positive acceleration in both metrics, culminating in Q2'26's +11.6% Core FFO/sh YoY (best print in the window) and +11.0% revenue YoY (second-best, behind only the Q4'24 comp spike).

Plain-English assessment: the trough is behind the company. Per the Q2'26 call materials: record leasing (67M sq ft, 4th record quarter in 7), period-end occupancy rebuilding to 95.4% (+20bps QoQ), U.S. net absorption at its strongest since 2022 (66M sq ft, vacancy down to 7.2%), and rent change reaccelerating (36.9% net-effective / 22.3% cash on rollover per management's Prologis-share cut) — plus a still-growing data-center power pipeline (~5.8GW) as an incremental growth vector beyond core logistics — are the named drivers. Management's own framing ("entering its next phase of growth," logistics/digital-infrastructure/energy "increasingly reinforcing one another" — Dan Letter) and the second FY2026 guidance raise corroborate that the Q1'26–Q2'26 reacceleration is being read by management as durable, not a one-quarter bounce.

| # | Catalyst | Timing | Read-through | |---|---|---|---| | 1 | Data-center power-pipeline conversion into powered-shell/turnkey builds | Ongoing through 2026-2027; next checkpoint at Q3 print (~2026-10-21) | Pipeline grew 5.6GW (Q1) → 5.8GW (Q2); could support ~$17B of powered-shell investment or up to ~$87B fully built-out/turnkey. CEO Dan Letter calls data centers "one of the largest value-creation opportunities"; YTD starts of $2.1B already exceed the prior full-year guide | | 2 | 3rd FY2026 guidance raise (or reaffirmation) at Q3 print | ~2026-10-21 (approximate — see date caveat) | Base case is guidance holds or nudges up again given two raises already this year; Street will watch whether occupancy (95.25%-95.75% guided) and cash same-store NOI (6.75%-7.25% guided) track or run ahead | | 3 | Fed policy path / long-end rates → cap-rate compression | Next FOMC ~mid-to-late Sept 2026 | Consensus expects one more 2026 cut, but the 10-year has stayed sticky near ~4.1%, decoupling short-rate easing from cap-rate relief; industrial cap rates still effectively require ~6.5%+ to clear with debt around 7% | | 4 | E-commerce peak-season leasing follow-through | Holiday/peak-season builds through Q3-Q4 2026 | Q2 already showed record 67M sq ft leased and 66M sq ft of U.S. net absorption (strongest since 2022); e-commerce expected to reach ~25% of new 2026 leasing (up from ~20% in 2025); U.S. vacancy fell to 7.2% this quarter | | 5 | Tariff / trade-policy overhang (incl. USMCA uncertainty) | Ongoing through 2H 2026, no fixed date | Consensus view is tariffs remain the top investor concern in industrial CRE and are slowing some leasing decisions, even as reshoring to the Southeast/Central U.S. is cited as a secular offset. This quarter's guidance raise and record leasing suggest limited net drag so far | | 6 | Capital deployment pace: acquisitions, dispositions, international JV expansion | Ongoing; next data point at Q3 print | Q2: $1.8B acquisitions vs. $766M dispositions (net buyer quarter) plus a new $1.2B European JV with La Caisse; Street watching whether PLD keeps leaning into opportunistic acquisitions | | 7 | Peer read-throughs (Rexford, EastGroup, First Industrial, other industrial REITs) | Peer Q3 2026 prints cluster Oct-Nov 2026 | Street will cross-check whether PLD's outsized leasing/occupancy strength is company-specific (data-center diversification, land-bank scale) or market-wide; broader rent growth is decelerating while shallow-bay/small-occupier space stays tight — a segment PLD is less concentrated in |

Q3 2026 earnings date ("~2026-10-21") is implied by tickers/_meta/earnings_calendar.json under this repo's known period-label offset issue (see Contradictions below) — not independently re-verified against Prologis IR; treat as approximate.

14 question instances across 11 analysts, reconstructed from a secondary call-recap source (Investing.com) since no verbatim, speaker-attributed transcript was obtainable for the 2026-07-16 call this run (FMP had not yet ingested it; Daloopa blocks programmatic transcript access; full text sits paywalled at Seeking Alpha). 12 well answered, 2 deflected/avoided.

| # | Analyst | Topic | Verdict | |---|---|---|---| | 1 | Thomas Catherwood (BTIG) | Market rent growth needed for mark-to-market to expand; competitive positioning | 🟢 Well Answered | | 2 | Michael Griffin (Evercore ISI) | Is record leasing pent-up demand releasing, or genuinely new customers? | 🟢 Well Answered — named e-commerce, advanced manufacturing, supply-chain reconfiguration | | 3 | Jonathan Petersen (Jefferies) | How much of the development-start raise is data centers vs. logistics? | 🟢 Well Answered — confirmed ~$1B raise is primarily logistics | | 4 | Vikram Malhotra (Mizuho) | Market rent growth / net absorption outlook for balance of year | 🟢 Well Answered — gave specific figures (~220M sq ft absorption, ~195M sq ft completions, 70bps quarterly rent growth) | | 5 | Michael Goldsmith (UBS) | Southern California market recovery tracking | 🟢 Well Answered — cited 9M sq ft SoCal absorption, improving vacancy inflection | | 6 | Caitlin Burrows (Goldman Sachs) | Build-to-suit vs. spec development mix | 🟢 Well Answered — quantified mix (BTS 40-50% of volume) | | 7 | Vince Tibone (Green Street) | Powered-shell vs. turnkey data-center mix framing | 🟡 Well Answered (wide range) — $17B-$87B range, "customer-led"; directionally responsive but not a pinned-down base case | | 8 | John Kim (BMO Capital Markets) | What drove the ~160bps QoQ decline in development yields? | 🔴 Deflected/Avoided — attributed to "deal mix" / called "lumpy," no project/geography breakdown | | 9 | Michael Carroll (RBC Capital Markets) | Competitive backdrop for acquisitions; rationale for a 4.1% cap rate | 🟢 Well Answered — specific underwriting logic (rents "deeply below market," "deep discount to replacement cost") | | 10 | Jamie Feldman (Wells Fargo) | Which growth levers throttle up most from here? | 🟢 Well Answered — itemized list (occupancy/share gains, ~17% lease mark-to-market, development, data centers, strategic capital) | | 11 | Nick Thillman (Baird) | Has the range of rent-growth outcomes widened or narrowed across markets? | 🟢 Well Answered — dispersion narrowing, no markets guided to decline, named strongest markets | | 12 | Brendan Lynch (Barclays) | How is Prologis addressing rising NIMBYism against data-center development? | 🔴 Deflected/Avoided — general community-engagement framing (110 local offices), no specific project/metric | | 13 | Jamie Feldman (Wells Fargo, follow-up) | Why does Europe still have runway given historical supply response speed? | 🟢 Well Answered — cited structurally stringent entitlement/planning barriers | | 14 | Vikram Malhotra (Mizuho, follow-up) | Clarify: was the 70bps rent-growth figure quarterly or annualized? | 🟢 Well Answered — clarified quarter-on-quarter, cited methodology |

Two of fourteen instances were deflected, both process/mix questions rather than headline financial metrics: (1) development-yield decline (BMO) — a numbers question answered without numbers ("deal mix," "lumpy"); (2) NIMBYism / community opposition (Barclays) — answered with general PR-style framing rather than a specific project or resolution metric. Everything else — rent-growth mechanics, leasing demand quality, data-center guidance mix, SoCal recovery, acquisition cap rates, and growth-lever prioritization — got direct, quantified responses from Letter, Arndt, or Caton.

Other areas checked with no contradiction found: guidance cadence, rent-growth framing, Southern California recovery timing, and the apparent 5.7GW→5.6GW data-center pipeline "dip" between the Q4'25 and Q1'26 calls — which has an internally consistent explanation (150MW of stabilization graduated that capacity out of the "secured/advanced-stage" pipeline bucket into completed/stabilized status, mechanically lowering the pipeline figure even as the business grows) and was ruled out as a false positive.

Macro commentary (Q2 2026 call, 2026-07-16):

• Rent growth / inflation: U.S. market rents rose ~70bps quarter-over-quarter; Europe rents up ~160bps from trough over the past year. Management expects "inflation plus style growth" over time "given where market rents are relative to replacement costs" — pricing power from replacement-cost economics, not just cyclical recovery.
• Industrial/logistics demand: U.S. net absorption hit 66M sq ft in Q2 — "the highest level since 2022." U.S. vacancy fell to 7.2% (Southern California below 7%, down 30bps QoQ); management guided to a further ~30bps of full-year occupancy improvement.
• Capital markets / rates: "Market cap rates remain around 5%, with in-place cap rates in the mid-fours and unlevered IRRs stable in the mid sevens." Transaction volumes rose YoY with "broader buyer participation" — capital still selective/quality-favoring, but incrementally more active.
• Demand mix: three drivers cited — e-commerce ("not just one company or one geography"), advanced manufacturing (data-center construction support, defense, semiconductors), and supply-chain reconfiguration ("companies are just getting more comfortable investing in their supply chains"). Housing-linked categories (construction materials, furniture, appliances) flagged as still-lagging pools representing forward upside if they normalize.
• Data center / digital infrastructure: management quantified the indirect logistics linkage to AI capex — "each $1 trillion of data center CapEx will generate 30-40 million sq ft of incremental logistics demand" — framing hyperscaler buildout as a durable secondary demand driver for the core logistics portfolio.
• Tariffs/trade policy: no explicit commentary surfaced in any recap source reviewed — a notable absence given prior quarters' emphasis on supply-chain-reconfiguration language (often a tariff-adjacent euphemism).

Named companies & entities:

| Company / Entity | Relationship to PLD | Read-through | |---|---|---| | SEGRO plc (LSE: SGRO) | Acquisition target — live takeover proposal under the U.K. Takeover Code; CEO Dan Letter: "a very compelling proposal... values the business above its stated NTA" | Bullish for SEGRO holders (premium-to-NTA bid); signals PLD sees UK/European logistics real estate as undervalued vs. replacement cost — a read-through supportive of other UK/European logistics REIT peers (e.g. Tritax Big Box, LondonMetric), and a signal PLD will deploy scale capital into consolidation, not just organic development | | La Caisse (CDPQ) | Closed a $1.2B European JV during the quarter (logistics demand-focused) | Positive read on institutional/pension capital appetite for logistics real estate at scale — reinforces the "cap rates stable, broader buyer participation" macro point; supportive for valuations of other logistics owners/operators competing for the same capital | | FIBRA Prologis (Mexico) | PLD-managed co-investment vehicle; generated part of the quarter's $83M promote revenue | Management: "excellent and has outperformed." Positive read-through for Mexico/nearshoring industrial demand broadly, and a direct fee-earnings signal for PLD |

No individual tenant, competitor, or supplier names were disclosed in any recap reviewed — management spoke only in demand-category terms.

Data sourced from Daloopa (company_id 536); PLD Q2 2026 press release and call-recap coverage. No verbatim Q2'26 Q&A transcript was obtainable this run — figures presented as Street consensus are pre-print, web-sourced proxies (Zacks/StockTitan/Yahoo Finance), not Visible Alpha/Bloomberg (not connected this run); no market figure has been fabricated, and unavailable consensus lines are marked n/a rather than estimated.