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Sentiment · FY2026 Q1
A pre-earnings brief is ready for PLD: the setup, what peers and partners said this season, and which analysts to watch. Reading it is a Tellvest Pro feature.
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Obviously, Prologis has a very robust and high-quality fund business. We're watching and seeing what Realty Income does with their fund business. Welltower is diversified.”
VICI points to Prologis's robust, high-quality fund/asset-management business as a REIT model it is studying as the sector evolves toward asset management.
“developed in partnership with JLL, Cushman and Wakefield, and Colliers”
Prologis created an industry logistics data snapshot in partnership with brokerages JLL, Cushman & Wakefield and Colliers.
“developed in partnership with JLL, Cushman and Wakefield, and Colliers”
Prologis created an industry logistics data snapshot in partnership with brokerages JLL, Cushman & Wakefield and Colliers.
“developed in partnership with JLL, Cushman and Wakefield, and Colliers”
Prologis created an industry logistics data snapshot in partnership with brokerages JLL, Cushman & Wakefield and Colliers.
“Our business with UPS has continued, and we've done actually some pretty significant leases with them lately.”
Asked about UPS potentially downsizing its Amazon-related exposure, management said its UPS business relationship has continued with significant new leasing activity, with no sign of change from UPS.
“We have definitely seen Amazon in the market. As a matter of fact, we've signed some pretty good deals with them this year.”
Prologis confirms Amazon has returned actively to the leasing market and says it has signed several strong deals with Amazon this year as e-commerce leasing strengthens.
“Our balance sheet remains in great shape as evidenced by the upgrade we received from Moody's this quarter to an A2 rating.”
Moody's upgraded Prologis to an A2 rating during the quarter, making it one of only two public REITs with an A-flat rating from both major agencies.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ron Kamdem | Morgan Stanley | 6 (0%) |
| Mike Goldsmith | UBS | 6 (17%) |
| Vikram Malhotra | Mizuho Securities | 6 (17%) |
| Vince Tibone | Green Street | 5 (0%) |
| Caitlin Burrows | Goldman Sachs | 5 (0%) |
| Blaine Heck | Wells Fargo | 5 (0%) |
| Nick Thillman | Robert W. Baird | 4 (0%) |
| Craig Mailman | Citigroup | 3 (0%) |
| Samir Khanal | Bank of America | 3 (67%) |
| Steve Sakwa | Evercore ISI | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| UBS | 1 | 6 (17%) |
| Morgan Stanley | 1 | 6 (0%) |
| Mizuho Securities | 1 | 6 (17%) |
| Green Street | 1 |
Prologis closed FY25 with full-year core FFO at the top of guidance. Q4 leasing of 57 million square feet drove occupancy to 95.8%, outperforming the US market by 300 basis points. US vacancy declined to 7.4% as absorption exceeded completions for the first time since 2022. Full-year development starts reached $3.1 billion with 61% build-to-suit. The data center pipeline expanded to 5.7 gigawatts, and solar installations surpassed 1 GW. FY2026 guidance was introduced with core FFO of $6.05-$6.25 and development starts of $4-5 billion.
Demand | Pricing | Macroeconomic | Cloud & AI | Guidance Reliability | Capex Investment | Geographic Expansion | Trade Tariffs | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 3 | 2 | 1 | 2 | 1 | 2 | 1 |
| 2025Q1 | 6 | 2 | 2 | 3 | 4 | |||
| 2025Q2 | 7 | 2 | 4 | 2 | 1 | 1 | ||
| 2025Q3 | 7 | 3 | 2 | 3 | 1 | 1 | 1 | |
| 2025Q4 | 3 | 1 | 4 | 3 | 6 | 2 | ||
| 2026Q1 | 7 | 5 | 1 | 3 | 1 | 3 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 4 | 6 | 7 | 7 | 3 | 7 |
| Pricing | 3 | 2 | 2 | 3 | 1 | 5 |
| Macroeconomic | 2 | 2 | 4 | 2 | 1 | |
| Cloud & AI | 1 | 3 | 4 | 3 | ||
| Guidance Reliability | 2 | 3 | 2 | 3 | 1 | |
| Capex Investment | 1 | 1 | 6 | 3 | ||
| Geographic Expansion | 2 | 1 | 1 | 2 | 1 | |
| Trade Tariffs | 1 | 4 | 1 | 1 |
| 5 (0%) |
| Bank of America | 3 | 5 (40%) |
| Evercore ISI | 2 | 5 (0%) |
| Goldman Sachs | 1 | 5 (0%) |
| Wells Fargo | 1 | 5 (0%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
PLD Prologis | 7 | +7.4% | |
| EXR Extra Space Storage | 5 | +1.9% | |
| PSA Public Storage | 5 | +2.9% |