Prologis Reports 2Q 26 earnings and increases guidance

Research evidence excerpt

Prologis Reports 2Q 26 earnings and increases guidance

J P M O R G A N North America Equity Research

16 July 2026

Prologis Not Rated

PLD, PLD US

Reports 2Q 26 earnings and increases guidance Price (15 Jul 26):$143.42

• J.P. Morgan Securities plc is acting as financial adviser to Prologis, Inc. in REITs

relation to its possible all-share offer for SEGRO plc ("SEGRO"), as Michael W. Mueller, CFA AC

announced on 24th June 2026. This research report and the information (1-212) 622-6689

contained herein is not intended to provide voting advice, serve as an michael.w.mueller@jpmorgan.com

endorsement of the proposed transaction or result in procurement, withholding Anthony Paolone, CFA

or revocation of a proxy or any other action by a security holder. (1-212) 622-6682

anthony.paolone@jpmorgan.com

• Before Thursday’s open, Prologis reported 2Q 2026 operating results and Nahom Tesfazghi

updated its full year outlook. Below, we walk through a number of the guidance (1-212) 622 4884

changes and operational data points from the release and supplemental packet nahom.tesfazghi@jpmchase.com

that we believe are most relevant to the Street for both PLD and the balance of Daniella De Armas Rosales

the industrial REIT sector. Recall that as the first industrial REIT reporter, (1-212) 622-0050

many of the key trends and market observations that management reports/ daniella.dearmasrosales@jpmchase.com

discusses in its release/earnings call tend to be relevant for the other industrial J.P. Morgan Securities LLC

REITs. From a high-level perspective, management flagged “record leasing

and improving operating fundamentals”, and noted that “customer demand is

broadening”. Two operational items were that sequential O&M leased