Prologis Q3: 5.8 GW of Data Center Power, 1.7 GW Secured

On October 15, 2026, Prologis, Inc. (NYSE: PLD) furnished a Form 8-K under Items 2.02 and 7.01 with two exhibits: its third quarter press release and its supplemental information for the quarter ended September 30. The company reported net earnings of $0.86 per diluted share, against $0.82 a year earlier, and Core FFO of $1.60 per diluted share, against $1.49. Chief executive Daniel S. Letter said Prologis signed 60 million square feet of leases and announced nearly $2.3 billion of transactions, and named “the build-out of the data center supply chain” alongside e-commerce and advanced manufacturing as a source of customer demand. Period-end occupancy was 95.6 percent, net effective rent change was 38.0 percent and cash same store NOI growth was 5.9 percent, all company figures. Letter also called shareholder approval of the SEGRO plc acquisition an important milestone; the deal, announced August 4, has not closed.

The data center figures sit in the supplemental, not the headline. Prologis reports a data center power pipeline of 5.8 gigawatts, made up of 1.7 gigawatts of Secured Power, including 680 megawatts under development, and 4.1 gigawatts of Advanced Stage Power. Its definitions matter more than the total. Secured Power is utility-fed capacity “subject to binding agreements with utilities.” Advanced Stage Power is capacity that is not yet secured but in advanced discussions with utilities, and the company states there is no guarantee it will become secured. Every site is owned or controlled by Prologis and subject to regulatory approvals and entitlements. The development portfolio table shows data centers at 2,182 thousand square feet and $2,588 million of total expected investment on an owned and managed basis ($2,486 million at Prologis’ share), 100 percent leased, with every project expected to complete in 2027 or later.

Reading the first three supplementals of 2026 side by side shows how fast the data center book grew and where it paused. Data center projects under development carried $1,740 million of expected investment at the end of the first quarter, $2,536 million at the end of the second and $2,588 million at the end of the third, all owned and managed figures from the filed tables. The power pipeline was 5.6 gigawatts in the first quarter (1.7 secured, 423 megawatts of it under development, and 3.9 in advanced stage), then 5.8 gigawatts in the second (1.6 secured, 680 megawatts under development, 4.2 advanced) and 5.8 again in the third. Data center starts this year total 1,966 thousand square feet and $2,091 million of expected investment, every one 100 percent leased at start: $1,289 million in the first quarter, $802 million in the second, and none in the third. The filing does not say why the third quarter had none, and PSV did not listen to the October 15 call, so this brief reports the filed numbers only.

For an operator outside the data center business, the proportions are the story. PSV arithmetic from the same tables: data centers are about 33 percent of Prologis’ $7,884 million development portfolio by expected investment, and about half of the $4,089 million it has started this year at its own share. Prologis raised its 2026 guidance for development starts to $5.0 billion to $5.75 billion, from $4.5 billion to $5.5 billion, with a footnote that the deployment figures are inclusive of data centers, and raised acquisitions guidance to $2.1 billion to $2.3 billion. Net earnings guidance fell to $4.05 to $4.15 per share from $4.40 to $4.55, while Core FFO guidance narrowed to $6.25 to $6.29; the release does not explain the net earnings change. When a landlord of Prologis’ size treats utility capacity as a reportable asset class, every industrial site near a substation acquires a second possible use, and a second set of bidders.

The useful tool is a power claims register: one row per site or counterparty that says it has power, with the power split the way the claimant’s own definition splits it. Inputs are the quarterly supplementals and definitions of listed developers such as Prologis, a seller’s or broker’s offering materials, and utility correspondence the firm holds. Columns record megawatts claimed, the category the claimant uses (binding agreement, advanced discussions, application filed), the definition quoted verbatim, the quarter-over-quarter change, megawatts under development, expected investment, percent leased and expected completion year. The output is a short exception list: claims whose category is not backed by a binding agreement, and definitions that changed between filings.

The reviewer is the development or acquisitions lead who owns utility relationships for the market, and the approval gate is that no megawatt figure enters an underwriting model or an investment committee memo as secured unless the source’s own definition says the capacity is under a binding utility agreement. An assistant handles the volume work well: extracting the power and development tables from each 8-K exhibit, diffing them against the prior quarter, and flagging a changed footnote. It should not assign megawatts to a specific building, infer which sites sit in which markets, or treat advanced stage capacity as probable. PSV ran no model on these filings, tested no product, and promises no cost, schedule, yield or approval outcome.