revenue $2.30B, net income $982.0M. Prologis shifts capital to data centers with in Q1 starts as rent growth moderates to 32%

Filed April 30, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 29, 2025 · ~2 min read

Key Changes

• high

  Data center development starts expected to reach $1.3 billion of $1.6 billion total Q1 development activity (81%), marking strategic expansion into digital infrastructure with energy procurement as key enabler.

  MD&A: Development Activity verify on EDGAR →
• high

  Net effective rent change on lease rollovers moderated from 53.7% to 31.9% year-over-year, while embedded mark-to-market declined from 25% to 17% as company captures accumulated rent upside.

  MD&A: Rent Growth verify on EDGAR →
• high

  Development stabilization margins expanded from 26.1% to 34.0%, reflecting stronger value creation on completed projects amid favorable market conditions.

  MD&A: Development Margins verify on EDGAR →