Prologis Expands Data Center Push with $1.3B in Q1 Starts as Rent Growth Moderates to 31.9%

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

Key Changes

• high

  Rent change on new leases moderated from 53.7% to 31.9% year-over-year, though embedded rent growth of 17% remains in the portfolio. Development margins improved to 34.0% from 26.1%, driven by data center projects.

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

  Company commenced $1.6B in development starts in Q1 2026, with $1.3B (81%) allocated to data centers. New power procurement strategy secures energy access to convert logistics sites into data center developments.

  MD&A: Data Center Development verify on EDGAR →
• medium

  Formed three new co-investment ventures (two U.S. development vehicles, one Asia acquisition vehicle) in Q1 2026. Total equity commitments rose from $1.6B to $2.5B, with Prologis' share increasing from $195M to $909M.

  MD&A: Strategic Capital verify on EDGAR →