PLPLDEarnings Analysis财报电话会Source pending来源待核by InvestLog AIInvestLog AI 整理
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PLD earnings call: Putting it all together, we expect net earnings to range between $4.05 and $4.15 per share, and core FFO is expected to range between $6.25 and $6.29 per share, both with and without promotes.安博 (PLD) 电话会：综合来看，我们预计每股净收益介于4.05至4.15美元之间，核心FFO每股收益介于6.25至6.29美元之间，无论是否包含激励报酬。
Management remarks
Call period: 2026 Q3 · 2026-10-15
Guidance: Timothy Arndt: Putting it all together, we expect net earnings to range between $4.05 and $4.15 per share, and core FFO is expected to range between $6.25 and $6.29 per share, both with and without promotes.
Demand and orders: Timothy Arndt: Our current estimate is that these customers will require upwards of 150 million square feet of demand through the end of the decade for both build-out and ongoing service of this new segment, a topic we explore in greater depth through research we plan to publish in the coming weeks.
Margins: Timothy Arndt: We ended the quarter with 95.6% occupancy, up 10 basis points from the second quarter, with average occupancy of 95.1%, also a 10 basis point increase.
Analyst Q&A
Analyst Michael Griffin asked: Dan, I think you mentioned in your prepared remarks that the bar for new development is higher, but you modestly increased the development starts guidance. Just wondering how you can marry those 2 aspects. Do you think Prologis is in a better position to execute on developments given maybe a more favorable basis in your land, more efficiencies on the cost side? Management Dan Letter answered: Well, first of all, we've had a pretty strong year of starts so far on -- in spec. This was a pretty big spec quarter, actually, with 80% of our starts in spec. But that being said, you heard in Tim's script, we expect to end the year at 55% to 65% of the year in build-to-suits. And so we have a very large build-to-suit pipeline. It's actually probably about 20% to 25% larger than it was at this time last year.
