Prologis (PLD)
Recap: Q2 2026
Record Quarter and a Second Guide Raise, but We Step Off at the High: Downgrading Prologis to Hold as the Multiple Reaches the Mid-20s, the Dedicated Data-Center Fund Is Shelved, and a £12.6B All-Share SEGRO Bid Clouds the Setup
Recap: Q1 2026
Record Leasing, Rents Inflect Positive for the First Time in 2.5 Years, and the Data-Center Engine Throttles Up — Maintaining Prologis at Outperform as the Multiple Goes Full
Recap: Q4 2025
The Inflection Completes and the Data-Center Fund Nears Formation, but the In-Line Print Draws a Yawn — Upgrading Prologis to Outperform
Recap: Q3 2025
The Demand Dam Breaks and Data Centers Become a $15–60B Number — But the Multiple Re-Rates and 2026 Carries a Deployment Drag: Maintaining Prologis at Hold
Recap: Q2 2025
Best-in-Class Operator, Beat-and-Raise Quarter — But the Demand Dam Holds and the Multiple Is Full: Initiating Prologis at Hold