Episode Details

Prologis, Inc. (PLD) Q3 2026 — PLD reference quote was $126.94 on October 15 at 20:02 UTC, down 2.70% versus the prior $130.46 close. The saved provider daily bar agrees; this is not a certified exchange closing-auction price. Prologis grew Core FFO and reset rents higher, but leasing costs, development funding and a pending acquisition complicate the cash return. We trace the bridge to AFFO and test three transparent valuation routes without assuming SEGRO synergies. THE CALL: HOLD (3/5, MODERATE) — base-case value ~$125.00 vs ~$126.94 today. KEY METRICS: - Q3 revenue $2,387.518M, +7.84% YoY - Core FFO/share $1.60 vs $1.49; GAAP EPS $0.86 vs $0.82 - AFFO $1,206.832M, 78.1% of Core FFO; non-GAAP, not OCF - Cash rent change 23.4%; average occupancy 95.1% - 2026 Core FFO/share guidance $6.25–6.29; midpoint +$0.01 - Consolidated debt $36,832.482M; cash $2,273.497M - 2025 operating cash $5,008.434M; development outlays $2,781.260M What to watch: Durable cash rent conversion, occupancy and productive development support value; otherwise require a larger valuation cushion. Verify actual SEGRO closing and financing before adding benefits. Full research packet: https://chargedalpha.com/research/pld-q3-2026 Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.