Prologis Q2 Net Absorption Hits 66M Sq Ft, Highest Since 2022

For supply chain operators, Prologis' 66 million square feet of U.S. net absorption in Q2 2026 is the clearest signal yet that warehouse capacity is tightening again. Occupancy at 95.5% and rollover rents above 36% net effective mean shippers face steeper logistics costs and should lock in space early before peak season.

Published on September 20, 2026, the 24/7 Wall St. scan groups three buy-rated equity REITs whose rent rolls span industrial logistics, data centers, and grocery-anchored shopping centers. The timing matters: these property types are not moving in lockstep by accident. Each has a separate demand engine—goods movement and onshoring for warehouses, compute densification for data centers, and necessity-based traffic for grocery-anchored retail—but the data shown for Prologis indicates broad-based leasing strength that supports the scan's cross-type framing.

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A 17% mark-to-market and 8.5% cash same-store NOI growth support the $1.07 quarterly dividend, annualized at $4.28.

The available article excerpt names only Prologis by ticker; the other two REIT names are not included in the source text provided, so this briefing cannot independently identify them. Still, the Prologis figures are detailed enough to anchor the industrial/logistics leg of the thesis. Prologis, with a market capitalization near $129.0 billion, traded around $134.59 on September 18, up nearly 17% over the prior year. Its Q2 results supply the hardest numbers: 67 million square feet of lease signings, a fourth record in seven quarters; 95.5% occupancy, up 20 basis points sequentially; and 66 million square feet of U.S. net absorption, the highest since 2022. That absorption figure is important because it captures move-ins minus move-outs, not just signed paper. For supply chain operators, it means actual occupied inventory is rising again after a soft patch.

Rent change on rollover above 36% on a net effective basis and 22% on cash is strikingly high. It tells tenants and landlords that in-place rents are far below current market clearing levels. Management puts the portfolio's net effective mark-to-market at 17%, roughly $800 million of embedded NOI before any further market rent growth. That is a forward earnings tailwind, but it is also a cost pressure for warehousing and distribution tenants. Cash same-store NOI grew 8.5%, which helps support the dividend read: PLD pays a $1.07 quarterly dividend, an annualized $4.28 per share.

The scan frames data centers and grocery-anchored shopping centers as separate demand engines. Data centers are benefiting from compute and AI-related absorption, while grocery-anchored centers offer stability from necessity-based retail. Without the two missing REIT names or their specific metrics, the cluster's usefulness for investors is thematic rather than fully comparative. Still, the article's stated filter—equity REITs only, no mortgage REITs, dividend safety measured against core FFO per share—narrows the risk profile and removes hidden interest-rate spread bets.