Secured or in Advanced Stage: The Data Center Power Pipeline in Prologis's Results for the Third Quarter of 2026

Prologis reported its results for the third quarter of 2026 on October 15, 2026, in a release and a supplemental filed with the same Form 8-K. Its supplemental counts data centers among the properties it develops, and the release names "data center developments and power procurement related thereto" among the subjects of its forward-looking statements.

Among the supplemental's company profile highlights is a line about electricity. It gives a "data center power pipeline" of 5.8 GW, "secured or in advanced stage." Parts of the two documents follow, not the whole.

One Number, Two Kinds of Power

The notes under the highlights split the number in two. The pipeline is made up of 1.7 GW of what the company calls Secured Power, including 680 MW under development, and 4.1 GW of what it calls Advanced Stage Power. Both terms are capitalized, and both are defined.

The definitions sit in the supplemental's notes and definitions. The pipeline "is expressed in watts and consists of Secured Power and Advanced Stage Power." Every site in it, the notes say, is "owned or controlled by the company," and every site is "subject to applicable approvals, including regulatory approvals and entitlements."

Sites the company owns or controls. Subject to approvals.

Secured Power and Advanced Stage Power

Secured Power "is utility-fed power capacity that is subject to binding agreements with utilities." It is expected, the notes add, to support the company's data center development pipeline, "including capacity currently under development."

The second definition carries its own limit. Advanced Stage Power "is utility-fed power capacity that is not yet secured but is in advanced discussions with the applicable utilities." It, too, is expected to support the development pipeline. The definition ends on one more sentence: "There is no guarantee that such capacity will become secured power."

Binding agreements in the first. Advanced discussions in the second.

The label on the highlight is honest about itself: "secured or in advanced stage." A reader who carries away the single number without the label carries away a binding agreement and a discussion as if they were one thing.

Both definitions begin with the same words, "utility-fed power capacity." The supplemental names no utility.

The Limits

Even the secured part is "subject to applicable approvals," in the notes' own words, as every site in the pipeline is. "Subject to" is where the risk sits.

The release adds a limit for its forward-looking statements. They "are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict." Among the risks it lists are those "associated with acquisitions, dispositions and development of properties, including those specific to data center development."

Neither document gives a date by which Advanced Stage Power is expected to become secured power.

How much of the Advanced Stage Power will become secured power, and when?