Prologis (PLD) Company Report

Prologis CFO Tim Arndt highlighted the company’s 1.3 billion sq ft global logistics footprint across 20 countries, with $240 billion AUM (including $170 billion enterprise value and $70 billion in third-party capital).
The firm is pursuing data center conversions, holding 5.7 GW of power capacity (1.8 GW secured, 3.9 GW in advanced stages) for build-to-suit projects with hyperscalers and plans to sell stabilized assets into its Strategic Capital business.
Prologis’ energy arm has installed over 1 GW of on-site solar on 5% of its portfolio and targets 2 GW of renewable generation and storage by 2030, also developing on-premises power solutions.
A-flat/A2-rated balance sheet provides roughly $3 billion of annual organic debt capacity, while its Strategic Capital platform funds $4–5 billion of yearly logistics development without issuing new equity.

1 day ago

Transcript

Prologis outlines development pipeline and data center strategy

PLD

New Projects/Investments

Revenue Acceleration/Inflection

Prologis is the world’s largest logistics REIT with 1.3 billion sq ft of distribution and warehouse facilities, $240 billion AUM, including $170 billion enterprise value and $70 billion in third-party equity via its Strategic Capital business.
It holds an $43 billion land bank supporting 8–10 years of development runway and deploys $4–5 billion annually into new logistics facilities, targeting 29.1% development margins.
The company is leveraging its portfolio for data centers, converting assets and land with a 5.7 GW power pipeline (1.8 GW secured, 3.9 GW in advanced stages) in build-to-suit projects for hyperscale customers.
Prologis’s energy platform has reached 1 GW of on-site solar and storage (5% of its portfolio) and aims for 2 GW by 2030, integrating renewables and storage into its logistics footprint.
With an A/A2 credit rating, $200 billion in assets, and $45 billion of debt, Prologis generates $2.5–3 billion of annual organic debt capacity and funds growth without tapping equity markets.

1 day ago

Transcript

Prologis unveils growth strategy in logistics, data centers and energy

PLD

CEO Change

New Projects/Investments

Prologis is the world’s largest logistics REIT with 1.3 billion sq ft of facilities in 20 countries and $240 billion AUM ($170 billion EV), funding growth without equity issuance via its Strategic Capital business.
U.S. logistics fundamentals have inflected from post-COVID lows—vacancy has risen from 3% to just over 7%—with market rents 18% above in-place and replacement cost rents 23% above market, underpinning rent growth as leases roll.
The company is pursuing a build-to-suit data center strategy on its 6,000-building platform, having secured/advanced 5.7 GW of power (1.8 GW secured in ~3 years; 3.9 GW in 5–6 years) for hyperscalers and monetizing stabilized assets via third-party funds.
Its energy business—largest on-site corporate solar producer in the U.S.—has deployed 1 GW of solar/storage (5% of its roofs) and targets 2 GW by 2030, enabling on-premises power solutions for logistics and data centers.
Leadership transitioned as Dan Letter became CEO in January 2026, succeeding founder Hamid Moghadam; Tim Arndt remains CFO, maintaining focus on infill logistics, Strategic Capital growth, and data center expansion.

1 day ago

Transcript

Prologis details market outlook and growth initiatives

PLD

New Projects/Investments

Revenue Acceleration/Inflection

Prologis is the global leader in logistics real estate with $230 billion of assets under management across 1.3 billion sq ft and 6,000 buildings in 20 countries representing 78% of world GDP.
Management reports strong leasing momentum with an elevated tenant pipeline and initial market rent inflection in Sun Belt and coastal markets; demand is notably robust in Houston, the US Southeast, Northern Europe, Mexico, Brazil and Japan.
The company is targeting the growing data center sector, controlling 14,000 acres for conversions and operating an energy platform that generates 1.1 GW of power today—expanding to over 2 GW by 2030—with 1.8 GW secured and 3.9 GW in advanced stages.
CFO Tim Arndt highlighted a lease mark-to-market of 18–19%, with approximately $800–900 million of net operating income yet to be realized as existing leases roll over.
Prologis plans $3–4 billion of development starts in 2026—approximately 60% industrial and 40% data centers—with build-to-suit making up about 40% and increasing speculative projects in select submarkets.

2 days ago

Transcript

Prologis highlights leasing momentum, development pipeline, and data center expansion

PLD

New Projects/Investments

Prologis is the global logistics real estate leader with $230 billion AUM, 1.3 billion sq ft across 6,000 buildings in 20 countries, covering 78% of world GDP.
Leasing pipeline remains elevated with activity in line to slightly above the Q4 report; tenant demand is strong in Houston, the Southeast US, and Europe.
Lease mark-to-market sits at ~19%, implying $800–900 million of NOI upside as market rents stay abnormally favorable.
Plans $3–4 billion of annual development starts split 60% industrial/40% data centers; build-to-suit volumes are normalizing around 40% of total starts.
Controls 14,000 acres for data center conversion and its energy business generates 1.1 GW today, targeting >2 GW by 2030.

2 days ago

Transcript

Prologis highlights leasing momentum and development pipeline at Citi conference

PLD

New Projects/Investments

Guidance Update

Leasing momentum and occupier demand remain robust, with Prologis performing in line or slightly above its Q4 guidance; vacancy has likely peaked and market rents show early inflection in Sun Belt markets, with notable strength in Houston, the Southeast, Northern Europe, Mexico, Brazil and Japan.
Mark-to-market uplifts stand at 18–19%, reflecting ~$1 billion of NOI already realized and an additional ~$0.8–0.9 billion remaining to capture; normal long-term lease mark-to-market levels would be high-single to low-double digits.
Development pipeline of $3–4 billion (60% industrial, 40% data centers) remains active, with ~40% of starts as Build-to-Suit and growing spec starts in select submarkets; Prologis controls a 14,000-acre global land bank for logistics and data center conversion.
Data center and energy platform ramping: 1.8 GW secured and 3.9 GW in advanced stages (total 5.7 GW) of power allocation, while Prologis generates 1.1 GW on site (targeting >2 GW by 2030) via solar and storage to support customer demand.
2027 industrial same-store NOI growth is guided at 5–6%, indicating continued underlying earnings expansion in the sector.

2 days ago

Transcript

Prologis reports Q4 2025 results, leases 228M SF

PLD

Earnings

Guidance Update

New Projects/Investments

Prologis beat Q4 estimates with $2.25 billion in revenue and delivered $1.44 core FFO per share; issued FY26 core FFO guidance of $6.00–$6.20 per share
Signed a record 228 million sq ft of leases in 2025, including 44 million sq ft in Q4, and ended the year with occupancy near 95%
Expanded beyond logistics into digital infrastructure, growing its data-center power pipeline to 5.7 GW, while exceeding solar and battery-storage targets
Closed the year with $7.6 billion in liquidity, spent $517 million on acquisitions in Q4, and commenced over $1 billion in new construction projects

Jan 21, 2026, 7:47 PM

WSJ

Prologis reports Q4 2025 results

PLD

Earnings

Guidance Update

The operating portfolio delivered Q4 Prologis Share NOI of $1.371 B, translating to an annualized run rate of $6.7 B.
Net earnings were $1.398 B; Core FFO of $1.384 B; AFFO of $1.152 B; and dividends of $1.01 per share for the quarter.
Prologis Share net debt stood at $39.5 B, or 35.7% of gross real estate assets, alongside a total equity market capitalization of $121.4 B.
2026 guidance calls for Core FFO of $6.00–$6.20, diluted EPS of $3.70–$4.00, average occupancy of 94.75–95.75%, and same-store cash NOI growth of 5.75–6.75%.

Jan 21, 2026, 5:00 PM

Presentation

Prologis announces Q4 2025 results

PLD

Earnings

Guidance Update

New Projects/Investments

Prologis reported Q4 core FFO per share of $1.44 including net promote expense and $1.46 excluding, finishing the year at the top end of guidance.
Signed 57 million sq ft of leases in Q4, driving average occupancy to 95.3% and period-end to 95.8%, 300 bps above the U.S. market.
Q4 same-store NOI growth was 4.7% on a net effective basis and 5.7% on a cash basis, with full-year net effective growth of 4.8%.
Began $1.1 billion of development in Q4 (48% build-to-suit) and $3.1 billion for FY 2025 (61% build-to-suit).
Expanded data center power capacity to 5.7 GW, with 1.2 GW under LOI; 2026 guidance includes $4–5 billion in owned-and-managed development starts (≈40% in data centers) and core FFO of $6.00–$6.20 per share.

Jan 21, 2026, 5:00 PM

Transcript

Prologis reports Q4 2025 results

PLD

Earnings

Guidance Update

New Projects/Investments

Q4 core FFO of $1.44/share (incl. promote) and $1.46/share (excl.), signing 57 million sq ft of leases; average occupancy 95.3% (period-end 95.8%); net effective rent change 44%, driving $60 million of annualized NOI; same-store NOI growth 4.7% net effective (5.7% cash).
Disposed $900 million of assets and acquired $625 million at discounts; started $1.1 billion of new logistics buildings (48% build-to-suit) in Q4, bringing full-year development starts to $3.1 billion (61% BTS).
Expanded Data Center power access to 5.7 GW with 1.2 GW in LOI; stabilized 72 MW of projects; energy business reached 1.1 GW of installed solar capacity; launched China C-REIT IPO and closed anchor for U.S. Agility Fund.
2026 guidance: average occupancy 94.75–95.75%; same-store net effective growth 4.25–5.25% (cash 5.75–6.75%); development starts $4–5 billion (40% Data Center); acquisitions $1–1.5 billion; dispositions $3.25–4.25 billion; core FFO $6.00–6.20/share.