Prologis (PLD) Company Report

On October 20, 2025, Prologis’s operating partnership priced C$700 million aggregate principal amount of 3.600% senior unsecured notes due February 15, 2032.
Notes bear interest at 3.600% per annum, payable semi-annually on February 15 and August 15, commencing February 15, 2026.
Net proceeds are estimated at C$693.6 million, intended for general corporate purposes, including repayment of borrowings under global credit lines and other debt.
Notes are callable at the issuer’s option prior to the par call date of December 15, 2031, at the greater of 100% of principal or a “Canada Yield Price,” and thereafter at par.

Oct 27, 2025, 10:16 AM

8-K

Prologis reports Q3 2025 results and updates 2025 guidance

PLD

Earnings

Guidance Update

Dividends

Prologis reported Q3 2025 total revenues of $2.214 billion and net earnings of $763 million, with Core FFO of $1.426 billion, AFFO of $1.064 billion, and adjusted EBITDA of $1.868 billion.
Diluted EPS was $0.82, Core FFO per share was $1.49, and dividends per share were $1.01 for the quarter.
Maintained 2025 guidance with Core FFO per share of $5.78–$5.81, diluted EPS of $3.40–$3.50, and same-store NOI growth of 4.75–5.25%.

Oct 15, 2025, 4:00 PM

Presentation

Prologis reports Q3 2025 earnings results

PLD

Earnings

Guidance Update

New Projects/Investments

Prologis delivered record leasing of 62 million sq ft, raised occupancy to 95.3%, with net effective rent change of 49% and cash rent change of 29%, driving Core FFO of $1.49 per share (incl. promotes) in Q3.
Data center segment advanced 1.5 GW of capacity to advanced stages, totaling 5.2 GW secured or advanced (~$15 billion shell investment; up to $60 billion turnkey), with explorations of new capitalization strategies underway.
Energy business deployed 28 MW of solar generation/storage, reaching 825 MW of capacity and on track for 1 GW by year-end, integrating with real estate to address customer energy needs.
Updated full-year guidance: average occupancy at 95%, rent change in low 50s%, same-store NOI growth of 4.25%–4.75% net effective, development starts of $2.75–$3.25 billion, and Core FFO of $5.83–$5.86 per share (excl. promotes).

Oct 15, 2025, 4:00 PM

Transcript

Prologis reports Q3 2025 results and leadership transition

PLD

Earnings

Guidance Update

CEO Change

Net absorption of 47 million sq ft with market vacancy steady at 7.5%, and average occupancy guidance maintained at 95% for the full year.
Energy business delivered 28 MW of solar generation and storage; closed $2.3 billion of financing at a 3.2% in-place cost of debt, including a €1 billion raise at 3.5%.
Data center pipeline remains robust with 1.4 GW secured or under construction and 3.8 GW in advanced stages; exploring new capitalization strategies for asset take-out.
Full-year guidance updated: same-store NOI growth raised to 4.25–4.75% (net effective) and 4.75–5.25% (cash basis); G&A of $460–470 million; strategic capital revenue of $580–590 million; development starts of $2.75–3.25 billion; dispositions of $1.5–2.25 billion; GAAP EPS of $3.40–3.50; core FFO of $5.78–5.81 per share.
CEO Hamid Moghadam delivered his final earnings call after 112 calls since IPO and will transition to Executive Chairman, underscoring continuity and confidence in leadership.

Oct 15, 2025, 4:00 PM

Transcript

Prologis beats Q3 core FFO, raises 2025 outlook

PLD

Earnings

Guidance Update

New Projects/Investments

Prologis reported $1.49 in third-quarter core FFO per share versus $1.44 expected and raised full-year guidance to $5.78–$5.81 per share.
Record lease signings of roughly 62–65.6 million sq ft drove higher rental revenues and improving occupancy, though occupancy (94.8%) and cash rent trends remain slightly below prior-year levels.
Operating metrics included 77.2% tenant retention, 94.8% average portfolio occupancy, 49.4% net effective rent change, 29.4% cash rent change, and 5.2% cash same-store NOI growth.
Development and acquisition activity comprised $48 million of building acquisitions (6.2% cap rate) and $604 million of development stabilizations with 23.4% built-to-suit.
Management highlighted momentum in its data-center business with 5.2 GW of power capacity secured or in advanced stages and plans for additional capitalization strategies.

Oct 15, 2025, 1:33 PM

Morningstar

Prologis reports Q3 2025 results

PLD

Earnings

Guidance Update

Debt Issuance

Net earnings per diluted share were $0.82, down 24.1%, and Core FFO per diluted share was $1.49, up 4.2% year-over-year.
Achieved a record 62 million SF of lease signings, with average occupancy at 94.8% and period-end occupancy at 95.3%.
Ended the quarter with $7.5 billion of available liquidity, a debt-to-EBITDA ratio of 5.0×, and a weighted-average interest rate on total debt of 3.2%.
Raised 2025 guidance: net earnings now $3.40–$3.50 (from $3.00–$3.15) and Core FFO now $5.78–$5.81 per share.

Oct 15, 2025, 12:00 PM

Press Release

Prologis prices €1 billion Euro-denominated notes

PLD

Debt Issuance

On September 15, 2025, Prologis Euro Finance LLC priced an offering of €500 million 3.250% Notes due 2032 and €500 million 3.875% Notes due 2037 under an underwriting agreement with several global banks.
The net proceeds are approximately €989.2 million (about $1.2 billion) and are intended for general corporate purposes, including repayment of existing indebtedness.
Both series are senior unsecured obligations of the Issuer and are fully and unconditionally guaranteed by Prologis Operating Partnership.
Each series is redeemable at the Issuer’s option, in whole or in part, at a make-whole price prior to the respective par call dates (June 22, 2032, and June 22, 2037) and at 100% thereafter.

Sep 22, 2025, 10:04 AM

8-K

Bridge Logistics Properties expands national footprint with 1.56M SF Atlanta acquisition

PLD

New Projects/Investments

Acquired a 1,560,256 SF Class A industrial portfolio in McDonough, GA, comprising two fully leased distribution facilities—150 Distribution Drive (760,256 SF) and 201 Greenwood Court (800,000 SF).
Properties are 100% leased to four creditworthy tenants, including DHL Supply Chain, Caterpillar, and Pregis, providing approximately three years of in-place income and stable cash flow.
Portfolio was acquired below replacement cost, with in-place rents roughly 30% below current market levels, offering significant mark-to-market upside.
Transaction expands BLP’s national logistics portfolio to 16.3 million SF, reinforcing its infill market strategy across key U.S. hubs.

Sep 2, 2025, 11:00 AM

Press Release

Prologis reports Q2 2025 results and raises guidance

PLD

Earnings

Guidance Update

New Projects/Investments

Q2 Core FFO was $1.46 including net promote income and $1.47 excluding, beating forecasts; occupancy at 95.1%, down 10 bps sequentially but 290 bps above market; lease mark-to-market at 22% after monetizing $75 M of NOI via rent change.
U.S. net absorption was 28 M sq ft, with market vacancy rising to 7.4% and market rents down 1.4%; values were flat; global build-to-suit momentum continued.
Started $900 M of new development in Q2 (65% build-to-suit), with H1 build-to-suit starts at $1.1 B (a record) including $300 M in data center projects; energy platform expanded power pipeline to 2.2 GW and solar/storage to nearly 1.1 GW.
Raised FY development starts guidance to $2.25 B–$2.75 B and dispositions/contributions to $1.0 B–$1.75 B; narrowed Core FFO guidance to $5.75–$5.85 (including net promotes).

Jul 16, 2025, 8:04 PM

Prologis Highlights Global Expansion and Strategic Initiatives at 2025 Investor Conference

PLD

New Projects/Investments

Guidance Update

Global leadership: Prologis emphasized its position as the global leader in logistics real estate, owning 1.3 billion square feet across nearly 6,000 buildings in 20 countries, serving as a resilient backbone for the supply chain.
Robust development pipeline: The company outlined a significant development strategy, including a $41 billion land bank opportunity and a proven track record of nearly $50 billion in developed projects at approximately 30% margins.
Expansion into high-growth areas: Prologis is actively exploring growth in the data center sector (with a 10 gigawatt pipeline, including 1.4 GW secured and 2 GW advanced) and essential services such as solar and mobility EV charging to enhance customer value.
Market resilience and execution focus: Amid tariff uncertainties and evolving leasing trends, the management highlighted stable occupancy levels and a strong leasing pipeline, underscoring a clear focus on execution, innovation, and long-term stability.

Jun 4, 2025, 3:51 PM

Earnings Transcripts

Quarterly earnings call transcripts for Prologis.