Prologis (PLD) Company Report

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.

Jan 21, 2026, 5:00 PM

Transcript

Prologis reports Q4 2025 results

PLD

Earnings

Guidance Update

Q4 Core FFO of $1.44 per share (including net promote) and $1.46 per share (excluding), with average own-and-managed occupancy at 95.3% for the quarter (95% for FY) and period-end occupancy of 95.8%; same-store NOI growth was 4.7% on a net effective basis and 5.7% on a cash basis in Q4.
Signed 57 million sq ft of leases in Q4, driving occupancy toward 96%; net effective rent growth of 44% in Q4 (over 50% for the year) and an 18% lease mark-to-market (~$800 M of embedded NOI).
Q4 capital deployment included $900 M of asset sales, $625 M of acquisitions (generating a 150 bps IRR spread), $1.1 B in new logistics development starts (48% build-to-suit), and energy capacity reached 1.1 GW.
Strategic expansion via two new investment vehicles in the U.S. and China, and data center power pipeline grew to 5.7 GW (with 1.2 GW in LOIs); 2026 guidance: occupancy 94.75%–95.75%, net effective same-store growth 4.25%–5.25%, cash growth 5.75%–6.75%, GAAP EPS $3.70–$4.00, and Core FFO $6.00–$6.20.

Jan 21, 2026, 5:00 PM

Transcript

Prologis reports Q4 and full year 2025 results

PLD

Earnings

Guidance Update

New Projects/Investments

Prologis reported Q4 2025 net earnings per diluted share of $1.49 (vs $1.37 in Q4 2024) and FY 2025 net EPS of $3.56 (vs $4.01), with Core FFO per diluted share of $1.44 in Q4 and $5.81 for the year.
Operating performance: owned & managed average occupancy was 95.3%, Prologis share cash same-store NOI growth was 5.7%, and net effective rent change was 43.8% in Q4.
Deployment activity in Q4 included $517 M of acquisitions, $539 M of development stabilizations, and $1,019 M of development starts (estimated 6.1% yield; 20.3% margin), offset by $1,885 M of dispositions.
Strengthened liquidity and leverage: total available liquidity of $7.6 B, debt/Adjusted EBITDA of 5.3×, and a weighted average interest rate on total debt of 3.3%.
For 2026, Prologis expects net earnings per share of $3.70–$4.00 and Core FFO of $6.00–$6.20 per diluted share.

Jan 21, 2026, 1:06 PM

8-K

Prologis reports Q4 and full year 2025 results

PLD

Earnings

Guidance Update

Debt Issuance

Net earnings per diluted share of $1.49 in Q4 and $3.56 for FY 2025; Core FFO per share of $1.44 in Q4 and $5.81 for FY 2025
Average occupancy at 95.3% (period-end 95.8%), Cash Same Store NOI growth of 5.7%, and net effective rent change of 43.8%
Capital deployment included $517 M of acquisitions, $1,019 M of development starts, $539 M of development stabilizations and $1,885 M of dispositions; data center power pipeline expanded to 5.7 GW
Available liquidity of $7.6 B, debt-to-Adjusted EBITDA of 5.3x, and debt at 24.6% of market capitalization
2026 guidance: net earnings $3.70–4.00 per share, Core FFO $6.00–6.20 per share; average occupancy 94.75–95.75% and Cash Same Store NOI 5.75–6.75%

Jan 21, 2026, 1:00 PM

Press Release

Prologis prices C$700M 3.600% notes due 2032

PLD

Debt Issuance

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).