Prologis Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.02%.
Did PLD Beat Earnings? Q3 2025 Results
Prologis delivered a blowout third quarter, with Core FFO per diluted share of $1.49 beating the $0.73 consensus estimate by 103.33% and revenue of $2.21 billion coming in 8.85% ahead of expectations while growing 8.7% year over year. The standout result was driven by record leasing activity of 65.6 million square feet across its operating and development portfolio, underscoring resilient demand for logistics real estate even as broader economic uncertainty lingers. Net effective rent change of 49.4% on a Prologis Share basis illustrated the substantial mark-to-market still embedded in the portfolio, and cash same store NOI accelerated to 5.2% growth. A growing pivot into data center infrastructure, including 5.2 gigawatts of secured power capacity and $1.00 billion in data center development value, adds a compelling new growth vector. Management lifted its full-year net earnings guidance to $3.40 to $3.50 per share and raised Core FFO guidance to $5.78 to $5.81, with development starts now expected between $2.75 billion and $3.25 billion, reflecting confidence in the company's operational momentum heading into 2026.
- Record 62 million square feet of operating portfolio lease signings in Q3 2025
- 49.4% net effective rent change on Prologis Share basis reflecting mark-to-market embedded in the portfolio
- 5.2% cash same store NOI growth on Prologis Share basis, accelerating from 4.9% in Q2
- 77.2% customer retention rate
- Development stabilizations of $604M at 6.7% estimated yield and 27.9% estimated margin
“Our record leasing this quarter underscores the strength and resilience of our platform. With a solid pipeline, improving customer sentiment and limited new supply, the logistics market is setting up for the next inflection in rent and occupancy growth — one of the most compelling setups I've seen in 40 years.”
Prologis CEO, on the earnings call
Forward Guidance & Outlook
Prologis raised its 2025 guidance across multiple metrics. Net earnings per diluted share guidance increased to $3.40–$3.50 (from $3.00–$3.15). Core FFO per diluted share guidance was raised to $5.78–$5.81 (from $5.75–$5.80). Core FFO excluding Net Promote Income (Expense) guidance increased to $5.83–$5.86 (from $5.80–$5.85). Cash same store NOI guidance was raised to 4.75%–5.25% (from 4.25%–4.75%) and net effective same store NOI to 4.25%–4.75% (from 3.75%–4.25%). Average occupancy guidance was maintained at 94.75%–95.25%. Capital deployment guidance was expanded: development starts raised to $2,750M–$3,250M (from $2,250M–$2,750M), acquisitions to $1,250M–$1,500M (from $1,000M–$1,250M), contributions to $750M–$1,250M (from $500M–$1,000M), and dispositions to $750M–$1,000M (from $500M–$750M). Development stabilizations guidance was maintained at $1,900M–$2,300M. The company noted 98% of forecasted 2025 earnings are in USD or hedged.
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Figures from SEC filings and company reports. Not investment advice.