Further expands power capacity to support data center growth
SAN FRANCISCO, Jan. 21, 2026 /PRNewswire/ -- Prologis, Inc. (NYSE:PLD) today announced the following results for the quarter and fiscal year ended December 31, 2025:
Net earnings per diluted share was $1.49 for the quarter and $3.56 for the year compared with $1.37 and $4.01 for the corresponding periods in 2024.
Core funds from operations (Core FFO)* per diluted share was $1.44 for the quarter and $5.81 for the year compared with $1.50 and $5.56 for the corresponding periods in 2024.
Core FFO, excluding Net Promote Income (Expense)* per diluted share was $1.46 for the quarter and $5.86 for the year compared with $1.42 and $5.53 for the corresponding periods in 2024.
"2025 was a record year for lease signings, setting the business up with strong momentum for 2026," said Daniel S. Letter, chief executive officer of Prologis. "Customers are making long-term decisions with greater conviction, and we are meeting that demand with a platform that brings logistics, digital infrastructure and energy together at a global scale."
"The company delivered excellent fourth quarter and full year results," said Timothy D. Arndt, chief financial officer of Prologis. "As we look ahead, embedded growth, disciplined investment activity and unmatched global capital access give us confidence in our earnings growth outlook for 2026 and beyond."
OPERATING PERFORMANCE
Owned & Managed
4Q25
Average Occupancy
95.3 %
Period End Occupancy
95.8 %
Leases Commenced (Operating and Development Portfolio)
43.8 MSF
Retention
77.7 %
Prologis Share
4Q25
Average Occupancy
95.2 %
Cash Same Store NOI*
5.7 %
Net Effective Rent Change
43.8 %
Cash Rent Change
27.3 %
DEPLOYMENT ACTIVITYDuring the quarter, the company expanded its data center power pipeline to 5.7 gigawatts of capacity secured or in advanced stages of procurement and surpassed its 1 gigawatt target for installed solar and battery storage.
Prologis Share
4Q25
Acquisitions
$517M
Weighted avg stabilized cap rate (excluding other real estate)
5.2 %
Development Stabilizations
$539M
Estimated weighted avg yield
6.4 %
Estimated weighted avg margin
17.6 %
Estimated value creation
$95M
% Build-to-suit
37.5 %
Development Starts
$1,019M
Estimated weighted avg yield
6.1 %
Estimated weighted avg margin
20.3 %
Estimated value creation
$207M
% Build-to-suit
47.9 %
Total Dispositions and Contributions
$1,885M
Weighted avg stabilized cap rate (excluding land and other real estate)
5.0 %
BALANCE SHEET STRENGTH & LIQUIDITYDuring the quarter, the company:
Closed, together with its co-investment ventures, an aggregate of $3.0 billion of debt at a weighted average interest rate of 3.1% and a weighted average term of 7.2 years.
As of quarter-end:
Total available liquidity was approximately $7.6 billion.
Debt-to-Adjusted EBITDA* was 5.3x and debt as a percentage of total market capitalization was 24.6%.
The weighted average interest rate on the company's share of total debt was 3.3%, with a weighted average term of 8.2 years.
Forecasted earnings for 2026, 2027 and 2028 are 98%, 98% and 97%, respectively, in USD or hedged through derivative contracts and 96% of Prologis' equity was in USD.
2026 GUIDANCE Prologis' guidance for net earnings is included in the table below as well as guidance for Core FFO*, which are reconciled in our supplemental information.
2026 GUIDANCE
Earnings (per diluted share)
Net earnings attributable to common stockholders
$3.70 to $4.00
Core FFO attributable to common stockholders/unitholders*
$6.00 to $6.20
Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*
$6.05 to $6.25
Operations - Prologis Share
Average occupancy
94.75% to 95.75%
Cash Same Store NOI*
5.75% to 6.75%
Net Effective Same Store NOI*
4.25% to 5.25%
Strategic Capital (in millions)
Strategic Capital revenue, excluding promote revenue
$650 to $670
Net Promote Income (Expense)1
$(50)
G&A (in millions)
General & administrative expenses
$500 to $520
Capital Deployment - Prologis Share (in millions)2
Development stabilizations
$2,250 to $2,750
Development starts
$3,000 to $4,000
Acquisitions
$1,000 to $1,500
Contributions
$1,500 to $2,000
Dispositions
$1,750 to $2,250
Realized development gains
$400 to $600
1.
Net promote expense relates to amortization of stock compensation issued to employees related to promote income recognized in prior periods.
2.
Inclusive of data centers.
*
This is a non-GAAP financial measure. See the Notes and Definitions in our supplemental information for further explanation and a reconciliation to the most directly comparable GAAP measure.
The earnings guidance described above includes potential gains recognized from real estate transactions but excludes any future or potential foreign currency or derivative gains or losses as our guidance assumes constant foreign currency rates. In reconciling from net earnings to Core FFO*, Prologis makes certain adjustments, including but not limited to our share of real estate depreciation and amortization expense, gains (losses) recognized from real estate transactions and early extinguishment of debt, impairment charges, deferred taxes and unrealized gains or losses on foreign currency or derivative activity. The difference between the company's Core FFO* and net earnings guidance relates predominantly to these items. Please refer to our quarterly Supplemental Information, which is available on our Investor Relations website at https://ir.prologis.com and on the SEC's website at www.sec.gov for a definition of Core FFO* and other non-GAAP measures used by Prologis, along with reconciliations of these items to the closest GAAP measure for our results and guidance.
January 21, 2026, CALL DETAILS The call will take place on Wednesday, January 21, 2026, at 9:00 a.m. PT/12:00 p.m. ET. To access a live broadcast of the call, please dial +1 (877) 897-2615 (toll-free from the United States and Canada) or +1 (201) 689-8514 (from all other countries). A live webcast can be accessed from the Investor Relations section of www.prologis.com.
A telephonic replay will be available January 21 - February 4 at +1 (877) 660-6853 (from the United States and Canada) or +1 (201) 612-7415 (from all other countries) using access code 13757425. The webcast replay will be posted in the Investor Relations section of www.prologis.com under "Events & Presentations."
ABOUT PROLOGISThe world runs on logistics. At Prologis, we don't just lead the industry, we define it. We create the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. From agile supply chains to clean energy solutions, our ecosystems help your business move faster, operate smarter and grow sustainably. With unmatched scale, innovation and expertise, Prologis is a category of one–not just shaping the future of logistics but building what comes next. Learn more at Prologis.com.
FORWARD-LOOKING STATEMENTSThe statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," and "estimates" including variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future—including statements relating to rent and occupancy growth, acquisition and development activity, including data center developments and power procurement related thereto, contribution and disposition activity, general conditions in the geographic areas where we operate, expectations regarding new lines of business, our debt, capital structure and financial position, our ability to earn revenues from co-investment ventures, form new co-investment ventures and the availability of capital in existing or new co-investment ventures—are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) international, national, regional and local economic and political climates and conditions; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties, including the integration of the operations of significant real estate portfolios; (v) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; and (x) those additional factors discussed in reports filed with the Securities and Exchange Commission by us under the heading "Risk Factors." We undertake no duty to update any forward-looking statements appearing in this document except as may be required by law.
dollars in millions, except per share/unit data
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
Rental and other revenues
$ 2,099
$ 1,947
$ 8,198
$ 7,530
Strategic capital revenues
154
254
592
672
Total revenues
2,253
2,201
8,790
8,202
Net earnings attributable to common stockholders
1,398
1,277
3,322
3,726
Core FFO attributable to common stockholders/unitholders*
1,384
1,435
5,561
5,305
AFFO attributable to common stockholders/unitholders*
1,152
1,303
4,335
4,422
Adjusted EBITDA attributable to common stockholders/unitholders*
2,002
2,112
7,431
7,162
Estimated value creation from development stabilizations - Prologis Share
95
298
568
773
Common stock dividends and common limited partnership unit distributions
968
917
3,866
3,667
Per common share - diluted:
Net earnings attributable to common stockholders
$ 1.49
$ 1.37
$ 3.56
$ 4.01
Core FFO attributable to common stockholders/unitholders*
1.44
1.50
5.81
5.56
Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*
1.46
1.42
5.86
5.53
Business line reporting:
Real estate*
1.39
1.34
5.58
5.25
Strategic capital*
0.05
0.16
0.23
0.31
Core FFO attributable to common stockholders/unitholders*
1.44
1.50
5.81
5.56
Realized development gains, net of taxes*
0.18
0.29
0.23
0.45
Dividends and distributions per common share/unit
1.01
0.96
4.04
3.84
*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.
in thousands
December 31, 2025
September 30, 2025
December 31, 2024
Assets:
Investments in real estate properties:
Operating properties
$ 80,561,020
$ 80,688,903
$ 78,279,353
Development portfolio
3,019,009
2,748,411
2,829,613
Land
4,888,153
5,095,671
4,453,522
Other real estate investments
6,661,174
6,504,491
5,683,688
95,129,356
95,037,476
91,246,176
Less accumulated depreciation
14,729,149
14,345,033
12,758,159
Net investments in real estate properties
80,400,207
80,692,443
78,488,017
Investments in and advances to unconsolidated entities
11,093,936
10,543,057
10,079,448
Assets held for sale or contribution
203,344
358,851
248,511
Net investments in real estate
91,697,487
91,594,351
88,815,976
Cash and cash equivalents
1,145,647
1,186,022
1,318,591
Other assets
5,881,122
5,560,768
5,194,342
Total assets
$ 98,724,256
$ 98,341,141
$ 95,328,909
Liabilities and Equity:
Liabilities:
Debt
$ 35,037,073
$ 35,302,901
$ 30,879,263
Accounts payable, accrued expenses and other liabilities
5,933,175
5,826,131
5,832,876
Total liabilities
40,970,248
41,129,032
36,712,139
