Prologis (PLD) PLD Q3 Financial Results Summary

2025-10-15 · Stocks · QuoteReporter

Prologis (PLD) Q3 2025 Financial Results Summary

Release Date: September 30, 2025

Prologis, Inc., a global leader in logistics real estate, released its financial results for the third quarter of 2025. Below is a comprehensive summary of the company’s performance:

Company Overview

Global Presence: Operates in 20 countries with approximately 1.3 billion square feet of properties.
Customer Base: Serves around 6,500 customers mainly in business-to-business and retail/online fulfillment sectors.
Annual NOI (Net Operating Income): $6.6 billion.

Key Metrics

Total Revenue:
Q3 2025: $2.214 billion (up 8.8% from Q3 2024).
Year-to-date 2025: $6.537 billion (up 8.9% from year-to-date 2024).
Net Earnings Attributable to Common Stockholders:
Q3 2025: $762.9 million (down 24.0% from Q3 2024).
Year-to-date 2025: $1.924 billion (down 21.4% from year-to-date 2024).
Core FFO (Funds From Operations):
Q3 2025: $1.426 billion (up 4.3% from Q3 2024).
Year-to-date 2025: $4.178 billion (up 7.9% from year-to-date 2024).
AFFO (Adjusted Funds From Operations):
Q3 2025: $1.065 billion (up 4.9% from Q3 2024).
Year-to-date 2025: $3.184 billion (up 2.1% from year-to-date 2024).
Adjusted EBITDA:
Q3 2025: $1.868 billion (up 7.7% from Q3 2024).

Dividend and Share Repurchase

Dividends Declared: Common stock dividends amounted to $967 million in Q3 2025 (up 5.5% from Q3 2024). The amount per common share was $1.01 (up 5.2% from Q3 2024).

Operating Metrics

Average Occupancy Rate:
Q3 2025: 95.3%.
Same Store NOI growth (cash basis):
Up 5.2% compared to the previous year.

Development and Acquisitions

Development Stabilizations: Total of $771 million in value creation from properties stabilized during the quarter.
Development Starts: Total development starts amounted to $410 million in the third quarter.

Market Indicators

Lease Proposals: 115 million square feet of proposals in Q3 2025, indicating a competitive leasing environment.

Financial Position

Total Assets: $98.341 billion, reflecting a growth in operational scale.
Total Liabilities: $41.129 billion.
Stockholder’s Equity: $57.212 billion.

Future Guidance

Prologis provided guidance for the remainder of 2025:
– Net Earnings per Share Guidance: Forecast range is between $3.40 and $3.50.
– Core FFO Guidance: Expected between $5.78 and $5.81.

Summary

Prologis continues to demonstrate robust financial performance with notable growth in revenues and operational metrics despite a decline in net earnings, attributable to market fluctuations and operational factors.
The company remains committed to returning value to shareholders through dividends and continued investment in development opportunities.

This summary encapsulates the essential financial highlights and operational developments reported by Prologis for Q3 2025, illustrating the company’s resilience and focus on strategic growth.

	Three Months Ended	Nine Months Ended
	September 30, 2025	September 30, 2025
Rental	$ 2,054,200	$ 6,066,797
Strategic capital	150,351	438,652
Development management and other	9,330	31,966
Total revenues	2,213,881	6,537,415
Rental	484,635	1,460,915
Strategic capital	69,270	194,964
General and administrative	110,662	332,234
Depreciation and amortization	647,999	1,957,278
Other	8,724	30,079
Total expenses	1,321,290	3,975,470
Operating income before gains on real estate transactions, net	892,591	2,561,945
Gains on dispositions of development properties and land, net	15,435	53,363
Gains on other dispositions of investments in real estate, net	32,235	116,078
Operating income	940,261	2,731,386
Other income (expense):
Earnings from unconsolidated entities, net	92,827	268,418
Interest expense	(258,274)	(741,891)
Foreign currency, derivative and other gains (losses) and other income (expense), net	100,981	(53,506)
Gains (losses) on early extinguishment of debt, net	–
Total other income (expense)	(64,466)	(526,979)
Earnings before income taxes	875,795	2,204,407
Current income tax benefit (expense)	(59,847)	(124,271)
Deferred income tax benefit (expense)	5,312	2,948
Consolidated net earnings	821,260	2,083,084
Net earnings attributable to noncontrolling interests	(38,329)	(107,044)
Net earnings attributable to noncontrolling interests – limited partnership units	(18,665)	(47,592)
Net earnings attributable to controlling interests	764,266	1,928,448
Preferred stock dividends	(1,369)	(4,326)
Net earnings attributable to common stockholders	$ 762,897	$ 1,924,122
Weighted average common shares outstanding – Diluted	956,603	955,824
Net earnings per share attributable to common stockholders – Diluted	$ 0.82	$ 2.06

	September 30, 2025	June 30, 2025	December 31, 2024
Assets:
Investments in real estate properties:
Operating properties	$ 80,688,903	$ 80,115,830	$ 78,279,353
Development portfolio	2,748,411	2,891,025	2,829,613
Land	5,095,671	4,826,727	4,453,522
Other real estate investments	6,504,491	6,498,929	5,683,688
Total	95,037,476	94,332,511	91,246,176
Less accumulated depreciation	(14,345,033)	(13,827,462)	(12,758,159)
Net investments in real estate properties	80,692,443	80,505,049	78,488,017
Investments in and advances to unconsolidated entities	10,543,057	10,618,184	10,079,448
Assets held for sale or contribution	358,851	253,331	248,511
Net investments in real estate	91,594,351	91,376,564	88,815,976
Cash and cash equivalents	1,186,022	1,066,081	1,318,591
Other assets	5,560,768	5,274,405	5,194,342
Total assets	$ 98,341,141	$ 97,717,050	$ 95,328,909
Liabilities and Equity:
Liabilities:
Debt	$ 35,302,901	$ 34,666,551	$ 30,879,263
Accounts payable, accrued expenses and other liabilities	5,826,131	5,743,685	5,832,876
Total liabilities	41,129,032	40,410,236	36,712,139
Equity:
Stockholders’ equity	52,635,541	52,728,574	53,951,138
Noncontrolling interests	3,328,104	3,311,886	3,323,047
Noncontrolling interests – limited partnership unitholders	1,248,464	1,266,354	1,342,585
Total equity	57,212,109	57,306,814	58,616,770
Total liabilities and equity	$ 98,341,141	$ 97,717,050	$ 95,328,909