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