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Mar 31, 2025
Prologis Q1 2025 Earnings Report
Prologis reported solid Q1 results with stable earnings per share, strong leasing activity, and healthy development margins.
Key Takeaways
Prologis maintained stable EPS at $0.63, signed 58 million square feet in leases, and demonstrated continued investment and balance sheet strength with $6.5 billion in liquidity.
Net earnings per share remained unchanged at $0.63
Core FFO per share rose to $1.42, reflecting operational strength
58 million square feet leased during Q1 2025
Maintained a robust liquidity position of $6.5 billion
Forward Guidance
Prologis maintained its full-year guidance, reflecting confidence in continued rent growth and stable operations, despite macro uncertainty.
Positive Outlook
- Core FFO guidance range reaffirmed at $5.65 to $5.81
- Strong average occupancy outlook between 94.5% and 95.5%
- Expected value creation from development activities
- 96% of earnings and 96% of equity exposure hedged in USD
- Strategic capital revenue guided between $560M and $580M
Challenges Ahead
- General & administrative expenses revised upward to $450M–$470M
- Contributions guidance lowered significantly to $150M–$500M
- Dispositions guidance reduced to $250M–$500M
- Realized development gains guidance cut to $100M–$250M
Historical Earnings Impact
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Avg. Return Before/After Earnings
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