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Jun 30, 2025
Prologis Q2 2025 Earnings Report
Prologis reported its Q2 2025 results with stable occupancy and solid Core FFO performance.
Key Takeaways
Prologis delivered solid Q2 2025 results with $2.18B in total revenue and $570M in net income. Core FFO reached $1.4B, supported by strong occupancy rates and rental revenue growth.
Total revenues reached $2.18B, driven by rental revenues of $2.03B
Net income attributable to common stockholders was $570M
Core FFO attributable to common stockholders/unitholders totaled $1.4B
Average occupancy remained high at 94.8% on a Prologis share basis
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Prologis expects stable growth for FY2025 with high occupancy and steady same-store NOI, while development and acquisition activities remain active.
Positive Outlook
- Net earnings guidance between $3.00 and $3.15 per share
- Core FFO expected between $5.75 and $5.80 per share
- Average occupancy forecasted at 94.75% to 95.25%
- Same-store NOI cash growth expected between 4.25% and 4.75%
- Development starts projected up to $3B
Challenges Ahead
- Net promote income expected to remain negative at $(50)M
- General & administrative expenses forecasted up to $470M
- Realized development gains projected as low as $150M
- Exchange rate assumptions could limit upside
- Higher interest expenses may weigh on earnings
Historical Earnings Impact
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Avg. Return Before/After Earnings
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