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Sep 30, 2025
Prologis Q3 2025 Earnings Report
Prologis reported strong financial results in Q3 2025.
Key Takeaways
Prologis delivered a solid Q3 2025 performance with stable rental revenues, robust Core FFO, and consistent occupancy levels across its logistics portfolio.
Core FFO rose to $1.49 per share, driven by strong operating results.
Rental and other revenues reached $2.064 billion for the quarter.
Net income attributable to common stockholders was $762.9 million.
Average occupancy remained high at 94.8% on a Prologis Share basis.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Prologis maintained its full-year outlook with steady operating metrics and disciplined capital deployment despite market headwinds.
Positive Outlook
- Maintained guidance for Core FFO between $5.78 and $5.81 per share.
- Expected average occupancy range of 94.75% to 95.25%.
- Development stabilizations projected up to $2.3B (Prologis Share).
- Strong cash NOI growth expected between 4.75% and 5.25%.
- Hedging in place to mitigate FX impact on 2025 results.
Challenges Ahead
- Net Promote Income (Expense) forecasted at a $50 million loss.
- General & administrative expenses projected up to $470 million.
- Realized development gains down from prior years.
- AFFO growth moderated compared to earlier quarters.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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