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Sep 30
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.
Prologis
Prologis
Prologis Revenue by Segment
Prologis Revenue by Geographic Location
Revenue by Segment
Rental revenues Revenue
CapyFin.comStrategic capital Revenue
CapyFin.comDevelopment management Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comOther Americas Revenue
CapyFin.comEurope Revenue
CapyFin.comAsia Revenue
CapyFin.com 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.
- Pressure on leasing spreads as rent change decelerates slightly.