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Dec 31, 2025
Prologis Q4 2025 Earnings Report
Prologis reported solid fourth-quarter results with strong rental revenue, high occupancy, and robust profitability.
Key Takeaways
For Q4 2025, Prologis generated rental revenue of $2,092,107,000 and net income attributable to common stockholders of $1,398,227,000. Diluted EPS was $1.49, while Core FFO per share, used as a non-GAAP EPS proxy, was $1.44. Performance was driven by strong operating fundamentals and gains on real estate dispositions.
Rental revenue totaled $2,092,107,000 in the quarter.
Net income attributable to common stockholders reached $1,398,227,000.
Diluted EPS was $1.49 and Core FFO per share was $1.44.
Average occupancy on a Prologis Share basis remained high at 95.2%.
Revenue by Segment
Forward Guidance
For 2026, Prologis guided to continued earnings and cash flow growth supported by high occupancy and positive same-store NOI.
Positive Outlook
- Net earnings guidance of $3.70 to $4.00 per share.
- Core FFO guidance of $6.00 to $6.20 per share.
- Core FFO excluding Net Promote expected at $6.05 to $6.25 per share.
- Average occupancy expected between 94.75% and 95.75%.
- Same-store NOI cash growth expected between 5.75% and 6.75%.
Challenges Ahead
- Net Promote Income (Expense) assumed at negative $50,000,000.
- General and administrative expenses expected between $500,000,000 and $520,000,000.
- Same-store NOI net effective growth expected to trail cash NOI growth.
- Planned dispositions could reduce the near-term revenue base.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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