Prologis, Inc. Q3 2025 Earnings Recap

Prologis delivered a strong third quarter in 2025, marked by record leasing activity and increased portfolio occupancy, positioning the company for sustained growth in the evolving logistics market.

Key Takeaways

• Record leasing of nearly 62 million square feet and a 20 basis point increase in occupancy to 95.3%.
• Core FFO surpassed expectations at $1.49 per share, driven by significant rent growth of 49% net effective and 29% cash.
• Continued momentum in data center capacity, with 5.2 gigawatts secured, signaling a $15 billion investment opportunity.
• Robust demand for build-to-suit projects, totaling 21 signed this year, indicating strong customer relationships and strategic land utilization.
• Improved customer sentiment and operational conditions forecast a favorable demand landscape, as evidenced by steady net absorption and a slowdown in rent declines.