1. PLD's net earnings per share dropped 33.7% to $0.61. 2. Core FFO per share rose 9.0%, reaching $1.46. 3. Leasing pipeline at historically high levels, showing customer readiness. 4. Total liquidity available is approximately $7.1 billion. 5. Guidance revised to reflect increased core business confidence.
Despite declining net earnings, strong demand indications and rising Core FFO signal stability.
Significant earnings data and positive outlook can influence investor sentiment and stock price.
Positive leasing trends and guidance revisions likely immediate to Q3 performance.
SAN FRANCISCO, July 16, 2025 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD) today announced the following results for the quarter ended June 30, 2025, as compared to the corresponding period in 2024:
Hamid R. Moghadam, co-founder and CEO of Prologis, commented: "Our teams performed exceptionally in our operations and deployment activity over the quarter. This success stems from strong execution, staying close to customers, and the long-term fundamentals of our business."
"Our leasing pipeline has reached historically high levels, and what we're hearing from customers, especially the larger ones, is clear: they're planning, engaging and increasingly ready to act," said Daniel S. Letter, president of Prologis. "These trends are evident in both our leasing and build-to-suit activity—and we're in a strong position to meet that demand."
| Metric | 2Q25 |
|---|---|
| Average Occupancy | 94.9 % |
| Period End Occupancy | 95.1 % |
| Leases Commenced (Operating and Development Portfolio) | 51.2 MSF |
| Retention | 74.9 % |
| Metric | 2Q25 |
|---|---|
| Average Occupancy | 94.8 % |
| Cash Same Store NOI* | 4.9 % |
| Net Effective Rent Change | 53.4 % |
| Cash Rent Change | 34.8 % |
| Metric | 2Q25 |
|---|---|
| Acquisitions | $335M |
| Weighted avg stabilized cap rate (excluding other real estate) | 5.7 % |
| Development Stabilizations | $192M |
| Estimated weighted avg yield | 6.9 % |
| Estimated value creation | $64M |
| % Build-to-suit | 5.3 % |
| Development Starts | $846M |
| Estimated value creation | $181M |
Prologis' guidance for net earnings is included in the table below as well as guidance for Core FFO*, which are reconciled in our supplemental information.
"The increase in our guidance reflects our confidence in the strength and resilience of our business," said Timothy D. Arndt, chief financial officer of Prologis. "Our teams are executing at a high level, and we're well-positioned for the remainder of the year."
| Earnings (per diluted share) | Previous | Revised |
|---|---|---|
| Net earnings attributable to common stockholders | $3.45 to $3.70 | $3.00 to $3.15 |
| Core FFO attributable to common stockholders/unitholders* | $5.65 to $5.81 | $5.75 to $5.80 |
| Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)* | $5.70 to $5.86 | $5.80 to $5.85 |
| Metric | Previous | Revised |
|---|---|---|
| Average Occupancy | 94.50% to 95.50% | 94.75% to 95.25% |
| Cash Same Store NOI* | 4.00% to 5.00% | 4.25% to 4.75% |
| Net Effective Same Store NOI* | 3.50% to 4.50% | 3.75% to 4.25% |
| Metric | Previous | Revised |
|---|---|---|
| General & administrative expenses | $450 to $470 | $450 to $470 |
The world runs on logistics. At Prologis, we don't just lead the industry, we define it. We create the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. From agile supply chains to clean energy solutions, our ecosystems help your business move faster, operate smarter, and grow sustainably. With unmatched scale, innovation and expertise, Prologis is a category of one–not just shaping the future of logistics but building what comes next. Learn more at Prologis.com.
The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results.
Prologis, Inc.