Prologis Q4 2025 Core FFO $1.44 vs $1.50 YoY; 2026 guide $6.00-$6.20; record 228M sq ft leases in 2025

Prologis, Inc.

2025-FY EPS reported $3.56 revenue$8,790,127,000

Q4 net earnings $1.49/diluted share ($3.56 FY) vs $1.37 ($4.01 FY) prior year; Core FFO $1.44 ($5.81 FY) vs $1.50 ($5.56 FY).
2026 guidance: Core FFO $6.00-$6.20, net earnings $3.70-$4.00; cash same-store NOI growth 5.75%-6.75%.
Record leasing: 228M sq ft signed in 2025; data center power pipeline expanded to 5.7 GW.
Q4 development stabilizations $539M at 6.4% yield, $95M value creation; starts $1,019M at 6.1% yield.
Closed $3.0B aggregate debt at 3.1% avg rate/7.2yr term; debt-to-EBITDA 5.3x, market cap debt 24.6%.

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