Prologis reported fourth-quarter funds from operations (FFO) of $1.49 per share, surpassing the consensus estimate of $1.44 and only modestly below the prior year’s $1.50. Net earnings per diluted share came in at $1.49, up from $1.37 a year earlier, while revenue climbed to approximately $2.25 billion, outpacing the $2.09 billion consensus. Rental and other property income rose to $2.09 billion from $1.94 billion in Q4 2024, although this fell short of the $2.17 billion forecast by analysts.

Owned & Managed average occupancy stood at 95.3% (95.8% at period end), and same-store net operating income (NOI) on a cash basis increased by 5.7% year-over-year to $1.43 billion. Operating income rose to $1.63 billion from $1.42 billion in the year-ago quarter, driven by higher rents (net effective rent change of 43.8% on new leases) and disciplined cost management, despite elevated interest expenses.

During 2025, Prologis signed a record 228 million square feet of leases, reflecting strong tenant demand from e-commerce and consumer-goods companies. The company also advanced its digital infrastructure strategy by securing or procuring 5.7 gigawatts of power capacity for data centers, surpassing its targets for solar and battery installations.

Prologis ended the quarter with $1.15 billion in cash and equivalents and total available liquidity of $7.6 billion. Debt-to-adjusted EBITDA was 5.3×, with a weighted average debt term of 8.2 years at a 3.3% interest rate. For fiscal 2026, management reiterated core FFO guidance of $6.00 to $6.20 per share and expects average occupancy between 94.75% and 95.75%, supported by mid-single-digit same-store NOI growth.