What does Prologis do and what are its main business segments?

What guidance did Prologis's management provide for the next earnings period?

Did Prologis beat or miss consensus estimates last quarter?

What is the market's earnings forecast for Prologis next quarter?

What were the key takeaways from Prologis's earnings call?

What is Prologis's gross profit margin?

What is the revenue and EPS growth rate for Prologis year over year?

What is Prologis's latest dividend and current dividend yield?

- **Record Financial Performance**: Q4 FFO of $1.44 per share (excluding promote) and full-year FFO of $6.05-$6.25 per share, driven by 95.3% occupancy and 4.7% same-store NOI growth. 
- **Data Center Growth**: 1.2GW pipeline in advanced stages, with 40% of 2026 development allocated to data centers. 
- **Strategic Capital Expansion**: New U.S. and China investment vehicles launched, targeting $4-$5B in 2026 development starts. 
- **Global Market Strength**: International occupancy outperformance (e.g., Japan at 97%, Europe at 95%) and U.S. vacancy decline to 7.4%. 
- **Solar Ambition**: Surpassed 1GW installed capacity, with $1B annual revenue target by 2030.

**【CEO Summary Section】**
- Prologis delivered strong Q4 and full-year results, driven by disciplined execution and customer engagement. CEO Dan Letter highlighted three strategic priorities: 
  1. Extending operational leadership through data analytics, energy solutions, and venture initiatives. 
  2. Capturing value in logistics real estate and data centers, with a growing power pipeline and customer relationships. 
  3. Enhancing shareholder returns through private capital partnerships and new investment vehicles. 
- Emphasized the company's global footprint as a competitive advantage, with outperformance in international markets (e.g., Latin America, Europe, Japan). 

**【CFO Financial Commentary】**
- Q4 FFO: $1.44 per share (excluding net promote expense), at the top of guidance. Full-year FFO: $6.05-$6.25 per share. 
- Average occupancy: 95.3% for Q4, 95% for full year, with U.S. outperformance vs. market by 300 basis points. 
- Same-store NOI growth: 4.7% net effective (5.7% cash) for Q4, 4.8% full-year net effective. 
- Development starts: $3.1 billion in 2025, with 61% build-to-suit projects. 
- Capital deployment: $900M in asset sales, $625M in acquisitions, generating a 150bp IRR spread. 
- Guidance for 2026: 
  - Occupancy: 94.75%-95.75% 
  - Same-store NOI: 4.25%-5.25% net effective (5.75%-6.75% cash) 
  - Development starts: $4-$5B (40% data centers) 
  - Acquisitions: $1-$1.5B 

**【Q&A Key Highlights】**
- **Data Center Pipeline**: 1.2GW in LOI/advanced negotiations, with 40% of 2026 development starts allocated to data centers. Power procurement timelines range 1-3 years post-LOI. 
- **Strategic Capital**: New U.S. and China investment vehicles launched, with focus on development and value-add opportunities. 
- **Market Outlook**: U.S. vacancy declining to 7.4% in Q4, with net absorption outpacing completions. International markets (Latin America, Europe, Japan) showing strong occupancy and rent growth. 
- **Solar Contribution**: Exceeded 1GW installed capacity, with long-term target of $1B annual revenue by 2030. 
- **Southern California Recovery**: Improved absorption and customer engagement in Inland Empire, signaling cyclical recovery. 
- **Occupancy Drag**: Duke acquisition impacting same-store growth by 75-100bps, expected to gradually ease over time.

Prologis, Inc. (PLD) Q4 2025 Earnings Call Transcript

- **Record Q3 Performance**: 62M sq ft leased, 49% net rent change, 95.3% occupancy, and 28Mw solar generation.
- **Data Center Growth**: 5.2GW pipeline, $1.6B build-to-suit signings, and 50%+ 2025 dev allocation.
- **Earnings Guidance**: Core FFO $5.78-5.86, GAAP EPS $3.40-3.50, with 2026 NOI growth 4.25-5.25%.
- **Market Recovery**: U.S. absorption 47M sq ft, 7.5% vacancy, and improving Southern California tone.
- **Strategic Initiatives**: Solar 1GW goal on track, 3.2% cost of debt, and 8-year debt life.

**【CEO Summary Section】**
- Prologis achieved record quarterly performance with 62 million square feet of leasing, driven by a 49% net effective rent change and 29% cash rent change.
- CEO Hamid Moghadam announced his transition to Executive Chairman, with Dan Letter succeeding him as CEO.
- Data center pipeline expanded to 5.2 gigawatts of secured or advanced-stage capacity, with 1.6 billion in build-to-suit signings year-to-date.
- Global occupancy reached 95.3%, up 20 basis points, with 75 million square feet of net absorption in the U.S.
- Solar and energy solutions contributed 28 megawatts, aligning with the 1-gigawatt goal by year-end.

**【CFO Financial Commentary】**
- Core FFO (including net promote expense) was $1.49 per share, excluding promotes at $1.50 per share, both above guidance.
- Same-store NOI growth: 3.9% net effective, 5.2% cash, with 900 million of NOI from lease mark-to-market.
- Capital deployment guidance updated to $2.75-3.25 billion in development starts, $1.5-2.25 billion in dispositions.
- Guidance for 2025: GAAP EPS $3.40-3.50, Core FFO $5.78-5.81 (including promotes), $5.83-5.86 (excluding promotes).
- Debt cost remains low at 3.2%, with 8-year average remaining life.

**【Q&A Key Highlights】**
- **Data Center Expansion**: Exploring new capitalization strategies for data centers, with 1.4 gigawatts secured or under construction. Build-to-suit pipeline exceeds $1.6 billion, targeting 50%+ of 2025 development.
- **Market Absorption**: U.S. net absorption of 47 million sq ft, up from prior quarters, with 60 million sq ft seen as normalized velocity.
- **Occupancy & Rents**: Global occupancy at 95%, with U.S. market vacancy at 7.5% and rent declines slowing. Southern California showing improvement despite softer rents.
- **E-commerce Growth**: E-commerce penetration at 24% of U.S. retail, driving 52 new customer signings in Q3.
- **Credit Risk**: Bad debt expense expected in the 40s basis points of revenue, below historical highs, due to improved customer selection.
- **2026 Outlook**: Same-store NOI growth 4.25-4.75% (net effective), 4.75-5.25% (cash), with data center and solar contributions accelerating.


Prologis, Inc. (PLD) Q3 2025 Earnings Call Transcript

- **Record Build-to-Suit Momentum**: $1.1B in H1 starts, 65% build-to-suit, with hyperscalers driving $300M in data center growth. 
- **Strong Financials**: Core FFO (ex promotes) up $0.05 to $5.80-5.85/share, 4.8% net effective same-store growth. 
- **Pipeline Expansion**: 130M sqft leasing pipeline (19% YoY), 3PLs 1/3 of Q2 activity, automation driving 5-25x power demand growth. 
- **Market Outlook**: 7.4% U.S. vacancy seen as peak, 5% needed for pricing power; 2025 starts raised to $2.25-2.75B. 


**【CEO Summary Section】**
- Prologis outperformed market expectations with 95.1% occupancy, 290 basis points above the market. CEO Hamid Moghadam highlighted customer confidence in long-term investments, despite macro uncertainty, with build-to-suit activity reaching record levels ($1.1B in H1). 
- Data center development in Austin with a hyperscaler added $300M to Q2 starts. CEO emphasized automation's impact on power demand (5-25 kWh/sqft) and the company's strategic energy solutions. 
- Long-term outlook remains bullish, with Moghadam noting 7.4% U.S. vacancy as 'normal' and expecting pricing power when vacancy drops to 5%. 

**【CFO Financial Commentary】**
- Core FFO (including net promotes) was $1.46/share, beating forecasts. Net effective same-store NOI growth was 4.8%, driven by $75M in rent change (53% net effective, 35% cash). 
- Development starts reached $900M (65% build-to-suit), with H1 total at $1.1B, a record. Strategic capital revenue guidance raised to $570-590M. 
- Guidance updated: Core FFO (ex promotes) $5.80-5.85/share, up $0.05, due to higher NOI and strategic capital. Same-store NOI growth narrowed to 3.75-4.25% (net effective). 

**【Q&A Highlights】**
- **Leasing Pipeline**: 130M sqft (19% YoY growth), with 3PLs accounting for 1/3 of Q2 activity. Larger deals (>100K sqft) dominate, reflecting strategic consolidation. 
- **Development Strategy**: 2025 starts increased to $2.25-2.75B, driven by build-to-suit success. 65% of H1 starts were build-to-suit, with 3 hyperscalers leading data center demand. 
- **Market Dynamics**: U.S. net absorption 28M sqft (Q2), 49M YTD. Vacancy at 7.4% seen as peak, with 5% vacancy needed for pricing power. 
- **Risk Management**: Bad debt at 35-40bps (vs. 20bps historical), but mark-to-market gains offset losses. Energy business targets 1GW solar by year-end, despite U.S. policy headwinds. 


Prologis (PLD)-16 Jul 25-2025 Q2 Earnings call transcript

- **Record Q1 leasing**: 58M sq. ft. leased, 6.2% same-store NOI growth, 54% net effective rent increase.
- **Data center expansion**: 400 MW new power capacity, 3.4 GW total under development.
- **Stress-tested guidance**: Core FFO range maintained through GFC-like stress test, development starts cut by 40%.
- **Customer response**: 3PL utilization up 7ppt, 20% YoY Mexico market growth, 200% YoY Amazon leasing.
- **Risk management**: 95.2% occupancy, 73% lease retention, 65% inflation-linked escalators.

**【CFO - Q1 2025 Financial Highlights】**
- **Record leasing activity**: 58 million sq. ft. leased, near all-time high, with 6.2% cash same-store NOI growth driven by 54% net effective rent change.
- **Data center expansion**: 400 MW of new power capacity added, total 3.4 GW under development, supporting 13% YoY growth in hyperscale demand.
- **Balance sheet strength**: $400M raised in open-ended funds, $550M debt issued at 4.1% weighted average rate, upgraded to Moody’s A2 rating.
- **Guidance adjustment**: Development starts reduced to $1.5B-$2B (from $2.5B), reflecting cautious capital deployment amid policy uncertainty.

**【Market Environment & Customer Insights】**
- **Tariff impact**: 300+ customer dialogues reveal accelerated inventory build, 3PL utilization up 7ppt to 90%, and 20% YoY growth in Mexico market interest.
- **E-commerce resilience**: Amazon leases up 200% YoY, e-commerce segment now 20% of total leasing, driven by consumer demand for product availability.
- **Build-to-suit momentum**: 1.1M sq. ft. signed post-April 2, with 12+ active deals, average lease term 16 years, signaling long-term customer confidence.

**【Risk Management & Stress Testing】**
- **Severe stress scenario**: Core FFO range maintained through GFC-like stress test (170bps occupancy decline, 18% rent drop, 75bps bad debt), reflecting financial resilience.
- **Supply chain flexibility**: 95.2% occupancy (down 70bps QoQ due to high rollover volume), with 73% lease retention rate, mitigating near-term risk.
- **Inflation hedge**: 65% of leases have inflation-linked escalators, protecting cash flows in rising cost environment.

**【Q&A Key Themes】**
- **Leasing cadence**: 20% YoY slowdown in April, but 80% of Q1 starts in build-to-suits suggest real demand despite short-term hesitation.
- **Tariff resolution impact**: Quick policy fix could accelerate 2025 FFO to top of range, while prolonged uncertainty risks 100-200bps NOI contraction.
- **Geographic diversification**: Canada, India, Brazil, and Mexico expected to outperform, driven by domestic consumption and supply chain redundancy needs.

Prologis (PLD)-16 Apr 25-2025 Q1 Earnings call transcript

- **Record Leasing & FFO Growth**: Q4 signed 60M sq ft, full-year Core FFO up 8.4% vs. 86% of REITs.
- **Data Center Breakthrough**: $112M value creation from Elk Grove sale, 10GW+ pipeline over 10 years.
- **2025 Outlook**: 20%+ net absorption growth, 3.5%-4.5% same-store NOI, and 1GW solar target.
- **Strategic Edge**: 50%+ spread between in-place rents and replacement costs, $41.5B land portfolio for future development.

**【CFO Financial Summary】**
- **Core FFO Performance**: Q4 Core FFO (including net promotes) was $1.50 per share, with full-year growth of 8.4% to $5.70-$5.86 per share, outpacing 86% of REITs.
- **Leasing Momentum**: Signed 60M sq ft of leases in Q4, a record, with net effective rent change at 66% QoQ and 69% YoY, adding $340M in annualized NOI.
- **Capital Recycling**: Disposed $900M in assets, reinvested $450M, and contributed $2B to strategic ventures, achieving a 170bp IRR spread on full-year transactions.
- **Data Center Highlight**: Sold Elk Grove data center for $112M value creation fee, showcasing 1.4GW secured power and 10GW+ pipeline over 10 years.

**【CEO Strategic Outlook】**
- **Market Recovery**: U.S. non-coastal and international markets (Japan, UK, Latin America) led rent growth, with 2025 net absorption expected to rise 20% YoY.
- **Development Pipeline**: $4.7B in development with $1.1B value creation potential, targeting 200-400MW of new data center starts in 2025.
- **Energy Ambition**: Aiming for 1GW of solar generation/storage by year-end, aligning with $41.5B land portfolio for future growth.

**【Key Q&A Insights】**
- **2025 Guidance**: Occupancy 94.5%-95.5%, same-store NOI 3.5%-4.5%, driven by 50%+ lease mark-to-market spread to replacement costs.
- **Leasing Catalysts**: Post-election decision-making surge, 3PLs leasing 25M sq ft in H2, and 17% pipeline growth YoY.
- **Tariffs & Trade**: Tariffs likely inflationary but trade with China stable, with 75% growth in Asia ex-China trade over 8 years.
- **Data Center Capital**: $100M+ annual promote potential from data center development, with 10GW+ pipeline supported by $41.5B land portfolio.

Actual																0.6954	0.5554	0.411	0.3667	0.4782	0.81	0.97	1.67	1.54	0.82	1.36	0.63	0.5	1.31	0.8	0.68	0.63	0.92	1.08	1.37	0.63	0.61	0.82	1.49
Forecast																0.3551	0.4746	0.3051	0.389	0.3739	0.4287	0.4715	0.7055	0.6806	0.6478	1.287	0.6077	0.561	0.984	0.6008	0.5881	0.5802	0.6162	0.6565	0.7082	0.6319	0.6907	0.6679	0.702	0.8062
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+95.83%	+17.02%	+34.71%	-5.73%	+27.90%	+88.94%	+105.73%	+136.71%	+126.27%	+26.58%	+5.67%	+3.67%	-10.87%	+33.13%	+33.16%	+15.63%	+8.58%	+49.30%	+64.51%	+93.45%	-0.30%	-11.68%	+22.77%	+112.25%	0.00%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	878.81M	944.37M	980.15M	987.81M	1.02B	1.01B	1.04B	1.07B	1.08B	1.09B	1.15B	1.59B	1.63B	1.65B	1.78B	1.76B	1.83B	1.85B	1.90B	1.94B	1.99B	2.03B	2.05B	2.09B	--
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	858.90M	895.73M	935.31M	991.89M	986.59M	1.01B	1.04B	1.05B	1.08B	1.11B	1.15B	1.42B	1.62B	1.69B	1.69B	1.81B	1.82B	1.86B	1.91B	1.94B	1.96B	2.01B	2.03B	2.09B	2.12B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+2.32%	+5.43%	+4.79%	-0.41%	+3.55%	+0.21%	+0.08%	+1.86%	-0.72%	-1.10%	+0.12%	+12.12%	+0.91%	-2.31%	+4.87%	-2.79%	+0.30%	-0.45%	-0.51%	-0.28%	+1.15%	+0.91%	+1.20%	+0.04%	0.00%

PLD

PLD fundamentals

PLD Q1 2026 Earnings Preview

Earnings Call

You can ask Aime

PLD

PLD fundamentals

PLD Q1 2026 Earnings Preview

Earnings Call

PLD Earnings Call Summary for Q1/2026Upcoming12:00 PM on Apr 16, 2026

PLD Earnings Call Summary for Q4/202512:00 PM on Jan 21, 2026

PLD Earnings Call Summary for Q3/202512:00 PM on Oct 15, 2025

PLD Earnings Call Summary for Q2/202512:00 PM on Jul 16, 2025

PLD Earnings Call Summary for Q1/202512:00 PM on Apr 16, 2025

You can ask Aime