Prologis

PLD

Market cap $114B

Prologis, Inc. (NYSE:PLD ) Q3 2025 Earnings Call October 15, 2025 12:00 PM EDT Company Participants Justin Meng Timothy Arndt - Chief Financial Officer Dan Letter - President & Director Christopher Caton - Senior VP & Global Head of Research Hamid Moghadam - Co-Founder, Chairman & CEO Conference Call Participants Jonathan Petersen - Jefferies LLC, Research Division Michael Goldsmith - UBS Investment Bank, Research Division Steve Sakwa - Evercore ISI Institutional Equities, Research Division Ronald Kamdem - Morgan Stanley, Research Division Nicholas Joseph - Citigroup Inc. Exchange Research Caitlin Burrows - Goldman Sachs Group, Inc., Research Division Vikram Malhotra - Mizuho Securities USA LLC, Research Division Samir Khanal - BofA Securities, Research Division Nicholas Thillman - Robert W. Baird & Co. Incorporated, Research Division Vince Tibone - Green Street Advisors, LLC, Research Division Blaine Heck - Wells Fargo Securities, LLC, Research Division Michael Mueller - JPMorgan Chase & Co, Research Division Nicholas Yulico - Scotiabank Global Banking and Markets, Research Division Brendan Lynch - Barclays Bank PLC, Research Division Todd Thomas - KeyBanc Capital Markets Inc., Research Division John Kim - BMO Capital Markets Equity Research Craig Mailman - Citigroup Inc., Research Division Presentation Operator Greetings, and welcome to the Prologis Third Quarter 2025 Earnings Conference Call.

The industrial real-estate owner's revenue climbed 9% year-over-year in the third quarter.

PLD's Q3 FFO beats estimates, benefiting from a rise in rental revenues and healthy leasing activity. However, high interest expenses are a concern.

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While the top- and bottom-line numbers for Prologis (PLD) give a sense of how the business performed in the quarter ended September 2025, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Prologis (PLD) came out with quarterly funds from operations (FFO) of $1.49 per share, beating the Zacks Consensus Estimate of $1.44 per share. This compares to FFO of $1.43 per share a year ago.

Record 62 million square feet of lease signings Expands power capacity to support data center growth SAN FRANCISCO , Oct. 15, 2025 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD) today announced the following results for the quarter ended September 30, 2025, as compared to the corresponding period in 2024: Net earnings per diluted share was $0.82 and decreased 24.1%. Core funds from operations (Core FFO)* per diluted share was $1.49 and increased 4.2%.

PLD's strategic locations and targeted developments are likely to have fueled its Q3 growth despite rising interest costs and occupancy pressure.

U.S. equity markets tumbled in a sudden jolt of volatility as investors - already flying blind on key data - reacted to a surprise, massive tariff announcement on Chinese imports. The White House announced a 100% added tariff on all Chinese imports beginning next month - up from 30% currently - as retaliation to new export controls on rare minerals. The CBOE Volatility Index surged to the highest levels since mid-May in a sudden onset of angst following several months of relatively tranquil market conditions.

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