Prologis Scores Rebound In Warehouse Leasing To Boost Fourth-Quarter Results
Healthy warehouse leasing volume converged with the breakneck pace of demand for new data centers to lift Prologis past analyst expectations in the fourth quarter.
The world’s largest industrial landlord inked a record 228M SF of leases across 2025 and posted $2.1B in revenue and $1.4B in profit for the fourth quarter.
Just under 44M SF of leases commenced at Prologis properties in the fourth quarter, and the firm ended the year with a 95.3% occupancy rate.
The company's stock was relatively flat after the opening bell, up by about 0.5% over the previous day's close.
“2025 was a record year for lease signings, setting the business up with strong momentum for 2026,” CEO Dan Letter said in a statement. “Customers are making long-term decisions with greater conviction, and we are meeting that demand with a platform that brings logistics, digital infrastructure and energy together at a global scale.”
New leases accounted for about a quarter of the deals that commenced in the fourth quarter, with the rest being renewals. The industrial giant has also grown its data center power pipeline to 5.7 gigawatts, up from the 5.2 GW of incoming capacity it reported at the end of the third quarter.
The firm began construction on just over $1B in new projects last quarter and spent $517M on property acquisitions. It ended 2025 with $7.6B in liquidity.
For the year, Prologis posted an earnings per share of $3.56 and funds from revenue at $5.86 per share, ahead of its $5.80 forecast in July. The industrial giant also released 2026 guidance promising more revenue and higher profits in the year ahead.
“The company delivered excellent fourth quarter and full year results,” Chief Financial Officer Tim Arndt said in a statement. “As we look ahead, embedded growth, disciplined investment activity and unmatched global capital access give us confidence in our earnings growth outlook for 2026 and beyond.”
Prologis’ earnings call is scheduled for noon ET.
This is a developing story.
