Prologis, Inc. reported fourth-quarter and full-year 2025 results, highlighting record leasing activity and continued investment in energy and digital infrastructure to support data center demand. The company said it signed 228 million square feet of leases during 2025 and ended the fourth quarter with period-end occupancy of 95.8% in its owned and managed portfolio.

For the fourth quarter, Prologis posted net earnings of $1.49 per diluted share, up from $1.37 a year earlier, while Core FFO per diluted share was $1.44 versus $1.50 in the prior-year quarter. For the full year, net earnings were $3.56 per diluted share compared with $4.01 in 2024, and Core FFO per diluted share rose to $5.81 from $5.56. Management said customer demand is supporting long-term leasing decisions and positioned the company for earnings growth, citing embedded rent growth, disciplined capital deployment, and access to global capital.

Prologis also emphasized progress in its data center and energy initiatives. During the quarter, it expanded its data center power pipeline to 5.7 gigawatts of capacity secured or in advanced procurement and said it surpassed its 1 gigawatt target for installed solar and battery storage. In capital deployment, the company reported $517 million of acquisitions, $1.02 billion of development starts, and $539 million of development stabilizations in the quarter, alongside $1.89 billion of dispositions and contributions.

For 2026, Prologis guided to net earnings of $3.70 to $4.00 per diluted share and Core FFO of $6.00 to $6.20 per diluted share. Operational guidance included average occupancy of 94.75% to 95.75% and cash same-store NOI growth of 5.75% to 6.75%, with planned development starts of $3.0 to $4.0 billion and acquisitions of $1.0 to $1.5 billion.

Source: Prologis, Inc., PR Newswire press release, January 21, 2026