PLD
Prologis, Inc.127.61
-2.04-1.57%
Dec 16, 4:00:03 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Data center LOIs, fund progress
Q&A zeroed in on data centers, disclosing 1.2 gigawatts in LOI or pending leases—a small handful of imminent starts—and 40% of the $4-5 billion development guidance. Management detailed a 10 gigawatt power pipeline across tier-one/two U.S./Europe markets, with advanced procurement defined as preliminary utility deals post-12-24 months of talks. Chris Caton forecasted U.S. net absorption approaching 200 million square feet in 2026, vacancy easing to 7.1-7.2%, and positive aggregate rent growth emerging. Southern California showed absorption pickup, Inland Empire leading. Answers largely reaffirmed prepared remarks' momentum. Data centers draw eyes.
Key Stats
Market Cap
118.53BP/E (TTM)
36.99Basic EPS (TTM)
3.45Dividend Yield
0.03%Recent Filings
8-K
Prologis renews $3B credit facility
Prologis L.P. entered into an Amended and Restated Global Senior Credit Agreement on March 26, 2026, establishing a $3 billion revolving facility maturing June 28, 2030, with $2 billion U.S. dollar tranche and €864 million euro tranche, expandable by $1 billion. Spread over benchmark sits at 65 basis points, tied to ratings with two six-month extensions possible. Yet covenants include cross-acceleration above $150 million.
10-K
FY2025 results
Prologis capped FY2025 with resilient leasing and development momentum, signing 112 million square feet of new leases in its consolidated portfolio (228 million O&M basis) at 50.1% net effective rent change (derived), while ending the year at 95.6% O&M occupancy. Rental revenues climbed 8.7% y/y to $8.2B, driving Real Estate NOI up 8.2% to $6.2B, as Q4 same-store NOI grew 4.7% y/y (Prologis share, net effective; 5.7% cash), reflecting embedded 18% lease mark-to-market. Stabilized 40 developments (11M sq ft TEI $2.3B, 25.4% margin), started 41 more ($2.9B TEI, 61% build-to-suit), with $686M data center pipeline underscoring quarterly acceleration. Q4 delivered $2.7B net proceeds from dispositions ($944M gains), bolstering $7.6B liquidity against $35B debt (3.2% rate, 9-year term). No annual guidance disclosed. Geopolitical risks could disrupt global operations.
8-K
Q4 Core FFO $1.44; 2026 guides up.
Prologis reported Q4 2025 Core FFO of $1.44 per share, down from $1.50 yet buoyed by 95.8% period-end occupancy and 43.8% net effective rent change on 43.8 million square feet leased. Development stabilizations hit $539M at 6.4% yield, creating $95M value. 2026 Core FFO guides $6.00-$6.20 amid 5.75%-6.75% same-store NOI growth.
8-K
Updated PSU terms approved
Prologis's Compensation Committee approved an updated PSU agreement under the 2020 LTIP on December 3, 2025, adding cash-settled dividend equivalents on target PSUs during performance periods, settled if earned. It also amended retirement eligibility waivers for executives Letter, Arndt, and Andrus, excluding equity awards granted on or after January 1, 2026. Aligns pay with performance.
8-K
Austin named CDO
Prologis named Damon Austin as Chief Development Officer effective January 1, 2026. The 47-year-old internal veteran has led Global Customer Led Development since 2023, after roles in Americas development and West Region capital deployment since 2015. Leadership continuity. No compensation details disclosed.
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