Prologis reported strong Q4 2025 results, with operational momentum across logistics and growth in data centers and energy. Management provided a positive 2026 outlook, expecting a continuation of the occupancy and rent inflection cycle, and highlighted significant growth in its data center pipeline, including 1.2GW in LOIs. Core FFO per share for Q4 2025 was $1.44 including promotes, and $1.46 excluding them.
Prologis reported strong Q4 2025 results, with operational momentum across logistics and growth in data centers and energy. Management provided a positive 2026 outlook, expecting a continuation of the occupancy and rent inflection cycle, and highlighted significant growth in its data center pipeline, including 1.2GW in LOIs. Core FFO per share for Q4 2025 was $1.44 including promotes, and $1.46 excluding them.
Prologis reported strong Q4 2025 results, with operational momentum across logistics and growth in data centers and energy. Management provided a positive 2026 outlook, expecting a continuation of the occupancy and rent inflection cycle, and highlighted significant growth in…
Core FFO per share for Q4 2025 was $1.44 including promotes, and $1.46 excluding them.
Management guided 2026 development starts to $4–5 billion, up from $3.1 billion in 2025, with data centers representing roughly 40% of that activity. They also expect $1–1.5 billion of acquisitions and continued investment in the power pipeline for data center development.…
Management expects U.S. vacancy to decline to ~7.1-7.2% by end of 2026, with positive rent growth emerging.
U.S. absorption exceeded completions for first time since 2022.. Management repeatedly framed the business as entering 2026 from a 'position of strength' with visible demand, peaking vacancy, and a constructive setup for durable long-term growth.
Management guided 2026 development starts to $4–5 billion, up from $3.1 billion in 2025, with data centers representing roughly 40% of that activity. They also expect $1–1.5 billion of acquisitions and continued investment in the power pipeline for data center development. Logistics starts still have room to outperform if market conditions improve.
Management repeatedly framed the business as entering 2026 from a 'position of strength' with visible demand, peaking vacancy, and a constructive setup for durable long-term growth.
“There has been a tone shift in Southern California worth discussing. There is a new direction in customer demand... in the back half of the year, and so both in the third and fourth quarters, gross absorption and net absorption went in a d…”
“we expanded our power access to 5.7 gigawatts... 1.2 gigawatts currently in LOI or pending lease execution.”
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| RevenueDEVELOPMENT_STARTS | FY2026 | $4B–$5B | $4.5B | GUIDED |
| RevenueACQUISITIONS | FY2026 | $1B–$1.5B | $1.25B | GUIDED |