Prologis reported strong leasing activity and financial performance, with successful expansion in their data center and energy businesses. However, challenges such as the impact of the Los Angeles wildfires, a decline in market rent, and a cautious approach to development starts indicate an uncertain economic environment. Despite these challenges, the positive aspects suggest optimism for future growth.

Company Guidance

During the Prologis Q4 2024 earnings call, the management provided guidance for 2025, highlighting several key metrics and expectations. They forecasted average occupancy to range between 94.5% and 95.5%, with net effective same-store growth projected at 3.5% to 4.5% and cash growth at 4% to 5%. The guidance also included a G&A forecast of $440 million to $460 million and strategic capital revenue of $560 million to $580 million. Development starts were estimated to be between $2.25 billion and $2.75 billion, with acquisitions expected to range from $750 million to $1.25 billion. The company set its initial GAAP earnings guidance between $3.45 and $3.70 per share, with Core FFO, including net promote expense, ranging from $5.65 to $5.81 per share. Prologis also aimed to reach its 1-gigawatt goal for solar generation and storage by the end of 2025, underscoring its focus on energy initiatives.

Record Leasing Activity

Prologis signed more than 60 million square feet of leases, setting a company record with diversified interest across customer profiles, size requirements, and markets.

Strong Financial Performance

Core FFO, excluding Net Promote Income, was $1.42 per share and including net promotes was $1.50 per share. Full year results ended at the top end of guidance, representing 8.4% growth over 2023.

Elk Grove Data Center Success

Sale of Elk Grove data center in Chicago resulted in a value creation fee of $112 million, showcasing Prologis' data center development capabilities.

International Portfolio Outperformance

Non-U.S. portfolio fared better in rent growth over 2024, with significant growth in Japan, the U.K., Southern Europe, and Latin America.

Data Center and Energy Business Expansion

Prologis anticipates hitting a 1-gigawatt goal for solar generation and storage by year-end 2025, showing growth in energy initiatives.

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Prologis (PLD) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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PLD Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 22, 2025	2025 (Q1)	0.63 / -	0.63	―	―	―
Jan 21, 2025	2024 (Q4)	0.71 / 1.37	0.68	101.47% (+0.69)
Oct 16, 2024	2024 (Q3)	0.66 / 1.08	0.8	35.00% (+0.28)
Jul 17, 2024	2024 (Q2)	0.62 / 0.92	1.31	-29.77% (-0.39)
Apr 17, 2024	2024 (Q1)	0.58 / 0.63	0.5	26.00% (+0.13)
Jan 17, 2024	2023 (Q4)	0.59 / 0.68	0.63	7.94% (+0.05)
Oct 17, 2023	2023 (Q3)	0.60 / 0.80	1.36	-41.18% (-0.56)
Jul 18, 2023	2023 (Q2)	0.98 / 1.31	0.82	59.76% (+0.49)
Apr 18, 2023	2023 (Q1)	0.56 / 0.50	1.54	-67.53% (-1.04)
Jan 18, 2023	2022 (Q4)	0.61 / 0.63	1.67	-62.28% (-1.04)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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PLD Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 21, 2025	$109.48	$117.27	+7.12%
Oct 16, 2024	$120.34	$125.87	+4.60%
Jul 17, 2024	$119.55	$121.24	+1.41%
Apr 17, 2024	$111.94	$103.89	-7.19%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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