Prologis Inc. (NYSE:PLD) reported fourth-quarter profit and revenue that topped Wall Street expectations on Wednesday, supported by solid leasing activity across its global warehouse portfolio, as the industrial REIT enters 2026 with upbeat earnings guidance.
The shares rose 2.37% in premarket trading. Prologis, a roughly $123 billion industrial real estate investment trust, has continued to benefit from long-term trends tied to e-commerce growth and supply-chain reconfiguration. With warehouse demand showing signs of a broad recovery, investors are increasingly focused on the company’s ability to convert leasing momentum into sustained earnings growth in the year ahead.
The group delivered net earnings of $1.49 per diluted share for the quarter, comfortably ahead of the consensus estimate of $0.70.
Quarterly revenue increased to $2.1 billion, edging past market expectations of $2.09 billion.
Prologis said it signed a record 228 million square feet of leases during 2025, highlighting a rebound in warehouse demand across key U.S. markets.
Management noted that this leasing strength positions the business for faster growth in 2026, as customers commit to longer-term space amid more stable demand conditions.
The company also said it continued to expand power capacity across its properties to meet rising demand from data centers, reflecting the growing convergence between logistics real estate and digital infrastructure.
Looking ahead, Prologis forecast 2026 net earnings attributable to common stockholders of $3.70 to $4.00 per diluted share. Core funds from operations attributable to common stockholders and unitholders are expected to range between $6.00 and $6.20 per share.
For the full year, Prologis reported net earnings of $3.56 per share, compared with $4.01 in the prior year.
Core funds from operations, a key REIT performance metric, totaled $5.81 per share for 2025, up from $5.56 in 2024. On an adjusted basis excluding net promote income or expense, core FFO increased to $5.86 per share from $5.53.