Overview
- Core FFO rose to $1.49 per share in Q3, topping estimates, and full‑year 2025 core FFO guidance was raised to $5.78–$5.81 per share.
- Leasing set a company record with 65.6 million square feet commencing in the quarter, including 19.6 million of new deals and 42.7 million of renewals.
- Average occupancy was 94.8% for the quarter (95.3% at quarter‑end), which executives said has likely bottomed as tenant activity increases.
- Prologis lifted its 2025 development starts outlook to $2.75–$3.25 billion, with build‑to‑suit work driving the pipeline after accounting for roughly 64% of Q3 starts.
- The company secured another 1.5 gigawatts of power, bringing data‑center capacity to about 5.2 GW, as analysts reiterated Buy ratings and shares rose following the report; the call was also CEO Hamid Moghadam’s last before a planned January 2026 handover to Dan Letter.