Prologis Q3 2025 Earnings Update

Summary

• Core FFO per share beat estimates. AFFO came in below consensus estimates. AFFO tends to be extra volatile for Prologis. I'm not concerned by this.
• Guidance for same-store NOI (Net Operating Income) was increased by 50 basis points. That’s good.
• The majority of the increase in same-store NOI is flowing through to increase guidance for Core FFO per share (up $.02).
• Solid quarter. I think REXR’s was a bit more exciting because of the buybacks, but there was nothing to dislike here.

Disclosure: Long PLD and REXR.

Note: We covered REXR's Q3 2025 results yesterday.

Prologis Core FFO Results

Prologis (PLD) results:

• Core FFO of $1.49 beat estimates of $1.44.
• AFFO per share of $1.11 came in below consensus estimates of $1.14.

Here’s the big chart: