Prologis Beats Q1 FFO Estimate, Same-Store NOI Up 6.2% Y/Y & More

Shares of real estate investment trust Prologis Inc. PLD are rising after the company reported first-quarter FY25 earnings results.

Rental and other revenue stood at $2.00 billion, missing the analyst consensus estimate of $2.04 billion.

Core FFO of $1.42 beat the analyst consensus estimate of $1.38.

Owned & Managed Average Occupancy was 94.9% and Prologis Share Average Occupancy was 94.8%.

Prologis Share of Same Store Property NOI – Cash rose 6.2% Y/Y to $1.35 billion.

Total expenses for the quarter increased to $1.33 billion from $1.29 billion a year ago quarter.

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Operating income for the quarter jumped to $878 million from $720 million in the prior year’s quarter.

EPS remained flat Y/Y at $0.63 in the quarter. Adjusted EBITDA surged to $1.77 billion from $1.60 billion in the prior year quarter.

Prologis held $671 million in cash and equivalents as of March 31, 2025.

Prologis president Dan Letter said, “We delivered exceptional results this quarter—signing leases totaling 58 million square feet, breaking ground on new build-to-suits with strategic customers and expanding our power capacity to support the growing demand for data centers.”

Hamid R. Moghadam, co-founder and CEO of Prologis, added, “In the near term, policy uncertainty is making customers more cautious. But over the long term, limited new supply and high construction costs support continued rent growth.”

Guidance: Prologis reiterated FY25 core FFO outlook at $5.65 – $5.81 with an estimate of $5.73 and Prologis Share Average Occupancy of 94.50% – 95.50%.

Investors can gain exposure to the stock via Pacer Industrial Real Estate ETF INDS and SP Funds S&P Global REIT Sharia ETF SPRE

Price Action: PLD shares are up 1.01% at $99.47 premarket at the last check on Wednesday.

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