Prologis(US:PLD) ZACKS·2025-10-15 16:25Core Insights - Prologis, Inc. reported a third-quarter 2025 core funds from operations (FFO) per share of $1.49, surpassing the Zacks Consensus Estimate of $1.44 and showing an increase from $1.43 in the same quarter last year [1][11] - The company's shares rose over 4.5% in early trading, reflecting positive investor sentiment driven by increased rental revenues and strong leasing activity, despite high interest expenses [2] Financial Performance - Prologis generated rental revenues of $2.05 billion, which was below the Zacks Consensus Estimate of $2.10 billion but up from $1.90 billion year-over-year [3] - Total revenues reached $2.21 billion, an increase from $2.04 billion in the previous year [3] - The average occupancy level in Prologis' portfolio was 94.8%, slightly down from 94.9% in the previous quarter and 95.9% a year ago [5] Leasing and Market Activity - The company commenced 65.6 million square feet of leases in its owned and managed portfolio, with a retention level of 77.2% [4] - Prologis' share of net effective rent change was 49.4%, with a cash rent change of 29.4% [5] Capital and Liquidity - Prologis ended the quarter with cash and cash equivalents of $1.19 billion, up from $1.07 billion at the end of the previous quarter, and total liquidity of $7.5 billion [8] - The company issued $2.3 billion of debt at a weighted average interest rate of 4.2% during the quarter [9] Guidance and Outlook - Prologis raised its 2025 core FFO per share guidance to a range of $5.78-$5.81 from the previous $5.75-$5.80 [12] - The outlook for capital deployment on development starts was increased to $2.75-$3.25 billion, and spending on acquisitions was revised to $1.25-$1.50 billion [13]