Prologis (NYSE: PLD) reported fourth-quarter profit and revenue that exceeded Wall Street expectations on Wednesday, supported by strong leasing activity across its warehouse portfolio and optimistic guidance for 2026.

The industrial real estate investment trust reported net earnings of $1.49 per diluted share for the quarter, well above the consensus estimate of $0.70. Revenue totaled $2.1 billion, slightly exceeding expectations of $2.09 billion.

Prologis said it signed a record 228 million square feet of leases during 2025, highlighting a broad-based recovery in warehouse demand across U.S. markets. Management said the leasing momentum positioned the company for stronger growth in 2026, with customers committing to longer-term space amid stabilizing demand.

The company also continued expanding power capacity across its properties to support rising data center demand, underscoring the growing overlap between logistics real estate and digital infrastructure.

Prologis forecast 2026 net earnings attributable to common stockholders of $3.70 to $4.00 per diluted share and projected core funds from operations of $6.00 to $6.20 per share.

For the full year, Prologis reported net earnings of $3.56 per share, down from $4.01 in the prior year. Core FFO for 2025 totaled $5.81 per share, up from $5.56 in 2024, while adjusted core FFO rose to $5.86 per share from $5.53.