Prologis Inc. (NYSE: PLD) shares advanced more than 4% intra-day on Wednesday after the global logistics real estate leader posted third-quarter results above analyst expectations and raised its full-year forecast, citing record leasing activity and accelerating investments in data centers.

The company reported earnings per share of $0.82, exceeding analyst projections of $0.67. Core funds from operations, a key profitability metric for real estate investment trusts, increased 4.2% year-over-year to $1.49 per share.

Prologis signed a record 62 million square feet of leases during the quarter as companies continued to secure warehouse space amid rising demand. The firm also said it was expanding power capacity to meet data center demand, with 5.2 gigawatts of utility-fed capacity either secured or in advanced development.

The company raised its 2025 net earnings outlook to a range of $3.40 to $3.50 per share, up from its previous forecast of $3.00 to $3.15.

Executives said strong operational performance, growing demand for logistics and digital infrastructure, and disciplined development activity positioned Prologis for continued earnings momentum into next year.