Prologis Reports Fourth Quarter and Full Year 2024 Results

In This Article:

Strong uptick in leasing activity post-election

SAN FRANCISCO, Jan. 21, 2025 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today announced the following results for the quarter and fiscal year ended December 31, 2024, as compared to the corresponding periods in 2023:

4Q24

  • Net earnings per diluted share was $1.37 and increased 101.5%, due to higher gains and promotes.

  • Core funds from operations (Core FFO)* per diluted share was $1.50 and increased 19.0%.

  • Core FFO, excluding Net Promote Income (Expense)* per diluted share was $1.42 and increased 10.1%.

FY 2024

  • Net earnings per diluted share was $4.01 and increased 21.9%.

  • Core FFO* per diluted share was $5.56 and decreased 0.9%.

  • Core FFO, excluding Net Promote Income (Expense)* per diluted share was $5.53 and increased 8.4%.

"We closed out 2024 with solid results. It was capped off with the sale of our Elk Grove data center – a turnkey facility under development – that led to significant value creation and demonstrated the end-to-end capabilities of our platform," said Dan Letter, president of Prologis. "Looking ahead, our team is focused on anticipating customer needs and staying ahead of market trends to deliver on our 2025 plan."

"Post-election leasing activity has been strong, and our ongoing conversations with customers support our expectation that the market is nearing an inflection point," said Hamid R. Moghadam, co-founder and CEO of Prologis. "Meanwhile, our platform is uniquely positioned to seize the opportunities created by favorable trends in our data center and energy businesses. The long-term outlook for Prologis is bright."

OPERATING PERFORMANCE

Owned & Managed     

4Q24

Average Occupancy

95.6 %

Leases Commenced (Operating and Development Portfolio)                                       

46.5MSF

Retention

78.4 %



Prologis Share

4Q24

Average Occupancy

95.8 %

Cash Same Store NOI*

6.7 %

Net Effective Rent Change

66.3 %

Cash Rent Change

40.1 %

DEPLOYMENT ACTIVITY

Prologis Share

4Q24

FY 2024

Acquisitions

$384M

$1,917M

     Weighted avg stabilized cap rate (excluding other real estate)

5.9 %

5.1 %

Development Stabilizations

$827M

$4,168M

     Estimated weighted avg yield

7.0 %

6.1 %

     Estimated weighted avg margin

36.1 %

18.5 %

     Estimated value creation

$298M

$773M

     % Build-to-suit

54.0 %

32.8 %

Development Starts

$375M

$1,339M

     Estimated weighted avg yield

5.9 %

7.3 %

     Estimated weighted avg margin

17.5 %

26.9 %

     Estimated value creation

$65M

$366M

     % Build-to-suit

37.3 %

33.4 %

Total Dispositions and Contributions

$1,955M

$3,985M

Weighted avg stabilized cap rate (excluding land and other real estate)     

4.4 %

4.8 %