Prologis Reports Third Quarter Results

In This Article:

Ongoing flight to quality within the industry

SAN FRANCISCO, Oct. 16, 2024 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today announced the following results for the quarter ended September 30, 2024, as compared to the corresponding period in 2023:

  • Net earnings per diluted share was $1.08 and increased 35.0%, primarily due to higher disposition gains.

  • Core funds from operations (Core FFO)* per diluted share was $1.43 and increased 10.0%.

  • Core FFO, excluding Net Promote Income (Expense)* per diluted share was $1.45 and increased 9.0%.

"The bottoming process is underway as our customers navigate an uncertain environment," said Hamid R. Moghadam, co-founder and CEO of Prologis. "Looking ahead, the supply picture is improving, and the long-term demand drivers for our business remain strong. Going forward, we find ourselves in an enviable position as the partner of choice for leading global customers, to meet their needs in supply chain, digital and energy infrastructure."

"This is where Prologis stands apart, as our teams are poised to capture market share while delivering holistic solutions to key customer challenges," said Dan Letter, president of Prologis.

OPERATING PERFORMANCE 

Owned & Managed

3Q24

Notes

Average Occupancy

95.9 %


Leases Commenced

50.8MSF

49.0MSF operating portfolio and 1.8MSF
development portfolio

Retention

75.7 %





Prologis Share

3Q24

                          Notes                          

Average Occupancy

96.1 %


Cash Same Store NOI*

7.2 %


Net Effective Rent Change

67.8 %


Cash Rent Change

44.1 %


DEPLOYMENT ACTIVITY

Prologis Share

3Q24

Acquisitions

$1,250M

     Weighted avg stabilized cap rate (excluding other real estate)      

5.1 %

Development Stabilizations

$784M

     Estimated weighted avg yield

6.2 %

     Estimated weighted avg margin

16.4 %

     Estimated value creation

$129M

     % Build-to-suit

5.9 %

Development Starts

$392M

     Estimated weighted avg yield

9.0 %

     Estimated weighted avg margin

41.8 %

     Estimated value creation

$169M

     % Build-to-suit

49.0 %

Total Dispositions and Contributions

$836M

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

4.5 %

BALANCE SHEET, LIQUIDITY AND FOREIGN CURRENCY
During the quarter, the company: