Key TakeawaysPrologis exceeded analysts' estimates for third-quarter profit and revenue as the real estate market began to recover from its slump.Core funds from operations (FFO) climbed 10%, more than expected, driving the gains.Prologis boosted the low end of its full-year guidance for earnings and core FFO. Shares of Prologis (PLD) advanced Wednesday when the largest industrial real estate firm posted better-than-anticipated results and solid guidance on strong funds from operations (FFO).  The real esta ...

For the quarter ended September 2024, Prologis (PLD) reported revenue of $1.9 billion, up 6.7% over the same period last year. EPS came in at $1.43, compared to $0.80 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $1.9 billion, representing a surprise of -0.38%. The company delivered an EPS surprise of +4.38%, with the consensus EPS estimate being $1.37.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they c ...

Prologis (PLD) came out with quarterly funds from operations (FFO) of $1.43 per share, beating the Zacks Consensus Estimate of $1.37 per share. This compares to FFO of $1.30 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 4.38%. A quarter ago, it was expected that this industrial real estate developer would post FFO of $1.33 per share when it actually produced FFO of $1.34, delivering a surprise of 0.75%.Over the last four quarters ...

Company Overview - Prologis owned or had investments in properties and development projects totaling approximately 1.2 billion square feet (116 million square meters) across 20 countries as of September 30, 2024[4]. Financial Performance - Total revenues for Q3 2024 were $2.036 billion, compared to $1.915 billion in Q3 2023, representing a 6.3% increase year-over-year[8]. - Core FFO attributable to common stockholders/unitholders for Q3 2024 was $1.367 billion, up from $1.238 billion in Q3 2023, reflecting a 10.4% increase[11]. - Net earnings attributable to common stockholders for Q3 2024 were $1,004,267, compared to $746,174 in Q3 2023, representing a year-over-year increase of 34.6%[173]. - The company reported operating income of $1,250,971 for Q3 2024, up from $882,108 in Q3 2023, indicating a growth of approximately 42%[40]. - The diluted net earnings per share for Q3 2024 were $1.08, compared to $0.80 in Q3 2023, indicating an increase of 35%[39]. - Adjusted EBITDA attributable to common stockholders/unitholders for Q3 2024 was $1,733,598, compared to $1,618,657 in Q3 2023, reflecting a growth of 7.1%[47]. Guidance and Projections - The company expects net earnings attributable to common stockholders for 2024 to be between $3.35 and $3.45 per share[33]. - Prologis anticipates core FFO attributable to common stockholders/unitholders for 2024 to be in the range of $5.42 to $5.46 per share[33]. - Average occupancy for Prologis Share is projected to be between 96.00% and 96.50% for 2024[33]. - Strategic capital revenue, excluding promote revenue, is expected to be between $525 million and $535 million for 2024[33]. - Development stabilizations for 2024 are forecasted to be between $3.9 billion and $4.3 billion[33]. - Prologis plans to initiate development starts in the range of $1.75 billion to $2.25 billion for 2024[33]. Occupancy and Leasing - The average occupancy rate for the operating portfolio was 97.1% in Q3 2024, consistent with the previous quarter[59]. - Total square feet of leases commenced in Q3 2024 was 50,764, an increase from 46,391 in Q3 2023, representing a growth of 9.1%[51]. - The net effective rent change for Prologis share in Q3 2024 was 67.8%, down from 84.0% in Q3 2023[51]. - The cash rent change for Prologis share in Q3 2024 was 44.1%, compared to 54.2% in Q3 2023[51]. Assets and Liabilities - Total assets as of September 30, 2024, were $93,537,418, up from $93,020,840 at June 30, 2024, showing an increase of approximately 0.6%[34]. - Total liabilities increased to $38,241,104 as of September 30, 2024, compared to $35,614,097 at June 30, 2024, representing an increase of about 7.3%[35]. - The company’s net investments in real estate properties reached $79,760,774 as of September 30, 2024, an increase from $77,864,755 at June 30, 2024, reflecting a growth of approximately 2.4%[34]. Development Activities - Development starts in YTD Q3 2024 reached $2,112 million, with total development stabilizations at $2,501 million[75]. - The total development portfolio for Prologis includes 7,065 thousand square feet, with a total expected completion value of $1,032,956 thousand[87]. - The estimated value creation from development activities is $128,991 million[80]. - The total development starts for Q3 2024 reached 1,855 thousand square feet, with a leased percentage of 30.1%[84]. Debt and Financial Ratios - Total liabilities amounted to $20,154,946,000, with third-party debt at $6,167,428,000[111]. - The leverage ratio as of the period end was 30.9%, significantly below the covenant limit of 60%[186]. - Fixed charge coverage ratio was 6.7x, well above the required minimum of 1.5x[186]. - The weighted average interest rate on debt remained stable at 3.1%, indicating effective debt management[127]. Solar Capacity and Sustainability - Total U.S. solar capacity reached 92 MW, contributing to a gross book value of $182,596,000[103]. - The company reported a total owned and managed solar capacity of 192 MW, with a total gross book value of $294,183,000[103]. - The estimated weighted average stabilized yield was reported at 28%[103]. Customer and Market Insights - Top 10 customers account for 14.7% of net effective rent, with Amazon leading at 5.0% and a total of 151,004 thousand square feet[71]. - The total occupied square feet across all properties is 1,120,623 thousand, with a weighted average term of leases remaining of 4.0 years[72].

Ongoing flight to quality within the industrySAN 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 ...

Prologis (PLD) is slated to report its third-quarter 2024 results on Oct. 16 before the bell. In anticipation of the announcement, industry analysts and investors are eager to assess the company's performance and prospects in the current economic climate.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.In the last reported quarter, this leading industrial REIT reported a surprise of 0.75% in terms of core funds from operations (FFO) per share. The quarterly results reflected a rise i ...

We have covered Prologis (NYSE: PLD ) for a few years now, and at times, we have been more optimistic , but last year we became more cautious given some temporary headwinds. While the valuation andAnalyst’s Disclosure: I/we have a beneficial long position in the shares of PLD, UPS, DHLGY either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relati ...

Wall Street analysts expect Prologis (PLD) to post quarterly earnings of $1.38 per share in its upcoming report, which indicates a year-over-year increase of 6.2%. Revenues are expected to be $1.9 billion, up 7% from the year-ago quarter.The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.Before a company reveals its earnings, ...

MEXICO CITY, Oct. 10, 2024 /PRNewswire/ -- FIBRA Prologis (BMV: FIBRAPL14), a leading owner and operator of Class-A industrial real estate in Mexico, has acquired one building from Prologis located in Tijuana for a purchase price of US$63.7 million ($155/square feet), including closing costs. This 411,000 square foot multi-customer facility is fully leased in dollars."We are very pleased to make further progress on our growth strategy with this acquisition.  The property is situated in a strategic market an ...

The latest trading session saw Prologis (PLD) ending at $119.34, denoting a -0.55% adjustment from its last day's close. The stock fell short of the S&P 500, which registered a gain of 0.97% for the day. Meanwhile, the Dow gained 0.3%, and the Nasdaq, a tech-heavy index, added 1.45%.Shares of the industrial real estate developer witnessed a loss of 7.87% over the previous month, trailing the performance of the Finance sector with its loss of 4.16% and the S&P 500's gain of 5.41%.The investment community wil ...