Prologis(PLD) 交银国际·2025-04-17 11:20Investment Rating - The report maintains a "Buy" rating for Prologis (PLD US) with a target price of 100.29 [5]. Core Insights - Prologis reported Q1 2025 results that were broadly in line with expectations, with rental and related income of 1.77 billion, up 10.8% year-on-year [1][2]. - The company maintains its 2025 earnings guidance, projecting net income per share of 3.70 and core FFO per share of 5.81 [1][2]. - Prologis signed new leases totaling over 58 million square feet and made progress in its data center business, expanding power capacity to meet growing demand [1]. Financial Performance Summary - As of Q1 2025, the overall occupancy rate remained high at 94.9%, with a tenant retention rate of 72.9% and net effective rent growth slowing to 53.7% [1]. - The debt to EBITDA ratio stood at 4.9 times, with a debt to total market value ratio of 25.7%, indicating a healthy financial position [1]. - The average cost of debt was 3.2%, with a weighted average maturity of 8.7 years, suggesting stable financial costs in the coming years [1].