交银国际研究 消息快报 谢骐聪, CFA, FRM philip.tse@bocomgroup.com (852) 3766 1815 此报告最后部分的分析师披露、商业关系披露和免责声明为报告的一部分，必须阅读。 下载本公司之研究报告，可从彭博信息：BOCM 或 https://research.bocomgroup.com 物流房地产行业 2025 年 4 月 17 日 安博 (PLD US) 2025 年 1 季度业绩大致符合预期；需求仍有韧性 2025 年 4 月 17 日 安博 (PLD US) 2025 年 1 季度业绩大致符合预期。安博 2025 年 1 季度租金及相关收入为 19.9 亿美元，同比增 8.7%。调整后 EBITDA 为 17.7 亿美元，同比增 10.8%。股东每 股净收益同比增 1.2% 至 0.63 美元，每股核心 FFO 为 1.42 美元，同比增 10.9% ，较我们全年预期的 8%增长稍高，也较公司全年预测高。公司建议 2025 年 1 季度每单位分派 1.01 美元（约占我们 2025 全年预测 3.87 美元的 26. 1%）。安 博维持其 2025 年盈利预测，预 ...

Group 1 - The article discusses a value investing approach focusing on classical value ratios such as low P/B, P/FCF, and Owner Earnings discounting [1] - It emphasizes the importance of tracking earnings growth versus price appreciation for quality evaluation [1] - The author advocates for self-indexing using the Dow Jones Industrial Average combined with Joel Greenblatt's Magic Formula for tax efficiency [1] Group 2 - The author has a beneficial long position in shares of PLD, O, AMT, and AMZN through various financial instruments [2] - The article expresses the author's personal opinions and is not influenced by compensation from any company mentioned [2] Group 3 - The information provided is for general informational purposes and should not be considered as financial advice [3] - The author is not a licensed financial advisor or CPA, and the content may not be suitable for all financial situations [3]

Financial Data and Key Metrics Changes - Prologis reported a core FFO of $1.42 per share, including net promotes, and $1.43 per share excluding net promotes, both exceeding forecasts [14] - Occupancy at the end of the quarter was 95.2%, a decrease of 70 basis points from year-end, attributed to strong retention [14] - Net effective rent change during the quarter was 54%, with cash basis at 32%, leading to same-store growth of 5.9% and 6.2% respectively [15] - The net effective lease mark-to-market ended at 25%, representing an additional $1.1 billion of incremental NOI [15][16] Business Line Data and Key Metrics Changes - Prologis leased 58 million square feet, nearing record levels, and initiated approximately $650 million in new developments, with 80% being build-to-suit projects [9][16] - The data center business expanded power capacity by 400 megawatts, a 13% increase, totaling 2 gigawatts in advanced stages [9][18] Market Data and Key Metrics Changes - The operating environment showed increased leasing activity in sectors like transport, food and beverage, consumer products, and electronics [20] - Net absorption for the quarter was 21 million square feet, with a global decline of 1.5%, primarily in Southern California [79] Company Strategy and Development Direction - The company aims to invest in markets where goods are consumed rather than produced, emphasizing the need for more warehouse space in a disconnected world [13][92] - Prologis plans to reduce development start guidance to $1.5 billion to $2 billion due to uncertainty in the market [31] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about potential recession impacts on consumption and decision-making, while also noting the resilience of Prologis due to its diversified rent roll and strong balance sheet [11][12] - The company anticipates increased inventory levels as businesses stockpile, with e-commerce expected to gain more market share [28] Other Important Information - Prologis raised approximately $400 million in new capital for its flagship open-ended funds, with a similar amount in redemptions, resulting in a near-neutral capital raise [19] - The company received a Moody's upgrade to an A2 rating, making it one of only two public REITs with an A-flat rating from both agencies [19] Q&A Session Summary Question: Insights on customer interactions and demand - Management noted that consumption is expected to decline in a recession, but long-term trends indicate growth [40][41] Question: Clarification on leasing and occupancy - The occupancy drop was attributed to a high number of leases rolling in the first quarter, with retention at 73% [48] Question: Stress test scenarios and market conditions - The stress test indicated potential occupancy declines and rent drops, with bad debt expectations adjusted to 75 basis points [78] Question: Impact of tariffs on customers - Management speculated that customers could absorb a 10% tariff, with Mexico expected to benefit from shifts in sourcing [86] Question: Demand for warehouse space - The company believes that a disconnected world will require more warehouse space due to the need for inventory and supply chain adjustments [91][92]

Prologis, Inc. (PLD) reported first-quarter 2025 core funds from operations (FFO) per share of $1.42, outpacing the Zacks Consensus Estimate of $1.38. This compares favorably with the year-ago quarter’s figure of $1.28.Reflecting investors’ positive sentiments, shares of the company gained more than 2.5% during the initial hours of today’s trading session. The quarterly results reflect a rise in rental revenues and healthy leasing activity. However, high interest expenses are an undermining factor. In addit ...

Prologis (PLD) came out with quarterly funds from operations (FFO) of $1.42 per share, beating the Zacks Consensus Estimate of $1.38 per share. This compares to FFO of $1.28 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 2.90%. A quarter ago, it was expected that this industrial real estate developer would post FFO of $1.38 per share when it actually produced FFO of $1.50, delivering a surprise of 8.70%.Over the last four quarters ...

Company Overview - Prologis owned or had investments in properties and development projects totaling approximately 1.3 billion square feet (120 million square meters) across 20 countries as of March 31, 2025[9]. - Prologis' gross assets under management (AUM) reached $207 billion, with 84% of this value derived from the U.S. market[19][22]. - The company reported a total asset value of $95,993,391 as of March 31, 2025, compared to $95,328,909 at the end of 2024, indicating a growth of 0.7%[56]. - The total liabilities stood at $22,337.816 million, with third-party debt accounting for $18,441.978 million[121]. - The total value of assets under management is $157,044,079,000[171]. Financial Performance - Total revenues for Q1 2025 were $2.14 billion, an increase from $1.96 billion in Q1 2024, representing a growth of 9.3%[28]. - Core FFO attributable to common stockholders/unitholders for Q1 2025 was $1.36 billion, up from $1.22 billion in Q1 2024, reflecting a year-over-year increase of 11.1%[28]. - Net earnings attributable to common stockholders for Q1 2025 were $591,501, up from $584,263 in Q1 2024, reflecting a growth of 1.9%[59]. - Operating income for Q1 2025 was $878,413, representing a 22% increase from $720,355 in Q1 2024[57]. - Total rental revenue for Q1 2025 reached $1,250.801 million, with the U.S. contributing $407.564 million[121]. - Core FFO per share - Diluted increased to $1.42 in Q1 2025 from $1.28 in Q1 2024, marking a rise of approximately 10.9%[156]. Development and Expansion - Estimated value creation from development stabilizations for Q1 2025 was $240 million, significantly higher than $50 million in Q1 2024[28]. - Development stabilizations are expected to range from $1.9 billion to $2.3 billion in 2025, highlighting ongoing expansion efforts[53]. - The total development portfolio is valued at $2.65 billion, with an estimated NOI of $4.47 billion and a percentage leased of 190%[141]. - The estimated weighted average stabilized yield for development stabilizations in Q1 2025 is 6.9%, with an annualized estimated NOI of $63.444 million[95]. - The estimated weighted average margin for development stabilizations is 26.0%[95]. Operational Metrics - Average occupancy rate for owned and managed properties was 96.8% in Q1 2025, slightly down from 97.0% in Q4 2024[64]. - The company reported a customer retention rate of 78.4% in Q1 2025, down from 80% in Q4 2024[68]. - The average occupancy for the same store information was 95.5% in Q1 2025, with a cash NOI increase of 6.2%[75]. - The total operating portfolio reached 2,319,670 square feet, with an occupancy rate of 95.2%[86]. - The total square feet of leases commenced in Q1 2025 was 63,251, representing a significant increase from 42,960 square feet in Q4 2024[72]. Debt and Liquidity - Debt increased to $32,262,055 in Q1 2025 from $30,879,263 in Q4 2024, marking a rise of 4.5%[56]. - The company's debt as a percentage of gross market capitalization was 25.7%, indicating a stable leverage position[126]. - Total consolidated debt, net of premiums and discounts, amounts to $29.39 billion, with a total liquidity of $6.52 billion[135]. - The percentage of floating rate debt is 5.4%, reflecting a moderate exposure to interest rate fluctuations[134]. - Prologis has a total debt of $32.26 billion, with 95% of it being fixed rate[135]. Market Outlook - The company provided guidance for 2025, projecting net earnings attributable to common stockholders between $3.45 and $3.70 per share[53]. - Prologis anticipates same store NOI growth of 4.00% to 5.00% for 2025, indicating a positive outlook for operational performance[53]. - The company anticipates further market expansion with new ventures expected to stabilize by Q4 2025[120]. Customer and Market Dynamics - The top customer, Amazon, accounted for 5.0% of net effective rent, occupying 45,680 square feet[87]. - The remaining lease expirations indicate that 36.6% of total occupied square feet will expire thereafter, with a weighted average rent of $9.08 per square foot[88]. - Prologis Share of Same Store Property NOI - Net Effective increased by 5.9% to $1,492,688 thousand in Q1 2025 compared to $1,409,007 thousand in Q1 2024[187]. Sustainability and Energy Initiatives - The total solar and energy storage portfolio has a capacity of 253 MW and a gross book value of $376,172,000[107]. - The total installed capacity for solar projects is 638 MW, with an estimated weighted average stabilized yield of 11.6%[107]. - The total current investment in solar projects under development is $395,672,000[107].

Prologis (PLD) is slated to report its first-quarter 2025 results on April 16, before the opening 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.In the last reported quarter, this leading industrial REIT reported a surprise of 8.70% in terms of core funds from operations (FFO) per share. The quarterly results reflected a rise in rental revenues and healthy leasing activity. However, high i ...

Financial markets are in a bad mood right now and are concerned about the trade war. But there are so many different companies trading in the U.S. market. And so, even in a trade war, there will be those companies thatI started trading on the Moscow Exchange in 2005 as a private trader. Since 2010, I have been a financial markets analyst. I worked as an analyst in several brokerage companies in Russia and then in Ukraine since 2018. I also worked for a leading financial media outlet in Ukraine, covering glo ...

MEXICO CITY, April 11, 2025 /PRNewswire/ -- FIBRA Prologis (BMV: FIBRAPL 14), a leading owner and operator of Class-A industrial real estate in Mexico, today announced it will host an ordinary certificate holders meeting on April 25, 2025, at 11:00 am Mexico Time. The meeting agenda includes the following items: I. Proposal, discussion and, if applicable, approval of the Trust's audited annual financial statements, corresponding to the fiscal year 2024, in accordance with Clause 4.3, subsection (a), nume ...

The upcoming report from Prologis (PLD) is expected to reveal quarterly earnings of $1.38 per share, indicating an increase of 7.8% compared to the year-ago period. Analysts forecast revenues of $1.94 billion, representing an increase of 5.9% year over year.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Prior to a company's earnings release, it is of ...