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].

Core Insights - Prologis reported strong operational performance for Q1 2025, with 58 million square feet of leases signed and significant expansion in data center capacity [1][2] - The company maintains a robust balance sheet and liquidity, positioning itself to capitalize on emerging opportunities despite current policy uncertainties [2][5] Operating Performance - Average occupancy for Prologis was 94.9% in Q1 2025, with leases commenced totaling 65.1 million square feet and a retention rate of 72.9% [3] - Cash same-store net operating income (NOI) increased by 6.2%, while net effective rent change rose by 53.7% and cash rent change increased by 32.1% [3] Deployment Activity - Prologis made acquisitions totaling $811 million with a weighted average stabilized cap rate of 4.2% [4] - Development stabilizations amounted to $925 million, with an estimated weighted average yield of 6.9% and a value creation estimate of $240 million [4] - The company initiated development starts worth $646 million, with an estimated weighted average yield of 6.6% [4] Financial Performance - Total revenues for Q1 2025 reached $2.14 billion, up from $1.96 billion in Q1 2024 [16] - Net earnings attributable to common stockholders were $591.5 million, consistent with the previous year, while core funds from operations (Core FFO) increased by 10.9% to $1.42 per diluted share [8][16] - The company reported total available liquidity of approximately $6.5 billion, with a debt-to-EBITDA ratio of 4.9x [9] Guidance - Prologis maintained its earnings guidance for 2025, projecting net earnings per diluted share between $3.45 and $3.70 and Core FFO between $5.65 and $5.81 [7][11] - The company expects average occupancy to remain between 94.5% and 95.5% and cash same-store NOI growth of 4.0% to 5.0% [10]

Core Viewpoint - Prologis is expected to report its first-quarter 2025 results on April 16, with analysts and investors keen to evaluate its performance amid current economic conditions [1] Company Performance - In the last reported quarter, Prologis achieved an 8.70% surprise in core funds from operations (FFO) per share, driven by increased rental revenues and strong leasing activity, although high interest expenses posed challenges [2] - Over the past four quarters, Prologis exceeded the Zacks Consensus Estimate for FFO per share three times, with an average beat of 3.46% [2] Industry Overview - The U.S. industrial real estate market demonstrated resilience in Q1 2025, with steady demand despite tariff uncertainties, although vacancy rates rose and rent growth moderated [3] - Net absorption for the first quarter was 23.1 million square feet, matching the previous year's level but down from 42.4 million square feet in Q4 [4] - The overall vacancy rate increased by 30 basis points to 7%, the highest since 2014, indicating a shift towards a more balanced market [5] - Asking rents have flattened, with a year-over-year growth of 4.3%, while the national average rent remained stable at $10.11 per square foot [6] Development Trends - The development pipeline is shrinking, with Q1 2025 seeing 72.6 million square feet of new industrial buildings completed, a 41% year-over-year decline [7] - Speculative assets made up 72% of the total square footage delivered in the first quarter [7] Strategic Positioning - Prologis is well-positioned to navigate the industrial real estate landscape, leveraging its portfolio of premium assets and focusing on targeted acquisitions and developments [8] - The company is expected to utilize its cost efficiency and strong balance sheet to drive growth initiatives, reinforcing its market leadership [9] Financial Projections - The Zacks Consensus Estimate for Prologis' first-quarter revenues is $1.94 billion, reflecting a 5.89% year-over-year increase [10] - Average occupancy is projected at 95.5%, indicating an 80 basis points decrease from the prior quarter, while same-store net operating income is expected to rise by 3.7% year over year [10] - Interest expenses are anticipated to increase by 13.3% year over year in the first quarter [10] Analyst Sentiment - Analysts have not revised the Zacks Consensus Estimate for first-quarter FFO per share, which remains at $1.38, suggesting a 7.81% year-over-year increase [11] - Prologis holds a Zacks Rank of 3 and an Earnings ESP of +0.21%, indicating potential for an FFO beat this quarter [12]

Group 1 - Financial markets are currently experiencing negative sentiment due to concerns over the trade war [1] - Despite the trade war, there are numerous companies operating in the U.S. market that may present investment opportunities [1] - The analyst has a background in macroeconomics and market trends, with experience in both Russian and Ukrainian financial markets [1] Group 2 - The analyst has been involved in financial markets since 2005 and has worked in various roles, including as a financial markets analyst [1] - The transition to Seeking Alpha represents a move from a regional to a global market perspective [1]

Market Overview - The first week of April 2025 experienced significant market volatility due to rapidly changing tariff policies, leading to a historic swing in stock prices [1] - The S&P 500 saw one of its highest single-day gains on April 9, 2025, following the announcement of a 90-day pause on most tariffs by the Trump administration [1] Investment Opportunities - High-yield dividend stocks have been trading at a discount amid increased market volatility, presenting potential opportunities for investors [3] - Prologis, a leading logistics real estate company, has a dividend yield of 4.26% and a strong annualized three-year dividend growth rate of 15.1%, despite a 10% year-to-date dip [4][5] - Kinder Morgan, an energy infrastructure giant, has a dividend yield of 4.35% and has seen a 41% rally over the past year, despite a recent dip of over 3% [8][9] - Verizon Communications, the largest provider of mobile and telephone services in the U.S., offers a dividend yield of 6.20% and is considered insulated from tariff impacts [11][13] Company Performance - Prologis shares fell nearly 6% in the five trading days leading to April 10, 2025, contributing to a year-to-date decline of nearly 10% [6] - Kinder Morgan's executives raised adjusted EPS and EBITDA guidance for 2025, indicating strong growth potential despite a recent earnings miss [10] - Verizon's stock dipped over 4% in the five days leading to April 10, but analysts see more than 9% upside potential, rating it a Moderate Buy [12][14] Analyst Sentiment - Nearly two-thirds of analysts rate Prologis a Buy, with a consensus price target nearly 35% above current levels [7] - Kinder Morgan is rated a Moderate Buy with a consensus price target of $29.64, indicating a potential upside of 15.62% [10] - Verizon is also rated a Moderate Buy, with a consensus price target of $46.92, suggesting it may be undervalued [14]

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 ...

Real estate investment trusts, or REITs, aren't well known for their volatility, and as a group, they tend to be more resilient than the typical S&P 500 company during tough times.We're seeing this during the recent market downturn. The S&P 500 is down by roughly 12% as of this writing, since President Trump's tariff plan was announced, but the real estate sector is down by less than 10%.However, one of the most rock-solid companies in the real estate sector has taken quite a beating. Industrial real estate ...

MEXICO CITY, April 7, 2025 /PRNewswire/ -- FIBRA Prologis (BMV: FIBRAPL 14), a leading owner and operator of Class-A logistics real estate in Mexico, will host a webcast and conference call with senior management to discuss first quarter results, current market conditions and future outlook on Wednesday, April 30, at 9:00 a.m. Mexico Time.To access a live broadcast of the call, dial +1 888 596 4144 (toll-free from the United States and Canada), 800 269 4416 (toll-free from Mexico) or +1 646 968 2525 from al ...

Group 1 - Prologis's stock has decreased by approximately 19% since March [1] - Industrial and retail REITs are significantly impacted by tariffs due to their reliance on global trade and consumer spending [1]