MEXICO CITY, Oct. 21, 2024 /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 third quarter results, current market conditions and future outlook on Wednesday, October 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 ...

Join iREIT on Alpha today to get the most in-depth research that includes REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and other income alternatives. 438 testimonials and most are 5 stars. Nothing to lose with our FREE 2-week trial .By now, I doubt it's a surprise to most readers that I like companies with large footprints in critical supply chains. This includes Prologis (NYSE: PLD ) , a company I called "A Shareholder's Dream" in the title ofAnalyst’s Disclosure: I/we have no stock, option or similar deri ...

Prologis' accelerating earnings growth bodes well for its ability to continue increasing its dividend at a brisk pace.Prologis (PLD 4.60%) has done a magnificent job paying dividends over the years. The leading industrial real estate investment trust (REIT) has increased its payout every year for over a decade. It's grown at a 13% compound annual rate over the last five years, more than double the rate of the S&P 500 (5%) and other REITs (5%). The industrial REIT is in an excellent position to continue incr ...

Financial Data and Key Metrics Changes - Core FFO, excluding net promote expense, was $1.45 per share, slightly ahead of forecasts, including approximately $0.03 from Prologis Ventures' exit [8][19] - Period-ending occupancy was 96.2%, nearly 300 basis points above the market, with net effective rent change at 68% and cash rent change at 44% [8][9] - The overall portfolio lease mark-to-market finished at 34%, representing $1.6 billion of potential NOI [9] Business Line Data and Key Metrics Changes - The portfolio produced net effective and cash same store growth of 6.2% and 7.2%, respectively [9] - Approximately $90 million of NOI was captured by rolling leases up to market [8] - Development projects started in the quarter exceeded $0.5 billion, with over $1.4 billion deployed in third-party acquisitions [10] Market Data and Key Metrics Changes - Global market rents decreased approximately 3% this quarter, with Southern California experiencing the longest recovery time [12][13] - Net absorption in the U.S. portfolio was 40 million square feet, with completions at 63 million square feet, leading to a market vacancy of 6.8% [63] - The under-construction pipeline is at its lowest point since 2017, indicating a potential for demand improvement as supply decreases [64] Company Strategy and Development Direction - The company is focused on operational excellence, customer centricity, and value creation to drive performance across market cycles [20] - Prologis Ventures had a successful exit, realizing a 9-times multiple on investment, indicating a strong strategic capital position [11] - The company is tightening its forecast for average occupancy and cash same store growth, reflecting a cautious approach amid market conditions [17][18] Management Comments on Operating Environment and Future Outlook - Management noted that conditions remain soft in many markets despite healthy GDP and consumption growth, attributing this to excess capacity built during COVID [12] - The company expects market rents to bottom out mid-next year, with a long-term growth trajectory remaining favorable due to replacement cost rents being approximately 15% above current market levels [15] - Management expressed confidence in the long-term outlook, despite near-term softness in demand and occupancy [20] Other Important Information - The company raised $4.6 billion of new debt at a weighted average rate of 4.6% with a maturity of approximately nine years [9] - Prologis is expanding its land bank, driving potential development opportunities over $40 billion, including projects in India [10] - The company is on track to achieve over 600 megawatts of energy generation capacity by the end of the year, with a goal of 1 gigawatt by the end of 2025 [10] Q&A Session Summary Question: How to reconcile mixed signals in industrial markets with strong leasing activity? - Management indicated that the raised acquisition guidance reflects confidence in the long-term outlook, despite current utilization keeping demand subdued [25][26] Question: Updated view on market rent growth and development starts? - Management expects softness in rents to continue but highlighted that 90% of leases roll after the next 12 months, which will mitigate short-term fluctuations [30][31] Question: Clarification on core FFO beat and full-year guidance? - Management clarified that the perceived beat was anticipated and that FX gains were not a variance item in FFO due to hedging [36][37] Question: Trends in occupancy by unit size and Southern California demand? - Management noted that demand remains soft in LA, with Class A outperforming Class B, while the Inland Empire shows better demand due to port growth [40][43] Question: How quickly can demand recover as uncertainty ebbs? - Management suggested that as spare capacity is utilized, demand will gradually increase, supported by economic growth and trade [47] Question: Update on digital and energy infrastructure initiatives? - The company reported significant progress in solar energy projects and data center developments, with a strong pipeline in both areas [58][60] Question: Net absorption and supply completions in the U.S. portfolio? - Management confirmed net absorption of 40 million square feet and completions of 63 million square feet, with rising market vacancies [63] Question: When does availability peak in the portfolio? - Management anticipates vacancies will peak in late 2024, with recovery expected to emerge later next year [68] Question: Any specific pockets driving higher development stabilization guidance? - Management indicated that development opportunities are spread globally, with no specific trends pointing to higher stabilization in any region [86]

Prologis, Inc. (PLD) reported third-quarter 2024 core funds from operations (FFO) per share of $1.43, outpacing the Zacks Consensus Estimate of $1.37. This compares favorably with the year-ago quarter’s figure of $1.30.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Reflecting the positive sentiments of investors, shares of the company gained more than 3% during the initial hours of today’s trading session. The quarterly results reflect a rise in rental revenues and healthy leasing ...

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 ...