Prologis(PLD)
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Prologis(PLD) - 2025 Q2 - Earnings Call Presentation
2025-07-16 16:00
Company Overview - Prologis owned or had investments in properties and development projects expected to total approximately 13 billion square feet in 20 countries as of June 30, 2025[9] - The company leases modern logistics facilities to approximately 6,500 customers[9] - The build out of land (TEI) is $415 billion[10] Financial Performance - Rental and other revenues for the three months ended June 30, 2025, were $2037 million, compared to $1853 million for the same period in 2024[25] - Core FFO attributable to common stockholders/unitholders for the three months ended June 30, 2025, was $1396 million, compared to $1281 million for the same period in 2024[25] - AFFO attributable to common stockholders/unitholders for the three months ended June 30, 2025, was $1036 million, compared to $1072 million for the same period in 2024[25] - Strategic capital revenues for the three months ended June 30, 2025, were $147 million, compared to $155 million for the same period in 2024[25] Operations - The company's annual NOI is $64 billion[12] - 85% of the company's NOI comes from the U S[10] - The average occupancy for the Prologis Share was 95%[66] Strategic Capital - The company's gross AUM is $205 billion[17] - The company's Prologis Share AUM is $139 billion[23] - Fees and promotes are $452 million[14] Capital Deployment - Value creation from stabilizations is $731 million[23] - The estimated build out of the land portfolio is 216 million square feet, with a TEI of $379 billion[99]
Prologis (PLD) Reports Q2 Earnings: What Key Metrics Have to Say
ZACKS· 2025-07-16 14:31
For the quarter ended June 2025, Prologis (PLD) reported revenue of $2.03 billion, up 9.3% over the same period last year. EPS came in at $1.46, compared to $0.92 in the year-ago quarter.The reported revenue represents a surprise of +1.35% over the Zacks Consensus Estimate of $2 billion. With the consensus EPS estimate being $1.41, the EPS surprise was +3.55%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move ...
Prologis (PLD) Tops Q2 FFO and Revenue Estimates
ZACKS· 2025-07-16 14:11
分组1 - Prologis reported quarterly funds from operations (FFO) of $1.46 per share, exceeding the Zacks Consensus Estimate of $1.41 per share, and up from $1.34 per share a year ago, representing an FFO surprise of +3.55% [1][2] - The company achieved revenues of $2.03 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.35%, compared to $1.85 billion in the same quarter last year [2] - Prologis has outperformed consensus FFO estimates in all four quarters over the past year and has topped revenue estimates twice in the same period [2] 分组2 - The stock has increased approximately 2.8% since the beginning of the year, while the S&P 500 has gained 6.2% [3] - The current consensus FFO estimate for the upcoming quarter is $1.43 on revenues of $2.03 billion, and for the current fiscal year, it is $5.70 on revenues of $8.09 billion [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 38% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]
Prologis(PLD) - 2025 Q2 - Quarterly Results
2025-07-16 12:05
Financial Performance - Prologis reported total revenues of $2.184 billion for Q2 2025, an increase from $2.008 billion in Q2 2024, representing a growth of 8.8% year-over-year[26]. - The company achieved a net earnings attributable to common stockholders of $570 million in Q2 2025, down from $860 million in Q2 2024, reflecting a decrease of 33.6%[26]. - Core FFO attributable to common stockholders/unitholders was $1.396 billion for Q2 2025, compared to $1.281 billion in Q2 2024, marking an increase of 9%[26]. - Total revenues for Q2 2025 reached $2,183,869, an increase of 8.8% compared to $2,007,954 in Q2 2024[56]. - Net earnings attributable to common stockholders for Q2 2025 were $569,724, down 33.7% from $859,845 in Q2 2024[56]. - Operating income before gains on real estate transactions for Q2 2025 was $855,191, representing a 15.9% increase from $736,838 in Q2 2024[56]. - Adjusted EBITDA attributable to common stockholders for Q2 2025 was $1,789.332 million, an increase of 4.1% from $1,718.907 million in Q2 2024[58]. - The company reported a net earnings per share attributable to common stockholders (diluted) decreased to $0.61 in Q2 2025 from $0.92 in Q2 2024[56]. Guidance and Projections - Prologis anticipates 2025 guidance for net earnings attributable to common stockholders to be between $3.00 and $3.15 per share[51]. - The company expects core FFO attributable to common stockholders/unitholders to be in the range of $5.75 to $5.80 per share for 2025[51]. - Development stabilizations are projected to be between 1,900 and 2,300 for 2025, with development starts expected to range from 2,250 to 2,750[51]. Assets and Liabilities - Total assets increased to $97,717,050 as of June 30, 2025, up from $95,993,391 as of March 31, 2025[55]. - Total liabilities rose to $40,410,236 as of June 30, 2025, compared to $37,917,953 as of March 31, 2025, reflecting an increase of 6.6%[55]. - The company reported a total equity of $57,306,814 as of June 30, 2025, down from $58,075,438 as of March 31, 2025[55]. Cash and Capital Expenditures - Cash and cash equivalents increased significantly to $1,066,081 from $671,117 in the previous quarter, marking a 58.8% rise[55]. - Total capital expenditures for Q2 2025 were $343.645 million, compared to $246.809 million in Q1 2025[72]. Occupancy and Leasing - Average occupancy for Q2 2025 was 94.8%, consistent with Q1 2025 and a slight decrease from 95.4% in Q2 2024[73]. - Total square feet of leases commenced in Q2 2025 was 51,181, a decrease from 63,251 in Q1 2025[71]. - The weighted average term of leases started in Q2 2025 was 56 months, a decrease from 63 months in Q1 2025[71]. - The occupancy rate in Mexico is 97.5%, with a total area of 66,363 thousand square feet[81]. Development and Acquisitions - Prologis reported $731 million in value creation from development stabilizations in the recent quarter[17]. - Development starts in the U.S. for 2023 totaled $4,675 million, with a projected stabilized yield of 6.1%[91]. - Total development stabilizations outside the U.S. reached $4,168 million, with an estimated weighted average stabilized yield of 6.3%[92]. - Acquisition activity in 2023 amounted to $2,070 million, reflecting ongoing strategic growth initiatives[93]. Debt and Liquidity - The company’s total consolidated debt, net of premiums, was $31.706 billion, with a weighted average interest rate of 3.2%[133]. - The debt as a percentage of gross market capitalization was 27.9%, while secured debt as a percentage of gross real estate assets was 35.6%[126]. - The company’s total liquidity was reported at $7.112 billion[133]. Solar and Energy Storage - Total installed solar capacity reached 796 MW, with a total solar portfolio gross book value of $366.324 million[109]. - The energy storage portfolio has a capacity of 40 MW and a gross book value of $55.207 million[109]. - The total solar and energy storage portfolio has a combined capacity of 284 MW and a gross book value of $421.531 million[109]. Fee-Related Earnings and Management - Fee-related earnings annualized for the year ending December 31, 2023, were $400 million[114]. - The company reported a weighted average ownership of 29.0% across its co-investment ventures[123]. - The company emphasizes the importance of non-GAAP financial measures to provide insights into its financial performance and condition, particularly regarding co-investment ventures[178].
Prologis Reports Second Quarter 2025 Results
Prnewswire· 2025-07-16 12:00
Core Insights - Prologis demonstrated resilient performance in a volatile environment, with strong operational execution and a high leasing pipeline [1][2] - The company reported a decrease in net earnings per diluted share by 33.7% to $0.61, attributed to lower gains and unrealized foreign exchange impacts, while Core FFO per diluted share increased by 9.0% to $1.46 [5][11] - Prologis has revised its 2025 guidance for net earnings and Core FFO, reflecting confidence in business strength despite the decrease in net earnings [4][33] Operating Performance - Average occupancy for Prologis was 94.9% with a period-end occupancy of 95.1% [2] - The company commenced leases totaling 51.2 million square feet, with a retention rate of 74.9% [2] - Cash Same Store NOI increased by 4.9%, while net effective rent change was reported at 53.4% [2] Deployment Activity - Prologis made acquisitions totaling $335 million and development starts of $846 million, with estimated weighted average yields of 6.3% and 6.9% respectively [2] - Estimated value creation from development stabilizations was $64 million, while total dispositions and contributions amounted to $96 million [2] Balance Sheet Strength & Liquidity - The company issued $5.8 billion in debt at a weighted average interest rate of 4.5% and a term of 5.4 years [3] - Total available liquidity was approximately $7.1 billion, with a debt-to-EBITDA ratio of 5.1x [6] Financial Guidance - Revised guidance for net earnings per diluted share is set between $3.00 and $3.15, while Core FFO is expected to be between $5.75 and $5.80 [4][33] - Average occupancy guidance was adjusted to 94.75% to 95.25%, with Cash Same Store NOI guidance revised to 4.25% to 4.75% [4] Revenue and Earnings - Total revenues for the quarter reached $2.184 billion, up from $2.008 billion in the previous year [11] - Net earnings attributable to common stockholders decreased to $570 million from $860 million year-over-year [11][14]
Can Prologis Keep the Winning Streak Alive in Q2 Despite Challenges?
ZACKS· 2025-07-15 14:35
Core Insights - Prologis (PLD) is set to report its Q2 2025 results on July 16, with analysts and investors keen to evaluate its performance amid current economic conditions [1] Group 1: Prologis Performance - In the last reported quarter, Prologis achieved a surprise of 2.90% 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 consistently exceeded the Zacks Consensus Estimate for FFO per share, with an average beat of 4.18% [2] - Prologis is expected to report Q2 FFO per share of $1.41, reflecting a 5.2% year-over-year increase, while same-store net operating income is projected to grow by 3.3% despite a decrease in occupancy [10][11] Group 2: U.S. Industrial Real Estate Market - The U.S. industrial real estate sector showed resilience in Q2 2025, with net absorption of 29.6 million square feet, consistent with the previous quarter but below historical averages [3] - Vacancy rates increased by 20 basis points to 7.1%, marking the first rise above 7% since Q2 2014, yet remaining only 10 basis points above the 15-year pre-pandemic average [4] - Industrial asking rent growth slowed to 2.6% in Q2, the weakest since early 2020, due to softening demand and rising vacancies [4] Group 3: Leasing and Construction Activity - Leasing activity remained robust, totaling nearly 309 million square feet in the first half of the year, supported by large-scale deals and steady demand from third-party logistics (3PL) [5] - New construction activity saw a significant decline, with completions at 71.5 million square feet, the lowest since Q1 2019, and the under-construction pipeline fell to 268.6 million square feet, the lowest since 2017 [6] Group 4: Strategic Positioning of Prologis - Prologis is expected to leverage its premium asset base in high-demand locations, with targeted acquisitions and developments likely supporting its Q2 results [7] - The company maintains a strong financial position, with a resilient balance sheet and efficient capital access, although high interest rates remain a concern [8] - Interest expenses are anticipated to rise by 11.4% year-over-year in Q2, reflecting ongoing challenges in the economic environment [10][11]
美股市场速览:市场窄幅震荡,多数行业下跌
Guoxin Securities· 2025-07-13 03:29
Investment Rating - The report maintains a "Weaker than Market" investment rating for the U.S. stock market [1] Core Insights - The U.S. stock market experienced narrow fluctuations with most sectors declining, as the S&P 500 fell by 0.3% and the Nasdaq by 0.1% [3] - There were 8 sectors that increased while 16 sectors decreased, with notable gains in Energy (+2.6%), Semiconductor Products and Equipment (+2.4%), and Transportation (+1.2%) [3] - Conversely, sectors that saw significant declines included Telecommunications (-4.8%), Insurance (-2.6%), and Banks (-2.5%) [3] Summary by Sections Market Overview - The S&P 500's estimated fund flow was -$5.7 billion this week, a decrease from the previous week's +$23.4 billion, with a total of +$216.4 billion over the last 13 weeks [4] - Fund inflows were observed in 11 sectors, with Semiconductor Products and Equipment leading at +$17.2 billion, followed by Transportation (+$6.0 billion) and Energy (+$4.1 billion) [4] - Sectors experiencing fund outflows included Software and Services (-$15.9 billion) and Automotive and Parts (-$8.2 billion) [4] Earnings Forecast - The dynamic F12M EPS forecast for S&P 500 constituents was adjusted upward by 0.3%, following a 0.2% increase the previous week [5] - Earnings expectations were raised for 21 sectors, with the highest adjustments in Integrated Finance (+0.8%), Automotive and Parts (+0.8%), and Semiconductor Products and Equipment (+0.8%) [5] - Three sectors saw downward revisions, notably Healthcare Equipment and Services (-1.0%) and Telecommunications (-0.2%) [5] Price Performance - The Energy sector recorded a price return of +2.6% this week, while the Telecommunications sector saw a decline of -4.8% [15] - Over the past 52 weeks, the Energy sector has increased by 5.1%, while the Telecommunications sector has decreased by 4.0% [15] - The Semiconductor Products and Equipment sector has shown a remarkable increase of +48.0% over the past 13 weeks [15] Fund Flow Analysis - The Industrial sector led with a net fund inflow of $781 million this week, followed by Energy with $409 million [19] - The Semiconductor Products and Equipment sector also saw significant inflows of $1.716 billion, indicating strong investor interest [19] - In contrast, the Software and Services sector experienced the largest outflow of -$1.594 billion [19]
Gear Up for Prologis (PLD) Q2 Earnings: Wall Street Estimates for Key Metrics
ZACKS· 2025-07-11 14:16
Core Insights - Analysts project Prologis (PLD) will report quarterly earnings of $1.41 per share, reflecting a 5.2% year-over-year increase [1] - Revenue is expected to reach $2 billion, marking a 7.9% increase from the same quarter last year [1] - There have been no revisions in the consensus EPS estimate over the last 30 days, indicating stability in analysts' forecasts [1] Revenue Estimates - Estimated 'Revenues- Strategic capital' is projected at $138.21 million, indicating a year-over-year decline of 10.7% [4] - 'Revenues- Rental' is expected to be $2.00 billion, showing a year-over-year increase of 7.9% [4] Occupancy and Other Metrics - Analysts anticipate 'Average Occupancy' to be 94.6%, down from 96.1% reported in the same quarter last year [4] - 'Depreciation and amortization' is forecasted to reach $653.08 million [5] Market Performance - Over the past month, Prologis shares have remained unchanged, while the Zacks S&P 500 composite has increased by 4.1% [5] - Prologis holds a Zacks Rank 3 (Hold), suggesting its performance will likely align with the overall market in the near term [5]
2 High-Yield Dividend Growth Stocks to Buy Now and Hold for Decades
The Motley Fool· 2025-07-10 09:26
Group 1: UnitedHealth Group - UnitedHealth Group's shares are down approximately 44% in 2025, yet it maintains a dividend payout with a yield of 2.9% [4] - The company suspended its earnings outlook due to insufficient premium increases to cover rising healthcare costs, making future earnings predictions challenging [5] - Despite recent challenges, UnitedHealth has increased its dividend payout by 77% over the past five years, indicating strong long-term growth potential [4][5] - The national health expenditure reached $4.9 trillion in 2023, with a projected annual growth rate of 5.8%, which could benefit UnitedHealth in the long run [6] - As the largest employer of medical professionals in the U.S., UnitedHealth has significant leverage to control costs and maintain market share in employer-sponsored health insurance [7] - The company is expected to raise premiums in the future, which could lead to a return to profit growth [8] Group 2: Prologis - Prologis, a real estate investment trust (REIT), has seen its stock decline by about 38% from its 2022 peak, despite raising its dividend payout by 74% over the past five years [9] - The REIT owns approximately 1.3 billion square feet of warehouses, primarily serving e-commerce, and has a strong occupancy rate of 95.5% [9][10] - Prologis relies heavily on the U.S. market for 86% of its net operating income, which provides a stable revenue base [11] - The company benefits from an "A" credit rating from S&P Global and an "A2" rating from Moody's, allowing it to maintain a low average interest rate of 3.2% on outstanding debt [12] - Access to inexpensive capital enables Prologis to offer competitive lease rates, attracting top tenants and supporting continued dividend growth [13]
Prologis vs. Union Pacific: Which Supply Chain Giant Has More Room to Run?
The Motley Fool· 2025-07-09 01:26
Core Viewpoint - Prologis is positioned as a stronger investment opportunity compared to Union Pacific due to its significant growth potential in the e-commerce sector and its ability to generate income through its extensive warehouse operations [1][15]. Prologis Overview - Prologis is a major real estate investment trust (REIT) with a warehouse footprint of 1.3 billion square feet, equivalent to two Manhattans, and facilitates the flow of $2.7 trillion in goods annually, ranking it as the eighth-largest economy globally [3]. - The company has strategically located warehouses near major metro areas and transportation hubs, making it ideal for rapid delivery services, with notable clients including Amazon, Home Depot, and FedEx [4]. Recent Performance - In Q1 2025, Prologis signed 58 million square feet of new leases, an increase from 48 million in Q1 2024, and initiated $650 million in new developments, up from $273 million the previous year [5]. - The company achieved a 10.9% increase in funds from operations (FFO) in Q1, driven by strong tenant retention and rising rents, while net operating income rose by 6.2% [6]. Market Demand and Future Growth - E-commerce currently accounts for approximately 24% of U.S. retail sales and is projected to exceed 30% by 2030, necessitating an additional 60 to 70 million square feet of warehouse space for each percentage point increase [8]. - Prologis possesses enough undeveloped land to support $41.2 billion in future warehouse constructions, positioning it well to meet increasing demand [9]. Union Pacific Overview - Union Pacific operates a vast network of 32,693 miles of track, generating revenue primarily from freight transportation, including coal, grain, and automobiles [10]. - Unlike Prologis, Union Pacific faces limitations in expanding its operations due to the nature of its railroad business, which requires significant capital for maintenance rather than new construction [11]. Recent Performance - Under CEO Jim Vena, Union Pacific has improved operational efficiency, resulting in a 7% increase in carload revenue and generating $2.2 billion in cash in its latest quarter [12]. Investment Considerations - While Union Pacific has solid fundamentals, its growth is constrained by market cycles and a near-capacity network, limiting long-term upside potential [13]. - Prologis offers a more attractive investment profile with a 3.8% dividend yield compared to Union Pacific's 2.4%, making it a better choice for investors seeking both income and growth [15].