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 ...

Prologis (PLD) is slated to report its third-quarter 2024 results on Oct. 16 before the 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.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.In the last reported quarter, this leading industrial REIT reported a surprise of 0.75% in terms of core funds from operations (FFO) per share. The quarterly results reflected a rise i ...

We have covered Prologis (NYSE: PLD ) for a few years now, and at times, we have been more optimistic , but last year we became more cautious given some temporary headwinds. While the valuation andAnalyst’s Disclosure: I/we have a beneficial long position in the shares of PLD, UPS, DHLGY either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relati ...

Wall Street analysts expect Prologis (PLD) to post quarterly earnings of $1.38 per share in its upcoming report, which indicates a year-over-year increase of 6.2%. Revenues are expected to be $1.9 billion, up 7% from the year-ago quarter.The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.Before a company reveals its earnings, ...

MEXICO CITY, Oct. 10, 2024 /PRNewswire/ -- FIBRA Prologis (BMV: FIBRAPL14), a leading owner and operator of Class-A industrial real estate in Mexico, has acquired one building from Prologis located in Tijuana for a purchase price of US$63.7 million ($155/square feet), including closing costs. This 411,000 square foot multi-customer facility is fully leased in dollars."We are very pleased to make further progress on our growth strategy with this acquisition.  The property is situated in a strategic market an ...

Company Performance - Prologis (PLD) ended the latest trading session at $119.34, reflecting a -0.55% adjustment from the previous day's close, underperforming the S&P 500 which gained 0.97% [1] - Over the past month, Prologis shares have decreased by 7.87%, lagging behind the Finance sector's loss of 4.16% and the S&P 500's gain of 5.41% [1] - The upcoming earnings report is scheduled for October 16, 2024, with projected earnings per share (EPS) of $1.38, indicating a 6.15% increase year-over-year, and revenue expectations of $1.9 billion, up 7.03% from the previous year [1] Annual Estimates - For the annual period, the Zacks Consensus Estimates predict earnings of $5.42 per share and revenue of $7.52 billion, representing changes of -3.39% and +10.34% respectively from the last year [2] - Recent shifts in analyst projections for Prologis are important for investors, as upward revisions indicate analysts' positive outlook on the company's operations and profit generation [2] Valuation Metrics - Prologis currently has a Zacks Rank of 3 (Hold), with the Zacks Consensus EPS estimate remaining unchanged over the last 30 days [3] - The company is trading at a Forward P/E ratio of 22.14, which is a premium compared to the industry average Forward P/E of 12.38 [3] - Prologis has a PEG ratio of 3.08, higher than the average PEG ratio of 2.37 for the REIT and Equity Trust - Other industry [3] Industry Overview - The REIT and Equity Trust - Other industry, part of the Finance sector, holds a Zacks Industry Rank of 85, placing it in the top 34% of over 250 industries [4] - The Zacks Industry Rank measures the strength of industry groups based on the average Zacks Rank of individual stocks, with top-rated industries outperforming the bottom half by a factor of 2 to 1 [4]

Core Insights - Prologis hosted its fourth annual GROUNDBREAKERS thought leadership forum in London, featuring prominent figures such as FedEx Chairman Fred Smith and former UK Prime Minister Sir Tony Blair [1] - The event focused on the impact of technology, particularly artificial intelligence (AI), on geo-economic trends and logistics [1][2] Group 1: Technology and Innovation - Fred Smith emphasized that the re-introduction of manufacturing in the West is contingent upon the integration of robotics [1] - Hamid R. Moghadam highlighted the necessity of digitizing data as a prerequisite for successful AI implementation [2] - Both leaders stressed the importance of fostering a culture of innovation to attract talent and meet customer expectations [2] Group 2: Delivery and Consumer Expectations - A panel discussion led by Prologis President Dan Letter explored how AI and data analytics can enhance delivery infrastructure [3] - Alex Coates noted the potential for increased efficiency in delivery systems through technological advancements [3] Group 3: Fashion Industry Trends - Paolo Zannoni from Prada discussed the evolving consumer expectations in the luxury market, which complicate traditional shopping experiences [4] Group 4: Healthcare Innovations - A panel moderated by Naomi Grimley examined the role of supply chain innovation in improving patient health outcomes [5] - Dr. Kristin-Anne Rutter pointed out the need for automation in healthcare to address inefficiencies in patient management [5] Group 5: Energy and Sustainability - Prologis Chief Energy and Sustainability Officer Susan Uthayakumar led a discussion on the dual challenges of providing energy to a growing population while reducing emissions [6] - Jean-Pascal Tricoire highlighted the need for a rethinking of energy efficiency in light of clean energy deployment [6] Group 6: Event Participation - The GROUNDBREAKERS 2024 forum attracted hundreds of in-person attendees and thousands of virtual participants, with sessions available for on-demand streaming [7] - The next GROUNDBREAKERS event is scheduled for October 2, 2025, in Los Angeles [7] Group 7: Company Overview - Prologis is a leader in logistics real estate, owning or investing in approximately 1.2 billion square feet (115 million square meters) of properties across 19 countries as of June 30, 2024 [8]

Prologis (PLD) ended the recent trading session at $124.61, demonstrating a -1.32% swing from the preceding day's closing price. The stock's performance was behind the S&P 500's daily loss of 0.93%. Elsewhere, the Dow saw a downswing of 0.41%, while the tech-heavy Nasdaq depreciated by 1.53%.Coming into today, shares of the industrial real estate developer had lost 1.2% in the past month. In that same time, the Finance sector gained 0.52%, while the S&P 500 gained 2.17%.Investors will be eagerly watching fo ...