Prologis, L.P. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number: 001-13545 (Prologis, Inc.) 001-14245 ...

Real estate investment trusts (REITs) can be an excellent source of passive income as part of a diversified portfolio. Although rising interest rates have recently weighed on the real estate industry, Prologis (PLD 0.80%) is one REIT well positioned to deliver shareholders a growing dividend.Here's what you need to know about the REIT to see if it's right for your portfolio.Prologis benefits from the growing demand for logistics facilitiesPrologis owns and operates logistics real estate properties across 20 ...

SAN FRANCISCO, Jan. 26, 2024 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today announced the tax treatment of its 2023 distributions. Exhibits A and B reflect the tax treatment of distributions per share of Prologis, Inc. common and preferred stock, respectively, as prescribed by the Internal Revenue Code.  Persons who held shares of common stock of Prologis, Inc. in their name at any time during 2023 will receive an IRS Form 1099-DIV via Computershare, Prologis' ...

Maxxa_Satori Prologis, Inc. (NYSE:PLD) profits from the growth of eCommerce and logistics-related businesses and has built a successful, globe-spanning, real estate empire. Prologis' predominant focus on logistics facilities around the world, particularly in the United States, has led to above-average funds from operations growth for the trust in recent years. International expansion and a fast-growing dividend are two very good reasons to consider investing in Prologis, though Prologis' 3% dividend is not ...

Financial Data and Key Metrics Changes - Prologis achieved nearly 11% earnings growth in 2023, with a 12-year earnings CAGR since merger at 10.3% [5] - Core FFO for Q4 was $1.29 per share, bringing the full year to $5.10 per share, at the top end of guidance [7] - Market occupancy declined by approximately 100 basis points, while the portfolio gained 10 basis points to end the year at 97.6% [7] - Net effective rent change for the quarter was 74%, with a full-year record of 77% [7] Business Line Data and Key Metrics Changes - Same-store net effective rent growth was 7.8%, while cash same-store growth was 8.5% [8] - Over $2 billion of new developments were started in Q4 across 46 projects in 27 markets, with nearly 50% in build-to-suit [8] - The company ended the year with approximately 515 megawatts of solar and storage in operation, with an additional 70 under construction [8] Market Data and Key Metrics Changes - Market vacancy increased in Q4, driven by moderate demand and record completions [9] - Global market rents declined by 90 basis points in Q4, with a full-year growth of 6% [10] - Southern California experienced a 7% decline in rents, while the overall portfolio was only 2.6% vacant at year-end [11] Company Strategy and Development Direction - The company anticipates annual market rent growth of 4% to 6% over the next three years, with 2024 expected to be modestly positive [6] - Prologis plans to guide development starts between $3 billion and $3.5 billion for 2024, with a build-to-suit mix of 40% [14] - The company has a significant land bank with $40 billion worth of opportunities across 50 markets globally [33] Management's Comments on Operating Environment and Future Outlook - Management noted challenges in some submarkets but remains optimistic about strong market rent growth due to a supply cliff converging with normalized demand [6] - The company expects occupancy to range between 96.5% and 97.5% in 2024, with cash same-store growth between 8% and 9% [14] - Management highlighted improved customer sentiment and increased proposal volumes, indicating a potential recovery in leasing activity [28] Other Important Information - The company raised approximately $300 million in Q4, closing the year with over $12 billion in financing activity at a weighted average rate of 4.5% [8] - U.S. property values declined approximately 5.5% during the quarter, aligning with expectations [12] - The company plans to take sale portfolios to market with expected proceeds between $800 million and $1.2 billion [14] Q&A Session Summary Question: Expectations for leasing spreads and U.S. performance - Management expects the gap in performance between Prologis and overall portfolio performance to remain wide, as lease mark-to-market effects will sustain for a while [19] Question: Market vacancy rates in Sun Belt vs. Coastal markets - Vacancy rates are lower on the coasts compared to higher rates in the Sun Belt, with better pricing and rent growth observed in Sun Belt markets [22] Question: Timing of market rent growth acceleration - Management confirmed expectations for an acceleration in market rent growth in 2025 and 2026 as supply decreases [24] Question: CapEx increase in Q4 - The increase in property improvements in CapEx was attributed to timing issues, with higher levels of activity typically seen in Q4 [26] Question: Tenant sentiment and leasing activity - Tenant sentiment has improved, with 45% of available space currently in discussion with active proposals, indicating a positive trend in leasing activity [28] Question: Development start guidance breakdown - The majority of development starts will be traditional industrial, with data centers being a smaller part of the overall strategy [36] Question: Supply and demand trends - Management projects a rise in vacancy rates in the first half of the year, with a subsequent decline expected as demand picks up [42] Question: Valuations and cap rates - Management believes that real pricing and returns have not changed significantly, and they expect to see more volume in real deals as valuations stabilize [50] Question: Tenants' inventory strategies - Tenants are likely to adopt a more conservative inventory strategy due to recent disruptions, which may drive demand for logistics space [59]

Prologis, Inc. (PLD) reported fourth-quarter 2023 core funds from operations (FFO) per share of $1.26, in line with the Zacks Consensus Estimate. The figure increased 1.6% from the year-ago quarter.The quarterly results reflect a rise in rental revenues and healthy leasing activity. Moreover, the occupancy level remained unchanged from the prior quarter. However, higher interest expenses are an undermining factor. In addition, this industrial REIT issued its 2024 outlook.Shares of the company have trended d ...

onurdongel Considered a global leader in logistics real estate, Prologis, Inc. (NYSE:PLD) reported fiscal Q4 results today that landed in line with expectations. Despite this, shares hovered around the flat line immediately following the release of the results. The movement in the share price upon the news mirrors its lackluster performance over the past month. Heading into the release, shares were down about 3% over the past month. Seeking Alpha - PLD 1-Mth Share Price Returns In prior coverage, I've consi ...

For the quarter ended December 2023, Prologis (PLD) reported revenue of $1.76 billion, up 10.4% over the same period last year. EPS came in at $1.26, compared to $0.63 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $1.78 billion, representing a surprise of -1.62%. The company has not delivered EPS surprise, with the consensus EPS estimate being $1.26.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectat ...

Fourth consecutive year of double-digit earnings growth; expects strong 2024 SAN FRANCISCO, Jan. 17, 2024 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today reported fourth quarter results for 2023.  Net earnings per diluted share was $0.68 for the fourth quarter of 2023 compared with $0.63 for the fourth quarter of 2022. Net earnings per diluted share for the year ended December 31, 2023 was $3.29, compared with $4.25 for the prior year. Core funds from operations ...

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