Financial Data and Key Metrics Changes - Core FFO including net promote income was $1.46 per share and excluding net promotes was $1.47 per share, both ahead of forecasts [7] - Occupancy ended the quarter at 95.1%, down just 10 basis points sequentially, outperforming the market by 290 basis points [7] - Net effective same store growth was strong, with rent change across the global portfolio monetizing an additional $75 million of NOI, reflecting a 53% net effective basis and 35% cash [7][8] Business Line Data and Key Metrics Changes - Build to suit activity saw significant growth, with $1.1 billion in starts for the first half, the largest start to a year ever [9] - The company signed agreements for an additional three build to suits post quarter end, indicating strong demand from major customers [9] - The leasing pipeline reached historically high levels, up 19% year on year, with a good balance across different deal stages and types [24][25] Market Data and Key Metrics Changes - In the U.S., net absorption was subdued at 28 million square feet, with market vacancy ticking up 10 basis points to 7.4% [13] - Market rents declined approximately 1.4% during the quarter, while values remained essentially flat [12] - The leasing pipeline stands at 130 million square feet, reflecting significant interest and need for space [14] Company Strategy and Development Direction - The company remains committed to its strategy of serving customers at the center of consumption, focusing on logistics real estate as a strategic asset [18][19] - There is a strong emphasis on expanding the distributed energy platform, with a goal of one gigawatt of solar production and storage by year-end [10] - The company is increasing development starts to a new range of $2.25 billion to $2.75 billion, reflecting improved visibility in logistics starts [16][17] Management's Comments on Operating Environment and Future Outlook - Management noted that while conditions remain choppy, the market is holding up reasonably well, with expectations for improved demand as clarity on policy emerges [15][18] - The company expressed confidence in long-term trends driving the business, despite short-term uncertainties [18] - Management highlighted that the current environment has calmed significantly since April, providing improved visibility for guidance [35] Other Important Information - The company closed on $5.8 billion in financing activity, contributing to over $7 billion of liquidity held at quarter end [11] - Strategic capital business saw net outflows of approximately $300 million during the quarter, with teams developing new offerings [12] - Bad debt trends were better than expected, with expectations of around 40 basis points for the balance of the year [71] Q&A Session Summary Question: Impact of Liberation Day on Leasing Pipeline - The leasing pipeline is promising, up 19% year on year, with good balance across different deal stages and types [24][25] Question: Cadence of Leasing Activity - Leasing activity accelerated through May and June, with the quarter ending only down about 10% from normal [31] Question: Guidance Details - The increase in guidance is due to improved visibility and outperformance in the quarter, with confidence in landing at the stronger end of the range [36] Question: Timing of Growing Pipelines to Signed Leases - Decision-making remains deliberate, with clarity on the macro front needed to convert the pipeline into signed leases [39] Question: Bad Debt Trends - Bad debt is trending better than expectations, with elevated levels around 35-40 basis points [71] Question: Geographic Market Dynamics - Strong long-term fundamentals in certain markets like Southern California could lead to a quick recovery as demand increases [78][79]

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]

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 ...

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® IBES 可用 三角 日期 1 TT 1 - l l - Prologis Ports Elizabeth Triport, Elizabeth, New Jersey SECOND QUARTER 2025 Prologis Supplemental Information Unaudited Contents Q2 2025 Supplemental GIS Highlights Financial Information Operations Capital Deployment Strategic Capital Capitalization Net Asset Value Components 36 Notes and Definitions 38 Notes and Definitions Company Profile 3 5 Company Performance I Prologis Leading Indicators and Proprietary Metrics 8 Guidance 9 Consolidated Balance Sheets 10 Consolid ...

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]

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]

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]

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]

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]