About this content About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology. Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical ...

SAN FRANCISCO, Dec. 28, 2023 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, will host a webcast and conference call with senior management to discuss fourth quarter results, current market conditions and future outlook on Wednesday, January 17, 2024, at 9:00 a.m. PT/12:00 p.m. ET.To access a live broadcast of the call, please dial +1 (877) 897-2615 (toll-free from the United States and Canada) or +1 (201) 689-8514 (from all other countries). A live webcast can be acc ...

Bilanol/iStock via Getty Images There are several reasons why we tend to avoid investing in externally managed REITs, including potential conflicts of interest, less operating leverage, and because we want to participate in the value creation when the company develops a new asset. Unlike some YieldCos that have a sponsor "drop" assets into it and investors simply receive the rent or income generated by that asset, participating in the value creation adds significant extra performance. This is one of the ...

SAN FRANCISCO, Dec. 21, 2023 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD) today announced that Vice Chairman Gene Reilly will be retiring at year end, after which he will serve as a senior advisor through April 2024. Reilly has played a critical leadership role in almost every respect of the company's growth and evolution for more than two decades. He is considered as one of the most knowledgeable global experts on logistics real estate and, during his career, has contributed his time and leadership skills to ...

Company Overview - Prologis owns or has investments in approximately 1.2 billion square feet of properties and development projects as of September 30, 2023[162]. - The acquisition of Duke Realty Corporation was completed in October 2022 for a total price of $23.2 billion, including transaction costs, funded through equity issuance and debt assumption[162]. Revenue and Operations - Rental operations contribute 85% to 90% of Prologis's consolidated revenues, earnings, and funds from operations (FFO)[167]. - The estimated lease mark-to-market is approximately 62% based on net effective rent (NER), indicating significant potential for future organic net operating income (NOI) growth[173]. - The operating portfolio occupancy was 97.5% as of September 30, 2023, with a net effective rent change of 77.2% on leases commenced during the nine months ended September 30, 2023[180]. - The company expects continued rent growth due to healthy demand and low vacancy rates in its markets[173]. Financial Performance - The Real Estate Segment NOI for the nine months ended September 30, 2023, was $3.815 billion, up from $2.478 billion in the same period of 2022, reflecting a $1.3 billion increase[188]. - Strategic capital revenues for the nine months ended September 30, 2023, totaled $1,071 million, a significant increase from $885 million in 2022, representing a 21% growth[201]. - The Strategic Capital Segment's NOI for the same period was $764 million, up from $645 million in 2022, reflecting a 18.4% increase[201]. - Net earnings from unconsolidated entities for the nine months ended September 30, 2023, were $218 million, down from $241 million in 2022[223]. - For the nine months ended September 30, 2023, net earnings attributable to common stockholders were $2,424 million[280]. Investments and Development - Prologis's consolidated land has the potential to support the development of $37.2 billion of total expected investment (TEI) in new logistics space[174]. - The company stabilized 43 development buildings during the period, totaling 15 million square feet, with a total estimated investment of $1.863 billion[195]. - The consolidated development portfolio had a total expected investment of $6.9 billion, with 41.0% leased as of September 30, 2023[196]. - The company expects to complete the development of 110 properties, which are currently 41% leased, with a total investment of $4.4 billion[239]. Debt and Liquidity - The weighted average remaining maturity of Prologis's consolidated debt is 10 years, with a weighted average interest rate of 2.9%[176]. - Prologis had total available liquidity of $6.9 billion as of September 30, 2023, maintaining low leverage relative to real estate investments and market capitalization[176]. - Total consolidated debt amounted to $27.578 billion as of September 30, 2023, with a weighted average interest rate of 2.9%[243]. - The company had $741 million in unrestricted cash and $6.2 billion available under credit facilities as of September 30, 2023[240]. Expenses and Gains - G&A expenses rose to $292 million in 2023 from $246 million in 2022, primarily due to inflation and higher compensation costs[204]. - Depreciation and amortization expenses increased to $1.8 billion in 2023, up from $1.2 billion in 2022, marking a $646 million rise[207]. - Gains on real estate transactions were $274 million for the nine months ended September 30, 2023, compared to $391 million in 2022, indicating a decline of 30%[208]. Cash Flow - Net cash provided by operating activities increased to $4,299 million in 2023 from $2,849 million in 2022, representing a 51% increase[251]. - Net cash used in investing activities rose to $(5,212) million in 2023 compared to $(3,211) million in 2022, indicating a 62% increase in investment outflows[251]. - Operating distributions from unconsolidated entities increased to $536 million in 2023 from $316 million in 2022, a 69% increase[254]. Foreign Currency and Risk Management - 6.7% of total consolidated revenue, amounting to $411 million, was denominated in foreign currencies[285]. - The company has forward contracts with an aggregate notional amount of $1.7 billion to mitigate foreign currency translation risk[285]. - The company monitors market risk exposures using sensitivity analysis, estimating a hypothetical 10% adverse change in foreign currency exchange rates[282].

Prologis, Inc. (NYSE:PLD) Q3 2023 Earnings Conference Call October 17, 2023 12:00 PM ET Company Participants Jill Sawyer - Senior Vice President, Investor Relations Tim Arndt - Chief Financial Officer Hamid Moghadam - Chief Executive Officer Dan Letter - President Chris Caton - Managing Director, Global Strategy and Analytics Conference Call Participants Michael Goldsmith - UBS Craig Mailman - Citi Steve Sakwa - Evercore ISI Todd Thomas - KeyBanc Capital Markets Caitlin Burrows - Goldman Sachs John Kim - BM ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ 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 (Prologis, L.P.) Prologis, Inc. Prologis, L.P. (Exact name of registrant as spe ...

Prologis, Inc. (NYSE:PLD) Q2 2023 Earnings Conference Call July 18, 2023 12:00 PM ET Company Participants Jill Sawyer - Vice President, Investor Relations Tim Arndt - Chief Financial Officer Dan Letter - President Hamid Moghadam - Chief Executive Officer Chris Caton - Managing Director, Global Strategy and Analytics Conference Call Participants Tom Catherwood - BTIG Blaine Heck - Wells Fargo Craig Mailman - Citi Caitlin Burrows - Goldman Sachs Steve Sakwa - Evercore Ki Bin Kim - Truist Michael Goldsmith - U ...

Acquisition and Portfolio Growth - Prologis completed the acquisition of Duke Realty for $23.2 billion, adding 494 industrial properties totaling 144 million square feet to its portfolio[162]. - The gross book value of the operating portfolio held by Prologis' eight unconsolidated co-investment ventures is $50.3 billion across 491 million square feet[175]. - The total owned and managed operating portfolio reached 5,025 properties with 1,093 million square feet as of March 31, 2023, maintaining a high occupancy rate of 98.0%[216]. Financial Performance - The Real Estate Segment reported rental revenues of $1,634 million for the three months ended March 31, 2023, compared to $1,077 million in the same period of 2022, reflecting a year-over-year increase of 51.7%[189]. - The Real Estate Segment's NOI for the three months ended March 31, 2023, was $1,214 million, up from $800 million in the same period of 2022, marking a 51.8% increase[189]. - Same store property NOI on a net effective basis increased by 9.9% to $937 million in Q1 2023 compared to $853 million in Q1 2022[222]. - Same store property NOI on a cash basis rose by 11.4% to $918 million in Q1 2023 from $824 million in Q1 2022[222]. - Net earnings attributable to common stockholders decreased to $463 million in 2023 from $1,149 million in 2022, representing a decline of approximately 60%[283]. - NAREIT defined FFO attributable to common stockholders/unitholders increased to $1,147 million in 2023, up from $1,044 million in 2022, reflecting a growth of about 10%[283]. - Core FFO attributable to common stockholders/unitholders rose to $1,157 million in 2023, compared to $834 million in 2022, marking an increase of approximately 39%[283]. Liquidity and Debt Management - Prologis has a total available liquidity of $5.7 billion as of March 31, 2023, with a weighted average remaining maturity of consolidated debt at 10 years and an interest rate of 2.6%[176]. - The company had a total debt of $25.153 billion as of March 31, 2023, with a weighted average interest rate of 2.6%[247]. - The company expects to fund cash needs primarily from net cash flow from property operations and available unrestricted cash balances of $523 million[244]. - The company maintained compliance with all financial debt covenants as of March 31, 2023[249]. Development and Investment - Prologis' development program has the potential to support the development of $34.0 billion of total expected investment (TEI) in new logistics space[174]. - The consolidated development portfolio had a total estimated investment of $6.8 billion, with 43.4% leased as of March 31, 2023[198]. - The company completed 2 new development buildings during the period, compared to 31 in the same period of 2022[197]. - The estimated value creation from development activities was $261 million for the three months ended March 31, 2023, compared to $163 million in the same period of 2022[198]. - The company anticipates an increase in development starts and contributions to open-ended funds in the second half of the year[181]. Operational Efficiency and Costs - General and administrative (G&A) expenses were $100 million in 2023, up from $74 million in 2022, with equity-based compensation expenses increasing to $63 million from $41 million[258]. - G&A expenses increased to $100 million in Q1 2023, up from $74 million in Q1 2022, driven by inflation and higher compensation costs[207]. - Depreciation and amortization expenses rose significantly to $602 million in Q1 2023 from $397 million in Q1 2022, an increase of approximately $205 million[210]. Strategic Capital and Revenue Streams - Prologis' strategic capital segment contributes 10% to 15% of recurring consolidated revenues, earnings, and FFO, with minimal capital requirements[171]. - Strategic capital revenues for Q1 2023 totaled $135 million, a slight increase from $134 million in Q1 2022, with recurring fees contributing $118 million and transactional fees $17 million[204]. - Strategic capital expenses rose to $72 million in Q1 2023 from $52 million in Q1 2022, primarily due to higher compensation expenses and inflationary increases[204]. - The Strategic Capital Segment's NOI decreased to $63 million in Q1 2023 from $82 million in Q1 2022, reflecting a decline in performance[204]. Foreign Currency and Interest Rate Exposure - For the three months ended March 31, 2023, $128 million or 7% of total consolidated revenue was denominated in foreign currencies[288]. - The company has forward contracts with an aggregate notional amount of $1.6 billion to mitigate foreign currency risk associated with future earnings[288]. - A 10% increase in interest rates on average outstanding variable rate debt balances would result in an additional annual interest expense of $6 million[293]. - The company’s total variable rate debt amounted to $2.0 billion, with a weighted average effective interest rate of 2.9%[293]. - A weakening of the U.S. dollar against foreign currencies by 10% could result in a $163 million cash payment on settlement of foreign currency contracts[288].