Prologis(US:PLD)2025-07-16 12:05Financial 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].