Prologis(PLD) 交银国际证券·2025-01-26 01:37Investment Rating - The report maintains a "Buy" rating for Prologis (PLD US) with a target price of $134.94, indicating a potential upside of 17.2% from the current price of $115.13 [6]. Core Insights - Prologis reported better-than-expected Q4 2024 results, with a year-over-year increase in earnings per share (EPS) of 101.5% to $1.37 and a core FFO of $1.50, up 19.0% [1][2]. - The company updated its 2025 earnings forecast, projecting EPS between $3.45 and $3.70 and core FFO between $5.65 and $5.81 [1][2]. - Prologis experienced a strong leasing demand, with an overall occupancy rate of 95.8% at the end of Q4 2024 and a tenant retention rate increase of 3.7 percentage points to 78.4% [1][2]. Financial Performance Summary - For Q4 2024, Prologis reported rental income of $1.938 billion, a 10.3% year-over-year increase, and a net operating income (NOI) of $1.499 billion, up 11.2% [2]. - The adjusted EBITDA for Q4 2024 was $2.112 billion, reflecting a 22.5% increase year-over-year, while the full-year adjusted EBITDA was $7.162 billion, up 1.6% [1][2]. - The company’s financial health remains robust, with a debt-to-EBITDA ratio of 4.6 times and a debt-to-total market value ratio of 25.6% as of the end of 2024 [1].