Fri, Jul 26, 8:09 PM (43 days ago)
Prologis, Inc. and Prologis, L.P. reported their financial results for the quarter ended June 30, 2024. Key points include: 1. **Revenue and NOI**: Total revenues decreased to $2.0 billion from $2.5 billion YoY. Real Estate NOI increased to $2.8 billion from $2.5 billion, while Strategic Capital NOI dropped significantly to $134 million from $711 million. 2. **Net Earnings**: Consolidated net earnings were $1.5 billion, down from $1.8 billion YoY. Net earnings attributable to common stockholders were $1.4 billion, translating to a diluted EPS of $1.55, down from $1.81. 3. **Debt and Liquidity**: Total debt was $29.9 billion with a weighted average interest rate of 3.1%. Available liquidity stood at $6.4 billion, including $5.8 billion in credit facilities and $598 million in cash. 4. **Development and Acquisitions**: Prologis started 16 new development projects with a total expected investment (TEI) of $547 million and stabilized 41 projects with a TEI of $2.5 billion. 5. **Dividends**: Quarterly cash dividends were $0.96 per common share, up from $0.87. 6. **Market Trends**: The company noted strong long-term demand for logistics space driven by e-commerce and supply chain resiliency, despite short-term economic uncertainties impacting leasing decisions. This summary highlights Prologis’ quarterly financial performance, emphasizing revenue, NOI, earnings, debt, liquidity, development activities, and market trends.