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Prologis, Inc. (NYSE: PLD) is the world's leading logistics real estate company, headquartered in San Francisco, California. Formed from the merger of AMB Property Corporation and Prologis Trust in June 2011, Prologis focuses on owning, acquiring, developing, and managing high-quality logistics and industrial facilities globally. The company operates as a real estate investment trust (REIT) and manages a portfolio covering approximately 1.2 billion square feet of industrial space across 19 countries.
Prologis strategically segments its operations into four global divisions: Americas, Europe, Asia, and Other Americas. This enables the company to efficiently manage and expand its footprint in high-barrier, high-growth markets. The firm serves around 6,700 customers, predominantly in the business-to-business and retail/online fulfillment sectors.
In addition to its real estate operations, Prologis has a notable strategic capital business segment with around $60 billion in third-party assets under management (AUM). This segment aims to create value through co-investment ventures and capitalizes on strong market conditions to drive growth.
Recent achievements highlight Prologis' commitment to sustainability and innovation. The company has significantly expanded its rooftop solar and storage installations, reaching 500 megawatts of energy capacity, halfway to its goal of 1 gigawatt by 2025. This initiative supports Prologis' broader objective of achieving net zero emissions across its operations by 2040.
In response to economic and geopolitical uncertainties, Prologis maintains a robust balance sheet, with debt constituting 21% of total market capitalization and a weighted average interest rate of 3.1%. The company also hedges against foreign currency fluctuations to stabilize earnings.
Financially, Prologis has demonstrated resilience and growth. For the first quarter of 2024, the company reported net earnings of $0.63 per diluted share and Core Funds from Operations (Core FFO) of $1.28 per diluted share. Prologis' strategic approach and financial prudence ensure its capability to navigate diverse market conditions and sustain long-term growth.
Prologis continually engages with investors and the broader market through initiatives such as its annual Investor Forum and quarterly earnings calls. For instance, the company plans to host its next webcast and conference call on April 17, 2024, to discuss its first quarter results and future outlook.
In addition to its core operations, Prologis is pioneering in the realm of electric vehicle (EV) infrastructure. The company recently launched Southern California’s largest heavy-duty EV charging depot, capable of charging up to 96 trucks simultaneously. This project underscores Prologis' commitment to innovative solutions and environmental sustainability, aiding in the transition to zero-emission transportation.
Prologis (NYSE:PLD), the global leader in logistics real estate, has announced the appointment of Ted Eliopoulos as managing director of Strategic Capital. Eliopoulos, a seasoned investment management executive, will work alongside Karsten Kallevig, global head of Strategic Capital, to grow Prologis' private investment business. Both will report to Dan Letter, Prologis' global president.
Eliopoulos brings extensive experience from his roles at Calvert Research and Management, Morgan Stanley Investment Management, and CalPERS. His appointment is expected to contribute significantly to Prologis' growth trajectory, particularly in its Strategic Capital business. Eliopoulos expressed enthusiasm about focusing on logistics real estate and leveraging Prologis' unique market advantages.
Prologis (NYSE: PLD), the global leader in logistics real estate, has announced the appointment of Ted Eliopoulos as managing director of Strategic Capital. Eliopoulos, a seasoned investment management executive, will focus on growing Prologis' private investment business. He will work closely with Karsten Kallevig, global head of Strategic Capital, and report to Dan Letter, Prologis' global president.
Eliopoulos brings extensive experience from his previous roles, including managing director and senior advisor at Calvert Research and Management, vice chairman & head of Strategic Partnerships at Morgan Stanley Investment Management, and chief investment officer of CalPERS. His expertise in real assets and global partnerships aligns with Prologis' growth ambitions in the logistics real estate sector.
CEO Hamid R. Moghadam emphasized the significance of the Strategic Capital business for Prologis' growth trajectory and expressed confidence in Eliopoulos' ability to help meet the company's ambitious goals.
FIBRA Prologis has successfully acquired a 77.14% majority stake in FIBRA Terrafina, significantly expanding its presence in the Mexican industrial real estate market. This acquisition adds approximately 42.2 million square feet of industrial real estate across key markets to FIBRA Prologis' existing portfolio of 46.9 million square feet. The move demonstrates Prologis' long-term commitment to Mexico, capitalizing on favorable market conditions with nearly 100% occupancy rates and continuous rental growth.
The acquisition is expected to benefit shareholders, customers, and the Mexican economy. FIBRA Prologis aims to leverage its scale, operational expertise, and investments to drive business growth for both entities. The company sees significant potential in nearshoring trends, with Latin America projected to experience rent growth at double the global average.
Prologis (NYSE: PLD), the global leader in logistics real estate, reported its Q2 2024 results. Net earnings per diluted share were $0.92, down from $1.31 in Q2 2023. Core FFO per diluted share was $1.34, compared to $1.83 in the same period last year. The company's average occupancy rate remained strong at 96.1%, with a cash same store NOI growth of 7.2%. Despite subdued customer demand, Prologis sees improving trends and expects continued growth, particularly in data centers and energy sectors. The company maintains a strong financial position with debt-to-EBITDA below 5.0x and $6.5 billion in available liquidity. Prologis revised its 2024 guidance, slightly increasing net earnings and Core FFO projections.
Prologis (NYSE: PLD), a global leader in logistics real estate, announced it will release its second quarter 2024 financial results on July 17, 2024. The release will be accompanied by a webcast and conference call featuring the company's senior management to discuss the results, current market conditions, and future outlook. The event is scheduled for 9:00 a.m. PT/12:00 p.m. ET. Interested parties can access the live broadcast by dialing +1 (877) 897-2615 (US and Canada) or +1 (201) 689-8514 (international). The webcast will also be available on the Investor Relations section of Prologis' website. A replay of the call will be available from July 17 to July 31, 2024, using access code 13747329.
Prologis, a leader in logistics real estate, announced its participation in two major industry conferences in New York City. Co-founder and CEO Hamid Moghadam will present at the Bernstein 40th Annual Strategic Decisions Conference on May 30 at 1:30 p.m. ET. Additionally, President Dan Letter and CFO Tim Arndt will present at REITWeek 2024: NAREIT's Investor Forum on June 5 at 10:15 a.m. ET. Both presentations will be broadcast live via audio webcast and can be accessed on the Prologis investor relations website.
Prologis and Performance Team announced the launch of Southern California's largest heavy-duty EV charging depot, capable of servicing 96 trucks simultaneously. Located near the Ports of Los Angeles and Long Beach, the depot was constructed in just five months and is powered by the nation's largest EV truck microgrid. The facility supports the industry's shift towards decarbonized supply chains and California's clean transportation goals. It uses Volvo VNR Electric trucks with a 240-mile range and 80% charge capacity in 90 minutes. Key partnerships and innovative solutions were pivotal in overcoming energy supply challenges, expediting the project delivery.
Prologis (NYSE: PLD) announced that Ed Nekritz, Chief Legal Officer, and Colleen McKeown, Chief Human Resources Officer, will retire effective January 1, 2025. Deborah Briones, currently Deputy General Counsel, and Nathaalie Carey, Senior VP of Human Resources, will succeed them. Nekritz and McKeown will remain as senior advisors in 2025.
Briones has been with Prologis since 2004, leading various legal teams and initiatives. As CLO, she will oversee all legal aspects, including corporate governance and compliance. Carey, who joined in 2022, leads HR operations and DEIB programs. As CHRO, she will manage workforce development and HR functions.
CEO Hamid R. Moghadam praised both successors for their expertise. Nekritz and McKeown have significantly contributed to Prologis' growth and resilience, including guiding the company through major mergers and the COVID-19 pandemic.
Prologis, Inc. (NYSE: PLD) has declared a regular cash dividend for the quarter ending June 30, 2024. The dividend amounts to $0.96 per share for common stockholders and $1.0675 per share for Series Q Cumulative Redeemable Preferred Stock holders. The payments are scheduled for June 28, 2024, and July 1, 2024, respectively.
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