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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 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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