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Prologis Reports First Quarter Results
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PR Newswire
SAN FRANCISCO, April 17, 2024
Positive Long-Term Outlook Amid Near-Term Macroeconomic Uncertainty
SAN FRANCISCO, April 17, 2024 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today reported first quarter results for 2024.
Net earnings per diluted share was $0.63 for the first quarter of 2024 compared with $0.50 for the first quarter of 2023.
Core funds from operations (Core FFO)* per diluted share was $1.28 for the first quarter of 2024, compared with $1.22 for the same period in 2023. Core FFO, excluding Net Promote Income (Expense)* per diluted share for the first quarter of 2024 was $1.31 compared with $1.23 for the first quarter of 2023.
"While operating conditions are healthy in the majority of our markets, customers remain focused on controlling costs, which is weighing on decision making and the pace of leasing," said Hamid R. Moghadam, co-founder, chairman and CEO, Prologis. "A volatile and persistently high interest rate environment, together with mounting geopolitical concerns, contribute to this indecision and its short-term effect on net absorption. We remain optimistic about the fundamentals of our business, while being prepared for a slower environment in the next quarter or two."
OPERATING PERFORMANCE
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| Owned & Managed | 1Q24 | Notes |
| Average Occupancy | 96.8 % | |
| Leases Commenced | 48.1MSF | 45.0MSF operating portfolio and 3.1MSF development portfolio |
| Retention | 74.3 % | |
| | ||
| Prologis Share | 1Q24 | Notes |
| Cash Same Store NOI* | 5.7 % | Impacted by ~175 bps of one-time items |
| Net Effective Rent Change | 67.6 % | |
| Cash Rent Change | 48.2 % | |
DEPLOYMENT ACTIVITY
| Prologis Share | 1Q24 |
| Acquisitions | $5M |
| Weighted avg stabilized cap rate (excluding other real estate) | 7.1 % |
| Development Stabilizations | $517M |
| Estimated weighted avg yield | 5.7 % |
| Estimated weighted avg margin | 9.6 % |
| Estimated value creation | $50M |
| % Build-to-suit | 43.3 % |
| Development Starts | $273M |
| Estimated weighted avg yield | 6.9 % |
| Estimated weighted avg margin | 26.7 % |
| Estimated value creation | $73M |
| % Build-to-suit | 24.9 % |
| Total Dispositionsand Contributions | $254M |
| Weighted avg stabilized cap rate (excluding land and other real estate) | 4.8 % |
BALANCE SHEET STRENGTH & LIQUIDITY
"As always, we maintain a philosophy to build and preserve financial strength for any environment, with liquidity of almost $6 billion at the end of the quarter, low leverage and insulated earnings from foreign exchange movements," said Timothy D. Arndt, chief financial officer, Prologis. "Our capital raising efforts this quarter, across both debt and Strategic Capital, highlight our strength and reputation as an issuer as well as the broad, global access that we have to optimize our capital structure."
During the first quarter, Prologis and its co-investment ventures issued an aggregate of $4.1 billion of debt at a weighted average interest rate of 4.7%, and a weighted average term of 9.5 years. This activity includes an inaugural issuance of a CNH bond, which further diversifies our funding sources in the currencies we operate in. Also, during the quarter, Prologis established a Commercial Paper program permitting issuances of up to $1 billion. The program received A-1/P-2 short-term ratings from S&P and Moody's, respectively.
At March 31, 2024, debt as a percentage of total market capitalization was 21.0%, and the company's weighted average interest rate on its share of total debt was 3.1%, with a weighted average term of 9.3 years and no significant debt maturities until 2026.
FOREIGN CURRENCY STRATEGY
Prologis hedges its exposure to foreign currency fluctuations by borrowing in the currencies in which it invests and using derivative financial instruments. At March 31, 2024, 96.5% of Prologis' equity was in USD and forecasted earnings for 2024, 2025 and 2026 are 98%, 98% and 97%, respectively, in USD or hedged through derivative contracts.
2024 GUIDANCE
Prologis' guidance for net earnings is included in the table below as well as guidance for Core FFO*, which are reconciled in our supplemental information.
"While we had a successful first quarter, we expect net absorption in the upcoming quarters to be lower than our prior expectations and leasing to stay competitive in a handful of our larger, higher-rent markets," said Arndt. "With that, our current view calls for lower average occupancy in the year. Accordingly, we have reduced full-year guidance ranges for occupancy, same-store growth and earnings, but view the adjustments more as a matter of timing as the outlook on new supply remains very favorable."
Arndt added: "At the midpoint, we project Core FFO growth, excluding promotes, of nearly 8%, and Cash Same Store NOI growth to be 6.75%. While our Southern California portfolio faces near-term headwinds, we remain very positive about long-term growth and value given the market's supply barriers and secular forces driving future demand."
| 2024 GUIDANCE | |||
| Earnings (per diluted share) | Previous | Revised | Change at M.P. |
| Net earnings attributable to common stockholders | $3.20 to $3.45 | $3.15 to $3.35 | (2.3) % |
| Core FFO attributable to common stockholders/unitholders* | $5.42 to $5.56 | $5.37 to $5.47 | (1.3) % |
| Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*1 | $5.50 to $5.64 | $5.45 to $5.55 | (1.3) % |
| | |||
| Operations – Prologis Share | |||
| Average occupancy | 96.50% to 97.50% | 95.75% to 96.75% | (75) bps |
| Cash Same Store NOI* | 8.00% to 9.00% | 6.25% to 7.25% | (175) bps |
| | | | |
| Strategic Capital (in millions) | Previous | Revised | Change at M.P. |
| Strategic Capital revenue, excluding promote revenue Werbung Mehr Nachrichten zur Prologis Inc Aktie kostenlos abonnieren
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