ProLogis : Supplemental Financial Report Q1 2025
PLD
Prologis Park Eemhaven, Rotterdam, Netherlands
FIRST QUARTER 2025
Prologis Supplemental Information
Unaudited
Contents
Highlights
Financial Information
Operations
Capital Deployment
25 Solar and Energy Storage Portfolios
Q1 2025 Supplemental
Strategic Capital
Capitalization
Net Asset Value
33 Components
Notes and Definitions
35 Notes and Definitions
Overview
Q1 2025 Supplemental
Prologis, Inc., is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At March 31, 2025, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately
1.3 billion square feet (120 million square meters) in 20 countries. Prologis leases modern logistics facilities to a diverse base of approximately 6,500 customers principally across two major categories: business-to-business and retail/online fulfillment.
5,884
1.3B
$41.2B
Buildings
Square Feet
Build Out of Land (TEI)
Europe
251M SF
U.S.
8% of NOI*(A)
800M SF
Asia
(A)
86% of NOI*
113M SF
Other Americas
1% of NOI*(A)
129M SF
5% of NOI*(A)
* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.
Highlights
Company Profile
Q1 2025 Supplemental
OPERATIONS
STRATEGIC CAPITAL
DEVELOPMENT
$6.3B in annual NOI*(A)
$437M of fees and promotes(B)
$963M in value creation
from stabilizations(C)
86%
74%
51%
49%
14%
26%
U.S.
Outside the U.S.
U.S.
Outside the U.S.
U.S.
Outside the U.S.
GROSS AUM
PROLOGIS SHARE AUM
MARKET EQUITY
$207B
$143B
$106B
96%
75%
84%
25%
16%
4%
U.S.(D)
Outside the U.S.
U.S.(D)
Outside the U.S.
U.S.(D)
* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.
Outside the U.S.
1
Highlights
Company Performance
Q1 2025 Supplemental
dollars in millions, except per share/unit data
Three Months Ended March 31,
2025
2024
Rental and other revenues
$
1,999
$
1,828
Strategic capital revenues
141
129
Total revenues
2,140
1,957
Net earnings attributable to common stockholders
592
584
Core FFO attributable to common stockholders/unitholders*
1,356
1,222
AFFO attributable to common stockholders/unitholders*
1,084
1,032
Adjusted EBITDA attributable to common stockholders/unitholders*
1,771
1,598
Estimated value creation from development stabilizations - Prologis Share
240
50
Common stock dividends and common limited partnership unit distributions
965
916
Per common share - diluted:
Net earnings attributable to common stockholders
$
0.63
$
0.63
Core FFO attributable to common stockholders/unitholders*
1.42
1.28
Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*
1.43
1.31
Business line reporting:
Real estate*
1.36
1.24
Strategic capital*
0.06
0.04
Core FFO attributable to common stockholders/unitholders*
1.42
1.28
Realized development gains, net of taxes*
0.03
0.04
Dividends and distributions per common share/unit
1.01
0.96
NET EARNINGS ATTRIBUTABLE TO COMMON STOCKHOLDERS
CORE FFO ATTRIBUTABLE TO COMMON
AFFO ATTRIBUTABLE TO COMMON
STOCKHOLDERS/UNITHOLDERS*
STOCKHOLDERS/UNITHOLDERS*
$1,500
$1,500
$1,367
$1,435
$1,356
$1,500
$1,277
$1,222
$1,281
$1,200
$1,004
$1,200
$1,200
$860
$900
$900
$900
$600
$584
$592
$600
$600
$300
$300
$300
$0
$0
$0
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Amount attributable to strategic capital business line
$1,303
$1,032
$1,072
$1,014
$1,084
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Amount attributable to realized development
gains, net of taxes
2
* This is a non-GAAP financial measure. Please see reconciliations from Net Earnings Attributable to Common Stockholders on page 8 and reference our Notes and Definitions for further explanation.
Highlights
Company Performance
NET EARNINGS ATTRIBUTABLE TO COMMON STOCKHOLDERS
in millions
$5,000
$4,000
$3,359
$3,726
$2,934
$3,053
$3,000
$2,000
$1,000
$592
$0
2021
2022
2023
2024
YTD 2025
AFFO ATTRIBUTABLE TO COMMON STOCKHOLDERS/UNITHOLDERS*
in millions
$5,000
$4,711
$4,422
$4,056
$4,000
$3,332
$3,000
$2,000
$1,084
$1,000
$0
2021
2022
2023
2024
YTD 2025
Amount attributable to realized development gains, net of taxes
Q1 2025 Supplemental
CORE FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS/UNITHOLDERS*
in millions
$7,500
$6,000
$5,334
$5,305
$4,500
$4,188
$3,172
$3,000
$1,500
$1,356
$0
2021
2022
2023
2024
YTD 2025
Amount attributable to strategic capital business line
DIVIDENDS AND DISTRIBUTIONS
in millions
$5,000
$4,000
$3,315
$3,667
$3,000
$2,565
$2,000
$1,931
$1,000
$965
$0
2021
2022
2023
2024
YTD 2025
3
* This is a non-GAAP financial measure. Please see reconciliations from Net Earnings Attributable to Common Stockholders on page 8 and reference our Notes and Definitions for further explanation.
Highlights
Prologis Leading Indicators and Proprietary Metrics*
LEASE PROPOSALS
in millions of square feet
120
108 60%
90
Average 40%
45%
60
Average 77
37%
30%
30
15%
0
0%
2019
2020
2021
2022
2023
2024
2025
Net rentable area of proposals
Proposals as a % of available net rentable area
NEW LEASE NEGOTIATION GESTATION
in days
80
64
60
Average 54
40
20
0
2019
2020
2021
2022
2023
2024
2025
* Please see our Notes and Definitions for further explanation.
Q1 2025 Supplemental
U.S. IBI ACTIVITY INDEX
diffusion index, points
80
Average 57.8
60
57.8
40
20
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
U.S. SPACE UTILIZATION
percent
90
87 Average 85.4%
84
84.7%
81
78
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
4
Highlights
Q1 2025 Supplemental
Guidance(A)
dollars in millions, except per share amounts
2025 Guidance
Low
High
Net earnings attributable to common stockholders(B)
$
3.45
$
3.70
Core FFO attributable to common stockholders/unitholders*(B)
$
5.65
$
5.81
Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*(C)
$
5.70
$
5.86
Operations
Average occupancy - Prologis Share
94.50%
95.50%
Same store NOI - cash - Prologis Share*
4.00%
5.00%
Same store NOI - net effective - Prologis Share*
3.50%
4.50%
Other Assumptions
Strategic capital revenue, excluding promote revenue
$
560
$
580
Net Promote Income (Expense)
$
(50)
$
(50)
General & administrative expenses
$
450
$
470
Realized development gains
$
100
$
250
Capital Deployment
PROLOGIS SHARE
OWNED AND MANAGED
Low
High
Development stabilizations
$
1,900
$
2,300
$
2,000
$
2,500
Development starts
$
1,500
$
2,000
$
1,500
$
2,000
Acquisitions
$
750
$
1,250
$
1,250
$
1,750
Dispositions
$
250
$
500
$
250
$
500
Contributions
$
150
$
500
$
250
$
750
Exchange Rates
We have hedged the rates for the majority of our estimated 2025 Euro, Sterling and Yen Core FFO, effectively insulating 2025 results from FX movements in these currencies. For purposes of capital deployment and other metrics, we assumed effective rates for EUR, GBP and JPY of 1.08 ($/€), 1.29 ($/£) and 149.42 (¥/$), respectively.
* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.
reconciliation.
5
C. We are further adjusting Core FFO to exclude $0.05 of net promote expense. The expense relates to amortization of stock compensation issued to employees related to promote income recognized in prior
periods.
Financial Information
Consolidated Balance Sheets
Q1 2025 Supplemental
in thousands
March 31, 2025
December 31, 2024
Assets:
Investments in real estate properties:
Operating properties
$
79,492,052
$
78,279,353
Development portfolio
2,596,069
2,829,613
Land
4,660,431
4,453,522
Other real estate investments
5,992,839
5,683,688
92,741,391
91,246,176
Less accumulated depreciation
13,290,678
12,758,159
Net investments in real estate properties
79,450,713
78,488,017
Investments in and advances to unconsolidated entities
10,287,314
10,079,448
Assets held for sale or contribution
545,542
248,511
Net investments in real estate
90,283,569
88,815,976
Cash and cash equivalents
671,117
1,318,591
Other assets
5,038,705
5,194,342
Total assets
$
95,993,391
$
95,328,909
Liabilities and Equity:
Liabilities:
Debt
$
32,262,055
$
30,879,263
Accounts payable, accrued expenses and other liabilities
5,655,898
5,832,876
Total liabilities
37,917,953
36,712,139
Equity:
Stockholders' equity
53,467,210
53,951,138
Noncontrolling interests
3,320,473
3,323,047
Noncontrolling interests - limited partnership unitholders
1,287,755
1,342,585
Total equity
58,075,438
58,616,770
Total liabilities and equity
$
95,993,391
$
95,328,909
6
Financial Information
Consolidated Statements of Income
Q1 2025 Supplemental
Three Months Ended
March 31,
in thousands, except per share amounts
2025
2024
Revenues:
Rental
$
1,987,265
$
1,827,658
Strategic capital
141,139
128,412
Development management and other
11,261
551
Total revenues
2,139,665
1,956,621
Expenses:
Rental
488,317
454,257
Strategic capital
60,777
78,811
General and administrative
114,701
111,291
Depreciation and amortization
652,058
637,505
Other
9,649
12,244
Total expenses
1,325,502
1,294,108
Operating income before gains on real estate transactions, net
$
814,163
$
662,513
Gains on dispositions of development properties and land, net
27,451
40,308
Gains on other dispositions of investments in real estate, net
36,799
17,534
Operating income
$
878,413
$
720,355
Other income (expense):
Earnings from unconsolidated entities, net
67,899
72,472
Interest expense
(231,751)
(193,320)
Foreign currency, derivative and other gains (losses) and other income (expense), net
(31,658)
63,564
Gains (losses) on early extinguishment of debt, net
-
536
Total other income (expense)
(195,510)
(56,748)
Earnings before income taxes
682,903
663,607
Current income tax benefit (expense)
(36,701)
(32,466)
Deferred income tax benefit (expense)
(6,682)
(334)
Consolidated net earnings
639,520
630,807
Net earnings attributable to noncontrolling interests
(31,576)
(30,308)
Net earnings attributable to noncontrolling interests - limited partnership units
(14,991)
(14,784)
Net earnings attributable to controlling interests
592,953
585,715
Preferred stock dividends
(1,452)
(1,452)
Net earnings attributable to common stockholders
$
591,501
$
584,263
Weighted average common shares outstanding - Diluted
956,080
953,912
Net earnings per share attributable to common stockholders - Diluted
$
0.63
$
0.63
7
Disclaimer
ProLogis Inc. published this content on April 16, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on April 16, 2025 at 12:06 UTC.