Early Access

10-QPeriod: Q1 FY2017

Prologis, Inc. Quarterly Report for Q1 Ended Mar 31, 2017

Filed April 25, 2017For Securities:PLDPLDGP

Summary

Prologis, Inc. (PLD) reported its first-quarter 2017 financial results, demonstrating stable performance in its core real estate operations segment. Total revenues increased to $629.15 million, up from $606.30 million in the prior year's comparable period, driven by higher rental recoveries and strategic capital revenues. The company maintained strong occupancy rates at 96.0% across its consolidated portfolio, reflecting consistent demand for logistics facilities. Net earnings attributable to common stockholders saw a slight decrease to $203.26 million ($0.38 per diluted share) from $208.04 million ($0.39 per diluted share) in Q1 2016. This change was influenced by a decrease in gains on dispositions of real estate and increased depreciation and amortization expenses. Despite this, the company's operational performance remained robust, supported by a strategic focus on high-barrier, high-growth markets and a diversified approach through its Strategic Capital segment. The company also actively managed its portfolio, contributing properties to unconsolidated co-investment ventures and acquiring full control of certain consolidated entities.

Financial Highlights

36 data points
Beta

Revenue

$629.15M

Net Income

$204.93M

0.3% Net Margin

EPS (Diluted)

$0.38

Total Assets

$29.48B

Cash & Equivalents

$395.83M

Free Cash Flow

$352.79M

Financial Statements
Beta
Revenue$629.15M
Operating Expenses$467.27M
Operating Income$161.89M
Interest Expense$72.91M
Net Income$204.93M
EPS (Basic)$0.38
EPS (Diluted)$0.38
Shares Outstanding (Basic)528.72M
Shares Outstanding (Diluted)550.01M

Key Highlights

  • 1Total revenues increased to $629.15 million in Q1 2017 from $606.30 million in Q1 2016.
  • 2Consolidated net earnings attributable to common stockholders were $203.26 million, or $0.38 per diluted share, compared to $208.04 million, or $0.39 per diluted share, in the prior year.
  • 3Occupancy rate remained strong at 96.0% for the consolidated portfolio.
  • 4Net cash provided by operating activities increased significantly to $352.79 million in Q1 2017 from $283.88 million in Q1 2016.
  • 5The company generated $542.19 million in proceeds from dispositions and contributions of real estate properties.
  • 6Prologis completed the formation of the Prologis United Kingdom Logistics Venture (UKLV) and acquired full ownership of Prologis North American Industrial Fund (NAIF) and Prologis Brazil Logistics Partners Fund I.
  • 7Total debt increased to $10.97 billion at March 31, 2017, from $10.61 billion at December 31, 2016.

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