Summary
Prologis, Inc. (PLD) reported its financial results for the quarter and six months ended June 30, 2019. The company demonstrated strong operational performance, with revenues increasing significantly compared to the prior year's comparable periods. Rental revenues, the largest component of the business, showed robust growth, reflecting strong market fundamentals and high occupancy rates within Prologis' extensive logistics real estate portfolio. The company continued its development activities and strategic capital deployment, contributing to overall revenue growth and a healthy balance sheet. Financially, Prologis maintained a solid liquidity position with substantial available borrowing capacity. The company actively managed its debt, completing several financing activities including upsizing its global credit facility and entering into new yen-denominated term loans, while also repaying existing debt. Gains on real estate transactions were significant, primarily from contributions to unconsolidated co-investment ventures, which are a key part of Prologis' strategy to access third-party capital and expand its global reach. The company remains focused on future growth through rent increases on existing leases, value creation from its development pipeline, and strategic acquisitions, such as the announced merger with Industrial Property Trust Inc.
Financial Highlights
35 data points| Revenue | $790.37M |
| Operating Income | $442.06M |
| Interest Expense | $59.12M |
| Net Income | $385.28M |
| EPS (Basic) | $0.61 |
| EPS (Diluted) | $0.60 |
| Shares Outstanding (Basic) | 630.27M |
| Shares Outstanding (Diluted) | 655.45M |
Key Highlights
- 1Total revenues for the six months ended June 30, 2019, increased to $1.56 billion from $1.31 billion in the prior year period.
- 2Rental revenues, the primary revenue driver, saw a substantial increase, reaching $1.40 billion for the six months ended June 30, 2019, up from $1.10 billion in the same period last year.
- 3Net earnings attributable to common stockholders increased to $730.8 million for the six months ended June 30, 2019, from $700.5 million in the prior year.
- 4The company's operating portfolio maintained high occupancy rates, reporting 96.8% leased at June 30, 2019.
- 5Prologis generated significant gains on real estate transactions, totaling $412.4 million for the six months ended June 30, 2019, driven by contributions to unconsolidated co-investment ventures.
- 6The company maintained a strong liquidity position with $3.8 billion of available borrowing capacity under its credit facilities as of June 30, 2019.
- 7Prologis announced a significant acquisition agreement for Industrial Property Trust Inc. (IPT) for approximately $4.0 billion, expected to close in late 2019 or early 2020.