Prologis, Inc. Quarterly Report for Q1 Ended Mar 31, 2022

Summary

Prologis, Inc. (PLD) reported strong financial results for the first quarter of 2022, with net earnings attributable to common stockholders reaching $1.15 billion, a significant increase from $365.8 million in the prior year period. This growth was driven by robust rental income and substantial gains from real estate dispositions. Total revenues increased to $1.22 billion from $1.15 billion year-over-year, reflecting strong performance across both its Real Estate Operations and Strategic Capital segments. The company's balance sheet remains solid, with total assets growing to $59.78 billion from $58.49 billion. Debt levels increased slightly to $18.37 billion, but the company maintained a healthy liquidity position with $6.76 billion in total liquidity available. Prologis continues to demonstrate a strong ability to generate cash from operations, which provides ample capacity for future development, acquisitions, and shareholder distributions.

Key Highlights

• 1Net earnings attributable to common stockholders surged to $1.15 billion for Q1 2022, compared to $365.8 million in Q1 2021.
• 2Total revenues increased to $1.22 billion in Q1 2022, up from $1.15 billion in Q1 2021.
• 3Significant gains were realized from real estate dispositions, with $795 million in net gains reported for Q1 2022.
• 4The company maintained strong occupancy rates at 97.4% across its owned and managed (O&M) portfolio.
• 5Total liquidity stood at $6.76 billion as of March 31, 2022, providing significant financial flexibility.
• 6The weighted average remaining maturity of consolidated debt was 10 years, indicating a well-laddered debt maturity profile.
• 7Prologis issued $1.8 billion in senior notes during Q1 2022, primarily to finance green projects and refinance existing debt.

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