Early Access

10-QPeriod: Q3 FY2023

Prologis, Inc. Quarterly Report for Q3 Ended Sep 30, 2023

Filed October 27, 2023For Securities:PLDPLDGP

Summary

Prologis, Inc. (PLD) reported strong financial performance for the nine months ended September 30, 2023. The company's Real Estate segment showed significant growth, driven by increased rental revenues and development activities. Strategic Capital segment also contributed positively, primarily through asset and property management services for its unconsolidated co-investment ventures. The company maintained a robust balance sheet with significant liquidity and a well-managed debt profile, characterized by a long average debt maturity and a stable credit rating. Prologis demonstrated operational efficiency and continued its growth strategy through strategic acquisitions and development, positioning itself for sustained long-term earnings growth, supported by favorable market trends in the logistics real estate sector.

Financial Highlights

35 data points
Beta

Revenue

$1.91B

Net Income

$747.63M

0.4% Net Margin

EPS (Diluted)

$0.80

Total Assets

$91.95B

Cash & Equivalents

$740.84M

Free Cash Flow

$1.97B

Financial Statements
Beta
Revenue$1.91B
Operating Income$882.11M
Interest Expense$181.05M
Net Income$747.63M
EPS (Basic)$0.81
EPS (Diluted)$0.80
Shares Outstanding (Basic)924.39M
Shares Outstanding (Diluted)951.91M

Key Highlights

  • 1Total revenues increased to $6.13 billion for the nine months ended September 30, 2023, up from $4.22 billion in the prior year period, primarily driven by growth in the Real Estate segment.
  • 2Net earnings attributable to common stockholders were $2.42 billion for the nine months ended September 30, 2023, a decrease from $2.78 billion in the prior year period.
  • 3Net cash provided by operating activities was $4.30 billion for the nine months ended September 30, 2023, compared to $2.85 billion in the prior year period.
  • 4The company completed a significant acquisition of a U.S. real estate portfolio comprising 70 operating properties, aggregating 14 million square feet, for $3.1 billion in the second quarter of 2023.
  • 5Prologis generated net proceeds of $1.4 billion and realized net gains of $432 million from property contributions to co-investment ventures and sales of non-strategic assets during the first nine months of 2023.
  • 6Total liquidity, including cash and cash equivalents and available borrowing capacity, stood at $6.9 billion as of September 30, 2023.
  • 7The weighted average remaining maturity of consolidated debt was 10 years, with a weighted average interest rate of 2.9% as of September 30, 2023.

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