10-QPeriod: Q1 FY2025

Prologis, Inc. Quarterly Report for Q1 Ended Mar 31, 2025

Filed April 29, 2025For Securities:PLDPLDGP

Summary

Prologis, Inc. (PLD) reported solid financial results for the quarter ending March 31, 2025, with total revenues of $2.14 billion, an increase from $1.96 billion in the prior year period. Net earnings attributable to common stockholders were $591.5 million, or $0.64 per share basic, a slight increase from $584.3 million, or $0.63 per share basic, in the first quarter of 2024. The company's core business in logistics real estate continues to show resilience, driven by strong demand and effective portfolio management. The company's balance sheet remains robust, with total assets reaching $95.99 billion and total liabilities at $37.92 billion. Debt increased to $32.26 billion from $30.88 billion at the end of 2024, primarily due to senior note issuance to fund strategic activities. Despite the increase in debt, Prologis maintained compliance with all financial debt covenants and reported total available liquidity of $6.5 billion, underscoring its strong financial position.

Financial Highlights

34 data points
Beta

Revenue

$2.14B

Net Income

$591.50M

27.6% Net Margin

EPS (Diluted)

$0.63

Total Assets

$95.99B

Cash & Equivalents

$671.12M

Free Cash Flow

$1.16B

Financial Statements
Beta
Revenue$2.14B
Operating Expenses$558.74M
Operating Income$878.41M
Net Income$591.50M
EPS (Basic)$0.64
EPS (Diluted)$0.63
Shares Outstanding (Basic)927.34M
Shares Outstanding (Diluted)956.08M

Key Highlights

  • 1Total revenues increased to $2.14 billion for Q1 2025 from $1.96 billion for Q1 2024.
  • 2Net earnings attributable to common stockholders rose to $591.5 million ($0.64/share basic) from $584.3 million ($0.63/share basic) year-over-year.
  • 3Total assets grew to $95.99 billion as of March 31, 2025, compared to $95.33 billion at December 31, 2024.
  • 4Total debt increased to $32.26 billion from $30.88 billion, reflecting debt issuance for strategic initiatives.
  • 5The company maintained total available liquidity of $6.5 billion at quarter-end, indicating strong financial flexibility.
  • 6Operating income increased to $878.4 million from $720.4 million, driven by growth in both the Real Estate and Strategic Capital segments.
  • 7Occupancy rate for the consolidated operating portfolio stood at 94.8% as of March 31, 2025.

Frequently Asked Questions

For the first quarter of 2025, Prologis reported total revenues of $2.14 billion, up from $1.96 billion in the same period of 2024. Net earnings attributable to common stockholders were $591.5 million, or $0.64 per basic share, compared to $584.3 million, or $0.63 per basic share, in the prior year. Operating income also saw a significant increase to $878.4 million from $720.4 million.

Total assets increased to $95.99 billion as of March 31, 2025, from $95.33 billion as of December 31, 2024. Total liabilities also increased to $37.92 billion from $36.71 billion. Notably, debt increased to $32.26 billion from $30.88 billion, primarily due to new debt issuances.

Prologis maintains a strong liquidity position with total available liquidity of $6.5 billion as of March 31, 2025. This includes $0.7 billion in cash and cash equivalents and $5.8 billion in available borrowing capacity under its credit facilities.

Prologis' revenue growth is primarily driven by its Real Estate segment, which includes rental income from its extensive portfolio of logistics facilities. The company benefits from increasing rents due to market conditions and lease rollovers, as well as contributions from its development activities. The Strategic Capital segment also contributes through asset and property management fees from its unconsolidated co-investment ventures.