Prologis【PLD】株式ニュース

Prologis Reports First Quarter 2026 ResultsApril 16, 2026 8:00 AM
PR Newswire (US)

Delivers record leasing and scales data center platformSAN FRANCISCO, April 16, 2026 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD) today announced the following results for the quarter ended March 31, 2026:Net earnings per diluted share was $1.05 for the quarter compared with $0.63 for the corresponding period in 2025.Core funds from operations (Core FFO)* per diluted share was $1.50 for the quarter compared with $1.42 for the corresponding period in 2025.Core FFO, excluding Net Promote Income (Expense)* per diluted share was $1.52 for the quarter compared with $1.43 for the corresponding period in 2025."We delivered record lease signings of 64 million square feet in our logistics business this quarter, reflecting the strength of our platform and resilient customer demand," said Daniel S. Letter, chief executive officer of Prologis. "We also advanced our data center platform with $1.3 billion of build-to-suit development starts, and we are scaling digital infrastructure and energy to support our next phase of growth.""Through our Strategic Capital platform, new partnerships with GIC and La Caisse will expand our access to capital and enhance our ability to invest at scale while preserving balance sheet strength and financial flexibility," said Timothy D. Arndt, chief financial officer of Prologis. "Even amid an uncertain geopolitical environment, this combination of strong execution and capital strength underpins our increased Core FFO outlook."OPERATING PERFORMANCE Owned & Managed1Q26Average Occupancy95.3 %Period End Occupancy95.3 %Leases Commenced (Operating and Development Portfolio)66.7 MSFRetention75.8 %
? Prologis Share1Q26Average Occupancy95.4 %Cash Same Store NOI*8.8 %Net Effective Rent Change31.9 %Cash Rent Change16.8 %DEPLOYMENT ACTIVITYPrologis Share1Q26Acquisitions$268M     Weighted avg stabilized cap rate (excluding other real estate)4.7 %Development Stabilizations$1,113M     Estimated weighted avg yield7.6 %     Estimated weighted avg margin34.8 %     Estimated value creation$387M     % Build-to-suit47.5 %Development Starts$1,783M     Estimated weighted avg yield8.8 %     Estimated weighted avg margin32.0 %     Estimated value creation$571M     % Build-to-suit81.2 %Total Dispositions and Contributions$676MWeighted avg stabilized cap rate (excluding land, properties under development, and other real estate)5.1 %BALANCE SHEET STRENGTH & LIQUIDITY
During the quarter, the company:Closed, together with its co-investment ventures, an aggregate of $5.5 billion of debt at a weighted average interest rate of 3.7% and a weighted average term of 5.9 years. The activity included the extension of the maturity date of one of the company's $3.0 billion revolving line of credit.As of quarter-end:Total available liquidity was approximately $6.7 billion.Debt-to-Adjusted EBITDA* was 4.8x and debt as a percentage of total market capitalization was 23.8%.The weighted average interest rate on the company's share of total debt was 3.3%, with a weighted average term of 8.1 years.Forecasted earnings for 2026, 2027 and 2028 are 99%, 97% and 97%, respectively, in USD or hedged through derivative contracts and 96% of Prologis' equity was in USD.2026 GUIDANCE Prologis' guidance for net earnings is included in the table below as well as guidance for Core FFO*, which are reconciled in our supplemental information. 2026 GUIDANCEEarnings (per diluted share) Previous CurrentNet earnings attributable to common stockholders$3.70 to $4.00$3.80 to $4.05Core FFO attributable to common stockholders/unitholders*$6.00 to $6.20$6.07 to $6.23Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*$6.05 to $6.25$6.12 to $6.28
Operations - Prologis Share Previous Current Average occupancy94.75% to 95.75%95.00% to 95.75%Cash Same Store NOI*5.75% to 6.75%6.25% to 7.00%Net Effective Same Store NOI*4.25% to 5.25%4.75% to 5.50%
Strategic Capital (in millions)PreviousCurrentStrategic Capital revenue, excluding promote revenue$650 to $670$660 to $680Net Promote Income (Expense)1$(50)$(50)

G&A (in millions)PreviousCurrentGeneral & administrative expenses$500 to $520$510 to $525
Capital Deployment - Prologis Share (in millions)2PreviousCurrent Development stabilizations$2,250 to $2,750$2,250 to $2,750Development starts$3,000 to $4,000$3,500 to $4,500Acquisitions$1,000 to $1,500$1,000 to $1,500Contributions$1,500 to $2,000$1,750 to $2,250Dispositions$1,750 to $2,250$1,750 to $2,250Realized development gains$400 to $600$500 to $700Net promote expense relates to amortization of stock compensation issued to employees related to promote income recognized in prior periods.Inclusive of data centers.*This is a non-GAAP financial measure. See the Notes and Definitions in our supplemental information for further explanation and a reconciliation to the most directly comparable GAAP measure.The earnings guidance described above includes potential gains recognized from real estate transactions but excludes any future or potential foreign currency or derivative gains or losses as our guidance assumes constant foreign currency rates. In reconciling from net earnings to Core FFO*, Prologis makes certain adjustments, including but not limited to our share of real estate depreciation and amortization expense, gains (losses) recognized from real estate transactions and early extinguishment of debt, impairment charges, deferred taxes and unrealized gains or losses on foreign currency or derivative activity. The difference between the company's Core FFO* and net earnings guidance relates predominantly to these items. Please refer to our quarterly Supplemental Information, which is available on our Investor Relations website at https://ir.prologis.com and on the SEC's website at www.sec.gov for a definition of Core FFO* and other non-GAAP measures used by Prologis, along with reconciliations of these items to the closest GAAP measure for our results and guidance.April 16, 2026, CALL DETAILS
The call will take place on Thursday, April 16, 2026, at 9:00 a.m. PT/12:00 p.m. ET. To access a live broadcast of the call, please dial +1 (877) 897-2615 (toll-free from the United States and Canada) or +1 (201) 689-8514 (from all other countries). A live webcast can be accessed from the Investor Relations section of www.prologis.com.A telephonic replay will be available April 16 - April 30 at +1 (877) 660-6853 (from the United States and Canada) or +1 (201) 612-7415 (from all other countries) using access code 13757425. The webcast replay will be posted in the Investor Relations section of www.prologis.com under "Events & Presentations."ABOUT PROLOGIS
The world runs on logistics. At Prologis, we don't just lead the industry, we define it. We create the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. From agile supply chains to clean energy solutions, our ecosystems help your business move faster, operate smarter and grow sustainably. With unmatched scale, innovation and expertise, Prologis is a category of one–not just shaping the future of logistics but building what comes next. Learn more at Prologis.com.FORWARD-LOOKING STATEMENTS
The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," and "estimates" including variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future—including statements relating to rent and occupancy growth, acquisition and development activity, including data center developments and power procurement related thereto, contribution and disposition activity, general conditions in the geographic areas where we operate, expectations regarding new lines of business, our debt, capital structure and financial position, our ability to earn revenues from co-investment ventures, form new co-investment ventures and the availability of capital in existing or new co-investment ventures—are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) international, national, regional and local economic and political climates and conditions; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties, including the integration of the operations of significant real estate portfolios; (v) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; and (x) those additional factors discussed in reports filed with the Securities and Exchange Commission by us under the heading "Risk Factors." We undertake no duty to update any forward-looking statements appearing in this document except as may be required by law. dollars in millions, except per share/unit dataThree Months Ended March 31,

20262025Rental and other revenues$                             2,137$                             1,999Strategic capital revenues161141
Total revenues2,2982,140Net earnings attributable to common stockholders980592Core FFO attributable to common stockholders/unitholders*1,4401,356AFFO attributable to common stockholders/unitholders*1,4721,084Adjusted EBITDA attributable to common stockholders/unitholders*2,1781,771Estimated value creation from development stabilizations - Prologis Share387240Common stock dividends and common limited partnership unit distributions1,026965

Per common share - diluted:

Net earnings attributable to common stockholders$                               1.05$                               0.63
Core FFO attributable to common stockholders/unitholders*1.501.42
Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*1.521.43
Business line reporting:

Real estate* 1.451.36

Strategic capital* 0.050.06

Core FFO attributable to common stockholders/unitholders*1.501.42

Realized development gains, net of taxes*0.300.03Dividends and distributions per common share/unit1.071.01

*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

in thousandsMarch 31, 2026
December 31, 2025Assets:

Investments in real estate properties:

Operating properties$                                                   80,875,731
$                                                   80,561,020Development portfolio2,492,161
3,019,009Land4,684,949
4,888,153Other real estate investments7,188,604
6,661,174
95,241,445
95,129,356Less accumulated depreciation15,298,353
14,729,149Net investments in real estate properties79,943,092
80,400,207Investments in and advances to unconsolidated entities11,241,723
11,093,936Assets held for sale or contribution499,799
203,344Net investments in real estate91,684,614
91,697,487

Cash and cash equivalents861,144
1,145,647Other assets5,587,693
5,881,122Total assets$                                                   98,133,451
$                                                   98,724,256

Liabilities and Equity:

Liabilities:

Debt $                                                   34,669,592
$                                                   35,037,073Accounts payable, accrued expenses and other liabilities5,515,367
5,933,175Total liabilities40,184,959
40,970,248

Equity:

Stockholders' equity53,503,401
53,193,178Noncontrolling interests3,316,274
3,316,713Noncontrolling interests - limited partnership unitholders1,128,817
1,244,117Total equity57,948,492
57,754,008

Total liabilities and equity$                                                   98,133,451
$                                                   98,724,256
Three Months Ended
March 31,in thousands, except per share amounts20262025Revenues:

Rental$                    2,125,084$                    1,987,265Strategic capital 160,812141,139Development management and other 11,82711,261Total revenues2,297,7232,139,665

Expenses:

Rental 520,283488,317Strategic capital 81,88960,777General and administrative 126,890114,701Depreciation and amortization731,506652,058Other10,1239,649Total expenses1,470,6911,325,502

Operating income before gains on real estate transactions, net$                       827,032$                       814,163Gains on dispositions of development properties and land, net292,98327,451Gains on other dispositions of investments in real estate, net91,04036,799Operating income$                    1,211,055$                       878,413Other income (expense):

Earnings from unconsolidated entities, net93,29667,899Interest expense(254,286)(231,751)Foreign currency, derivative and other gains (losses) and other income (expense), net44,611(31,658)Gains (losses) on early extinguishment of debt, net(1,890)—Total other income (expense)(118,269)(195,510)

Earnings before income taxes1,092,786682,903Current income tax benefit (expense)(47,781)(36,701)Deferred income tax benefit (expense)(190)(6,682)Consolidated net earnings1,044,815639,520Net earnings attributable to noncontrolling interests(39,978)(31,576)Net earnings attributable to noncontrolling interests - limited partnership units(22,861)(14,991)Net earnings attributable to controlling interests981,976592,953Preferred stock dividends(1,500)(1,452)Net earnings attributable to common stockholders $                       980,476$                       591,501Weighted average common shares outstanding - Diluted957,561956,080Net earnings per share attributable to common stockholders - Diluted$                             1.05$                             0.63
Three Months Ended
March 31,in thousands20262025

Net earnings attributable to common stockholders$                       980,476$                        591,501Add (deduct) NAREIT defined adjustments:

Real estate related depreciation and amortization705,550632,686Gains on other dispositions of investments in real estate, net of taxes (excluding development properties and land)(91,040)(35,807)Adjustments related to noncontrolling interests(10,737)(18,407)Our proportionate share of adjustments related to unconsolidated entities151,155150,624

NAREIT defined FFO attributable to common stockholders/unitholders*$                    1,735,404$                     1,320,597

Add (deduct) our modified adjustments:

Unrealized foreign currency, derivative and other losses (gains), net(14,269)54,898Deferred income tax expense (benefit)1906,682Adjustments related to noncontrolling interests712—Our proportionate share of adjustments related to unconsolidated entities(725)1,371FFO, as modified by Prologis attributable to common stockholders/unitholders*$                    1,721,312$                     1,383,548

Add (deduct) Core FFO defined adjustments:

Gains on dispositions of development properties and land, net(292,983)(27,451)Current income tax expense (benefit) on dispositions1,302144Losses (gains) on early extinguishment of debt, net1,890—Adjustments related to noncontrolling interests27173Our proportionate share of adjustments related to unconsolidated entities8,701(283)

Core FFO attributable to common stockholders/unitholders*$                    1,440,493$                     1,356,031

Add (deduct) AFFO defined adjustments:

Gains on dispositions of development properties and land, net292,98327,451Current income tax benefit (expense) on dispositions(1,302)(144)Straight-lined rents and amortization of lease intangibles(165,749)(180,361)Property improvements(26,065)(34,367)Turnover costs(123,816)(123,123)Amortization of debt discount, financing costs and management contracts, net21,40021,112Stock compensation amortization expense60,63253,161Adjustments related to noncontrolling interests19,62813,982Our proportionate share of adjustments related to unconsolidated entities(46,311)(49,819)AFFO attributable to common stockholders/unitholders*$                    1,471,893$                     1,083,923

*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.
Three Months Ended
March 31,in thousands20262025

Net earnings attributable to common stockholders$                        980,476$                       591,501Gains on other dispositions of investments in real estate, net (excluding development properties and land)(91,040)(36,799)Depreciation and amortization expense731,506652,058Interest charges237,908215,650Current and deferred income tax expense, net47,97143,383Net earnings attributable to noncontrolling interests - limited partnership units22,86114,991NOI adjustments for real estate transactions9,2647,829Preferred stock dividends1,5001,452Unrealized foreign currency, derivative and other losses (gains), net(14,269)54,898Stock compensation amortization expense60,63253,161Losses (gains) on early extinguishment of debt, net1,890—Adjustments related to noncontrolling interests(33,544)(33,850)Our proportionate share of adjustments related to unconsolidated entities222,879207,162Adjusted EBITDA attributable to common stockholders/unitholders*$                     2,178,034$                    1,771,436

*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Adjusted EBITDA. We use Adjusted EBITDA attributable to common stockholders/unitholders ("Adjusted EBITDA"), a non-GAAP financial measure, as a measure of our operating performance. The most directly comparable GAAP measure is net earnings.We believe Adjusted EBITDA provides relevant and useful information by offering insight into our operating performance before the effects of financing decisions, income taxes, and certain non-cash or non-recurring charges.We calculate Adjusted EBITDA by beginning with consolidated net earnings attributable to common stockholders and removing the effect of:gains or losses from the disposition of investments in real estate (excluding development properties and land);depreciation and amortization expense;impairment charges;interest charges;current and deferred income taxes;preferred stock dividends;unrealized gains or losses on foreign currency and derivatives;stock compensation amortization expense;gains from the revaluation of equity investments upon acquisition of a controlling interest; andgains or losses on early extinguishment of debt and derivative contracts (including cash charges).We also include an adjustment to reflect a full period of NOI on the operating properties we acquire or stabilize during the quarter and to remove NOI on properties we dispose of during the quarter, assuming all transactions occurred at the beginning of the quarter. For properties we contribute, we make an adjustment to reflect NOI at the new ownership percentage for the full quarter.We calculate Adjusted EBITDA based on our proportionate ownership share of both our unconsolidated entities and consolidated ventures. We reflect our share of Adjusted EBITDA measures for unconsolidated entities by applying our average ownership percentage for the period to the applicable adjusting items on an entity-by-entity basis. We reflect our share for consolidated ventures in which we do not own 100% of the equity by removing the noncontrolling interests share of the applicable adjustments based on our average ownership percentage for the applicable periods.While we believe Adjusted EBITDA is an important supplemental measure, it should not be used alone as it excludes significant components of net earnings computed under GAAP and is therefore limited as an analytical tool. We do not use Adjusted EBITDA as an alternative measure to net earnings computed under GAAP or as an alternative to cash from operating activities computed under GAAP or as an indicator of our ability to fund our cash needs. Our computation of Adjusted EBITDA may not be comparable to EBITDA reported by other companies in both the real estate industry and other industries. We compensate for the limitations of Adjusted EBITDA by providing investors with financial statements prepared according to GAAP, along with this detailed discussion of Adjusted EBITDA and a reconciliation to Adjusted EBITDA from consolidated net earnings attributable to common stockholders.Business Line Reporting is a non-GAAP financial measure. Core FFO and development gains are generated by our three lines of business: (i) real estate operations; (ii) strategic capital; and (iii) development. The real estate operations line of business represents total Prologis Core FFO, less the amount allocated to the strategic capital line of business. The amount of Core FFO allocated to the strategic capital line of business represents the third-party share of asset management fees and transactional fees that we earn from our consolidated and unconsolidated co-investment ventures less costs directly associated with our strategic capital group and Net Promote Income (Expense). Realized development gains include our share of gains on dispositions of development properties and land, net of taxes. To calculate the per share amount, the amount generated by each line of business is divided by the weighted average diluted common shares outstanding used in our Core FFO per share calculation. Management believes evaluating our results by line of business is a useful supplemental measure of our operating performance because it helps the investing public compare the operating performance of Prologis' respective businesses to other companies' comparable businesses. Prologis' computation of FFO by line of business may not be comparable to that reported by other real estate companies as they may use different methodologies in computing such measures.Calculation of Per Share Amounts

Three Months Ended
Mar. 31,in thousands, except per share amount20262025Net earnings

Net earnings attributable to common stockholders$       980,476$        591,501Noncontrolling interest attributable to exchangeable limited partnership units 23,02714,991Adjusted net earnings attributable to common stockholders - Diluted$     1,003,503$       606,492Weighted average common shares outstanding - Basic931,261927,338Incremental weighted average effect on exchange of limited partnership units 21,97923,501Incremental weighted average effect of equity awards 4,3215,241Weighted average common shares outstanding - Diluted957,561956,080Net earnings per share - Basic$          1.05$           0.64Net earnings per share - Diluted$          1.05$           0.63
Three Months Ended
Mar. 31,in thousands, except per share amount20262025Core FFO

Core FFO attributable to common stockholders/unitholders$      1,440,493$      1,356,031Noncontrolling interest attributable to exchangeable limited partnership units 232294Core FFO attributable to common stockholders/ unitholders - Diluted $      1,440,725$      1,356,325Less: Net Promote Income (Expense)(12,382)(10,893)Core FFO attributable to common stockholders/ unitholders, excluding Net
Promote Income (Expense) - Diluted $      1,453,107$      1,367,218Weighted average common shares outstanding - Basic931,261927,338Incremental weighted average effect on exchange of limited partnership units 21,97923,779Incremental weighted average effect of equity awards 4,3215,241Weighted average common shares outstanding - Diluted957,561956,358Core FFO per share - Diluted $           1.50$           1.42Core FFO per share, excluding Net Promote Income (Expense) - Diluted $           1.52$           1.43Development Portfolio includes industrial and non-industrial properties, data centers, yards and parking lots that are under development and properties that are developed but have not met Stabilization. At March 31, 2026, total TEI for yards, parking lots, data centers and non-industrial assets was $2.0 billion on an Owned and Managed and $1.9 billion on a Prologis Share basis. We do not disclose square footage for yards and parking lots.Estimated Value Creation represents the value that we expect to create through our development and leasing activities. We calculate Estimated Value Creation by estimating the Stabilized NOI that the property will generate and applying a stabilized capitalization rate applicable to that property. Estimated Value Creation is calculated as the amount by which the value exceeds our TEI, including closing costs and taxes, if any, and does not include any fees or promotes we may earn. Estimated Weighted Average Margin is calculated on development properties as Estimated Value Creation, less estimated closing costs and taxes, if any, on properties expected to be sold or contributed, divided by TEI.Estimated Weighted Average Stabilized Yield is calculated on the properties in the Development Portfolio as Stabilized NOI divided by TEI. The yields on a Prologis Share basis were as follows:
Pre-Stabilized Developments2026 Expected Completion2027 and Thereafter Expected
CompletionTotal Development PortfolioU.S.5.8 %6.6 %8.6 %7.7 %Other Americas6.5 %9.0 %7.5 %7.1 %Europe5.3 %5.4 %5.6 %5.4 %Asia7.4 %6.2 %4.6 %5.5 %Total 6.2 %6.2 %8.0 %7.0 %FFO, as modified by Prologis attributable to common stockholders/unitholders ("FFO, as modified by Prologis"); Core FFO attributable to common stockholders/unitholders ("Core FFO"); AFFO attributable to common stockholders/unitholders ("AFFO"); (collectively referred to as "FFO"). FFO is a non-GAAP financial measure that is commonly used in the real estate industry, with net earnings as the most directly comparable GAAP measure.The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as earnings computed under GAAP to exclude depreciation and gains and losses from sales net of any related tax, along with impairment charges, of previously depreciated properties. We exclude the gains on revaluation of equity investments upon acquisition of a controlling interest and the gain recognized from a partial sale of our investment, as these are similar to gains from the sales of previously depreciated properties. This measure excludes similar adjustments from our unconsolidated entities and the third parties' share of our consolidated ventures.Our FFO MeasuresOur FFO measures begin with NARElT's definition, with certain adjustments to calculate FFO, as modified by Prologis, and Core FFO, both as defined below, to reflect our business and execution of our management strategy. While these adjustments are subject to significant fluctuations from period to period, with both positive and negative short-term impacts, the removal of the effects of these items enhances our understanding of the core operating performance of our properties over the long term.We use FFO, as modified by Prologis, so that management, analysts and investors are able to evaluate our performance against other REITs that do not have similar operations or operations in jurisdictions outside the U.S. We use both Core FFO and AFFO to (i) assess our operating performance as compared to other real estate companies; (ii) evaluate our performance and the performance of our properties in comparison with expected results and results of previous periods; (iii) evaluate the performance of our management; (iv) budget and forecast future results to assist in the allocation of resources; (v) provide guidance to the financial markets to understand our expected operating performance; and (vi) evaluate how a specific potential investment will impact our future results.We calculate our FFO measures based on our proportionate ownership share of both our unconsolidated entities and consolidated ventures. We reflect our share of our FFO measures for unconsolidated entities by applying our average ownership percentage for the period to the applicable adjustments on an entity-by-entity basis. We reflect our share for consolidated ventures in which we do not own 100% of the equity by removing the noncontrolling interests share of the applicable adjustments based on our average ownership percentage for the applicable periods.FFO, as modified by PrologisTo arrive at FFO, as modified by Prologis, we adjust the NAREIT defined FFO measure to exclude:deferred income tax benefits and deferred income tax expenses recognized by our subsidiaries;current income tax expense related to acquired tax liabilities that were recorded as deferred tax liabilities in an acquisition, to the extent the expense is offset with a deferred income tax benefit in earnings that is excluded from our defined FFO measure; andforeign currency exchange gains and losses resulting from (a) debt transactions between us and our foreign entities; (b) third-party debt that is used to hedge our investment in foreign entities; (c) derivative financial instruments related to any such debt transactions; and (d) mark-to-market adjustments associated with derivative and other financial instruments.Core FFOTo arrive at Core FFO, we adjust FFO, as modified by Prologis, to exclude the following:gains or losses from the disposition of land and development properties that were developed with the intent to contribute or sell;income tax expense related to the sale of investments in real estate;impairment charges recognized related to our investments in real estate generally as a result of our change in intent to contribute or sell these properties; andgains or losses from the early extinguishment of debt and redemption and repurchase of preferred stock.AFFOTo arrive at AFFO, we adjust Core FFO to include realized gains from the disposition of land and development properties, net of current tax expense, turnover costs and property improvements and exclude the following items that we recognize directly in Core FFO:straight-line rents;amortization of above- and below-market lease intangibles;amortization of management contracts;amortization of debt premiums and discounts and financing costs, net of amounts capitalized; andstock compensation amortization expense.Limitations on the use of our FFO measuresWhile we believe our modified FFO measures are important supplemental measures, neither NAREIT's nor our measures of FFO should be used alone because they exclude significant components of net earnings computed under GAAP and are, therefore, limited as an analytical tool. Some of these limitations arise from excluding income tax expense that may be payable or depreciation and amortization expenses that reflect costs necessary to maintain operating performance. In addition, our FFO measure does not reflect changes in asset values resulting from fluctuations in market conditions or foreign currency exchange rates nor costs or benefits from settlement of deferred income taxes or the extinguishment of debt. We do not use NAREIT's nor our measures of FFO as alternatives to net earnings computed under GAAP or as alternatives to cash from operating activities computed under GAAP or as indicators of our ability to fund our cash needs.We compensate for the limitations by using our FFO measures only in conjunction with net earnings computed under GAAP when making our decisions. This information should be read with our complete Consolidated Financial Statements prepared under GAAP. To assist investors in compensating for these limitations, we reconcile our modified FFO measures from consolidated net earnings attributable to common stockholders.Guidance. The following is a reconciliation of our annual guided Net Earnings per share to our guided Core FFO per share:
Low HighNet earnings attributable to common stockholders (a)$ 3.80$   4.05Our share of:

Depreciation and amortization3.223.28Net gains on real estate transactions, net of taxes(0.95)(1.10)Unrealized foreign currency losses (gains), losses (gains) on early    extinguishment of debt and other, net ——Core FFO attributable to common stockholders/unitholders$ 6.07$   6.23Less: Net Promote Income (Expense)(0.05)(0.05)Core FFO attributable to common stockholders/unitholders, excluding Net Promote
Income (Expense)$ 6.12$   6.28

(a)Earnings guidance includes potential future gains recognized from real estate transactions, but excludes future foreign currency or derivative gains or losses as these items are difficult to predict.Market Capitalization equals Market Equity, less liquidation preference of the preferred shares/units, plus our share of total debt.Net Promote Income (Expense) is promote revenue earned from third-party investors during the period, net of related cash and stock compensation expenses, and taxes and foreign currency derivative gains and losses, if applicable.Operating Portfolio represents industrial properties in our Owned and Managed portfolio that have reached Stabilization. Assets held for sale, Non-Strategic Assets and non-industrial assets are excluded from the portfolio. NOI of our Operating Portfolio excludes net termination fees and adjustments. Prologis Share of NOI includes NOI for the properties contributed to or acquired from co-investment ventures at our actual share prior to and subsequent to change in ownership. The U.S. markets not presented consist of Austin, Charlotte, Columbus, Denver, Louisville, Portland, Raleigh-Durham, Reno, San Antonio, Savannah and Tampa. The European countries not presented consist of Belgium, Czech Republic, Hungary, Italy, Poland, Slovakia, Spain and Sweden.Owned and Managed represents the consolidated properties as well as properties owned by our unconsolidated co-investment ventures, which we manage.Prologis Share represents our proportionate economic ownership of each entity, or property included in our total Owned and Managed portfolio, whether consolidated or unconsolidated.Rent Change (Cash) represents the percentage change in starting rental rates per the lease agreement, on new and renewed leases, commenced during the period compared with the previous ending rental rates in that same space. This measure excludes any short-term leases of less than one-year, holdover payments, free rent periods and introductory (teaser rates) defined as 50% or less of the stabilized rate.Rent Change (Net Effective) represents the percentage change in net effective rental rates (average rate over the lease term), on new and renewed leases, commenced during the period compared with the previous net effective rental rates for the same respective spaces. This measure excludes any short-term leases of less than one year and holdover payments.Retention is the square footage of all leases commenced during the period that are rented by existing tenants divided by the square footage of all expiring leases during the reporting period. The square footage of tenants that default or buy-out prior to expiration of their lease and short-term leases of less than one year, are not included in the calculation.Same Store. Our same store metrics are non-GAAP financial measures, which are commonly used in the real estate industry and expected from the financial community, on both a net effective and cash basis. We evaluate the performance of the operating properties we own and manage using a "same store" analysis because the population of properties in this analysis is consistent from period to period, which allows us and investors to analyze our ongoing business operations. We determine our same store metrics on property NOI, which is calculated as rental revenue less rental expense for the applicable properties in the same store population for both consolidated and unconsolidated properties based on our ownership interest, as further defined below.We define our same store population for the three months ended March 31, 2026 as the properties in our Owned and Managed Operating Portfolio, including the property NOI for both consolidated properties and properties owned by the unconsolidated co-investment ventures at January 1, 2025 and owned throughout the same three-month period in both 2025 and 2026.We believe the drivers of property NOI for the consolidated portfolio are generally the same for the properties owned by the ventures in which we invest and therefore we evaluate the same store metrics of the Owned and Managed portfolio based on Prologis' ownership in the properties ("Prologis Share").The same store population excludes properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the period (January 1, 2025) and properties acquired or disposed of to third parties during the periods. To derive an appropriate measure of period- to-period operating performance, we remove the effects of foreign currency exchange rate movements by using the reported period-end exchange rate to translate from local currency into the U.S dollar, for both periods.As non-GAAP financial measures, the same store metrics have certain limitations as an analytical tool and may vary among real estate companies. As a result, we provide a reconciliation of Rental Revenues less Rental Expenses ("Property NOI") (from our Consolidated Financial Statements prepared in accordance with U.S GAAP) to our Same Store Property NOI measures, as follows:

Three Months Ended

Mar. 31,dollars in thousands20262025Change (%)Reconciliation of Consolidated Property NOI to Same Store Property NOI measures:

Rental revenues $   2,125,084$   1,987,265
Rental expenses(520,283)(488,317)
Consolidated Property NOI$   1,604,801$   1,498,948
Adjustments to derive same store results:

Property NOI from consolidated properties not included in same
     store portfolio and other adjustments (a)(150,967)(122,495)

Property NOI from unconsolidated co-investment ventures
     included in same store portfolio (a)(b)1,010,288956,327

Third parties' share of Property NOI from properties included in
     same store portfolio (a)(b)(785,354)(750,429)
Prologis Share of Same Store Property NOI - Net Effective (b)$   1,678,768$   1,582,3516.1 %
Consolidated properties straight-line rent and fair value lease
     amortization included in the same store portfolio (c)(134,307)(156,391)

Unconsolidated co-investment ventures straight-line rent and fair
     value lease amortization included in the same store portfolio (c)(45,957)(56,807)

Third parties' share of straight-line rent and fair value lease
      amortization included in the same store portfolio (b)(c)35,81041,376
Prologis Share of Same Store Property NOI - Cash (b)(c)$   1,534,314$   1,410,5298.8 %

(a) We exclude properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the periods and properties acquired or disposed of to third parties during the periods. We also exclude one-time items due to early lease terminations, including termination fees received from customers and the write-off of related lease assets and liabilities, that are not indicative of the property's recurring operating performance in order to evaluate the growth or decline in each property's rental revenues. Same Store Property NOI is adjusted to include an allocation of property management expenses for our consolidated properties based on the property management services provided to each property (generally, based on a percentage of revenues). On consolidation, these amounts are eliminated and the actual costs of providing property management and leasing services are recognized as part of our consolidated rental expense.(b)We include the Property NOI for the same store portfolio for both consolidated properties and properties owned by the co-investment ventures based on our investment in the underlying properties. In order to calculate our share of Same Store Property NOI from the co-investment ventures in which we own less than 100%, we use the co-investment ventures' underlying Property NOI for the same store portfolio and apply our ownership percentage at March 31, 2026 to the Property NOI for both periods, including the properties contributed during the periods. We adjust the total Property NOI from the same store portfolio of the co-investment ventures by subtracting the third parties' share of both consolidated and unconsolidated co-investment ventures. During the periods presented, certain wholly owned properties were contributed to a co-investment venture and are included in the same store portfolio. Neither our consolidated results nor those of the co-investment ventures, when viewed individually, would be comparable on a same store basis because of the changes in composition of the respective portfolios from period to period (e.g. the results of a contributed property are included in our consolidated results through the contribution date and in the results of the venture subsequent to the contribution date based on our ownership interest at the end of the period). As a result, only line items labeled "Prologis Share of Same Store Property NOI" are comparable period over period.(c)We further remove certain noncash items (straight-line rent and fair value lease amortization) included in the financial statements prepared in accordance with U.S. GAAP to reflect a Same Store Property NOI - Cash measure.
We manage our business and compensate our executives based on the same store results of our Owned and Managed portfolio at 100% as we manage our portfolio on an ownership blind basis. We calculate those results by including 100% of the properties included in our same store portfolio.Stabilization is defined as the earlier of when a property that was developed has been completed for one year, is contributed to a co-investment venture following completion or is 90% occupied. Upon Stabilization, a property is moved into our Operating Portfolio.Total Expected Investment ("TEI") represents total estimated cost of development or expansion, including land, development and leasing costs. TEI is based on current projections and is subject to change.Weighted Average Interest Rate is based on the effective rate, which includes the amortization of related premiums and discounts and finance costs.Weighted Average Stabilized Capitalization ("Cap") Rate is calculated as Stabilized NOI divided by the Acquisition Price.

View original content to download multimedia:https://www.prnewswire.com/news-releases/prologis-reports-first-quarter-2026-results-302744054.htmlSOURCE Prologis, Inc.

Original: Prologis Reports First Quarter 2026 Results

ProLogis Reports Fourth Quarter/Year-end 2009 Results

Date : 02/11/2010 @ 8:00AM
Source : PR Newswire
Stock : Prologis (PLD)

http://ih.advfn.com/p.php?pid=nmona&cb=1265905363&article=41493173&symbol=NY^PLD

ProLogis Reports Fourth Quarter/Year-end 2009 Results

- Full-year FFO per Share in Line with Previous Guidance - - Property Market Fundamentals Showing Signs of Improvement - - Company Establishes 2010 Guidance -

DENVER, Feb. 11 /PRNewswire-FirstCall/ --

ProLogis (NYSE:PLD), a leading global provider of distribution facilities, today reported funds from operations as defined by ProLogis (FFO), excluding significant non-cash items, of $1.15 per diluted share in 2009, compared with $3.51 for 2008. (See Summary of Results table for details). These amounts reflect the add back of impairments on real estate properties, goodwill and other assets totaling $0.81 per diluted share in 2009 and $3.01 in 2008. ProLogis reported a net loss per diluted share of $0.01 for 2009, compared with a net loss of $1.82 for 2008.

For the fourth quarter, FFO, excluding significant non-cash items, was $0.13 per diluted share in 2009, compared with $0.56 in 2008. These amounts reflect the add back of impairments on real estate properties, goodwill and other assets totaling $0.78 per diluted share in the fourth quarter of 2009 and $3.04 in 2008. For the fourth quarter of 2009, the company reported a net loss per diluted share of $0.86, compared with a net loss of $3.39 in the same period of 2008.

Reconciliation to Previous Guidance

In addition to the non-cash impairment charges referred to above, the company experienced various non-recurring charges in the fourth quarter and earlier in 2009, as detailed below. FFO, excluding significant non-cash items and non-recurring charges, was $1.41 per diluted share for the full year, in line with the company's previous guidance of $1.39 to $1.43. For the fourth quarter, FFO, excluding significant non-cash items and non-recurring charges, was $0.23 per diluted share.

Three Months Twelve Months Ended Ended December 31, December 31, 2009 2009 ---- ----

FFO, excluding significant non-cash items $0.13 $1.15 Add (deduct) non-recurring charges: Indemnifications related to contributed or sold properties 0.08 0.09 Realized losses on foreign currency transactions - 0.05 Capital markets costs 0.03 0.04 ProLogis' share of losses on sale of fund assets - 0.03 Reduction in workforce - 0.03 Other 0.01 0.04 Adjustments to tax and compensation-related liabilities (0.02) (0.02) ---- ---- Add summarized non-recurring charges 0.10 0.26 ---- ---- FFO, excluding significant non-cash items and non-recurring charges $0.23 $1.41

Significant Accomplishments in 2009 Position Company for Future Opportunities

"We began 2009 with an action plan and aggressive goals related to asset dispositions, debt reduction and development portfolio leasing," said Walter C. Rakowich, chief executive officer. "Throughout the year, we made tough choices and remained highly focused on stabilizing the company. We are pleased to have accomplished our goals, putting the company on firm financial footing and positioning us to take advantage of opportunities as market conditions improve."

Among ProLogis' specific goals for 2009 were to: reduce debt by $2 billion, complete $1.5 to $1.7 billion of asset dispositions and contributions to property funds (exclusive of the sale of certain Asian operations) and achieve static development portfolio leasing of 60 to 70 percent. At year end 2009, the company had reduced debt by $2.7 billion, completed $1.53 billion of property dispositions and contributions and achieved static development portfolio leasing of 68.2 percent.

Continued Signs of Stabilization and Improvement in Property Markets

"While focusing on our action plan, we also worked diligently to maintain stable occupancies in our core portfolio," Rakowich added. "The bottoming of market occupancies and rents that we began to see in mid-2009 held up in the fourth quarter, with some markets showing improvement. For the top 31 North American markets we track, overall net demand turned positive in the fourth quarter, and we saw similar pockets of positive take-up in Europe. And, although we expect net effective rental rates on turnovers to be negative throughout 2010, we believe improving occupancies and the continued lack of new supply will pave the way for improving rental rates in 2011."

ProLogis' non-development portfolio was 92.4 percent leased at the end of the fourth quarter, down slightly compared with 92.7 percent leased at September 30. Same-store net operating income (SS NOI), as adjusted (excluding same-store assets associated with the company's development portfolio), decreased 4.2 percent, a slight improvement over the third quarter SS NOI decline. Net effective rental rates on turnover of 23.6 million square feet, or 6.0 percent of the adjusted same-store pool, were down 11.7 percent for the quarter, representing an improvement over the third quarter decline.

Build-to-Suit Development Demand Supports Reductions in Land Position

"While new speculative development has remained virtually non-existent, during the fourth quarter we continued to see demand for build-to-suit development from customers whose supply chain optimization requirements could not be met with the available supply of space," said Ted R. Antenucci, chief investment officer. ProLogis' fourth quarter starts consisted of a 667,000-square-foot facility for a major home improvement retailer in Southern California and a 504,000-square-foot facility for a leading UK retailer in Scotland. Including joint venture partner capital contributions, total expected investment for all build-to-suit developments started in the second half of 2009 is $336 million.

"Given the continued interest from customers in build-to-suits, we expect to start $700 to $800 million of new development in 2010, primarily in Europe and Asia. We also will continue to pursue land sales, which when combined with new development, will allow us to begin to monetize roughly $350 to $400 million of land in 2010," Antenucci added.

Strategic Repositioning of Asset Base

"In 2009, we used the proceeds from nearly $2.9 billion of contributions and dispositions, including the sale of certain Asian operations, to reduce debt and fund our development portfolio," said Rakowich. "Having stabilized our balance sheet, we are now looking to fund new development activity in a slightly different, leverage-neutral manner. Due to improving property values and growing institutional demand for quality properties, in 2010 we plan to generate $1.3 to $1.5 billion of proceeds from sales of existing assets and contributions to funds, primarily in the United States, and use the proceeds to fund the remaining costs associated with our existing development portfolio as well as 2010 development starts. This approach will allow us to retain more of our non-US development on our balance sheet, thereby improving the geographic diversification of our direct owned assets."

Continued Financing Progress for ProLogis and Property Funds

"We continued to focus on further extending and smoothing the debt maturities both on ProLogis' balance sheet and in our property funds," said William E. Sullivan, chief financial officer. "In the fourth quarter, we issued $600 million of 10-year, ProLogis senior notes and closed on a $108 million secured financing in Japan on our balance sheet. Since the beginning of the fourth quarter, we closed on euro 886 million of financings in our European funds, effectively reducing 2010 maturities within those funds to approximately euro 327 million. This is significant progress from the over euro 1.8 billion of 2010 fund debt maturities we were faced with at the beginning of 2009."

Guidance for 2010

ProLogis established full-year 2010 FFO guidance, excluding significant non-cash items, of $0.74 to $0.78 per share, of which approximately $0.10 relates to expected gains on dispositions of development and land. Net earnings are expected to be between $0.25 and $0.29 per diluted share. A summary of the business drivers supporting ProLogis' 2010 guidance is available at http://ir.prologis.com/2010BusinessDrivers.cfm.

Copies of ProLogis' fourth quarter 2009 supplemental information will be available from the company's website at http://ir.prologis.com/ in the "Annual & Supplemental Reports" section before open of market on Thursday, February 11, 2010. The company will host a webcast/conference call on Thursday, February 11, 2010, at 10:00 a.m. Eastern Time. The live webcast and the replay will be available on the company's website at http://ir.prologis.com/. Additionally, a podcast of the company's conference call will be available on the company's website.

About ProLogis

ProLogis is a leading global provider of distribution facilities, with more than 475 million square feet of industrial space owned and managed (44 million square meters) in markets across North America, Europe and Asia. The company leases its industrial facilities to more than 4,400 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. For additional information about the company, go to http://www.prologis.com/.

Follow ProLogis on Twitter: http://twitter.com/ProLogis

The statements above that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which ProLogis operates, management's beliefs and assumptions made by management, they involve uncertainties that could significantly impact ProLogis' financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future - including statements relating to rent and occupancy growth, development activity and changes in sales or contribution volume of developed properties, general conditions in the geographic areas where we operate and the availability of capital in existing or new property funds - are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic climates, (ii) changes in financial markets, interest rates and foreign currency exchange rates, (iii) increased or unanticipated competition for our properties, (iv) risks associated with acquisitions, (v) maintenance of real estate investment trust ("REIT") status, (vi) availability of financing and capital, (vii) changes in demand for developed properties, and (viii) those additional factors discussed in reports filed with the Securities and Exchange Commission by ProLogis under the heading "Risk Factors." ProLogis undertakes no duty to update any forward-looking statements appearing in this press release.

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