Prologis, Inc. operates as a global logistics real estate REIT with industrial and distribution facilities, build-to-suit development activity, and a Strategic Capital asset management business for institutional partners. Company news commonly covers leasing trends, Core FFO and earnings results, development starts, customer demand across logistics markets, and expansion of adjacent infrastructure such as data center, solar and energy storage portfolios.
Recurring updates also include dividends on common stock and Series Q preferred stock, Strategic Capital joint ventures, capital allocation commentary, management presentations, and market outlook commentary tied to logistics real estate and supply-chain infrastructure.
FIBRA Prologis has successfully acquired a 77.14% majority stake in FIBRA Terrafina, significantly expanding its presence in the Mexican industrial real estate market. This acquisition adds approximately 42.2 million square feet of industrial real estate across key markets to FIBRA Prologis' existing portfolio of 46.9 million square feet. The move demonstrates Prologis' long-term commitment to Mexico, capitalizing on favorable market conditions with nearly 100% occupancy rates and continuous rental growth.
The acquisition is expected to benefit shareholders, customers, and the Mexican economy. FIBRA Prologis aims to leverage its scale, operational expertise, and investments to drive business growth for both entities. The company sees significant potential in nearshoring trends, with Latin America projected to experience rent growth at double the global average.
Prologis (NYSE: PLD), the global leader in logistics real estate, reported its Q2 2024 results. Net earnings per diluted share were $0.92, down from $1.31 in Q2 2023. Core FFO per diluted share was $1.34, compared to $1.83 in the same period last year. The company's average occupancy rate remained strong at 96.1%, with a cash same store NOI growth of 7.2%. Despite subdued customer demand, Prologis sees improving trends and expects continued growth, particularly in data centers and energy sectors. The company maintains a strong financial position with debt-to-EBITDA below 5.0x and $6.5 billion in available liquidity. Prologis revised its 2024 guidance, slightly increasing net earnings and Core FFO projections.
Prologis (NYSE: PLD), a global leader in logistics real estate, announced it will release its second quarter 2024 financial results on July 17, 2024. The release will be accompanied by a webcast and conference call featuring the company's senior management to discuss the results, current market conditions, and future outlook. The event is scheduled for 9:00 a.m. PT/12:00 p.m. ET. Interested parties can access the live broadcast by dialing +1 (877) 897-2615 (US and Canada) or +1 (201) 689-8514 (international). The webcast will also be available on the Investor Relations section of Prologis' website. A replay of the call will be available from July 17 to July 31, 2024, using access code 13747329.
Prologis, a leader in logistics real estate, announced its participation in two major industry conferences in New York City. Co-founder and CEO Hamid Moghadam will present at the Bernstein 40th Annual Strategic Decisions Conference on May 30 at 1:30 p.m. ET. Additionally, President Dan Letter and CFO Tim Arndt will present at REITWeek 2024: NAREIT's Investor Forum on June 5 at 10:15 a.m. ET. Both presentations will be broadcast live via audio webcast and can be accessed on the Prologis investor relations website.
Prologis and Performance Team announced the launch of Southern California's largest heavy-duty EV charging depot, capable of servicing 96 trucks simultaneously. Located near the Ports of Los Angeles and Long Beach, the depot was constructed in just five months and is powered by the nation's largest EV truck microgrid. The facility supports the industry's shift towards decarbonized supply chains and California's clean transportation goals. It uses Volvo VNR Electric trucks with a 240-mile range and 80% charge capacity in 90 minutes. Key partnerships and innovative solutions were pivotal in overcoming energy supply challenges, expediting the project delivery.
Prologis (NYSE: PLD) announced that Ed Nekritz, Chief Legal Officer, and Colleen McKeown, Chief Human Resources Officer, will retire effective January 1, 2025. Deborah Briones, currently Deputy General Counsel, and Nathaalie Carey, Senior VP of Human Resources, will succeed them. Nekritz and McKeown will remain as senior advisors in 2025.
Briones has been with Prologis since 2004, leading various legal teams and initiatives. As CLO, she will oversee all legal aspects, including corporate governance and compliance. Carey, who joined in 2022, leads HR operations and DEIB programs. As CHRO, she will manage workforce development and HR functions.
CEO Hamid R. Moghadam praised both successors for their expertise. Nekritz and McKeown have significantly contributed to Prologis' growth and resilience, including guiding the company through major mergers and the COVID-19 pandemic.
Prologis, Inc. (NYSE: PLD) has declared a regular cash dividend for the quarter ending June 30, 2024. The dividend amounts to $0.96 per share for common stockholders and $1.0675 per share for Series Q Cumulative Redeemable Preferred Stock holders. The payments are scheduled for June 28, 2024, and July 1, 2024, respectively.
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