Q4 2024 Prologis Inc Earnings Call Transcript
Key Points
- Prologis Inc (PLD) achieved a company record by signing over 60 million square feet of leases in the fourth quarter.
- Core FFO, excluding net promote income, was $1.42 per share, and including net promotes was $1.50 per share, ending the year at the top end of guidance with 8.4% growth over 2023.
- The company successfully contributed $2 billion of assets to strategic capital ventures, bringing the full year total to over $3.3 billion.
- Prologis Inc (PLD) has a robust development pipeline with $4.7 billion in projects and an estimated value creation of $1.1 billion.
- The company is making significant progress in its data center and energy initiatives, with 1.4 gigawatts of secured power and plans to hit a 1-gigawatt goal for solar generation by year-end 2025.
- The company is facing challenges due to the devastating wildfires in Los Angeles, impacting its operations and community.
- Market rent growth has been slower, with a decline of approximately 2% in the fourth quarter, particularly affecting Southern California.
- Prologis Inc (PLD) anticipates a dip in occupancy over the next one to two quarters, with average occupancy forecasted between 94.5% and 95.5%.
- Capital flows in 2024 remained challenging, with muted capital raising in open-end vehicles during the fourth quarter.
- The company is experiencing a higher level of uncertainty due to geopolitical factors, including tariffs and potential changes in immigration policies.
Greetings, and welcome to the Prologis Fourth Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Justin Meng, Senior Vice President, Head of Investor Relations. Thank you. You may begin.
Thanks, Jamali, and good morning, everyone. Welcome to our Fourth Quarter 2024 Earnings Conference Call. The supplemental document is available on our website at prologis.com under Investor Relations.
I'd like to state that this call will contain forward-looking statements under federal securities laws. These statements are based on current expectations, estimates, and projections about the market and the industry in which Prologis operates as well as management's beliefs and assumptions. Forward-looking statements are not guarantees of performance, and actual operating results may be affected by a variety of factors. For a list of those factors, please refer to the forward
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