Q1 2025 Prologis Inc Earnings Call Transcript
Key Points
- Prologis Inc (PLD) delivered a strong quarter, leasing 58 million square feet and breaking ground on several build-to-suit developments.
- The company expanded its power capacity by 400 megawatts to support growing demand for data centers, marking a 13% increase.
- Core FFO per share exceeded forecasts, with occupancy ending the quarter at 95.2%, better than expected due to strong retention.
- Prologis Inc (PLD) has a global footprint with a highly diversified rent roll and a fortress balance sheet, providing resilience in uncertain times.
- The company has over 900 megawatts of solar and storage capacity either in operation or under development, advancing towards its 1 gigawatt goal for the year.
- Prologis Inc (PLD) is maintaining its earnings guidance due to uncertainty from global tariffs and their downstream impacts.
- The instability created by recent global events may disrupt logistics and supply chains, slowing decision-making among customers.
- Occupancy dropped by 70 basis points from year-end, reflecting a decline in retention despite being better than expected.
- The company is reducing its development start guidance and capital deployment expectations due to uncertainty in capital markets.
- Leasing volumes have decreased by approximately 20% in recent weeks, and further slowdown is expected.
Greetings, and welcome to the Prologis first quarter 2025 earnings conference call. (Operator Instructions). And as a reminder, this conference is being recorded. It is now my pleasure to introduce to you, Justin Meng, Senior Vice President, and Head of Investor Relations. Thank you, Justin. You may begin.
Thanks, John, and good morning, everyone. Welcome to our first quarter 2025 earnings conference call. The supplemental document is available on our website at prologis.com under Investor Relations. I'd like to state that this conference call will contain forward-looking statement or 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
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