Summary by Moomoo AI
Prologis, the global leader in logistics real estate, reported robust financial results for Q2 2024. The company's same store net operating income (NOI) grew by 5.5% year-over-year on a net effective basis, driven by strong rental rate growth and high occupancy levels. Consolidated rental revenues increased to $1.85 billion, up from $1.65 billion in Q2 2023.The company's development activities remained strong, with $547 million in new project starts and $2.53 billion in stabilizations during the quarter. Prologis maintained a solid balance sheet with $6.4 billion in total available liquidity and a weighted average interest rate of 3.1% on its debt. The company's investment in unconsolidated co-investment ventures stood at $8.6 billion as of June 30, 2024.Looking ahead, Prologis expects continued demand for logistics real estate, driven by e-commerce growth and supply chain reconfiguration. However, the company noted potential short-term caution in customer leasing decisions due to economic and geopolitical uncertainties. Prologis remains well-positioned for long-term growth with its high-quality portfolio, strong development pipeline, and strategic capital business.
