Prologis reported strong Q3 2024 financial results with consolidated net earnings of $1.06 billion, up 33% from $799 million in Q3 2023. Total revenues increased to $2.04 billion from $1.91 billion, driven by rental revenue growth of 6.7% to $1.90 billion. The company maintained a robust operating portfolio occupancy of 96.2% while achieving rent change of 69.5% on rollover during the first nine months.The company's development activities remained active with $885 million in new starts and $3.32 billion in stabilizations during the first nine months. The consolidated development portfolio stood at $5.4 billion TEI at quarter-end, including $1.1 billion in data center developments, with 32.8% of the portfolio pre-leased. Strategic capital revenues were $135 million for Q3, with $419 million year-to-date.Prologis strengthened its financial position by issuing $4.2 billion of senior notes at a weighted...Show More

Prologis reported strong Q3 2024 financial results with consolidated net earnings of $1.06 billion, up 33% from $799 million in Q3 2023. Total revenues increased to $2.04 billion from $1.91 billion, driven by rental revenue growth of 6.7% to $1.90 billion. The company maintained a robust operating portfolio occupancy of 96.2% while achieving rent change of 69.5% on rollover during the first nine months.The company's development activities remained active with $885 million in new starts and $3.32 billion in stabilizations during the first nine months. The consolidated development portfolio stood at $5.4 billion TEI at quarter-end, including $1.1 billion in data center developments, with 32.8% of the portfolio pre-leased. Strategic capital revenues were $135 million for Q3, with $419 million year-to-date.Prologis strengthened its financial position by issuing $4.2 billion of senior notes at a weighted average interest rate of 4.8% and maintained total available liquidity of $6.6 billion. The company's weighted average debt maturity was 10 years with a 3.1% weighted average interest rate. Management noted some caution in customer leasing decisions due to economic uncertainty but remains confident in long-term growth prospects given the significant mark-to-market opportunity in the portfolio.