Prologis (PLD) Q4 2024 earnings summary

Executive summary

• Achieved record leasing of over 60 million sq ft in Q4 2024, with diversified customer interest and a healthy pipeline entering 2025.

• Net earnings per diluted share rose 101.5% to $1.37 in Q4 2024, with full-year net earnings per share up 21.9% to $4.01.

• Core FFO per diluted share was $1.50 in Q4 2024, up 19.0% year-over-year; full-year Core FFO per share was $5.56, nearly flat year-over-year.

• Average occupancy was 95.8% for Q4 and 96.3% for the year, with net effective rent change of 66% in Q4 and 69% for the year, adding over $340 million in annualized NOI.

• Data center and energy initiatives are highlighted as key growth drivers, with 10 GW of data center development potential over the next decade.

Financial highlights

• Q4 2024 total revenues were $2.20B, up from $1.89B in Q4 2023; full-year revenues reached $8.20B, up from $8.02B in 2023.

• Net earnings attributable to common stockholders for Q4 2024 were $1.28B ($1.37 per diluted share), up from $629M ($0.68) in Q4 2023; full-year net earnings were $3.73B ($4.01 per share), up from $3.05B ($3.29) in 2023.

• Core FFO for Q4 2024 was $1.30B ($1.50 per share), up from $1.20B ($1.26) in Q4 2023; full-year Core FFO was $5.31B ($5.56 per share), nearly flat year-over-year.

• Dividends and distributions for 2024 totaled $3.67B, up from $3.32B in 2023.

• Raised over $1.7 billion in capital across the platform in 2024, growing third-party AUM by over 7%.

Outlook and guidance

• 2025 net earnings per diluted share guidance: $3.45–$3.70; Core FFO per share: $5.65–$5.81; Core FFO excluding Net Promote Income: $5.70–$5.86.

• 2025 average occupancy expected at 94.5%–95.5%; cash same store NOI growth of 4.0%–5.0%; net effective same-store growth at 3.5%–4.5%.

• Strategic capital revenue (excluding promote) projected at $560M–$580M; G&A expenses at $440M–$460M.

• Development starts projected at $2.25–$2.75B, with acquisitions of $750M–$1.25B and dispositions/contributions of $2.5–$3.5B.

• Realized development gains expected at $450M–$600M.