Prologis Q2 Core FFO ex-promote $1.36, up 8.8% YoY; raises 2024 earnings guide

Prologis, Inc.

2024-Q2 EPS reported $1.55 revenue$3,964,575,000

Net earnings $0.92/diluted share vs $1.31 YoY; Core FFO $1.34 vs $1.83; drop partly due to promote income shift.
Core FFO ex-promote $1.36 vs $1.25 YoY; 2024 Core FFO guide raised to $5.39-$5.47 from $5.37-$5.47.
Cash Same Store NOI growth 7.2%; average occupancy 96.3% (Prologis share); retention 73.2%.
Development stabilizations $2,039M at 5.9% yield, $296M value creation; starts $300M at 7.1% yield.
Debt-to-EBITDA below 5.0x; $6.5B liquidity; launched $1B commercial paper program, saving >60bps.

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