PLD Prologis

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 17, 2024

 

Prologis, Inc.

Prologis, L.P.

(Exact name of registrant as specified in charter)

Maryland (Prologis, Inc.) Delaware (Prologis, L.P.) (State or other jurisdiction of Incorporation)		001-13545 (Prologis, Inc.) 001-14245 (Prologis, L.P.) (Commission File Number)		94-3281941 (Prologis, Inc.) 94-3285362 (Prologis, L.P.) (I.R.S. Employer Identification No.)

 

Pier 1, Bay 1, San Francisco, California		94111
(Address of Principal Executive Offices)		(Zip Code)

 

Registrants’ Telephone Number, including Area Code: (415) 394-9000

N/A

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

		Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Prologis, Inc.		Common Stock, $0.01 par value		PLD		New York Stock Exchange
Prologis, L.P.		3.000% Notes due 2026		PLD/26		New York Stock Exchange
Prologis, L.P.		2.250% Notes due 2029		PLD/29		New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

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Item 2.02. Results of Operations and Financial Condition (Prologis, Inc.) and

Item 7.01. Regulation FD Disclosure (Prologis, Inc. and Prologis, L.P.).

On January 17, 2024, Prologis, Inc., the general partner of Prologis, L.P., issued a press release announcing fourth quarter 2023 financial results. A copy of the supplemental information as well as the press release is furnished with this report as Exhibit 99.1 and Exhibit 99.2, respectively, and incorporated herein by reference.

The information in this report and the exhibits attached hereto is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to Items 2.02 and 7.01 of Form 8-K will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1 Supplemental information, dated January 17, 2024.

99.2 Press release, dated January 17, 2024.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

		PROLOGIS, INC.
January 17, 2024		By:	/s/ Timothy D. Arndt
			Name: Timothy D. Arndt
			Title: Chief Financial Officer

 

		PROLOGIS, L.P.,
January 17, 2024		By: Prologis, Inc., its general partner
		By:	/s/ Timothy D. Arndt
			Name: Timothy D. Arndt
			Title: Chief Financial Officer

 

 

 

 

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Prologis Supplemental Information FOURTH quarter 2023 Unaudited Times Square – PLD Investor Forum 2023

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Highlights 1 Company Profile 2 Company Performance 4 Prologis Leading Indicators and Proprietary Metrics 5 Guidance Financial Information 6 Consolidated Balance Sheets 7 Consolidated Statements of Income 8 Reconciliations of Net Earnings to FFO 9 Reconciliations of Net Earnings to Adjusted EBITDA Operations 10 Overview 11 Operating Metrics 13 Operating Portfolio 16 Customer Information Capital Deployment 17 Overview 18 Development Stabilizations 19 Development Starts 20 Development Portfolio 21 Third-Party Acquisitions 22 Dispositions and Contributions 23 Land Portfolio 25 Solar Operating and Development Portfolios Strategic Capital 26 Overview 27 Summary and Financial Highlights 28 Operating and Balance Sheet Information of the Unconsolidated Co-Investment Ventures 29 Non-GAAP Pro-Rata Financial Information Capitalization 30 Overview 31 Debt Components - Consolidated 32 Debt Components - Noncontrolling Interests and Unconsolidated Net Asset Value 33 Components Notes and Definitions 35 Notes and Definitions Contents 4Q 2023 Supplemental

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* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. NOI calculation based on Prologis Share of the Operating Portfolio. 4Q 2023 Supplemental Overview Prologis, Inc., is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At December 31, 2023, the company owned or had investments in, on a wholly-owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.2 billion square feet (115 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 6,700 customers principally across two major categories: business-to-business and retail/online fulfillment. 5,613 Buildings 1.2B Square Feet $40.0B Build Out of Land (TEI) U.S. 803M SF 86% of NOI*(A) Other Americas 83M SF 4% of NOI*(A) Europe 242M SF 8% of NOI*(A) Asia 114M SF 2% of NOI*(A)

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Company Profile * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. 4Q 2023 Prologis Share of NOI of the Operating Portfolio annualized. 4Q 2023 third-party share of asset management fees annualized plus trailing twelve months third-party share of transactional fees and Net Promote Income (Expense). Prologis Share of trailing twelve month Estimated Value Creation from development stabilizations. Mexico is included in the U.S. as it is U.S. dollar functional. 4Q 2023 Supplemental Highlights Operations $5.7B in annual NOI*(A) Development $917M in value creationfrom stabilizations(C) Gross AUM $219B Prologis Share AUM $159B Market Equity $126B Strategic capital $838M of fees and promotes(B) 1 U.S.(D) Outside the U.S. U.S.(D) Outside the U.S. U.S.(D) Outside the U.S.

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Company Performance * This is a non-GAAP financial measure. Please see reconciliations from Net Earnings Attributable to Common Stockholders on page 8 and reference our Notes and Definitions for further explanation. 4Q 2023 Supplemental Highlights Net earnings attributable to common stockholders Core FFO attributable to common stockholders/unitholders* AFFO attributable to common stockholders/unitholders* 2

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Net earnings attributable to common stockholders in millions Core ffo attributable to common stockholders/ unitholders* in millions affO attributable to common stockholders/unitholders* in millions Dividends and distributions in millions * This is a non-GAAP financial measure. Please see reconciliations from Net Earnings Attributable to Common Stockholders on page 8 and reference our Notes and Definitions for further explanation. Highlights Company Performance 4Q 2023 Supplemental 3

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Average 57.7 Average 55 Average 85.5% Lease Proposals in millions of square feet U.s. IBI activity index diffusion index, points New Lease negotiation Gestation in days U.S. space utilization * Please see our Notes and Definitions for further explanation. Prologis Leading Indicators and Proprietary Metrics* 4Q 2023 Supplemental Average 70 4 percent Highlights

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Guidance(A) * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Our guidance for 2024 is based on management’s current beliefs and assumptions about our business, the industry and the markets in which we operate. Please refer to “Forward-Looking Statements” and “Risk Factors” referred to in our annual and quarterly financial statements on Forms 10-K and 10-Q filed with the Securities and Exchange Commission (“SEC”) for more information. The difference between Core FFO and Net Earnings predominately relates to real estate depreciation and amortization and gains or losses on dispositions of real estate. See the Notes and Definitions for a reconciliation. We are further adjusting Core FFO to exclude $0.08 of net promote expense. The expense relates to amortization of stock compensation issued to employees related to promote income recognized in prior periods. 4Q 2023 Supplemental Highlights 5

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Consolidated Balance Sheets 4Q 2023 Supplemental Financial Information 6

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Consolidated Statements of Income 4Q 2023 Supplemental Financial Information 7

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Reconciliations of Net Earnings to FFO* * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. 4Q 2023 Supplemental Financial Information 8

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Reconciliations of Net Earnings to Adjusted EBITDA* * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. 4Q 2023 Supplemental Financial Information 9

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48.0% 56.3% 64.0% 70.6% 76.4% Occupancy Customer Retention Same Store Change Over Prior Year - Prologis Share* Rent Change - Prologis Share * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Operations Overview 4Q 2023 Supplemental Trailing four quarters – net effective 10

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Operating Metrics – Owned and Managed Amounts exclusive of leases of less than one year, unless otherwise noted. 4Q 2023 Supplemental Operations 11

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Operating Metrics – Owned and Managed * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. This data includes recurring capital expenditures and NOI in our Operating Portfolio. Non-recurring capital expenditures are excluded and are one-time additions that are primarily structural in nature. 4Q 2023 Supplemental Operations CAPITAL EXPENDITURES(A) Thousands, except for percentages SAME STORE INFORMATION Thousands, except for percentages PROPERTY IMPROVEMENTS TURNOVER COSTS ON LEASES COMMENCED COMPOSITION OF PORTFOLIO (BY UNIT SIZE) Trailing four quarter average Per square foot ($) As a % of lease value Per square foot ($) 12

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Operating Portfolio – Square Feet, Occupied and Leased 4Q 2023 Supplemental Operations 13

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Operating Portfolio – NOI* and Gross Book Value * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. 4Q 2023 Supplemental Operations 14

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Operating Portfolio – Summary by Division * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. 4Q 2023 Supplemental Operations 15

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Customer Information We have signed leases, which were due to expire in 2024, totaling 54 million square feet, in our owned and managed portfolio (4.0% of total net effective rent) and 31 million square feet on a Prologis Share basis (3.6% of total net effective rent). These are excluded from 2024 expirations and are reflected in the new year of expiration. 4Q 2023 Supplemental Operations 16

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M&A and Significant Portfolio Activity - $14,600 - $23,200 $3,100 Development Starts (TEI) in millions Development Stabilizations (TEI) dollars in millions Acquisition Activity(a) in millions Land Portfolio in millions This data excludes acquisitions of land. The estimated build out includes the land portfolio, Covered Land Plays and other land that we could develop through options, ground leases, unconsolidated joint ventures and other contractual arrangements. Capital Deployment Overview – Prologis Share 4Q 2023 Supplemental Outside the U.S. U.S. Est Value Creation $911 $942 $1,326 $1,583 $917 Est Wtd Avg Stabilized Yield 6.3% 6.3% 6.1% 6.3% 6.3% Est Build Out(B): Sq. Ft. 201 TEI $37,000 17

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Development Stabilizations TEI amount includes development stabilizations on yards, parking lots and other non-industrial assets that will be included in Other Real Estate Investments upon completion. 4Q 2023 Supplemental Capital Deployment 18

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Development Starts FY 2023 TEI amount includes incremental spend of $161 million related to a prior development start for which square feet was previously reported. TEI amount includes development starts on yards, parking lots and other non-industrial assets that will be included in Other Real Estate Investments upon completion. 4Q 2023 Supplemental Capital Deployment 19

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Development Portfolio TEI amount includes development on yards, parking lots and other non-industrial assets that will be included in Other Real Estate Investments upon completion. 4Q 2023 Supplemental Capital Deployment 20

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Third-Party Acquisitions 4Q 2023 Supplemental Capital Deployment 21

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Dispositions and Contributions 4Q 2023 Supplemental Capital Deployment 22

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Land Portfolio – Owned and Managed 4Q 2023 Supplemental Capital Deployment 23

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Land Portfolio – Summary and Roll Forward Amounts include approximately 3,400 acres that we could develop through options, ground leases, unconsolidated joint ventures and other contractual arrangements. 4Q 2023 Supplemental Capital Deployment 24

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Solar Operating and Development Portfolios – Owned and Managed 4Q 2023 Supplemental Capital Deployment 25 In addition, we acquired a battery energy storage system with 10 MW of capacity in December 2023.

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Third-party aum dollars in billions Third-Party Fee Related and promote revenue in millions Fee related earnings annualized* in millions Net Promote income (EXPENSE) dollars in millions *This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Strategic Capital Overview 4Q 2023 Supplemental 90.1% 91.4% 94.9% 95.0% 93.0% % Open end/Public 27.9 27.2 21.6 37.1 51.5 Trailing 3-year basis points of third-party AUM 26

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Summary and Financial Highlights * The next promote opportunity is related to the Stabilization of individual development project(s). Values represent the entire venture at 100%, not Prologis’ proportionate share. Values are presented at Prologis’ adjusted basis derived from the ventures’ U.S. GAAP information and may not be comparable to values reflected in the ventures’ stand alone financial statements calculated on a different basis. Throughout this document we use the most recent public information for these co-investment ventures. 4Q 2023 Supplemental Strategic Capital 27

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Operating and Balance Sheet Information of the Unconsolidated Co-Investment Ventures (at 100%)(A) * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Values represent the entire venture at 100%, not Prologis’ proportionate share. Values are presented at Prologis’ adjusted basis derived from the ventures’ U.S. GAAP information and may not be comparable to values reflected in the ventures’ stand alone financial statements calculated on a different basis. 4Q 2023 Supplemental Strategic Capital 28

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Non-GAAP Pro-Rata Financial Information(A) * This is a non-GAAP financial measure, please see our Notes and Definitions for further explanation. See our Notes and Definitions for further explanation of how these amounts are calculated. Includes $247.3 million investment in early and growth-stage companies that are focused on emerging technologies. 4Q 2023 Supplemental Strategic Capital 29

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Europe 14.8% $158,938 $218,805 Debt $32,596 Investment Capacity $2,258 U.S.(B) 76.3% $218,805 Direct owned and other $130,588 Market Equity $126,342 AUM Strategic Capital $88,217 Investors' share of ventures $57,609 Prologis Share of ventures $28,350 Total Enterprise Value $158,938 $158,938 U.S. Dollar (B) 96.1% Outside U.S. 3.9% Other Americas 2.0% $32,596 $126,342 Asia 6.9% Overview * This is a non-GAAP financial measure. Please see our Notes and Definitions for detailed calculation. Enterprise value is calculated using Prologis’ stock price of $133.30 at December 31, 2023. Prologis’ stock price was $112.21 at September 30, 2023. Mexico is included in the U.S. as it is U.S. dollar functional. The detailed calculations are included in the Notes and Definitions section and are not in accordance with the applicable SEC rules. A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time by the rating organization. 4Q 2023 Supplemental Capitalization ASSETS UNDER MANAGEMENT dollars in millions Enterprise Value(A) AUM by Geography Market Equity U.S. DOLLAR EXPOSURE dollars in millions Enterprise Value(A) Debt U.S. Dollar(B) 43.4% U.S. Dollar (B) 84.6% Outside U.S. 15.4% Outside U.S. 56.6% DEBT BY CURRENCY – PROLOGIS SHARE UNENCUMBERED ASSETS – PROLOGIS SHARE: $98.8B in billions 30 AUM by Ownership

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Debt Components – Consolidated The maturities for the 2022 Global Facility ($355 million) and 2023 Global Facility ($624 million) are reflected at the extended maturity date, as the extension is at our option. The maturity of certain debt ($328 million) is reflected at the extended maturity dates as the extension is at our option. We manage our exposure to changes in foreign currency exchange rates using foreign currency forward contracts, including those that are accounted for as net investment hedges, to economically reduce our exposure to fluctuations in foreign currency rates. The effect is reflected in the table under Investment Hedges. See also page 30 for our market equity exposure by currency. 4Q 2023 Supplemental Capitalization 31

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Debt Components – Noncontrolling Interests and Unconsolidated(A) Refer to Notes and Definitions under Non-GAAP Pro-Rata Financial Information for further explanation on how these amounts are calculated. The maturity of certain unsecured debt (Prologis Share $287 million) is reflected at the extended maturity dates as the extension is at the venture’s option. We manage our exposure to changes in foreign currency exchange rates using foreign currency forward contracts, including those that are accounted for as net investment hedges, to economically reduce our exposure to fluctuations in foreign currency rates. The effect is reflected in the table under Investment Hedges. See also page 30 for our market equity exposure by currency. 4Q 2023 Supplemental Capitalization 32

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Components – Prologis Share * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. 4Q 2023 Supplemental Net Asset Value 33

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Components – continued Net Promote Income (Expense) includes promote revenue of $2 million and expenses of $28 million for the quarter. 4Q 2023 Supplemental Net Asset Value 34

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Notes and Definitions 4Q 2023 Supplemental Hamburg Waltershof, Hamburg, Germany

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4Q 2023 Supplemental Notes and Definitions 36

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4Q 2023 Supplemental Notes and Definitions (continued) 37

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4Q 2023 Supplemental Notes and Definitions (continued) 38

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4Q 2023 Supplemental Notes and Definitions (continued) 39

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4Q 2023 Supplemental Notes and Definitions (continued) 40

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4Q 2023 Supplemental Notes and Definitions (continued) 41

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4Q 2023 Supplemental Notes and Definitions (continued) 42

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4Q 2023 Supplemental Notes and Definitions (continued) 43

 

 

FOR IMMEDIATE RELEASE

 

 

 

 

Prologis Reports Fourth Quarter and Full Year 2023 Results

Fourth consecutive year of double-digit earnings growth; expects strong 2024

 

SAN FRANCISCO (January 17, 2024) – Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today reported fourth quarter results for 2023.

 

Net earnings per diluted share was $0.68 for the fourth quarter of 2023 compared with $0.63 for the fourth quarter of 2022. Net earnings per diluted share for the year ended December 31, 2023 was $3.29, compared with $4.25 for the prior year.

 

Core funds from operations (Core FFO)* per diluted share was $1.26 for the fourth quarter of 2023, compared with $1.24 for the same period in 2022. Core FFO, excluding Net Promote Income (Expense)* per diluted share for the fourth quarter of 2023 was $1.29 compared with $1.23 for the fourth quarter of 2022. For the full year 2023, Core FFO per diluted share was $5.61 compared with $5.16 for the same period in 2022. Core FFO, excluding Net Promote Income (Expense)* per diluted share for the full year 2023 was $5.10 compared with $4.61 for the full year of 2022.

 

“We closed 2023 adding another year of exceptional performance. I couldn’t be more proud of our team,” said Hamid R. Moghadam, co-founder and CEO, Prologis. “While uncertainties remain in the economic and geopolitical environment, we are positive about the outlook for 2024. We remain focused on executing the strategy outlined at our recent Investor Forum to drive significant value from our global scale and continue to be a best-in-class partner to our customers.”

 

OPERATING PERFORMANCE

Owned & Managed	4Q23	Notes
Average Occupancy	97.1%
Leases Commenced	43.7MSF	36.8MSF operating portfolio and 6.9MSF development portfolio
Retention	73.1%

 

Prologis Share	4Q23	Notes
Cash Same Store NOI*	8.5%
Net Effective Rent Change	74.1%	Lower due to geographic mix
Cash Rent Change	51.8%

 

DEPLOYMENT ACTIVITY

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Prologis Share	4Q23	FY 2023
Acquisitions	$495M	$733M
Weighted avg stabilized cap rate (excluding other real estate)	5.6%	5.4%
Development Stabilizations	$1,227M	$3,151M
Estimated weighted avg yield	6.2%	6.3%
Estimated weighted avg margin	22.5%	29.1%
Estimated value creation	$276M	$917M
% Build-to-suit	54.9%	44.1%
Development Starts	$2,042M	$3,397M
Estimated weighted avg yield	6.9%	7.0%
Estimated weighted avg margin	26.5%	27.4%
Estimated value creation	$541M	$931M
% Build-to-suit	48.6%	53.0%
Total Dispositions and Contributions	$507M	$1,608M
Weighted avg stabilized cap rate (excluding land and other real estate)	4.7%	4.5%

 

BALANCE SHEET STRENGTH & LIQUIDITY

"We had another strong year of earnings with annual growth in Core FFO of nearly 11%, excluding promotes. Since our merger 12 years ago, the earnings and dividend growth CAGRs have been approximately 10%, while reducing leverage by over 30 percentage points," said Timothy D. Arndt, chief financial officer, Prologis. "We are very well-positioned to drive continued superior growth. The strength of our global portfolio, differentiated customer offerings, and significant balance sheet capacity bring a high degree of resiliency to our long-term growth profile."

 

During the fourth quarter, Prologis and its co-investment ventures issued an aggregate of $286 million of debt at a weighted average interest rate of 2.0%, and a weighted average term of 4.0 years. For the full year, Prologis and its co-investment ventures issued $12.3 billion of debt at a weighted average interest rate of 4.5% and a weighted average term of 9.6 years.

 

At December 31, 2023, debt as a percentage of total market capitalization was 20.5%, and the company’s weighted average interest rate on its share of total debt was 3.0%, with a weighted average term of 9.1 years and no significant debt maturities until 2026.

 

FOREIGN CURRENCY STRATEGY

Prologis hedges its exposure to foreign currency fluctuations by borrowing in the currencies in which it invests and using derivative financial instruments. At December 31, 2023, 96% of Prologis’ equity was in USD and forecasted earnings for 2024, 2025 and 2026 are 98%, 98% and 97%, respectively, in USD or hedged through derivative contracts.

 

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2024 GUIDANCE

Prologis’ guidance for net earnings is included in the table below as well as guidance for Core FFO*, which are reconciled in our supplemental information.

 

"At the midpoint, we project Core FFO growth, excluding promotes, of over 9.0%, and Cash Same Store NOI growth to be 8.5%, reflecting the strength of our premier portfolio and its considerable lease mark-to-market." Arndt added, "We are confident in our ability to outperform in any future environment given our embedded rent upside, development-ready land bank and significant liquidity."

 

2024 GUIDANCE

Earnings (per diluted share)

Net earnings attributable to common stockholders	$3.20 to $3.45
Core FFO attributable to common stockholders/unitholders*	$5.42 to $5.56
Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*	$5.50 to $5.64

Operations - Prologis Share

Average occupancy	96.50% to 97.50%
Cash Same Store NOI*	8.00% to 9.00%

 

Strategic Capital (in millions)

Strategic Capital revenue, excluding promote revenue	$530 to $550
Net Promote Income (Expense)1	$(80)

 

G&A (in millions)

General & administrative expenses	$420 to $440

 

Capital Deployment - Prologis Share (in millions)

Development stabilizations	$3,600 to $4,000
Development starts	$3,000 to $3,500
Acquisitions	$500 to $1,000
Contributions	$1,750 to $2,250
Dispositions	$800 to $1,200
Net sources/(uses)	$(950) to $(1,050)
Realized development gains	$300 to $400

 

* This is a non-GAAP financial measure. See the Notes and Definitions in our supplemental information for further explanation and a reconciliation to the most directly comparable GAAP measure.

 

The earnings guidance described above includes potential gains recognized from real estate transactions but excludes any future or potential foreign currency or derivative gains or losses as our guidance assumes constant foreign currency rates. In reconciling from net earnings to Core FFO*, Prologis makes certain adjustments, including but not limited to real estate depreciation and amortization expense, gains (losses) recognized from real estate transactions and early extinguishment of debt, impairment charges, deferred taxes and unrealized gains or losses on foreign currency or derivative activity. The difference between the company's Core FFO* and net earnings guidance relates predominantly to these items. Please refer to our quarterly Supplemental Information, which is available on our Investor Relations website at https://ir.prologis.com and on the SEC’s website at www.sec.gov for a definition of Core FFO* and other non-GAAP measures used by Prologis, along with

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reconciliations of these items to the closest GAAP measure for our results and guidance.

 

JANUARY 17, 2024, CALL DETAILS
The call will take place on Wednesday, January 17, 2024, at 9:00 a.m. PT/12:00 p.m. ET. To access a live broadcast of the call, please dial +1 (877) 897-2615 (toll-free from the United States and Canada) or +1 (201) 689-8514 (from all other countries). A live webcast can be accessed from the Investor Relations section of www.prologis.com.

 

A telephonic replay will be available January 17 – January 31 at +1 (877) 660-6853 (from the United States and Canada) or +1 (201) 612-7415 (from all other countries) using access code 13743461. The webcast replay will be posted in the Investor Relations section of www.prologis.com under “Events & Presentations.”

 

ABOUT PROLOGIS
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At December 31, 2023, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.2 billion square feet (115 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 6,700 customers principally across two major categories: business-to-business and retail/online fulfillment.

 

FORWARD-LOOKING STATEMENTS

The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects" "anticipates," "intends," "plans," "believes," "seeks," and "estimates" including variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future—including statements relating to rent and occupancy growth, acquisition and development activity, contribution and disposition activity, general conditions in the geographic areas where we operate, our debt, capital structure and financial position, our ability to earn revenues from co-investment ventures, form new co-investment ventures and the availability of capital in existing or new co-investment ventures—are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) international, national, regional and local economic and political climates and conditions; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties, including the integration of the operations of significant real estate portfolios; (v) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; (x) risks related to global pandemics; and (xi) those additional factors discussed in reports filed with the Securities and Exchange

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Commission by us under the heading "Risk Factors." We undertake no duty to update any forward-looking statements appearing in this document except as may be required by law.

 

CONTACTS

Investors: Jill Sawyer, +1 (415) 733-9526, jsawyer@prologis.com, San Francisco

Media: Jennifer Nelson, +1 (415) 733-9409, jnelson2@prologis.com, San Francisco

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v3.23.4

Cover	Jan. 17, 2024
Entity Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 17, 2024
Entity File Number	001-13545
Entity Registrant Name	Prologis, Inc.
Entity Central Index Key	0001045609
Entity Tax Identification Number	94-3281941
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	Pier 1
Entity Address, Address Line Two	Bay 1
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
City Area Code	415
Local Phone Number	394-9000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	PLD
Security Exchange Name	NYSE
Prologis LP [Member]
Entity Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 17, 2024
Entity File Number	001-14245
Entity Registrant Name	Prologis, L.P.
Entity Central Index Key	0001045610
Entity Tax Identification Number	94-3285362
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	Pier 1
Entity Address, Address Line Two	Bay 1
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
City Area Code	415
Local Phone Number	394-9000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Prologis LP [Member] | Notes 3.000 Percent Due 2026 [Member]
Entity Information [Line Items]
Title of 12(b) Security	3.000% Notes due 2026
Trading Symbol	PLD/26
Security Exchange Name	NYSE
Prologis LP [Member] | Notes 2.250 Percent Due 2029 [Member]
Entity Information [Line Items]
Title of 12(b) Security	2.250% Notes due 2029
Trading Symbol	PLD/29
Security Exchange Name	NYSE

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