Prologis, Inc. reported strong financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $8.2 billion, a 2.2% increase from $8.0 billion in 2023. The company's net earnings attributable to common stockholders were $3.73 billion, up from $3.05 billion in the previous year, reflecting a 22% increase. The operating income also saw a significant rise, totaling $4.42 billion compared to $3.71 billion in 2023. The company’s net operating income (NOI) from its Real Estate Segment increased to $5.72 billion, up from $5.15 billion in 2023, driven by higher rental revenues and effective management of rental expenses.
In 2024, Prologis completed several strategic initiatives, including the acquisition of 225 acres of land in India, marking its entry into a new market. The company also consolidated Terrafina, a Mexican FIBRA, after acquiring 89.9% of its shares, which added 41 million square feet of industrial real estate to its portfolio. Additionally, Prologis generated net proceeds of $4.8 billion from the contribution of properties to unconsolidated co-investment ventures and the sale of non-strategic properties. The company’s total debt stood at $30.9 billion, with a weighted average maturity of nine years and an effective interest rate of 3.1%.
Operationally, Prologis maintained a high occupancy rate of 95.8% across its portfolio, with a net effective rent change of 68.7% for leases that commenced during the year. The company reported a total of 155 investors in its private equity ventures, indicating a stable customer base. Prologis also emphasized its commitment to employee development, with over 1,800 employees completing more than 15,400 hours of training in 2024. The company’s workforce demographics reflect a diverse and inclusive culture, with a 92% participation rate in its employee engagement survey, where 85% of employees reported being engaged.
Looking ahead, Prologis expressed optimism about its growth trajectory, anticipating renewed leasing activity as it entered 2025. The company plans to increase its development activity in response to favorable market conditions, leveraging its existing leases that have significant upside potential to capture cumulative market rent growth. Prologis remains focused on its sustainability goals, including the installation of LED lighting in all eligible new developments and the commitment to renewable energy projects, which are expected to enhance operational efficiencies and reduce environmental impact.
About Prologis, Inc.
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