Prologis said the occupancy of its operating portfolio was 95.1% at March 31, 2025 and rent change on leases that commenced during the 3 months ended March 31, 2025 was 53.7% on a net effective basis, both metrics based on the company's ownership share.

1. 01

   Prologis said the occupancy of its operating portfolio was 95.1% at March 31, 2025 and rent change on leases that commenced during the 3 months ended March 31, 2025 was 53.7% on a net effective basis, both metrics based on the company's ownership share.

2. 02

   The company estimated its share of the lease mark-to-market at approximately 25% on an NER basis as of March 31, 2025. It also said its consolidated land and other real estate investments have the potential to support the development of $36.3 billion ($41.2 billion on an O&M basis) of total expected investment.

3. 03

   Prologis said the weighted average remaining maturity of its consolidated debt was 9 years and the weighted average interest rate was 3.1% at March 31, 2025, and it had total available liquidity of $6.5 billion.

4. 04

   The company said the gross book value of the operating portfolio held by its 9 unconsolidated co-investment ventures was $58.5 billion across 552 million square feet at March 31, 2025. These ventures had total third-party debt of $18.4 billion with a weighted average loan-to-value ratio of 30.1%.

Key figures

Quarter ended March 31, 2025

Revenue

$2.1B

Operating income

$878M

Net income

$593M

EPS

$0.63

Operating cash flow

$1.2B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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