Record Leasing Activity
Prologis achieved a record quarter for leasing with signings of nearly 62 million square feet, indicating strong demand and improved customer sentiment.
Data Center Expansion
Prologis moved another 1.5 gigawatts of additional capacity to advanced stages, with 5.2 gigawatts of power either secured or in advanced stages, representing a significant investment opportunity of $15 billion.
Core FFO Exceeds Forecast
Core FFO, including net promote expense, was $1.49 per share and excluding net promotes was $1.50 per share, each ahead of the forecast.
Strong Rent Change
Rent change during the quarter was 49% on a net effective basis and 29% on cash, highlighting the durability of lease mark to market.
Energy Business Growth
The energy business delivered 28 megawatts of solar generation and storage in the quarter, with 825 megawatts of current capacity, on track to achieve a one-gigawatt goal by year-end.
Successful Financing Activities
Prologis closed on $2.3 billion in financing activities, including a successful €1 billion raise at 3.5%, maintaining an in-place cost of debt at 3.2% with more than eight years of average remaining life.