The earnings call presented a mixed picture. While Prologis demonstrated strong financial performance, active development, and a positive long-term outlook, it also acknowledged current market challenges, including soft demand, increased bad debt, and adjusted guidance. Despite these challenges, strong strategic positioning and capital market improvements provide a balanced outlook.

Company Guidance

During the Prologis Q3 2024 earnings call, the company provided guidance that reflected cautious optimism about the future. They tightened their forecast for average occupancy to a range of 96% to 96.5% and adjusted their cash same-store growth expectations to between 6.5% and 7%. Additionally, Prologis adjusted their net effective same-store growth forecast to a range of 5.5% to 6%, accounting for anticipated noncash write-offs due to increased bankruptcies. The company also revised its development starts guidance to $1.75 billion to $2.25 billion, citing slow decision-making in build-to-suits and strategic deferral of new speculative developments. Prologis increased its acquisition guidance to $1.75 billion to $2.25 billion, reflecting attractive market opportunities, and raised its GAAP earnings forecast to $3.35 to $3.45 per share. Core FFO, including net promote expense, is now expected to be between $5.42 and $5.46 per share, while excluding net promote expense, it's projected to range from $5.49 to $5.53 per share.

Strong Financial Performance Exceeding Expectations

Core FFO excluding net promote expense was $1.45 per share, slightly ahead of forecast. Period ending occupancy was 96.2%, and net effective rent change was 68%.

Robust Development and Investment Activity

Started over $0.5 billion in development projects and expanded land bank to include first projects in India. Deployed over $1.4 billion in third-party acquisitions.

Successful Exit from Prologis Ventures

Exited an early investment in Japanese workforce solution Timee, realizing a 9x multiple and a 65% IRR.

Positive Outlook for Southern California

Despite current rent declines, Southern California shows strong prospects due to high barriers to supply and increasing demand.

Improvement in Capital Markets

U.S. and European values increased approximately 1% in the quarter, and Mexico saw an impressive 2.2% increase.

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Prologis (PLD) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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PLD Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 17, 2018	2018 (Q2)	- / 0.64	0.5	27.60% (+0.14)	―	―
Oct 16, 2018	2018 (Q3)	- / 0.62	1.63	-62.09% (-1.01)	―	―
Jan 22, 2019	2018 (Q4)	- / 0.94	0.55	70.73% (+0.39)	―	―
Apr 16, 2019	2019 (Q1)	- / 0.57	0.609	-7.06% (-0.04)	―	―
Jul 15, 2019	2019 (Q2)	- / 0.62	0.638	-3.13% (-0.02)	―	―
Oct 15, 2019	2019 (Q3)	- / 0.71	0.618	14.89% (+0.09)	―	―
Jan 22, 2020	2019 (Q4)	- / 0.63	0.939	-33.23% (-0.31)	―	―
Apr 21, 2020	2020 (Q1)	- / 0.69	0.566	22.79% (+0.13)	―	―
Jul 21, 2020	2020 (Q2)	- / 0.56	0.618	-10.19% (-0.06)	―	―
Oct 20, 2020	2020 (Q3)	- / 0.41	0.71	-42.11% (-0.30)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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PLD Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 16, 2024	$120.34	$125.87	+4.60%
Jul 17, 2024	$119.55	$121.24	+1.41%
Apr 17, 2024	$111.94	$103.89	-7.19%
Jan 17, 2024	$125.87	$122.86	-2.39%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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