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Prologis Inc. (PLD) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including total revenues of $8.2 billion, an increase from $8.0 billion in the previous year. The company reported a net income of $3.9 billion, up from $3.3 billion in 2023.
Prologis' real estate segment, which includes rental operations and development, contributed $5.7 billion to the company's net operating income, compared to $5.1 billion in 2023.
The strategic capital segment, which involves managing properties owned by unconsolidated co-investment ventures, generated $672 million in revenue, down from $1.2 billion the previous year.
Prologis completed significant activities in 2024, including generating $4.8 billion in net proceeds from property contributions and sales, and earning $139 million in promotes from co-investment ventures.
The company reported $30.9 billion in total debt, with a weighted average maturity of 9 years and an effective interest rate of 3.1%.
Prologis' operating portfolio occupancy was 95.8% at the end of 2024, with a rent change on leases commenced during the year of 68.7% on a net effective basis.
The company's development portfolio was 31.9% leased at year-end, with a total expected investment of $4.7 billion upon completion.
Prologis continues to focus on expanding its logistics facilities globally, with investments in new markets such as India and the acquisition of partners' interests in existing ventures.
The company maintains a strong balance sheet with $7.4 billion in available liquidity, including $6.1 billion in borrowing capacity and $1.3 billion in cash.
Prologis' credit ratings remain strong, with an A rating from Standard & Poor's and an A3 rating from Moody's.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Prologis Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.