Prologis (NYSE:PLD) Q2 2024 earnings fall amid strong financial health
Full story: https://grafa.com/news/prologis--nyse-pld--q2-2024-earnings-fall-amid-strong-financial-health-248163
Prologis (NYSE:PLD), a global leader in logistics real estate, today released its earnings report for the second quarter of 2024, showing a dip in net earnings per diluted share from $1.31 in the second quarter of 2023 to $0.92 this quarter.
Alongside the drop in net earnings, the company's core funds from operations (Core FFO) stood at $1.34 per diluted share, down from $1.83 in the corresponding period last year.
When adjusting for Net Promote Income and Expense, Core FFO per diluted share actually increased from $1.25 in the second quarter of 2023 to $1.36 in 2024.
Timothy D. Arndt, the CFO of Prologis, emphasized the company's ongoing financial robustness, noting its debt-to-EBITDA ratio remains under 5.0x, with nearly $6.5 billion in available liquidity.
"The company continues to capitalize on a wide array of growth opportunities, particularly in our expanding data center and energy sectors," Arndt stated.
During the quarter, Prologis and its co-investment ventures successfully issued an aggregate of $1.2 billion in debt, achieving a weighted average interest rate of 4.4% and a term of 10.9 years.
As of June 30, 2024, the company's debt as a percentage of total market capitalization was reported at 23.7%, maintaining a low weighted average interest rate of 3.1% on its total debt, with a term averaging 9.3 years and no significant maturities due until 2026.
Furthermore, Prologis launched a $1 billion commercial-paper program, which has already yielded savings of more than 60 basis points on short-term borrowing costs in the U.S.
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