Prologis Inc.（NYSE：PLD）启动2025年，令人鼓舞的第一季度结果

运营（FFO）的核心资金每股1.42美元，或1.43美元（不包括净促销），反映了一致的运营效率。

Prologis (NYSE:PLD) kicked off 2025 with encouraging Q1 results, largely meeting expectations with core funds from operations (FFO) of $1.42 per share, or $1.43 excluding net promotes.

Prologis（NYSE：PLD）以令人鼓舞的第1季度成绩开始了2025年，在很大程度上满足了每股1.42美元的运营（FFO）核心资金的期望，或不包括净促销费用1.43美元。

What Happened: Prologis reported a 25% lease mark-to-market on a net effective basis, which translates to an estimated $1.1 billion in incremental net operating income (NOI). However, the firm signaled caution regarding leasing activity, noting a 20% drop in volumes in recent weeks.

发生了什么：普洛洛斯报告说，有效的净额为25％，这意味着估计有11亿美元的增量净营业收入（NOI）。但是，该公司表示谨慎对租赁活动的谨慎，并指出最近几周的数量下降了20％。

The company's leasing activity remains strong with 58 million square feet signed and a 95.2% occupancy rate. This is despite a 70 basis point decrease in occupancy from the end of 2024.

该公司的租赁活动仍然强劲，签署了5800万平方英尺，占用率为95.2％。尽管从2024年底开始，但占用率下降了70个基点。

Prologis also achieved steady same-store growth, with net effective rent increasing by 5.9% and cash growth reaching 6.2%. Rent changes on new and renewed leases hit 54% on a net effective basis and 32% in cash terms.

Prologis也实现了同一商店的稳定增长，净有效租金增加了5.9％，现金增长率达到6.2％。新的和更新的租赁的租金变动在净有效的基础上达到了54％，现金期限为32％。

The company is expanding its data center power capacity by 400 megawatts, pushing its total to 2 gigawatts in the advanced-stage pipeline.

该公司正在将其数据中心功率扩大400兆瓦，在高级管道中将其总数提高到2吉瓦。

Prologis has also started rolling out solar and battery storage capacity, now at over 900 megawatts either in operation or under development. It plans to hit 1 gigawatt by year-end.

Prologis还开始推出太阳能和电池存储容量，现在在900兆瓦的运行中或正在开发中。它计划按年底命中1吉瓦。

The company is putting together a capital structure that provides liquidity, flexibility and optimal return of capital to shareholders.

该公司正在汇总资本结构，提供流动性，灵活性和最佳资本回报率。

Prologis raised $400 million in capital for its flagship open-ended funds, which supports its liquidity position. It also issued $550 million in debt at a weighted average interest rate of 4.1%.

Prologis为其旗舰开放式资金筹集了4亿美元的资本，该基金支持其流动性地位。它还以4.1％的加权平均利率发行了5.5亿美元的债务。

The company received an upgrade from Moody's to A2, reinforcing its balance sheet strength.

该公司从穆迪（Moody's）升级到A2，增强了资产负债表的实力。

Prologis is managing risk and rolling with the punches in this period of macroeconomic uncertainty. It lowered its 2025 development start guidance to $1.5–$2 billion, citing macroeconomic headwinds.

在这一宏观经济不确定性时期，Prologis正在管理风险和滚动。它以宏观经济的逆风为由，将其2025年开发起步指南降低到1.5亿美元。

It also raised its G&A expense guidance to a range of $450–$470 million, reflecting inflationary pressures and rising labor costs.

它还将其G＆A费用指南提高到了45万美元至4.7亿美元的范围，反映了通货膨胀压力和劳动力成本的上涨。

Why It's Important: Despite global trade tensions and reduced customer decision-making speed, Prologis was able to maintain its core FFO guidance for 2025 at $5.65 to $5.81 per share including promotes, or $5.70 to $5.86 excluding them.

为什么重要的是：尽管全球贸易紧张张力和客户决策速度降低，但Prologis还是能够将其2025年的核心FFO指南保持在5.65美元至每股5.81美元的$ 5.65至$ 5.81，包括促销活动，或5.70美元至5.86美元（不包括在内）。

This suggests that management remains confident in the company's leasing performance and capital allocation strategy.

这表明管理层对公司的租赁绩效和资本分配策略有信心。

Although there are concerns over capital markets and logistics chains, Prologis' scale, balance sheet and strategic focus on high-demand segments give it a buffer.

尽管人们担心资本市场和物流连锁店，但Prologis的规模，资产负债表和对高需求细分市场的战略关注使其具有缓冲区。

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