Earnings Summary: Prologis reports lower Q2 2024 revenue and profit

Real estate investment trust Prologis, Inc. (NYSE: PLD) announced financial results for the second quarter of 2024, reporting a decrease in revenues and profit.

• Net earnings, on a per-share basis, was $0.92 in the second quarter of 2024, compared to $1.31 in the same period of 2023
• Net income was $860 million during the three months, vs. $1.22 billion in the prior-year quarter
• Total revenues decreased to about $2.0 billion in the June quarter from $2.45 billion in Q2 2023
• Core funds from operations were $1.34 in Q2, compared to $1.83 per share in the prior-year period
• Core FFO, excluding net promote income, for the quarter was $1.36 per share, compared to $1.25 per share a year earlier
• During the quarter, the company issued an aggregate of $1.2 billion of debt at a weighted average interest rate of 4.4%