Tuesday, January 21, 2025

Another day, another Q4 earnings release, another dollop of financial analysis to show what’s possible in the wide world of Calcbench!

This time we turned our eyes to Prologis ($PLD), which owns and operates logistics real estate around the world— think data centers, distribution hubs, and the like. Prologis reports as a real estate investment fund, a sector that has a unique set of metrics such as FFO (funds from operations), AFFO (adjusted funds from operations), occupancy rates, and more. 


Prologis filed its Q4 and full-year 2024 earnings release this morning. We started reading, and found this table of operating performance metrics on the first page:


 


Average occupancy of 95.6 percent certainly seems high at first glance, but how has that metric performed over time? Using the Export Data Tables feature from our Recent Filings page (a shortcut we explained on these blog pages last week) we pulled average occupancy rates for each of Prologis’ last 12 quarters. The result is Figure 1, below.



Hmmm. Overall occupancy rates are still quite high in absolute terms, but in historical terms that number is clearly trending downward. 


Calcbench can’t interpret any meaning from those results. We just have easy access to earnings release data, including historical data and all the good stuff tucked away in the footnotes. If you have a project you’re working up and need some help, drop us a line any time at us@calcbench.com. 
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