BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Prologis Reports Strong First Quarter 2024 Results Amidst Economic Volatility
Prologis, Inc., a global leader in logistics real estate, announced its financial results for the first quarter of 2024 today, signaling positive outcomes despite a challenging economic landscape. The company reported a net earnings per diluted share of $0.63, up from $0.50 in the first quarter of 2023. Core funds from operations (Core FFO) per diluted share increased to $1.28 from $1.22 in the same period last year, indicating a steady growth trajectory.
Detailed Financial Analysis
Earnings and Operations
Prologis disclosed a Core FFO, excluding Net Promote Income (Expense), of $1.31 per diluted share for Q1 2024, compared to $1.23 in Q1 2023. This increment reflects the company's ability to maintain profitability in a volatile interest rate environment and amidst geopolitical concerns, as noted by Hamid R. Moghadam, co-founder, chairman, and CEO.
Operating Metrics
The company reported an average occupancy rate of 96.8%, with leases commenced totaling 48.1 million square feet. The retention rate stood at 74.3%. The net effective rent change was a substantial 67.6%, paired with a cash rent change of 48.2%, showcasing strong leasing momentum.
Deployment Activity
Prologis showed robust deployment activities, with acquisitions totaling $5 million at a weighted average stabilized cap rate of 7.1%. Development stabilizations were reported at $517 million, highlighting a significant estimated value creation of $50 million. The company also started new developments valued at $273 million.
Financial Strength and Liquidity
Timothy D. Arndt, chief financial officer, highlighted the company's strong liquidity position of nearly $6 billion and low leverage. During the quarter, Prologis and its co-investment ventures issued $4.1 billion of debt at favorable terms, enhancing the company’s financial flexibility.
2024 Guidance and Outlook
Despite a successful first quarter, Prologis has adjusted its 2024 guidance due to anticipated lower net absorption and competitive leasing conditions in certain markets. The company now projects a Core FFO growth, excluding promotes, of nearly 8% and a Cash Same Store NOI growth of 6.75%. Adjustments have been made to the full-year guidance ranges for occupancy, same-store growth, and earnings, reflecting a cautious but optimistic outlook.
Strategic and Capital Deployment
The company plans to continue its strategic capital deployments, maintaining projections for development stabilizations and revising development starts downwards by 15.4% to adjust to market conditions.
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