Prologis, Inc. (NYSE:PLD) Q4 2023 Earnings Conference Call January 17, 2024 12:00 PM ET

Company Participants

Jill Sawyer - SVP & IR

Tim Arndt - CFO

Chris Caton - Managing Director, Global Strategy & Analytics

Dan Letter - President

Conference Call Participants

Thomas Catherwood - BTIG

Ronald Kamdem - Morgan Stanley

Craig Mailman - Citi

Caitlin Burrows - Goldman Sachs

Ki Bin Kim - Truist Securities

Jay Poskitt - Evercore ISI

Nicholas Yulico - Scotiabank

Blaine Heck - Wells Fargo

Michael Goldsmith - UBS

Camille Bonnel - Bank of America

Michael Mueller - JPMorgan

John Kim - BMO Capital Markets

Nicholas Thillman - Baird

Vikram Malhotra - Mizuho

Todd Thomas - KeyBanc Capital Markets

Michael Carroll - RBC Capital Markets

Operator

Greetings, and welcome to the Prologis Fourth Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] And as a reminder, this conference is being recorded.

It is now my pleasure to introduce to you, Jill Sawyer, SVP with Investor Relations. Thank you, Jill. You may begin.

Jill Sawyer

Thanks, John. Good morning, everyone. Welcome to our fourth quarter 2023 earnings call. The supplemental document is available on our website at prologis.com under Investor Relations. I'd like to state that this conference call will contain forward-looking statements under federal securities laws. These statements are based on current expectations, estimates and projections about the market and the industry in which Prologis operates, as well as management's beliefs and assumptions.

Forward-looking statements are not guarantees of performance. Actual operating results may be affected by a variety of factors. For a list of those factors, please refer to the forward-looking statement notice in our 10-K or other SEC filings. Additionally, our fourth quarter earnings press release and supplemental do contain financial measures such as FFO and EBITDA that are non-GAAP and in accordance with Reg G, we have provided a reconciliation to those measures.

I'd like to welcome Tim Arndt, our CFO, who will cover results, real-time market conditions and guidance. Hamid Moghadam, our CEO and our entire executive team are also with us today.

With that, I'll hand the call over to Tim.

Tim Arndt

Thanks, Jill. I'd like to start our call by recognizing and thanking our team for the incredible effort given over 2023. While it was a turbulent year in many ways, we ended it by delivering nearly 11% earnings growth and driving our 12-year earnings CAGR since merger to 10.3%. We deployed over $7 billion into new investments, raised nearly $2 billion of strategic capital in a very challenging environment and delivered excellent operating results while serving and growing customer relationships.