Prologis, Inc. (NYSE:PLD) Q2 2024 Earnings Conference Call July 17, 2024 12:00 PM ET

Company Participants

Justin Meng - SVP, Head of IR
Tim Arndt - CFO
Chris Caton - Managing Director
Dan Letter - President
Hamid Moghadam - Founder and CEO

Conference Call Participants

Blaine Heck - Wells Fargo
Ronald Kamden - Morgan Stanley
Steve Sakwa - Evercore ISI
Camille Bonnel - Bank of America
Jonathan Peterson - Jefferies
Caitlin Burrows - Goldman Sachs
Nick Thillman - Baird
Vikram Malhotra - Mizuho Securities
John Kim - BMO Capital Markets
Vince Tibone - Green Street
Ki Bin Kim - Truist Securities
Michael Mueller - JPMorgan
Michael Goldsmith - UBS
Todd Thomas - KeyBanc Capital Markets
Nicholas Yulico - Scotiabank

Operator

Welcome to the Prologis Second Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the call over to Justin Meng, Senior Vice President, Head of Investor Relations. Thank you. You may begin.

Justin Meng

Thanks, Daryl. Good morning, everyone. Welcome to our second quarter 2024 earnings conference 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, and actual operating results maybe 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 second 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 Founder and CEO; Dan Letter, our President; and Chris Caton, Managing Director, are also with us today.

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

Tim Arndt

Thank you, Justin, and thank you all for joining our call.

We had solid execution against our second quarter plan, which showed improvement over the first quarter, underpinned by a pickup in overall market activity. In fact, we leased 52 million square feet in our portfolio, a 27% increase over the first quarter and one of our highest quarters in the past few years.