Prologis Europe is pleased to share this recap of its first quarter 2023 activity. This summary includes operating performance highlights and insights into select milestones and achievements.
Ben Bannatyne, President, Prologis Europe:
“Demand for high quality, tailored and sustainable logistics space continues to be strong with an occupancy of 98.6% in the past quarter across the 12 European markets we operate in. Given the macroenvironment, we continue to operate our business with a degree of caution. Our very strong balance sheet continues to provide flexibility to capitalise as opportunities arise, strengthening our built-for-the-future approach to stay ahead of our customers’ needs.”
Operating Performance Europe – First Quarter 2023:
- Total portfolio: 22.3 million square metres*
- First quarter total leasing activity: 1,027,535 square metres:
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256,690 square metres new leases
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770,845 square metres renewals
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- Rent change: 26.5 %**
Operating Performance Central Europe & Poland – First Quarter 2023:
- CE total portfolio: 4,73 million square meters*
- First quarter total leasing activity: 328,225 square metres:
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43,469 square metres new leases
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191,176 square metres renewals
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- Poland total portfolio: 2,3 million square meters*
- First quarter total leasing activity: 157,562 square metres:
- 33,300 square metres new leases
- 85,183 square metres renewals
* includes operating, development, held for sale, other and VAA/VAC
** rent change is based on lease sign dates
Leasing Highlights:
- 53,398 sqm for Schenker spol, at Prologis Park Prague Rudna DC18, in Prague, Czech Republic.
- 13,062 sqm for Yusen Logistics, at Prologis Park Hamburg Hausbruch DC3, in Hamburg, Germany.
- 41,555 sqm for LIDL, at Prologis Park Bergheim DC1, in Rhine-Ruhr, Germany.
- 15,744 sqm for Grieshaber Logistik, at Prologis Park Pulheim DC1, in Rhine-Ruhr, Germany.
- 6,582 sqm for Staci, at Prologis Park Clesud DC4, in Marseille, France.
Capital Deployment – FIRST Quarter 2023
The first quarter saw one new development start: a 32,874 square metre build-to-suit (BTS) in the UK.
Acquisitions:
In the first quarter, Prologis Europe acquired 2,991 square metres of land in Poland and 20,902 square metres of land in Germany.
Dispositions:
In the first quarter, while there have been no land dispositions, Prologis Europe has disposed of a 4,643-square-metre building in Germany.
Additional Resources/Insights:
- Research: 2022 Prologis Logistics Rent Index
- Research: Future Flow of Goods, updated Nov 22, 2022
- 2021-2022 Prologis ESG Sustainability Report
- Prologis is the #1 real estate investment trust (REIT) on the 2022 Global 100 Most Sustainable Corporations in the World list. This is the company’s thirteenth appearance on the list, which is widely considered one of the most reputable sustainability rankings. Corporate Knights, a specialised media company and investment research firm, ranks publicly traded global companies on a broad scope of metrics related to environmental stewardship, social responsibility and governance (ESG).
About Prologis
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high- growth markets. At March 31, 2023, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 113 million square metres in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 6,600 customers principally across two major categories: business-to-business and retail/online fulfilment.
Forward-Looking Statements
The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," and "estimates," including variations of such words and similar expressions, are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future— including statements relating to rent and occupancy growth, development activity, contribution and disposition activity, general conditions in the geographic areas where we operate, our debt, capital structure and financial position, our ability to form new co- investment ventures and the availability of capital in existing or new co-investment ventures— are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic and political climates; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties; (v) maintenance of real estate investment trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; (x) risks related to the current coronavirus pandemic; and (xi) those additional factors discussed in reports led with the Securities and Exchange Commission by us under the heading "Risk Factors." We undertake no duty to update any forward-looking statements appearing in this document except as may be required by law.