Company: PLDGP
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000950170-25-021272
Chunk: 336

Company: Prologis, Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 336
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 disposed of to third parties during the period. To derive an appropriate measure of period-to-period operating performance, we remove the effects of foreign currency exchange rate movements by using the reported period-end exchange rate to translate from local currency into the U.S. dollar for both periods.

As non-GAAP financial measures, the same store metrics have certain limitations as analytical tools and may vary among real estate companies. As a result, we provide a reconciliation of Rental Revenues less Rental Expenses (“Property NOI”) (from our Consolidated Financial Statements prepared in accordance with U.S. GAAP) to our Same Store Property NOI measures.

We evaluate the results of our same store portfolio on a quarterly basis. The following is a reconciliation of our consolidated rental revenues, rental expenses and property NOI for each quarter in 2024 and 2023 to the full year, as included in the Consolidated Statements of Income and within Note 19 to the Consolidated Financial Statements and to the respective amounts in our same store portfolio analysis for the three months ended December 31 (dollars in millions):

    Three Months Ended

    March 31,

    June 30,

    September 30,

    December 31,

    Full Year

    2024

    Rental revenues
     
    $
    1,828

    $
    1,852

    $
    1,897

    $
    1,938

    $
    7,515

    Rental expenses

    (454
    )

    (445
    )

    (427
    )

    (439
    )

    (1,765
    )

    Property NOI
     
    $
    1,374

    $
    1,407

    $
    1,470

    $
    1,499

    $
    5,750

    2023

    Rental revenues
     
    $
    1,634

    $
    1,652

    $
    1,777

    $
    1,756

    $
    6,819

    Rental expenses

    (413
    )

    (388
    )

    (416
    )

    (408
    )

    (1,625
    )

    Property NOI
     
    $
    1,221

    $
    1,264

    $
    1,361

    $
    1,348

    $
    5,194

    Three Months