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April 19 , 2021 PROLOGIS Ahead of what's next Prologis Reports First Quarter 2021 Earnings Results SAN FRANCISCO , April 19 , 2021 / PRNewswire / -- Prologis , Inc. ( NYSE : PLD ) , the global leader in logistics real estate , reported results for the first quarter of 2021 . Net earnings per diluted share was $ 0.49 for the quarter compared with $ 0.70 for the first quarter of 2020 ; the decrease was driven by debt extinguishment costs of $ 187 million . Core funds from operations * per diluted share was $ 0.97 for the quarter compared with $ 0.83 for the same period in 2020 . " The robust demand from the fourth quarter has carried into 2021 and is as strong as I have seen in my career , " said Hamid R. Moghadam , chairman and CEO , Prologis . " Global supply chains are pushing to keep pace with accelerating economic activity , retooling for faster fulfillment and resilience . With our well - positioned portfolio , differentiated customer offerings and abundant investment capacity , we expect to continue to outperform while delivering exceptional customer service . " OPERATING PERFORMANCE Owned & Managed Average Occupancy 1Q21 95.4 % Notes Down 40bps from Q4 2020 consistent with seasonality 43.9MSF Leases Commenced Retention 69.1 % 39.0MSF operating portfolio and 4.8MSF development portfolio Down 930bps from Q4 2020 , 96.4 % leased as of March 31 Prologis Share 1Q21 Notes Net Effective Rent Change 27.0 % Led by U.S. at 32.0 % Cash Rent Change 12.5 % Cash Same Store NOI * 4.5 % Driven by U.S. at 4.8 % DEPLOYMENT ACTIVITY Prologis Share Building Acquisitions Weighted avg stabilized cap rate Development Stabilizations Estimated weighted avg yield Estimated weighted avg margin Estimated value creation % Build - to - suit Development Starts Estimated weighted avg yield Estimated weighted avg margin Estimated value creation % Build - to - suit Total Dispositions and Contributions Weighted avg stabilized cap rate ( excluding land and other real estate ) BALANCE SHEET & LIQUIDITY 1Q21 $ 71M 5.0 % $ 396M 6.0 % 42.8 % $ 170M 16.1 % $ 575M 5.6 % 24.1 % $ 139M 60.6 % $ 654M 4.5 %