Prologis Inc
For the period ended Dec 31, 2023. Filed Feb 13, 2024.
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FY2023 · Filed Feb 13, 2024
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Lease Expirations
We generally lease our properties on a long-term basis (the average term for leases commenced, including new leases and renewals, in 2023 was 66 months). The following table summarizes the lease expirations of our consolidated operating portfolio for leases in place at December 31, 2023 (dollars and square feet in millions):
| NER | ||||
|---|---|---|---|---|
| Occupied Square Feet · Dollars · % of Total · Dollars Per Square Foot | ||||
| 2024 (1) | 62 | $416 | 8.5% | $6.71 |
| 2025 | 80 | 551 | 11.3% | 6.89 |
| 2026 | 92 | 670 | 13.7% | 7.28 |
| 2027 | 95 | 749 | 15.3% | 7.88 |
| 2028 | 81 | 734 | 15.0% | 9.06 |
| 2029 | 58 | 511 | 10.4% | 8.81 |
| 2030 | 36 | 296 | 6.1% | 8.22 |
| 2031 | 26 | 197 | 4.0% | 7.58 |
| 2032 | 31 | 244 | 5.0% | 7.87 |
| 2033 | 22 | 203 | 4.2% | 9.23 |
| Thereafter | 29 | 319 | 6.5% | 11.00 |
| 612 | $4,890 | 100.0% | $7.99 | |
| Month to month | 4 | |||
| Total consolidated | 616 | |||
(1)
We have signed leases that were due to expire in 2024, totaling 25 million square feet in our consolidated portfolio (3.3% of total NER). These are excluded from 2024 expirations and are reflected at their respective expiration year.
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