Prologis Core Funds From Operations In Line With Expectations
January 22 2020 - 8:49AM
Dow Jones News
By Micah Maidenberg
Prologis Inc.'s (PLD) core funds from operations for the fourth
quarter were in line with Wall Street analysts' expectations, as
the logistics-property company said it tried to focus on boosting
lease rates within its real-estate portfolio.
The company said Wednesday its quarterly net income for common
stockholders fell to $385.5 million, or 61 cents a share, from
$596.6 million, or 94 cents a share, a year earlier.
Prologis also reported so-called core funds from operations of
84 cents a share, in line with the consensus estimate compiled by
FactSet. Core FFO, a profit metric, excludes certain items such as
gains or losses from land sales and costs related to natural
disasters.
The San Francisco-based company has exposure to a wide range of
industries via a portfolio of owned and managed properties that
stood at 797 million square feet as of last September. Big
customers that rent space from it include Amazon.com Inc. (AMZN),
FedEx Corp. (FDX) and Home Depot Inc. (HD).
The company reported its portfolio was 96.5% occupied as of the
end of the fourth quarter, one percentage point lower compared with
the same time a year ago.
Prologis said it was prioritizing rent growth over occupancy
within its buildings. Its share of net-effective rent growth was
29.5% in the quarter, compared with a 25.6% increased a year
earlier.
Total revenue for the fourth quarter increased 2.4% from the
year earlier to $826 million.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
January 22, 2020 08:34 ET (13:34 GMT)
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