Prologis Beats 1Q Consensus Estimates For Key Rent, Earnings Measurements
By Micah Maidenberg
Prologis Inc. said demand for its properties was strong in the
first quarter, reflecting the broader economic recovery from the
The owner of warehouses and logistics properties said net income
attributable to controlling interests in the company fell to $367.3
million for the fourth quarter from $491.1 million for the
year-earlier period. Profit for common stockholders decreased to 49
cents from 70 cents on a per-share basis, the company said.
Core funds from operations increased to 97 cents a share from 83
cents a share, Prologis said. Analysts polled by FactSet predicted
94 cents a share for that earnings metric, which excludes gains and
losses from property sales and excludes depreciation, among other
Rental revenue increased to $1.02 billion from $879 million, the
company said, therefore beating the $987 million consensus
Total revenue increased to $1.15 billion from $978 million.
Average occupancy in Prologis's properties stood at 95.4% in the
first quarter, down a bit from 95.8% in the fourth quarter. Rents
increased 27% in the latest quarter on a net-effective basis.
The company started another 43.9 million square feet of leases
during the quarter.
"The robust demand from the fourth quarter has carried into 2021
and is as strong as I have seen in my career. Global supply chains
are pushing to keep pace with accelerating economic activity,
retooling for faster fulfillment and resilience," Chief Executive
Hamid Moghadam said in a statement.
Write to Micah Maidenberg at firstname.lastname@example.org
(END) Dow Jones Newswires
April 19, 2021 08:51 ET (12:51 GMT)
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