PLD Prologis

By Dean Seal

Prologis Inc. posted second-quarter earnings on Monday that beat Wall Street expectations, along with higher rental revenue and an uptick in average occupancy.

The San Francisco-based industrial-property landlord said net earnings attributable to shareholders was $610 million, or 82 cents a share, up from $599 million, or 81 cents a share, in the same period a year ago. Analysts surveyed by FactSet had expected earnings of 65 cents a share.

Core funds from operations attributable to shareholders, a measure of operating performance, was $1.11 a share, in line with analyst expectations and up from $1.01 last year.

Total revenue climbed to $1.25 billion from $1.15 billion in the same quarter of 2021. Rental income rose to $1.09 billion from $1.01 billion.

Average occupancy in Prologis's owned and managed portfolio was 97.6%, up from 97.4% last quarter.

"The pandemic drove record demand for the past two years, which translated into all-time low vacancies and unprecedented rent growth," Chief Executive Hamid R. Moghadam said Monday. "As conditions normalize, we are still seeing healthy demand that rivals past peak cycles and, informed by our proprietary data insights, we expect strong demand for our properties to continue."

Shares rose 1.4% to $122.69 in premarket trading.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

July 18, 2022 08:46 ET (12:46 GMT)

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