Prologis 3Q Rents, Income Rose on Improving Occupancy Levels
October 19 2022 - 8:49AM
Dow Jones News
By Sabela Ojea
Prologis on Wednesday posted a rise in revenue and funds from
operations in the third quarter, boosted by rising occupancy
levels.
The San Francisco-based industrial landlord, a real-estate
investment trust, said net income attributable to shareholders rose
to $1.01 billion, or $1.36 a share, compared with $722.0 million,
or 97 cents a share, a year earlier.
The company logged core funds from operations attributable to
shareholders, a measure of operating performance, of $1.73 a share,
up from $1.04 a year earlier.
Revenue rose 48%, to $1.75 billion, with rental revenue
increasing 12% to $1.16 billion in the period. Analysts polled by
FactSet had been forecasting rental revenue of $1.11 billion.
Average occupancy was 97.7%, up 0.3 percentage points from the
prior quarter, the company said.
"Given the impact of aggressive Fed tightening and the rapid
change in market sentiment, we will run our company assuming an
economic slowdown," Co-Founder and Chief Executive Hamid R.
Moghadam said on Prologis outlook.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
October 19, 2022 08:34 ET (12:34 GMT)
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