Prologis 1Q Revenue Rises as Occupancy Holds at 98%
April 18 2023 - 8:52AM
Dow Jones News
By Dean Seal
Prologis Inc. logged above-consensus revenue growth in the first
quarter as average occupancy held steady and its core fund
operations rose in line with analyst expectations.
The San Francisco-based industrial-property landlord posted
earnings of $464.6 million, or 50 cents a share, compared with
$1.15 billion, or $1.54 a share, in the same quarter a year ago.
Analysts polled by FactSet had been expecting 56 cents a share.
Core funds from operations, a measure of operating performance,
came in at $1.22 a share, in line with analyst expectations,
according to FactSet.
Total revenue rose to $1.77 billion from $1.22 billion last
year, topping analyst expectations of $1.63 billion.
Average occupancy in Prologis's owned and managed portfolio was
flat from the prior quarter at 98%.
Chief Executive Hamid R. Moghadam said demand remains healthy
despite "some moderating in terms of decision-making."
"Given the macroenvironment, we continue to operate our business
with a degree of caution," he said. "We foresee any potential
impact on demand as likely to overlap with a deceleration in new
deliveries, sustaining momentum with favorable conditions for high
occupancy and continued rent growth into 2024."
Shares ticked up less than 1% to $124 in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
April 18, 2023 08:37 ET (12:37 GMT)
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