PLD Prologis

By Will Feuer

Prologis posted higher earnings and sales in the second quarter as demand for its industrial properties held up and the company continued to expand despite higher interest rates.

The San Francisco-based industrial-property landlord posted earnings of $1.22 billion, or $1.31 a share, compared with $610 million, or 82 cents a share, in the same quarter a year ago.

Core funds from operations, a measure of operating performance, came to $1.83 a share, topping the $1.67 a share that analysts were expecting, according to FactSet.

Total revenue jumped to $2.45 billion from $1.25 billion last year, topping analysts' expectations of $1.72 billion.

Average occupancy in Prologis's owned and managed portfolio came to 97.5%, down from 98.0% in the previous quarter.

Shares rose 2.4% to $131.00 in premarket trading.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

July 18, 2023 08:31 ET (12:31 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.