SAN FRANCISCO—Industrial giant Prologis Inc. on Tuesday posted second-quarter results that beat analysts' estimates. The REIT reported core funds from operations of 48 cents per share, compared to the Zacks Consensus Estimate of 46 cents per share and Q2 2013's figure of 41 cents per share. Its same-store NOI was up 3.8% from a year ago on the strength of higher occupancy and rental rates.
Occupancy as Q2 ended was up 90 basis points year over year to 94.6%. With 29 million square feet of leases signed during the quarter, Prologis saw GAAP rental rates increase by 6.6%, compared to 4% the year prior.
“We're pleased to report a very strong quarter of financial and operating performance,” says Hamid R. Moghadam, Prologis' chairman and CEO. “Our results reflect high occupancy levels with strong growth in rental rates, above average development margins and increased earnings from our strategic capital business.”
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
