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Prologis 2Q FFO Top Expectations; Revenue Falls

By Matt Grossman

 

Prologis Inc. Monday logged funds from operations that slightly outpaced Wall Street analysts' expectations for its second-quarter results, although revenue fell.

The San Francisco-based industrial-property landlord posted earnings attributable to shareholders of 81 cents a share, up from 54 cents a share in 2020's second quarter. Net earnings attributable to shareholders rose to $599 million, from $405 million in the year-ago period.

Core funds from operations attributable to shareholders, a measure of operating performance, was $1.01 a share. Analysts surveyed by FactSet were anticipating funds from operations of 99 cents a share.

Revenue was $1.15 billion, compared with $1.27 billion a year earlier. Analysts had forecast revenue of $1.01 billion. Rental revenues grew to $1.02 billion, from $945 million a year earlier. Strategic-capital revenues declined $129 million, from $321 million.

Average occupancy in Prologis' owned and managed portfolio rose by 60 basis points sequentially to 96%. The company commenced leases on 49 million square feet of real estate.

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

July 19, 2021 08:36 ET (12:36 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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