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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