By Will Feuer

Prologis posted lower earnings for the third quarter amid rising costs, even as demand for its industrial properties held up.

The San Francisco-based industrial-property landlord posted earnings of $747.6 million, or 80 cents a share, down from $1.02 billion, or $1.36 a share, in the same quarter a year ago.

Core funds from operations, a measure of operating performance, came to $1.30 a share, topping the $1.26 a share that analysts were expecting, according to FactSet.

Total revenue rose to $1.92 billion from $1.75 billion last year. Rental revenue climbed to $1.78 billion from $1.16 billion last year. Analysts surveyed by FactSet had expected rental revenue of $1.72 billion.

Costs climbed more than 37% to $1.25 billion.

Average occupancy in Prologis's owned and managed portfolio came to 97.1%, down from 97.5% in the previous quarter.

"Until there is more stability in the economy, negative customer sentiment will weigh on demand," Chief Executive Hamid Moghadam said.

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

(END) Dow Jones Newswires

October 17, 2023 08:32 ET (12:32 GMT)

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