Prologis 2Q FFO Top Expectations; Revenue Falls
19 Luglio 2021 - 2:36PM
Dow Jones News
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)
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