2023-07-18 08:36:36 ET
Prologis ( NYSE: PLD ) stock perked up 1.5% in Tuesday premarket trading after delivering Q2 top and bottom lines above Wall Street expectations, as well as raising full-year guidance.
The industrial REIT now expects 2023 core FFO per share of $5.56-$5.60, up from $5.42-$5.50 in the prior view, and exceeding the $5.49 consensus estimate.
Cash same-store net operating income for the year is expected to advance 9.50%-10.00%, compared with the prior target of 9.00%-9.75%.
The company expects to spend $2.5B-$3.0B on development starts and $300M-$600M on acquisitions in 2023. It sees $800M-$1.2B of dispositions.
"The continuation of record operating results is a testament to Prologis' premier global portfolio and the enormous, embedded mark-to-market upside that will provide industry-leading, predictable growth for years to come," said Co-Founder and CEO Hamid R. Moghadam.
Q2 core FFO per share of $1.83, exceeding the $1.67 average analyst estimate, rose from $1.22 in Q1 and from $1.11 in the year-earlier quarter.
Revenue of $2.45B, vs. $1.68B expected, climbed from $1.77B in the prior quarter and from $1.25B in Q2 2022.
Adjusted EBITDA came in at $2.28B, up from $1.43B in Q1 and from $1.14B a year before.
Average occupancy was 97.5% vs. 98.0% in Q1.
Cash same-store NOI increased 10.7% from a year ago, down from the 11.4% all-time high in Q1.
Conference call at 9:00 a.m. ET.
More on Prologis:
- SA Quant system rates PLD a Hold
- Prologis: Deglobalization Could Be The Next Dominant Tailwind For This REIT
- Prologis: Strong Fundamentals But Not Sufficient To Justify The Valuation
For further details see:
Prologis Q2 earnings beat; 2023 guidance surpasses consensus