Prologis ( NYSE: PLD ) stock is gaining 2.2% in Monday premarket trading after the industrial REIT's earnings climbed again in Q2, surpassing the consensus estimate as the environment for warehouses and distribution centers remains robust in the wake of the pandemic.
The industrial REIT n ow expects 2022 core FFO of $5.14-$5.18 vs. prior guidance of $5.10-$5.16; expects average occupancy rate of 97.25%-97.75% this year vs. 96.75%-97.50% prior guidance, and cash same-store net operating income rising 8.25%-8.75% vs. prior range of 7.25%-8.0%.
"The pandemic drove record demand for the past two years, which translated into all-time low vacancies and unprecedented rent growth," said CEO and co-founder Hamid R. Moghadam. "As conditions normalize, we are still seeing healthy demand that rivals past peak cycles and, informed by our proprietary data insights, we expect strong demand for our properties to continue."
Q2 core FFO per share of $1.11 vs. $0.66 consensus, $1.09 in Q1 2022 and $1.01 in Q2 2021.
Q2 revenue of $1.25B vs. $1.09B consensus estimate, $1.22B in Q1 2022 and $1.15B in Q2 2021.
Q2 adjusted EBITDA of $1.14B declined from $1.21B in the previous quarter and increased from $1.11B in the year-ago period.
Average occupancy of 97.6% vs. 97.4% in Q1. The REIT's properties are 98.2% leased as of March 31, 2022 vs. 98.1% leased at March 31, 2022.
Q2 cash same-store NOI increased 8.2% Y/Y.
Conference call at 12:00 PM ET.
Earlier, Prologis FFO of $1.11 in-line, revenue by $1.25B beats by $160M , raises FY22 FFO guidance
For further details see:
Prologis Q2 earnings beat as demand stays strong post-pandemic