2023-04-19 08:45:00 ET
Shares of Prologis (NYSE: PLD) have tumbled nearly 30% over the past year. That has pushed the company's dividend yield up to 2.8%, well ahead of the S&P 500 's 1.6% yield. The primary factor weighing down the stock is the concern that demand for logistics properties is waning.
However, as the leading industrial REIT's first-quarter numbers showcase, demand for industrial properties has proved incredibly resilient. The sell-off in the stock makes Prologis look like a screaming buy, especially for those seeking an above-average and growing dividend.
Prologis generated $1.22 per share of funds from operations ( FFO ) in the first quarter. That's nearly 12% higher than the year-ago period. The primary driver was the incredible performance of its operating portfolio:
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This Top Dividend Stock Showcases Why It's a Screaming Buy