— Jeff Ward, Lehigh Valley News Briefs
Shares of Prologis, which operates about 30 million square feet of warehouse space in the Lehigh Valley, rose Wednesday after the company reported third-quarter results.
San Francisco-based Prologis (NYSE:PLD) reported quarterly revenue of $2.04 billion, up 6.3% from the year-ago quarter.
Shares rose $5.58 to $126.97 at the close Wednesday, giving the company a market capitalization of $120.5 billion. That market cap exceeds the combined value of Air Products, PPL and Shift4 Payments.
The Real Estate Investment Trust (REIT) said core Funds From Operations (FFO) for the third quarter were $1.43 per share, up 10%. FFO measures cash flow from a REIT’s operations. It excludes depreciation and losses or gains on the sale of assets; by including only income from business activities, FFO gives a clear picture of performance.
Third-quarter earnings per share were $1.08, up 35% “largely due to higher disposition gains,” according to the company’s statement.
Occupancy in the quarter for its owned and managed properties was 95.9%, down from 96.1% in the year-ago third quarter.
Chief Executive Officer Hamid R. Moghadam gave a mixed look at the market, noting that “The bottoming process is underway as our customers navigate an uncertain environment” but adding, “Looking ahead, the supply picture is improving, and the long-term demand drivers for our business remain strong.”
For the full-year 2024, Prologis forecasts Core FFO attributable to common
stockholders/unitholders of $5.42 to $5.46.
— Disclosure: I own shares in Prologis.
Lehigh Valley News Briefs 