Logistics Real Estate Company Prologis' Q3 Earnings: FFO Beats, Revenue Misses, Revises FY24 Guidance
In This Article:
Prologis, Inc. (NYSE:PLD) shares are trading higher after the company reported third-quarter financial results.
Rental revenue of $1.90 billion missed the consensus estimates of $1.95 billion. The company’s average occupancy stood at 95.9%, with a leased 49.0MSF operating portfolio and a 1.8MSF development portfolio.
Core funds from operations per diluted share were $1.43, higher than $1.30 a year ago and above the consensus of $1.37.
During the quarter, Prologis and its co-investment ventures issued an aggregate of $4.6 billion of debt at a weighted average interest rate of 4.6% and a weighted average term of 8.9 years.
As of quarter-end, debt as a percentage of total market capitalization was 23.1%, and the company’s weighted average interest rate on its share of total debt was 3.1%, with a weighted average term of 9.2 years.
FY24 Guidance: Prologis revised the outlook for core FFO attributable to common stockholders/unitholders to $5.42 – $5.46 (from $5.39 – $5.47) versus the consensus of $5.42.
Also, the company revised the outlook for net earnings per share to $3.35 – $3.45 (from $3.25 – $3.45).
The company revised average occupancy guidance to 96.00% – 96.50% (from 95.75% – 96.75%) in FY24.
Hamid R. Moghadam, co-founder and CEO, said, “Looking ahead, the supply picture is improving, and the long-term demand drivers for our business remain strong. Going forward, we find ourselves in an enviable position as the partner of choice for leading global customers, to meet their needs in supply chain, digital and energy infrastructure.”
Investors can gain exposure to the stock via Pacer Industrial Real Estate ETF (NYSE:INDS) and SP Funds S&P Global REIT Sharia ETF (NYSE:SPRE).
Price Action: PLD shares are up 1.32% at $122.99 premarket at the last check Wednesday.
Read Next:
UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.
Get the latest stock analysis from Benzinga?
This article Logistics Real Estate Company Prologis' Q3 Earnings: FFO Beats, Revenue Misses, Revises FY24 Guidance originally appeared on Benzinga.com
? 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.