- Logistics real estate firm Prologis Inc (NYSE:PLD) reported first quarter 2023 revenues of $1.77 billion, up 45%, on a continued strong average occupancy rate.
- The company posted earnings of $463 million, or $0.50 a share, compared with $1.15 billion, or $1.54 a share, a year ago.
- Core funds from operations (FFO), a measure of operating performance, rose 12% Y/Y to $1.22 per share in Q1.
- The average occupancy in Prologis’s owned, and managed portfolio was 98.0% in Q1 same as in the prior quarter.
- “Demand remains healthy, despite some moderating in terms of decision-making. Given the macroenvironment, we continue to operate our business with a degree of caution. We foresee any potential impact on demand as likely to overlap with a deceleration in new deliveries, sustaining momentum with favorable conditions for high occupancy and continued rent growth into 2024.” stated Hamid R. Moghadam, Co-founder and CEO.
- Outlook: For 2023, the company revised EPS guidance to $3.10 – $3.25 (from $3.00 – $3.15 earlier) and core FFO per share to $5.42 – $5.50 (from $5.40 – $5.50 earlier).
- The company now expects average occupancy of 97.0% – 97.5% compared to the previous guidance of 96.5% – 97.5%.
- Price Action: PLD shares are down 0.38% at $122.67 on the last check Tuesday.
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