Prologis Profit Helped by Lower Expenses
January 24 2017 - 9:22AM
Dow Jones News
By Joshua Jamerson
Prologis Inc. (PLD) said profit climbed, aided by lower
expenses, as the owner of warehouses and distribution centers said
it notched a new occupancy record.
Chief Executive Hamid Moghadam said the company's focus on
in-place leases and building out its land bank have positioned it
for growth in 2017. Prologis expects annual core funds from
operations in 2017 to be between $2.60 to $2.70. Analysts polled by
Thomson Reuters expect $2.66.
Occupancy across Prologis sites was 97.1% during the quarter, up
from 96.9% a year prior, which the company said was a record.
In all, the company reported a profit of $442.2 million, or 82
cents a share, up from $120 million, or 23 cents, a year prior.
Core funds from operations came in at 63 cents a share, meeting
expectations by analysts polled by FactSet. Revenue came in at
$620.1 million, down from $643.2 million a year ago. Analysts
expected $562 million in sales.
Total expenses fell 15% to $445.9 million.
Shares were inactive premarket.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
January 24, 2017 09:07 ET (14:07 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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