Prologis Outpaces Revenue Expectations In Q3; Revises Full-Year Guidance
Portfolio Pulse from Lekha Gupta
Prologis Inc (NYSE:PLD) reported Q3 FY23 rental revenues of $1.78 billion, surpassing consensus estimates of $1.73 billion. However, core funds from operations per diluted share and net earnings per share fell compared to a year ago. The company's average occupancy stood at 97.1%. Prologis and its co-investment ventures issued an aggregate of $1.4 billion of debt at a weighted average interest rate of 3.2%. The company revised its FY23 guidance for net earnings per share and core FFO attributable to common stockholders.
October 17, 2023 | 2:04 pm
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Prologis reported higher than expected Q3 revenues but lower earnings per share and FFO per share. The company also revised its FY23 guidance.
Prologis' higher than expected revenues indicate strong business performance, which could positively impact the stock. However, the decrease in earnings per share and FFO per share, as well as the revision of FY23 guidance, could create uncertainty among investors, potentially offsetting the positive impact of the revenue beat.
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