Prologis reports 13.1% increase in Q3 revenue


Prologis has reported strong results for the third quarter of 2018. Its total revenue was reported at $682m, up 13.1% compared with the same period in 2017 and up 9.8% on Q2 2018.

Rental and other revenues accounted for $611m of the total and increased by $76m in comparison with same quarter last year. Its period end occupancy rate was 97.5%, marking an improvement from Q3 2017 (96.3%).

Prologis operating income stood at $181.5m which is an increase of 3.4% compared with the same quarter of 2017.

Its adjusted EBITDA attributable to common stockholders for the quarter was $710m, up from $665m in the same quarter a year ago, corresponding to  an increase of 6.7%.

Hamid R. Moghadam, Chairman and CEO of Prologis commented: “Demand for well-located logistics real estate is strong, with customers prioritising proximity to consumers to offset supply chain costs such as labour and transportation. Market rent growth in Europe continued to accelerate, and we believe it may surpass that of the U.S. in 2019.”

Moghadam added: “The integration of the DCT Industrial acquisition on August 22 is complete. We’ve hit the expected run rate of $80m per year of immediate savings and the team is now focused on realizing the revenue and platform synergies associated with this transaction.”

Source: Prologis