Prologis has reported results for the second quarter of 2022. Commenting on the results, co-founder and CEO of Prologis Hamid Moghadam said: “The pandemic drove record demand for the past two years, which translated into all-time low vacancies and unprecedented rent growth. As conditions normalize, we are still seeing healthy demand that rivals past peak cycles and, informed by our proprietary data insights, we expect strong demand for our properties to continue.”
Total revenues increased by 8.8% y-o-y, from $1,151m in Q2 2021 to $1,252m in Q2 2022. Adjusted EBITDA attributable to common stockholders for the quarter was $1,136m, up 2.2% y-o-y.
Net earnings per diluted share was $0.82 for the quarter compared with $0.81 for the second quarter of 2021. Core funds from operations per diluted share was $1.11 for the quarter compared with $1.01 for the same period in 2021.
Chief Financial Officer Timothy Arndt commented: “We are entering this uncertain economic environment in a position of financial strength, bolstered by our lease mark-to-market of 56%, liquidity of over $5bn, low leverage and insulated earnings from foreign exchange movements through the next four years. We feel great about our business and are confident in our ability to deliver on the significant organic growth embedded in our portfolio.”