Prologis revenues totalled $621m in Q2 2018, representing an 18.9% year-over-year drop. This meant H2 revenues were down 5.7%.
Rental revenues for the quarter were down 5.5% year-over-year. There were steeper falls in revenue from the Strategic Capital and Development Management segments.
Its period end occupancy rate was 97.4%, marking an improvement from the end of Q2 2017 (96.2%). A further 39m sq ft of leases commenced in the quarter, which was 6m sq ft more than in the same period the previous year.
Net earnings attributable to common stockholders totalled $335m, up 25.5%.
Hamid R Moghadam, Chairman and CEO, Prologis, commented, “Our portfolio and balance sheet are in the best shape ever, and our team continues to deliver excellent results while remaining laser-focused on platform initiatives that will increase our competitive advantages… Trade is dominating the headlines. If today’s political rhetoric translates into significant protectionist policies, long term economic growth will suffer, and this will affect all businesses, including ours. As of now, however, our customers are moving forward with their growth plans and we have not seen a change in sentiment or decision-making.”
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