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Prologis reports Q2 results, CEO expects no material impact from Brexit


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Prologis reports Q2 results, CEO expects no material impact from Brexit

reportedsecond-quarter core FFO of $324.0 million, or 60 cents per share, compared to$274.8 million, or 52 cents per share, in the second quarter of 2015.

"Demandremains ahead of supply in both the U.S. and Europe, leading to all-time lowvacancy rates," Chairman and CEO Hamid Moghadam said in the earningsrelease. "In spite of Brexit, our key business drivers remain intact, andwe do not anticipate a material operational impact."

Accordingto S&P Capital IQ, the consensus FFO-per-share estimate for the secondquarter was 59 cents, and the consensus AFFO-per-share estimate for the quarterwas 50 cents.

FFOas defined by Prologis totaled $333.7 million during the quarter, up from$331.7 million in the second quarter of 2015, while FFO defined by NAREIT cameto $326.1 million, compared to $317.3 million a year ago.

AFFOfell to $260.3 million, or 48 cents per share, from $292.7 million, or 55 centsper share, in the prior-year period. The company noted that itstotal liquidity increased to $3.7 billion.

Withits results, Prologis narrowed its full-year 2016 core FFO guidance to a rangeof $2.52 to $2.58 per share from a range of $2.50 to $2.60 per share.

Thecompany did not offer an update on AFFO guidance, which it put in a range of$2.40 to $2.50 per share with its first-quarter in April.

Theconsensus FFO-per-share estimate for the 2016 full year is $2.58, and theconsensus AFFO-per-share estimate for the year is $2.32, according to S&PCapital IQ.

Same-storeGAAP NOI increased 6.1% year over year during the quarter and increased 5.3% ona cash basis.