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Prologis' Q3 core FFO up 15.6% YOY

Prologis Inc. said its core funds from operations for the third quarter came in at 72 cents per share, compared with the S&P Global Market Intelligence consensus estimate of 71 cents per share.

FFO per share climbed 7.5% year over year from 67 cents.

Core FFO at the logistics real estate company totaled $427.5 million, an increase of 15.6% from $369.7 million in the year-earlier period.

Nareit FFO totaled $547.5 million compared with $508.8 million in the prior-year period.

Nareit is the U.S.-based trade association for real estate investment trusts and publicly traded real estate companies.

Net earnings declined 60.5% year over year to $346.3 million from $876.2 million. EPS came in at 60 cents per share, compared to $1.63 per share in the third quarter of 2017. The company noted that the year-ago period included $585 million, or $1.08 per share of higher gains on dispositions.

The company forecasts core FFO per share in the range of $3.01 to $3.03 for the full year, a tightening from previous guidance in the range of $3.00 to $3.04.

The S&P Global Market Intelligence consensus FFO per share estimate for the full year is $3.02.