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Prologis logs 34.7% YOY rise in Q3 FFO per share, boosts FY guidance

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Prologis logs 34.7% YOY rise in Q3 FFO per share, boosts FY guidance

Prologis Inc. disclosed third-quarter core funds from operations of $632.4 million, or 97 cents per share, a 34.7% rise on a per-share basis from $427.5 million, or 72 cents per share, in the third quarter of 2018.

The S&P Global Market Intelligence consensus FFO per share estimate for the third quarter was 94 cents.

The logistics giant noted that its core FFO included 18 cents per share of net promote income.

For the third quarter, Nareit defined FFO increased 32.9% in the aggregate year over year to $727.5 million from $547.5 million.

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

Total revenues for the quarter came in at $942.2 million, a 38.1% rise from $682.4 million in the 2018 third quarter.

In reporting results, Prologis said it expects core FFO per share in the range of $3.30 to $3.32 for the full year, compared with previous guidance in the range of $3.26 to $3.30.

The S&P Global Market Intelligence consensus FFO per share estimate for the full year is $3.28.