- Prologis (NYSE:PLD) gains 2.0% in premarket after Q3 core funds from operations per share of 72 cents exceeds consensus estimate by 1 cent and rises from 67 cents a year ago.
- With the integration of DCT Industrial acquisition on August 22 complete, Prologis says it's achieved the expected run rate of $80M per year of immediate savings.
- "The team is now focused on realizing the revenue and platform synergies associated with this transaction," says Chairman and CEO Hamid R. Moghadam.
- Q3 cash same-store NOI 5.9% vs. 5.4% Y/Y.
- Now sees year core FFO $3.01-$3.03 per share vs. prior forecast of $3.00-$3.04.
- Sees strategic capital revenue, ex-promote revenue, of $280M-$285M, slightly higher than previous view of $270M-$280M; sees net promote income of $74M-$79M compared with $68M-$79M previously; G&A expenses now seen at $235M-$240M vs prior view of $227M-$237M.
- Previously: Prologis beats by $0.01, beats on revenue (Oct. 16)
- Now read: REITs Vs. Real Estate Crowdfunding: What's The Better Way To Invest In Real Estate
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