First Quarter Sets Pace
Prologis reported its quarterly earnings during a webcast on Tuesday 22 April from its corporate headquarters in San Francisco. In the company’s press release and on the webcast, Mr. Moghadam said, “Customer interest in our product remains solid, as growth in global trade, consumption and e-commerce continues to fuel customer requirements for modern, well-located logistics facilities.”
Quarterly highlights include the following:
- Same-store net operating income increased 3.0 percent
- $172 million of new development starts
- Leasing volume was 32 million square feet (3.1 million square meters) with 94.5 percent global occupancy, 80 basis points over first quarter 2013
- Rent growth increased for the fifth straight quarter, while customer retention posted a solid 84.6 percent
Also notable in the first quarter was the S&P’s upgrade of the company’s credit rating to BBB+, putting Prologis in the top 20 percent of REITs.
The full report on first quarter performance can be download here, as well as a recording of the earnings call.