Surging demand for logistics properties highlighted in Prologis’ Q1 report
Leases commenced up 25%
April 19, 2021 | Todd Maiden | Freight Waves
Prologis Inc. (NYSE: PLD) reported core funds from operations of 97 cents per share Monday, 3 cents ahead of the consensus estimate and 14 cents better than the year-ago quarter.
The San Francisco-based logistics real estate investment trust said occupancy was steady in the quarter at 95.4% with leases commenced (43.9 million square feet) increasing 25.4% year-over-year.
“The robust demand from the fourth quarter has carried into 2021 and is as strong as I have seen in my career,” said Hamid Moghadam, Prologis chairman and CEO. “Global supply chains are pushing to keep pace with accelerating economic activity, retooling for faster fulfillment and resilience.”