Prologis beats by $0.01, misses on revs; guides FY17 FFO in-line (64.92)
- Reports Q3 (Sep) core FFO of $0.67 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.66; rental revenues fell 5.2% year/year to $531.2 mln vs the $573.7 mln Capital IQ Consensus.
- Co issues in-line guidance for FY17, sees core FFO of $2.79-2.81, excluding non-recurring items, vs. $2.81 Capital IQ Consensus Estimate and vs prior guidance of $2.78-2.82.
- "Our third quarter results reflect strong market conditions and our customers' intensifying need for well-located logistics facilities...Taken together, the lack of available labor and land scarcity are becoming additional governors on new construction. These favorable conditions have elevated our mark-to-market. Our in-place rents are now below market by 14% globally and 18% in the U.S., extending our organic growth into the foreseeable future."