LONDON, UK / ACCESSWIRE / October 19, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Prologis, Inc. (NYSE: PLD), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=PLD, following the Company's announcement of its third quarter fiscal 2017 operating results on October 17, 2017. The San Francisco-based real estate investment trust (REIT)'s net income surged more than 200%. The Company increased and narrowed net earnings forecast for 2017, it also narrowed funds from operations (FFO) guidance for 2017. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

For the quarter ended September 30, 2017, Prologis reported revenue of $603 million compared to revenue of $705 million for Q3 2016, easing past analysts' expectations of $570.4 million. The Company's rental and other revenues were $535 million for the reported quarter versus $562 million in the year-ago same period. Prologis' Strategic capital revenues totaled $68 million for Q3 2017 versus $143 million in Q3 2016.

Prologis' net earnings attributable to common stockholders were $876 million for Q3 2017 compared to $279 million for Q3 2016. On a per-share basis, the Company's net earnings per diluted share were $1.63 compared with $0.52 for the year-ago same period. This y-o-y growth was primarily driven by higher gains on dispositions of real estate as well as improved operating conditions.

For Q3 2017, Prologis' Core FFO totaled $370 million, or $0.67 per diluted share, compared to $402 million, or $0.73 per diluted share. Excluding the promote income the figure would have been $0.59 per share for the year-ago same period. The Company's adjusted FFO totaled $460 million for the reported quarter versus $368 million in the year-earlier corresponding quarter. Prologis' FFO numbers met Wall Street's expectations of $0.67 per share.

Simplification Initiative

During Q3 2017, Prologis closed the acquisition of its partner's interest in its Brazil platform and contributed the former North American Industrial Fund (NAIF) to US Logistics Fund (USLF), generating a one-time gain in earnings of approximately $560 million.

Subsequent to the quarter's end, the Company closed the combination of Prologis Targeted Europe Logistics Fund (PTELF) and Prologis European Properties Fund II (PEPF II) to create Prologis European Logistics Fund (PELF), an ?8.2 billion sector-leading open-ended fund. These two highly complementary portfolios span 106 million square feet across 12 countries. In conjunction with its formation, S&P has rated the vehicle's credit at A-.

Balance Sheet

During Q3 2017, Prologis' leverage decreased to 23.9% on a market capitalization basis and debt-to-adjusted EBITDA improved to 4.3x. The Company ended the reported quarter with 92% USD net equity exposure and more than $4.0 billion of liquidity. Prologis, in addition to the liquidity, currently has $3.4 billion of embedded sources, providing several years' capacity to self-fund the Company's growth. Prologis also stated that its credit metrics are the strongest they have been in its history.

Outlook

For FY17, Prologis' forecasted range for net earnings per diluted share increased and narrowed to $3.01 to $3.06 and the range for Core FFO per diluted share narrowed to $2.79 to $2.81. The Company noted that in order to capitalize on robust demand in the current environment, it is increasing the development starts as well as dispositions and contributions.

Stock Performance

At the closing bell, on Wednesday, October 18, 2017, Prologis' stock climbed 1.55%, ending the trading session at $65.31. A total volume of 3.55 million shares have exchanged hands, which was higher than the 3-month average volume of 2.01 million shares. The Company's stock price surged 10.38% in the last three months, 19.77% in the past six months, and 25.43% in the previous twelve months. Moreover, the stock rallied 23.72% since the start of the year. The stock is trading at a PE ratio of 29.35 and has a dividend yield of 2.69%. The stock currently has a market cap of $34.67 billion.

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