LONDON, UK / ACCESSWIRE / July 20, 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 second quarter fiscal 2017 earnings results on July 18, 2017. The industrial real estate developer surpassed revenue and earnings expectations and also raised its outlook. 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 second quarter 2017, Prologis reported revenue of $766.2 million compared to revenue of $602 million in Q2 2016. The Company's revenue numbers surpassed Wall Street's expectations of $658.7 million.

Prologis reported net earnings per diluted share of $0.50 for Q2 2017 compared with net earnings of $0.52 for Q2 2016. The Company's core funds from operations (FFO) per diluted share were $0.84 in the reported quarter versus $0.60 for the prior year's comparable quarter. Prologis' FFO numbers also exceeded Wall Street's expectations of $0.78 per share

Key Metrics

At the end of Q2 2017, occupancy level in the Prologis' owned and managed portfolio was 96.2%, expanding 10 basis points compared to an occupancy level of 96.1% in Q2 2016. The Company's occupancy in its US portfolio grew 70 basis points compared to the year ago same quarter. During Q2 2017, Prologis signed 47 million square feet of leases compared to 49 million square feet in Q2 2016.

For Q2 2017, Prologis' share of net effective rent change was 24.0% compared to 17.8% in Q2 2016, driven by the US which recorded growth of 29.0%. The Company's cash rent change was 11.2% in the reported quarter compared to 7.9% in the year earlier comparable quarter.

Prologis' net effective same-store net operating income (NOI) registered growth of 4.6% in Q2 2017 compared with 6.1% increase in the prior year's same quarter, driven by 5.2% growth recorded in the US. The Company's cash same-store NOI climbed 7.2% compared to 5.3% reported in the year-ago corresponding period, representing growth of 8.0% growth in the US.

During Q2 2017, Prologis' share of building acquisitions amounted to $37 million. The Company's development stabilization totaled $560 million in the reported quarter, while development starts aggregated to $897 million. Prologis' total dispositions and contributions were $410 million in Q2 2017.

Strategic Capital Business Streamlined

During Q2 2017, Prologis entered into an agreement to acquire its partner's interest in its Brazil platform for approximately R$1.2 billion (US$362) million. The transaction is expected to close in 2017, at which point Prologis will own 100% of the Brazil platform.

Subsequent to quarter-end, Prologis contributed $2.8 billion of the assets formerly owned by the North American Industrial Fund (NAIF) to its Prologis Targeted US Logistics Fund (USLF) at a 5.4% stabilized capitalization rate. Prologis received cash proceeds of $720 million and additional units, which increased its interest in USLF to 27%.

Financing Activity

During Q2 2017, Prologis and its co-investment ventures completed $2.9 billion of financings, principally denominated in sterling and yen. In aggregate, this activity reduced Prologis' weighted average cost of debt by 10 basis points to 3% and extended maturities by 6 months to 5.3 years. The Company ended the quarter with 95% USD net equity exposure and liquidity of $3.7 billion.

Guidance

For FY17, Prologis raised its earnings guidance to be between $2.76 and $2.84 per share compared to its earlier outlook of $1.70 to $1.80 per share. The Company now expects Core FFO in the band of $2.78 to $2.82 for the year, from its previous guidance of $2.72 to $2.78 per share. Prologis is estimating Year-end Occupancy in the range of 96.5% to 97.0%.

Stock Performance

Prologis' share price finished yesterday's trading session flat at $60.12. A total volume of 3.07 million shares have exchanged hands, which was higher than the 3-month average volume of 2.58 million shares. The Company's stock price surged 10.72% in the last three months, 13.76% in the past six months, and 16.26% in the previous twelve months. Additionally, the stock rallied 13.89% since the start of the year. Shares of the Company have a PE ratio of 26.88 and have a dividend yield of 2.93%. The stock currently has a market cap of $31.79 billion.

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