Prologis Inc : Prologis Swings To 1Q Profit As Acquisition Buoys Revenue
05/01/2012| 08:51am US/Eastern
Prologis Inc. (>> Prologis Inc) swung to a first-quarter profit as the warehouse real-estate investment trust's rental income more than doubled, with a boost from its merger last year.
This is the third full quarter of results for the new Prologis. It was formed in June when the nation's two biggest publicly traded warehouse owners--Prologis and AMB Property Corp.--merged in one of the largest real-estate deals since the recession.
Prologis reported a profit of $202.4 million, or 44 cents a share, from a year-earlier loss of $46.6 million, or 18 cents a share.
Core funds from operations--a closely watched measure of performance for REITs--were up at 40 cents from 29 cents. Core FFO excludes real-estate transaction gains.
Rental revenue more than doubled to $464.6 million, reflecting the contributions from the AMB Property acquisition. Analysts polled by Thomson Reuters most recently projected revenue of $442 million.
Shares of Prologis, which affirmed its 2012 core FFO guidance, closed Monday at $35.76 and were inactive premarket. The stock is up 25% this year.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com