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.”

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