Prologis (PLD) Reports Q1 EPS of $0.38; GUIDANCE INCREASED FOR 2017
Prologis (NYSE: PLD) reported Q1 EPS of $0.38. Revenue for the quarter came in at $209.22 million versus the consensus estimate of $221.07 million.
GUIDANCE:
Prologis sees FY2017 EPS of $1.70-$1.80.
GUIDANCE INCREASED FOR 2017 At the midpoint, guidance for net earnings per diluted share increased $0.13 and Core FFO* per diluted share increased $0.10.
"Operating results continued to exceed our expectations in the first quarter," said Thomas S. Olinger, chief financial officer, Prologis. "The combination of healthy operating fundamentals, higher deployment from investments in our ventures and increased net promote income has led us to raise the midpoint of our full-year guidance ranges for earnings."
2017 GUIDANCE
Earnings (per diluted share)
Previous
Revised
Net Earnings
$1.55 to $1.70
$1.70 to $1.80
Core FFO*
$2.60 to $2.70
$2.72 to $2.78
Operations
Previous
Revised
Year-end occupancy
95.5% to 96.5%
96.0% to 97.0%
Net Effective Same Store NOI* – Prologis share
4.00% to 5.00%
4.50% to 5.25%
Other Assumptions (in millions)
Previous
Revised
Strategic capital revenue
$205 to $215
$210 to $220
Net promote income
$35 to $45
$65 to $75
General & administrative expenses
$210 to $220
$215 to $225
Realized development gains
$250 to $300
$250 to $300
Capital Deployment (in millions)
Prologis Share
Owned and Managed
Development stabilizations
$1,600 to $2,000
$1,900 to $2,300
Development starts
$1,600 to $1,900
$2,000 to $2,400
Building acquisitions
$100 to $300
$200 to $500
Building and land dispositions
$850 to $1,100
$1,300 to $1,700
Building contributions
$850 to $1,100
$1,000 to $1,300
For earnings history and earnings-related data on Prologis (PLD) click here.