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Foreword (New York Stock Exchange:PLD) raised the lower end of its primary 2023 FFO guidance range as third-quarter results beat expectations, while the industrial REIT also boosted guidance for development and acquisition starts.
The company said Tuesday that it expects 2023. Core FFO per share of $5.58-$5.60 compared to its previous guidance of $5.56-$5.60 and consensus of $5.59.
Same-store cash operating income for the year is expected to increase between 9.75% and 10.00% from the previous range of between 9.50% and 10.00%.
Spending on early development is expected to be between $3 billion and $3.5 billion, up from $2.5 billion to $3 billion, and spending on acquisitions is expected to be $500 million to $800 million, down from $300 million. and 600 million previous dollars. Divestitures are now expected to total between $500 million and $1 billion, up from its previous forecast of between $800 million and $1.2 billion.
Third-quarter core FFO per share of $1.30, which beat the average analyst estimate of $1.25, fell from $1.83 in the second quarter and $1.73 in the third quarter of 2022.
Revenue of $1.92 billion, beating the consensus of $1.74 billion, fell from $2.45 billion in the prior quarter and rose from $1.16 billion a year ago.
Adjusted EBITDA of $1.62 billion fell from $2.28 billion in the second quarter and increased from $1.61 billion in the third quarter of 2022.
Average occupancy was 97.1% compared to 97.5% in the second quarter.
Same-store cash net operating income increased 9.5% year-over-year, up from 10.7% year-over-year in the second quarter.
“Until there is more stability in the economy, negative customer sentiment will weigh on demand,” said CEO Hamid R. Moghadam. “We remain focused on capturing our embedded leasing market value, building our land bank in a favorable future supply environment and partnering with our customers to address their most critical pain points.”
Conference call at 12:00 pm Eastern Time.
Previously, Prologis (PLD) FFO of $1.30 beats by $0.05, revenue of $1.92 billion beats by $180 million.
