Prologis Q1 FFO Rises; Narrows 2015 Core FFO/shr Guidance

(RTTNews) - Prologis Inc. (PLD) reported that its funds from operations for the first quarter 2015 increased to $238.73 million from the prior year's $215.85 million.

Core funds from operations per share were $0.49 for the first quarter compared with $0.43 for the same period in 2014.

Net earnings attributable to common stockholders for the quarter jumped to $345.21 million from $4.67 million in the prior year. Net earnings per share was $0.65 up from $0.01 in the same period in 2014.

Revenues for the quarter rose to $462.85 million from $434.68 million in the prior year.

Prologis narrowed its 2015 Core FFO guidance range to $2.07 to $2.13 per share from $2.04 to $2.12 per share representing 12 percent growth at the midpoint compared with full year 2014. The company expects to recognize net earnings, for GAAP purposes, of $0.98 to $1.04 per share.

Guidance for 2015 does not include any impact from the KTR Capital Partners transaction, the company said.

Earlier today, Prologis said that it agreed to acquire the real estate assets and operating platform of KTR Capital Partners and its affiliates for a total purchase price of $5.9 billion, including the assumption of about $700 million of secured mortgage debt and the issuance of up to $230 million (less assumed liabilities) of common limited partnership units in Prologis, L.P. to KTR.