Prologis' stock sank Tuesday, as the logistics real-estate company said it plan to keep pushing for higher rents even as that causes vacancies to increase.
Shares of Prologis Inc. sank Tuesday, after the fulfillment-center real-estate company reported a disappointing drop in second-quarter occupancy as it plans to keep pushing “pretty hard” to raise rents.
The... Shares of Prologis Inc. sank Tuesday, after the fulfillment-center real-estate company reported a disappointing drop in second-quarter occupancy as it plans to keep pushing “pretty hard” to raise rents. The company said it expects vacancies to keep rising, with a projected 2023 occupancy rate of 97.0% to 97.5%.Chief Financial Officer Tim Arndt said on the post-earnings conference call with analysts that in-place rents, or rents in lease agreements, increased 2.5% from the pervious quarter, which puts the forecast for global full-year rent growth at 7% to 9% on a global basis.
The company tracked the number of leases that were lost because of how hard it pushed to raise rents, to figure out the tradeoff between rents and occupancy, and Caton noted that results were as planned.
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