No-Moat Prologis Delivers Results Near Expectations for 2Q
Prologis continues to enjoy growth resulting from increases in e-commerce consumption. Second-quarter results were generally in line with our forecasts with quarterly core funds from operations of $0.71 per share and cash same-store net operating income of 7% for the quarter. The sustained demand for industrial warehousing space has maintained Prologis' annual occupancy rates above 96% since 2014. The company's period-end occupancy continued a growth trend by pushing occupancy up 60 basis points...Prologis is a self-administered and self-managed real estate investment trust and is the sole general partner of Prologis, L.P. The company owns, manages and develops logistics facilities, with a focus on the consumption side of the global supply chain. Most of the company's properties in the United States are wholly owned, while its properties outside the United States are primarily held in co-investment ventures. The company has two segments: Real Estate Operations, which represents the ownership and development of operating properties, and includes land held for development and properties under development; and Strategic Capital, which represents the management of unconsolidated co-investment ventures.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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