Industrial real estate developer ProLogis today reported second-quarter earnings of 66 cents per share, up from 40 cents per share a year ago.
Analysts were expecting earnings of 46 cents per share.
“Globalization and free trade continue to fuel strong growth in our industry,” said ProLogis CEO Jeffrey H. Schwartz said in a statement issued by the company. “Companies around the world are focused on maximizing the efficiency of their supply chains, and they need modern, well-located distribution facilities to achieve that objective. With our global platform, deep customer relationships and industry-leading development and marketing expertise, ProLogis remains extremely well positioned to capitalize on these long-term trends.”
The company reported improvement in all three of its operating segments: property operations, development and property funds.
Earlier this week, ProLogis announced that it has acquired more than 3.5 million square feet of high-quality industrial space and land in Mexico in a transaction valued at approximately $238 million in cash and assumed debt.
Staff writer Kristi Arellano can be reached at 303-820-1902 or karellano@denverpost.com.
