Global logistics owner Prologis saw revenues jump by 37% in the three months ended 30 June to $1.3bn (£1bn), up from $790m for the same period in 2019.
Operating profits rose from $823m to $1.1bn.
Chief executive Hamid Moghadam said the results had been driven by “strong operating performance and record promote income,” adding that while e-commerce was “clearly a tailwind”, demand was broad-based across a variety of categories. The firm said it was seeing strong activity from appliance businesses, DIY and food operators, as well as Amazon.
Prologis had an occupancy rate of 95.7% at the end of Q2 and commenced some 42m sq ft of leases across its $90bn portfolio.
The group collected 98% of June rents and 92.1% of July rents, and said it had seen the pace of rental receipts increase each month since March.
Looking ahead, the group said its outlook had improved from Q1 and while there may be some headwinds in the back half of the year relating to the timing and nature of economies around the world reopening, it expected a better second half of 2020.
“While the economic impact of Covid-19 remains unknown, the combination of what we see in our proprietary data, the pace of rent collections, and dialogue with our customers gives us a more positive outlook for the back half of the year,” said chief financial officer Thomas Olinger.
To send feedback, e-mail samantha.mcclary@egi.co.uk or tweet @samanthamcclary or @estatesgazette
