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Daily Infographic: Cargo thefts from trucks, warehouses spike during Q2
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Flexe conducts 2nd round of layoffs in 14 months
Seattle-based logistics provider Flexe, which hit a $1 billion valuation last year, has laid off a third of its workforce.
A Flexe spokesperson confirmed Wednesday via email to FreightWaves that the company had made “the difficult decision to part ways with 33% of staff. We are sincerely saddened to lose such great talent. Our team remains focused on serving our enterprise customers.”
She declined to share how many total workers Flexe has, though the company’s LinkedIn page puts the number at...
https://www.freightwaves.com/news/flexe-conducts-2nd-round-of-layoffs-in-14-months
Prologis’ Q1 report, full-year guidance largely in line
Logistics warehouse owner Prologis said Tuesday it continued to see strong trends to start the year even as the macroenvironment has begun to cool.
Prologis (NYSE: PLD) reported first-quarter core funds from operations (FFO) of $1.22 per share before the market opened. The result was in line with the consensus estimate and 13 cents higher year over year (y/y). Average occupancy across the portfolio ticked up 60 basis points (bps) to 98% and net effective rent change (over the entire lease term)...
Logistics real estate market moderating but rents going higher
Logistics real estate operator Prologis Inc. pulled in 2022 financial forecasts on Wednesday as its base case now assumes “an economic slowdown.” The change in direction was a reversal for a company that has seen tremendous growth throughout the pandemic as operators invested heavily in their supply chains, adding incremental warehouse space to meet record consumer demand.
Prior to the market open, Prologis (NYSE: PLD) reported core funds from operations (FFO) of $1.73 per share in the period,...
https://www.freightwaves.com/news/logistics-real-estate-market-moderating-but-rents-going-higher
Warehouse operator Prologis’ Q3 beat tempered by cautious outlook
New highs were reached by logistics warehouse operator Prologis Inc. during the 2022 third quarter. However, the company’s management team struck a more cautious chord looking forward.
Prologis (NYSE: PLD) reported core funds from operations (FFO) of $1.73 per share in the period, 6 cents better than consensus and 69 cents higher year over year (y/y). Rental revenue was up 11% y/y to $1.15 billion and many of the core metrics used to evaluate the company’s portfolio of properties increased in...
https://www.freightwaves.com/news/prologis-q3-beat-tempered-by-cautious-outlook
Prologis sees ‘normalization’ in warehouse demand off all-time highs
On a Monday call with analysts, management from logistics warehouse operator Prologis Inc. noted some moderation in demand for logistics space but with the caveat that the change represents only a modest step lower from the recent all-time highs.
“Let’s call the peak in terms of strength of market on the demand side as a 10, on a 1-to-10 scale,” said Hamid Moghadam, co-founder and CEO. “I think the last quarter and the quarter before were like on 12 or 13 — they were just crazy good. I think...
https://www.freightwaves.com/news/prologis-sees-normalization-in-warehouse-demand-off-all-time-highs
Logistics warehouse giant Prologis ups guidance again
Logistics real estate investment trust Prologis Inc. raised its full-year 2022 guidance Monday, noting the market indicators it follows “remain strong.”
“The pandemic drove record demand for the past two years, which translated into all-time low vacancies and unprecedented rent growth,” Hamid Moghadam, co-founder and CEO, said in a news release. “As conditions normalize, we are still seeing healthy demand that rivals past peak cycles and, informed by our proprietary data insights, we expect...
https://www.freightwaves.com/news/logistics-warehouse-giant-prologis-ups-guidance-again
Prologis offers to buy Duke Realty for $24B
Logistics real estate giant Prologis announced Tuesday a proposal to acquire competitor Duke Realty in an all-stock transaction valued at $24 billion.
An offer price of $61.68 per share for Duke Realty (NYSE: DRE) represents a 29% premium to Monday’s closing price and a 32% premium based on the 30-day volume weighted averages. Prologis (NYSE: PLD) said the deal “provides significant growth and upside potential” to both companies.
“We are known for providing exceptional service to customers and...
https://www.freightwaves.com/news/prologis-offers-to-buy-duke-realty-for-24b