Prologis Reports Earnings Are Back to Pre-COVID-19 Levels, Driven By E-Commerce
The COVID-19 crisis has been brutal for the real estate investment trust (REIT) sector. Mall REITs are dealing with struggling retail tenants, who are finding consumers reluctant to congregate in big crowded spaces. The office REITs are hopeful that demand for office space will remain strong, while investors are unconvinced. Data REITs and cellphone REITs have actually done well in this new environment.
The other strong performer this year in this sector has been the logistics REITs like Prologis (NYSE: PLD) that own and manage the facilities that hold inventory for online retailers and other businesses. The company reported third-quarter earnings on Oct. 20, and the latest results suggest COVID-19 is actually helping it maintain and strengthen its dominance in this REIT segment. Let's take a closer look.
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Source Fool.com
