Prologis Inc (NYSE:PLD) stock rose 2.13% (As on Apr 20, 11:19:42 AM UTC-4, Source: Google Finance) after the company posted mixed result for the first quarter of FY 22. During the first quarter, Prologis and its co-investment ventures issued $2.6 billion of debt at a weighted average interest rate of 1.5 percent. This activity includes $1.6 billion in green bond raises. The company has maintained its leading liquidity position with approximately $6.8 billion in cash and availability on its credit facilities. As of March 31, 2022, debt as a percentage of total market capitalization was 13.5 percent, and the company’s weighted average interest rate on its share of total debt was 1.7 percent with a weighted average term of 10.0 years. The combined investment capacity of Prologis and its open-ended ventures, at levels in line with their current ratings, is approximately $18 billion.

PLD in the first quarter of FY 22 has reported the adjusted funds from operations per share of $1.09, beating the analysts’ estimates for the adjusted funds from operations per share of $1.08, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $1.08 billion in the first quarter of FY 22, beating the analysts’ estimates for revenue of $1.09 billion. Core FFO was $1.09 per share ahead of the forecast, rent change on rollover was 37% on a net effective basis and was led by the US at 42%. Notably, the Southern California and New York, New Jersey portfolios realized 86% and 67% rent change during the quarter, respectively. The company has ended the quarter at 97.4% occupancy, holding average occupancy flat to the fourth quarter of 2021, counter to the typical first quarter decline. These operating results drove cash same-store NOI growth to a record 8.7%.

Moreover, the company has started over $1 billion in new development during the quarter across 32 projects and 16 markets, which are expected to generate over $400 million in value creation. The build out potential of the land bank now stands at $28 billion or approximately 200 million square feet. During the quarter, PLD has signed 60 million square feet of leases and issued proposals on 90 million square feet

Prologis expects full-year funds from operations in the range of $5.10 to $5.16 per share. Core FFO, excluding promotes, is expected to range from $4.50 to $4.56 per share, representing 11% growth from 2021 at the midpoint and driven by the same-store increase.