Why the Company Behind This Top Growth Stock Isn't Worried About a Recession
Warehouses have been among the hottest properties in the real estate sector in recent years. Companies have had a voracious appetite for warehouse space, fueled by growing e-commerce sales and supply chain challenges. That has driven vacancies down to record lows while powering prodigious rent growth.
Prologis (NYSE: PLD) has been a key beneficiary of this upswing. The industrial REIT has grown at a torrid pace by capturing higher rents and expanding its portfolio. The company sees more growth ahead despite its expectations that we'll experience a modest recession this year.
Prologis CFO Tim Arndt laid out the company's outlook for 2023 on its fourth-quarter conference call. He noted that the company "had outstanding results" (in that period) despite challenging headwinds from the capital markets and the overall economic backdrop. After discussing those numbers, he turned his attention to what was ahead.
Source Fool.com
