Congresswoman Lois Frankel, the United States representative for Florida's 21st congressional district, disclosed yesterday that she invested in the REIT (real estate investment trust) sector again by buying shares of Prologis Inc (PLD:US).
The San Francisco, California-based REIT invests in logistics facilities. It is considered to be one of the largest industrial real estate companies in the world after a merger of AMB Property and ProLogis in 2011.
In its Q3 earnings report from October 2022, the real estate business reported an average occupancy of 97.7% across its portfolio. The company reported net earnings per diluted share of $1.36.
Rep. Frankel bought between $1,000 - $15,000 worth of Prologis shares on two occasions in December. Earlier, the Congresswoman bought Prologis stock in November on three occasions. Shares of Prologis have traded over 15% higher since October.
Rep. Frankel wasn’t the only one buying Prologis shares recently. Congressman Ro Khanna invested in the company in November after buying $15,000 - $50,000 worth of PLD shares in late September. Similarly, Congressman Kurt Schrader also bought some Prologis shares in the fourth quarter of 2022.
These investments were made despite Prologis’ cautious tone in the Q3 earnings statement.
"While confident as ever about the resiliency of our business, we are exercising caution in the near term. Accordingly, we are taking a more conservative approach in how we choose to allocate our capital, and are therefore lowering our guidance for development starts, dispositions and contributions while we closely monitor the market,” said Timothy Arndt, chief financial officer.