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Earnings · Industrial Real Estate · Outlook · Prologis
Prologis, an industrial real-estate company, reported higher first-quarter revenue and raised its fiscal-year outlook, driven by a rebound in warehouse demand and record lease signings, with Q1 earnings per share up to $1.05 from $0.63 in the year-earlier quarter.
Total revenue increased to $2.3 billion from $2.14 billion the year before, as reported by Dow Jones. Core funds from operations (FFO) reached $1.50 per share, exceeding the $1.49 per share expected by analysts polled by FactSet.
CEO Daniel Letter stated the company delivered "record lease signings of 64 million square feet in our logistics business," reflecting platform strength and resilient customer demand. The company boosted its fiscal-year earnings outlook to $3.80 to $4.05 per share, up from its previous forecast of $3.70 to $4 per share.
Additionally, guidance for core FFO was raised to $6.07 to $6.23 per share, from its prior outlook of $6 to $6.20 per share, surpassing analysts' full-year expectation of $6.13 per share.
