Prologis Raises Guidance on FFO, Net Earnings

Prologis’ chairman and CEO, Hamid R. Moghadam. (Photo: Prologis)

SAN FRANCISCO—Global logistics giant Prologis on Tuesday reported first-quarter core funds from operations of 63 cents per diluted share, up from 61 cents a year ago and in line with or slightly exceeding analyst projections. The REIT increased its guidance on the midpoint for full-year net earnings as well as core FFO, respectively by 13 cents and 10 cents per diluted share.

“We started the year with excellent momentum as housing, construction and e-commerce drove demand for our facilities, leading to the ninth consecutive quarter of double-digit rent change on rollovers,” says Prologis’ chairman and CEO, Hamid R. Moghadam. “While the national vacancy rate ticked down slightly and fundamentals in our US markets are solid, speculative construction activity increased in several markets in the quarter.”