SAN FRANCISCO—Prologis Inc. on Tuesday reported core funds from operations of 58 cents per share for the third quarter, in line with analysts’ consensus. The industrial REIT’s Q3 revenues of $580 million beat the Zacks Equity Research consensus estimate of $537 million and marked a significant increase over the $415.2-million figure in the same quarter last year.

“The team produced exceptionally strong financial and operating results in the third quarter,” says Hamid Moghadam, chairman and CEO at Prologis. “The underlying trends in our businesses continue to be favorable, and as we look across our global portfolio, rents are trending higher while supply remains in check.”

Analysts with Cowen & Co. noted that the REIT’s share of GAAP same-store NOI grew by 6.2% during Q3, “the highest level during this cycle.” Occupancy across its portfolio increased 100 basis points year over year to 96.0%, and leasing spreads remained positive at 10.2%. Q3 saw 42 million square feet of leasing activity, 1.4% higher than the trailing four-quarter average, and tenant retention of 87.0% was the highest since Q4 2012, according to Cowen’s report.

For fiscal 2015, Prologis narrowed its 12-month FFO guidance, originally $2.18 to $2.22 per share, to between $2.19 and $2.21. The company raised the bottom end of its FY occupancy guide by 50 bps to 96.0%-96.5%, but maintained its GAAP SSNOI growth guidance of 4.0% to 4.5%.

Subsequent to quarter’s end, Prologis closed on its $820-million acquisition of a 5.4-million-square-foot portfolio of New Jersey industrial and retail assets from Morris Realty Associates. It’s expected to trade the retail properties to the Blackstone Group for $347 million.