Prologis (NYSE: PLD) reported stronger-than-expected Q3 results, with core Funds From Operations (FFO) surpassing forecasts. The company’s earnings per share (EPS) reached $1.45, significantly beating the $0.66 estimate. Revenue also exceeded expectations at $2.04 billion, compared to the consensus of $1.91 billion. Core FFO per share came in at $1.43, above the expected $1.38.
Occupancy was slightly below projections, standing at 95.9% versus the anticipated 96.3%.
Prologis raised its FY2024 guidance, expecting EPS between $3.35 and $3.45, well above the estimated $2.78, and core FFO between $5.42 and $5.46. CEO Hamid R. Moghadam noted an improving supply outlook and strong long-term demand, positioning Prologis as a key partner for global customers in supply chain, digital, and energy infrastructure.
Shares rose more than 1% in premarket trading following the positive update.