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Prologis ups guidance as warehouse market remains tight

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Logistics real estate investment trust Prologis Inc. beat first-quarter expectations and raised full-year guidance on Tuesday.

Core funds from operations (FFO) of $1.09 per share outpaced analysts’ expectations by 2 cents and were 12 cents higher than the year-ago period. Prologis (NYSE: PLD) expects 2022 net earnings to be in the range of $4.85 to $5 per share, 10% higher than its outlook provided at the beginning of the year. Core FFO guidance was raised nearly 2% to a range of $5.10 to $5.16 per share and ahead of the consensus estimate of $5.04 at the time of the print.

“The need for resilience in the supply chain continues to drive record demand despite today’s economic and geopolitical risks,” Hamid Moghadam, co-founder and CEO, stated in a press release. “With our well-positioned portfolio, irreplaceable land bank,…

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