Prologis Updates 2016 Guidance - Quick Facts

(RTTNews) - Prologis, Inc. (PLD) announced the company increased its 2016 net earnings guidance $0.89 at the midpoint, primarily a result of an increase in expected gains from the disposition of real estate. The company now expects GAAP net earnings in a range of $1.70 to $1.90 compared to previous guidance range of $0.87 to $0.95.

Prologis said it is holding the midpoint of its Core FFO guidance constant. The company now expects core FFO in a range of $2.52 to $2.58, compared to prior outlook of $2.50 to $2.60.

Thomas Olinger, CFO, Prologis, said: "We anticipate meaningful outperformance from operations. This performance will more than offset the incremental dilution from the increase in dispositions, contributions and fund ownership rebalances. Additionally, we modestly lowered our net promote income, principally driven by a negative debt mark-to-market adjustment and the weakening of the pound against the euro."

For the second quarter of 2016, net earnings per share was $0.52 compared to $0.27 for the same period in 2015. Core funds from operations per share was $0.60 compared to $0.52 for the same period in 2015. Total revenues increased year-over-year to $602.1 million from $510.4 million.