Prologis Updates FY22 Earnings Guidance

(RTTNews) - While reporting first-quarter results on Tuesday, Prologis, Inc. (PLD) said it now expects fiscal 2022 core FFO per share in a range of $5.10 to $5.16, revised from prior guidance range of $5.00 to $5.10. Core FFO, excluding net promote income, is now estimated in a range of $4.50 to $4.56, updated from prior guidance range of $4.45 to $4.55.

"Our lease mark-to-market of 47 percent provides substantial embedded earnings growth for years to come even without any further increase in market rents. The long-term growth outlook for our business and balance sheet has never been stronger," said Timothy Arndt, chief financial officer, Prologis.

First quarter core funds from operations per share was $1.09 compared with $0.97, last year. Net earnings per share was $1.54 for the quarter compared with $0.49.

Analysts on average had expected the company to earn $0.55 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 6.1% to $1.22 billion from $1.15 billion last year. Analysts on average had estimated $1.1 billion in revenue.

Shares of Prologis were up 2% in pre-market trade on Tuesday.