By Michael Dabaie

 

Prologis Inc. shares rose 2.4% to $166.98 premarket after the logistics real estate company reported first quarter results above analyst expectations and boosted 2022 guidance.

Prologis reported first quarter per-share earnings of $1.54, up from 49 cents the same period a year earlier, and beating the FactSet consensus for 68 cents.

Per-share core funds from operations came to $1.09 for the quarter, compared to the $1.07 expected.

Prologis raised its 2022 profit guidance to $4.85 to $5 a share from its previous outlook of $4.40 to $4.55. The company boosted outlook for per-share core FFO to $5.10 to $5.16, from $5 to $5.10.

"The need for resilience in the supply chain continues to drive record demand despite today's economic and geopolitical risks," Chief Executive Hamid Moghadam said.

"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," Chief Financial Officer Timothy Arndt said. "The long-term growth outlook for our business and balance sheet has never been stronger."

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

April 19, 2022 08:58 ET (12:58 GMT)

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