Shares of Prologis Inc. rallied 2.5% in premarket trading Tuesday, after the logistics-focused real estate investment trust reported first-quarter earnings that beat expectations, and raised its full-year outlook, citing “record demand” amid continued supply-chain challenges. Net income rose to $1.15 billion, or $1.54 a share, from $366 million, or 49 cents a share, in the year-ago period. Core funds from operations (FFO) rose to $1.09 a share from 97 cents a share, to beat the FactSet FFO consensus of $1.07. Total revenue grew 6.2% to $1.22 billion, above the FactSet consensus of $1.09 billion. For 2022, the company raised its core FFO guidance range to $5.10 to $5.16 from $5.00 to $5.10, compared with the FactSet consensus of $5.07. “The need for resilience in the supply chain continues to drive record demand despite today’s economic and geopolitical risks,” said Chief Executive Hamid Moghadam. The stock has slipped 3.2% year to date through Monday, while the SPDR Real Estate Select Sector ETF has lost 6.1% and the S&P 500 has declined 7.9%.
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