Warehouse operator Prologis reported record lease signings in its logistics business during the first quarter, inking deals for 64 million square feet of space.
Prologis (NYSE: PLD) reported first-quarter consolidated revenue of $2.3 billion on Thursday before the market opened. The result was 7% higher year over year and better than a $2.12 billion consensus estimate. Core funds from operations (FFO) of $1.50 per share were 8 cents higher y/y and 1 cent ahead of expectations.
Prologis reported positive inflections in most trends across its industrial facility portfolio.
Total new leases commenced increased 3% y/y to 66.7 million square feet. Average occupancy improved 40 basis points y/y to 95.3%, which was in line with the fourth quarter.
The San Francisco-based real estate investment trust also upped its 2026 guidance.
Core FFO is now forecast to a range of $6.07 to $6.23 per share, a 1% increase at the midpoint. The guide assumes average occupancy of 95% to 95.75% (25 bps higher at the low end of the range) and development starts between $3.5 billion and $4.5 billion (a $500-million increase at both ends of the range).
Shares of PLD were up 1.6% in premarket trading on Thursday.
Prologis will host a call at noon EDT on Thursday to discuss first-quarter results.
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