Prologis Narrows Outlook on Improving Logistics Property Market
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Prologis logged higher earnings and revenue in its latest quarter, prompting a narrowed outlook for the year as the company says it expects a slowdown in new warehouse construction to keep supply tight. San Francisco-based Prologis, the world’s largest industrial-property company, posted earnings attributable to common shareholders of roughly $1 billion, or $1.08 a share, for the third quarter, up from $746 million, or 80 cents a share, a year earlier. Core funds from operations were $1.43 a share, above analysts’ estimates of $1.37 a share.