By Denny Jacob
Prologis saw its top-line grow in the latest quarter as demand for storage and data centers continued even as tariffs threaten to lessen imports of overseas goods.
The world's largest industrial property developer logged earnings attributable to common stockholders of $592 million, or 63 cents a share, compared to $584 million, or 63 cents a share, in the prior-year period.
Stripping out certain one-time items, core funds from operations came in at $1.42 a share. Analysts polled by FactSet expected to come in at $1.38 a share.
Revenue grew to $2.14 billion from $1.96 billion. Analysts polled by FactSet expected $1.96 billion.
"In the near term, policy uncertainty is making customers more cautious," said Chief Executive Hamid Moghadam. "But over the long term, limited new supply and high construction costs support continued rent growth."
Dan Letter, who is slated to lead the company as CEO next year, said Prologis signed leases totaling 58 million square feet responding in part to growing demand for data centers.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
April 16, 2025 08:50 ET (12:50 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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