Prologis reports first-quarter results above estimates

April 16 - Warehouse-focused Real Estate Investment Trust (REIT) Prologis PLD.N beat Wall Street estimates for first-quarter revenue and funds from operations (FFO) on Wednesday, as limited supply in the market and higher construction costs supported rent growth.

Prologis said it signed leases totaling 58 million square feet in the quarter and expanded its power capacity to support the growing demand for data centers.

Warehouse operators like Prologis have benefited in the recent months as companies rushed to bring in goods early, fearing price hikes from President Donald Trump's tariffs, boosting demand for self-storage spaces.

However, CEO Hamid Moghadam said, "In the near term, policy uncertainty is making customers more cautious."

The REIT, which focuses on logistics real estate, now expects full-year general and administrative expenses to be between $450 million and $470 million, up from $440 million to $460 million previously.

Prologis reported a quarterly core FFO, a key REIT metric closely monitored by investors, of $1.43 per share, compared with analysts' average estimate of $1.38 per share, according to data compiled by LSEG.

The San Francisco, California-based company's total revenue was $2.14 billion, up from $1.96 billion a year ago, beating analysts' expectations of $2.04 billion.

Prologis, which operates in 19 countries, counts Amazon AMZN.O, Home Depot HD.N, FedEx FDX.N and UPS UPS.N as its biggest customers.

Shares of the company were up about 1% at $98.8 in premarket trading following the results.