Prologis beats third-quarter FFO estimates, warns of "negative customer sentiment"

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SaltWire's Atlantic regional weather forecast for October 17, 2023] | SaltWire - Warehouse-focused real estate investment trust Prologis reported better-than-expected quarterly funds from operations per share on Tuesday on higher rental revenue but warned of demand pressures.The company said rental revenues rose to $1.78 billion from $1.15 billion a year ago, but CEO Hamid Moghadam warned that"negative customer sentiment" will weigh on demand until the economy stabilizes.

Prologis focuses on logistics real estate and operates in 19 countries, per its latest annual report. Last year, it expanded its presence in key U.S. markets after agreeing to a $26 billion deal to buy Duke Realty Corp.

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