By Micah Maidenberg
Prologis Inc. said Tuesday it now expects to generate net earnings of between $2.06 and $2.18 a share for the year, a forecast that is higher than its previous expectation and one that comes as economies around the world face challenges tied to the coronavirus pandemic.
In April, the owner of warehouses and other properties for logistics uses said it believed it would generate a profit of $1.81 to $1.88 a share for 2020.
On Tuesday, Prologis said it anticipates earning $3.70 to $3.75 a share in so-called core funds from operations, a profit metric used by property owners that strips out costs like depreciation and gains or losses from real estate sales. That range is ahead of the April forecast of $3.55 to $3.65 a share for the measurement.
In the second quarter, the company saw broad-based demand for space from tenants, executives said.
Write to Micah Maidenberg at firstname.lastname@example.org