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

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(Reuters) – Warehouse-focused real estate investment trust (REIT) Prologis (NYSE:) reported better-than-expected quarterly funds from operations (FFO) 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, which counts e-commerce giant Amazon (NASDAQ:) as a customer, reported a core FFO of $1.30 per share in the third quarter, compared with analyst estimates of $1.26 per share, as per LSEG data.

The San Francisco, California-based company also reported total revenues of $1.92 billion compared to $1.75 billion a year ago. Its profit fell to 80 cents per share but beat analyst expectations of 57 cents per share.

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 (NYSE:) Corp.

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