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Prologis Raises FY20 Profit Outlook - Quick Facts

While reporting its financial results for the second quarter on Tuesday, Prologis Inc. (PLD) raised its profit outlook for fiscal 2020.

ProLogis now forecasts fiscal 2020 net earnings in a range of $2.06 to $2.18 per share and core FFO in a range of $3.70 to $3.75 per share. Earlier, the company projected net earnings in a range of $1.81 to $1.88 per share and core FFO in a range of $3.55 to $3.65 per share.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.91 per share for the year. Analysts' estimates typically exclude special items.

"While the economic impact of COVID-19 remains unknown, the combination of what we see in our proprietary data, the pace of rent collections, and dialogue with our customers gives us a more positive outlook for the back half of the year. Year-over-year Core FFO growth at the midpoint, excluding promotes, is extremely strong, at over 12.5%, with leverage flat," said Thomas Olinger, chief financial officer of Prologis.

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