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Prologis Raises FY21 Earnings Guidance

Prologis, Inc. (PLD) said its third quarter results were underpinned by record increases in market rents and valuations. Looking forward, the company said its earnings potential is unrivaled, and increased fiscal 2021 earnings guidance.

For fiscal 2021, the company now expects net earnings per share in a range of $3.64 to $3.68, revised from prior guidance range of $3.08 to $3.14. Analysts polled by Thomson Reuters expect the company to report profit per share of $2.21. Analysts' estimates typically exclude special items. Core FFO, excluding net promote income, is now estimated in a range of $4.06 to $4.08, up from previous guidance range of $4.02 to $4.06.

Third quarter core FFO per share was $1.04 compared to $0.90, last year. Net earnings attributable to stockholders increased to $722.01 million or $0.97 per share from $298.70 million or $0.40 per share, last year. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.52, for the quarter. Analysts' estimates typically exclude special items.

Third quarter total revenues increased to $1.18 billion from $1.08 billon, prior year. Analysts expected revenue of $1.03 billion, for the quarter.

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