Prologis lifts 2024 guidance after Q2 earnings exceed estimates due to higher rents and occupancy gains.
Prologis increased its full-year earnings guidance following a second-quarter beat driven by accelerating rent growth and higher occupancy. The industrial real estate investment trust also raised its investment activity targets for the year, citing robust demand for logistics space.
The company’s Q2 results surpassed Wall Street expectations, with rent increases outpacing prior periods. Occupancy rates improved, reflecting tight supply in key markets. Analysts had anticipated a solid quarter but not the magnitude of the guidance revision.
Shares of PLD showed modest gains in pre-market trading as investors digested the updated outlook and stronger operational performance.