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Investing.com -- Prologis on Wednesday reported quarterly profit above Wall Street expectations and lifted its full-year outlook, helped by a surge in leasing activity and growing investments in data centers.
The world’s largest warehouse owner posted third-quarter earnings per share of $0.82, topping analyst estimates of $0.67.
Core funds from operations, a key measure for real estate investment trusts, rose 4.2% to $1.49 a share.
The company signed a record 62 million square feet of leases in the quarter as companies moved faster to secure warehouse space amid improving demand.
Prologis also said it was expanding its power capacity to support data center growth, with 5.2 gigawatts of utility-fed capacity now secured or in advanced stages.
Prologis raised its 2025 net earnings guidance to a range of $3.40 to $3.50 a share from its prior view of $3 to $3.15.
Chief Executive Hamid Moghadam said the logistics market is “setting up for the next inflection in rent and occupancy growth”
"We are extending our leadership position in logistics to data centers, where we are investing to meet the growing power demands of digital infrastructure," said Dan Letter, president of Prologis.
Shares of the San Francisco-based company rose 0.6% in premarket trading.