Prologis Inc. Logistics Real Estate Investment Trust. raised its full-year 2022 outlook on Monday, noting that the market indicators it tracks “remain strong.”

“The pandemic has driven record demand over the past two years, leading to record low vacancies and unprecedented rent growth,” Hamid Magadam, co-founder and CEO, said in a press release. “As conditions normalize, we continue to see healthy demand that rivals past peak cycles, and based on our own data, we expect strong demand for our properties to continue.”

Prologis (NYSE: PLD) now expects EPS to be between $5.15 and $5.25, up 5.6% from the midpoint of the range it issued a quarter ago. Company increased leadership by 10% when in mid-April he reported the results of the first quarter.

Before the market opened on Monday, Prologis reported second-quarter core funds from operations (FFO) of $1.11 per share, in line with consensus estimates but up 10% year-over-year. Occupancy across its portfolio increased 160 basis points to 97.6% over the period, and the net effective rent change — the average rate change over the lease term — was 45.6%, compared with 31.5% in Q1 2021. . The metric averaged 54% in the US

The company still expects development of the new facilities to be between $4.5 billion and $5 billion. In June, Prologis entered the university agreement to acquire Duke Realty (NYSE: DRE) for $26 billion. The stock deal is expected to be completed by the end of the year.

The company will hold a call at noon on Monday to discuss these results with analysts. Stay tuned to FreightWaves for continued coverage of Prologis’ earnings report.

Prologis Ventures is an investor in FreightWaves.

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