Prologis reports Q1 Core FFO $1.31 ex-items, consensus $1.28

Reports Q1 revenue $1.83B, consensus $1.87B. Reported Core FFO excludes net promote income. Reports Q1 Cash Same Store NOI 5.7 %. “While operating conditions are healthy in the majority of our markets, customers remain focused on controlling costs, which is weighing on decision making and the pace of leasing,” said Hamid R. Moghadam, co-founder, chairman and CEO, Prologis. “A volatile and persistently high interest rate environment, together with mounting geopolitical concerns, contribute to this indecision and its short-term effect on net absorption. We remain optimistic about the fundamentals of our business, while being prepared for a slower environment in the next quarter or two.”