By Will Feuer

Prologis tweaked its full-year outlook, including raising the lower bound of its guidance for average annual occupancy.

The San Francisco-based industrial-property landlord said it expects average occupancy for the year to be 97.25% to 97.50%, upwardly narrowed from a previous range of 97.00% to 97.50%. In the third quarter, the company's average occupancy dipped to 97.1%.

Prologis also raised the lower bound of its guidance for core funds from operations, a measure of operating performance. The company is now forecasting core FFO of $5.58 to $5.60 a share, compared with $5.56 to $5.60 a share previously.

At the same time, Prologis lowered the upper end of its earnings outlook. The company is targeting annual earnings of $3.30 to $3.35 a share, narrowed from prior guidance for earnings of $3.30 to $3.40 a share.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

October 17, 2023 08:40 ET (12:40 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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