Investing.com -- World’s largest industrial property developer Prologis beat first-quarter profit estimates on Thursday as demand for storage leasing facilities remained strong.

Prologis reported net earnings per diluted share was $1.05 for the first-quarter compared with $0.63 for the corresponding period in 2025 and was well above analyst estimates of earnings per share of $0.81.

The company’s revenue for the quarter came in at $2.14 billion versus the consensus estimate of $2.12 billion.

Prologis, which develops and manages warehouses, distribution facilities and fulfillment centers across 20 countries, has benefited from strong demand among retailers and manufacturers for warehouse space to support e-commerce and more efficient inventory management.

Company’s core funds from operations per diluted share was $1.50 for the quarter compared with $1.42 for the corresponding period in 2025.

"We delivered record lease signings of 64 million square feet in our logistics business this quarter, reflecting the strength of our platform and resilient customer demand," said Daniel S. Letter, chief executive officer of Prologis. "We also advanced our data center platform with $1.3 billion of build-to-suit development starts, and we are scaling digital infrastructure and energy to support our next phase of growth."

Prologis said it expects FY2026 EPS of $3.80-$4.05, versus the consensus of $2.93.

"Through our Strategic Capital platform, new partnerships with GIC and La Caisse will expand our access to capital and enhance our ability to invest at scale while preserving balance sheet strength and financial flexibility," said Timothy D. Arndt, chief financial officer of Prologis. "Even amid an uncertain geopolitical environment, this combination of strong execution and capital strength underpins our increased Core FFO outlook."