Prologis (NYSE:PLD) reported first-quarter results that aligned with Wall Street forecasts, maintaining a steady outlook for 2025 as the company navigates a cautious customer environment amid broader economic uncertainty.

The industrial real estate giant posted earnings of $0.63 per share, in line with analyst estimates. Revenue for the quarter reached $2.14 billion, slightly exceeding expectations of $2.12 billion.

Core funds from operations (FFO) came in at $1.42 per share, a key metric for REIT performance. Meanwhile, occupancy slipped slightly to 94.9%, falling just short of the 95.3% consensus.

Despite near-term headwinds, including policy-related uncertainty impacting tenant decisions, Prologis expressed confidence in long-term fundamentals, citing constrained new supply and elevated construction costs as drivers of future rent growth.

Looking ahead, the company reaffirmed its full-year 2025 guidance. It continues to project net earnings per share between $3.45 and $3.70, and core FFO per share in the range of $5.65 to $5.81. Occupancy is expected to remain stable, between 94.5% and 95.5%.