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Why Prologis Shares Are Trading Lower Today

Prologis, Inc. (NYSE:PLD) shares are trading lower after the company reported first-quarter FY24 results. Rental revenue of $1.83 billion missed the consensus estimates of $1.87 billion. The company’s average occupancy stood at 96.8%, with a leased 45.0MSF operating portfolio and a 3.1MSF development portfolio. Core funds from operations per diluted share was $1.28, higher than $1.22 a year ago and in line with the consensus. Net earnings per share rose to $0.63 from $0.50 a year ago.  During the quarter, Prologis and its co-investment ventures issued an aggregate of $4.1 billion of debt at a weighted average interest rate ...