Prologis Inc (NYSE:PLD) stock fell 1.07% (As on April 18, 11:17:25 AM UTC-4, Source: Google Finance) after the company posted logged better-than-expected revenue in its latest quarter but warned of a slower environment in the coming quarters as customers look to continue tamping down costs. During the first quarter, Prologis and its co-investment ventures issued an aggregate of $4.1 billion of debt at a weighted average interest rate of 4.7%, and a weighted average term of 9.5 years. This activity includes an inaugural issuance of a CNH bond, which further diversifies the funding sources in the currencies the company operate in. Also, during the quarter, Prologis established a Commercial Paper program permitting issuances of up to $1 billion. The program received A-1/P-2 short-term ratings from S&P and Moody’s, respectively. At March 31, 2024, debt as a percentage of total market capitalization was 21.0%, and the company’s weighted average interest rate on its share of total debt was 3.1%, with a weighted average term of 9.3 years and no significant debt maturities until 2026.

Further, the real estate logistics company posted earnings attributable to common shareholders of $584.3 million, or 63 cents a share, for the first quarter ended March 31, up from $463.2 million, or 50 cents a share, a year earlier. Meanwhile, the company is prepared for a slower environment in the next quarter or two. 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. The company has liquidity of almost $6 billion at the end of the quarter, low leverage and insulated earnings from foreign exchange movements.

PLD in the first quarter of FY 24 has reported the adjusted funds from operations per share of $1.28, which matches the analysts’ estimates for the adjusted funds from operations per share of $1.28, according to Zacks Investment Research. The company had reported the adjusted revenue of $1.83 billion in the first quarter of FY 24, beating the analysts’ estimates for revenue of $1.81 billion.

Prologis revised its 2024 guidance. The company forecast earnings per-share attributable to common shareholders between $3.15 and $3.35 compared to its prior outlook in the range of $3.20 a share and $3.45 a share. Core funds from operations attributable to common shareholders was forecast between $5.37 a share and $5.47 a share compared to its prior guidance in the range of $5.42 a share and $5.56 a share.