Prologis Inc (NYSE: PLD) for its first quarter 2017 recorded net earnings per diluted share of $0.38 as compared with $0.39 for the same period in 2016. Core funds from operations per diluted share were $0.63 as compared with $0.61 for the same period in 2016. Revenues during the first quarter stood at $629 million against $606 million in the prior corresponding period.

Period end occupancy stood at 96.6% compared to 96.1% in the year ago quarter with Europe rising 180 basis points year-over-year. Leases signed during the first quarter stood at 39MSF compared to 46MSF. Volume was tempered due to high occupancy rates. PLD started the year with excellent momentum as housing, construction and e-commerce drove demand for its facilities, leading to the ninth consecutive quarter of double-digit rent change on rollovers. Net effective rate change stood at 19.6% compared to 20.1% in the year-ago quarter, with U.S. growth at record 29.2%.

For the first quarter 2017, gross assets under management stood at $67 billion with Prologis share at $41 billion. Dividends and distributions per common share per unit increased to $0.44 from $0.42 in the year-ago quarter.

Prologis ended the quarter with liquidity of $3.8 billion. During the first quarter, the company and its co-investment ventures completed $900 million of financings, including recasting its ¥50 billion yen revolver at 40 basis points over yen LIBOR and a ¥12 billion term loan at a fixed rate of 95 basis points with a term of over 10 years.

Looking ahead to 2017, At the midpoint, guidance for net earnings per diluted share increased $0.13 ($1.70 to $1.80) from $1.55 to $1.70 and Core FFO* per diluted share increased $0.10 ($2.72 to $2.78) from $2.60 to $2.70. The combination of PLD significant embedded rental upside, the build-out of land bank and continued recovery in Europe will further extend the growth cycle for the company.

Releasing its first-quarter earnings before market open, PLD is currently trading at $55.68 indicating a 0.67% rise. Out of the 15 analysts covering the stock, 50% of them have a BUY rating while the remaining half have a BUY recommendation. The consensus price target stands at $55.67 with the highest bid being $60. The stock is trading weak this morning and fell over 0.6% (as of 11:19AM EDT on April 18th, 2017; Source: Google finance) but rose over 7.7% in the last four weeks.