a prologis site at port reading carteret nj prologis is the world’s largest industrial property company with 12 billion square feet in 19 countries industrialproperty giant prologis raised its earnings outlook for the year after posting record profits and sales amid higher interest rates and signs of wavering demand in broader warehousing markets the san franciscobased landlord the world’s largest industrial property company with 12 billion square feet in 19 countries is targeting fullyear earnings attributable to common shareholders of 330 a share to 340 a share up from its prior guidance of 310 a share to 325 a share core funds from operations are expected to be 556 a share to 560 a share up from prior guidance of 542 a share to 550 a share prologis said it now expects cash samestore net operating income to rise by 95 to 10 up from prior guidance for growth of 9 to 975 the upgraded outlook came as the company said tuesday it doubled its net earnings in the quarter ending june 30 to 122 billion or 131 a share compared with 610 million or 82 cents a share in the same quarter a year ago core funds from operations came to 183 a share topping the 167 a share that analysts were expecting according to factset total revenue jumped to 245 billion from 125 billion last year topping analysts’ expectations of 172 billion average occupancy in prologis’s owned and managed portfolio slipped to 975 down from 98 in the previous quarter the growth came as broader measures suggest warehouse demand is easing following a surge in construction and leasing in the past three years driven by ecommerce growth real estate services firm cushman  wakefield said this month that the average national vacancy rate for industrial real estate in the us jumped from 35 in the first quarter to 41 in the three months ending june 30 us employment in the warehousing and storage has retreated sharply since reaching a record high in june 2022 prologis has been flexing its strong balance sheet by expanding its sprawling worldwide network of distribution centers and storage sites in part through several big acquisitions prologis said last month it would buy a portfolio of us industrial space totaling nearly 14 million square feet from blackstone for 31 billion it acquired rival duke realty in 2022 in a deal valued at 23 billion the company said that it along with its coinvestment ventures issued 7 billion of debt at a weighted average of 49 and a weighted average term of 84 years “our balance sheet has given us unparalleled access to debt markets around the globe providing us with the ability to fund our ongoing development platform as well as make accretive investments in a market where most players are stretched” said chief financial officer timothy d arndt write to will feuer at willfeuerwsjcom