By Dave Sebastian

Prologis Inc. said Tuesday it expects core funds from operations of $3.88 a share to $3.98 a share in 2021, compared with $3.80 a share in the prior year.

The owner of warehouses and other properties for logistics uses on Tuesday said it expects core FFO, excluding net promote expense, of $3.90 a share to $4 a share.

"Year-over-year growth at the midpoint, excluding promotes, is forecasted to be more than 10 percent," Finance Chief Thomas Olinger said. "Promote revenue will be negligible in 2021, and we expect to recognize two cents of net promote expense related to the amortization of costs from prior period promotes."

The company expects to generate more than $1 billion in free cash flow after dividends and maintain an adjusted FFO payout ratio in the mid-60% range, Mr. Olinger said.

The company said it sees 2021 earnings of $2.36 a share to $2.52 a share and average occupancy of 95.5% to 96.5%.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

01-26-21 0832ET