(Reuters) - Warehouse-focused real estate investment trust (REIT) Prologis ( PLD ) raised the lower end of its full-year forecast for core funds from operations (FFO) on Wednesday, banking on better demand and strength from data centers.

Prologis ( PLD ), which focuses on logistics real estate, expects its 2024 core FFO to be between $5.39 and $5.47 per share, the midpoint of which is above analysts' average estimate of $5.42 per share, according to LSEG data.

The REIT previously expected full-year core FFO of $5.37 to $5.47 per share.

"While customer demand remains subdued, it is improving, and we expect that trend to continue as the construction pipeline shrinks," Prologis ( PLD ) CEO Hamid Moghadam said.

"Opportunities in data centers and energy give us tremendous confidence in future growth."

Prologis ( PLD ) said its rental revenues rose to $1.85 billion in the second quarter from $1.65 billion a year earlier.

Its quarterly core FFO was $1.34 per share, compared with $1.83 per share a year earlier.

Prologis ( PLD ) had previously said persistent inflation and high interest rates kept more customers "focused on controlling costs".

The company's total revenue fell about 18% to $2.01 billion, above estimates of $1.88 billion.

Prologis ( PLD ) operates in 19 countries and counts Amazon, Home Depot, FedEx and UPS as its biggest customers.