Oct 16 (Reuters) - Real estate investment trust (REIT)

Prologis ( PLD ) raised the lower end of its full-year forecast

for adjusted core funds from operations on Wednesday due to

strong long-term demand drivers, sending its shares up 1.5% in

premarket.

The warehouse-focused REIT said the decline in business

activity, which began after a downturn in freight demand post

pandemic due to persistent inflation and high interest rates, is

now stabilizing.

"The bottoming process is underway as our customers navigate

an uncertain environment," said Prologis ( PLD ) CEO Hamid R. Moghadam.

The company, after also trimming the top end, expects its

2024 adjusted core funds from operations to be in a range of

$5.49 to $5.53 per share, versus previous estimates of $5.46 to

$5.54 per share.

It reported a quarterly net earnings per diluted share of

$1.08 per share, compared with analysts' average estimates of 63

cents per share, according to data compiled by LSEG.

The company said its rental revenues for the third quarter

rose to $1.90 bln from $1.78 bln a year earlier.

The San Francisco, California-based company's total revenue

was $2.04 billion, up from $1.92 billion a year ago. Analysts on

average had expected a topline of $1.95 billion.

Prologis ( PLD ), which operates in 19 countries, counts Amazon ( AMZN )

, Home Depot ( HD ), FedEx ( FDX ) and UPS as

its biggest customers, according to its latest annual report.