Analysts Offer Insights on Real Estate Companies: Prologis (NYSE: PLD) and VICI Properties (NYSE: VICI)We see Q1 as better than feared, though reduced development starts & contributions guidance could indicate lower demand & some leading indicators remain soft. We expect slight outperformance. Q1’25 Core FFO of $1.42 was above our estimate of $1.34 & consensus of $1.38. Core FFO ex. net promote income (expense) was $1.43, above our $1.35 estimate. Q1 leasing metrics were softer, but this was largely expected. PLD kept its FY’25 FFO, Occupancy, & Cash Same-Store NOI guidance unchanged. Given a better-than-feared outlook, we expect shares to show moderate outperformance, though management commentary will be key. Conference call today at 12pm ET, dial-in Guidance: PLD kept its FY’25 Core FFO guidance range unchanged at $5.65-$5.81. The $5.73 midpoint is in line with our estimate and consensus.