Prologis Inc. said profit and revenue soared in the third quarter, as the San Francisco-based industrial real-estate company continued to benefit from higher rents and occupancy rates.

The company boosted its earnings guidance for the year to $1.51 to $1.53 a share, up from its previous range of $1.12 to $1.16 a share.

Prologis also narrowed its current-year forecast for core funds from operations to a range of $2.19 to $2.21 a share from its previous guidance of $2.18 to $2.22.

The current Prologis was formed in June 2011, when the nation's two biggest publicly traded warehouse owners—Prologis and AMB Property Corp.—merged in one of the largest real estate deals since the recession.

In the latest quarter, Prologis said occupancy for real estate it owns and manages ticked up to 96% from 95% a year earlier.

In all for the period ended Sept. 30, Prologis's profit rose to $259 million from $136.2 million a year earlier. On a per-share basis after the payout of preferred dividends, the company earned 49 cents a share, up from 23 cents a year earlier.

Core funds from operations were 58 cents a share, compared with 48 cents a share a year earlier.

Revenue surged 40% to $580.6 million.

Analysts polled by Thomson Reuters had forecast 19 cents a share in earnings on $486.8 million in revenue.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

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(END) Dow Jones Newswires

October 20, 2015 09:25 ET (13:25 GMT)

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