Prologis 4Q Profit Rises as Occupancy Holds Steady
January 17 2024 - 7:44AM
Dow Jones News
By Ben Glickman
Prologis's profit rose in the fourth quarter despite economic
uncertainty.
The San Francisco-based logistics-property landlord posted a
profit of $630.9 million, or 68 cents a share, in the quarter ended
Dec. 31, compared with $587.2 million, or 63 cents a share, a year
earlier.
Core funds from operations, an operating metric that strips out
certain items, came to $1.26 a share, up from $1.24 in the
prior-year period and in line with analysts' estimates.
Revenue rose 7.8% to $1.89 billion, beating the $1.85 billion
expected by analysts polled by FactSet.
Chief Executive Hamid Moghadam said the company sees
uncertainties in the economic and geopolitical environment, but is
positive about the outlook for this year.
Average occupancy was 97.1%, the same as in the previous
quarter.
Prologis is expecting a full-year 2024 profit of $3.20 to $3.45
a share, compared with $3.29 in 2023.
The company is forecasting average occupancy of 96.5% to 97.5%
for the full year.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
January 17, 2024 08:29 ET (13:29 GMT)
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