Prologis Clocks 37% Jump In Q4 Revenues While Earnings Slide

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  • Logistics real estate firm Prologis Inc PLD reported Q4 revenues of $1.75 billion, up 37.1%, as the average occupancy of its properties continued to edge higher, though earnings took a step back.
  • The company posted earnings of $585.75 million, or $0.63 a share, compared with $1.25 billion, or $1.67 a share, a year ago.
  • Core funds from operations, a measure of operating performance, came in at $1.24 a share versus $1.12 a year ago.
  • The average occupancy in Prologis's owned, and managed portfolio was 98% from 97.7% in the prior quarter.
  • Chief Executive Hamid R. Moghadam commended the company's performance "in the face of a slowing economy," adding that "it will likely take a few quarters before we see meaningful price discovery and normalization of values."
  • The company initiated its net earnings and core funds from operations outlook for FY23.
  • For fiscal 2023, the company forecasts net earnings of $3.00 - $3.15 per share and core funds from operation of $5.40 - $5.50 per share.
  • The company expects average occupancy of 96.5% - 97.5%.
  • Price Action: PLD shares are up 2.90% at $124.94 on the last check Wednesday.
  • Photo Via Company
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