Shares of real estate investment trust Prologis Inc. (NYSE:PLD) are rising following the company’s fourth-quarter FY24 earnings results.
The company reported fourth-quarter rental and other revenue growth of 10.3% year over year to $1.937 billion, missing analysts’ consensus estimate of $1.956 billion.
Core FFO of $1.50 beat analysts’ consensus estimate of $1.39. The average owned and operated occupancy rate was 95.6% and the average Prologis share occupancy rate was 95.8%.
Total expenses for the quarter increased 3.3% to $1.3 billion. Operating income for the quarter rose 70% to $1.42 billion.
Diluted earnings per share for the quarter were $1.37, compared to $0.68 last year. Adjusted EBITDA of $2.1 billion increased 22.5% year over year.
“We ended 2024 with solid results. It concluded with the sale of our data center in Elk Grove – a turnkey facility under development – which led to significant value creation and demonstrated the end-to-end capabilities of our platform,” said the president of Prologis. Then Letter.
Prologis had $1.3 billion in cash and equivalents as of December 31, 2024.
Accompaniment: Prologis expects FY25 core FFO of $5.65 – $5.81 with an estimate of $5.77. The company expects an average Prologis share occupancy rate of 94.50% – 95.50%.
Price promotion: PLD shares are trading 1.01% higher at $110.59 at last check on Tuesday.
Photo via Shutterstock.
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This article Prologis Q4 Earnings: FFO Beat, Corporate Income Rise, and More originally appeared on Benzinga.com
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