- Logistics real estate firm Prologis Inc (NYSE: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.
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