Shares of real estate investment trust Prologis Inc. (NYSE:PLD) are rising after the company’s fourth-quarter FY24 earnings results.
The company reported fourth-quarter rental and other revenue growth of 10.3% year-on-year to $1.937 billion, missing the analyst consensus estimate of $1.956 billion.
Core FFO of $1.50 beat the analyst consensus estimate of $1.39. Owned & Managed Average Occupancy was 95.6% and Prologis Share Average Occupancy was 95.8%.
Total expenses for the quarter increased 3.3% to $1.3 billion. Operating income for the quarter jumped 70% to $1.42 billion.
Diluted earnings per share for the quarter was $1.37 versus $0.68 last year. Adjusted EBITDA of $2.1 billion rose 22.5% Y/Y.
“We closed out 2024 with solid results. It was capped off with the sale of our Elk Grove data center – a turnkey facility under development – that led to significant value creation and demonstrated the end-to-end capabilities of our platform,” said Prologis president Dan Letter.
Prologis held $1.3 billion in cash and equivalents as of December 31, 2024.
Guidance: Prologis sees FY25 core FFO of $5.65 – $5.81 with an estimate of $5.77. The company expects Prologis Share Average Occupancy of 94.50% – 95.50%.
Price Action: PLD shares are trading higher by 1.01% at $110.59 at the last check Tuesday.
Photo via Shutterstock.
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This article Prologis Q4 Earnings: FFO Beat, Operating Income Surge And More originally appeared on Benzinga.com
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