Real Estate Investment Trust Shares Prologis Inc. (NYSE:PLD) are rising following the company’s FY24 Q4 earnings results.
The company reported 10.3% year-over-year growth in rental revenue and other income in the fourth quarter, to $1,937 million, missing the analyst consensus estimate of $1,956 million.
Core FFO of $1.50 beat the analyst consensus estimate of $1.39. Average ownership and management occupancy was 95.6% and average occupancy for Prologis shares was 95.8%.
Total expenses for the quarter increased 3.3% to $1.3 billion. Operating income for the quarter increased 70% to $1.42 billion.
Diluted earnings per share for the quarter were $1.37 versus $0.68 last year. Adjusted EBITDA of $2.1 billion increased 22.5% year over year.
“We close 2024 with solid results. “It culminated in the sale of our Elk Grove data center, a turnkey facility in development, which generated significant value creation and demonstrated the end-to-end capabilities of our platform,” said the Prologis president. Dan’s menu.
Prologis had $1.3 billion in cash and equivalents as of December 31, 2024.
Guide: Prologis forecasts FY25 core FFO of $5.65 – $5.81 with an estimate of $5.77. The company expects an average occupancy of Prologis shares of 94.50% to 95.50%.
price action: PLD shares are trading up 1.01% at $110.59 at last check on Tuesday.
Photo via Shutterstock.
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This article Prologis Q4 Earnings: FFO Beat, Operating Income Surges and More originally appeared on Benzinga.com
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