Prologis (NYSE:PLD) Inc, the global leader in logistics real estate, reported fourth-quarter earnings that significantly exceeded analyst expectations, driven by higher gains and promotes, including a notable data center sale.
The company announced fourth-quarter net earnings per diluted share of $1.37, a 101.5% increase from the same period last year and substantially above the analyst estimate of $0.71. Revenue for the quarter came in at $2.2 billion, surpassing the consensus estimate of $1.96 billion.
Core funds from operations (Core FFO) per diluted share, a key metric for real estate investment trusts, rose 19% to $1.50. Excluding net promote income, Core FFO per diluted share increased 10.1% to $1.42.
For the full year 2024, Prologis reported net earnings per diluted share of $4.01, a 21.9% increase YoY. Core FFO per diluted share slightly decreased by 0.9% to $5.56, while Core FFO excluding net promote income rose 8.4% to $5.53.
Looking ahead, Prologis provided guidance for 2025, projecting net earnings attributable to common stockholders between $3.45 and $3.70 per diluted share. The company expects Core FFO attributable to common stockholders/unitholders to range from $5.65 to $5.81 per diluted share.
Hamid R. Moghadam, co-founder and CEO, expressed optimism about market conditions, noting, "Post-election leasing activity has been strong, and our ongoing conversations with customers support our expectation that the market is nearing an inflection point."
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.