Real estate investment trust Prologis, Inc. (NYSE: PLD) announced financial results for the fourth quarter of 2023, reporting higher revenues and earnings.
- Net earnings per share were $0.68 in the fourth quarter, compared to $0.63 for the same period of 2022
- In the full fiscal year, earnings per share came in at $3.29, vs. $4.25 in the prior year
- Core funds from operations increased to $1.26 per share in the December quarter from $1.24 per share in the prior-year period
- Core FFO, excluding net promote Income/expense came in at $1.29 per share in Q4, compared to $1.23 per share a year earlier
- Fourth-quarter revenues increased to $1.89 billion from $1.75 billion in the corresponding period of 2022
- In Q4, Prologis and its co-investment ventures issued an aggregate of $286 million of debt at a weighted average interest rate of 2.0%
- For fiscal 2024, the company forecasts core FFO growth, excluding promotes, of over 9.0% and cash same-store NOI growth of 8.5%, at the midpoint