Earnings Summary: Prologis reports higher Q1 2024 revenue and profit

Real estate investment trust Prologis, Inc. (NYSE: PLD) announced financial results for the first quarter of 2024, reporting higher revenues and earnings.

• Net earnings per share increased to $0.63 in the first quarter of 2024 from $0.50 per share in the year-ago quarter
• Core funds from operations (FFO) per share was $1.28 in Q1, vs. $1.22 per share a year earlier
• Core FFO per share, excluding net promote income, came in at $1.31 in the March quarter, compared to $1.23 last year
• For fiscal 2024, the company projects core FFO growth, excluding promotes, of nearly 8%, and cash same-store NOI growth of 6.75%
• Total revenues advanced to $1.96 billion during the three months from $1.77 billion in Q1 2023
• Net income attributable to common shareholders was $584 million, compared to $463 million last year
• Q1 adjusted EBITDA attributable to common stockholders increased to $1.60 billion from $1.43 billion in the year-ago period