Prologis, a logistics real estate operator, announced its fourth-quarter results that met analysts’ expectations. The company also provided its initial guidance for full-year 2024, which was in line with predictions. Prologis reported core funds from operations (FFO) of $1.26 per share, a 2 cent increase from the previous year. Rental revenue jumped to $1.76 billion, up 10.4%, leading to total consolidated revenue of $1.89 billion, a 7.9% increase year over year. In 2023, Prologis experienced double-digit earnings growth for the fourth consecutive year. CEO Hamid Moghadam expressed optimism about the outlook for 2024, despite uncertainties in the economic and geopolitical environment. The company’s full-year core FFO guidance of $5.42 to $5.56 per share was in line with the consensus estimate at the time. During the fourth quarter, occupancy remained steady at 97.1%, but was slightly lower year over year. The company signed leases for 43.7 million square feet of space, a 2.8% increase from the previous year. A net effective rent change of 74.1% was reported. Prologis will host a call to discuss its fourth-quarter results.
