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Prologis (NYSE:PLD) Inc, the worldwide chief in logistics actual property, reported fourth-quarter earnings that considerably exceeded analyst expectations, pushed by greater positive aspects and promotes, together with a notable information heart sale.
The corporate introduced fourth-quarter internet earnings per diluted share of $1.37, a 101.5% improve from the identical interval final yr and considerably above the analyst estimate of $0.71. Income for the quarter got here 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 actual property funding trusts, rose 19% to $1.50. Excluding internet promote earnings, Core FFO per diluted share elevated 10.1% to $1.42.
For the total yr 2024, Prologis reported internet earnings per diluted share of $4.01, a 21.9% improve YoY. Core FFO per diluted share barely decreased by 0.9% to $5.56, whereas Core FFO excluding internet promote earnings rose 8.4% to $5.53.
Wanting forward, Prologis offered steering for 2025, projecting internet earnings attributable to frequent stockholders between $3.45 and $3.70 per diluted share. The corporate expects Core FFO attributable to frequent stockholders/unitholders to vary from $5.65 to $5.81 per diluted share.
Hamid R. Moghadam, co-founder and CEO, expressed optimism about market situations, noting, “Publish-election leasing exercise has been robust, and our ongoing conversations with clients assist our expectation that the market is nearing an inflection level.”
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