PLD Prologis

By Ben Glickman

Prologis's profit rose in the fourth quarter despite economic uncertainty.

The San Francisco-based logistics-property landlord posted a profit of $630.9 million, or 68 cents a share, in the quarter ended Dec. 31, compared with $587.2 million, or 63 cents a share, a year earlier.

Core funds from operations, an operating metric that strips out certain items, came to $1.26 a share, up from $1.24 in the prior-year period and in line with analysts' estimates.

Revenue rose 7.8% to $1.89 billion, beating the $1.85 billion expected by analysts polled by FactSet.

Chief Executive Hamid Moghadam said the company sees uncertainties in the economic and geopolitical environment, but is positive about the outlook for this year.

Average occupancy was 97.1%, the same as in the previous quarter.

Prologis is expecting a full-year 2024 profit of $3.20 to $3.45 a share, compared with $3.29 in 2023.

The company is forecasting average occupancy of 96.5% to 97.5% for the full year.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

January 17, 2024 08:29 ET (13:29 GMT)

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