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Prologis’ Q4 results in line with analysts’ expectations

Portfolio occupancy holds at 97.1%

Prologis will host a call Wednesday at noon EDT to discuss fourth-quarter results. (Photo: Jim Allen/FreightWaves)

Logistics real estate operator Prologis reported fourth-quarter results that were in line with analysts’ expectations. The company’s first take at full-year 2024 guidance was also as expected.

The San Francisco-based company reported core funds from operations (FFO) of $1.26 per share, which was 2 cents higher year over year (y/y). Rental revenue of $1.76 billion was up 10.4%, pushing total consolidated revenue to $1.89 billion, 7.9% higher y/y.

In 2023, Prologis (NYSE: PLD) grew earnings by double-digit percentages for a fourth straight year.

“We closed 2023 adding another year of exceptional performance,” said Hamid Moghadam, co-founder and CEO, in a news release issued Wednesday before the market opened. “While uncertainties remain in the economic and geopolitical environment, we are positive about the outlook for 2024.”


The company’s full-year core FFO guidance of $5.42 to $5.56 per share bracketed the consensus estimate of $5.52 at the time of the print. Excluding net promote, the company’s outlook is $5.50 to $5.64 per share, or 9% higher y/y at the midpoint of the range.

During the fourth quarter, occupancy of 97.1% was flat with the third quarter but 90 basis points lower y/y. The company commenced leases representing 43.7 million square feet of space in the period, a 2.8% increase from the year-ago quarter. Net effective rent change (over the entire lease term) was 74.1%.

The company will host a call Wednesday at noon EST to discuss fourth-quarter results.

Table: Prologis’ key performance indicators

More FreightWaves articles by Todd Maiden


Todd Maiden

Based in Richmond, VA, Todd is the finance editor at FreightWaves. Prior to joining FreightWaves, he covered the TLs, LTLs, railroads and brokers for RBC Capital Markets and BB&T Capital Markets. Todd began his career in banking and finance before moving over to transportation equity research where he provided stock recommendations for publicly traded transportation companies.