Prologis Updates FY24 Outlook After Q3 Core FFO Rises

(RTTNews) - Prologis, Inc. (PLD), a logistics real estate company, on Wednesday updated its fiscal 2024 forecast after reporting growth in third-quarter core funds from operations or FFO and net earnings.

In pre-market activity on the Nasdaq, Lexicon shares were gaining around 1.5 percent to trade at $123.20.

Hamid Moghadam, co-founder and CEO of Prologis, said, "Looking ahead, the supply picture is improving, and the long-term demand drivers for our business remain strong."

For the year, the company tightened its outlook for core FFO attributable to stockholders/unitholders to $5.42 to $5.46 from previously expected $5.39 to $5.47.

Core FFO attributable, excluding Net Promote Income/ Expense is now expected at $5.49 to $5.53, compared to previous view of $5.46 to $5.54.

Net earnings attributable to stockholders are now projected at $3.35 to $3.45, compared to previous view of $3.25 to $3.45.

Analysts on average expect the company to report earnings of $3.15 per share for the year, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

In its third quarter, Prologis' core FFO attributable grew to $1.37 billion from last year's $1.24 billion. Core FFO Per share was $1.43, up 10% from $1.30 a year ago.

Core FFO, excluding Net Promote Income per share was $1.45, compared to $1.33 a year ago.

In the quarter, net earnings attributable climbed to $1 billion from $746 million last year. Net earnings per share went up 35% to $1.08 from $0.80 last year, primarily due to higher disposition gains.

Total revenues were $2.04 billion, higher than last year's $1.92 billion.

The Street was looking for earnings of $0.63 per share on revenues of $1.95 billion for the quarter.

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