Prologis Inc. (PLD) has announced an increase in its third-quarter net earnings attributable to common stockholders, reaching $1 billion or $1.08 per share. This compares to $746.17 million or $0.80 per share from the same period last year, driven largely by higher gains on disposals. This result surpassed the expectations of analysts surveyed by Thomson Reuters, who had anticipated earnings of $0.63 per share for the quarter, typically omitting special items in their estimates.
The company's core funds from operations (FFO) per share stood at $1.43, up from $1.30 in the previous year. Excluding net Promote income or expenses, core FFO per share increased by 9.0% to $1.45.
Rental revenues for the quarter climbed to $1.90 billion, an increase from the $1.78 billion reported the previous year. Total quarterly revenues also saw growth, rising to $2.04 billion from $1.92 billion. Analysts had projected revenues of $1.95 billion for the quarter.
For the fiscal year 2024 outlook, Prologis now anticipates net earnings per share will range between $3.35 and $3.45, slightly adjusting the previous forecast of $3.25 to $3.45. The company also revises its annual core FFO per share estimation to between $5.42 and $5.46, as opposed to the earlier forecast of $5.39 to $5.47. Additionally, excluding net promote income or expenses, the annual core FFO is expected to be between $5.49 and $5.53, compared to the previous range of $5.46 to $5.54.
