Prologis(PLD) ZACKS·2025-01-22 18:06Earnings Performance - Core FFO per share for Q4 2024 was $1.50, surpassing the Zacks Consensus Estimate of $1.38 [1] - Rental revenues for Q4 2024 were $1.94 billion, missing the Zacks Consensus Estimate by 0.09% [1] - Core FFO per share increased 19% year over year, while rental revenues increased 10.3% year over year [2] - For full-year 2024, core FFO per share was $5.56, down 0.9% from the previous year but beating the Zacks Consensus Estimate of $5.45 [2] - Full-year 2024 rental revenues were $7.51 billion, up 10.2% year over year but slightly missing the consensus mark of $7.52 billion [2] Revenue Breakdown - Rental revenues increased 10.3% year over year to $1.94 billion in Q4 2024, only 0.2% lower than estimates [3] - Strategic capital revenues grew 95.4% year over year to $253.4 million, significantly higher than the estimate of $124.4 million [3] - Development management and other revenues increased 167.9% year over year to $9.8 million, higher than the estimate of $2 million [3] - Rental & other revenues totaled $1.95 billion, up 10.7% from the prior-year quarter but 0.1% lower than estimates [4] Occupancy and Financial Position - Average occupancy as of Dec 31, 2024, was 95.6%, down 150 basis points from 97.1% as of Dec 31, 2023, and lower than the consensus estimate of 95.85% [5] - Cash and cash equivalents at the end of Q4 2024 were $1.32 billion, up from $780.9 million at the end of Q3 2024 [6] - Total liquidity at the end of Q4 2024 amounted to $7.38 billion [6] 2025 Guidance - Core FFO per share guidance for 2025 is in the range of $5.65-$5.81, compared to the Zacks Consensus Estimate of $5.79 [7] - Average occupancy for 2025 is expected to be between 94.5% and 95.5% [7] - Cash same-store NOI (Prologis share) is projected to grow 4-5% in 2025 [7] - Capital deployment for development starts is projected at $2.25-$2.75 billion, with acquisitions spending estimated at $750 million-$1.25 billion and dispositions at $1.00-$1.50 billion [8] Upcoming Earnings Releases - BXP, Inc (BXP) is expected to report Q4 2024 FFO per share of $1.79, implying a year-over-year decrease of 1.7% [10] - Terreno Realty (TRNO) is expected to report Q4 2024 FFO per share of 62 cents, suggesting a year-over-year increase of 6.9% [11]