By Dean Seal
Prologis Inc. said revenue rose by more than a third in the fourth quarter as the average occupancy of its properties continued to edge higher, though earnings took a step back.
The San Francisco-based industrial-property landlord posted earnings of $587.2 million, or 63 cents a share, compared with $1.25 billion, or $1.67 a share, in the same quarter a year ago. Analysts polled by FactSet had been expecting 61 cents a share.
Core funds from operations, a measure of operating performance, came in at $1.24 a share, two cents above the analyst consensus, according to FactSet.
Total revenue rose to $1.75 billion from $1.28 billion last year, topping analyst expectations of $1.42 billion.
Average occupancy in Prologis's owned and managed portfolio ticked up to 98% from 97.7% in the prior quarter.
Chief Executive Hamid R. Moghadam commended the company's performance "in the face of a slowing economy," he said, adding that "it will likely take a few quarters before we see meaningful price discovery, and normalization of values."
Shares advanced 1%, to $122.68, in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
01-18-23 0839ET