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2014/01/31/(Fri)

Prologis Announces Fourth Quarter and Full Year 2013 Earnings Results [Real Estate]

Leased record 43.7 million square feet in Q4 and 152 million square feet in 2013 -
- Occupancy increased to 95.1 percent at year end -
- $426 million in estimated value creation with estimated margin of 30.4 percent from 2013 stabilizations -
- Raised record $4.1 billion of third-party equity in 2013 -
SAN FRANCISCO, Jan. 30, 2014 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the leading global owner, operator and developer of industrial real estate, today reported results for the fourth quarter and full year 2013.

Core funds from operations (Core FFO) per fully diluted share was $0.43 for the fourth quarter 2013 compared to $0.42 for the same period in 2012. Core FFO per fully diluted share in 2013 was $1.65 compared to $1.74 for 2012.

Net earnings per fully diluted share was $0.12 for the fourth quarter 2013 compared to a net loss of $0.50 for the same period in 2012. Net earnings per share was $0.64 for 2013 compared to a net loss of $0.18 in 2012. The year-over-year increase was primarily due to gains on the disposition of assets.

"Our financial and operating results for the fourth quarter and full year reflect the strong market fundamentals that continued throughout 2013," said Hamid R. Moghadam, chairman and CEO, Prologis. "We significantly increased occupancy with solid rent growth, exceeded our value creation objectives with above-average development margins, and substantially grew our Investment Management business."

"As we look forward, the combination of rental growth, the profitable build-out of our land bank, and improvements in efficiencies resulting from our global scale sets us up well for an extended period of robust earnings growth," Moghadam added.

Posted at 21:20

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