Prologis Earnings: Management Gave Decent 2024 Guidance as Industrial Fundamentals Remain Robust

No-moat-rated Prologis reported a good set of numbers in its fourth-quarter results as the firm recorded core funds from operations, or FFO, of $1.26 per share, 1.6% higher than the $1.24 in FFO generated during the fourth quarter of 2022. Excluding promote income (revenue earned from third-party investors net of related compensation expenses, taxes, and foreign currency derivative gains or losses) within the strategic capital segment, which tends to be lumpy, the company reported core FFO of $1.29 per share, 4.8% higher than the $1.23 in FFO reported in the year-ago period.