By Dave Sebastian
Prologis Inc. said its profit for the fourth quarter fell due to lower gains on dispositions and higher costs from early extinguishment of debt, though revenue rose.
The owner of warehouses and other properties for logistics uses on Tuesday posted a profit of $281.9 million, or 38 cents a share, compared with $387 million, or 61 cents a share, in the comparable quarter last year.
Core funds from operations was 95 cents a share. Analysts polled by FactSet were looking for 92 cents a share.
Revenue rose 34.6% to $1.11 billion. Analysts were looking for $991.9 million.
Average occupancy for owned and managed properties were 95.8% for the quarter.
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(END) Dow Jones Newswires
January 26, 2021 08:36 ET (13:36 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.