Prologis (PLD:NYE), a logistics real estate investment trust, released its Q4 2022 earnings report, revealing better-than-expected results.
The company’s revenue grew 37.2% YoY to $1.75 billion, exceeding analysts’ expectations of $1.42 billion, due to a 48% increase in rental revenues.
Additionally, the Q4 average occupancy level in Prologis’ owned and managed portfolio was 98%, and the retention rate was 82.4%. For the full year 2022, Prologis reported revenue of $6 billion, a 25.5% YoY increase.
Wall Street analysts have a Strong Buy consensus rating on Prologis stock, citing the company’s impressive dividend history and potential to beat the market averages.
The company also expects rent to increase by 10% in the United States and 9% globally, with an anticipated average occupancy level of 96.50-97.50%.
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets.
As of December 31, 2020, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties, and development projects expected to total approximately 984 million square feet (91 million square meters) in 19 countries.
Prologis leases modern logistics facilities to a diverse base of approximately 5,500 customers principally across two major categories: business-to-business and retail/online fulfillment.