Prologis, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015
For the year, the company reported net earnings attributable to common stockholders of $622,235,000 or $1.24 diluted per share on total revenue of $1,760,787,000 against $315,422,000 or $0.64 diluted per share on total revenue of $1,750,486,000 a year ago. Operating income was $319,808,000 against $304,412,000 a year ago. Earnings before income taxes were $713,628,000 against $336,262,000 a year ago. Earnings from continuing operations were $739,284,000 against $229,529,000 a year ago. Consolidated net earnings were $739,284,000 against $353,049,000 a year ago. Diluted core FFO was $970,340,000 against $832,992,000 a year ago. FFO was $887,509,000 against $855,173,000 a year ago. Core FFO was $953,147,000 or $1.88 diluted per share against $813,224,000 or $1.65 diluted per share a year ago. Core AFFO was $753,475,000 against $580,844,000 a year ago. Adjusted EBITDA was $1,463,383,000 compared to $1,384,274 a year ago.
For the full year 2015, the company provided core FFO guidance range of $2.04 to $2.12 per diluted share, representing 11% growth at the midpoint compared with full year 2014. The company expects to recognize net earnings, for GAAP purposes, of $0.40 to $0.48 per share. The company is forecasting that the increase in NOI from development stabilizations will be the large driver of its 2015 core FFO growth. GAAP same-store NOI on an owned and managed basis is expected to grow between 3.5% and 4.5%.