Prologis, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Earnings Guidance for the Full Year 2014
For the year, the company reported net earnings attributable to common stockholders was $315,422,000 or $0.64 diluted per share on revenue of $1,750,486,000 against net loss attributable to common stockholders of $80,946,000 or $0.18 diluted per share on revenue of $1,960,518,000 a year ago. Operating income was $304,412,000 against $92,983,000 a year ago. Earnings before income taxes was $336,262,000 against loss before income taxes of $102,817,000 a year ago. Earnings from continuing operations was $229,529,000 against loss from continuing operations of $106,397,000 a year ago. Consolidated net earnings was $353,049,000 against consolidated net loss of $30,472,000 a year ago. Core FFO was $813,224,000 or $1.65 diluted per share against $813,863,000 or $1.74 diluted per share a year ago. Core AFFO was $580,844,000 against $563,180,000 a year ago. FFO was $874,941,000 or $1.73 diluted per share against negative FFO of $552,662,000 or $1.19 diluted per share a year ago.
For 2014, the company expects core FFO range of $1.74 to $1.82 per diluted share. On a GAAP basis, the company expects net income to range between $0.02 to $0.10 per share. GAAP same-store NOI to increase between 3% and 4%. The company expects G&A to range between $230 million and $240 million. This is an increase of 2.5% at the midpoint, which is about half of the expected growth of AUM for 2014. For capital deployment, 2014 forecast is between $2.3 billion and $3.2 billion.