This Magnificent Growth Stock Is Optimistic 2024 Will Be Another Great Year
Last year was a turbulent one for the global real estate sector. Rising interest rates increased borrowing costs, which also weighed on the value of many properties.
However, those more challenging market conditions didn't stop Prologis (NYSE: PLD) from having another strong year. The leading industrial REIT grew its core funds from operations (FFO) by 11%. That was its fourth straight year of delivering double-digit earnings growth. It has now expanded its core FFO at a 10.3% compound annual rate since the merger that formed it a dozen years ago. It's optimistic that 2024 will be another great year. Here's what's driving that positive view.
Prologis' management team discussed its outlook for 2024 on their recent fourth-quarter conference call. CFO Tim Arndt commented, "We know that the market is not yet out of the woods with regards to incoming supply, but the combination of a stronger backdrop, continued low level of starts, and a calmer capital markets environment has us optimistic that 2024 will be another great year."
Source Fool.com
