Prologis
Q4 2022 Earnings Call
Jan 18, 2023, 12:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Greetings, and welcome to the Prologis fourth quarter 2022 earnings conference call. [Operator instructions] I will now turn the conference over to our host, Jill Sawyer, vice president, investor relations. Thank you. You may begin.
Jill Sawyer -- Vice President, Investor Relations
Thanks, Diego, and good morning, everyone. Welcome to our fourth quarter 2022 earnings conference call. The supplemental document is available on our website at prologis.com, under investor relations. I'd like to state that this conference call will contain forward-looking statements under federal securities laws.
These statements are based on current expectations, estimates, and projections about the market and the industry in which Prologis operates, as well as management's beliefs and assumptions. Forward-looking statements are not guarantees of performance, and actual operating results may be affected by a variety of factors. For a list of those factors, please refer to the forward-looking statement notice in our 10-K or other SEC filings. Additionally, our fourth quarter results, press release, and supplemental do contain financial measures, such as FFO and EBITDA, that are non-GAAP measures.
And in accordance with Reg G, we have provided a reconciliation to those measures. I'd like to welcome Tim Arndt, our CFO, who will cover results, real-time market conditions, and guidance. Hamid Moghadam, our CEO, and our entire executive team are also with us today. With that, I'll hand the call over to Tim.
Tim Arndt -- Chief Financial Officer
Thanks, Jill. Good morning, everybody, and welcome to our fourth quarter earnings call. Let me begin by thanking our global team for delivering an excellent quarter and year. We've had outstanding results despite challenging headwinds from the capital markets and the overall economic backdrop.
In the face of this, our focus has been to serve our customers and investors, putting our heads down and executing on our long-term plan. As you see in our results, our portfolio is in excellent shape, driven by still strong demand and a continued lack of availability. This foundation for our business not only drove our nearly 13% increase in year-over-year core earnings, but it also sets up the company for sustainable growth for years to come. Turning to results.
Core FFO excluding promotes was $4.61 per share, and including promotes was $5.16 per share, ahead of our forecast. In the fourth quarter, our operating results again generated several new records. Occupancy increased to 98.2% with retention of 82%. The Prologis portfolio, excluding Duke, added 30 of the 40 basis-point increase over the quarter.