Prologis: 4Q Earnings Snapshot
SAN FRANCISCO (AP) _ Prologis Inc. (PLD) on Tuesday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The San Francisco-based real estate investment trust said it had funds from operations of $526 million, or 80 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 79 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $596.6 million, or 94 cents per share.
The industrial real estate developer posted revenue of $807.1 million in the period. Its adjusted revenue was $679.2 million, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $663.5 million.
For the year, the company reported funds from operations of $1.79 billion, or $3.03 per share. Revenue was reported as $2.39 billion.
Prologis expects full-year funds from operations in the range of $3.12 to $3.20 per share.
The company’s shares have climbed 10 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 6.5 percent. The stock has climbed almost 5 percent in the last 12 months.