Prologis: Q4 Earnings Snapshot
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Audio By Carbonatix
7:18 AM on Tuesday, January 21
The Associated Press
SAN FRANCISCO (AP) — SAN FRANCISCO (AP) — Prologis Inc. (PLD) on Tuesday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.
The San Francisco-based real estate investment trust said it had funds from operations of $1.44 billion, or $1.50 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.38 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 $1.28 billion, or $1.37 per share.
The industrial real estate developer, based in San Francisco, posted revenue of $2.2 billion in the period. Its adjusted revenue was $1.94 billion, meeting Street forecasts.
For the year, the company reported funds from operations of $5.31 billion. Revenue was reported as $7.51 billion.
Prologis expects full-year funds from operations in the range of $5.65 to $5.81 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PLD at https://www.zacks.com/ap/PLD
