Prologis: 4Q Earnings Snapshot
SAN FRANCISCO (AP) _ Prologis Inc. (PLD) on Wednesday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The real estate investment trust, based in San Francisco, said it had funds from operations of $551.4 million, or 84 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 84 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 $385.5 million, or 61 cents per share.
The industrial real estate developer posted revenue of $826 million in the period. Its adjusted revenue was $723.9 million, missing Street forecasts. Four analysts surveyed by Zacks expected $726.7 million.
For the year, the company reported funds from operations of $2.16 billion, or $3.31 per share. Revenue was reported as $2.83 billion.
Prologis expects full-year funds from operations in the range of $3.67 to $3.75 per share.
The company’s shares have climbed 7% since the beginning of the year, while the Standard & Poor’s 500 index has increased almost 3%. The stock has increased 48% in the last 12 months.