Prologis: 4Q Earnings Snapshot

SAN FRANCISCO (AP) _ Prologis Inc. (PLD) on Tuesday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.

The real estate investment trust, based in San Francisco, said it had funds from operations of $722.9 million, or 95 cents per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 92 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 $280.5 million, or 38 cents per share.

The industrial real estate developer posted revenue of $1.11 billion in the period. Its adjusted revenue was $987.8 million, missing Street forecasts. Three analysts surveyed by Zacks expected $995.3 million.

For the year, the company reported funds from operations of $2.86 billion, or $3.80 per share. Revenue was reported as $3.79 billion.

Prologis expects full-year funds from operations in the range of $3.88 to $3.98 per share.

The company's shares have increased 3% since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 3%. The stock has increased slightly more than 7% in the last 12 months.

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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