SAN FRANCISCO (AP) — 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 $1.38 billion, or $1.44 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.44 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 $1.4 billion, or $1.49 per share.
The industrial real estate developer, based in San Francisco, posted revenue of $2.25 billion in the period. Its adjusted revenue was $2.09 billion, missing Street forecasts. Three analysts surveyed by Zacks expected $2.17 billion.
For the year, the company reported funds from operations of $5.56 billion. Revenue was reported as $8.16 billion.
Prologis expects full-year funds from operations in the range of $6 to $6.20 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
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