Wed, Jan 19, 2022 5:25 AM
SAN FRANCISCO (AP) _ Prologis Inc. (PLD) on Wednesday 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 $860.5 million, or $1.12 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.10 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 $1.25 billion, or $1.67 per share.
The industrial real estate developer, based in San Francisco, posted revenue of $1.28 billion in the period. Its adjusted revenue was $1.07 billion, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $1.06 billion.
For the year, the company reported funds from operations of $3.17 billion. Revenue was reported as $4.15 billion.
Prologis expects full-year funds from operations in the range of $5 to $5.10 per share.