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

The real estate investment trust, based in San Francisco, said it had funds from operations of $1.18 billion, or $1.24 per share, in the period.

The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.21 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 $585.8 million, or 63 cents per share.

The industrial real estate developer, based in San Francisco, posted revenue of $1.75 billion in the period. Its adjusted revenue was $1.59 billion, also beating Street forecasts. Six analysts surveyed by Zacks expected $1.41 billion.

For the year, the company reported funds from operations of $4.19 billion. Revenue was reported as $4.91 billion.

Prologis expects full-year funds from operations in the range of $5.40 to $5.50 per share.

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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