Shares of Prologis Inc. PLD rallied 1.0% toward a four-month high in premarket trading Wednesday, after the logistics real estate investment trust reported fourth-quarter profit and revenue that beat expectations, even though the full-year outlook was a bit downbeat. Net income fell to $585.8 million, or 63 cents a share, from $1.25 billion, or $1.67 a share, in the year-ago period.
67 a share, in the year-ago period. Core funds from operations , which is an earnings measure used by REITs that excludes cost depreciation, asset sales and other nonrecurring items, rose to $1.24 from $1.12 and topped the FactSet consensus of $1.22. Total revenue grew 37.2% to $1.75 billion, well above the FactSet consensus of $1.42 billion, as rental revenue jumped 48.3% to $1.60 billion. Expense growth outpaced revenue growth, rising 43.6% to $1.15 billion. Average occupancy was 98.0%.
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