Prologis, Inc. announced earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total revenues of $620,115,000 compared with $643,201,000 for the same period a year ago. Operating income was $164,208,000 compared with $105,551,000 for the same period a year ago. Earnings before income taxes was $484,668,000 compared with $128,777,000 for the same period a year ago. Consolidated net earnings was $466,702,000 compared with $126,757,000 for the same period a year ago. Net earnings attributable to common stockholders was $440,539,000 compared with $118,363,000 for the same period a year ago. Core FFO was $344,787,000 compared with $345,758,000 for the same period a year ago. AFFO was $430,565,000 compared with $300,963,000 for the same period a year ago. Adjusted EBITDA was $640,921,000 compared with $514,705,000 for the same period a year ago. Net earnings per diluted share was $0.82 for the quarter compared with $0.23 for the same period in 2015. The year-over-year increase is due primarily to improved operating conditions and higher net promote income. Core funds from operations per diluted share was $0.63 for the quarter compared with $0.64 for the same period in 2015. The 15% annual year-over-year increase reflects improved operating conditions and higher net promote income.

For the full year, the company reported total Revenue was $2,533,135,000 compared with $2,197,074,000 for the same period a year ago. Operating income was $668,378,000 compared with $380,172,000 for the same period a year ago. Earnings before income taxes was $1,347,104,000 compared with $948,605,000 for the same period a year ago. Consolidated net earnings was $1,292,540,000 compared with $925,515,000 for the same period a year ago. Net earnings attributable to common stockholders was $1,203,218,000 compared with $862,788,000 for the same period a year ago. Core FFO was $1,400,498,000 compared with $1,181,290,000 for the same period a year ago. AFFO was $1,405,007,000 compared with $1,159,701,000 for the same period a year ago. Adjusted EBITDA was $2,222,503,000 compared with $1,936,351,000 for the same period a year ago. Net earnings per diluted share was $2.27 for the year compared with $1.64 for the same period in 2015. The year-over-year increase is due primarily to improved operating conditions and higher net promote income. Core funds from operations per diluted share was $2.57 for the year compared with $2.23 for the same period in 2015. The 15% annual year-over-year increase reflects improved operating conditions and higher net promote income.


The company provided earnings guidance for the full year of 2017. For the year, the company expects net earnings per share in the range of $1.55 to $1.70 and core FFO per share in the range of $2.60 to $2.70.