Have you been eager to see how Prologis Inc.’s PLD performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this San Francisco, CA – based industrial real estate investment trust’s (REIT) earnings release this morning:A FFO BeatPrologis came out with core funds from operations ("FFO") per share of 61 cents, beating the Zacks Consensus Estimate of 59 cents. Same store net operating income ("NOI") growth was primarily responsible for this earnings beat.How Was the Earnings Surprise Trend?Prologis has a mixed earnings surprise history. Before posting a beat in Q1, the company delivered a positive surprise in one out of prior four quarters and in-line results in the rest three occasions. Overall, the company surpassed the Zacks Consensus Estimate by an average of 0.81% in the trailing four quarters.Revenue Came Higher Than ExpectedPrologis posted revenues of $606 million, which beat the Zacks Consensus Estimate of $576 million. It compared favorably with the year-ago number of $463 million.Key Developments to Note:Prologis expects 2016 core FFO in the range of $2.50 – $2.60 per share, with year-end occupancy in the range of 96.0%–97.0% and GAAP same store NOI (Prologis share) of 4.0% to 4.5%.What Zacks Rank SaysPrologis currently has a Zacks Rank #2 (Buy). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.Note: FFO, a widely accepted and reported measure of the performance of REITs, is derived by adding depreciation, amortization and other non-cash expenses to net income.Check back later for our full write up on this PLD earnings report later!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PROLOGIS INC (PLD): Free Stock Analysis Report To read this article on Zacks.com click here.