Prologis Inc. PLD came up with first-quarter 2016 core funds from operations (“FFO”) per share of 61 cents, beating the Zacks Consensus Estimate of 59 cents and improving from the year-ago quarter figure of 49 cents. Results were driven by growth in same store net operating income (“NOI”) and occupancy gains.We expect the outperformance to lead to stock movement.Revenues came in at $606 million against $463 million reported in the year-ago period. Moreover, Prologis share of revenues amounted to $677 million compared with $579 million in the year-ago quarter. The Zacks Consensus Estimate was $576 million.At the end of the first quarter, occupancy level in the company’s operating portfolio was 96.1%, up 20 basis points year over year.Quarter in DetailDuring first-quarter 2016, Prologis signed 46 million square feet of leases in its owned and managed portfolio compared with 39 million square feet in the year-ago period. Customer retention was 84.4% against 86.3% in the comparable prior-year period.Prologis' share of GAAP rent change on rollovers was +20.1% in the reported quarter compared with +11.5% a year ago, reflecting 27.3% growth in the U.S. portfolio. Also Prologis' share of same-store NOI (on a GAAP basis) registered 7.4% growth, up from 3.7% increase reported in the prior-year period, driven by 9.6% growth in the U.S.In the first-quarter of 2016, Prologis' share of building acquisitions amounted to $46 million, development stabilization aggregated $468 million with 63% being outside the U.S., and development starts totaled $193 million. Further, its total dispositions and contributions were $617 million.Moreover, during the quarter, the company completed $1.2 billion of refinancings. It also completely retired the $400 million short-term financing related to the acquisition of the KTR real estate portfolio.LiquidityPrologis exited first-quarter 2016 with cash and cash equivalents of $369.7 million, up from $264.1 million at the end of the prior year.Outlook 2016Prologis expects 2016 core FFO in the range of $2.50–$2.60 per share. The Zacks Consensus Estimate, which is pegged at $2.55, lies within this range. Moreover, the company projects year-end occupancy in the range of 96.0–97.0% and GAAP same store NOI (Prologis share) of 4.0% to 4.5%.Our TakeAmid decent growth in the industrial market, thanks to the rapidly growing e-commerce industry, demand for logistics infrastructure and efficient distribution networks is increasing, giving Prologis ample scope to leverage growth opportunities.Prologis currently carries a Zacks Rank #2 (Buy).We now look forward to the earnings releases of the other REITs like UDR, Inc. UDR, Simon Property Group Inc. SPG and Boston Properties Inc. BXP. Each of these companies is scheduled to release its results in the next week.Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.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 SIMON PROPERTY (SPG): Free Stock Analysis Report UDR INC (UDR): Free Stock Analysis Report PROLOGIS INC (PLD): Free Stock Analysis Report BOSTON PPTYS (BXP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research