SAN FRANCISCO (AP) — SAN FRANCISCO (AP) — Prologis Inc. (PLD) on Tuesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The real estate investment trust, based in San Francisco, said it had funds from operations of $1.16 billion, or $1.22 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 $463.2 million, or 50 cents per share.
The industrial real estate developer, based in San Francisco, posted revenue of $1.77 billion in the period. Its adjusted revenue was $1.63 billion, meeting Street forecasts.
Prologis expects full-year funds from operations in the range of $5.42 to $5.50 per share.
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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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