SAN FRANCISCO (AP) — SAN FRANCISCO (AP) — Prologis Inc. (PLD) on Wednesday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The San Francisco-based real estate investment trust said it had funds from operations of $1.37 billion, or $1.43 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.37 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 $1 billion, or $1.08 per share.
The industrial real estate developer, based in San Francisco, posted revenue of $2.04 billion in the period. Its adjusted revenue was $1.9 billion, which matched Street forecasts.
Prologis expects full-year funds from operations in the range of $5.42 to $5.46 per share.
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