SAN FRANCISCO (AP) — SAN FRANCISCO (AP) — Prologis Inc. (PLD) on Wednesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in San Francisco, said it had funds from operations of $1.36 billion, or $1.42 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.38 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 $591.5 million, or 63 cents per share.
The industrial real estate developer, based in San Francisco, posted revenue of $2.14 billion in the period. Its adjusted revenue was $1.99 billion.
Prologis expects full-year funds from operations in the range of $5.65 to $5.81 per share.
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