SAN FRANCISCO – SAN FRANCISCO (AP) _ Prologis Inc. (PLD) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The San Francisco-based real estate investment trust said it had funds from operations of $443 million, or 80 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 74 cents 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 $365.9 million, or 68 cents per share.
The industrial real estate developer posted revenue of $693.7 million in the period. Its adjusted revenue was $560.7 million, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $547.4 million.
Prologis expects full-year funds from operations in the range of $2.95 to $3.01 per share.
The company's shares have dropped 3 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has climbed 13 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on PLD at https://www.zacks.com/ap/PLD