SAN FRANCISCO – SAN FRANCISCO (AP) _ Prologis Inc. (PLD) on Tuesday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The San Francisco-based real estate investment trust said it had funds from operations of $391.6 million, or 71 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 71 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 $334.6 million, or 62 cents per share.
The industrial real estate developer posted revenue of $621.3 million in the period. Its adjusted revenue was $544.7 million, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $560.6 million.
Prologis expects full-year funds from operations in the range of $2.98 to $3.02 per share.
The company's shares have increased roughly 1 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 5 percent. The stock has climbed 12 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