Prologis: 3Q Earnings Snapshot
{{#rendered}} {{/rendered}}SAN FRANCISCO (AP) _ Prologis Inc. (PLD) on Tuesday 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 $427.9 million, or 72 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.
{{#rendered}} {{/rendered}}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 $346.3 million, or 60 cents per share.
The industrial real estate developer posted revenue of $682.4 million in the period. Its adjusted revenue was $609 million, which also topped Street forecasts. Three analysts surveyed by Zacks expected $587.2 million.
{{#rendered}} {{/rendered}}Prologis expects full-year funds from operations in the range of $3.01 to $3.03 per share.
The company's shares have decreased 2 percent since the beginning of the year, while the Standard & Poor's 500 index has risen nearly 3 percent. The stock has dropped slightly more than 3 percent in the last 12 months.
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{{#rendered}} {{/rendered}}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