SAN FRANCISCO (AP) — SAN FRANCISCO (AP) — Prologis Inc. (PLD) on Thursday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in San Francisco, said it had funds from operations of $1.44 billion, or $1.50 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $1.48 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 $980.5 million, or $1.05 per share.
The industrial real estate developer, based in San Francisco, posted revenue of $2.3 billion in the period. Its adjusted revenue was $2.13 billion.
Prologis expects full-year funds from operations in the range of $6.07 to $6.23 per share.
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