SAN FRANCISCO (AP) _ Prologis Inc. (PLD) on Tuesday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The San Francisco-based real estate investment trust said it had funds from operations of $853.5 million, or $1.11 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 99 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 $404.5 million, or 54 cents per share.
The industrial real estate developer posted revenue of $1.27 billion in the period. Its adjusted revenue was $944.4 million, also topping Street forecasts. Three analysts surveyed by Zacks expected $927.3 million.
Prologis expects full-year funds from operations in the range of $3.70 to $3.75 per share.
The company's shares have risen slightly more than 6% since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 1%. The stock has climbed 15% in the last 12 months.