SAN FRANCISCO (AP) _ Prologis Inc. (PLD) on Monday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in San Francisco, said it had funds from operations of $506.4 million, or 77 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 76 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 $383.8 million, or 60 cents per share.
The industrial real estate developer posted revenue of $790.4 million in the period. Its adjusted revenue was $700.7 million, missing Street forecasts. Five analysts surveyed by Zacks expected $705.5 million.
Prologis expects full-year funds from operations in the range of $3.26 to $3.30 per share.
The company's shares have climbed 36% since the beginning of the year, while the Standard & Poor's 500 index has increased 20%. The stock has climbed 22% in the last 12 months.