Prologis: 2Q Earnings Snapshot
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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.
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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.
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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.
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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