SAN FRANCISCO (AP) _ Prologis Inc. (PLD) on Tuesday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.

The real estate investment trust, based in San Francisco, said it had funds from operations of $688.9 million, or 90 cents per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 88 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 $298.7 million, or 40 cents per share.

The industrial real estate developer posted revenue of $1.08 billion in the period. Its adjusted revenue was $980.1 million, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $957.6 million.

Prologis expects full-year funds from operations in the range of $3.76 to $3.78 per share.

The company's shares have risen 16% since the beginning of the year, while the Standard & Poor's 500 index has increased 6%. The stock has increased 16% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PLD at https://www.zacks.com/ap/PLD

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