SAN FRANCISCO (AP) — SAN FRANCISCO (AP) — Prologis Inc. (PLD) on Wednesday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.

The San Francisco-based real estate investment trust said it had funds from operations of $1.22 billion, or $1.28 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.28 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 $584.3 million, or 63 cents per share.

The industrial real estate developer, based in San Francisco, posted revenue of $1.96 billion in the period. Its adjusted revenue was $1.83 billion, topping Street forecasts. Four analysts surveyed by Zacks expected $1.81 billion.

Prologis expects full-year funds from operations in the range of $5.37 to $5.47 per share.

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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