Colony Capital (CLNY), which holds real-estate assets, reported second-quarter results that came in below analysts’ expectations on Friday as the company said it’s mulling the sale of its “multi-billion dollar” industrial portfolio.

Revenue slowed to $573.4 million from $615.5 million in the same period of 2018, and well below the consensus on Capital IQ, which was for $669.5 million. Core funds from operations fell to $0.11 a share compared with $0.20 a share last year. Analysts were expecting $0.18 a share.

Colony said it has engaged advisers to market its industrial portfolio, possibly including the related management platform. It’s looking to complete a sale by the end of the year, although they can’t say whether a deal will be made in that timeframe, or at all.

“There has been significant appreciation in the value of our industrial portfolio driven by favorable operating fundamentals and strong investor demand for light industrial assets,” the Los Angeles-based company founded by Thomas Barrack Jr. said in a statement.

Shares were down nearly 4% in pre-market trading Friday morning.

Bloomberg reported last month that the firm was exploring the sale of Colony Industrial and said the sale of the unit could fetch more than $5 billion, according to people who weren’t identified. The company’s light-industrial portfolio includes about 450 properties and almost 60 million square feet of space, it said on Friday.