ProLogis (PLD.N) and AMB Property Corp (AMB.N), the largest U.S. owners of warehouses and distribution centers, reported higher quarterly funds from operations as leasing activity increased, underscoring the rebound in the sector known as "industrial real estate." The sector is in the very early stages of a recovery, with a record high vacancy rate beginning to drift down, but not enough yet to stop rents from falling. "The underlying results continue to highlight an ongoing recovery in the global industrial real estate market," RBC Capital Markets analyst Dave Rodgers said.
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