Prologis Inc (PLD.N), one of the world's largest owners of warehouse and distribution centers, posted higher-than-expected funds from operations for the second quarter and said rents and occupany trends were improving. It also raised its forecast for cost savings from its merger with AMB Property and said it expects second-half FFO at the high end of its prior outlook, sending its shares up 2.5 percent. "We knew the second quarter would be noisy as it reflects a partial quarter of the merged company, but the bottom-line result and guidance look solid," UBS analyst Ross Nussbaum wrote in a note. The San Francisco-based company's second-quarter results include one month combined with AMB after the merger closed on June 3. The results also include one month from its controlling interest in a spinoff, Prologis European Properties.
ProLogis is a global provider of industrial distribution facilities. Shares of PLD traded higher by 2.45% or $0.84/share to $35.09. In the past year, the shares have traded as low as $22.97 and as high as $37.46. On average, 4314730 shares of PLD exchange hands on a given day and today's volume is recorded at 974643.
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