Prologis Inc (PLD.N), one of the world's largest owners of warehouse and distribution centers, posted better-than-expected results for the second quarter and said rents and occupancy trends were improving. It also raised its forecast for cost savings from its merger with AMB Property and said on Thursday it expects second-half funds from operations at the high end of its prior outlook, sending its shares up 3.4 percent. Prologis said demand for top quality warehouse and distribution centers is exceeding expectations. "We've looked hard to find evidence of the slowing market," Hamid Moghadam, co-chief executive and chairman said in a conference call with analysts. "But if anything, we appear to be a little ahead of our expectations."
ProLogis is a global provider of industrial distribution facilities. Shares of PLD traded higher by 3.04% or $1.04/share to $35.29. 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 3958136.
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