Why Industrial REIT Prologis Shares Are Trading Higher Today
Portfolio Pulse from Lekha Gupta
Prologis, Inc. (NYSE:PLD) shares are trading higher after reporting second-quarter FY24 results. Despite missing rental revenue estimates, the company exceeded core funds from operations expectations. Prologis raised its FY24 guidance for net earnings per share and core FFO. The company also issued $1.2 billion of debt and launched a $1 billion commercial-paper program. Shares are up 5.13%.
July 17, 2024 | 2:04 pm
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POSITIVE IMPACT
Pacer Industrial Real Estate ETF (INDS) may see positive movement as Prologis, a significant holding, reported strong Q2 FY24 results and raised its FY24 guidance.
As Prologis is a significant holding in the Pacer Industrial Real Estate ETF, the positive earnings report and raised guidance for Prologis are likely to have a favorable impact on INDS.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Prologis shares are up 5.13% after reporting Q2 FY24 results. Despite missing rental revenue estimates, core FFO exceeded expectations. The company raised its FY24 guidance for net earnings per share and core FFO.
The positive movement in Prologis shares is driven by the company's better-than-expected core FFO and raised FY24 guidance, which outweigh the missed rental revenue estimates.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
SP Funds S&P Global REIT Sharia ETF (SPRE) may experience positive effects due to Prologis' strong Q2 FY24 results and raised FY24 guidance, as Prologis is a key component.
Given that Prologis is a key component of the SP Funds S&P Global REIT Sharia ETF, the positive earnings report and raised guidance for Prologis are likely to benefit SPRE.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50