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Prologis Q2 FFO Rises, Lifts FY Profit View; To Buy IPT For $3.99 Bln

Prologis Inc. (PLD) reported that its second-quarter funds from operation attributable to common stockholders/unitholders rose to $681.29 million from $537.43 million in the previous year.

Prologis also said it agreed to acquire Industrial Property Trust or IPT's wholly owned real estate assets for about $3.99 billion in a cash transaction, including the assumption and repayment of debt.

The transaction is currently expected to close in the fourth quarter of 2019/first quarter of 2020. The deal is expected to be accretive to annual Core funds from operation by approximately $0.05- $0.061 per share, on a stabilized basis.

Prologis's net earnings attributable to common stockholders for the second quarter increased to $383.78 million or $0.60 per share from $334.61 million or $0.62 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.

Core funds from operations per diluted share was $0.77 for the quarter compared with $0.71 for the same period in 2018.

Rental revenue rose to $700.69 million from $544.68 million in the prior year. Analysts expected revenue of $724.99 million for the quarter.

Total revenues for the quarter grew to $790.37 million from $621.28 million last year.

The company raised its fiscal year 2019 net earnings outlook to a range of $2.38 to $2.46 from the prior estimation of $2.08 - $2.18 per share. Analysts expect the company to report earnings of $1.71 per share for 2019.

The company also increased its fiscal year 2019 Core funds from operation guidance to a range of $3.26 to $3.30 from the prior outlook of $3.20 - $3.26 per share.

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