Industrial REITs rise on Prologis cheer

EastGroup Properties

17/07/2024 17:51

** Shares of industrial REITs gain on Weds in wake of
Prologis Inc's  PLD.N  improving outlook
    ** PLD shares jumped >6% to over 3-mth high on the session
after warehouse-focused REIT raised annual FFO forecast on
better demand, data center strength
    ** "While customer demand remains subdued, it is improving,
and we expect that trend to continue as the construction
pipeline shrinks" - PLD CEO Hamid Moghadam
    ** Other industrial REITs climb: First Industrial  FR.N  2%,
Rexford Industrial Realty  REXR.N  1%, EastGroup Properties
 EGP.N  >1%, STAG Industrial  STAG.N  ~2%, Terreno Realty
 TRNO.N  ~1%
    ** Shares of cold storage REIT Americold Realty  COLD.N  up
1% on Weds
    ** Americold rival Lineage  LINE.O  on Tues launched
marketing for IPO targeting up to $3.85 bln raise, in what could
be 2024's biggest new listing

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))