11:04 AM EDT, 07/17/2024 (MT Newswires) -- (Updates with share price movement in the headline and first paragraph)

Prologis ( PLD ) shares rose around 6% in recent Wednesday trading after the company's Q2 results topped estimates while the real estate investment trust updated its guidance for 2024 core funds from operations.

Earlier in the day, the company reported Q2 core funds from operations of $1.34 per diluted share, compared with $1.83 a year earlier. Analysts polled by Capital IQ expected $1.07.

Total revenue for the quarter ended June 30 was $2.01 billion, down from about $2.45 billion a year earlier, but exceeding analysts' estimate of $1.86 billion.

The company said it now expects full-year 2024 core funds from operations of $5.39 to $5.47 per diluted share, from $5.37 to $5.47 previously. Analysts surveyed by Capital IQ expect $4.41.

Price: 128.70, Change: +7.21, Percent Change: +5.93