Justin Paget Introduction Prologis (NYSE:PLD) has underperformed the Vanguard Real Estate Index Fund ETF (VNQ) so far in 2024, delivering a circa 5% loss against the mid-single-digit gain for the benchmark ETF: PLD vs VNQ in 2024 (Seeking Alpha) Despite the underperformance, I reckon the shares are worth a Hold rating due to: A capital structure with only 22% debt, limiting the boost from Fed rate cuts. An elevated valuation in terms of Core FFO multiple and market-implied cap rate that decreases the ...

SAN FRANCISCO, Aug. 19, 2024 /PRNewswire/ -- Prologis, Inc. (NYSE:PLD), the global leader in logistics real estate, today announced that Ted Eliopoulos is joining the company as managing director, Strategic Capital. A seasoned and respected investment management executive, Eliopoulos will help Prologis continue to grow its private investment business, bringing years of experience and deep expertise. Eliopoulos will work closely with Karsten Kallevig, global head of Strategic Capital. Both leaders will repor ...

Justin Paget Summary Prologis (PLD) is the largest owner/operator of industrial real estate in the world. It is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of Q2 '24, it owns and/or manages ~1.2Bn of modern logistics facilities in 19 countries leased to a diverse base of ~6,700 tenants, largely in two major categories: B2B and retail/online fulfilment. We have followed its Series Q preferred shares since November of last year. At that time, we found the s ...

文章核心观点 - 公司第二季度核心FFO超出预期,但同比下降 [3] - 租金收入同比增长,但利息费用上升是一个负面因素 [4] - 公司管理层表示客户需求虽然疲软但正在改善,未来增长前景乐观 [5] 公司经营情况 - 公司租金收入为18.5亿美元,略低于预期,但同比增长 [6] - 公司拥有和管理的物业租赁面积达4660万平方英尺,租赁率为96.1% [7][8] - 公司净有效租金增长率为73.9%,现金租金增长率为51.4%,现金同店NOI增长7.2% [9] - 公司在第二季度完成2.79亿美元的物业收购,加上2.04亿美元的开发项目稳定,总处置和贡献额为9.4亿美元 [10] 财务状况 - 公司第二季度利息费用同比增加39%至2.083亿美元 [11] - 公司第二季度末现金及现金等价物为5.983亿美元,总流动性达64.5亿美元 [12] - 公司债务占总市值比例为23.7%,加权平均利率为3.1%,加权平均期限为9.3年 [13] - 公司及其合资企业在本季度发行了12亿美元的债务,加权平均利率为4.4%,加权平均期限为10.9年 [14] 指引调整 - 公司上调了2024年核心FFO指引至5.39-5.47美元,中值增加0.2% [15] - 公司维持了平均租赁率和现金同店NOI增长率的指引不变 [16] - 公司调高了资本部署指引,包括增加收购和处置的预期金额 [17]

PixelbizzIntroduction I wrote an article about Prologis (NYSE:PLD) a bit more than a year ago in July 2022: "Prologis: Deglobalization Could Be The Next Dominant Tailwind For This REIT." I rated Prologis as a "buy" due to "deglobalization" being a major tailwind for the stock. Since then, Prologis' stock has had a price return of -4.58% and a total return of -1.74% against the S&P 500's return of 18.62%. In my first article, I explained how deglobalization could unfold in the coming years and how that c ...

MEXICO CITY, Aug. 7, 2024 /PRNewswire/ -- FIBRA Prologis (BMV:FIBRAPL 14), a leading owner and operator of Class-A industrial real estate in Mexico, declared today a cash distribution of Ps. 1,049.5 million (US$54.2 million), or Ps. 0.6828 per Certificado Bursátil Fiduciario Inmobiliario ("CBFI") (US$ 0.0352 per CBFI).The distribution is payable August 20, 2024, to CBFI holders.Ex-dividend date of August 19, 2024.Record date of August 19, 2024.Legal Basis Concept Generated Payment Date Total Amount (Ps$) Nu ...

MEXICO CITY, Aug. 6, 2024 /PRNewswire/ -- FIBRA Prologis (BMV: FIBRAPL 14), a leading owner and operator of Class A industrial real estate in Mexico, has acquired a significant majority of Terrafina's CBFIs, representing 77.14% of the outstanding certificates. This move further solidifies FIBRA Prologis' position as a leading player in Mexico's industrial real estate sector."We are delighted to have secured control of Terrafina with more than three-quarters of shareholders supporting FIBRA Prologis' tender. ...

SAN FRANCISCO, Aug. 6, 2024 /PRNewswire/ -- FIBRA Prologis today closed on its tender offer to acquire shares of FIBRA Terrafina with 77.14% of all shares under FIBRA Prologis control. Prologis, Inc. (NYSE:PLD), the global leader of logistics real estate, sponsors FIBRA Prologis, which acquires, owns and manages Class-A industrial real estate in Mexico's most desirable economic markets.FIBRA Terrafina manages approximately 42.2 million square feet of industrial real estate across several key markets, which ...

MEXICO CITY, Aug. 6, 2024 /PRNewswire/ -- FIBRA Prologis (BMV: FIBRAPL 14), a leading owner and operator of Class A industrial real estate in Mexico, announces that the settlement of its tender offer (the "Offer") to acquire up to 100% of the real estate trust certificates (certificados bursátiles fiduciarios inmobiliarios) issued by CIBanco, S.A., Institución de Banca Múltiple, as trustee of the irrevocable trust agreement number F/00939 ("Terrafina"), identified with ticker symbol "TERRA 13" ("Terrafina C ...

文章核心观点 - 瑞金地产公司(Regency Centers Corporation)宣布任命Gary E. Anderson为公司董事会的新成员 [1][2][3] - Anderson此前在普洛格斯公司(Prologis, Inc.)担任高管职务,拥有丰富的商业地产开发、运营和资本市场方面的经验 [3] - 安德森的加入将进一步加强和丰富公司董事会的视角和集体智慧 [2] 公司概况 - 瑞金地产公司是一家全国性的购物中心所有者、运营商和开发商,主要位于郊区贸易区,拥有优质的人口统计特征 [4] - 公司的投资组合包括繁荣的物业,主要租户包括高产的杂货店、餐厅、服务提供商和一流的零售商 [4] - 瑞金地产公司是一家自主管理的房地产投资信托基金(REIT),是标准普尔500指数成分股 [4] 管理团队 - Gary E. Anderson此前在普洛格斯公司担任首席运营官和欧洲及亚洲首席执行官等高管职务 [3] - Anderson拥有加州洛杉矶大学安德森管理学院的工商管理硕士学位,以及华盛顿州立大学市场营销学士学位 [3]