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Nick Tillman

Senior Research Analyst at Baird Financial Group, Inc.

Nick Thillman is a Senior Research Analyst at Baird specializing in Real Estate, with a focus on Office, Industrial, and Healthcare REITs. He covers prominent companies in these sectors and leverages more than eight years of experience at Baird, previously serving as a research associate on the Real Estate Team for four years before advancing to his current leadership role. Thillman holds a BA in Economics from Ripon College and an MS in Finance from the University of Wisconsin-Milwaukee, establishing a strong academic foundation for his market insights. His professional credentials reflect significant domain expertise in institutional equity research and real estate investment analysis.

Nick Tillman's questions to Prologis (PLD) leadership

Question · Q3 2025

Nick Tillman inquired about credit risk and private credit, asking if anything in the portfolio or broader market is causing concern regarding vacancy peaking and building occupancy.

Answer

CFO Tim Arndt stated that there isn't a pause in the way the question was asked. He acknowledged elevated bad debt expense, expecting it to be in the 40s basis points on revenue for the year, which is below past crises, attributing this to improved customer selection and credit health of the portfolio.

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