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    Prologis (PLD)

    Prologis, Inc. is a global leader in logistics real estate, operating in high-barrier, high-growth markets across 19 countries on four continents . The company is structured into two main operating segments: the Real Estate Segment and the Strategic Capital Segment. Prologis focuses on owning, leasing, and developing logistics properties, with rental operations being the primary revenue driver . Additionally, the company manages unconsolidated co-investment ventures and has launched new business lines under the Essentials umbrella, focusing on energy, mobility, and operational essentials .

    1. Real Estate Segment - Owns, leases, and develops logistics properties, with rental operations as the primary revenue driver through operating leases and property cost reimbursements .
    2. Strategic Capital Segment - Manages unconsolidated co-investment ventures, generating revenue through asset and property management services, and is capitalized through private and public equity .
    3. Essentials - Focuses on new business lines in energy, mobility, and operational essentials, expected to grow significantly in the future .

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    NamePositionExternal RolesShort Bio

    Hamid R. Moghadam

    ExecutiveBoard

    Chairman of the Board & CEO

    Board Member at Stanford Management Company

    Co-founded Prologis; CEO since 2012; built Prologis into the largest publicly traded industrial REIT globally.

    View Report →

    Carter H. Andrus

    Executive

    Chief Operating Officer (COO)

    None

    Joined Prologis in 2008; became COO in January 2024; previously Global Head of Operations and President of the Central Region.

    Daniel Letter

    Executive

    President

    None

    Joined Prologis in 2004; became President in January 2023; previously Global Head of Capital Deployment and President of the Central Region.

    Deborah K. Briones

    Executive

    Chief Legal Officer, General Counsel, and Secretary (effective Jan 2025)

    None

    Joined Prologis in 2004; currently Managing Director and Deputy General Counsel; will succeed Edward Nekritz as CLO on Jan 1, 2025.

    Edward S. Nekritz

    Executive

    Chief Legal Officer, General Counsel, and Secretary (until Jan 2025)

    None

    Joined Prologis in 1995; retiring as CLO on Jan 1, 2025; has been instrumental in M&A activities and global expansion.

    Joseph Ghazal

    Executive

    Chief Investment Officer (CIO)

    None

    Joined Prologis in 2001; became CIO in January 2024; previously Global Head of Capital Deployment and CIO for Europe.

    Nathaalie Carey

    Executive

    Senior Vice President of Human Resources (SVP of HR)

    None

    Joined Prologis in 2022; oversees HR operations across multiple regions and global DEIB programs; will transition to CHRO on Jan 1, 2025.

    Timothy D. Arndt

    Executive

    Chief Financial Officer (CFO)

    None

    Joined Prologis in 2004; became CFO in April 2022; previously served as Treasurer and held leadership roles in corporate planning and global deployment.

    Avid Modjtabai

    Board

    Director

    Board Member at Avnet, Inc.

    Director since 2020; former Senior EVP at Wells Fargo; extensive experience in technology, innovation, and customer solutions.

    Carl B. Webb

    Board

    Director

    Co-Managing Member of Ford Financial Fund II & III; Chairman of Mechanics Bank

    Director since 2007; extensive experience in private equity and banking; serves as Chair of the Audit Committee at Prologis.

    Cristina G. Bita

    Board

    Director

    Vice President of Finance at Google; Chair of the Google Sustainability Board

    Director since 2018; leads global finance activities for Google’s Devices and Services and Global Marketing organizations; expertise in sustainability and technology.

    David P. O’Connor

    Board

    Director

    Board Member at Regency Centers Corporation; Managing Partner of High Rise Capital Partners, LLC; Non-Executive Co-Chairman of HighBrook Investors LLC

    Director since 2015; brings extensive real estate investment expertise to the Prologis Board.

    George L. Fotiades

    Board

    Director

    Chairman of the Board at AptarGroup, Inc.

    Director since 2011; former CEO of Cantel Medical Corp.; extensive leadership experience in healthcare and consumer products industries.

    Guy A. Metcalfe

    Board

    Director

    Board Member at CBRE Group, Inc. and RioCan Real Estate Investment Trust

    Director since 2024; retired Global Chairman of Morgan Stanley’s real estate investment banking business; involved in over $850 billion of transactions.

    Irving F. Lyons III

    Board

    Director

    Board Member at Essex Property Trust, Inc.; Principal at Lyons Asset Management

    Director since 2011; previously served as Vice Chairman and Chief Investment Officer of Prologis; extensive experience in real estate investment and development.

    James B. Connor

    Board

    Director

    Board Member at EPR Properties and Healthpeak Properties, Inc.

    Director since 2022; former CEO of Duke Realty Corporation; extensive experience in logistics REITs and real estate investment.

    Lydia H. Kennard

    Board

    Director

    Board Member at Freeport-McMoRan Inc., AECOM, and Vulcan Materials Company

    Director since 2004; former CEO of Los Angeles World Airports; founder of KDG Construction Consulting and KDG Aviation.

    Olivier Piani

    Board

    Director

    Founder and CEO of OP Conseils; Senior Consultant with Ardian

    Director since 2017; extensive experience in real estate and finance, particularly in the European market.

    1. Despite noting that market rents decreased approximately 3% globally this quarter, with Southern California being a significant contributor , you've raised your acquisition guidance for the second straight quarter . How do you reconcile increasing acquisition activity with the softening rent environment, and what gives you confidence in pursuing acquisitions amid these market conditions?

    2. You've mentioned an uptick in lease commencements with terms less than one year, attributed to customer uncertainty and strategic positioning on rents . How does this trend of shorter lease terms impact your long-term leasing strategy and vacancy risk, and what measures are you taking to mitigate potential impacts on occupancy and rent growth?

    3. Given that vacancies are up and customers are taking longer to make decisions due to uncertainties, yet you reported strong leasing activity in Q3 , what catalysts do you foresee that will prompt customers to move from hesitant to more active in 2025, and how are you positioning the company to capitalize on potential demand recovery?

    4. With the reduction in your development starts guidance due to slow decision-making in build-to-suits and deferring new speculative development amidst stubborn demand , how do you plan to manage growth initiatives in light of these challenges, and what is your outlook for development activity as market conditions evolve?

    5. You've tightened and slightly reduced your net effective same-store growth forecast due to increased noncash write-offs from higher bankruptcies expected in the balance of the year . Do you anticipate this trend of rising bankruptcies to continue, and how might this affect your future financial performance and risk management strategies?

    Research analysts who have asked questions during Prologis earnings calls.

    Blaine Heck

    Wells Fargo Securities

    4 questions for PLD

    Also covers: BXP, CDP, COLD +13 more

    Brendan Lynch

    Barclays

    4 questions for PLD

    Also covers: BXP, CCI, CUBE +16 more

    Caitlin Burrows

    Goldman Sachs

    4 questions for PLD

    Also covers: ALX, BNL, BRX +19 more

    Craig Mailman

    Citigroup

    4 questions for PLD

    Also covers: AKR, BRX, COLD +15 more

    John Kim

    BMO Capital Markets

    4 questions for PLD

    Also covers: AIV, ALX, ARDX +31 more

    Michael Goldsmith

    UBS

    4 questions for PLD

    Also covers: ADC, AMH, AVB +30 more

    Michael Mueller

    JPMorgan Chase & Co.

    4 questions for PLD

    Also covers: AKR, BRX, CBL +25 more

    Ronald Kamdem

    Morgan Stanley

    4 questions for PLD

    Also covers: AAT, ADC, AHR +36 more

    Vikram Malhotra

    Mizuho Financial Group, Inc.

    4 questions for PLD

    Also covers: ALX, ARE, BXP +17 more

    Vince Tibone

    Green Street

    4 questions for PLD

    Also covers: CBL, COLD, EGP +7 more

    Ki Bin Kim

    Truist Securities

    3 questions for PLD

    Also covers: ADC, AKR, BNL +20 more

    Michael Carroll

    RBC Capital Markets

    3 questions for PLD

    Also covers: AHR, ARE, COLD +16 more

    Nicholas Yulico

    Scotiabank

    3 questions for PLD

    Also covers: AHR, ALX, AVB +20 more

    Samir Khanal

    Bank of America

    3 questions for PLD

    Also covers: BRX, COLD, CUBE +16 more

    Steve Sakwa

    Evercore ISI

    3 questions for PLD

    Also covers: ALX, AMH, AVB +31 more

    Todd Thomas

    KeyBanc Capital Markets

    3 questions for PLD

    Also covers: AAT, AKR, BRX +20 more

    William Catherwood

    BTIG

    3 questions for PLD

    Also covers: ARE, ARI, BRSP +14 more

    Nicholas Thillman

    Robert W. Baird & Co.

    2 questions for PLD

    Also covers: COLD, CUZ, EGP +7 more

    Greg McGinniss

    Scotiabank

    1 question for PLD

    Also covers: BRX, COLD, EPRT +14 more

    Jamie Feldman

    Wells Fargo & Company

    1 question for PLD

    Also covers: AMH, AVB, BRX +16 more

    Jeffrey Spector

    BofA Securities

    1 question for PLD

    Also covers: AKR, AMH, AVB +25 more

    Jon Petersen

    Jefferies

    1 question for PLD

    Also covers: DLR, GLXY, GRAL +2 more

    Joshua Dennerlein

    BofA Securities

    1 question for PLD

    Also covers: AHR, AMH, ARE +18 more

    Nick Thillman

    Robert W. Baird & Co.

    1 question for PLD

    Also covers: CUZ, EGP, FR +5 more

    Thomas Catherwood

    BTIG

    1 question for PLD

    Also covers: ACRE, ARE, BXMT +6 more
    YearAmount Due (in billions)Debt TypeInterest Rate (%)% of Total Debt
    20240.002 Secured Mortgage4.0 0.01% = (0.002 / 32.29) * 100
    20250.540 Unsecured Senior Notes, Term Loans, Secured Mortgage3.4 1.7% = (0.540 / 32.29) * 100
    20262.067 Unsecured Senior Notes, Term Loans3.3 6.4% = (2.067 / 32.29) * 100
    20272.678 Unsecured Senior Notes, Term Loans, Secured Mortgage2.2 8.3% = (2.678 / 32.29) * 100
    20282.701 Unsecured Senior Notes, Term Loans, Secured Mortgage3.2 8.4% = (2.701 / 32.29) * 100
    Thereafter24.896 Unsecured Senior Notes, Term Loans, Secured Mortgage3.2 77.1% = (24.896 / 32.29) * 100
    CustomerRelationshipSegmentDetails

    Amazon

    Leases operating properties for e-commerce fulfillment

    Real Estate Segment (Consolidated & O&M)

    6.0% of consolidated NER , 4.9% of O&M NER , 34 million sq ft (consolidated) , 46 million sq ft (O&M)

    Home Depot

    Leases operating properties for home improvement retail

    Real Estate Segment (Consolidated & O&M)

    2.8% of consolidated NER , 1.8% of O&M NER , 17 million sq ft (consolidated) , 19 million sq ft (O&M)

    FedEx

    Leases operating properties for shipping and distribution

    Real Estate Segment (Consolidated & O&M)

    1.7% of consolidated NER , 1.3% of O&M NER , 7 million sq ft (consolidated) , 11 million sq ft (O&M)

    UPS

    Leases operating properties for shipping and distribution

    Real Estate Segment (Consolidated & O&M)

    1.0% of consolidated NER , 0.8% of O&M NER , 6 million sq ft (consolidated) , 9 million sq ft (O&M)

    DHL

    Leases operating properties for shipping and distribution

    Real Estate Segment (Consolidated & O&M)

    0.7% of consolidated NER , 1.1% of O&M NER , 4 million sq ft (consolidated) , 13 million sq ft (O&M)

    Geodis

    Leases operating properties for supply chain management

    Real Estate Segment (Consolidated & O&M)

    0.9% of consolidated NER , 1.1% of O&M NER , 6 million sq ft (consolidated) , 15 million sq ft (O&M)

    NFI

    Leases operating properties for supply chain management

    Real Estate Segment (Consolidated & O&M)

    0.7% of consolidated NER , 0.5% of O&M NER , 4 million sq ft (consolidated) , 4 million sq ft (O&M)

    Walmart

    Leases operating properties for retail distribution

    Real Estate Segment (Consolidated & O&M)

    0.7% of consolidated NER , 0.6% of O&M NER , 6 million sq ft (consolidated) , 8 million sq ft (O&M)

    Lululemon

    Leases operating properties for retail distribution

    Real Estate Segment (Consolidated & O&M)

    0.7% of consolidated NER , 0.4% of O&M NER , 2 million sq ft (consolidated) , 2 million sq ft (O&M)

    GigaCloud

    Leases operating properties for supply chain management

    Real Estate Segment (Consolidated & O&M)

    0.7% of consolidated NER , 0.4% of O&M NER , 3 million sq ft (consolidated) , 3 million sq ft (O&M)

    NameStart DateEnd DateReason for Change
    KPMG LLP2002 PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Real Estate Portfolio Acquisition (by Prologis)

    2023

    Prologis closed a $3.1 billion acquisition on June 29, 2023, acquiring 70 operating properties totaling approximately 14 million square feet in the U.S., funded primarily through senior notes and credit facility draws as part of its strategic expansion effort.

    Duke Realty Corporation and Duke Realty Limited Partnership

    2022

    Prologis completed the merger-driven acquisition valued at about $23 billion on October 3, 2022, using equity issuance, debt assumption, and a 0.475 stock exchange ratio to significantly expand its logistics real estate portfolio, including over 480 industrial operating properties.

    Recent press releases and 8-K filings for PLD.

    Bridge Logistics Properties expands national footprint with 1.56M SF Atlanta acquisition
    ·$PLD
    New Projects/Investments
    • Acquired a 1,560,256 SF Class A industrial portfolio in McDonough, GA, comprising two fully leased distribution facilities—150 Distribution Drive (760,256 SF) and 201 Greenwood Court (800,000 SF).
    • Properties are 100% leased to four creditworthy tenants, including DHL Supply Chain, Caterpillar, and Pregis, providing approximately three years of in-place income and stable cash flow.
    • Portfolio was acquired below replacement cost, with in-place rents roughly 30% below current market levels, offering significant mark-to-market upside.
    • Transaction expands BLP’s national logistics portfolio to 16.3 million SF, reinforcing its infill market strategy across key U.S. hubs.
    4 days ago
    Prologis reports Q2 2025 results and raises guidance
    ·$PLD
    Earnings
    Guidance Update
    New Projects/Investments
    • Q2 Core FFO was $1.46 including net promote income and $1.47 excluding, beating forecasts; occupancy at 95.1%, down 10 bps sequentially but 290 bps above market; lease mark-to-market at 22% after monetizing $75 M of NOI via rent change.
    • U.S. net absorption was 28 M sq ft, with market vacancy rising to 7.4% and market rents down 1.4%; values were flat; global build-to-suit momentum continued.
    • Started $900 M of new development in Q2 (65% build-to-suit), with H1 build-to-suit starts at $1.1 B (a record) including $300 M in data center projects; energy platform expanded power pipeline to 2.2 GW and solar/storage to nearly 1.1 GW.
    • Raised FY development starts guidance to $2.25 B–$2.75 B and dispositions/contributions to $1.0 B–$1.75 B; narrowed Core FFO guidance to $5.75–$5.85 (including net promotes).
    Jul 16, 2025, 8:04 PM
    Prologis Highlights Global Expansion and Strategic Initiatives at 2025 Investor Conference
    ·$PLD
    New Projects/Investments
    Guidance Update
    • Global leadership: Prologis emphasized its position as the global leader in logistics real estate, owning 1.3 billion square feet across nearly 6,000 buildings in 20 countries, serving as a resilient backbone for the supply chain.
    • Robust development pipeline: The company outlined a significant development strategy, including a $41 billion land bank opportunity and a proven track record of nearly $50 billion in developed projects at approximately 30% margins.
    • Expansion into high-growth areas: Prologis is actively exploring growth in the data center sector (with a 10 gigawatt pipeline, including 1.4 GW secured and 2 GW advanced) and essential services such as solar and mobility EV charging to enhance customer value.
    • Market resilience and execution focus: Amid tariff uncertainties and evolving leasing trends, the management highlighted stable occupancy levels and a strong leasing pipeline, underscoring a clear focus on execution, innovation, and long-term stability.
    Jun 4, 2025, 3:51 PM
    Prologis 8-K Details Global Credit Agreement and Financial Covenants
    ·$PLD
    Debt Issuance
    • The filing, published on May 23, 2025, outlines Prologis’ global credit agreement framework including designations for global bookrunners and senior managing agents, along with updated definitions for key financial terms such as the Applicable Margin and Adjusted EBITDA.
    • It details important financial covenants—such as limitations on the Consolidated Leverage Ratio, Fixed Charge Coverage Ratio, and secured debt thresholds—that are critical for assessing credit risk and portfolio impact.
    May 23, 2025, 12:00 AM
    Prologis Announces Debt Issuance via 8-K
    ·$PLD
    Debt Issuance
    • On May 5, 2025, Prologis, through its Operating Partnership, priced a debt offering of $500 million 4.75% Notes due 2031 and $750 million 5.25% Notes due 2035 under an Underwriting Agreement with several major underwriters.
    • The Notes will feature semiannual interest payments, mature on January 15, 2031 and May 15, 2035 respectively, and the net proceeds are earmarked for general corporate purposes including the repayment of borrowings.
    May 7, 2025, 12:00 AM
    Prologis Inc Q1 2025 Earnings & Guidance Update
    ·$PLD
    Earnings
    Guidance Update
    New Projects/Investments
    Debt Issuance
    Revenue Acceleration/Inflection
    • Delivered strong Q1 performance with rental & other revenues of $1,999M, net earnings of $592M, and Core FFO of $1,356M.
    • Updated 2025 guidance with net earnings targeted between $3.45M and $3.70M and Core FFO between $5.65M and $5.81M.
    • Achieved robust leasing activity with 58 million sq ft leased, initiated new build-to-suit projects, and expanded power capacity to support growing data center demand.
    • Reported solid financial performance with Core FFO per share of $1.42 (including net promotes) & $1.43 (excluding net promotes), maintained occupancy at 95.2%, and recorded net earnings per diluted share of $0.63 marking a 10.9% YoY increase.
    • Maintained strong liquidity with approximately $6.5 billion available and issued $549M of debt at an average rate of 4.1%.
    • Recognized as a global leader with 1.3 billion sq ft of properties across 20 countries, serving approximately 6,500 customers.
    • Adjusted capital deployment targets on development and disposition activities amid tariff and market uncertainty.
    Apr 16, 2025, 4:01 PM