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Prologis

PLD is a registered REIT with an operating portfolio of U.S. commercial real estate properties focused on the industrial space. The company leases primarily Class-A distribution facilities to ~5,500 tenants in 2 main categories: business-to-business enterprises and retail/online fulfillment. At 3Q18, PLD's portfolio was comprised of ~3,742 buildings with an overall occupancy rate of 97.5%. The portfolio spans 19 countries on four continents, including North/South America (~84% of PLD's share of NOI at 3Q18), Europe (~13%), and Asia (~3%). The top tenant is Amazon, accounting for ~3.3% of net effective rent at 3Q18. The development portfolio had a total expected investment of ~$4.3 bn as of 3Q18, with a projected cost to complete of ~$1.5 bn. (19 Nov 2018)

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Prologis: 3Q18 Earnings Quick Cuts

Worth Watching: 16 Oct 2018, 3:09 PM ET - Prologis (PLD) turned in a solid quarter as both FFO and revenue came in ahead of consensus estimates. PLD operating results remained quite solid (detailed more below), but as a bellwether in the industrial CRE sector, the company often has good ..

Retail REITs: Sears Bankruptcy as Opportunity

Worth Watching: 15 Oct 2018, 1:28 PM ET - Retail REITs: With the news that Sears is (finally?) filing for bankruptcy, we size REIT exposures to the long-struggling retailer and see the impacts as broadly manageable. From an operating performance perspective, the vast majority of REITs see ..
Focused

REIT/CRE 3Q18 Preview: What We're Watching

Sector Analysis: 12 Oct 2018, 5:57 AM ET - We lay out what we're watching as we head into 3Q18 earnings, for property types, individual credits, and with a macro component given the breadth and depth of economic touch points for U.S. real estate.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
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REITs/CRE 2Q18: How Are Property Types Performing?

Sector Analysis: 22 Aug 2018, 5:10 AM ET - In Part 2 of our REITs/CRE 2Q18 review, we delve into the recent trends—both operating fundamentals and capital markets—across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 2Q18: Themes, Trends and Takeaways

Sector Analysis: 13 Aug 2018, 5:32 AM ET - In part 1 of our REITs/CRE 2Q18 review, we discuss key themes emerging from earnings, including sector relative value, overall market conditions, the continue run-up in construction costs and more.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.
Focused

Prologis: Issues €700 mn of 11Y Notes

Worth Watching: 25 Jul 2018, 8:38 PM ET - Prologis (A3/A-/BBB+) issued €700 mn of 11Y notes out of its Prologis Euro Finance entity, with a full guarantee from the Prologis parent. The notes carry a coupon of 1.875% and priced at $99.452 to yield 100 bp over mid swaps, tightening 15-20 bp ..
Focused

Prologis: 2Q18 Earnings Quick Cuts

Worth Watching: 17 Jul 2018, 3:26 PM ET - Prologis (PLD) turned in another strong quarter despite some warnings signs of a softening industrial demand environment, exemplified in a 50 bp hike in FY18 same store cash NOI guidance to 6.25-6.75% and a bump in core FFO per share guidance ( ..

CA Goes to the Polls: A Rent Control Primer

Sector Analysis: 11 Jul 2018, 9:42 PM ET - In November, Californians will vote on a ballot initiative that seeks to repeal Costa-Hawkins, a 1995-era law restricting municipalities' ability to institute rent control policies, with implications for multifamily REITs in particular.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.
Focused

IG Note: Prologis Shopping 10Y & 30Y Notes

IG Note: 11 Jun 2018, 11:04 AM ET - PLD is in the market with a benchmark offering of 10Y and 30Y paper. We prefer the 30Y paper for the attractive spread.
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REITweek 2018: Cool, Calm, and Collected

Sector Analysis: 08 Jun 2018, 5:22 AM ET - We attended NAREIT's REITweek 2018 convention, providing our top level thoughts on the overall sector tone and analysis on individual company presentations.

REITs/CRE 1Q18: How Are Property Types Performing?

Sector Analysis: 17 May 2018, 4:27 AM ET - In Part 2 of our REITs/CRE 1Q18 review, we delve into the recent trends--both operating fundamentals and capital markets--across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 1Q18: Themes, Trends and Takeaways

Sector Analysis: 14 May 2018, 4:40 AM ET - In part 1 of our REITs/CRE 1Q18 review, we discuss key themes emerging from earnings, including construction cost overruns, public/private market valuation disconnect, sector relative value, and more.
Focused

PLD: Fitch Affirms Positive Outlook, BBB+ Rating

Worth Watching: 01 May 2018, 5:51 PM ET - PLD (A3/A-/BBB+) had its ratings affirmed at BBB+ by Fitch after yesterday's announcement of the DCT acquisition, and the outlook remains positive. Fitch moved to a positive outlook on the name on April 6, 2018, citing its expectation for pro rata ..
Focused

Prologis: Acquiring DCT in $8.4 bn All-Stock Deal

Company Analysis: 30 Apr 2018, 1:45 PM ET - Prologis struck a deal to acquire U.S. industrial REIT DCT in an all-stock transaction valued at $8.4 mn. We are broadly bullish on the deal rationale, even if the pricing looks a bit rich, and the all-equity component is a clear positive.
Focused

Prologis: 1Q18 Earnings Quick Cuts

Worth Watching: 18 Apr 2018, 10:39 AM ET - Prologis (PLD) reported another strong quarter: FFO beat consensus estimates by 8.5% and core operating results were better than management expected, prompting a 50 bp hike in FY18 same store cash NOI guidance to 5.5-6.5%. On the earnings call, ..
Focused

Prologis: Fitch Moves to Positive Outlook

Worth Watching: 08 Apr 2018, 9:15 PM ET - Prologis (A3/A-/BBB+) had its outlook revised to positive from stable by Fitch, and an upgrade would equalize ratings with Moody's and S&P, both of which are already at the low-A tier. Fitch attributed the revision to its view that pro rata lever ..

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