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Prologis Inc

PLD: XNYS (USA)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$155.00	Fhzrw	Nxlpvkwh

Prologis Earnings: Notably Slower Same-Store NOI Growth Leads to Disappointing Results

Suryansh Sharma

Apr 17, 2024

No-moat-rated Prologis reported a disappointing set of numbers in the first quarter as net effective same-store NOI growth slowed down quite a bit on a sequential basis. The shares of the company were down about 7% in response to the results. The firm reported core funds from operations, or FFO, of $1.28 per share, 4.9% higher than the $1.22 in FFO during the first quarter of 2023. The fundamentals for the industrial sector are now showing clear signs of a slowdown as the interest-rate environment is starting to have an impact. We are reducing our fair value estimate for Prologis to $120 from $128 per share after incorporating first-quarter results.

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