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Prologis Inc PLD

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Morningstar’s Analysis

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Despite a Small Dip in Occupancy, Solid First-Quarter Numbers Lead Prologis to Raise 2021 Guidance

Kevin Brown Equity Analyst

Analyst Note

| Kevin Brown |

Prologis reported solid first-quarter results and increased 2021 guidance, though we don't see anything in the quarter that would materially impact our long-term view or $84 fair value estimate for the no-moat company. Same-store occupancy fell 60 basis points, both sequentially and year over year, to 95.5% in the first quarter. Despite the slight drop in occupancy, Prologis reported its share of same-store net operating income rose 4.2% year over year in the first quarter, a larger gain than any quarter in 2020. Prologis stabilized $396 million in development projects in the first quarter and that, combined with the external growth the company completed in 2020, led to it reporting 12.5% year-over-year growth in cash rents and core funds from operations per share of $0.97, 16.8% higher than the first quarter of 2020.

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Company Profile

Business Description

Prologis was formed by the June 2011 merger of AMB Property and ProLogis Trust. The company develops, acquires, and operates over 900 million square feet of high-quality industrial and logistics facilities across the globe. The company is organized into four global divisions (Americas, Europe, Asia, and other Americas) and operates as a real estate investment trust.

Pier 1, Bay 1
San Francisco, CA, 94111
T +1 415 394-9000
Sector Real Estate
Industry REIT - Industrial
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 1,945