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Prologis Inc PLD

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Stewardship

PREMIUM

Prologis Reports Solid Q3 Results That Reinforce the Strength of Industrial Real Estate

Yousuf Hafuda Equity Analyst

Analyst Note

| Yousuf Hafuda |

Prologis reported strong third-quarter results that underscore the industrial real estate industry’s impressive performance despite an economy still in the throes of the coronavirus-induced recession. Management largely maintained guidance following results that were in line with expectations. As a demonstration of the limited negative impact of the pandemic, 2020 guidance for core funds from operations, or FFO, is now slightly higher than it was when management initially announced its guidance in January. During the third quarter, core FFO per share was $0.90 per share, a decrease as compared with $0.97 per share during the third quarter of 2019. Prologis’ strong results and heightened near-term visibility lead us to raise the no-moat-rated firm’s fair value estimate to $75 per share from $71.

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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.

Contact
Pier 1, Bay 1
San Francisco, CA, 94111
T +1 415 394-9000
Sector Real Estate
Industry REIT - Industrial
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 1,712