Prologis Inc Stock Research

Market Summary

USD124.77+2.85

Market Closed

2.34%

PLD Alerts

Big jump in Revenue (Y/Y)
Big fall in earnings (Y/Y)

PLD Stock Price

PLD RSI Chart

PLD Valuation

Market Cap

115.2B

Price/Earnings (Trailing)

32.4

Price/Sales (Trailing)

19.28

EV/EBITDA

23.88

Price/Free Cashflow

27.91

PLD Price/Sales (Trailing)

PLD Profitability

EBT Margin

61.78%

Return on Equity

6.68%

Return on Assets

4.04%

Free Cashflow Yield

3.58%

PLD Fundamentals

PLD Revenue

Revenue (TTM)

6.0B

Revenue Y/Y

37.14%

Revenue Q/Q

0.04%

PLD Earnings

Earnings (TTM)

3.6B

Earnings Y/Y

-52.33%

Earnings Q/Q

-42.01%

Price Action

52 Week Range

98.03173.29

(Low)(High)

Last 7 days

6.6%

Last 30 days

3.0%

Last 90 days

10.7%

Trailing 12 Months

-22.2%

PLD Financial Health

Debt/Equity

0.45

Debt/Cashflow

0.17

PLD Investor Care

Dividend Yield

2.53%

Dividend/Share (TTM)

3.16

Shares Dilution (1Y)

24.78%

Diluted EPS (TTM)

4.35

Peers (Alternatives to Prologis)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	53.0B	4.2B	2.18%	-18.90%	12.18	12.66	22.43%	122.66%
DLR	28.6B	4.7B	-1.36%	-27.66%	75.78	6.1	5.96%	-77.90%
EQR	22.7B	2.7B	-1.54%	-32.08%	29.23	8.37	11.91%	-41.71%
ARE	21.4B	2.6B	-12.12%	-36.55%	41.11	8.28	22.46%	-8.68%
KIM	13.2B	1.7B	-4.07%	-25.83%	104.43	7.61	26.61%	-85.07%
MID-CAP
FRT	8.0B	1.1B	-7.32%	-17.18%	20.85	7.48	12.95%	47.42%
KRG	4.6B	802.0M	-3.51%	-5.01%	-362.88	5.72	114.83%	84.36%
VNO	2.9B	1.8B	-21.50%	-64.10%	-8.51	1.64	13.26%	-296.88%
MAC	2.3B	859.2M	-11.59%	-29.47%	-34.53	2.66	1.38%	-563.21%
SMALL-CAP
SKT	2.0B	421.4M	4.75%	18.56%	24.12	4.86	3.35%	1705.32%
SLG	1.5B	826.7M	-29.95%	-68.39%	-19.71	1.86	-2.04%	-117.36%
AIV	1.1B	190.3M	3.36%	5.05%	12.23	5.92	12.08%	1950.56%
PGRE	987.5M	740.4M	-12.31%	-57.77%	-27.13	1.33	1.87%	-78.85%

Financials for Prologis

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	8.6%	5,974	5,499	4,931	4,830	4,759
S&GA Expenses	3.6%	331	319	299	290	293
EBITDA	-6.9%	5,813	6,242	5,981	5,982	-
EBITDA Margin	-14.3%	0.97*	1.14*	1.21*	1.24*	-
Earnings Before Taxes	-16.0%	3,691	4,394	4,143	4,146	3,323
EBT Margin	-22.7%	0.62*	0.80*	0.84*	0.86*	-
Interest Expenses	23.1%	309	251	251	259	266
Net Income	-16.1%	3,555	4,236	3,965	3,969	3,149
Net Income Margin	-22.7%	0.60*	0.77*	0.77*	0.78*	-
Free Cahsflow	15.8%	4,126	3,565	3,176	3,021	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	44.2%	87,897	60,946	59,764	59,780	58,486
Cash Equivalents	-56.3%	278	636	438	1,913	556
Net PPE	-	118	-	-	-	-
Liabilities	40.7%	30,034	21,339	20,890	21,318	20,744
Long Term Debt	723.3%	23,876	2,900	18,041	18,369	17,715
Shareholder's Equity	50.8%	53,237	35,293	38,874	38,462	33,427
Retained Earnings	-46.3%	-457	-312	-740	-764	-1,327
Additional Paid-In Capital	51.8%	54,065	35,606	35,574	35,546	35,562
Shares Outstanding	24.7%	923	740	740	740	740
Minority Interest	7.2%	4,626	4,313	4,298	4,290	4,315

* denotes actual numbers (not divided by Millions)
Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	15.8%	4,126	3,565	3,176	3,021	2,996
Share Based Compensation	4.0%	175	169	133	120	113
Cashflow From Investing	-4.5%	-4,499	-4,304	-3,433	-1,599	-1,990
Cashflow From Financing	-86.2%	116	838	136	-173	-1,008
Dividend Payments	11.8%	2,495	2,231	2,112	1,992	1,873
Buy Backs	NaN%	0.00	0.00	-	-	-

Risks for PLD

What is the probability of a big loss on PLD?

37.7%

Probability that Prologis stock will be more than 20% underwater in next one year

35%

Probability that Prologis stock will be more than 30% underwater in next one year.

10%

Probability that Prologis stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does PLD drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Prologis was unfortunately bought at previous high price.

Drawdowns

Returns for PLD

Cumulative Returns on PLD

15.1%

10-Year Cumulative Returns

18.7%

7-Year Cumulative Returns

17.1%

5-Year Cumulative Returns

17.7%

3-Year Cumulative Returns

What are the long-term rolling returns for PLD?

FIve years rolling returns for Prologis.

Annualized Returns

Which funds bought or sold PLD recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-27	Neo Ivy Capital Management	sold off	-100	-54,000	-	-%
2023-03-23	MetLife Investment Management, LLC	added	22.67	7,207,610	27,171,200	0.22%
2023-03-23	ETF MANAGERS GROUP, LLC	added	4.71	70,339	503,339	0.02%
2023-03-17	American Portfolios Advisors	added	0.27	-100,795	650,609	0.03%
2023-03-15	B. Riley Wealth Advisors, Inc.	added	5.08	197,558	1,396,560	0.04%
2023-03-10	BAILLIE GIFFORD & CO	added	4.18	4,949,730	36,701,700	0.04%
2023-03-10	MATHER GROUP, LLC.	new	-	697,153	697,153	0.01%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	14.45	18,685,400	87,915,400	0.10%
2023-03-08	Capital Asset Advisory Services LLC	reduced	-33.08	-97,290	327,710	0.03%
2023-03-06	Rockefeller Capital Management L.P.	added	2.88	3,635,000	29,322,000	0.15%

Latest Funds Activity

Are funds buying PLD calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own PLD

No. of Funds

Prologis News

Schedule 13G FIlings of Prologis

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	13.20%	121,813,945	SC 13G/A
Feb 07, 2023	state street corp	6.71%	61,924,614	SC 13G/A
Jan 24, 2023	blackrock inc.	9.8%	90,770,245	SC 13G/A
Feb 11, 2022	state street corp	6.36%	47,020,804	SC 13G/A
Jan 27, 2022	blackrock inc.	10.4%	77,044,162	SC 13G/A
Jan 26, 2022	blackrock inc.	10.4%	77,044,162	SC 13G/A
Feb 10, 2021	state street corp	5.66%	41,816,183	SC 13G
Feb 10, 2021	vanguard group inc	12.60%	93,088,245	SC 13G/A
Jan 27, 2021	blackrock inc.	10.3%	76,214,355	SC 13G/A
May 08, 2020	blackrock inc.	10.1%	74,253,169	SC 13G/A

PLD Fair Value

Prologis fair value in different scenarios

The table shows the Fair Value estimates for Prologis for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	93.37 -25.17%	119.16 -4.50%	169.25 35.65%	229.87 84.23%	295.84 137.11%
Current Inflation	86.07 -31.02%	107.98 -13.46%	149.84 20.09%	200.46 60.66%	255.35 104.66%
Very High Inflation	77.16 -38.16%	94.60 -24.18%	127.21 1.96%	166.66 33.57%	209.24 67.70%

Historical Prologis Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Prologis

View All Filings

Date Filed	Form Type	Document
Mar 31, 2023	4	Insider Trading
Mar 30, 2023	8-K	Current Report
Mar 24, 2023	ARS	ARS
Mar 24, 2023	DEF 14A	DEF 14A
Mar 24, 2023	DEFA14A	DEFA14A
Feb 14, 2023	10-K	Annual Report
Feb 09, 2023	SC 13G/A	Major Ownership Report
Feb 07, 2023	SC 13G/A	Major Ownership Report
Jan 31, 2023	8-K	Current Report
Jan 26, 2023	4	Insider Trading

Latest Insider Trading transactions for PLD

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2022-11-28	OCONNOR DAVID P	bought	1,027,170	114	9,000	-
2022-11-17	Connor James B.	gifted	-	-	-2,654	-
2022-10-05	Connor James B.	gifted	-	-	124	-
2022-10-03	Anderson Gary E	acquired	-	-	21.00	chief operating officer
2022-10-03	Connor James B.	acquired	-	-	7,140	-
2022-10-03	Modjtabai Avid	acquired	-	-	21.00	-
2022-10-03	NEKRITZ EDWARD S	acquired	-	-	150	chief legal off./gen. counsel
2022-10-03	Arndt Timothy D	acquired	-	-	7.00	chief financial officer
2022-10-03	Connor James B.	acquired	-	-	4,110	-
2022-10-03	Connor James B.	acquired	-	-	70,756	-

About Prologis

Hamid R. Moghadam

www.prologis.com

2050

Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 2020, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 984 million square feet (91 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,500 customers principally across two major categories: business-to-business and retail/online fulfillment.

PLD Income Statement

2022-12-31

Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Revenues:

Rental

$ 4,913,171

$ 4,147,994

$ 3,791,131

Strategic capital

1,039,585

590,750

636,987

Development management and other

20,936

20,696

10,617

Total revenues

5,973,692

4,759,440

4,438,735

Expenses:

Rental

1,205,738

1,041,316

952,063

Strategic capital

303,356

207,171

218,041

General and administrative

331,083

293,167

274,845

Depreciation and amortization

1,812,777

1,577,942

1,561,969

Other

40,336

22,435

30,010

Total expenses

3,693,290

3,142,031

3,036,928

Operating income before gains on real estate transactions, net

2,280,402

1,617,409

1,401,807

Gains on dispositions of development properties and land, net

597,745

817,017

464,942

Gains on other dispositions of investments in real estate, net

^[1]

589,391

772,570

252,195

Operating income

3,467,538

3,206,996

2,118,944

Other income (expense):

Earnings from unconsolidated entities, net

310,872

404,255

297,370

Interest expense

(309,037)

(266,228)

(314,507)

Foreign currency and derivative gains (losses) and other income (expense), net

241,621

165,278

(166,429)

Losses on early extinguishment of debt, net

(20,184)

(187,453)

(188,290)

Total other income (expense)

223,272

115,852

(371,856)

Earnings before income taxes

3,690,810

3,322,848

1,747,088

Total income tax expense

(135,412)

(174,258)

(130,458)

Consolidated net earnings

3,555,398

3,148,590

1,616,630

Less net earnings attributable to noncontrolling interests

190,542

208,867

134,816

Net earnings attributable to controlling interests

3,364,856

2,939,723

1,481,814

Less preferred stock/unit dividends/distributions

6,060

6,152

6,345

Loss on preferred stock/unit repurchase

2,347

Net earnings attributable to common stockholders/unitholders

$ 3,358,796

$ 2,933,571

$ 1,473,122

Weighted average common shares/units outstanding - Basic

785,675

739,363

728,323

Weighted average common shares/units outstanding - Diluted

^[2]

811,608

764,762

754,414

Net earnings per share/unit attributable to common stockholders/unitholders - Basic

$ 4.28

$ 3.97

$ 2.02

Net earnings per share/unit attributable to common stockholders/unitholders - Diluted

$ 4.25

$ 3.94

$ 2.01

Prologis, L.P. [Member]

Revenues:

Rental

$ 4,913,171

$ 4,147,994

$ 3,791,131

Strategic capital

1,039,585

590,750

636,987

Development management and other

20,936

20,696

10,617

Total revenues

5,973,692

4,759,440

4,438,735

Expenses:

Rental

1,205,738

1,041,316

952,063

Strategic capital

303,356

207,171

218,041

General and administrative

331,083

293,167

274,845

Depreciation and amortization

1,812,777

1,577,942

1,561,969

Other

40,336

22,435

30,010

Total expenses

3,693,290

3,142,031

3,036,928

Operating income before gains on real estate transactions, net

2,280,402

1,617,409

1,401,807

Gains on dispositions of development properties and land, net

597,745

817,017

464,942

Gains on other dispositions of investments in real estate, net

589,391

772,570

252,195

Operating income

3,467,538

3,206,996

2,118,944

Other income (expense):

Earnings from unconsolidated entities, net

310,872

404,255

297,370

Interest expense

(309,037)

(266,228)

(314,507)

Foreign currency and derivative gains (losses) and other income (expense), net

241,621

165,278

(166,429)

Losses on early extinguishment of debt, net

(20,184)

(187,453)

(188,290)

Total other income (expense)

223,272

115,852

(371,856)

Earnings before income taxes

3,690,810

3,322,848

1,747,088

Total income tax expense

(135,412)

(174,258)

(130,458)

Consolidated net earnings

3,555,398

3,148,590

1,616,630

Less net earnings attributable to noncontrolling interests

98,611

127,075

93,195

Net earnings attributable to controlling interests

3,456,787

3,021,515

1,523,435

Less preferred stock/unit dividends/distributions

6,060

6,152

6,345

Loss on preferred stock/unit repurchase

2,347

Net earnings attributable to common stockholders/unitholders

$ 3,450,727

$ 3,015,363

$ 1,514,743

Weighted average common shares/units outstanding - Basic

799,153

751,973

740,860

Weighted average common shares/units outstanding - Diluted

^[2]

811,608

764,762

754,414

Net earnings per share/unit attributable to common stockholders/unitholders - Basic

$ 4.28

$ 3.97

$ 2.02

Net earnings per share/unit attributable to common stockholders/unitholders - Diluted

$ 4.25

$ 3.94

$ 2.01

[1]	In 2021, we sold our ownership interest in an unconsolidated other venture.
[2]	Our total weighted average potentially dilutive shares and units outstanding for the years ended December 31 consisted of the following

PLD Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Investments in real estate properties	$ 81,623,396	$ 53,005,190
Less accumulated depreciation	9,036,085	7,668,187
Net investments in real estate properties	72,587,311	45,337,003
Investments in and advances to unconsolidated entities	9,698,898	8,610,958
Assets held for sale or contribution	531,257	669,688
Net investments in real estate	82,817,466	54,617,649
Cash and cash equivalents	278,483	556,117
Other assets	4,801,499	3,312,454
Total assets	87,897,448	58,486,220
Liabilities:
Debt	23,875,961	17,715,054
Accounts payable and accrued expenses	1,711,885	1,252,767
Other liabilities	4,446,509	1,776,189
Total liabilities	30,034,355	20,744,010
Prologis, Inc. stockholders’ equity:
Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,279 shares issued and outstanding and 100,000 preferred shares authorized at December 31, 2022 and 2021	63,948	63,948
Common stock; $0.01 par value; 923,142 and 739,827 shares issued and outstanding at December 31, 2022 and 2021, respectively	9,231	7,398
Additional paid-in capital	54,065,407	35,561,608
Accumulated other comprehensive loss	(443,609)	(878,253)
Distributions in excess of net earnings	(457,695)	(1,327,828)
Total Prologis, Inc. stockholders’ equity	53,237,282	33,426,873
Noncontrolling interests	4,625,811	4,315,337
Total equity	57,863,093	37,742,210
Total liabilities and equity	87,897,448	58,486,220
Partners’ capital:
Noncontrolling interests	4,625,811	4,315,337
Total equity	57,863,093	37,742,210
Prologis, L.P. [Member]
ASSETS
Investments in real estate properties	81,623,396	53,005,190
Less accumulated depreciation	9,036,085	7,668,187
Net investments in real estate properties	72,587,311	45,337,003
Investments in and advances to unconsolidated entities	9,698,898	8,610,958
Assets held for sale or contribution	531,257	669,688
Net investments in real estate	82,817,466	54,617,649
Cash and cash equivalents	278,483	556,117
Other assets	4,801,499	3,312,454
Total assets	87,897,448	58,486,220
Liabilities:
Debt	23,875,961	17,715,054
Accounts payable and accrued expenses	1,711,885	1,252,767
Other liabilities	4,446,509	1,776,189
Total liabilities	30,034,355	20,744,010
Prologis, Inc. stockholders’ equity:
Noncontrolling interests	3,317,767	3,397,538
Partners’ capital:
Total partners’ capital	54,545,326	34,344,672
Noncontrolling interests	3,317,767	3,397,538
Total capital	57,863,093	37,742,210
Total liabilities and equity	87,897,448	58,486,220
Prologis, L.P. [Member] \| Preferred [Member]
Partners’ capital:
General partner	63,948	63,948
Prologis, L.P. [Member] \| Common [Member]
Partners’ capital:
General partner	53,173,334	33,362,925
Limited partners	843,263	557,097
Prologis, L.P. [Member] \| Class A Common [Member]
Partners’ capital:
Limited partners	$ 464,781	$ 360,702