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Prologis

NYSE:PLD
Snowflake Description

Mediocre balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PLD
NYSE
$49B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. The last earnings update was 27 days ago. More info.


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PLD Share Price and Events
7 Day Returns
2.1%
NYSE:PLD
1.8%
US REITs
-0.7%
US Market
1 Year Returns
20%
NYSE:PLD
16.3%
US REITs
3%
US Market
PLD Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Prologis (PLD) 2.1% 4.1% 7.3% 20% 64.6% 86.8%
US REITs 1.8% 2.4% 3.1% 16.3% 13.8% 26.4%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • PLD outperformed the REITs industry which returned 16.3% over the past year.
  • PLD outperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
PLD
Industry
5yr Volatility vs Market

Value

 Is Prologis undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Prologis to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Prologis.

NYSE:PLD Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 10 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:PLD
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (22.55%))
0.749
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:PLD using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Prologis is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Prologis is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:PLD DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 1,726.22 Analyst x5 1,605.81
2020 1,780.15 Analyst x6 1,540.48
2021 2,025.00 Analyst x3 1,630.14
2022 1,974.00 Analyst x1 1,478.24
2023 2,109.40 Analyst x1 1,469.46
2024 2,196.86 Est @ 4.15% 1,423.64
2025 2,278.61 Est @ 3.72% 1,373.62
2026 2,356.63 Est @ 3.42% 1,321.56
2027 2,432.41 Est @ 3.22% 1,268.92
2028 2,507.09 Est @ 3.07% 1,216.65
Present value of next 10 years cash flows $14,328.52
NYSE:PLD DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $2,507.09 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$54,016.97
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $54,016.97 ÷ (1 + 7.5%)10
$26,213.58
NYSE:PLD Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $14,328.52 + $26,213.58
$40,542.10
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $40,542.10 / 642.40
$63.11
NYSE:PLD Discount to Share Price
Calculation Result
Value per share (USD) From above. $63.11
Current discount Discount to share price of $76.61
= -1 x ($76.61 - $63.11) / $63.11
-21.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Prologis is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Prologis's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Prologis's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:PLD PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $2.75
NYSE:PLD Share Price ** NYSE (2019-05-17) in USD $76.61
United States of America REITs Industry PE Ratio Median Figure of 156 Publicly-Listed REITs Companies 32.79x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Prologis.

NYSE:PLD PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:PLD Share Price ÷ EPS (both in USD)

= 76.61 ÷ 2.75

27.9x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Prologis is good value based on earnings compared to the US REITs industry average.
  • Prologis is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Prologis's expected growth come at a high price?
Raw Data
NYSE:PLD PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 27.9x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
-4.5%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.4x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

NYSE:PLD PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 27.9x ÷ -4.5%

-6.2x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Prologis earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Prologis's assets?
Raw Data
NYSE:PLD PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $35.30
NYSE:PLD Share Price * NYSE (2019-05-17) in USD $76.61
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NYSE:PLD PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:PLD Share Price ÷ Book Value per Share (both in USD)

= 76.61 ÷ 35.30

2.17x

* Primary Listing of Prologis.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Prologis is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Prologis's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Prologis has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Prologis expected to perform in the next 1 to 3 years based on estimates from 10 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-4.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Prologis expected to grow at an attractive rate?
  • Prologis's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Prologis's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Prologis's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:PLD Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:PLD Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts -4.5%
NYSE:PLD Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 4.6%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:PLD Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:PLD Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 3,549 1,152 1
2022-12-31 3,355 1,021 1
2021-12-31 3,243 1,119 3
2020-12-31 3,064 2,508 1,076 8
2019-12-31 2,855 2,330 1,176 7
NYSE:PLD Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 3,175 1,949 1,625
2018-12-31 3,103 1,804 1,643
2018-09-30 2,875 1,601 1,342
2018-06-30 2,794 1,715 1,872
2018-03-31 2,945 1,684 1,805
2017-12-31 2,867 1,687 1,642
2017-09-30 2,851 1,780 1,787
2017-06-30 2,944 1,529 1,190
2017-03-31 2,753 1,486 1,198
2016-12-31 2,739 1,417 1,203
2016-09-30 2,755 1,357 881
2016-06-30 2,618 1,394 861

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Prologis's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Prologis's revenue is expected to grow by 4.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:PLD Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below

All data from Prologis Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PLD Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 1.76 1.76 1.76 1.00
2022-12-31 1.56 1.56 1.56 1.00
2021-12-31 1.48 1.52 1.44 2.00
2020-12-31 1.43 1.50 1.33 6.00
2019-12-31 1.63 1.79 1.55 6.00
NYSE:PLD Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 2.75
2018-12-31 2.90
2018-09-30 2.47
2018-06-30 3.52
2018-03-31 3.40
2017-12-31 3.10
2017-09-30 3.37
2017-06-30 2.25
2017-03-31 2.27
2016-12-31 2.29
2016-09-30 1.68
2016-06-30 1.64

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Prologis is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Prologis's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Prologis has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Prologis performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Prologis's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Prologis has delivered over 20% year on year earnings growth in the past 5 years.
  • Prologis's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Prologis's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Prologis's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Prologis Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PLD Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 3,175.12 1,624.57 246.26
2018-12-31 3,102.71 1,643.43 238.99
2018-09-30 2,875.43 1,342.37 242.00
2018-06-30 2,794.30 1,872.25 237.41
2018-03-31 2,945.25 1,804.58 239.87
2017-12-31 2,866.70 1,641.93 231.06
2017-09-30 2,851.28 1,786.96 227.78
2017-06-30 2,943.76 1,189.99 228.28
2017-03-31 2,752.59 1,198.43 225.14
2016-12-31 2,739.44 1,203.22 222.07
2016-09-30 2,754.72 881.04 225.40
2016-06-30 2,618.48 860.77 221.42
2016-03-31 2,527.06 725.62 216.46
2015-12-31 2,356.34 862.79 217.23
2015-09-30 2,166.00 1,153.03 223.45
2015-06-30 1,995.48 1,030.30 227.47
2015-03-31 1,924.54 962.78 235.87
2014-12-31 1,895.08 622.24 229.33
2014-09-30 1,863.76 213.90 244.85
2014-06-30 1,869.52 28.62 241.68
2014-03-31 1,807.40 -61.22 236.21
2013-12-31 1,847.71 191.90 229.21
2013-09-30 1,871.39 -94.08 226.75
2013-06-30 1,924.00 -68.17 227.60
2013-03-31 2,005.07 -77.47 224.11
2012-12-31 1,992.19 -156.87 228.07
2012-09-30 1,940.94 30.39 218.26
2012-06-30 1,939.03 85.64 215.71

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Prologis has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Prologis used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Prologis has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Prologis's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Prologis has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Prologis's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Prologis's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Prologis is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Prologis's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Prologis's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Prologis Company Filings, last reported 1 month ago.

NYSE:PLD Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 25,824.06 11,098.89 251.03
2018-12-31 25,800.89 11,090.24 343.88
2018-09-30 25,437.66 11,232.58 275.71
2018-06-30 18,726.50 9,427.68 527.83
2018-03-31 18,788.12 9,460.18 458.10
2017-12-31 18,705.74 9,412.63 457.27
2017-09-30 18,559.26 9,721.07 568.73
2017-06-30 17,860.24 11,081.92 271.35
2017-03-31 17,668.42 10,966.93 395.83
2016-12-31 18,458.14 10,608.29 807.75
2016-09-30 18,283.27 11,257.00 375.12
2016-06-30 18,283.03 11,139.42 332.22
2016-03-31 18,340.62 11,687.17 369.74
2015-12-31 18,420.84 11,638.93 264.08
2015-09-30 18,184.97 11,934.36 310.43
2015-06-30 18,354.02 12,123.56 351.03
2015-03-31 15,792.81 8,641.42 192.01
2014-12-31 15,183.60 9,338.37 350.69
2014-09-30 14,136.75 8,827.68 311.88
2014-06-30 14,276.85 8,534.52 267.43
2014-03-31 14,493.24 8,875.90 188.89
2013-12-31 14,176.45 9,011.22 491.13
2013-09-30 14,263.52 9,125.52 121.69
2013-06-30 14,322.50 8,423.61 385.42
2013-03-31 13,210.53 9,564.52 785.36
2012-12-31 13,773.34 11,818.79 100.81
2012-09-30 14,174.52 12,614.86 158.19
2012-06-30 14,169.57 12,469.49 293.63
  • Prologis's level of debt (43%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (61.2% vs 43% today).
  • Debt is not well covered by operating cash flow (17.6%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.9x coverage).
X
Financial health checks
We assess Prologis's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Prologis has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Prologis's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.77%
Current annual income from Prologis dividends. Estimated to be 2.88% next year.
If you bought $2,000 of Prologis shares you are expected to receive $55 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Prologis's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Prologis's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).
Upcoming dividend payment

Purchase Prologis before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:PLD Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:PLD Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 2.57 2.00
2022-12-31 2.41 2.00
2021-12-31 2.31 6.00
2020-12-31 2.20 16.00
2019-12-31 2.10 17.00
NYSE:PLD Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-01 2.120 2.796
2019-02-21 2.120 2.932
2018-12-06 1.920 2.977
2018-09-06 1.920 2.906
2018-05-02 1.920 2.951
2018-02-22 1.920 3.062
2017-12-07 1.760 2.795
2017-09-07 1.760 2.703
2017-05-03 1.760 3.005
2017-02-23 1.760 3.376
2016-12-01 1.680 3.273
2016-09-08 1.680 3.294
2016-05-04 1.680 3.327
2016-02-26 1.680 3.877
2015-12-04 1.600 4.002
2015-11-02 1.600 3.774
2015-10-20 1.600 3.712
2015-04-29 1.440 3.644
2015-02-25 1.440 3.361
2014-12-05 1.320 3.011
2014-09-08 1.320 3.306
2014-05-01 1.320 3.209
2014-02-26 1.320 3.238
2013-12-05 1.120 2.943
2013-09-05 1.120 2.901
2013-05-02 1.120 2.887
2013-02-27 1.120 2.794
2012-12-06 1.120 2.947
2012-09-04 1.120 3.233
2012-05-03 1.120 3.425
2012-02-22 1.120 3.234
2011-12-08 1.120 3.679
2011-09-09 1.120 4.200
2011-08-09 1.000 3.724
2011-07-28 1.000 3.236

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Prologis has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Prologis only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Prologis's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (1041.7x coverage).
X
Income/ dividend checks
We assess Prologis's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Prologis afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Prologis has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Prologis's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Hamid Moghadam
COMPENSATION $28,201,400
AGE 61
TENURE AS CEO 6.4 years
CEO Bio

Mr. Hamid R. Moghadam has been the Chief Executive Officer at Prologis, Inc. since December 31, 2012. Mr. Moghadam served as the Co-Chief Executive Officer from June 2011 to December 31, 2012 and is primarily responsible for shaping the company's vision, strategy, organizational structure and private capital franchise. He co-founded the company's predecessor, AMB Property Corporation, in 1983. He has been the Chairman of Prologis, Inc. since January 2000 and its Director since November 1997. Mr. Moghadam has been a board member since AMB's IPO in 1997. He was Chief Executive Officer of AMB Property Corp., since November 1997 and its President since December 1, 2006 and also served as its Chairman since January 2000. Previously, Mr. Moghadam served as Chairman of the National Association of Real Estate Investment Trusts. He was a Director of Plum Creek Timber Company. Mr. Moghadam served as Founding Member of the Real Estate Roundtable. He served as the Chairman of Stanford Management Company. Mr. Moghadam serves as Member of the Advisory Board of the Wine Group and Member of the Stanford Business School Advisory Counsel. He serves as Member of Board of Trustees of Stanford University and served as its Member of Advisory Board. As an active participant in the San Francisco Bay Area community, he has served on various philanthropic and community boards, including the California Academy of Sciences, Town School for Boys and as Chairman of Young President Organization's Northern California chapter. Mr. Moghadam also serves on Stanford’s FSI Council (Freeman Spogli Institute for International Studies) and the Stanford Graduate School of Business’ Advisory Council. Previously, he served as a trustee and as a member on the board’s executive committee for the Urban Land Institute, chairman of NAREIT and REITPAC. Mr. Moghadam received the 2013 Ernst & Young National Entrepreneur of the Year Overall Award and is a recipient of the Ellis Island Medal of Honor. Mr. Moghadam holds Bachelor’s and Master's degrees in Engineering from the Massachusetts Institute of Technology and an M.B.A. degree from the Graduate School of Business at Stanford University.

CEO Compensation
  • Hamid's compensation has increased by more than 20% in the past year.
  • Hamid's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Prologis management team in years:

7.5
Average Tenure
54
Average Age
  • The average tenure for the Prologis management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Hamid Moghadam

TITLE
Chairman of the Board & CEO
COMPENSATION
$28M
AGE
61
TENURE
6.4 yrs

Tom Olinger

TITLE
Chief Financial Officer
COMPENSATION
$10M
AGE
51
TENURE
7 yrs

Gary Anderson

TITLE
Chief Operating Officer
COMPENSATION
$10M
AGE
52
TENURE
0.2 yrs

Mike Curless

TITLE
Chief Investment Officer
COMPENSATION
$10M
AGE
54
TENURE
7.9 yrs

Gene Reilly

TITLE
Chief Investment Officer
COMPENSATION
$11M
AGE
56
TENURE
0.2 yrs

Ed Nekritz

TITLE
Chief Legal Officer
COMPENSATION
$10M
AGE
52
TENURE
7.9 yrs

Lori Palazzolo

TITLE
MD, Chief Accounting Officer & Senior VP
AGE
54
TENURE
8.3 yrs

Sineesh Keshav

TITLE
Chief Technical Officer

Tracy Ward

TITLE
Senior Vice President of Investor Relations & Corporate Communications
TENURE
7.9 yrs

Jan Kneisel

TITLE
Chief Compliance Officer
Board of Directors Tenure

Average tenure and age of the Prologis board of directors in years:

9.8
Average Tenure
66
Average Age
  • The tenure for the Prologis board of directors is about average.
Board of Directors

Hamid Moghadam

TITLE
Chairman of the Board & CEO
COMPENSATION
$28M
AGE
61
TENURE
19.3 yrs

George Fotiades

TITLE
Independent Director
COMPENSATION
$342K
AGE
64
TENURE
7.5 yrs

Mike Losh

TITLE
Independent Director
COMPENSATION
$347K
AGE
72
TENURE
16.3 yrs

Jeff Skelton

TITLE
Independent Director
COMPENSATION
$337K
AGE
68
TENURE
21.5 yrs

Bud Lyons

TITLE
Lead Independent Director
COMPENSATION
$367K
AGE
68
TENURE
7.9 yrs

Bill Zollars

TITLE
Independent Director
COMPENSATION
$317K
AGE
70
TENURE
7.9 yrs

Lydia Kennard

TITLE
Independent Director
COMPENSATION
$317K
AGE
63
TENURE
14.8 yrs

Carl Webb

TITLE
Independent Director
COMPENSATION
$317K
AGE
68
TENURE
11.8 yrs

Dave O’Connor

TITLE
Independent Director
COMPENSATION
$317K
AGE
54
TENURE
4.3 yrs

Olivier Piani

TITLE
Independent Director
COMPENSATION
$305K
AGE
64
TENURE
2 yrs
Who owns this company?
Recent Insider Trading
  • Prologis insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
25. Apr 19 Sell Edward Nekritz Individual 24. Apr 19 24. Apr 19 -30,671 $75.01 $-2,300,639
25. Mar 19 Sell Edward Nekritz Individual 21. Mar 19 21. Mar 19 -16,059 $71.86 $-1,154,021
15. Feb 19 Sell Irving Lyons Individual 13. Feb 19 13. Feb 19 -30,188 $70.91 $-2,138,275
12. Feb 19 Sell Eugene Reilly Individual 11. Feb 19 11. Feb 19 -19,000 $71.07 $-1,350,330
01. Feb 19 Sell Edward Nekritz Individual 30. Jan 19 30. Jan 19 -32,499 $68.34 $-2,220,265
01. Feb 19 Sell Philip Hawkins Individual 30. Jan 19 30. Jan 19 -15,000 $68.20 $-1,023,000
21. Dec 18 Sell William Zollars Individual 19. Dec 18 19. Dec 18 -1,610 $61.53 $-99,063
14. Nov 18 Sell Philip Hawkins Individual 09. Nov 18 09. Nov 18 -15,000 $67.31 $-1,008,470
03. Oct 18 Buy Irving Lyons Individual 28. Sep 18 28. Sep 18 71 $66.89 $4,734
02. Oct 18 Sell Irving Lyons Individual 28. Sep 18 28. Sep 18 -4,808 $67.45 $-324,300
21. Sep 18 Sell Edward Nekritz Individual 21. Sep 18 21. Sep 18 -18,099 $67.66 $-1,224,568
21. Sep 18 Sell Eugene Reilly Individual 20. Sep 18 20. Sep 18 -15,000 $67.20 $-1,008,000
31. Jul 18 Sell Irving Lyons Individual 27. Jul 18 27. Jul 18 -1 $65.29 $-65
25. Jul 18 Sell William Zollars Individual 23. Jul 18 23. Jul 18 -8,020 $62.45 $-500,849
29. Jun 18 Sell Edward Nekritz Individual 28. Jun 18 28. Jun 18 -22,213 $64.87 $-1,440,957
18. Jun 18 Sell William Zollars Individual 15. Jun 18 15. Jun 18 -4,750 $64.06 $-304,285
07. Jun 18 Sell Michael Curless Individual 07. Jun 18 07. Jun 18 -14,568 $66.07 $-962,508
X
Management checks
We assess Prologis's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Prologis has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

How Good Is Prologis, Inc. (NYSE:PLD), When It Comes To ROE?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Prologis: 7.0% = US$1.6b ÷ US$26b (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Does Prologis Have A Good Return On Equity? … Prologis's Debt And Its 7.0% ROE While Prologis does have some debt, with debt to equity of just 0.43, we wouldn't say debt is excessive.

Simply Wall St -

Introducing Prologis (NYSE:PLD), A Stock That Climbed 86% In The Last Five Years

To wit, the Prologis share price has climbed 86% in five years, easily topping the market return of 48% (ignoring dividends). … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … We can see that the Prologis share price is up 65% in the last three years.

Simply Wall St -

What Does Prologis, Inc.'s (NYSE:PLD) Share Price Indicate?

led the NYSE gainers with a relatively large price hike in the past couple of weeks. … With many analysts covering the large-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price … However, could the stock still be trading at a relatively cheap price?

Simply Wall St -

Are Insiders Selling Prologis, Inc. (NYSE:PLD) Stock?

So we'll take a look at whether insiders have been buying or selling shares in Prologis, Inc. … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … Over the last year we saw more insider selling of Prologis shares, than buying

Simply Wall St -

Is Prologis, Inc.'s (NYSE:PLD) CEO Pay Justified?

In 2012 Hamid Moghadam was appointed CEO of Prologis, Inc. … First, this article will compare CEO compensation with compensation at other large companies. … How Does Hamid Moghadam's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Should You Invest In Prologis, Inc. (NYSE:PLD)?

This impacts how PLD’s business operates and also how we should analyse its stock? … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities … These items can distort the bottom line and not necessarily reflective of PLD’s daily operations.

Simply Wall St -

How Good Is Prologis, Inc. (NYSE:PLD), When It Comes To ROE?

This article is for those who would like to learn about Return On Equity (ROE). … Another way to think of that is that for every $1 worth of equity in the company, it was able to earn $0.058. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Prologis Inc (NYSE:PLD): Earnings Expected To Remain Subdued

On 30 September 2018, Prologis Inc (NYSE:PLD) released its most recent earnings update. … with earnings expected to decline by -20% in the upcoming year

Simply Wall St -

Should You Worry About Prologis Inc's (NYSE:PLD) CEO Pay Check?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at other big companies. … How Does Hamid Moghadam's Compensation Compare With Similar Sized Companies. … According to our data, Prologis Inc has a market capitalization of US$42.1b, and pays its CEO total annual compensation worth US$19m.

Simply Wall St -

Is Prologis Inc (NYSE:PLD) A Healthy REIT?

real estate investment trust (REIT) based in San Francisco, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

Company Info

Description

Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of March 31, 2019, 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 772 million square feet (72 million square meters) in 19 countries. Prologis leases modern distribution facilities to a diverse base of approximately 5,100 customers across two major categories: business-to-business and retail/online fulfillment.

Details
Name: Prologis, Inc.
PLD
Exchange: NYSE
Founded: 1991
$49,214,493,830
$48,325,051,730
642,403,000
Website: http://www.prologis.com
Address: Prologis, Inc.
Pier 1,
Bay 1,
San Francisco,
California, 94111,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE PLD New Common Stock New York Stock Exchange US USD 03. Jun 2011
DB POJN New Common Stock Deutsche Boerse AG DE EUR 03. Jun 2011
LSE 0KOD New Common Stock London Stock Exchange GB USD 03. Jun 2011
BMV PLD * New Common Stock Bolsa Mexicana de Valores MX MXN 03. Jun 2011
OTCPK PLDG.P 8.54% PFD SR Q Pink Sheets LLC US USD 15. Jul 2011
Number of employees
Current staff
Staff numbers
1,617
Prologis employees.
Industry
Industrial REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 02:42
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/19
Last earnings filing: 2019/04/23
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.