Intrinsic value of Prologis - PLD

Previous Close

$65.04

  Intrinsic Value

$7.30

stock screener

  Rating & Target

str. sell

-89%

Previous close

$65.04

 
Intrinsic value

$7.30

 
Up/down potential

-89%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as PLD.

We calculate the intrinsic value of PLD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 34.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.40
  3.56
  3.70
  3.83
  3.95
  4.06
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
Revenue, $m
  2,707
  2,803
  2,907
  3,019
  3,138
  3,265
  3,401
  3,545
  3,697
  3,859
  4,031
  4,212
  4,404
  4,606
  4,819
  5,045
  5,282
  5,532
  5,795
  6,072
  6,364
  6,671
  6,994
  7,334
  7,691
  8,067
  8,462
  8,877
  9,314
  9,773
Variable operating expenses, $m
  1,990
  2,058
  2,132
  2,211
  2,296
  2,386
  2,482
  2,584
  2,692
  2,807
  2,858
  2,987
  3,123
  3,266
  3,418
  3,577
  3,746
  3,923
  4,110
  4,306
  4,513
  4,731
  4,960
  5,201
  5,454
  5,721
  6,001
  6,295
  6,605
  6,930
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,990
  2,058
  2,132
  2,211
  2,296
  2,386
  2,482
  2,584
  2,692
  2,807
  2,858
  2,987
  3,123
  3,266
  3,418
  3,577
  3,746
  3,923
  4,110
  4,306
  4,513
  4,731
  4,960
  5,201
  5,454
  5,721
  6,001
  6,295
  6,605
  6,930
Operating income, $m
  717
  745
  775
  808
  842
  879
  919
  961
  1,005
  1,052
  1,172
  1,225
  1,281
  1,340
  1,402
  1,467
  1,536
  1,609
  1,686
  1,766
  1,851
  1,940
  2,034
  2,133
  2,237
  2,346
  2,461
  2,582
  2,709
  2,842
EBITDA, $m
  3,940
  4,081
  4,232
  4,394
  4,568
  4,753
  4,950
  5,160
  5,382
  5,618
  5,868
  6,131
  6,410
  6,705
  7,015
  7,343
  7,689
  8,052
  8,436
  8,839
  9,264
  9,711
  10,181
  10,676
  11,196
  11,743
  12,318
  12,922
  13,558
  14,225
Interest expense (income), $m
  0
  360
  362
  364
  366
  368
  370
  373
  375
  378
  381
  384
  387
  391
  395
  398
  403
  407
  411
  416
  421
  427
  432
  438
  444
  451
  458
  465
  473
  481
  489
Earnings before tax, $m
  357
  383
  412
  442
  474
  509
  546
  585
  627
  671
  788
  838
  890
  945
  1,003
  1,065
  1,129
  1,197
  1,269
  1,345
  1,424
  1,508
  1,596
  1,689
  1,786
  1,888
  1,996
  2,109
  2,228
  2,353
Tax expense, $m
  96
  103
  111
  119
  128
  137
  147
  158
  169
  181
  213
  226
  240
  255
  271
  287
  305
  323
  343
  363
  385
  407
  431
  456
  482
  510
  539
  570
  602
  635
Net income, $m
  260
  280
  300
  323
  346
  372
  399
  427
  458
  490
  575
  612
  650
  690
  732
  777
  824
  874
  927
  982
  1,040
  1,101
  1,165
  1,233
  1,304
  1,379
  1,457
  1,540
  1,627
  1,718

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  -3,004
  -3,111
  -3,227
  -3,350
  -3,483
  -3,624
  -3,774
  -3,934
  -4,104
  -4,284
  -4,474
  -4,675
  -4,888
  -5,112
  -5,349
  -5,599
  -5,862
  -6,140
  -6,432
  -6,740
  -7,063
  -7,404
  -7,763
  -8,140
  -8,537
  -8,954
  -9,392
  -9,853
  -10,337
  -10,846
Adjusted assets (=assets-cash), $m
  -3,004
  -3,111
  -3,227
  -3,350
  -3,483
  -3,624
  -3,774
  -3,934
  -4,104
  -4,284
  -4,474
  -4,675
  -4,888
  -5,112
  -5,349
  -5,599
  -5,862
  -6,140
  -6,432
  -6,740
  -7,063
  -7,404
  -7,763
  -8,140
  -8,537
  -8,954
  -9,392
  -9,853
  -10,337
  -10,846
Revenue / Adjusted assets
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
  -0.901
Average production assets, $m
  31,531
  32,654
  33,863
  35,161
  36,550
  38,033
  39,611
  41,288
  43,068
  44,955
  46,952
  49,064
  51,295
  53,651
  56,137
  58,759
  61,523
  64,435
  67,502
  70,731
  74,130
  77,707
  81,470
  85,428
  89,590
  93,967
  98,568
  103,405
  108,488
  113,831
Working capital, $m
  -11,142
  -11,539
  -11,966
  -12,425
  -12,916
  -13,439
  -13,997
  -14,590
  -15,219
  -15,885
  -16,591
  -17,337
  -18,126
  -18,958
  -19,837
  -20,763
  -21,740
  -22,769
  -23,853
  -24,994
  -26,195
  -27,459
  -28,789
  -30,187
  -31,658
  -33,205
  -34,831
  -36,540
  -38,336
  -40,224
Total debt, $m
  6,462
  6,495
  6,531
  6,569
  6,610
  6,654
  6,701
  6,750
  6,803
  6,859
  6,918
  6,980
  7,046
  7,115
  7,189
  7,266
  7,348
  7,434
  7,525
  7,620
  7,720
  7,826
  7,937
  8,054
  8,177
  8,306
  8,442
  8,585
  8,735
  8,893
Total liabilities, $m
  931
  965
  1,000
  1,039
  1,080
  1,123
  1,170
  1,220
  1,272
  1,328
  1,387
  1,449
  1,515
  1,585
  1,658
  1,736
  1,817
  1,903
  1,994
  2,089
  2,190
  2,295
  2,406
  2,523
  2,646
  2,776
  2,912
  3,054
  3,205
  3,362
Total equity, $m
  -3,936
  -4,076
  -4,227
  -4,389
  -4,562
  -4,747
  -4,944
  -5,154
  -5,376
  -5,611
  -5,861
  -6,124
  -6,403
  -6,697
  -7,007
  -7,335
  -7,679
  -8,043
  -8,426
  -8,829
  -9,253
  -9,700
  -10,169
  -10,663
  -11,183
  -11,729
  -12,304
  -12,907
  -13,542
  -14,209
Total liabilities and equity, $m
  -3,005
  -3,111
  -3,227
  -3,350
  -3,482
  -3,624
  -3,774
  -3,934
  -4,104
  -4,283
  -4,474
  -4,675
  -4,888
  -5,112
  -5,349
  -5,599
  -5,862
  -6,140
  -6,432
  -6,740
  -7,063
  -7,405
  -7,763
  -8,140
  -8,537
  -8,953
  -9,392
  -9,853
  -10,337
  -10,847
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  260
  280
  300
  323
  346
  372
  399
  427
  458
  490
  575
  612
  650
  690
  732
  777
  824
  874
  927
  982
  1,040
  1,101
  1,165
  1,233
  1,304
  1,379
  1,457
  1,540
  1,627
  1,718
Depreciation, amort., depletion, $m
  3,223
  3,336
  3,457
  3,586
  3,725
  3,874
  4,031
  4,199
  4,377
  4,566
  4,695
  4,906
  5,130
  5,365
  5,614
  5,876
  6,152
  6,444
  6,750
  7,073
  7,413
  7,771
  8,147
  8,543
  8,959
  9,397
  9,857
  10,340
  10,849
  11,383
Funds from operations, $m
  3,484
  3,615
  3,757
  3,909
  4,072
  4,245
  4,430
  4,626
  4,835
  5,056
  5,271
  5,518
  5,779
  6,055
  6,346
  6,653
  6,977
  7,318
  7,677
  8,055
  8,453
  8,872
  9,312
  9,776
  10,263
  10,775
  11,314
  11,880
  12,475
  13,101
Change in working capital, $m
  -366
  -397
  -427
  -459
  -491
  -524
  -558
  -593
  -629
  -667
  -706
  -746
  -789
  -833
  -879
  -927
  -977
  -1,029
  -1,084
  -1,141
  -1,201
  -1,264
  -1,330
  -1,399
  -1,471
  -1,547
  -1,626
  -1,709
  -1,796
  -1,888
Cash from operations, $m
  3,850
  4,012
  4,184
  4,368
  4,563
  4,769
  4,988
  5,219
  5,464
  5,722
  5,976
  6,264
  6,568
  6,888
  7,225
  7,580
  7,953
  8,347
  8,761
  9,196
  9,654
  10,135
  10,642
  11,174
  11,734
  12,322
  12,940
  13,589
  14,272
  14,989
Maintenance CAPEX, $m
  -3,049
  -3,153
  -3,265
  -3,386
  -3,516
  -3,655
  -3,803
  -3,961
  -4,129
  -4,307
  -4,495
  -4,695
  -4,906
  -5,130
  -5,365
  -5,614
  -5,876
  -6,152
  -6,444
  -6,750
  -7,073
  -7,413
  -7,771
  -8,147
  -8,543
  -8,959
  -9,397
  -9,857
  -10,340
  -10,849
New CAPEX, $m
  -1,036
  -1,123
  -1,209
  -1,298
  -1,389
  -1,482
  -1,578
  -1,677
  -1,780
  -1,886
  -1,997
  -2,112
  -2,231
  -2,356
  -2,486
  -2,622
  -2,764
  -2,912
  -3,067
  -3,229
  -3,399
  -3,577
  -3,763
  -3,958
  -4,162
  -4,377
  -4,601
  -4,837
  -5,084
  -5,343
Cash from investing activities, $m
  -4,085
  -4,276
  -4,474
  -4,684
  -4,905
  -5,137
  -5,381
  -5,638
  -5,909
  -6,193
  -6,492
  -6,807
  -7,137
  -7,486
  -7,851
  -8,236
  -8,640
  -9,064
  -9,511
  -9,979
  -10,472
  -10,990
  -11,534
  -12,105
  -12,705
  -13,336
  -13,998
  -14,694
  -15,424
  -16,192
Free cash flow, $m
  -235
  -264
  -290
  -317
  -343
  -368
  -394
  -419
  -445
  -471
  -516
  -543
  -570
  -598
  -627
  -656
  -686
  -718
  -750
  -783
  -818
  -854
  -892
  -931
  -971
  -1,014
  -1,058
  -1,104
  -1,152
  -1,203
Issuance/(repayment) of debt, $m
  30
  33
  36
  38
  41
  44
  47
  50
  53
  56
  59
  62
  66
  70
  73
  77
  82
  86
  91
  95
  100
  106
  111
  117
  123
  129
  136
  143
  150
  158
Issuance/(repurchase) of shares, $m
  -130
  -140
  -151
  -162
  -173
  -185
  -197
  -209
  -222
  -235
  -249
  -264
  -279
  -294
  -310
  -327
  -345
  -363
  -383
  -403
  -424
  -446
  -470
  -494
  -520
  -546
  -574
  -604
  -635
  -667
Cash from financing (excl. dividends), $m  
  -100
  -107
  -115
  -124
  -132
  -141
  -150
  -159
  -169
  -179
  -190
  -202
  -213
  -224
  -237
  -250
  -263
  -277
  -292
  -308
  -324
  -340
  -359
  -377
  -397
  -417
  -438
  -461
  -485
  -509
Total cash flow (excl. dividends), $m
  -335
  -371
  -406
  -440
  -475
  -509
  -544
  -579
  -615
  -651
  -706
  -744
  -783
  -823
  -864
  -906
  -950
  -995
  -1,042
  -1,091
  -1,142
  -1,195
  -1,250
  -1,308
  -1,368
  -1,431
  -1,496
  -1,565
  -1,637
  -1,712
Retained Cash Flow (-), $m
  130
  140
  151
  162
  173
  185
  197
  209
  222
  235
  249
  264
  279
  294
  310
  327
  345
  363
  383
  403
  424
  446
  470
  494
  520
  546
  574
  604
  635
  667
Prev. year cash balance distribution, $m
  3,806
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  76
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  3,600
  140
  151
  162
  173
  185
  197
  209
  222
  235
  249
  264
  279
  294
  310
  327
  345
  363
  383
  403
  424
  446
  470
  494
  520
  546
  574
  604
  635
  667
Discount rate, %
  14.10
  14.81
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
  50.13
  52.64
  55.27
  58.04
PV of cash for distribution, $m
  3,155
  106
  98
  89
  79
  69
  59
  49
  40
  33
  26
  20
  15
  11
  8
  5
  4
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Prologis, Inc. is a real estate investment trust (REIT) company. The Company is engaged in logistics real estate business. The Company's segments include Real Estate Operations and Strategic Capital. The Real estate operations segment consists of rental operations and development. The Company's strategic capital segment includes asset management services, as well as services performed for unconsolidated co-investment ventures. Its strategic capital segment gives the Company access to third-party capital, both private and public. As of December 31, 2016, the Company owned or had investments in, on an owned basis or through co-investment ventures, properties and development projects across 676 million square feet (63 million square meters) in 20 countries spanning four continents.

FINANCIAL RATIOS  of  Prologis (PLD)

Valuation Ratios
P/E Ratio 28.4
Price to Sales 13.6
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 24.3
Price to Free Cash Flow -43.8
Growth Rates
Sales Growth Rate 15.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.8%
Cap. Spend. - 3 Yr. Gr. Rate 8.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 70.8%
Total Debt to Equity 70.8%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 4.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.6%
Return On Equity 8.2%
Return On Equity - 3 Yr. Avg. 6.3%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 72.5%
Gross Margin - 3 Yr. Avg. 71.3%
EBITDA Margin 89.9%
EBITDA Margin - 3 Yr. Avg. 83.4%
Operating Margin 26.5%
Oper. Margin - 3 Yr. Avg. 16.2%
Pre-Tax Margin 53.2%
Pre-Tax Margin - 3 Yr. Avg. 45.6%
Net Profit Margin 47.8%
Net Profit Margin - 3 Yr. Avg. 41.1%
Effective Tax Rate 4%
Eff/ Tax Rate - 3 Yr. Avg. 1%
Payout Ratio 73.8%

PLD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PLD stock intrinsic value calculation we used $2618 million for the last fiscal year's total revenue generated by Prologis. The default revenue input number comes from 2017 income statement of Prologis. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PLD stock valuation model: a) initial revenue growth rate of 3.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 14.1%, whose default value for PLD is calculated based on our internal credit rating of Prologis, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Prologis.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PLD stock the variable cost ratio is equal to 73.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PLD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.6% for Prologis.

Corporate tax rate of 27% is the nominal tax rate for Prologis. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PLD stock is equal to 2.9%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PLD are equal to 1164.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Prologis operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PLD is equal to -411.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Prologis - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 530 million for Prologis is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Prologis at the current share price and the inputted number of shares is $34.5 billion.

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COMPANY NEWS

▶ Prologis, Inc. to Host Earnings Call   [10:00AM  ACCESSWIRE]
▶ Prologis: 2Q Earnings Snapshot   [08:16AM  Associated Press]
▶ Industrial REITs Poised to Shine as Demand Remains Robust   [Jul-16-18 12:03PM  InvestorPlace]
▶ Duke Realty Stock Offers Average Growth at a High Valuation   [Jul-06-18 06:04PM  InvestorPlace]
▶ Prologis breaks ground on second phase of huge Oakland industrial project   [Jul-02-18 03:36PM  American City Business Journals]
▶ Prologis to Announce Second Quarter 2018 Results July 17   [Jun-25-18 04:30PM  PR Newswire]
▶ How Benchmark's Kevin Kelly Is Playing Prologis   [Jun-08-18 06:01PM  Bloomberg Video]
▶ [$$] Amazon, Auto Companies Stoke Logistics Boom in Eastern Europe   [Jun-06-18 03:22PM  The Wall Street Journal]
▶ Layoffs coming after Prologis completes DCT Industrial Trust deal   [09:02AM  American City Business Journals]
▶ Stiles Corp. closes $44M acquisition   [07:40AM  American City Business Journals]
▶ What Did Prologis Incs (NYSE:PLD) CEO Take Home Last Year?   [May-22-18 02:03PM  Simply Wall St.]
▶ REITs Report FFO Growth in Q1: 4 Solid Picks   [May-18-18 08:38AM  Zacks]
▶ Playing The REIT M&A Game   [10:01AM  Forbes]
▶ 4 of the Best REITs to Buy Now   [May-09-18 10:38AM  InvestorPlace]
▶ 3 Boring Stocks That Could Make You Rich   [May-08-18 06:26AM  Motley Fool]
▶ Stiles buys site in Miami-Dade business park to build retail center   [May-04-18 06:35PM  American City Business Journals]
▶ Marathon Petroleum, Walmart, Prologis Lead Busy Merger News   [04:04PM  Investor's Business Daily]
▶ Merger Monday Makes A Return   [03:24PM  Benzinga]
▶ Prologis to Buy DCT Industrial Trust for $8.4 Billion   [12:24AM  The Wall Street Journal]
▶ [$$] Prologis to Buy DCT Industrial Trust for $8.4 Billion   [Apr-29-18 06:52PM  The Wall Street Journal]
▶ Is There Now An Opportunity In Prologis Inc (NYSE:PLD)?   [Apr-25-18 06:42PM  Simply Wall St.]
▶ Prologis, Inc. to Host Earnings Call   [10:00AM  ACCESSWIRE]
▶ Prologis: 1Q Earnings Snapshot   [08:09AM  Associated Press]
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