Prologis, Inc. PLD
Global leader in logistics real estate with prime port, air, and major consumer consumption gateway facilities.
Executive Summary: Prologis, Inc. (PLD) Institutional Rating
Quantitative Verdict: Prologis, Inc. (PLD) trades at an annualized dividend yield of 3.04% with an AFFO payout ratio of 68.3%, earning a Dividend Safety Score of 90 / 100 (Very Safe). The stock currently trades at a 8.1% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $138.00, backed by an institutional portfolio of 5,600 commercial properties operating at 95.2% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
Prologis, Inc. operates as a Integrated Asset Manager in the Industrial real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 95.2%.
Labor & Overhead Efficiency
- • Total Global Employees: 2,802
- • Estimated Market Cap: $122.92 B
- • Capital Per Employee: $43.87M
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 6.53%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 5.03% | $179.15 | +29.8% | $126.45 | Undervalued |
| 5.53% | $162.95 | +18.1% | $126.45 | Undervalued |
| 6.03% | $149.44 | +8.3% | $126.45 | Undervalued |
| 6.53% Base Case | $138.00 | 0.0% | $126.45 | Undervalued |
| 7.03% | $128.18 | -7.1% | $126.45 | Undervalued |
| 7.53% | $119.67 | -13.3% | $126.45 | Overvalued |
| 8.03% | $112.22 | -18.7% | $126.45 | Overvalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Quarterly | $0.9600 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| Prologis Park Inland Empire West | Mira Loma, CA | 1,400,000 sq ft | 97.8% | Walmart E-Commerce | $486,956,522 |
| Prologis Port Newark Distribution Complex | Newark, NJ | 1,100,000 sq ft | 100.0% | Maersk Logistics & DHL | $421,276,596 |
| Lehigh Valley Mega Distribution Center | Allentown, PA | 1,050,000 sq ft | 100.0% | Walmart Fulfillment Services | $200,000,000 |
| Prologis Park DFW Gateway | Dallas, TX | 950,000 sq ft | 94.5% | Home Depot Supply Chain | $179,245,283 |
| DFW International Logistics Center Hub 3 | Dallas, TX | 850,000 sq ft | 100.0% | Amazon Air & DHL Global Forwarding | $154,782,609 |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: PLD vs Peers
Institutional CompsDirect peer benchmark comparing Prologis, Inc. against its top competitors in the Industrial industry.
| Metric | PLD (Current) | REXR | STAG | EGP |
|---|---|---|---|---|
| Share Price | $126.45 | $38.71 | $36.43 | $199.02 |
| Dividend Yield | 3.04% | 4.39% | 4.06% | 3.26% |
| Dividend Safety Score | 90 / 100 | 89 / 100 | 88 / 100 | 90 / 100 |
| Price / AFFO Multiple | 22.5x | 17.44x | 15.31x | 21.49x |
| NAV Premium / Discount | -8.1% | -25.6% | -9.4% | -8.3% |
| Portfolio Occupancy | 95.2% | 97.8% | 97.4% | 96.5% |
| Commercial Properties | 5,600 | 425 | 570 | 150 |
Frequently Asked Questions (PLD FAQ)
Prologis, Inc. (PLD) currently pays an annualized dividend of $3.84 per share, representing an annualized dividend yield of 3.04%. The distribution is paid on a Quarterly schedule. Its current AFFO payout ratio is 68.3%, earning a Dividend Safety Score of 90/100 with a risk rating of 'Very Safe'.
Based on REITwave's institutional property-level valuation models, Prologis, Inc.'s consensus base NAV is $138.00 per share. Trading at $126.45, the stock reflects an implied market cap rate of 6.53% and trades at a 8.1% discount to NAV (undervalued).
Prologis, Inc. owns and operates approximately 5,600 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 95.2% with a weighted average lease term (WALT) of 6.8 years.
Prologis, Inc. currently trades at a Price / AFFO multiple of 22.5x based on forward AFFO per share of $5.62. Its Price / FFO multiple stands at 23.1x against forward FFO per share of $5.48.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is Hamid R. Moghadam. Total annual reported compensation was $24,999,873, reflecting a CEO-to-median-worker pay ratio of 177:1.
Prologis, Inc. maintains a Net Debt-to-EBITDA ratio of 4.8x and carries an investment-grade credit rating of A / A2. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.