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Prologis(A3/A): Cross Asset

REAL ESTATE

• At ~-12% PLD is the second worst performing stock in the €IG issuance universe.

• PLD reported 1Q24 results yesterday that were broadly in line. LTV little changed at 33%.

• However, FY24 forecasts were downgraded with core FFO outlook lowered by 1.3% with occupancy taken down by 0.7%.

• Bonds have been unperturbed, trading largely unchanged in €, £ and $.

• A lot of the call focused on weakness in Southern California. Bonds are issued out of subsidiary Prologis LP (no separate financials) which has more international exposure.

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