82.40 -0.03 (-0.04%)
After hours: 4:53PM EDT
|Bid||82.70 x 900|
|Ask||82.71 x 800|
|Day's Range||81.46 - 82.83|
|52 Week Range||55.21 - 83.99|
|Beta (3Y Monthly)||1.07|
|PE Ratio (TTM)||30.61|
|Earnings Date||Oct 14, 2019 - Oct 18, 2019|
|Forward Dividend & Yield||2.12 (2.60%)|
|1y Target Est||82.85|
The Zacks Analyst Blog Highlights: Southern Company, Prologis, Delta Air Lines, Occidental Petroleum and Dollar General
(Bloomberg) -- Blackstone Group LP is talking with prospective buyers for some of the warehouses it will amass as part of an $18.7 billion acquisition agreed to last month with GLP Pte Ltd., according to people with knowledge of the matter.The investment firm has solicited interest for bespoke portfolios of properties from suitors including Prologis Inc., said some of the people, who asked not to be identified because the discussions are private. At least one portfolio is valued at $1 billion or more, one of the people said.Representatives for Blackstone and Prologis declined to comment.It’s not uncommon for real estate investors to divest non-core or non-strategic holdings they amass from large transactions. Blackstone sold a myriad of properties to a variety of buyers as part of its almost $40 billion purchase of Equity Office Properties Trust in 2007.Warehouse tenants such as Amazon.com Inc. got a respite in the second quarter from what’s been a tight market. The available supply of U.S. industrial and logistics real estate -- the sum of vacant space as well as occupied space being marketed for new tenants -- snapped a streak of declines that lasted 34 quarters, according to a report this week from CBRE Group Inc.Still, big landlords remain bullish there will be ongoing institutional investment in the sector. Colony Capital Inc. is exploring the sale of its warehouse business, which may fetch more than $5 billion, Bloomberg reported this week.To contact the reporter on this story: Gillian Tan in New York at email@example.comTo contact the editors responsible for this story: Alan Goldstein at firstname.lastname@example.org, Steve Dickson, Daniel TaubFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
By John Jannarone Colony Capital (ticker: CLNY) is exploring a sale of its industrial real-estate unit, according to a Bloomberg report Wednesday, news that comes less than a week after CorpGov published an an analysis showing the company could be more valuable if it were broken up or sold outright. The asset, which is structured […]
Logistics real estate company Prologis, Inc. (NYSE: PLD) announced that it had signed an agreement to acquire Industrial Property Trust, Inc. (IPT) in its second quarter 2019 earnings report. The cash transaction of $3.99 billion, including the assumption of IPT's debt, is expected to close in the fourth quarter of 2019 or the first quarter of 2020. The acquisition includes 236 properties and 37.5 million square feet of industrial real estate, 96 percent of which is located in Prologis' existing markets.
Prologis' (PLD) deal to acquire Industrial Property Trust will help gain premium assets in preferred submarkets. Also, with solid customer demand, the company put up a decent show in Q2.
Prologis, Inc. (NYSE: PLD ) will acquire Black Creek Group’s investment platform, Industrial Property Trust Inc., in an all cash transaction valued at approximately $3.99 billion. The transaction will ...
With five agreements to lease industrial space at Piedmont Triad, Liberty Property (LPT) reaches more than 95% occupancy in the Triad, which reflects solid demand for quality properties in the region.
(Bloomberg) -- Prologis Inc. agreed to buy warehouse owner Industrial Property Trust for about $4 billion to bulk up its business catering to companies such as Amazon.com Inc. and FedEx Corp.The cash deal, which includes the assumption and repayment of debt, will probably close late this year or early next, Prologis said Monday, confirming an earlier report by Bloomberg. The portfolio includes 236 properties in areas such as Southern California, the San Francisco Bay Area, Chicago, Atlanta, Dallas, Seattle and New Jersey -- with about 96% in markets Prologis is present. Combining businesses will lower costs relative to assets, it said.“This is a high quality portfolio that we think is really strategic,” Prologis Chief Executive Officer Hamid Moghadam said in a phone interview.Warehouses and logistics are increasingly favored parts of the real estate market, in part due to strong growth and occupancy rates. Demand from corporations stems from a necessity to meet customer expectations for faster delivery times. The growth of e-commerce would probably insulate the sector from some of the impact from the Trump administration’s tariffs on goods from China, analysts from Green Street Advisors said in May.Prologis, with a market value of more than $50 billion, doesn’t intend to raise equity to finance the deal. But it does aim to sell about 20% of IPT’s assets, Moghadam said. Three-quarters of that will happen in markets in which the company is already active, and the rest in places such as Salt Lake City and Memphis, where it isn’t seeking a presence.IPT, a nontraded real estate investment trust, was put on the block in February by its owner Black Creek Group LLC, Bloomberg reported at the time.Prologis was among bidders vying to own GLP Pte’s U.S. operations earlier this year, but was beaten out by Blackstone Group LP, which clinched the $18.7 billion deal. Still, the warehouse owner acquired DCT Industrial Trust Inc. last year for more than $8 billion, its second-largest deal after merging in 2011 with AMB Property Corp.“This is not our first rodeo, this is a very bite-sized deal for us and we feel confident about not only closing this transaction in a timely manner but properly integrating the portfolio and realizing the synergies,” said Moghadam. “We’ve got this down to a science,” he said.His firm estimates general and administrative expenses relative to assets under management will decrease 4%. It expects the transaction will be accretive to annual funds from operations, a metric used by REITs, by 5 cents to 6 cents a share.Other portfolios Prologis has eyed in the past year would have resulted in a larger portion of sales, Moghadam said. The REIT would have retained around 70% of GLP U.S.’s portfolio, a number that would have dropped further if it had bought IDI Logistics, he said.(Updates with Prologis CEO’s comments from third paragraph.)To contact the reporter on this story: Gillian Tan in New York at email@example.comTo contact the editors responsible for this story: Alan Goldstein at firstname.lastname@example.org, David Scheer, Dan ReichlFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Prologis Inc said on Monday it would buy Black Creek Group's Industrial Property Trust Inc (IPT), a portfolio of U.S. industrial properties, in an all-cash deal valued at about $4 billion. Prologis expects the deal to add to its annual core funds from operations by about 5 to 6.1 cents on a per share basis. Morgan Stanley & Co LLC and Eastdil Secured LLC are the financial advisers to IPT while Hogan Lovells served as the legal adviser, real estate investment firm Black Creek, which created IPT in 2012, said in a separate statement.
Black Creek Group, a Denver-based real estate investment manager and development firm with a more than 25-year history, today announced its sponsored investment platform, Industrial Property Trust Inc. (IPT), has entered into a merger agreement pursuant to which it will be acquired by an affiliate of Prologis, Inc. (PLD) in an all cash transaction valued at approximately $3.99 Billion, subject to adjustment for certain transaction costs. The transaction will not include IPT’s minority ownership interests in its two unconsolidated joint venture partnerships. IPT’s board of directors unanimously approved the transaction.
SAN FRANCISCO , July 15, 2019 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, reported results for the second quarter of 2019 and announced that, subsequent to quarter ...
Prologis, Inc. is expected to report adjusted net income of $195.9 million, or 38 cents a share, on sales of $698.8 million before the market opens on Tuesday, based on a FactSet survey of 7 analysts. Prologis is currently trading at a price-to-forward-earnings ratio of 45.1 based on the 12-month estimates of 7 analysts surveyed by FactSet. In the upcoming quarter analysts are forecasting adjusted net income of $279.4 million, or 50 cents a share, on sales of $711.8 million.
A double top pattern may usher in selling ahead of a likely rate cut. Consider these tactics to profit from falling REIT prices.
Prologis' (PLD) Q2 results likely to reflect solid fundamentals of industrial real estate market, backed by a strengthening e-commerce market, though supply is also rising.
While Liberty Property (LPT) is selling non-core properties to harvest value and reposition its portfolio, higher supply of industrial space is leading to lesser scope for rent and occupancy growth.
While Terreno Realty's (TRNO) efforts to fortify its industrial portfolio will likely boost Q2 profitability margins, sequential decline in the company's occupancy is a concern.
Colony Capital Appears Undervalued with a Sum of the Parts Valuation Over $11 per Share By John Jannarone Colony Capital (ticker: CLNY) is a maze of real-estate assets that many investors have elected to avoid. But with activist Blackwells Capital’s pressure on the company, there is a clear path to big rewards. With a […]
Duke Realty's (DRE) construction of the warehouse on a speculative basis seems a strategic fit as the market enjoys low vacancy rate and fewer sites for new development projects.
Prologis Inc NYSE:PLDView full report here! Summary * Bearish sentiment is low * Economic output for the sector is expanding but at a slower rate Bearish sentimentShort interest | PositiveShort interest is low for PLD with fewer than 5% of shares on loan. The last change in the short interest score occurred more than 1 month ago and implies that there has been little change in sentiment among investors who seek to profit from falling equity prices. Money flowETF/Index ownership | NeutralETF activity is neutral. The net inflows of $5.89 billion over the last one-month into ETFs that hold PLD are not among the highest of the last year and have been slowing. Economic sentimentPMI by IHS Markit | NegativeAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Financials sector is rising. The rate of growth is weak relative to the trend shown over the past year, however, and is easing. Credit worthinessCredit default swapCDS data is not available for this security.Please send all inquiries related to the report to email@example.com.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
Liberty Property (LPT) sells 800 Walnut Street in Philadelphia, PA, for $99.25 million. This is in line with its aim to shed its office portfolio and focus on industrial properties.
Is Prologis, Inc. (NYSE:PLD) a good dividend stock? How can we tell? Dividend paying companies with growing earnings...