Prologis Stock Price, News & Analysis

PROLOGIS PFD Q (PLDGP) represents the Series Q Cumulative Redeemable Preferred Shares of Prologis, Inc., a real estate investment trust (REIT) focused on logistics real estate. Prologis, Inc. is described as the global leader in logistics real estate with a focus on high-barrier, high-growth markets. The PLDGP preferred shares are a distinct class of equity securities tied to this broader Prologis capital structure.

According to Prologis, at December 31, 2023, the company owned or had investments in properties and development projects expected to total approximately 1.2 billion square feet (115 million square meters) in 19 countries, on a wholly owned basis or through co-investment ventures. Prologis leases modern logistics facilities to a diverse base of approximately 6,700 customers, principally across two major categories: business-to-business and retail/online fulfillment. The PLDGP preferred stock is part of the company’s financing and capital markets framework that supports this global logistics real estate platform.

Business context of Prologis, Inc.

Prologis, Inc. operates as a logistics real estate REIT, concentrating on high-barrier, high-growth markets. Its portfolio consists of modern logistics facilities used by customers involved in business-to-business operations and retail or online fulfillment activities. These facilities are leased to a broad customer base, which helps support the company’s real estate income and overall capital structure, including its preferred share classes such as Series Q.

The company’s securities are listed on the New York Stock Exchange. Filings show that Prologis, Inc. common stock trades under the symbol PLD, and Prologis, L.P. has various notes listed, such as 3.000% Notes due 2026, 2.250% Notes due 2029, and 5.625% Notes due 2040. The Series Q preferred shares associated with PLDGP are identified in Prologis’ tax information as “Series Q Cumulative Redeemable Preferred Shares,” with dividends that have specific tax characterizations disclosed for federal income tax reporting.

Series Q cumulative redeemable preferred shares

Exhibit B of Prologis’ tax treatment disclosure describes the Series Q Cumulative Redeemable Preferred Shares and provides detailed information on the tax treatment of 2023 preferred dividends. For each record date and payable date, the company discloses the cash distribution per share and how that distribution is allocated among ordinary taxable income, qualified taxable dividends, long-term capital gain, unrecaptured Section 1250 gain, Section 199A dividends, and Section 897 capital gain. These details are intended to assist holders of PLDGP and their tax advisors in properly reporting dividend income on federal income tax returns.

The company notes that persons who held shares of Prologis, Inc. stock during the year receive an IRS Form 1099-DIV, either directly from the transfer agent or through their bank, brokerage firm, or nominee if shares were held in street name. The tax tables for the Series Q preferred shares indicate that the sum of certain columns will be reported in Box 1a of Form 1099-DIV as total ordinary dividends and in Box 2a as total capital gain distributions, with additional disclosures for Section 1061 and Section 897 purposes.

Regulatory and capital markets environment

Prologis, Inc. and its operating partnership, Prologis, L.P., regularly access capital markets and file reports with the U.S. Securities and Exchange Commission. Recent Form 8-K filings describe matters such as the creation of direct financial obligations, offerings of notes, and changes to equity-based compensation arrangements. For example, Prologis, L.P. has issued notes under an indenture and supplemental indentures, and has entered into underwriting agreements for offerings of notes, with proceeds intended for general corporate purposes, including potential repayment of borrowings.

In addition, a Form 25 (Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934) was filed by the New York Stock Exchange LLC with respect to a class of Prologis securities described as “Guarantor of 3.000% Notes due 2026.” This Form 25 indicates removal of that class of securities from listing and/or registration on the exchange in accordance with applicable SEC rules. This filing relates specifically to that class of securities and does not describe a change in the listing status of Prologis, Inc. common stock or the Series Q preferred shares.

Tax and reporting considerations for PLDGP

Prologis emphasizes that the tax information regarding its common and preferred stock distributions has been prepared using the best available information and that its federal income tax return for the year referenced had not yet been filed at the time of the announcement. The company notes that federal tax laws affect taxpayers differently and that it cannot advise on how distributions should be reported. It also highlights that state and local taxation of REIT distributions may differ from federal rules and recommends consultation with a tax advisor regarding federal, state, and local income tax consequences of Prologis distributions, including those on Series Q preferred shares.

For investors analyzing PLDGP, the tax treatment tables and SEC filings provide insight into how the Series Q preferred dividends are characterized for tax purposes and how they fit within Prologis’ broader capital structure as a logistics real estate REIT.

Frequently asked questions about PROLOGIS PFD Q (PLDGP)

• What is PROLOGIS PFD Q (PLDGP)?
  

  PROLOGIS PFD Q (PLDGP) refers to the Series Q Cumulative Redeemable Preferred Shares of Prologis, Inc. These preferred shares are a separate class of equity from Prologis common stock and are identified in Prologis’ tax treatment disclosure for preferred dividends.

• What type of company is Prologis, Inc.?
  

  Prologis, Inc. is a real estate investment trust focused on logistics real estate. It concentrates on high-barrier, high-growth markets and owns or has investments in logistics properties and development projects across multiple countries.

• What industry and sector does PLDGP belong to?
  

  PLDGP is tied to Prologis, Inc., which operates in the real estate sector as a REIT with a focus on logistics and industrial properties. The underlying business involves modern logistics facilities leased to business-to-business and retail/online fulfillment customers.

• How does Prologis describe its customer base?
  

  Prologis states that it leases modern logistics facilities to a diverse base of approximately 6,700 customers. These customers are principally in two categories: business-to-business operations and retail/online fulfillment.

• How are dividends on PLDGP treated for tax purposes?
  

  Prologis provides a detailed table for the Series Q Cumulative Redeemable Preferred Shares showing the cash distribution per share and how each distribution is allocated among ordinary taxable income, qualified taxable dividends, long-term capital gain, unrecaptured Section 1250 gain, Section 199A dividends, and Section 897 capital gain. The sums of certain categories are reported on Form 1099-DIV as total ordinary dividends and total capital gain distributions.

• Who provides tax reporting forms for PLDGP holders?
  

  Persons who held Prologis, Inc. stock in their own name during the tax year receive an IRS Form 1099-DIV via Prologis’ transfer agent. Those who held shares in street name receive Form 1099-DIV from their bank, brokerage firm, or nominee.

• Does Prologis give tax advice on PLDGP distributions?
  

  Prologis states that it cannot advise shareholders on how distributions should be reported for tax purposes. The company recommends that investors consult a tax advisor regarding the federal, state, and local income tax consequences of Prologis distributions, including those on Series Q preferred shares.

• Where are Prologis securities listed?
  

  SEC filings indicate that Prologis, Inc. common stock is listed on the New York Stock Exchange under the symbol PLD. Certain Prologis, L.P. notes are also listed on the New York Stock Exchange. The Series Q preferred shares associated with PLDGP are referenced in Prologis’ tax disclosure as a listed class of preferred stock.