Prologis is said to price share offering at $139.85 each

Prologis, Inc. (NYSE: PLD) has announced the pricing of a public offering of 15,000,000 shares of its common stock at $139.85 per share, with gross proceeds expected to reach approximately $2.1 billion before transaction expenses. The offering is set to close on August 5, 2026, subject to customary conditions. J.P. Morgan and BofA Securities are acting as underwriters for the transaction.

The company has also granted the underwriters a 30-day option to purchase up to an additional 2,250,000 shares to cover overallotments. Proceeds from the offering will be contributed to Prologis’ operating partnership and used for general corporate purposes, including potential acquisitions such as SEGRO plc. However, there is no assurance that the SEGRO combination will proceed as proposed or at all.

This offering is part of Prologis’ broader capital deployment strategy, which includes funding for acquisitions, development projects, and general corporate needs. The company has maintained a strong balance sheet, with a weighted average interest rate on its debt of 3.0% as of December 31, 2023, and no significant debt maturities until 2026.

The offering is being conducted under a shelf registration statement previously filed with the Securities and Exchange Commission (SEC). A final prospectus supplement and accompanying prospectus will be filed with the SEC, and copies will be available from the underwriters.

Prologis operates as a global leader in logistics real estate, with a portfolio spanning 1.2 billion square feet across 19 countries as of December 31, 2023. The company reported Core FFO of $5.61 per diluted share for the full year 2023, reflecting continued growth in its operations.