BofA Analyst Bullish on Prologis (PLD)

Prologis, Inc. (NYSE:PLD) is one of the best dividend stocks in the real estate sector. On November 17, analyst Samir Khanal from BofA maintained a Buy recommendation on PLD and lifted the price target on the stock from $137 to $144. The analyst wrote in a research note that although the share performance was not top-notch, third-quarter earnings were solid for American REITs, with 69% of them exceeding market expectations.

In a different update, dated October 27, an SEC statement revealed that the company’s operating partnership, Prologis L.P., has priced its C$700 million, 3.600% notes set to mature on February 15, 2032. Prologis finalized pricing for these notes on October 20, with Scotia Capital and TD Securities being underwriters for this offering.

Before December 15, 2031, the notes can either be redeemed completely or partially, at a price equal to the greater of 100% of the principal or the present value of the upcoming payments through the call date, discounted at the Government of Canada yield with an added 21.5 basis point margin. After December 15, 2031, the notes can be redeemed at 100% of their principal amount.

This debt issuance is expected to raise net proceeds of roughly C$693.6 million, after related expenses have been accounted for. Prologis L.P. will utilize these funds to finance its corporate expenses, including repaying credit lines and mortgage debt.

Prologis, Inc. (NYSE:PLD) is a real estate company with a portfolio focused on fast-growing markets. The company rents out logistics facilities, mostly in the B2B and retail or online fulfillment sectors.

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