In the spirit of sharing which we have in this community I offered, and Stockcentral accepted, to post an updated REIT presentation I created a few years ago. I hope you find this helpful if you have an interest in researching REITS. If you have any questions or want to raise a point on the subject bring it here and we'll throw some REIT related ideas around. Go here http://www.stockcentral.com/learn/learninglibrary/tabid/180/Default.aspx and scroll down to the presentation. It's free to all members. I hope you enjoy!

Hi Gary,

You'll need to click the "Download" link to the right of  "ratings", not the PPT icon/graphic to the left.

Dave

Hi Karen,

I've never seen that one!  The link works in my attempts with Firefox and IE browsers, but i get the same thing using Safari browser (PC).  Please attempt it using Firefox.  We do not currently support the Safari browser.  Lemme know if still any troubles, thanks!

dave

Robert, yes the debt ratio is high but they have been expanding their properties nd they may be taking advantage of lower real estate pricing  to build a better position for the future. As of their latest post on the site they do have investment grade ratings http://ir.prologis.com/investors/debt_ratings.cfm . Looking at the Ratio Analyzer I don't think tells the true financial story. When I scrolled down to look at cash positions most the the financial reports had zeros so the data I would say is incomplete. Here are some of the expansions mentioned at  http://ir.prologis.com/investors/reports/2006_highlights.html . Here they explain what they are doing with cash and use of credit lines. this may be a good time when companies can get lines of credit at better rates and save future interest expense by getting lower rates. As mentioned in the PPT, companies that have good financial stability are more likely to be able to use this to their benefit.

As far as the WSJ article I couldn't read the whole article as it was for subscribers. Where the interest of mgt is aligned I believe the owners who own many shares would want to be able to maintain the dividend and raise it over time. I believe PLD has raised it 13 consecutive years. At the dividend rate of $2.07 those who own a million or so shares are looking at a nice sized paycheck every quarter. At this time theya re at a payout ratio of 49%, it is my understanding they will have to increase this to 90% to maintain the tax status as a REIT. If I am wrong I hope someone will shed a little more light on this.

Thanks Karen this really spells out the expansion plans