Form 4: Prologis Director Acquires Dividend Equivalent Units

Prologis Director James B. Connor reported the acquisition of 56.4957 Dividend Equivalent Units (DEUs) on September 30, 2025, as part of his compensation plan.

Summary

• Director James B. Connor acquired 56.4957 Dividend Equivalent Units (DEUs) on September 30, 2025.
• These DEUs are associated with Deferred Stock Units (DSUs) for current board service under the Prologis, Inc. Nonqualified Deferred Compensation Plan (NQDC Plan).
• DEUs accrue on outstanding DSUs at the Prologis common stock dividend rate at the time dividends are paid on Prologis common stock.
• Both DEUs and the underlying DSUs vest 100% on the earlier of the first anniversary of the grant date or the first annual meeting of the stockholders of Prologis after the grant date (generally in May each year).
• The receipt of such DEUs is deferred along with the underlying DSUs.
• DSUs and DEUs are paid in the form of Prologis common stock at the rate of one common share per DSU or DEU.
• Following this transaction, James B. Connor beneficially owns 6,462.313 derivative securities, which include DSUs and DEUs.

Sentiment

Score: 6

Explanation: The filing indicates a routine, expected compensation event for a director, which is a neutral to slightly positive signal as it aligns director interests with shareholders through equity ownership.

Positives

• Director compensation aligns with shareholder interests through equity-based awards.
• The acquisition of Dividend Equivalent Units reflects ongoing participation in the company's dividend program and long-term commitment.

Future Outlook

The acquired Dividend Equivalent Units and their underlying Deferred Stock Units are scheduled to vest 100% on the earlier of the first anniversary of the grant date or the first annual meeting of Prologis stockholders after the grant date, typically in May each year. Upon vesting, these units will be paid out in Prologis common stock.

Industry Context

This routine insider transaction reflects standard equity-based compensation practices for directors in publicly traded companies, particularly within the real estate investment trust (REIT) sector, aiming to align director incentives with long-term shareholder value.

Stakeholder Impact

• Shareholders: Director's equity ownership aligns interests with shareholders.
• Management: Part of the director's compensation structure, incentivizing long-term performance.

Next Steps

• Vesting of Dividend Equivalent Units and Deferred Stock Units on the earlier of the first anniversary of the grant date or the first annual meeting of stockholders after the grant date.
• Payment of vested DSUs and DEUs in Prologis common stock.

Key Dates

Keywords

Prologis, PLD, SEC Form 4, Insider Transaction, Director Compensation, Dividend Equivalent Units, Deferred Stock Units, Equity Compensation, James B. Connor