Form 4: Prologis Director Lyons III Reports Dividend Equivalent Unit Acquisition

Director Irving F. Lyons III reports the acquisition of Dividend Equivalent Units (DEUs) related to deferred stock units (DSUs) in Prologis, Inc.

Summary

• On March 29, 2024, Irving F. Lyons III, a director of Prologis, Inc., reported the acquisition of Dividend Equivalent Units (DEUs) related to his deferred stock units (DSUs).
• These DEUs are associated with both previous and current service on the board.
• 73.7647 DEUs were earned on DSUs associated with previous service, and 194.4731 DEUs were earned on DSUs associated with current service.
• The DEUs accrue at the Prologis common stock dividend rate and vest upon issuance or on the first anniversary of the grant date or the first annual meeting of stockholders.
• Both DSUs and DEUs are paid in the form of Prologis common stock at a rate of one common share per DSU or DEU.
• The total balance of DSUs and DEUs owned following the reported transactions is 10,079.6365 and 26,573.9719 respectively.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing, indicating standard compensation practices. It doesn't contain any information that would significantly impact investor sentiment positively or negatively.

Positives

• The acquisition of DEUs reflects continued alignment of the director's interests with those of the shareholders through equity-based compensation.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders.

Comparison to Industry Standards

• Equity compensation in the form of DSUs and DEUs is a common practice among publicly traded companies, including Prologis's competitors in the REIT sector, such as Duke Realty (now part of Prologis), and industrial REITs like Rexford Industrial Realty.
• These instruments are designed to align the interests of directors and management with those of shareholders, similar to practices observed at companies like Simon Property Group and Public Storage.

Stakeholder Impact

• The acquisition of DEUs by a director reinforces the alignment of interests between management and shareholders.

Key Dates