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Analyst
Nick Thillman
Period: Reporting periods mapped to calendar 2025 Q2 – 2026 Q2 (5 quarters).
- Questions
- 5on tracked calls
- Challenge rate
- 0%none of 5 questionsLimited sample
- Companies
- 1questioned at least once
- Reporting periods
- 5with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 5 of 5 questions from 1 company
PLDPrologis5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
between the top and the bottom markets on the next 12-month market rent growth, has that range widened it at all?
Show response
Caton said dispersion is narrowing, named Texas, the Southeast, Midwest and Bay Area as strongest and Seattle as softest.
Calendar 2026 Q1
it seems historically relative to historical trends, just cap rates by market or historically tight. I'm wondering if you guys could provide a little bit more commentary on markets where maybe you'...
Show response
Dan said cap rates steady for 5-6 quarters, ranging 5-5.5% by location quality, with growing Class B/C divergence. Emphasized IRR-based total return approach over cap rates.
Calendar 2025 Q4
what percent of that bank do you think in the money when it comes to new construction
Show response
Arndt said land bank valued at around 110% fair market value to book value as aggregate across mix of projects more and less deeply in the money. Letter said about two-thirds of logistics starts assumed for year are in US which is up about 10-15% year over year. Strong markets in Latin America including Sao Paulo and Mexico City. Some starts in Germany Netherlands and Northern Europe.
Calendar 2025 Q3
I just kind of wanted we hear a little bit on just credit risk
Show response
Arndt said bad debt expense elevated as discussed over course of year and even coming into year pre-tariffs. May have expected thirties at beginning of year and experience probably going to be forties in terms of basis points on revenue. Well below higher numbers seen in past crises. Took opportunity in last cycle to do more around customer selection and credit and did great job improving overall credit health of portfolio which shows up in these statistics.
Calendar 2025 Q2
an update here through 2Q, just kind of with the macro uncertainty
Show response
Arndt said bad debt relatively in line with Q1 and elevated bouncing between 35 to 40 basis points versus historical close to 20%. GFC reference peak up into 50s. Expects around 40 over balance of year while watching tenant health closely. Some balance to Southern California and larger home-oriented users but not enough to break out into own category. Moghadam added defaults in aggregate have been NPV positive because mark-to-market capture exceeds downtime. Short-term earnings impact but not value or long-term impact.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| PLD Prologis | 5 | 0%none of 5 questions |
- PLDPrologis · 5 questions0%none of 5 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2025 Q2 | 1 | 0%none of 1 question | 1 |
| 2025 Q3 | 1 | 0%none of 1 question | 1 |
| 2025 Q4 | 1 | 0%none of 1 question | 1 |
| 2026 Q1 | 1 | 0%none of 1 question | 1 |
| 2026 Q2 | 1 | 0%none of 1 question | 1 |
- 2025 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q21 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Macroeconomic3
- Pricing2
- Credit2
- Competitive Dynamics1
- Capex Investment1
- Geographic Expansion1