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Prologis kicked off earnings beating analyst estimates, L.A. fires’ total damage estimates continues to climb, U.S. corporate defaults hit consumer products last week, Stripe announced layoffs, and Trump announces a $500bn JV aimed at AI infrastructure (data centers)

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Capital Markets

Headlines

• Trump Announces $500bn AI Infrastructure JV

  The new entity, Stargate, will be backed by a new partnership formed by OpenAI, Oracle and SoftBank and start building out data centers and the electricity generation needed in Texas, according to the White House

• Consumer Products and Retail Companies Made Last Week’s Defaults

  Two consumer products companies, Blue Ribbon LLC and Packers Holdings LLC, with over $1.5bn in debt defaulted last week along with JOANN which declared bankruptcy

• Los Angeles Fires Impact $2bn in CRE

  According to CoStar, roughly 374 commercial buildings were damaged or destroyed

• Stripe Cuts 300 Jobs

  The payment processing company cut ~3.5% of its workforce and announced it expects to increase headcount by 17% by end of year

• Prologis Beats FFO Expectations for Q4

  Prologis reported a core FFO of $1.50 per share for Q4 2024, beating analysts' estimates of $1.39 per share. The company forecasted 2025 core FFO between $5.65 and $5.81, compared with Wall Street estimates of $5.77, citing uncertainty around future freight demand

  PLD CORE FFO and AFFO

  

  Source: NYSE: PLD

Deals Deals Deals

Sales

• Office: Sentry Realty acquires 1370 Broadway, a 275K SF office asset in New York, NY, for $76mm

• Industrial: EQT Exeter acquires a 401K SF, two-building, industrial portfolio in Plant City, FL from TA Realty

• Industrial: Terreno Realty Corp. acquires a 33K SF industrial building in Queens, NY for $50mm on a 2.6 acre site. The seller was not disclosed

Debt

• Mixed-Use: A partnership between Hines, Affinius Capital, and Columbia Development secured a $191mm loan from New York Life for a mixed-use community in Cary, NC that includes 367 multifamily units, 183K SF of office, and 246K SF of retail

• Multifamily: K8H Ventures secures $56mm in enior debt, mezzanine debt and preferred equity to finance a 1,036-unit manufactured housing development in Terrell, TX

• Multifamily: NewPoint Real Estate Capital provided a floating-rate, interest-only, $18mm bridge-to-HUD loan with a two-year term for the acquisition of a 77-unit multifamily community in Somerset, NJ. The sponsor was not disclosed. The asset was acquired for $24mm

Developments

• Retail: A JV between DPC Cos. and Ogilvie Partners acquired Englewood CityCenter, a 220K SF retail center in Englewood, CO. The JV is working with the city to master redevelop the site

• Industrial: Schnitzer Properties breaks ground on a $73mm two-building industrial development totaling 331K SF in Tucson, AZ

• Industrial: Anduril, a defense contractor, to build a $1bn weapons manufacturing facility in Columbus, OH

• Industrial: A JV between Scannell Properties and Invesco Real Estate broke ground on a 58K SF two-building industrial development in Laredo, TX.

Distress

• Office: APF Properties defaults on $155mm loan backed by 28 West 44th Street in New York, NY

Capital Raising

• Multifamily: GMF Group raised $250mm for manufactured housing investments through its second fund

• Multifamily: Forus and Group Fox are seeking a LP to take a 90% equity stake in the $292mm 517-unit multifamily project they are planning in Miami, FL’s Brickell

Leasing

• Office: JPMorgan signs a 280K SF renewal and expansion at Hines’ office building at 560 Mission St in San Francisco, CA

Meme Summary

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