Jeff Schwartz is resigning

Mike Mueller of JP Morgan Securities says "PLD may finally be moving from a bull market strategy to a bear market strategy that focuses more on liquidity rather than earnings momentum. Considering the stock's recent performance, these look like appropriate actions at first glance."

Given Schwartz' role in the company's growth, Deutsche Bank analyst Lou Taylor called his exit "stunning," adding that "We interpret the change as a difference of opinion about future strategy. The board must believe a halt of all construction is required. Whether Mr. Schwartz disagreed and resigned or the board felt new leadership was required is unknown at this point."

With regard to the dividend cut, Taylor said he didn't feel it was required, "but as is the case at other companies, if the market is not giving the company any credit for the dividend then there is some rational to reducing the dividend and retaining the capital for additional liquidity."