We don't have an honest read on this one.
Our model values a company on the cash it can hand its owners after paying for its own growth. That is the wrong question to ask about Prologis, so we are not going to answer it.
Why not
- The model doesn't fit this businessA real estate investment trust. REITs must pay out most of their income, and property depreciation makes reported profit far lower than the cash the buildings actually throw off. The industry measures itself in funds from operations for exactly that reason — our model does not, so it would misread this badly.
Why show the page at all. Because the alternative is a number we don't believe. Every other company on TickerMath gets a fair value computed from its SEC filings; this one gets a plain explanation instead, which is the same promise kept a different way. If we ever build a lens that suits Prologis's economics — book value and return on equity for a bank, funds from operations for a property trust — it will appear here.