Prologis (PLD) analysis

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Health is the debt of the portfolio, not of land that cannot be replaced. Quality separates rent collected from the building still empty. Growth follows occupancy and rents, and they need not rise together. P/E is read against a year of heavy trade, not against that peak. Shareholder return is the distribution, checked against cash. Do not read it as a site already closed.

The P/E of a year of high occupancy is not the earnings if the tenant leaves. EV/EBITDA is read with the debt and with the empty building, which is a cost. Do not use a cell-tower multiple, which rents another asset, as if the building and the tower were the same book. A dash if the PLD cache is cold.

Limits of this report

Not advice on Prologis. Vaultflake does not treat the building as irreplaceable or the occupancy as that of a heavy trading year. Read the filings. A past distribution is not a right. The table is a snapshot, not a target price.

Questions from this report