Prologis Inc (PLD) is overvalued and Rexford Industrial Realty Inc (REXR) is overvalued.
Both trade above our estimate of their intrinsic value. PLD is the closer of the two: -58%, against -61% for REXR.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 10.1% (average of 3 methods) values the shares at $85.98; the price of $135.88 is 58% above that value, and 72% of that value comes from beyond year five.
Leak Score 33/100 on 8 of 12 signals
Discounting its cash flows at 9.0% (average of 2 methods) values the shares at $23.75; the price of $38.23 is 61% above that value, and 77% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | PLD | REXR |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $135.88 | $38.23 |
| Intrinsic value | $85.98 | $23.75 |
| Margin of safety | -58% | -61% |
| Leak Score | 33/100 (8/12) | 0/100 (2/12) |
| Market cap | $131.7B | $8.5B |
| Revenue growth, 5 years | 14.6% | 24.4% |
| Operating margin | 38.6% | 39.4% |
| Net margin | 45.7% | -40.5% |
| Return on equity | 7.9% | -4.8% |
| Debt to equity | 0.69 | 0.45 |
| P/E | 30.3x | — |
| Forward P/E | 37.1x | 25.1x |
| P/B | 2.4x | 1.1x |
| Dividend yield | 3.1% | 4.6% |