Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We like businesses a child can explain, and this one qualifies: Prologis owns big boxes near big cities and collects rent from the people who move the world's goods through them. Through its UPREIT structure — Prologis, Inc. owns 98.01% of Prologis, L.P., which holds the assets — the company owns, develops, and manages roughly 1.3 billion square feet of logistics real estate across 20 countries. Amazon, Home Depot, FedEx, DHL and some 6,500 other customers store and ship their merchandise from Prologis buildings. Management likes to say around 3% of the world's GDP flows through their warehouses each year. That's a toll bridge on physical commerce, and we understand toll bridges. There are two reportable segments, and it pays to understand both: Real Estate (Rental Operations and Development).
Recent filings analysed: 8-K (2026-08-06), 8-K (2026-08-05), 8-K (2026-08-04), 10-Q (2026-07-29).
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