Barron's Says ProLogis (PLD) Is The Best Bargain In REIT Land

Barron's said investors have unfairly sold off shares of ProLogis (NYSE: PLD). Barron's writer, Christopher Williams, said ProLogis could rally to around 70 this year from $56 today.

ProLogis is a Denver-based industrial REIT whose growing global business could protect it against any U.S. slowdown. ProLogis is the largest industrial REIT with a $15 billion market cap. PLD owns and manages the world's largest network of distribution facilities, with 483 million square feet in 2,669 properties owned, managed or under development in 20 countries.

Companies such as Deutsche Post, Home Depot (NYSE: HD) and Wal-Mart Stores (NYSE: WMT) have turned to ProLogis' network to cut transportation costs. To maintain demand, ProLogis is developing projects worldwide, emphasizing China, Japan and other percolating economies.

ProLogis says its non-North American portfolio could grow to 55% to 60% by 2010, led by growth in Asia, according to CEO Schwartz.

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