Justin Paget Introduction Prologis (NYSE:PLD) has underperformed the Vanguard Real Estate Index Fund ETF (VNQ) so far in 2024, delivering a circa 5% loss against the mid-single-digit gain for the benchmark ETF:   PLD vs VNQ in 2024 (Seeking Alpha) Despite the underperformance, I reckon the shares are worth a Hold rating due to:  A capital structure with only 22% debt, limiting the boost from Fed rate cuts. An elevated valuation in terms of Core FFO multiple and market-implied cap rate that decreases the ...