railroad > PREX
Pioneer Railroad Equipment Co., Ltd. (PREL), formed on April 1, 1990, leases equipment to the Company's subsidiary railroads and also leases railcars and locomotives to unaffiliated third parties. PREL also earns income from non-company railroads on its fleet of 1,264 railcars (as of December 31, 2004) when they carry freight on non-company railroads (AAR reporting marks "PREX").
The above is from the companies website.
Various pictures of the PREX