Prologis and Industrial REITs

We are bullish on industrial REITs despite share prices lagging other REIT subsectors (+7.2% versus the RMZ +21.7%) since November.

Fueled by e-commerce growth and rising inventories, industrial demand is forecast to keep leasing spreads high, vacancies temporary, and support new builds, an earnings driver that was somewhat put on hold in 2020, but we believe will re-accelerate in 2021.

Prologis 1Q 2021 earnings release will be a good bellwether on April 19, 2021.

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