Core Viewpoint - Prologis offers a dividend yield of 3.8%, which is high compared to its historical range, and despite current tariff tensions, the long-term outlook remains positive due to a significant internal growth opportunity valued at $42 billion [1][10]. Company Overview - Prologis is a real estate investment trust (REIT) specializing in industrial properties, particularly warehouses in key international trade hubs, with a market capitalization of approximately $100 billion, making it one of the largest publicly traded REITs [2][5]. Asset and Operations - The company owns over 5,800 buildings, encompassing more than 1.3 billion square feet of space across 20 countries, serving around 6,500 customers, and managing $198 billion in assets for institutional investors [4]. Market Position and Strategy - Prologis's size provides advantageous access to capital markets and positions it as an industry consolidator, although its focus on global distribution hubs ties it to global trade dynamics, which are currently affected by tariff issues [5][6]. Growth Opportunities - The undeveloped land owned by Prologis is estimated to support a build-out worth $42 billion, representing a significant long-term growth opportunity relative to its market cap [8][9]. - The company plans to utilize this growth opportunity over time, ensuring that capital investment aligns with tenant demand, thus providing sustained growth potential [9][10].

Core Viewpoint - Industrial real estate stocks experienced significant declines due to tariff announcements but have shown a strong recovery since then [1] Group 1: Company Analysis - Prologis (PLD) is identified as the leading company in the industrial real estate sector, significantly impacted by President Trump's tariff announcements [1] - Despite the initial downturn, Prologis' stock has rebounded sharply, indicating potential for patient investors [1]

Core Viewpoint - EastGroup Properties, Inc. has declared a quarterly cash dividend of $1.40 per share, marking its 182nd consecutive quarterly distribution and reflecting a strong commitment to returning value to shareholders [1] Group 1: Dividend Information - The quarterly cash dividend of $1.40 per share is payable on July 15, 2025, to shareholders of record on June 30, 2025 [1] - This dividend represents an annualized rate of $5.60 per share [1] - EastGroup has maintained or increased its dividend for 32 consecutive years, with increases in 29 of those years, including each of the last 13 years [1] Group 2: Company Overview - EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on industrial properties in high-growth markets across the United States, particularly in Texas, Florida, California, Arizona, and North Carolina [2] - The company's strategy aims to maximize shareholder value by providing functional, flexible, and quality business distribution space for location-sensitive customers, primarily in the 20,000 to 100,000 square foot range [2] - EastGroup's portfolio currently includes approximately 63.1 million square feet, encompassing development projects and value-add acquisitions in lease-up and under construction [2]

Core Insights - Terreno Realty (TRNO) has executed a new lease for a 3.0-acre improved land parcel in Rancho Dominguez, CA, starting May 20, 2025, and expiring in May 2028, with an environmental waste management services provider as the lessee [1] - The company also renewed a lease for 53,000 square feet with the United States Postal Service in Washington, D.C., and secured a new lease for 70,000 square feet in Woodinville, WA, with a designer and manufacturer of camera movement systems [2] - As of March 31, 2025, TRNO's operating portfolio was 96.6% leased to 663 tenants, with a same-store portfolio of 15.6 million square feet at 97.4% leased, and an improved land portfolio of 47 parcels at 95.1% leased [3] - The company achieved a 34.2% increase in cash rents on new and renewed leases during Q1 2025, with a tenant retention ratio of 71.7% for its operating portfolio [4] - TRNO is positioned for long-term growth with a solid operating platform and healthy balance sheet, although its shares have decreased by 2.3% in the past month compared to the industry's growth of 3.2% [5] Industry Context - Other REITs in the sector, such as VICI Properties and W.P. Carey, are currently rated higher, with VICI's 2025 FFO per share estimated at $2.34, reflecting a year-over-year growth of 3.5%, and WPC's estimated at $4.88, indicating a 3.8% increase from the previous year [6][8]

Brisbane Industrial Precincts This report provides a precinct-by-precinct quarterly update of the Brisbane industrial market knightfrank.com.au/research Industrial turnover was lower in Q1 but yields showed modest ongoing firming over the quarter Super prime yields stable in Q1; - 10bps y/y Prime yield; down 4bps q/q; -16bps y/y Secondary yield; down 20bps q/q; - 64bps y/y | Precinct | Property | Price $M | Size sqm | $/sqm | Site sqm | Purchaser | Vendor | Core Market Yield % | WALE | | --- | --- | --- | - ...

Financial Data and Key Metrics Changes - Funds from Operations (FFO) and Core FFO per share available to common shareholders were both $0.34 for Q1 2025, unchanged from Q1 2024 [13] - Total operating revenues increased to $37,500,000 in Q1 2025 from $35,700,000 in Q1 2024, while operating expenses rose to $23,900,000 from $23,300,000 [14] - Net assets increased from $1,090,000,000 to $1,160,000,000 due to acquisitions [15] Business Line Data and Key Metrics Changes - Same store rents increased by 6.6% in Q1 2025 compared to Q1 2024, driven by higher property expense recovery revenue and rental rates [13] - Portfolio occupancy remained high at 98.4% as of March 31, 2025 [9] Market Data and Key Metrics Changes - U.S. Treasury yields remain volatile, impacting inflation and economic growth outlooks [6] - Industrial real estate sector showed resilience with net absorption of 23,100,000 square feet in Q1 2025, matching the previous year's levels [7] - Vacancy rates rose modestly to 7%, but remain in line with historical averages [8] Company Strategy and Development Direction - The company aims to increase industrial concentration in its portfolio to at least 70% [9] - Focus on acquiring high-quality industrial assets that are mission-critical to tenants, while selectively disposing of non-core assets [11] - The company is actively working to extend lease terms and support tenant growth through capital improvement initiatives [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the second quarter despite macroeconomic uncertainties and tariff pressures [6] - The company has not seen material deterioration in credit quality, even with higher interest rates [12] - Long-term tailwinds from reshoring and onshoring activities are expected to benefit the company [10] Other Important Information - The company has over $99,000,000 in availability via its line of credit and cash on hand, positioning it well for future acquisitions [12] - The common stock dividend is set at $0.30 per share per quarter, with a yield of 8.68% at the last closing price [17] Q&A Session Summary Question: What is the status of the acquisition pipeline? - The company has approximately $70,000,000 under contract and a backlog of about $140,000,000 consisting of 10 assets, indicating increased market activity [21][22] Question: Are sellers more willing to negotiate on price? - The response indicated a combination of increased willingness from sellers and more suitable assets fitting the company's portfolio [27] Question: How is the company preparing for lease expirations in 2026 and 2027? - The company is actively managing lease expirations and is in discussions for renewals, with a focus on industrial properties [30] Question: What is the situation with the Austin office property? - The Austin property is generating positive cash flow, and the company is tracking several requirements and RFPs in the market [44] Question: Are there any changes in acquisition parameters due to government policy? - The company finds light manufacturing more attractive compared to warehouse distribution, aligning with its focus on reshoring and onshoring [45] Question: What is the competition like in the leasing market? - The leasing market is competitive, primarily with end users, and the company remains competitive in securing leases [55]

Financial Data and Key Metrics Changes - Funds from Operations (FFO) and Core FFO per share available to common shareholders were both $0.34 for Q1 2025, unchanged from Q1 2024 [15][21] - Total operating revenues increased to $37,500,000 in Q1 2025 from $35,700,000 in Q1 2024, while operating expenses rose to $23,900,000 from $23,300,000 [16] - Net assets increased from $1,090,000,000 to $1,160,000,000 due to acquisitions [17] Business Line Data and Key Metrics Changes - Same store rents increased by 6.6% in Q1 2025 compared to Q1 2024, driven by higher property expense recovery revenue and rental rates [15] - Portfolio occupancy remained high at 98.4% as of March 31, 2025 [11] Market Data and Key Metrics Changes - U.S. Treasury yields remained volatile, impacting inflation and economic growth outlooks [9] - Industrial real estate sector showed resilience with net absorption of 23,100,000 square feet in Q1 2025, matching the previous year's levels [9] Company Strategy and Development Direction - The company aims to increase industrial concentration in its portfolio to at least 70% and continues to focus on high-quality, mission-critical assets [11][12] - The strategy includes selectively disposing of non-core assets and extending lease terms to capture market opportunities [13] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the industrial real estate sector despite macroeconomic uncertainties and anticipates upward pressure on rental rates due to a slowdown in new construction [10][14] - The company has a strong liquidity position with over $99,000,000 available for acquisitions and has not seen material deterioration in credit quality [14][18] Other Important Information - The company sold one office property for a gain of $377,000 and recognized a selling profit of $3,900,000 from a sales-type lease [11][21] - The common stock dividend is $0.30 per share per quarter, with a yield of 8.68% at the last closing price [18] Q&A Session Summary Question: What is the current acquisition pipeline and market activity for industrial properties? - The company has approximately $70,000,000 in acquisitions expected to close in Q2 and a backlog of about $140,000,000 under review [23][24] Question: How will the acquisitions be funded? - The company has sufficient liquidity and is exploring various financing sources, including potential joint ventures [25] Question: Are sellers more willing to negotiate on price? - The company noted a combination of increased asset availability and willingness from sellers to negotiate, aided by strong broker relationships [29] Question: What is the status of lease expirations for 2026 and 2027? - The company is actively managing lease expirations and is in discussions for upcoming renewals, with a focus on industrial properties [32] Question: What is the situation with the Austin office property? - The Austin property is generating positive cash flow, and the company is actively seeking new tenants [44] Question: Any changes in acquisition parameters due to government policy? - The company finds light manufacturing more attractive compared to warehouse distribution, aligning with its focus on reshoring and onshoring [46] Question: What is the competition like in the leasing market? - The leasing market is competitive, primarily with end users, and the company remains well-positioned to meet tenant needs [56]

Financial Data and Key Metrics Changes - Funds from Operations (FFO) and Core FFO per share remained stable at $0.34 for both Q1 2025 and Q1 2024 [14] - Total operating revenues increased to $37,500,000 in Q1 2025 from $35,700,000 in Q1 2024, while operating expenses rose to $23,900,000 from $23,300,000 [15] - Net assets increased from $1,090,000,000 to $1,160,000,000 due to acquisitions [15] Business Line Data and Key Metrics Changes - The company acquired industrial properties totaling 355,778 square feet for $73,250,000, increasing industrial concentration to 65% of annualized straight-line rent [10] - Same store rents increased by 6.6% compared to the same period in 2024, driven by higher property expense recovery revenue and rental rates [14] Market Data and Key Metrics Changes - U.S. Treasury yields remain volatile, impacting inflation and economic growth outlooks [6] - Industrial real estate sector showed resilience with net absorption of 23,100,000 square feet, matching levels from the previous year, while vacancy rates rose slightly to 7% [7][8] Company Strategy and Development Direction - The company aims to increase industrial concentration to at least 70% and continues to focus on acquiring high-quality, mission-critical industrial assets [10][12] - The strategy includes selectively disposing of non-core assets and extending lease terms to capture market opportunities [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the second quarter despite macroeconomic uncertainties and noted that the industrial sector continues to perform well [6][10] - The company is well-positioned with over $99,000,000 in availability via its line of credit and cash on hand for future acquisitions [13] Other Important Information - The company sold one office property for a gain of $377,000 and recognized a selling profit of $3,900,000 from a sales-type lease [10][21] - The common stock dividend is set at $0.30 per share per quarter, with a yield of 8.68% at the last closing price [18] Q&A Session Summary Question: What is the current acquisition pipeline and market activity for industrial properties? - Management indicated that they have approximately $70,000,000 under contract and a backlog of about $140,000,000 consisting of 10 assets, with increased competition from family offices and private equity [23][24] Question: Are sellers more willing to negotiate on price? - Management noted a combination of both increased asset availability and seller willingness to negotiate, aided by strong broker relationships [30] Question: What is the status of lease expirations for 2026 and 2027? - Management is actively working on lease expirations for 2026 and 2027, with a good handle on upcoming negotiations [34] Question: What is the situation with the Austin office property? - Management reported positive cash flow from the Austin property and ongoing efforts to increase tenancy [46] Question: Any changes in acquisition parameters due to government policy? - Management confirmed a focus on light manufacturing, which is seen as more attractive compared to warehouse distribution in the current environment [48]

Group 1 - The article discusses the cautious outlook on Rexford Industrial (NYSE: REXR) due to its focus on growth rather than shareholder returns [1] - The investing group "Value In Corporate Events" aims to provide members with opportunities related to IPOs, mergers & acquisitions, and earnings reports [2] - The coverage includes 10 major events per month, focusing on identifying the best investment opportunities [2]

Financial Data and Key Metrics Changes - The first quarter of 2025 marked a strong start for the company, highlighted by record leasing activity and stable core financial performance [5][6] - The company has affirmed its previously issued full year 2025 guidance for core FFO, anticipating a stronger second half of the year [10] Business Line Data and Key Metrics Changes - Approximately 70% of 1,600,000 square feet of speculative space greater than 100,000 square feet included in guidance has now been leased, contributing to occupancy growth [17] - The company has approximately $205,000,000 of acquisitions under agreement, representing roughly 2,000,000 square feet at a targeted initial NOI yield of 6.5% to 6.75% [9][19] Market Data and Key Metrics Changes - The company is well positioned to scale its platform with nearly 30% of annual rents rolling in 2025 and 2026 in markets benefiting from sequential rent growth [6] - The company has observed an increase in short-term space requirements driven by tenants responding to inventory adjustments and shifting trade flows [6][31] Company Strategy and Development Direction - The strategic focus remains on acquiring infill industrial properties in dense supply-constrained submarkets, contrasting with larger warehouses that face longer lease-up periods [6][8] - The acquisition strategy is focused on expanding within existing markets, funded largely by proceeds from the Sixth Street transaction [8][10] Management's Comments on Operating Environment and Future Outlook - Management has noted that they have yet to see any material interruptions across the portfolio, but are actively monitoring the impact of geopolitical and trade landscape changes [6] - The company expects a projected year-end same-store occupancy of about 97.3%, despite a temporary 130 basis point vacancy expected in Q4 [17][51] Other Important Information - The company has strong liquidity with over 88% of its debt being fixed and no debt maturities in 2025 [9] - The watch list includes five tenants occupying a combined 290,000 square feet, with a total ABR of less than 1%, and all but one tenant is current on rent [43] Q&A Session Summary Question: Confidence in renewal and backfill prospects - Management confirmed that the renewal for the St. Louis asset has been signed and negotiations for ODW are ongoing [13][14] Question: Key drivers behind acceleration in same-store growth - Management indicated that the St. Louis asset is a key contributor to growth, with a projected year-end same-store occupancy of about 97.3% [16][17] Question: Funding sources for acquisitions - The funding mechanism for acquisitions will primarily be through the line of credit, with an additional $79,000,000 to draw from Series C preferred in May [19] Question: Buyback priorities - Management stated that they did not repurchase shares during Q1 and emphasized a balanced approach to capital deployment [23][25] Question: Changes in collections or bad debt - Management reported no significant changes in collections or bad debt, with 35 basis points of bad debt embedded in guidance [43] Question: Capacity for future acquisitions - Management indicated that there remains ample capacity for acquisitions beyond the current agreements before needing to consider raising equity [54]