REIT - Industrial

Relative to other commercial property types, industrial assets are generally quicker and less expensive to build. For this reason, overbuilding during cyclical upswings is a risk. Even if Prologis itself doesn't overbuild, it can be hurt by other competitors building too much supply in a particular

Public Storage owns just 5% of the self-storage rental market, and is exposed to competitive pressures from those operating the other 95% of the market.The competitive dynamics in the self-storage business are unattractive. It is characterized by short-term leases, little product differentiation,

CubeSmart owns around 1% of the self-storage rental market, and can't meaningfully impose pricing discipline.In our view, the self-storage sector has low barriers to entry and property owners have low bargaining power over tenants.If long-term interest rates rise more than we expect, this firm's

Weyerhaeuser won't hit its stride until housing turns, but should be very profitable when it does.

The merger of AMB with ProLogis produced a giant global industrial landlord.

U-Store-It owns around 1% of the self-storage rental market, and can't meaningfully impose pricing discipline.In our view, the self-storage sector has low barriers to entry and property owners have low bargaining power over tenants.High unemployment levels likely will persist in the near term,

First Industrial is close to violating an unsecured debt covenant during the next few years. If the company is unable to sell properties fast enough, or sees greater than expected operating headwinds, this could result in a covenant breach, and acceleration of the unsecured credit facility.Asset

EastGroup's focus on serving the storage needs of small businesses has reaped benefits.