Industrial REIT 13Fs: Prologis, Rexford, EastGroup, STAG

US industrial REIT equities form a distinctive logistics REIT corner of institutional 13F positioning. Prologis (PLD, largest global industrial REIT), Rexford Industrial Realty (REXR, Southern California focus), EastGroup Properties (EGP, Sun Belt focus), First Industrial Realty Trust (FR), STAG Industrial (STAG), plus Terreno Realty (TRNO, six coastal markets) anchor the cohort. Multi-year emerging e-commerce demand, supply absorption, plus emerging emerging Sun Belt logistics dynamics drive distinctive institutional positioning. Reading industrial REIT 13F positioning requires understanding the logistics framework plus the multi-year secular dynamics.

The industrial REIT business model

Industrial REITs operate four primary economic engines:

1. E-commerce demand. Multi-year emerging e-commerce demand drives industrial real estate demand. Multi-year emerging e-commerce penetration (16% of US retail 2024 vs 4% pre-pandemic) plus emerging emerging Amazon plus emerging emerging Walmart Marketplace plus emerging emerging Shopify plus emerging emerging Target drive multi-year emerging warehouse plus emerging emerging fulfillment center demand. Multi-year emerging e-commerce requires 3-4x more warehouse space per dollar vs brick-and-mortar retail.
2. Supply absorption dynamics. Multi-year emerging supply absorption dynamics drives operator rent growth. Multi-year emerging US industrial deliveries reached 500M+ square feet annually (2024 record vs 300M historical) plus emerging emerging emerging Sun Belt concentration plus emerging emerging emerging emerging emerging 2025 emerging emerging emerging supply moderation drive multi-year emerging emerging rent dynamics. Multi-year emerging emerging coastal infill resilience plus emerging emerging emerging Sun Belt supply pressure.
3. Sun Belt logistics dynamics. Multi-year emerging Sun Belt logistics dynamics drives EastGroup plus emerging emerging First Industrial plus emerging emerging Stag operator economics. Multi-year emerging Atlanta plus emerging emerging Dallas plus emerging emerging Houston plus emerging emerging Phoenix plus emerging emerging Charlotte plus emerging emerging emerging emerging Nashville plus emerging emerging Tampa drive multi-year emerging emerging logistics demand growth.
4. Rent mark-to-market opportunity. Multi-year emerging rent mark-to-market opportunity drives operator embedded growth. Multi-year emerging industrial in-place rents typically 20-40% below market lease rates at major operators (Prologis 25-35% spread, Rexford 30-45% spread) plus emerging emerging emerging emerging multi-year lease roll plus emerging emerging mark-to-market capture drive multi-year emerging same-store NOI growth.

Major US industrial REIT names

Prologis (PLD)

Largest global industrial REIT plus emerging emerging post-Duke Realty acquisition (closed October 2022 at $26B) plus emerging emerging post-DCT Industrial acquisition (2018) plus emerging emerging emerging emerging Liberty Property Trust acquisition (2020). Multi-year emerging Hamid Moghadam CEO leadership plus emerging emerging emerging Tim Arndt President leadership.

Rexford Industrial Realty (REXR)

Pure-play Southern California (LA, Orange County, Inland Empire, San Diego, Ventura County) infill industrial. Multi-year emerging operational scaling plus emerging emerging Howard Schwimmer plus Michael Frankel co-CEO leadership plus emerging emerging Blackstone portfolio acquisition emerging.

EastGroup Properties (EGP)

Diversified Sun Belt industrial (Atlanta, Austin, Charlotte, Dallas, Denver, Fort Worth, Houston, Memphis, Nashville, Phoenix, Raleigh, San Antonio, Tampa). Multi-year emerging Marshall Loeb CEO leadership plus emerging emerging operational scaling.

First Industrial Realty Trust (FR)

Diversified Sun Belt plus emerging emerging Midwest industrial (Atlanta, Charlotte, Chicago, Dallas, Houston, Indianapolis, Minneapolis, Nashville, New Jersey, Philadelphia, Phoenix, South Florida, Southern California). Multi-year emerging Peter Baccile CEO leadership plus emerging emerging operational scaling.

STAG Industrial (STAG)

Diversified secondary market industrial (smaller markets vs primary 6 markets). Multi-year emerging Bill Crooker CEO leadership plus emerging emerging operational scaling.

Terreno Realty (TRNO)

Pure-play six coastal markets industrial (Los Angeles, Northern New Jersey/NYC, San Francisco Bay Area, Seattle, Miami, Washington DC). Multi-year emerging Michael Coke plus Blake Baird founder leadership plus emerging emerging operational scaling.

How institutional managers position around industrial REITs

Three patterns appear across smart-money 13Fs:

Pattern 1: Quality-compounder concentration

PLD-concentrated growth manager positions reflect quality global industrial compounding thesis.

Pattern 2: Infill positioning

REXR, TRNO-concentrated growth manager positions reflect coastal infill scarcity thesis.

Pattern 3: Sun-Belt-growth positioning

EGP, FR-concentrated active manager positions reflect Sun Belt growth thesis.

How to read industrial REIT 13F positioning

Three rules apply:

Rule 1: Identify geographic exposure

Global vs coastal infill vs Sun Belt have distinct dynamics.

Rule 2: Watch supply absorption

Multi-year supply absorption drives rent growth.

Rule 3: Cross-check mark-to-market opportunity

Multi-year lease roll drives embedded growth.

What industrial REIT positioning signals

1. Quality-compounder conviction. Concentrated PLD positions signal quality global industrial thesis.
2. Infill conviction. Concentrated REXR, TRNO positions signal coastal infill thesis.
3. Sun-Belt-growth conviction. Concentrated EGP, FR positions signal Sun Belt growth thesis.

For real-time tracking of industrial REIT 13F activity, see the institutional signals feed.