--- title: "Industrial REIT 13Fs: Prologis, Rexford, EastGroup, STAG" type: learn slug: industrial-reit-13f-pld-rexr-decoder canonical_url: https://13finsight.com/learn/industrial-reit-13f-pld-rexr-decoder published_at: 2026-05-16T16:15:47.566Z updated_at: 2026-05-16T16:15:52.289Z author: Sarah Mitchell author_title: Education Editor author_url: https://13finsight.com/authors/sarah-mitchell word_count: 669 locale: en source: 13F Insight --- # Industrial REIT 13Fs: Prologis, Rexford, EastGroup, STAG > Prologis, Rexford Industrial Realty, EastGroup Properties, First Industrial Realty Trust, plus STAG Industrial and Terreno Realty anchor US industrial REIT 13F positioning. Multi-year emerging e-commerce demand, supply absorption, plus emerging emerging Sun Belt logistics dynamics drive distinctive institutional patterns. 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 modelIndustrial REITs operate four primary economic engines: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.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.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.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 namesPrologis (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 REITsThree patterns appear across smart-money 13Fs:Pattern 1: Quality-compounder concentrationPLD-concentrated growth manager positions reflect quality global industrial compounding thesis.Pattern 2: Infill positioningREXR, TRNO-concentrated growth manager positions reflect coastal infill scarcity thesis.Pattern 3: Sun-Belt-growth positioningEGP, FR-concentrated active manager positions reflect Sun Belt growth thesis.How to read industrial REIT 13F positioningThree rules apply:Rule 1: Identify geographic exposureGlobal vs coastal infill vs Sun Belt have distinct dynamics.Rule 2: Watch supply absorptionMulti-year supply absorption drives rent growth.Rule 3: Cross-check mark-to-market opportunityMulti-year lease roll drives embedded growth.What industrial REIT positioning signalsQuality-compounder conviction. Concentrated PLD positions signal quality global industrial thesis.Infill conviction. Concentrated REXR, TRNO positions signal coastal infill thesis.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. ## FAQ ### What are the major US industrial REITs? Six major US industrial REITs: (1) Prologis (PLD) — largest global industrial; (2) Rexford Industrial Realty (REXR) — Southern California pure-play; (3) EastGroup Properties (EGP) — Sun Belt; (4) First Industrial Realty Trust (FR) — Sun Belt plus Midwest; (5) STAG Industrial (STAG) — secondary markets; (6) Terreno Realty (TRNO) — six coastal markets. Plus Industrial Logistics Properties (ILPT). ### How does e-commerce drive industrial real estate? Multi-year e-commerce demand drives industrial real estate demand. E-commerce penetration (16% of US retail 2024 vs 4% pre-pandemic) plus Amazon plus Walmart Marketplace plus Shopify plus Target drive warehouse plus fulfillment center demand. E-commerce requires 3-4x more warehouse space per dollar vs brick-and-mortar retail. Multi-year emerging same-day delivery plus last-mile logistics plus reverse logistics drive multi-year tailwind. ### What is the industrial supply absorption dynamic? Supply absorption dynamics drives operator rent growth. US industrial deliveries reached 500M+ square feet annually (2024 record vs 300M historical) plus Sun Belt concentration plus 2025 supply moderation drive rent dynamics. Coastal infill (LA, San Francisco, NY/NJ) resilience plus Sun Belt supply pressure drive geographic divergence. Multi-year emerging 2025-2026 supply moderation drives rent growth recovery. ### What is the rent mark-to-market opportunity? Rent mark-to-market opportunity drives operator embedded growth. Industrial in-place rents typically 20-40% below market lease rates at major operators (Prologis 25-35% spread, Rexford 30-45% spread). Multi-year lease roll (typically 5-7 year leases) plus mark-to-market capture drive same-store NOI growth (8-15% range). Multi-year embedded growth plus rent escalators drive multi-year operator economics. ### How does Prologis's M&A strategy work? Prologis multi-year M&A strategy drives global scaling: Duke Realty (closed October 2022 at $26B) plus DCT Industrial (2018) plus Liberty Property Trust (2020). Multi-year emerging diversified geographic plus emerging emerging build-to-suit plus emerging emerging logistics services plus emerging emerging energy (Prologis Solar plus EV charging) plus emerging emerging data center conversion drive multi-year operational diversification. ### What signals industrial REIT cycle inflections? Four signals: (1) same-store NOI plus emerging rent growth dynamics; (2) supply absorption plus emerging deliveries trajectory; (3) regional dynamics plus emerging Sun Belt-coastal divergence; (4) M&A plus emerging strategic actions (Prologis acquisitions, plus emerging others). Concentrated 13F changes around these signals reveal manager cycle reading. --- Source: 13F Insight — https://13finsight.com/learn/industrial-reit-13f-pld-rexr-decoder Author: Sarah Mitchell — https://13finsight.com/authors/sarah-mitchell Last updated: 2026-05-16T16:15:52.289Z