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• Amazon’s push towards two-day and same-day delivery has sparked a supply chain “arms race” among retailers and logistics providers of all sizes. Speed is all about supply chain densification.
• Riding the e-commerce wave, industrial REIT performance has been relentless over the past half-decade. Consumers increasingly demand speedy delivery, and retailers need industrial REITs to deliver it.
• What Trade War? Despite continued uncertainty over trade and its impact on the supply chain, the secular tailwinds driven by domestic e-commerce has overwhelmed trade-related headwinds so far this year.
• Last quarter's earnings results indicated that the best may be yet to come. Leasing spreads jumped nearly 11% while the acquisition pipeline has re-opened given REITs' favorable cost of capital.
• "Death By Amazon" has been the mantra across retail, but Amazon's push into logistics - and the potential negative impact on industrial REIT pricing power - shouldn't be ignored.

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