• 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.
• Industrial REITs have jumped more than 40% so far this year, on pace to outperform the broader REIT average for the fourth straight year. 3Q19 was another strong "Beat-And-Raise" quarter.
• 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 any trade-related headwinds this year.
• After years of relying on internal development to fuel external growth, elevated equity valuations have allowed industrial REITs to go on a buying spree. Prologis announced two major acquisitions this year.
• Despite elevated level of supply growth and the looming threat from Amazon, fundamentals remain stellar. With leasing spreads still seeing double-digit growth, Prologis sees robust 8-9% FFO growth through 2022.

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