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What Economic Slowdown? These REITs Are Running Out of Space

·4-min read

Shares of industrial-focused real estate investment trusts (REITs) have tumbled more than 25% this year. Leading global industrial REIT Prologis (NYSE: PLD) recently reported its second-quarter earnings, which were exceptionally strong. The company signed 51.3 million square feet of leases during the period -- 43.6 million square feet from its operating portfolio and 7.7 million square feet in its development portfolio -- with rental rates on the same space surging 45.6%, led by 54% rent growth in the U.S. As a result, Prologis ended the period with a 97.6% occupancy rate, while its same-store net operating income (NOI) grew by 8.2%.