Keepin' It Real  

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Logistics REITs: Sorry, Out Of Stock

  • The coronavirus pandemic has exposed the fragility of global supply chains. Demand for industrial real estate space remains insatiable as businesses scramble to invest in logistics resiliency.

  • Order delays and bottlenecks have worsened amid the global economic reopenings, frustrating both businesses and consumers alike. Goods-selling businesses report historically low inventory-to-sales levels.

  • The "hub of e-commerce" and the hottest property sector of the last half-decade, industrial REITs recorded the strongest earnings and dividend growth of any real estate sector in 2020.

  • The pandemic significantly accelerated the penetration rate of e-commerce, which requires three times more logistics space. While not an immediate risk, tech-driven efficiencies could eventually impair demand.

  • Stellar fundamentals rarely come cheap and industrial REITs are priced for perfection. Similar to the red-hot housing industry, the trends of limited supply and robust demand should persist throughout this decade.

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.

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