HAUZ - Industrial REITs: Who Doesn't Love Logistics

• The red-hot industrial property market - the physical "hub" of e-commerce - has shown few signs of cooling down through mid-2021 as businesses scramble to build out supply chain resiliency.
• Industrial REITs - which recorded the strongest earnings and dividend growth of any real estate sector in 2020 - continue to thrive amid this insatiable demand for logistics space.
• Brokerage firm CBRE reported that industrial vacancy rates dipped to record-lows last quarter - the 44th consecutive quarter of positive net absorption - driving a nearly double-digit surge in rents.
• Despite soaring rents, property rents represent a tiny - but growing - share of total supply chain costs as retailers and distributors furiously compete to quench the "need for speed" in consumer good distribution.
• Sharing similar compelling tailwinds as the U.S. housing industry - structurally constrained supply and robust secular demand - we expect that investors willing to "pay up for quality" won't be disappointed.

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