Industrial REITs

Logistics, warehouse and cold-storage properties.

Companies

With a moat

47%

Average quality

1 wide moat · 6 narrow moat · 8 no moat · Open in screener →

Updated 27 Sep 2026

Industrial REITs covers logistics, warehouse and cold-storage properties. MoatScope covers 15 companies here. One has a wide moat, six a narrow moat and eight none.

How the industry makes money

Industrial REITs lease warehouses and distribution centers to retailers, manufacturers and logistics companies. Buildings close to large cities and ports command the highest rents.

Where the moats are

Prologis: a global logistics portfolio at a scale no other owner approaches, giving it cost advantages and a presence in nearly every major market.

The narrow-moat group includes EastGroup, Rexford Industrial, First Industrial, Terreno, Lineage and Americold. EastGroup scores 66 on MoatScope's quality scale.

What wears moats down

Waves of new construction can outrun demand, e-commerce growth can slow, and cold-storage operators carry operating risks beyond simple leasing.

What to watch

Vacancy and new supply.
Rent growth on new leases.
Trade and inventory trends.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Market share

Businesses ranked by revenue, with each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

US market · $146.7B total revenue in 2025 · source: Cushman & Wakefield · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Derived: US industrial space × occupancy × average rent.

#	Business	Market share	Revenue
1	PLD · Prologis, Inc.	5.6%	$8.2B
2	LINE · Lineage, Inc. US revenue	2.4%	$3.5B
3	COLD · AMERICOLD REALTY TRUST	1.8%	$2.6B
4	REXR · Rexford Industrial Realty, Inc.	0.7%	$1.0B
5	STAG · STAG Industrial, Inc.	0.6%	$845M
6	FR · FIRST INDUSTRIAL REALTY TRUST INC	0.5%	$727M
7	EGP · EASTGROUP PROPERTIES INC	0.5%	$721M
8	TRNO · Terreno Realty Corp	0.3%	$476M
9	ILPT · Industrial Logistics Properties Trust	0.3%	$449M
10	LXP · LXP Industrial Trust	0.2%	$350M
	All other companies	86.7%	$127.2B

Companies

Company	Moat	Quality
PLD Prologis, Inc.	Wide	62	5.6% + 1 other market	$115.7B
EGP EASTGROUP PROPERTIES INC	Narrow	66	0.5%	$10.6B
REXR Rexford Industrial Realty, Inc.	Narrow	60	0.7%	$8.1B
FR FIRST INDUSTRIAL REALTY TRUST INC	Narrow	54	0.5%	$7.7B
LINE Lineage, Inc.	Narrow	29	2.4% + 1 other market	$7.6B
TRNO Terreno Realty Corp	Narrow	62	0.3%	$7.0B
STAG STAG Industrial, Inc.	None	52	0.6%	$6.9B
COLD AMERICOLD REALTY TRUST	Narrow	28	1.8%	$3.9B
LXP LXP Industrial Trust	None	42	0.2%	$3.6B
VTMX Vesta Real Estate Corporation, S.A.B. de C.V.	None	52	0.2%	$3.2B
IIPR INNOVATIVE INDUSTRIAL PROPERTIES INC	None	53	0.2%	$1.4B
ILPT Industrial Logistics Properties Trust	None	19	0.3%	$436M
MDV MODIV INDUSTRIAL, INC.	None	33	<0.1%	$186M
LPA Logistic Properties of the Americas	None	40	<0.1%	$83M
MDRR Medalist Diversified, Inc.	None	17	<0.1%	$17M

15 companies.

Market share is a company's revenue in its main market as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

Price versus fair value for every company is in the screener.

Other Real Estate industries

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