--- title: "Logistics REITs Industry: Companies" description: "110 SEC filers are classified under the Standard Industrial Classification code that describes the logistics reits industry." canonical: https://www.getswoopr.com/stocks/industries/real-estate/logistics-reits/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Logistics REITs Industry ## Direct Answer 110 SEC filers are classified under the Standard Industrial Classification code that describes the logistics reits industry, and their latest annual reports show $180.6 billion of combined revenue and a median operating margin of 20.0%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics. ## Industry Overview Logistics REITs own distribution centers, fulfillment warehouses and last-mile sites near population centers, leased to retailers, carriers and logistics companies. Rents depend on supply, location and e-commerce. The first numbers to compare across companies here are occupancy, rent growth on new leases and same-store net operating income. ## Key Industry Metrics - **Occupancy**: The share of distribution space that is leased. High occupancy supports rent growth, while falling occupancy after new supply suggests softening demand. - **Rent growth on new leases**: The change in rent on newly signed leases compared with prior rent. It shows whether space is being re-leased above or below the old rent. - **Same-store net operating income**: Rent less operating costs on buildings owned in both periods. It excludes acquisitions and development to show underlying performance. - **Development yield**: Expected annual income divided by the cost of new facilities. A yield above market cap rates implies value creation if leasing and costs go to plan. - **Funds from operations per share**: Net income with depreciation added back and sale gains removed, divided by shares. It is the main REIT earnings measure and the basis for dividend comparisons. ## Primary Macro Drivers - **E-commerce growth**: Online orders need fulfillment space near customers, so growth shows in occupancy and rent growth on new leases. - **Trade and inventory levels**: Imports, exports and inventory levels decide space needs, shown in occupancy and leasing spreads. - **New supply**: New buildings in a market compete for tenants and can limit rent growth, shown in occupancy and NOI. - **Interest rates**: Higher rates raise financing costs and required yields, shown in valuation and development yield. ## Major Risks - **Overbuilding and tenant inventory cuts**: Too many new buildings or tenants shedding inventory leave space empty, so watch occupancy and leasing spreads. - **Customer concentration**: A few large tenants can account for much of rent, so one leaving moves occupancy and NOI. - **Higher rates**: A rise in borrowing costs lowers property values and lifts interest expense on refinanced debt, so compare maturities with funds from operations per share. - **Construction costs**: Rising materials and labor lower development yield, so watch pipeline disclosures. ## Industry Characteristics | Characteristic | Profile | | --- | --- | | Cyclicality | Mixed | | Capital Intensity | High | | Regulatory Intensity | Medium | | Industry Maturity | Growth | | Geographic Importance | U.S. / Global | ## Logistics REITs Filers in the SEC Record 110 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 6798. Their latest fiscal years end between 2022 and 2026, and together they reported $180.6 billion of revenue. Median revenue growth over the prior year was 2.9%. Median operating margin was 20.0% and median net margin 10.0%. Median total liabilities were 54% of total assets, and 77 of 110 reported a profit in their latest year. | Company | Revenue | Growth | Operating margin | Net margin | Year | | --- | --- | --- | --- | --- | --- | | [Welltower Inc.](https://www.getswoopr.com/stocks/companies/welltower/) | $10.8 billion | 35.6% | n/a | 8.6% | FY 2025 | | [American Tower Corp](https://www.getswoopr.com/stocks/companies/american-tower/) | $10.6 billion | 5.1% | 45.5% | 24.7% | FY 2025 | | [Equinix Inc](https://www.getswoopr.com/stocks/companies/equinix/) | $9.2 billion | 5.4% | 20.0% | 14.6% | FY 2025 | | [Prologis, Inc.](https://www.getswoopr.com/stocks/companies/prologis/) | $8.8 billion | 7.2% | 49.6% | 37.9% | FY 2025 | | [Weyerhaeuser Co](https://www.getswoopr.com/stocks/companies/weyerhaeuser/) | $6.9 billion | -3.1% | 10.6% | 4.7% | FY 2025 | | [Iron Mountain Inc](https://www.getswoopr.com/stocks/companies/iron-mountain/) | $6.9 billion | 12.2% | 16.9% | 2.2% | FY 2025 | | [Simon Property Group Inc.](https://www.getswoopr.com/stocks/companies/simon-property-group/) | $6.4 billion | 6.7% | 49.9% | 84.3% | FY 2025 | | [Host Hotels & Resorts, Inc.](https://www.getswoopr.com/stocks/companies/host-hotels-and-resorts/) | $6.1 billion | 7.6% | 14.0% | 12.5% | FY 2025 | The 8 largest of 110 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code. ## Where to Go Next The Logistics REITs guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company. ### More in Real Estate - [Real Estate sector overview](https://www.getswoopr.com/stocks/industries/real-estate/) - [Mall REITs](https://www.getswoopr.com/stocks/industries/real-estate/mall-reits/) - [Lodging & Resort REITs](https://www.getswoopr.com/stocks/industries/real-estate/lodging-and-resort-reits/) - [Manufactured Housing REITs](https://www.getswoopr.com/stocks/industries/real-estate/manufactured-housing-reits/) - [Life Science Office REITs](https://www.getswoopr.com/stocks/industries/real-estate/life-science-office-reits/) - [Master-Planned Community Developers](https://www.getswoopr.com/stocks/industries/real-estate/master-planned-community-developers/) - [Infrastructure REITs](https://www.getswoopr.com/stocks/industries/real-estate/infrastructure-reits/) - [Medical Office REITs](https://www.getswoopr.com/stocks/industries/real-estate/medical-office-reits/) - [Industrial REITs](https://www.getswoopr.com/stocks/industries/real-estate/industrial-reits/) ### Put it to work - [How to analyze a stock](https://www.getswoopr.com/stocks/how-to-analyze-a-stock/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) - [Company research](https://www.getswoopr.com/stocks/companies/) - [All industries](https://www.getswoopr.com/stocks/industries/) ## Frequently Asked Questions What are the main KPIs for the Logistics REITs industry? Key performance indicators for the Logistics REITs industry include: Occupancy, Rent growth on new leases, Same-store net operating income, Development yield, Funds from operations per share. Which matter most depends on the company's model, so compare them across several companies rather than relying on one. How cyclical is the Logistics REITs industry? The Logistics REITs industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important. What are the biggest risks in the Logistics REITs industry? The primary risks for Logistics REITs companies include: Overbuilding and tenant inventory cuts, Customer concentration, Higher rates, Construction costs. Investors should assess each company's exposure to these factors and its track record of navigating them. **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).