Blackwells Capital Activist Presentation Deck
POTENTIAL STRATEGIC ACQUIRERS
Company
Prologis
(NYSE:PLD)
Duke Realty
(NYSE:DRE)
First Industrial
(NYSE:FR)
East Group Properties
(NYSE:EGP)
Terreno Realty
(NYSE:TRNO)
Rexford Industrial
(NYSE:REXR)
STAG Industrial
(NYSE:STAG)
Lexington Realty
(NYSE:LXP)
BW
Industrial Logistics
(NYSE:ILPT)
BLACKWELLS CAPITAL
Overview
Prologis is the largest of the public industrial REITs with 4,655 buildings and over 930 million
square feet around the world. PLD has also been one of the most active acquirers in the space
with their recent acquisition of Liberty Property Trust
Duke Realty is the second largest Industrial REIT with 155 million square feet. Duke also
operates medical office buildings along side their industrial portfolio. Duke's properties are well
dispersed across the United States and are typically larger warehouses
First Industrial has been focused more recently on expanding into the coastal markets and being
less concentrated inland. First Industrial also develops smaller buildings in order to be nimbler in
their new developments
EastGroup is mainly focused on the SunBelt with a great finished product. EastGroup does a
more traditional buildout of their facilities and has begun expanding in Atlanta and California
Terreno is one of the smallest industrial REITs with only 13.4 million square feet of warehouse
space. Terreno has a strong management team of ex AMB Property executives, an industrial
REIT acquired by PLD in 2011. Terreno focuses on densely populated, true last mile locations
Rexford focuses on small tenants in Southern California. REXR began as a startup and had a
very strong cost of capital as they expanded into Inland Empire. Rexford has solely California
based properties
STAG focuses on aggressively acquiring industrial real estate in secondary and tertiary markets
in the United States. Stag also typically does slightly higher cap rate deals and are well
diversified geographically
Lexington Realty owns a diversified portfolio of primarily equity investments in single tenant net
leased commercial properties and expands in build to suit and sale leaseback transactions. LXP
is heavily represented in the Midwest and southern United States
Industrial Logistics Property Trust is managed by the operating subsidiary of The RMR Group
Inc. (Nasdaq: RMR). Their properties are focused in the northern United States and Hawaii
Strictly Confidential & Trade Secret
WPT Acquirer?
X
X
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