Research · Sep 3, 2026
Prologis FY2025 revenue ~$8.7B (+5-7% YoY) with core FFO/share ~$5.85. World's largest industrial REIT (1.2B+ sq ft globally) navigating FY2023-2025 supply absorption period from FY2021-2022 industrial development surge. Same-store NOI growth ~6-7% (industry-leading) supported by mark-to-market lease renewal dynamics — in-place rents ~30-35% below current market rents (down from ~50% peak FY2022). Occupancy ~96-97% (down modestly from peak 98% FY2022). Duke Realty $26B 2022 acquisition consolidated industrial REIT capacity. Development pipeline ~$3-4B annually. Data center conversion strategy emerging (industrial-to-data-center site conversions for AI infrastructure). FY2026 thesis: industrial supply absorption rebalances + mark-to-market continues + data center conversion materializes; FY2027 FFO/share toward $6.50-7.00; key risks: e-commerce demand normalization, data center conversion fails to scale, industrial cycle softening extends.
Research · Aug 25, 2026
Goodman and Prologis now buy the cooling and power equipment for the data centers they develop, a shift Prologis prices at about five times the capital.
Research · Apr 13, 2026
Hotter CPI has bond markets pricing fewer 2025 Fed cuts, favoring banks like JPM, BAC, and WFC via NIM expansion while hurting REITs (PLD, O) and homebuilders (DHI) with higher costs and weak demand. JPM leads conviction ranking; avoid leveraged real estate. Article analyzes financials, guidance, and exposures.
Research · Apr 13, 2026
Jamie Dimon's April 11 warning spotlights inflation, deficits, and geopolitics, favoring XOM and WMT as winners while pressuring NVDA and PLD. JPM and BAC offer mixed bank exposure with strong fundamentals. Ranked picks prioritize resilient cash flows over growth hype.
Research · Apr 13, 2026
April 10, 2026 Treasury yields snapshot signals volatility surge, favoring banks/insurers like PGR, JPM, BAC via NII/margins while pressuring REITs (PLD, EQIX) and NVDA on costs/valuations. PGR tops conviction ranks for pristine balance sheet and yield leverage.
Research · Apr 13, 2026
Bond traders' inflation hedges spotlight hawkish Fed risks, positioning banks like JPM and BAC for NIM gains while utilities (NEE, DUK), REITs (PLD), and HD face debt and demand headwinds. JPM tops conviction rankings with superior scale; DUK ranks most vulnerable. Elevated rates reshape sector winners and losers.
Research · Apr 13, 2026
Hotter-than-expected inflation dashed rate cut hopes, favoring banks like JPM and WFC via NIM expansion while pressuring debt-laden REITs (PLD, AMT) and utilities (NEE, DUK). JPM tops conviction ranks with superior scale; REITs lag on cap rate risks. Prolonged high rates could widen these gaps further.
Research · Apr 10, 2026
ETF Trends' March 2026 10-year Treasury yield analysis forecasts elevated rates, favoring banks like JPM and BAC via NIM expansion while pressuring leveraged utilities (NEE, DUK) and REITs (PLD, AMT) on debt costs and valuations. JPM tops conviction rankings for its balance sheet strength; AMT ranks as most vulnerable.
Research · Apr 10, 2026
April 1's strong US data reduced Fed cut bets, favoring banks (JPM, BAC) and cyclicals (CAT, XOM) via higher NII and demand, while REITs (PLD, EQIX) face debt headwinds. JPM leads conviction at cheap multiples; ranked picks prioritize resilient earners.
Research · Apr 10, 2026
ADP's 62K March jobs miss boosts Fed cut odds, favoring REITs like PLD and growth stocks MSFT/AMZN over banks JPM/WFC. Analysis ranks exposure with financial metrics, highlighting winners from lower rates.
Research · Apr 9, 2026
FT's April 8 warning on ECB tightening revives 2011 fears, hammering US-exposed stocks. JPM, BAC, MS, CAT, HON, and PLD—holding 13-23% Europe revenue—top the risk list amid negative returns and slowing growth. Ranked bears: BAC leads vulnerability.
