Industrial REITs own the physical internet of commerce: the warehouses every online order, grocery run, and manufactured good passes through. The sector’s post-pandemic normalization (rents digesting their 2021-2022 spike, vacancy drifting up from historic lows) has separated the structural winners from the beta, and the AI era just handed the biggest player a second business. Eight majors graded below with live data; four small caps (IIPR, ILPT, PLYM, MDV) follow in a small-cap sweep.
| # | REIT | Grade | Yield | Market Cap | Occupancy | Credit |
|---|---|---|---|---|---|---|
| 1 | Prologis (PLD) | A 86 | 2.89% | $134.4B | 95.3% | A |
| 2 | EastGroup Properties (EGP) | B 80 | 2.97% | $11.2B | — | — |
| 3 | Terreno Realty (TRNO) | B 76 | 2.90% | $7.6B | — | — |
| 4 | Rexford Industrial (REXR) | B 75 | 4.59% | $8.4B | — | BBB+ |
| 5 | First Industrial Realty (FR) | B 74 | 2.88% | $8.7B | — | — |
| 6 | STAG Industrial (STAG) | B 72 | 3.62% | $7.4B | 95.1% | — |
| 7 | LXP Industrial Trust (LXP) | C 66 | 4.59% | $3.6B | — | — |
| 8 | Innovative Industrial Properties (IIPR) | C 60 | 12.97% | $1.7B | — | — |
| 9 | Americold Realty Trust (COLD) | C 60 | 6.52% | $4.0B | — | — |
| 10 | Modiv Industrial (MDV) | C 55 | 6.95% | $177M | — | — |
| 11 | Industrial Logistics Properties Trust (ILPT) | D 42 | 2.86% | $584M | — | — |
Grades follow the published REIT Rankings methodology. Yields and market caps update automatically with market data.
How to Read This Ranking
Prologis (86) is the class of the field: record leasing, an A-rated balance sheet, and a 1.3 gigawatt data center pipeline nobody can copy. EastGroup (80) is the consistency machine in Sunbelt shallow-bay. The specialist tier trades philosophy: Terreno’s six-market coastal purity (76), Rexford’s SoCal concentration mid-correction (75), First Industrial’s development discipline (74), STAG’s monthly-paying secondary-market model (72). LXP (66) carries big-box supply exposure, and Americold (60) is the honest outlier: mission-critical cold storage with the thinnest dividend cushion on the page.
The Sector’s Master Risks
Trade policy and consumer goods flows drive demand directly (tariff whiplash is a real earnings variable), coastal rent normalization is still running through releasing spreads, and Sunbelt big-box remains the easiest industrial format to overbuild. The offset: construction starts collapsed after the rate shock, setting up the next supply-constrained leg.