****Industrial vacancy and supply glut pressure pre-Q1 [developing] [developing]

Vacancy 8-10% IE/DFW/NJ from 500M SF glut slows rents <3%; Boston +80% demand/8.1% stable. JFK submarkets hit $30/sf record (+63% lease/6.4% vac, PLD top owner). Q1 EPS $1.48 beat, shares $132.35; REITs +3.8% YTD; Moderate Buy/$137-142 PT amid DC tailwinds.