they have 0 moat. competition is fierce, someone already posted msft is building their own DCs, no doubt amazon/google are doing the same, margins will come under pressure. this is not a "high quality growth stock", just like how afterpay isn't high quality but many people think it is, it's a no moat REIT hoping the industry will grow strongly and hand revenue growth to them on a plate.
management is playing land grab, if they can't fill it fast enough due to intense competition, with all that debt margins will come under even more pressure. everyone keep talking about the accelerated demand for DCs due to covid, there's too much hype around the share price. If these insane growth assumptions aren't met, you know what happens to the share price.
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