REAL ESTATE : You can’t make this up; PEG continues to outperform

Research evidence excerpt

REAL ESTATE : You can’t make this up; PEG continues to outperform

EQUITIES

REAL ESTATE

You can’t make this up; PEG continues to outperform

We are providing an update to our Top 25 PEG basket performance since construction on11 MAY 2026

Sector Research Report December 5th, 2025, through April 30th, 2026. Our Top 25 basket is outperforming both our

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Bottom 25 basket and the IYR by 389bp and 255bp respectively. Our belief that attractiveResearch Analysts & Publishing Entities

PEGs are an excellent method for picking winning stocks continues to hold true.

Nate Crossett

BNP Paribas Securities Corp1 Outperformance continues through the month of April; outperforming both IYR & Bottom 25(+)1 646 342 1588

nate.crossett@us.bnpparibas.com Since our last update, the Top 25 PEG basket has widened its outperformance vs. the IYR,

outperforming by 255bp through April (vs. 115bp through 1Q26). Conversely, outperformance vs.

John Paul Flangos

the Bottom 25 basket has narrowed, with the top 25 outperforming the bottom 25 by 389bp (vs.BNP Paribas Securities Corp1

(+1) 646 342 5660 455bp through 1Q26). Within our coverage universe, the stand-out in the Top 25 remains IRM,

johnpaul.flangos@us.bnpparibas.com posting a TSR of 52.2%. At the opposite end, in the Bottom 25 basket, ARE has been the worst

Monir Koummal performer delivering a TSR of -8.2%. We continue to view attractive PEGs as a preferred

BNP Paribas Securities Corp1 framework for identifying winning stocks.

(+1) 646 342 1554

monir.koummal@us.bnpparibas.com

Pair attractive PEGs with solid RE subsectors; industrial, DCs, healthcare, select net lease

Cole Faris For 2026 our preference is to continue to own names that are both in sectors with solid and or