The BREW: BMO Real Estate / Real Asset Conference Redux

Research evidence excerpt

The BREW: BMO Real Estate / Real Asset Conference Redux

May 17, 2026 | 16:38 ET~

US Real Estate

The BREW: BMO Real Estate / Real Asset Conference US Real Estate

Redux Juan C. Sanabria Analyst

juan.sanabria@bmo.com (312) 845-4074

John P. Kim AnalystBottom Line:

JohnP.Kim@bmo.com (212) 885-4115

BMO hosted its 21st Annual Real Asset / Real Estate Conference last week in New York

Ari Klein Analystwith more than 65 leading companies and 425 industry professionals, along with NYC

ari.klein@bmo.com (212) 885-4103

tour with TRNO, ESRT, Merit Hill, GO Residential, VNO. Overall panelists were positive on

Eric Borden Analystimproving fundamentals, accelerating earnings, market rents below replacement costs

eric.borden@bmo.com (347) 213-9706

and lower expected new supply across various asset classes with resilient demand. Only

Regan Sweeney, CPA Senior Associatea few sub-sectors are trading at premiums to NAV (healthcare, data centers, retail, &

regan.sweeney@bmo.com (347) 831-2406

triple-net), limiting external growth, but companies are tapping capital markets with

Robin Haneland Senior Associatethree IPOs year-to-date with a recent Macerich (mall) secondary. M&A remains likely

robin.haneland@bmo.com (646) 901-2282

with increased scale frequently cited as a strategic advantage by executives. Please see

Legal Entity: BMO Capital Markets Corp.

panel specific write-ups: State of the Industry, Retail, Residential, Storage, Industrial, Sr.

Housing, Data Centers, and NYC in the Crosshairs. What's Inside

Key Points Global REIT PerformanceYTD 1 Week Chart

Towers Update: The sector underperformed last week (-4.4%) amid higher rates & -6.0% -4.0% -2.0% +0.0% +2.0% +4.0% +6.0% +8.0% +10.0% +12.0% +14.0%

inflation concerns, though an SBAC sale also appears less likely.