Industrial REITs: I.CON East Industrial Conference read throughs to US Industrial REITs

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Industrial REITs: I.CON East Industrial Conference read throughs to US Industrial REITs

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Industrial REITs

I.CON East Industrial Conference read

throughs to US Industrial REITs

Industry Overview

Maintain positive view on Industrial RE; Buy PLD & EGP 26 May 2026

We attended the I.CON East Industrial Conference last week. Overall, we walked away Equity

more confident in our constructive outlook for Industrial real estate. The clearest United States

message was that business has picked up in 2026 across a variety of industry REITs

participants, including private landlords, brokers, construction firms, architects, Samir Khanal

engineers and other service providers. Ultimately, tenants are more active today than in Research Analyst

2025, which is driving activity throughout the industry. We maintain our Buy ratings on BofAS+1 646 855 1497

PLD and EGP which we believe are beneficiaries of this improving backdrop. samir.khanal@bofa.com

Jeffrey Spector

Power and automation are reshaping competitiveness ResearchBofAS Analyst

A recurring theme across panels was that Industrial requirements are evolving beyond +1 646 855 1363

jeff.spector@bofa.com

the traditional focus on location and labor. There is a rising emphasis on automation,

Andrew Berger

modern building functionality and power availability. Owners noted that tenants ask Research Analyst

about power even when they do not need it immediately, as they want to preserve BofAS

+1 646 855 1589

optionality to incorporate higher degrees of automation / technology in the future. There andrew.berger2@bofa.com

is a clear premium for newer, higher-quality, Class A assets with these attributes. REITs Team

BofAS

See Team Page for List of AnalystsMarket winners are emerging geographically