Fresh 6/5: NAREIT Transaction Commentary, TRNO Markets vs. Ports, CWK Debt, STWD/NTST Est

Research evidence excerpt

Fresh 6/5: NAREIT Transaction Commentary, TRNO Markets vs. Ports, CWK Debt, STWD/NTST Est

REITs

Lodging - Market Weight

Manufactured Housing - Market Overweight

Mortgage REIT - Market Weight

Net Lease - Market Weight

Retail - Market Weight

Fresh 6/5: NAREIT Transaction Commentary, TRNO June 5, 2026

Markets vs. Ports, CWK Debt, STWD/NTST Est

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We highlight (1) Commentary on transactions at NAREIT (2) TRNO markets vs ports (3) CWK credit agreement

amendment (4) CRE services deals (5) Manhattan office June (6) VNO lease (7) EBay reloaction in Manhattan (8) Starr

expansion in BXP's 343 Madison Ave (9) AMT DISH relationship update (10) Blackstone's $45 billion private credit

fund (BCRED) hit its redemption cap (11) STWD/NTST est

●We found transaction market commentary to be generically constructive at our NAREIT meetings, with some

impact to sectors with lower cap rates (such as storage).

●In Exhibit 2 below, we evaluate TRNO market/port vacancy and rent changes. Trends are bifurcated, but data is

consistent with what the company has communicated, with DC operating well, but more weakness in NJ, Seattle,

and LA port submarkets.

●CWK refinancing and maturity extension are constructive for the company as we estimate ~$8M of annual interest

expense savings.

●We reduce our STWD 2Q estimate to reflect incremental drag from recent financing transactions.

●We lower our NTST '27 estimates due to higher cost from swap expiration.