Fresh 6/16: Industrial Rents (-REXR), CBRE/APLE Decks, LXP Est/PT+

Research evidence excerpt

Fresh 6/16: Industrial Rents (-REXR), CBRE/APLE Decks, LXP Est/PT+

REITs

CRE Services - Market Weight

Industrial - Market Weight

Lodging - Market Weight

Office - Market Weight

Technology - Market Underweight

Fresh 6/16: Industrial Rents (-REXR), CBRE/APLE Decks, June 16, 2026

LXP Est/PT+

The Wolfe Byte

The Wolfe Research daily or "Fresh" as we like to call it provides analysis on names in our sectors that we find

stock impacting, estimate updates, and earnings reports. We also include daily news on a real time basis that we

think moves stocks. Enjoy!

Author's note: we have an early Fresh due to property tour attendance.

We highlight: (1) Industrial CoStar Rents and Vacancy (2) CBRE Presentation (3) APLE June Investor Presentation (4)

AI Impact on Office (5) NoVa Shopping Center Deal (6) BRX Former CEO (7) Airline Capacity Tracker (8) LXP Estimate

and Price Target

●In Exhibits 1 and 2 below, we show the latest CoStar industrial daily rents and vacancy through 2QTD. Across the

board, rents and vacancy have both been flat to slightly better through the second quarter thus far. An exception

to this trend was REXR, where rents have continued to fall. Market level data available upon request.

●CBRE put out a detailed deck which we think is worth a read. We think the presentation highlights (1) the

diversification of the company by multiple measures, where we find wholesale disintermediation by AI to be

challenging, and (2) how the growing data center TAM has created opportunities for CBRE.

●APLE YoY occupancy growth remains strong, with eight straight weeks of growth YoY.

●We update our LXP estimates to account for incremental leasing and are ~unchanged in 26 and ~1% higher in

27. We are ~1% ahead of consensus in 26 and in-line in 27.