Global Real Estate Weekly Valuation Monitor

Research evidence excerpt

Global Real Estate Weekly Valuation Monitor

RBC Dominion Securities Inc.

Research RBCCM Global

Real Estate (Equity)

rbccmglobalrealestate@rbccm.com

Pammi Bir, CPA, CA, CFA

(Head of Global Real Estate

Research)

(416) 842-7805,

June 29, 2026 pammi.bir@rbccm.com

Jimmy Shan (Analyst)

(416) 842-6272, Global Real Estate Weekly Valuation Monitor jimmy.shan@rbccm.com

Edward Zhang (Associate)RESEARCH The RBCCM Global Real Estate Weekly provides estimates and valuation metrics for our coverage (416) 842-8432,

universe for the week ending June 26th, 2026 (see Exhibit 9). Also included herein are: 1) return edward.z.zhang@rbccm.com

comparisons across global listed real estate markets; 2) upcoming and recent RBCCM hosted real estate RBC Capital Markets, LLC

events; 3) links to recently published research; and 4) frequently used sector valuation charts. Michael Carroll, CFA (Head of US Real Estate Research)

(440) 715-2649,

michael.carroll@rbccm.com Global real estate stock performance as of June 26, 2026:

Exhibit 1 - Week-to-date global REIT total returns Exhibit 2 - Year-to-date global REIT total returns Brad Heffern, CFA (Analyst) (512) 708-6311,

brad.heffern@rbccm.comEQUITY

Patrick Fox, CFA (AVP)

(512) 708-6342,

patrick.j.fox@rbccm.com

Henry Newell (Associate)

(216) 364-0260,

henry.a.newell@rbccm.com

Source: Factset, RBC Capital Markets Source: Factset, RBC Capital Markets

Exhibit 3 - YTD CDN total returns by subsector Exhibit 4 - YTD US total returns by subsector

Source: Factset, RBC Capital Markets Source: Bloomberg, RBC Capital Markets

Upcoming and Recent RBCCM Global Real Estate Research events:

Highlights from Global Real Estate Group research:

• PMZ CN: Tour highlights value creation opportunity at OC