Fresh 6/30: $3 Billion Equity, Office Leases (BXP), GSE Vol, EQR/AVB S-4, CBRE est

Research evidence excerpt

Fresh 6/30: $3 Billion Equity, Office Leases (BXP), GSE Vol, EQR/AVB S-4, CBRE est

REITs

Apartments - Market Weight

Industrial - Market Weight

Net Lease - Market Weight

Office - Market Weight

Retail - Market Weight

Fresh 6/30: $3 Billion Equity, Office Leases (BXP), GSE June 30, 2026

Vol, EQR/AVB S-4, CBRE est

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!

We highlight: (1) Tenant news (2) Notable office leases since March 31 (3) GSE business volumes (4) CRE services

deals (5) PLD deck (6) UMH added to Russell 2000 Value-Defensive index (7) PACS to acquire 34 properties from

Eduro healthcare (8) WPC/O debt deal (9) AVB-EQR S4 (10) CURB common stock offering (11) DLR acquisition and

common stock offering (12) CBRE estimates

●Exhibit 1 lists 30K+ sf new direct office leases signed in 2Q per CoStar data. Large leases were signed across

office markets.

●Exhibit 2 shows one GSE reported volumes which were up 28% y/y in May, contrasting the other GSe which saw

y/y declines in May.

●We offer a "Cliff Notes" of the AVB-EQR S-4 to save ivnestors time. Keep topics included deal costs, FMV

adjustment for interest expense, other companies in discussions, forecasts, and severence.

●CURB and DLR issued a combined ~$2.7 billion of equity, both at meaningful positive investment spreads.

●We lower our CBRE 2026 estimates by 1% on lower 2Q transaction growth expectation and are in line with the

street for 2026.

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