Fresh 7/8: 2Q Office Leasing, Industrial Rpts (FR/PLD), BNL BTS, VTR/WELL PT

Research evidence excerpt

Fresh 7/8: 2Q Office Leasing, Industrial Rpts (FR/PLD), BNL BTS, VTR/WELL PT

REITs

Apartments - Market Weight

CRE Services - Market Weight

Industrial - Market Weight

Net Lease - Market Weight

Office - Market Weight

Fresh 7/8: 2Q Office Leasing, Industrial Rpts (FR/PLD), July 8, 2026

BNL BTS, VTR/WELL 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!

We highlight: (1) Tenant news (2) 2Q US office leasing by market (3) Industrial market reports (4) Office market

reports (5) HPP office sale (6) Threat of structural collapse of office to resi conversion candidate (7) AVB South Miami

purchase (8) BNL BTS development (9) VTR/WELL price target

●Broker reports suggest office leasing activity accelerated meaningfully in 2Q'26 supporting stronger leasing fee

revenue growth for CRE services.

●Industrial broker reports for Pennsylvania and Atlanta markets were broadly positive on absorption, while more

mixed across vacancy and rents. We note there was meaningful leasing activity completed for both FR and PLD

(contact us for details).

●BNL announced a $303 million BTS development to their pipeline, at an 8.5% cap rate, showing expansion vs

other transactions.

●We update our VTR PT to $103 from $93 (~11% total return) and our WELL PT to $280 from $252 (~19% total

return), both including two dividends through YE26 and unchanged from prior methodology.

We will be hosting our weekly Vach-22 webcast on 7/10. Please click here to register. PLEASE NOTE: NEW

REGISTRATION IS REQUIRED.