Evening Fresh 7/22: 2Q Earnings: NTST (Impressive Given Treasury Dilution), EPRT, SLG

Research evidence excerpt

Evening Fresh 7/22: 2Q Earnings: NTST (Impressive Given Treasury Dilution), EPRT, SLG

REITs

CRE Services - Market Weight

Industrial - Market Weight

Net Lease - Market Weight

Office - Market Weight

Technology - Market Underweight

Evening Fresh 7/22: 2Q Earnings: NTST (Impressive Given July 22, 2026

Treasury Dilution), EPRT, SLG

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 will be reviewing earnings for AVB/EQR/FR/CCI/ELS in a separate note.

We highlight: (1) 2Q earnings (NTST, EPRT, SLG) (2) PK reopened Royal Palm

●In net lease earnings, NTST/EPRT both raised the low end of guidance, but the NTST guidance raise would have

been even higher if not for noncash Treasury method adjustment. Cap rates were broadly stable quarter to quarter

(Exhibit 1), which bodes well for investment spreads given strong net lease share prices.

●SLG (not covered) reported 2Q FFOPS ahead of consensus estimates and raised '26 guidance, driven by higher NOI

from the real estate portfolio, incremental fees and other income, and additional income that will be recognized

from One Vanderbilt.

We will be hosting our weekly Vach-22 webcast on 7/24. Please click here to register. NOTE: NEW REGISTRATION

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We are hosting a Virtual Meeting w/ CURB w/ the CFO and VP of Capital Markets/Asset Management on August 3

at 2-3PM ET. Please reach out to RSVP.

We will be hosting EPRT's Pete Mavoides, CEO, Rob Salisbury, CFO, & Sheryl Kaul, Director of Financial Planning and

Analysis, Monday, August 3rd at 10am for a virtual group meeting. Please reach out to RSVP.