Monthly Chartbook

Research evidence excerpt

Monthly Chartbook

Foundation

July 1, 2026 04:20 PM GMT

Morgan Stanley & Co. International plc+MProperty | Europe Bart Gysens, CFA

Equity Analyst

Monthly Chartbook Bart.Gysens@morganstanley.comAna Escalante +44 20 7425-5862

Ana.Escalante@morganstanley.com +44 20 7425-3271

Pan-European property chartbook. We publish this chartbook Paula Bayer

monthly. It includes performance statistics, stock valuation ResearchPaula.Bayer@morganstanley.comAssociate +44 20 7425-3053

metrics, our property market assumptions, direct property

Property

market statistics and the latest macro data. Europe

Industry View Attractive

Key Takeaways For specific subsectors see:

European property sector was up 1% in June, but is flat year to date vs European • UK Property: May IPD Update (15 Jun 2026)

equities up 9%. • European Property Transaction Tracker:

Slowdown in 1Q26 (8 May 2026)

The UK has outperformed continental Europe in June, and also year to date.

• German Residential Chartbook: Pause in Rental

Sector trading at a 32% discount to NAV, 14x median PE. Growth in 1Q (22 Apr 2026)

• Paris Office Property: Slipping Further (8 Apr

Performance statistics. Our chartbook provides regional and sector-specific, 2026)

absolute and relative performance statistics. The European property sector is flat

year to date vs MSCI Europe up +9% (in euros). On a total shareholder return basis

(including dividends), the property sector returned +3% vs MSCI Europe +11%. UK

property stocks are up 4% year to date (in local currency), vs UK equities up +5%

(UK equities largely driven by the energy sector). Retail and logistics are the best

performing subsectors year to date, vs residential and self storage lagging.

Stock valuation metrics. The chartbook also includes long-term data series of key