REIT Public Bond Covenants: 1Q26 Master Cheat Sheet

Research evidence excerpt

REIT Public Bond Covenants: 1Q26 Master Cheat Sheet

J P M O R G A N North America Credit Research

14 July 2026

REIT Public Bond Covenants

1Q26 Master Cheat Sheet

North America Corporate Credit -

REITs, Transportation and

Sustainable Investing

Mark Streeter, CFA AC

(1-212) 834-5086

mark.streeter@jpmorgan.com

In case you missed it, we held our REIT 2026 Mid-Year Outlook call last week

Benjamin Stueck

where we discussed the latest considerations for REIT credit, referencing our 185-

(1-212) 270-6757

page deep dive deck. You can find the replay here and the deck here. benjamin.stueck@jpmorgan.com

J.P. Morgan Securities LLC

Our covenant database includes ~$254.4bn in $USD REIT public debt (see

subtotals by sector below, as of 12-Jun-26). Note that, through tenders, the amount

outstanding is now ~$15.3bn less than the original face amount issued. Accounting J.P. Morgan Securities plc is acting as

for foreign-denominated debt (converted to $USD), we capture ~$288.9bn of financial adviser to Prologis, Inc. in relation

bonds, including nearly $68bn maturing through YE28. to its possible all-share offer for SEGRO

plc (“SEGRO”), as announced on 24th

In an attempt to simplify this report, we are now showing only the covenant June 2026.

performance for each issuer in this report beginning in 2020 (when applicable).

We, however, maintain data on covenants going back over 15 years (~2009), so let This research report and the information

us know if you care to explore performance over prior cycles.

contained herein is not intended to provide

voting advice, serve as an endorsement of

We have sorted public debt by issuer and maturity date within each of the nine

the proposed transaction or result in

property sectors in our coverage universe. For each security, we list (if applicable)