BofA’s U.S. REIT 2Q26 Earnings Preview

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BofA’s U.S. REIT 2Q26 Earnings Preview

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U.S. REITs

Earnings Preview

Expect another strong Q, though upside will vary by sector 14 July 2026

We expect another solid quarter for REITs in 2Q, with results likely to reinforce that

Equityfundamentals are holding up better than many generalist investors appreciate. Our view

United Statesis based on recent expert calls, channel checks, QTD updates and our 50-plus Nareit

REITsmeetings, all of which point to healthy demand and lower supply pressure across

multiple property types. While 1Q was historically strong in terms of beats and guidance

raises, we believe the key question for 2Q is less whether companies raise guidance Jeffrey Spector

Research Analyst

above consensus and more whether results and commentary confirm fundamentals BofAS

remain resilient. Dedicated REIT investors we speak to largely expect a solid 2Q, but +1 646 855 1363

jeff.spector@bofa.com

generalist expectations appear more muted, with positioning data still showing active

Jana Galan

managers underweight the sector. In our view, that leaves room for stronger Research Analyst

fundamentals to matter more, especially if cooling in AI-driven market leadership shifts BofAS +1 646 855-5042

attention back toward REITs. We see best setup in HC, Industrial, Retail & Storage, with jana.galan@bofa.com

Residential, Net Lease & Office more mixed & the greatest risk remaining in LS. See Samir Khanal

more inside. Research Analyst BofAS

+1 646 855 1497

Comm Infra: Data center demand and pricing power remain robust. Towers are waiting samir.khanal@bofa.com

for a fundamental tailwind, but potential catalysts including spectrum auctions, domestic Farrell Granath

deployments and potential resolution of Echostar will be areas of focus during earnings.