Weekly Observations No. 56 (7/20/26): PLD leads off 2Q with a bang. Plus: Weekly performance recap, factor spreads, sector valuations, macro heatmaps, and more.

Research evidence excerpt

Weekly Observations No. 56 (7/20/26): PLD leads off 2Q with a bang. Plus: Weekly performance recap, factor spreads, sector valuations, macro heatmaps, and more.

Equity Research

20 July 2026

U.S. REITs

Weekly Observations No. 56

(7/20/26)

PLD leads off 2Q with a bang. Plus: Weekly performance U.S. REITs

recap, factor spreads, sector valuations, macro heatmaps, NEUTRAL

and more. U.S. REITs

Richard Hightower

+1 212 526 8768

**Upcoming Barclays REIT Events** richard.hightower@barclays.com

• Tuesday, July 21: 2Q26 REIT Earnings Preview Webinar. Clients can register to join the call BCI, US

here. Brendan Lynch, CFA

+1 212 526 9428

• Monday, September 14 - Wednesday September 16: Barclays 24th Annual Global Financial brendan.lynch@barclays.com

Services Conference. The event will feature more than 200 management teams from leading BCI, US

global financial services companies (25+ REITs attending), and will include analyst-led fireside Jason Wayne, CFA

chats, 1x1 meetings, and other presentations. Clients can register for the conference here. +1 212 526 2650

jason.wayne@barclays.com

REIT Performance Review (week ended 7/17/26): BCI, US

• (Figure 1) With PLD kicking off 2Q26 REIT earnings season, alongside accelerating hostilities Marc Akinbi, CFA

in Iran and several key U.S. macro reports (June CPI, Retail Sales, and IP), REITs significantly +1 212 526 6218

outperformed the S&P 500 over the trailing 5D period (e.g., RMZ +3.1% vs. S&P 500 marc.akinbi@barclays.com

-1.5%). With last week's performance, YTD REIT relative outperformance vs. the S&P BCI, US

(total return basis) now stands at ~1,200bp (+22% vs. +10%). Across our coverage Annabelle Ayer

universe, better sub-sectors included Industrial (+6.3%), Diversified (+5.1%), Healthcare +1 212 526 7387