Monthly Chartbook

Research evidence excerpt

Monthly Chartbook

Foundation

August 3, 2026 12:05 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 3% in July, and is up 2% year to date vs • European Property Transaction Tracker: Further

European equities up 10%. Slowdown in 2Q (20 Jul 2026)

• German Residential Chartbook: Volumes Remain

The UK continued outperforming continental Europe in July.

Depressed (21 Jul 2026)

Sector trading at a 29% discount to NAV, 14.5x median PE. • UK Property: June IPD Update (15 Jul 2026)

• Paris Office Property: No Clear Recovery Yet (7

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

absolute and relative performance statistics. The European property sector is up 2%

year to date vs MSCI Europe up +10% (in euros). On a total shareholder return basis

(including dividends), the property sector returned +6% vs MSCI Europe +12%. UK

property stocks are up 10% year to date (in local currency), vs UK equities up +9%.

Logistics and retail 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