REIT Benchmark (HG/HY) Spreads/Yields Sector Performance

Research evidence excerpt

J P M O R G A N

North America Credit Research

17 August 2026

REIT Benchmark (HG/HY)

Spreads/Yields Sector

Performance

As a reminder, this report combines our benchmark spreads/yields tracker and our

sector performance tracker. We continue to add new issuers to our coverage

universe and refresh benchmarks as appropriate. We (or, in just a few cases, our

colleagues) either formally cover or closely follow each of the 85+ distinct REIT

or CRE-related credits in this report; so, please reach out with any questions.

North America Corporate Credit REITs, Transportation and

Sustainable Investing

Cheers,

Mark & Ben

Benjamin Stueck

Note: Due to J.P. Morgan Securities plc acting as financial adviser to Prologis, Inc.

in relation to its possible all-share offer for SEGRO plc (“SEGRO”), we have

suspended our rating for Prologis (PLD).

J.P. Morgan Securities plc is acting as

financial adviser to Prologis, Inc. in relation

to its possible all-share offer for SEGRO

plc (“SEGRO”), as announced on 24th

June 2026. This research report and the

information contained herein is not

intended to provide voting advice, serve as

an endorsement of the proposed

transaction or result in procurement,

withholding or revocation of a proxy or any

other action by a security holder.