REIT Benchmark (HG / HY) Spreads / Yields / Curves

Research evidence excerpt

J P M O R G A N

North America Credit Research

16 September 2026

REIT Benchmark (HG / HY)

Spreads / Yields / Curves

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 have also now added credit

curves grouped by property sector. 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

Mark Streeter, CFA AC

(1-212) 834-5086

Benjamin Stueck

Cheers,

Mark & Ben

(1-212) 270-6757

J.P. Morgan Securities LLC

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.