Industrial REITs

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Industrial REITs

June 30, 2026 Industrial REITsREAL

Mid-Year Check In: We Expect Industrial Fundamentals to Continue

Their Steady March Forward. Raising PT for EGP to $235 and PLD to Thomas Catherwood

$170. (212) 738-6140 tcatherwood@btig.comESTATE Michael Tompkins

WHAT YOU SHOULD KNOW: REITs are outperforming the broader market for the first (212) 527-3566 mtompkins@btig.com

time in five years, with an equal weighted total return of 20.9% vs. the S&P 500 at 9.3%.

Industrial REIT performance, while still positive (total return of 18.7% equal weighted

and 9.3% market cap weighted), has lagged the overall REIT market YTD. That said, we Revisions

see a scenario where steady improvements in industrial fundamentals support higher Previous CurrentINDUSTRY growth expectations through the balance of the year. Indeed, logistics leasing has

Ticker Rating PT Rating PT improved this year driven by pent-up customer demand associated with e-commerce

growth, supply chain reconfiguration (especially with larger requirements, 500k+ EGP Buy $218.00 Buy $235.00

SF), and data center service/equipment providers. Looking forward, consumption PLD Buy $160.00 Buy $170.00

indicators remain generally positive, and new supply remains muted. The improvedREPORT supply/demand backdrop has stabilized vacancy rates and rents are growing again

in a number of markets. We expect rent growth to continue in 2H26 and support

an extended runway of mark-to-market upside for Industrial REITs, which ultimately

argues for higher internal growth and earnings multiples. Additionally, we expect

elevated interest rates to limit levered buyers in the transaction market and provide

well-capitalized REITs with outsized external investment opportunities. Taken together,