U.S. REITs: Industrial REIT 2Q26 Earnings Preview

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U.S. REITs: Industrial REIT 2Q26 Earnings Preview

Equity Research

15 July 2026

U.S. REITs

Industrial REIT 2Q26 Earnings

Preview Earnings Preview

In this preview we focus on one question: Who will raise FFO U.S. REITs

guidance? We discuss the nuances for each company and NEUTRAL Unchanged

anticipate increases from PLD, EGP, STAG, and FR. It is U.S. REITs

Brendan Lynch, CFApossible REXR also increases, as they did with 1Q26 earnings,

but management's tone remains a bit cautious. TRNO doesn't +1brendan.lynch@barclays.com212 526 9428

guide. BCI, US

Eileen Gao

+1 212 526 7836Net absorption continues to support occupancy gains and pricing power. Per CoStar,

eileen.gao@barclays.com

quarterly net absorption has improved steadily from the 2Q25-liberation day induced trough, BCI, US

reaching ~ 37m sqft in 2Q26. CoStar projects 164m sqft net-absorption in 2026 (+41.5% y/y) and

192m sqft in 2027 (+17.3% y/y). In addition, CoStar estimates market asking rents troughed at Annabelle Ayer

+1 212 526 7387-0.1% in 2Q26, and will turn positive at +0.4% in 3Q26 before accelerating +0.8% in 2027 (Figure

annabelle.ayer@barclays.com

1). Supply pressures continue to ease, with the YTD construction pipeline at 255m sqft (vs. BCI, US

1,105m sqft peak in 1H22) and new completions trending lower to ~55m sqft YTD 2026 (Figure 2).

Combined with improving net absorption, the slower pace of new supply should support a

gradual recovery in occupancy and rent growth over the coming quarters.

FIGURE 1. US Industrial net absorption & asking rent growth FIGURE 2. US industrial completions, under construction & vacancy

US Industrial net absorption & asking rent growth US industrial completions, under construction & vacancy

200 3.0% 800 8.0%

sqft sqft 2.5%

m 600 6.0% m 150

2.0%

100 1.5% 400 4.0%