2Q26 Preview - Beat and Raise Bias to Validate YTD Performance

研报英文原文证据摘录

2Q26 Preview - Beat and Raise Bias to Validate YTD Performance

USA | REITs EquityJulyResearch15, 2026

KEY STOCKS FEATURED INCLUDE:2Q26 Preview - Beat and Raise Bias to Validate

TICKER RATING PRICE TARGETYTD Performance

ADC BUY $87.00

We are tactically positive into 2Q as REITs that avoid revising guidance in 1Q AHR BUY $65.00

are now free to raise this quarter. Further, REITs with exposure to the spring AKR BUY $25.00

leasing season now have enough data to confidently revise expectations. Our AMH BUY $38.00

stock picks are AHR, HR, ADC, BRX, AKR, SPG, INVH, AMH, DLR, EQIX, LXP, PLD, AMT BUY $201.00

and FR whereas we take a more cautious view on Office, JLL, Towers, and PSA.

KEY CHANGES INCLUDE:Stock Picks into 2Q26 Earnings

AHR: AHR is our top pick within Healthcare, and we like the setup into the print. The investment• TICKER RATING PRICE TARGET

pipeline continues to expand (~$1B in early June) and NIC data signals fundamental strength.

Growth-adjusted valuation is compelling and AHR is trailing WELL & VTR YTD, a gap we expect ADC BUY $87.00 ($84.00)

to narrow through the year. AHR BUY $65.00 ($60.00)

HR: We see leasing metric bogeys of at least 82.5% retention, 3.5% cash leasing spreads, and AMT BUY $201.00 ($210.00)•

3.0% escalators. Revista data remains supportive. We also look for evolving views on capital

allocation as HR is back on offense with multiple deployment opportunities (JV acquisitions,

redevelopment, share repurchases).

ADC: Given YTD lag vs. peers (+8.2% vs. +12.6%), we see scope for further appreciation as•

acquisition-related accretion becomes more evident. With a $1.5B FY26 investment target and

>$2B of liquidity, ADC remains well positioned to drive external growth.