NEURACAP
Sector ReportSep 28, 2026 · 22 pages · Free to read

Industrial REITs Sector Outlook — September 2026

NeuraCap's Industrial REITs sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

14.6x
Sector median EV/EBITDA
20.7x
Premium end EV/EBITDA vs 13.1x at the discount end
14
Transactions with disclosed terms

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REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › INDUSTRIAL REITS

Industrial REITs: Earnings Delivery Separates Value

This report shows where valuation sits across portfolio models, operating profiles and precedent transactions.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Industrial REITs Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Industrial REIT valuation separates by portfolio model, forecast delivery and the durability of property cash flow. The forward step-down depends on EBITDA progression, while the higher-valued names are associated with faster growth and stronger operating evidence. Owners can strengthen their standing by converting embedded mark-to-market, protecting tenant retention, funding development selectively and allocating capital toward resilient NOI.

Key findings

  • The Forward Step-Down Still Requires Delivery
  • Industrial Focus Holds the Higher Reference Point
  • The Premium Sits With Faster Growth, Subject to Durability
  • Scale Does Not Replace Property-Level Underwriting

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › INDUSTRIAL REITS

    REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › INDUSTRIAL REITS.

    Cover — Industrial REITs sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

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    REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › INDUSTRIAL REITS Industrial REITs: Earnings Delivery Separates Value This report shows where valuation sits across portfolio models, operating profiles and precedent transactions. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line Industrial REIT Value Rests on Earnings Delivery 02 The Landscape Industrial Focus Holds the Higher Valuation 03 Valuation & Situations The Premium End Still Needs Operating Proof 04 Precedent Transactions Buyers Are Active Across Assets, Portfolios and Companies 05 Strategic Implications Durable NOI Should Guide the Next Capital Decision 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Industrial REIT Value Separates Across Industrial Portfolios, Net Lease and Adjacent Models

    Industrial REIT Value Separates Across Industrial Portfolios, Net Lease and Adjacent Models.

    Industrial REIT Value Separates Across Industrial Portfolios, Net Lease and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Industrial REIT Value Separates Across Industrial Portfolios, Net Lease and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Forward Step-Down Still Requires Delivery On one current enterprise value, EV / EBITDA moves from 19.4x to 14.6x as forecast EBITDA rises 15%. The arithmetic makes same-store cash NOI, cash leasing spreads and lease-up central tests of durability. 2 Industrial Focus Holds the Higher Reference Point Diversified industrial REIT portfolios represent 54% of approved names, with six of seven supporting a 19.1x reference point. The 13.9x figure for adjacent diversified net-lease portfolios rests on one of four names. 3 The Premium Sits with Faster Growth, Subject to Durability Across nine names with estimates, five at or above 7% growth sit at 18.7x, alongside 14.2x for the four below the split. Embedded mark-to-market, tenant retention and development conversion help test the quality behind that association. 4 Scale Does Not Replace Property-Level Underwriting Among eight transactions with disclosed values, the supplied record runs from $60M to $25.2B. The breadth keeps lease rollover, replacement cost, occupancy and development risk central to how buyers assess value. 14.6x Sector median EV/EBITDA CY2027E consensus · 9 rated of 13 companies 20.7x Premium end EV/EBITDA vs 13.1x at the discount end top quartile (n=3) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 14 Transactions with disclosed terms 40 recorded in this tier · 3 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

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    Section 02 of 06 — Industrial Focus Holds the Higher Valuation. Portfolio mix and operating model matter when comparing the sector. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE Industrial Focus Holds the Higher Valuation Portfolio mix and operating model matter when comparing the sector. 02 of 06 Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Industrial Portfolios Hold the Sector’s Higher Valuation Reference

    Industrial Portfolios Hold the Sector’s Higher Valuation Reference.

    Industrial Portfolios Hold the Sector’s Higher Valuation Reference 13 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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    02 · MARKET MAP Industrial Portfolios Hold the Sector’s Higher Valuation Reference 13 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED INDUSTRIAL REIT PORTFOLIOS 7 cos median 19.1x Prologis (PLD) Lineage (LINE) EastGroup (EGP) Rexford (REXR) First Industrial (FR) STAG Industrial (STAG) Terreno Realty (TRNO) This group represents 54% of approved names and supports a 19.1x reference point across six rated companies. ADJACENT: DIVERSIFIED NET-LEASE PORTFOLIOS 4 cos 13.9x · 1 rated W. P. Carey (WPC) Broadstone Net (BNL) Global Net Lease (GNL) One Liberty (OLP) Broader property exposure can diversify cash flow, while industrial purity and embedded mark-to-market are less direct. ADJACENT MODELS 2 cos median 13.7x Corporación (VTMX) Postal Realty (PSTL) Development and specialized lease structures create different growth, capital and tenant-risk profiles.

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    02 · LANDSCAPE

    Portfolio Model Puts Earnings-Base Quality at the Center of Valuation

    Portfolio Model Puts Earnings-Base Quality at the Center of Valuation.

    Portfolio Model Puts Earnings-Base Quality at the Center of Valuation Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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    02 · LANDSCAPE Portfolio Model Puts Earnings-Base Quality at the Center of Valuation Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Diversified industrial REIT portfolios 7 54% 19.1x Prologis, Inc. (PLD) · Lineage, Inc. (LINE) · +5 more Scale with industrial focus. These portfolios concentrate the sector’s direct exposure to logistics demand, leasing spreads and rent mark-to-market. Adjacent: diversified net-lease portfolios 4 31% 13.9x n=1 W. P. Carey Inc. (WPC) · Broadstone Net Lease, Inc. (BNL) · +2 more Diversification changes the proof. This group represents 31% of approved names, while its 13.9x reference point rests on one rated company. Lease duration, tenant mix and property exposure therefore need company-level review. Adjacent models 2 15% 13.7x Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) · Postal Realty Trust, Inc. (PSTL) Different cash-flow profiles. Development exposure and specialized office-property leases create distinct funding, lease-up and recurring-capital considerations.

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    SECTION 03

    03

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    Section 03 of 06 — The Premium End Still Needs Operating Proof. Forward valuation already credits forecast earnings, raising the standard for delivery. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS The Premium End Still Needs Operating Proof Forward valuation already credits forecast earnings, raising the standard for delivery. 03 of 06 Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    Forward Valuation Separates Companies Before Forecast Delivery Is Proven

    Forward Valuation Separates Companies Before Forecast Delivery Is Proven.

    Forward Valuation Separates Companies Before Forecast Delivery Is Proven EV / EBITDA (CY2027E) · all 9 rated companies, sorted descending · sector median 14.6x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION Forward Valuation Separates Companies Before Forecast Delivery Is Proven EV / EBITDA (CY2027E) · all 9 rated companies, sorted descending · sector median 14.6x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 20.7x CORE · median 14.5x DISCOUNT · median 13.1x Sector median 14.6x WHAT SEPARATES THE TWO ENDS The top carries a premium. The premium-end median is 20.7x, compared with 13.1x at the discount end. Forward math raises the bar. A forward EV / EBITDA multiple already credits forecast earnings, so a premium that remains signals market confidence in durability. The gap needs operating proof. Same-store cash NOI, tenant retention, embedded mark-to-market and development conversion are the practical evidence behind the ranking.

  9. 09
    03 · VALUATION DRIVERS

    Forecast Earnings Delivery Matters More than the Headline Step-Down

    Forecast Earnings Delivery Matters More than the Headline Step-Down.

    Forecast Earnings Delivery Matters More than the Headline Step-Down Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=5; slower n=4; higher-margin n=5; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Forecast Earnings Delivery Matters More than the Headline Step-Down Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=5; slower n=4; higher-margin n=5; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 7% · EBITDA-margin split at 68% Forecast EBITDA Narrows the Multiple on One Enterprise Value EV / EBITDA moves from 19.4x to 14.6x as forecast EBITDA rises 15%. This is forecast progression rather than evidence of a market rerating. Faster Growth Is Associated with a Higher Forward Valuation Across nine names with estimates, the five at or above 7% growth sit at 18.7x, while the four below sit at 14.2x. Property Economics Still Determine Whether Growth Can Endure Cash leasing spreads, lease rollover, recurring capital and lease-up distinguish durable NOI progression from growth that requires heavier funding.

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    03 · SITUATION MAP

    Higher Valuations Are Associated with Growth; Execution Still Shapes the Next Move

    Higher Valuations Are Associated with Growth; Execution Still Shapes the Next Move.

    Higher Valuations Are Associated with Growth; Execution Still Shapes the Next Move Cut on EV / EBITDA vs the sector median (14.6x) (rows) and revenue growth vs the covered median (7%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP Higher Valuations Are Associated with Growth; Execution Still Shapes the Next Move Cut on EV / EBITDA vs the sector median (14.6x) (rows) and revenue growth vs the covered median (7%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Growth, Higher Valuation Above-median multiple · above-median revenue growth 3 names EastGroup Properties, Inc. (EGP) · First Industrial Realty Trust, Inc. (FR) · Terreno Realty Corporation (TRNO) Within the nine names with estimates, EastGroup Properties, Inc. (EGP), First Industrial Realty Trust, Inc. (FR) and Terreno Realty Corporation (TRNO) pair higher growth with higher valuation. The operating priority is to preserve leasing evidence and funding discipline as forecasts convert. Lower Growth, Higher Valuation Above-median multiple · below-median revenue growth 2 names Rexford Industrial Realty, Inc. (REXR) · STAG Industrial, Inc. (STAG) Within the nine names with estimates, Rexford Industrial Realty, Inc. (REXR) and STAG Industrial, Inc. (STAG) retain higher valuation alongside lower growth. The key question is whether embedded mark-to-market, retention and portfolio quality can sustain that standing. Higher Growth, Lower Valuation Below-median multiple · above-median revenue growth 2 names Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) · Postal Realty Trust, Inc. (PSTL) Within the nine names with estimates, Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) and Postal Realty Trust, Inc. (PSTL) show higher growth alongside lower valuation. The agenda is to test durability, capital needs and the path from growth to recurring cash flow. Lower Growth, Lower Valuation Below-median multiple · below-median revenue growth 2 names Lineage, Inc. (LINE) · One Liberty Properties, Inc. (OLP) Within the nine names with estimates, Lineage, Inc. (LINE) and One Liberty Properties, Inc. (OLP) combine lower growth with lower valuation. Portfolio mix, lease rollover and capital allocation are the immediate areas for review.

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    03 · GROWTH VS PROFITABILITY

    Clearing Both Growth and Margin Bars Is Uncommon in the Rated Group

    Clearing Both Growth and Margin Bars Is Uncommon in the Rated Group.

    Clearing Both Growth and Margin Bars Is Uncommon in the Rated Group Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 9 companies with both estimates · cuts at the covered medians (7% growth, 68% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=2; growth-only n=2; neither n=2). LINE plotted at the chart edge. 11

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    03 · GROWTH VS PROFITABILITY Clearing Both Growth and Margin Bars Is Uncommon in the Rated Group Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 9 companies with both estimates · cuts at the covered medians (7% growth, 68% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=2; growth-only n=2; neither n=2). LINE plotted at the chart edge. Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -5% 0% 5% 10% 40% 60% 80% MARGIN ONLY median 17.0x BALANCED median 18.7x NEITHER median 13.6x GROWTH ONLY median 16.8x REXR OLP LINE STAG FR EGP TRNO VTMX PSTL x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS Among nine names with estimates, three clear both the growth and margin bars: First Industrial Realty Trust, Inc. (FR), EastGroup Properties, Inc. (EGP) and Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX). Two margin-only names sit at 17.0x. Two growth-only names sit at 16.8x, while two names clearing neither bar sit at 13.6x. The pattern is associative and leaves portfolio quality, lease economics and funding needs to be tested company by company. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 8 of 9 names clear it.

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    03 · THE AGENDA

    Capital Options Rest on Durable NOI and Funding Capacity

    Capital Options Rest on Durable NOI and Funding Capacity.

    Capital Options Rest on Durable NOI and Funding Capacity NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 12

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    03 · THE AGENDA Capital Options Rest on Durable NOI and Funding Capacity NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Prioritize Embedded Rent Growth Focus leasing resources where mark-to-market and tenant retention can support recurring same-store cash NOI. What changes the answer: Cash leasing spreads remain healthy without a heavier tenant-improvement or recurring-capital burden. Convert the Development Pipeline Sequence lease-up and new starts around tenant demand, funding capacity and stabilized occupancy. What changes the answer: Pre-leasing and development economics compensate for construction, entitlement and funding risk. Use Acquisitions Selectively Pursue assets or portfolios where lease economics, replacement cost and operational fit improve the existing business. What changes the answer: Underwritten cash flow remains resilient after vacancy, lease rollover and required capital. Recycle Capital with Discipline Shift capital away from assets with weaker functionality or heavier recurring needs and toward higher-conviction uses. What changes the answer: Reinvestment offers a clearer risk-adjusted NOI path than retaining the existing asset exposure.

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    SECTION 04

    04

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    Section 04 of 06 — Buyers Are Active Across Assets, Portfolios and Companies. The transaction record spans different scales and underwriting approaches. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 13

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Are Active Across Assets, Portfolios and Companies The transaction record spans different scales and underwriting approaches. 04 of 06 Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Transaction Activity Reaches from Individual Assets to Whole Companies

    Transaction Activity Reaches from Individual Assets to Whole Companies.

    Transaction Activity Reaches from Individual Assets to Whole Companies 3 of 14 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 57 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; financial target ev not meaningful); figures are shown as recorded in the filing. 26 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

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    04 · DEAL CASE STUDIES Transaction Activity Reaches from Individual Assets to Whole Companies 3 of 14 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 57 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; financial target ev not meaningful); figures are shown as recorded in the filing. 26 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Sep-2024 $884M AGNL Blizzard, L.L.C. AGNL Blizzard, L.L.C. agreed to acquire Douglas Dynamics, Inc. in a whole-company transaction. EV / LTM revenue 1.5x EV / LTM EBITDA 27.2x WHY THE DEAL HAPPENED The pairing suggests corporate underwriting rather than the assembly of an industrial property portfolio. That distinction makes operating earnings and business risk central to the valuation read. HOW THE TARGET WAS VALUED The disclosed value was $884M, with 1.5x EV / Revenue and 27.2x EV / EBITDA. Those measures benchmark the target as an operating company rather than a property-only acquisition. Aug-2026 $1.2B affiliate of EQT Real Estate An affiliate of EQT Real Estate acquired a portfolio of 22 industrial properties. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a portfolio strategy built around immediate industrial exposure at scale. The buyer-target pairing points to property cash flow, lease rollover and replacement cost as likely underwriting priorities. HOW THE TARGET WAS VALUED The disclosed value was $1.2B. With no operating multiple attached, the value is most useful as a portfolio-scale reference. Dec-2022 $215M BNSF Dayton LLC BNSF Dayton LLC acquired Texas railyard as a specialized logistics asset. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests focused ownership logic around a property tied to logistics use. Specialized functionality and replacement cost are relevant strategic considerations. HOW THE TARGET WAS VALUED The disclosed value was $215M. The transaction provides an asset-value reference rather than an earnings-multiple benchmark.

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    SECTION 05

    05

    05.

    Section 05 of 06 — Durable NOI Should Guide the Next Capital Decision. Portfolio quality, funding capacity and execution evidence shape the available routes. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 15

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    SECTION 05 05 STRATEGIC IMPLICATIONS Durable NOI Should Guide the Next Capital Decision Portfolio quality, funding capacity and execution evidence shape the available routes. 05 of 06 Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    The Capital Agenda Spans Reinvestment, Acquisitions and Returns

    The Capital Agenda Spans Reinvestment, Acquisitions and Returns.

    The Capital Agenda Spans Reinvestment, Acquisitions and Returns NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 16

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    05 · STRATEGIC IMPLICATIONS The Capital Agenda Spans Reinvestment, Acquisitions and Returns NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Anchor Value in Durable Property Economics Concentrate the plan on tenant retention, embedded mark-to-market, lease rollover and recurring capital rather than headline growth alone. FOR MANAGEMENT Match Growth Commitments to Execution Capacity Align development starts, lease-up, acquisitions and funding with evidence from occupancy, leasing spreads and tenant demand. FOR BOARDS Test Capital Routes Against Downside Resilience Compare organic investment, acquisitions and capital recycling through cash-flow durability, balance-sheet capacity and execution risk.

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    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 17

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

  18. 18
    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (14.6x); amber marks below · 9 rated companies; 4 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 9 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 18

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (14.6x); amber marks below · 9 rated companies; 4 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 9 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥19.4x · median 20.7x · 3 companies EastGroup Properties, Inc. EGP Diversified industrial REIT portfolios $12.5B 20.7x 9% 71% 79 Terreno Realty Corporation TRNO Diversified industrial REIT portfolios $7.9B 20.7x 12% 67% 78 Rexford Industrial Realty, Inc. REXR Diversified industrial REIT portfolios $12.2B 19.4x -5% 69% 65 CORE — 13.9x–19.4x · median 14.5x · 4 companies First Industrial Realty Trust, Inc. FR Diversified industrial REIT portfolios $10.8B 18.7x 7% 68% 75 STAG Industrial, Inc. STAG Diversified industrial REIT portfolios $10.4B 14.6x 6% 74% 80 Corporación Inmobiliaria Vesta, S.A.B. de C.V. VTMX Industrial development platforms $3.9B 14.4x 12% 76% 88 One Liberty Properties, Inc. OLP Adjacent: diversified net-lease portfolios $1.0B 13.9x 2% 67% 69 DISCOUNT — <13.9x · median 13.1x · 2 companies Lineage, Inc. LINE Diversified industrial REIT portfolios $17.1B 13.3x 2% 23% 26 Postal Realty Trust, Inc. PSTL Adjacent: office property portfolios $1.1B 12.9x 13% 68% 81

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (40 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 57 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; financial target ev not meaningful); figures are shown as recorded in the filing. 26 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 19

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (40 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 57 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; financial target ev not meaningful); figures are shown as recorded in the filing. 26 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2026 affiliate of EQT Real Estate → portfolio of 22 industrial properties $1.2B n/a n/a The affiliate of EQT Real Estate transaction for a portfolio of 22 industrial properties shows continued interest in assembled industrial exposure. Jul-2026 Leopard REIT LLC → LXP Industrial Trust $4.8B n/a n/a Leopard REIT LLC agreed to acquire LXP Industrial Trust at a recorded value of $4.8B, highlighting the scale available through a whole-company transaction. Jun-2026 FIBRA Prime → Parque Logístico Lima Sur $145M n/a n/a FIBRA Prime agreed to acquire Parque Logístico Lima Sur at a recorded value of $145M, extending the transaction record beyond the public peer set. Dec-2025 Investor Group → McLaren Campus n/a 3.0x n/a The Investor Group transaction for McLaren Campus was recorded at 3.0x EV / Revenue, offering a revenue-based reference within the supplied record. Oct-2025 PIR Ventures LP → Plymouth Industrial REIT, Inc. $1.8B n/a n/a PIR Ventures LP agreed to acquire Plymouth Industrial REIT, Inc. at a recorded value of $1.8B. Sep-2024 AGNL Blizzard, L.L.C. → Douglas Dynamics, Inc. $884M 1.5x 27.2x The AGNL Blizzard, L.L.C. transaction for Douglas Dynamics, Inc. shows how an operating-company target can carry a different valuation profile from property portfolios. Dec-2022 BNSF Dayton LLC → Texas railyard $215M n/a n/a The BNSF Dayton LLC acquisition of Texas railyard adds an asset-level logistics reference to the transaction record. Jun-2022 Prologis, Inc. → Duke Realty Corporation $25.2B n/a n/a Prologis, Inc. agreed to acquire Duke Realty Corporation at a recorded value of $25.2B, demonstrating the scale of entity combinations in industrial real estate. Jun-2022 EastGroup Properties, Inc. → Tulloch Corporation $60M n/a n/a EastGroup Properties, Inc. acquired Tulloch Corporation at a recorded value of $60M, showing a focused route alongside larger platform transactions.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (40 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 57 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; financial target ev not meaningful); figures are shown as recorded in the filing. 26 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 20

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (40 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 57 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; financial target ev not meaningful); figures are shown as recorded in the filing. 26 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2021 Antares Vision, Inc. → Perma-Pipe International Holdings, Inc. Lebanon, Tennessee property n/a 1.6x 11.0x Dec-2020 Equity Commonwealth → Monmouth Real Estate Investment Corporation $3.4B n/a n/a Value shown as recorded in the filing; financial target ev not meaningful. Mar-2020 CRG Acquisition, LLC → Bridgford Food Processing Corp $158M 0.8x n/a Value shown as recorded in the filing; deal value unit unresolved. Oct-2019 Prologis, Inc. → Liberty Property Trust $12.6B n/a n/a Value shown as recorded in the filing; financial target ev not meaningful. Apr-2019 Industrial Logistics Properties Trust → portfolio of 18 properties $625M n/a n/a Value shown as recorded in the filing; financial target ev not meaningful.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 21

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Industrial REITs Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Industrial REITs and it clears the coverage gate with 9 of 13 companies (69%). EV / Revenue, P / E are carried as a cross-check. The set earns: 9 of the 9 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 18 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 449 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (448) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Sample, Valuation Sits with Earnings Delivery and Durable Property Cash Flow.

    In This Sample, Valuation Sits with Earnings Delivery and Durable Property Cash Flow..

    Closing — In This Sample, Valuation Sits with Earnings Delivery and Durable Property Cash Flow. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 22

    Everything on this page

    In This Sample, Valuation Sits with Earnings Delivery and Durable Property Cash Flow. NeuraCap AI — Industrial REITs Coverage September 2026 · Prepared by NeuraCap AI · Confidential Industrial REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

Sources and methodology

This report covers Industrial REITs (Real Estate › Equity Real Estate Investment Trusts (REITs) › Industrial REITs) with market data and consensus estimates as of September 28, 2026. The company universe is the 13 listed companies whose core business is Industrial REITs according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Broadstone Net Lease, Inc. (BNL), EastGroup Properties, Inc. (EGP), First Industrial Realty Trust, Inc. (FR), Global Net Lease, Inc. (GNL), Lineage, Inc. (LINE), One Liberty Properties, Inc. (OLP), Prologis, Inc. (PLD), Postal Realty Trust, Inc. (PSTL), Rexford Industrial Realty, Inc. (REXR), STAG Industrial, Inc. (STAG), Terreno Realty Corporation (TRNO), Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX), W. P. Carey Inc. (WPC). The market map groups them by business vertical — Diversified industrial REIT portfolios: 7 companies (PLD, LINE, EGP, REXR, FR, STAG, TRNO); Adjacent: diversified net-lease portfolios: 4 companies (WPC, BNL, GNL, OLP); Adjacent models: 2 companies (VTMX, PSTL). 9 of the 13 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Industrial REITs (Real Estate › Equity Real Estate Investment Trusts (REITs) › Industrial REITs) with market data and consensus estimates as of September 28, 2026. The company universe is the 13 listed companies whose core business is Industrial REITs according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Broadstone Net Lease, Inc. (BNL), EastGroup Properties, Inc. (EGP), First Industrial Realty Trust, Inc. (FR), Global Net Lease, Inc. (GNL), Lineage, Inc. (LINE), One Liberty Properties, Inc. (OLP), Prologis, Inc. (PLD), Postal Realty Trust, Inc. (PSTL), Rexford Industrial Realty, Inc. (REXR), STAG Industrial, Inc. (STAG), Terreno Realty Corporation (TRNO), Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX), W. P. Carey Inc. (WPC). The market map groups them by business vertical — Diversified industrial REIT portfolios: 7 companies (PLD, LINE, EGP, REXR, FR, STAG, TRNO); Adjacent: diversified net-lease portfolios: 4 companies (WPC, BNL, GNL, OLP); Adjacent models: 2 companies (VTMX, PSTL). 9 of the 13 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

18 records failed a validation gate and never feed a statistic in this report (3 excluded from universe; 6 quarantined; 9 excluded from aggregate). Each exclusion, with its reason: GOODN — The security name identifies an instrument rather than an operating company (pref\.?) (effect: excluded from universe) · ILPT — The ticker ILPT carries a preferred, warrant or unit suffix and the security name gives no sign of an operating company (effect: excluded from universe) · LXP — The ticker LXP carries a preferred, warrant or unit suffix and the security name gives no sign of an operating company (effect: excluded from universe) · BNL — Implied EBITDA margin 154.4% outside the plausible band [-100%, 80%] (effect: quarantined) · BNL — Implied EBITDA margin 87.3% outside the plausible band [-100%, 80%] (effect: quarantined) · BNL — Implied EBITDA margin 90.7% outside the plausible band [-100%, 80%] (effect: quarantined) · GNL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GNL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GNL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GNL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LINE — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LINE — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LINE — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LINE — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PLD — Implied EBITDA margin 95.7% outside the plausible band [-100%, 80%] (effect: quarantined) · PLD — Implied EBITDA margin 86.7% outside the plausible band [-100%, 80%] (effect: quarantined) · REXR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · VTMX — Implied EBITDA margin 81.6% outside the plausible band [-100%, 80%] (effect: quarantined)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Industrial REITs and it clears the coverage gate with 9 of 13 companies (69%). EV / Revenue, P / E are carried as a cross-check. The set earns: 9 of the 9 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 9 of 13 companies; EV / rEVenue: 13 of 13 companies; P/E: 10 of 13 companies. 2 companies show a non-meaningful P / E denominator and are excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥19.4x, Core 13.9x–19.4x, Discount <13.9x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 14.6x = median(ev_ebitda CY2027E) (9 rated companies) · 20.7x = median(ev_ebitda CY2027E) within Premium tier (n=3) · 14.5x = median(ev_ebitda CY2027E) within Core tier (n=4) · 13.1x = median(ev_ebitda CY2027E) within Discount tier (n=2) · 18.7x = median(ev_ebitda CY2027E) | growth ≥ 7% (n=5) · 14.2x = median(ev_ebitda CY2027E) | growth < 7% (n=4) · 18.7x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 68% (n=5) · 13.6x = median(ev_ebitda CY2027E) | EBITDA margin < 68% (n=4) · 78% = median Rule of 40 score (revenue growth + EBITDA margin) (n=9) · 18.7x = median(ev_ebitda CY2027E) within balanced quadrant (n=3) · 17.0x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=2) · 16.8x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=2) · 13.6x = median(ev_ebitda CY2027E) within neither quadrant (n=2)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Industrial REITs recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 40 transactions were recorded for this industry; 14 are shown. 26 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 27 × deal value unit unresolved; 26 × no evidence record; 1 × divestiture roles reassigned; 3 × financial target ev not meaningful. Case studies lead with the 3 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 453 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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