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

Retail REITs Sector Outlook — September 2026

NeuraCap's Retail 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

14.4x
Sector median EV/EBITDA
17.8x
Premium end EV/EBITDA vs 13.7x at the discount end
14
Transactions with disclosed terms

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

Retail REITs: The Premium Sits with Durable Growth

This report shows how portfolio quality, earnings durability and transaction routes shape market positioning.

September 2026 · Prepared by NeuraCap AI · Confidential

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

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

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Executive summary

Retail REIT valuation separates around the durability of growth, the quality of property cash flows and the discipline of capital deployment. Faster-growing names carry the higher forward EBITDA valuation, while leasing spreads, tenant retention, rollover and recurring capital needs determine how credible that growth appears.

Key findings

  • Faster growth sits with a valuation premium
  • The premium survives a forward earnings lens
  • Operating quality separates similar growth stories
  • Different transaction routes suit different capital needs

What each page shows

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

  1. 01

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

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

    Cover — Retail 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) › RETAIL REITS Retail REITs: The Premium Sits with Durable Growth This report shows how portfolio quality, earnings durability and transaction routes shape market positioning. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Retail 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 Retail REIT Value Rests on Durable Growth, Portfolio Quality and Capital Choices 02 The Landscape The Peer Set Is Anchored in Retail Property, with Adjacent Models as Cross-Checks 03 Valuation & Situations Faster Growth Sits with the Higher Forward EBITDA Valuation 04 Precedent Transactions Buyers Have Used Assets, Portfolios and Public Combinations to Add Scale 05 Strategic Implications A Stronger Position Starts with Durable Rent Growth and Disciplined Capital Allocation 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Retail REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Retail REITs Separate on Durable Growth, Portfolio Quality and Routes to Scale

    Retail REITs Separate on Durable Growth, Portfolio Quality and Routes to Scale.

    Retail REITs Separate on Durable Growth, Portfolio Quality and Routes to Scale 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 (12 of 30 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 Retail REITs Separate on Durable Growth, Portfolio Quality and Routes to Scale 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 (12 of 30 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Retail REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Faster Growth Sits with a Valuation Premium The higher-growth group carries 15.2x forward EV / EBITDA, alongside 14.0x for the lower-growth group. The observed spread puts durability of rent and NOI growth at the center of the valuation discussion. 2 The Premium Survives a Forward Earnings Lens The premium end carries 17.8x forward EV / EBITDA versus 13.7x at the discount end. A forward multiple already credits forecast growth, so the remaining spread signals differing expectations for earnings durability. 3 Operating Quality Separates Similar Growth Stories Federal Realty Investment Trust (FRT), Phillips Edison & Co. (PECO) and FrontView REIT, Inc. (FVR) are the three names meeting both stated growth and margin bars. Leasing spreads, tenant retention, lease rollover and capital burden remain important tests of that positioning. 4 Different Transaction Routes Suit Different Capital Needs The selected cases span disclosed values from $42M to $22.0B across property purchases and public combinations. That range shows how capital recycling, asset additions and corporate scale can address different strategic objectives. 14.4x Sector median EV/EBITDA CY2027E consensus · 12 rated of 30 companies 17.8x Premium end EV/EBITDA vs 13.7x at the discount end top quartile (n=3) against bottom quartile (n=4) on EV/EBITDA — the spread the report explains 14 Transactions with disclosed terms 58 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 — The Peer Set Is Anchored in Retail Property, with Adjacent Models as Cross-Checks. Separating the business models keeps operating and valuation comparisons useful. 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 The Peer Set Is Anchored in Retail Property, with Adjacent Models as Cross-Checks Separating the business models keeps operating and valuation comparisons useful. 02 of 06 Retail REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Retail Property Exposure Anchors the Set While Adjacent Models Widen the Reference Frame

    Retail Property Exposure Anchors the Set While Adjacent Models Widen the Reference Frame.

    Retail Property Exposure Anchors the Set While Adjacent Models Widen the Reference Frame 30 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 Retail Property Exposure Anchors the Set While Adjacent Models Widen the Reference Frame 30 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. Retail REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 RETAIL REITS 25 cos median 14.4x Simon Property (SPG) Realty Income (O) Kimco Realty (KIM) Regency Centers (REG) Federal Realty (FRT) Brixmor Property (BRX) NNN REIT (NNN) Agree Realty (ADC) The Macerich (MAC) Kite Realty (KRG) Phillips Edison & (PECO) Cedar Realty Trust (CDR-PB) Tanger (SKT) Curbline (CURB) Four Corners (FCPT) CBL & Associates (CBL) InvenTrust (IVT) +8 more Retail REITs represent 83% of the set and provide the main operating and valuation reference. ADJACENT: DIVERSIFIED PROPERTY REITS 3 cos 14.4x · 1 rated Essential (EPRT) Global Net Lease (GNL) FrontView REIT (FVR) Diversified property REITs represent 10% and provide a narrow cross-check on capital allocation across property types. ADJACENT MODELS 2 cos no rated names IRSA Inversiones (IRS) Rithm Property (RPT) Adjacent models represent 7% and require separation where earnings mechanics differ from property ownership.

  6. 06
    02 · LANDSCAPE

    The Core Retail Group Carries the Comparison While Adjacent Models Need Separate Interpretation

    The Core Retail Group Carries the Comparison While Adjacent Models Need Separate Interpretation.

    The Core Retail Group Carries the Comparison While Adjacent Models Need Separate Interpretation 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 The Core Retail Group Carries the Comparison While Adjacent Models Need Separate Interpretation 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. Retail 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 Retail REITs 25 83% 14.4x Simon Property Group, Inc. (SPG) · Realty Income Corporation (O) · +23 more Core sector exposure dominates. The group spans malls, shopping centers and net lease portfolios, making tenant demand, rollover, occupancy and required property capital central to comparison. Adjacent: diversified property REITs 3 10% 14.4x n=1 Essential Properties Realty Trust, Inc. (EPRT) · Global Net Lease, Inc. (GNL) · +1 more Useful but narrow cross-check. These platforms broaden the capital-allocation reference, but mixed property exposure can reduce comparability with focused retail portfolios. Adjacent models 2 7% — IRSA Inversiones y Representaciones Sociedad Anónima (IRS) · Rithm Property Trust Inc. (RPT) Different economics need separation. These models provide context on adjacent capital structures, while their earnings and asset profiles require a distinct valuation interpretation.

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    SECTION 03

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    Section 03 of 06 — Faster Growth Sits with the Higher Forward EBITDA Valuation. The premium that remains in a forward lens points to expected earnings durability. 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 Faster Growth Sits with the Higher Forward EBITDA Valuation The premium that remains in a forward lens points to expected earnings durability. 03 of 06 Retail REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    Forward EBITDA Valuation Separates a Clear Premium from the Discount End

    Forward EBITDA Valuation Separates a Clear Premium from the Discount End.

    Forward EBITDA Valuation Separates a Clear Premium from the Discount End EV / EBITDA (CY2027E) · all 12 rated companies, sorted descending · sector median 14.4x · 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 (12 of 30 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 EBITDA Valuation Separates a Clear Premium from the Discount End EV / EBITDA (CY2027E) · all 12 rated companies, sorted descending · sector median 14.4x · 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 (12 of 30 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. Retail REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 17.8x CORE · median 14.4x DISCOUNT · median 13.7x Sector median 14.4x WHAT SEPARATES THE TWO ENDS The valuation gap is clear. The premium tier carries 17.8x forward EV / EBITDA, while the discount tier carries 13.7x. Forward valuation raises the bar. A forward multiple already reflects forecast growth. A premium that remains therefore points to expectations for more durable earnings. Property evidence still matters. Same-property NOI, leasing spreads, tenant retention, rollover and recurring capital needs help distinguish durable growth from a short forecast uplift.

  9. 09
    03 · VALUATION DRIVERS

    Profitability Separates the Two Ends: Names Above the 64% Margin Line Carry 14.2x Against 16.3x Below It

    Profitability Separates the Two Ends: Names Above the 64% Margin Line Carry 14.2x Against 16.3x Below It.

    Profitability Separates the Two Ends: Names Above the 64% Margin Line Carry 14.2x Against 16.3x Below It 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=6; slower n=6; higher-margin n=6; lower-margin n=6). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 64% Margin Line Carry 14.2x Against 16.3x Below It 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=6; slower n=6; higher-margin n=6; lower-margin n=6). Driver readings are NeuraCap views on the supplied data — association, not causation. Retail REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 5% · EBITDA-margin split at 64% The Higher-Growth Group Carries the Higher Valuation Among the 12 companies with a forward EV / EBITDA estimate, the higher-growth group carries 15.2x versus 14.0x for the lower-growth group. Durability Matters More than a Single Forecast Period Visible lease rollover, mark-to-market and tenant retention can help show whether forecast growth can extend beyond the current planning window. Capital Intensity Changes the Quality of Growth Growth supported by leasing spreads and economic occupancy carries different economics from growth requiring heavy releasing, redevelopment or property capital.

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    03 · SITUATION MAP

    The Valuation Map Separates Proven Momentum from Operating Catch-up

    The Valuation Map Separates Proven Momentum from Operating Catch-up.

    The Valuation Map Separates Proven Momentum from Operating Catch-up Cut on EV / EBITDA vs the sector median (14.4x) (rows) and revenue growth vs the covered median (5%) (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 The Valuation Map Separates Proven Momentum from Operating Catch-up Cut on EV / EBITDA vs the sector median (14.4x) (rows) and revenue growth vs the covered median (5%) (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. Retail REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Growth Above-median multiple · above-median revenue growth 4 names Federal Realty Investment Trust (FRT) · The Macerich Company (MAC) · Curbline Properties Corp. (CURB) · +1 more Four names pair above-middle growth with an above-middle forward valuation. Their agenda is sustaining leasing momentum while protecting tenant quality and capital efficiency. Premium Awaiting Growth Above-median multiple · below-median revenue growth 2 names Regency Centers Corporation (REG) · Tanger Inc. (SKT) Two names retain an above-middle valuation despite below-middle growth. The key question is whether embedded mark-to-market, occupancy or redevelopment can support the current standing. Growth Awaiting Recognition Below-median multiple · above-median revenue growth 2 names Phillips Edison & Co. (PECO) · InvenTrust Properties Corp. (IVT) Two names show above-middle growth while carrying a below-middle valuation. The operating test is whether that growth converts into durable NOI with manageable capital needs. Operating Catch-up Below-median multiple · below-median revenue growth 4 names Kimco Realty Corporation (KIM) · Brixmor Property Group Inc. (BRX) · Kite Realty Group Trust (KRG) · +1 more Four names sit below the middle on both measures. Tenant mix, lease rollover, occupancy and capital allocation are the main areas for repositioning the story.

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    03 · GROWTH VS PROFITABILITY

    Growth and Profitability Produce Four Distinct Operating Positions

    Growth and Profitability Produce Four Distinct Operating Positions.

    Growth and Profitability Produce Four Distinct Operating Positions Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 12 companies with both estimates · cuts at the covered medians (5% growth, 64% 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=3; growth-only n=3; neither n=3). 11

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    03 · GROWTH VS PROFITABILITY Growth and Profitability Produce Four Distinct Operating Positions Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 12 companies with both estimates · cuts at the covered medians (5% growth, 64% 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=3; growth-only n=3; neither n=3). Retail REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 2% 5% 8% 10% 12% 55% 60% 65% 70% 75% MARGIN ONLY median 14.0x BALANCED median 14.4x NEITHER median 15.5x GROWTH ONLY median 17.8x SKT UE KRG KIM REG BRX FRT PECO IVT MAC FVR CURB x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS Among the 12 companies in the analysis, three meet both stated bars. Federal Realty Investment Trust (FRT), Phillips Edison & Co. (PECO) and FrontView REIT, Inc. (FVR) occupy that balanced position. The other nine divide evenly across margin-only, growth-only and neither. The chart is a starting point for testing leasing quality, tenant demand and capital requirements. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 12 of 12 names clear it.

  12. 12
    03 · THE AGENDA

    The Strategic Route Depends on Whether the Gap Is Growth, Quality or Scale

    The Strategic Route Depends on Whether the Gap Is Growth, Quality or Scale.

    The Strategic Route Depends on Whether the Gap Is Growth, Quality or Scale 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 The Strategic Route Depends on Whether the Gap Is Growth, Quality or Scale 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. Retail REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Strengthen Organic Rent Growth Focus the operating plan on leasing spreads, tenant retention, economic occupancy and small-shop leasing where demand supports durable NOI. What changes the answer: This route gains relevance when occupancy is stable and embedded lease mark-to-market remains available. Recycle Capital Toward Higher-Return Uses Evaluate mature assets against redevelopment, outparcel densification, debt reduction and portfolio-quality priorities. What changes the answer: This route gains relevance when mature assets offer limited organic upside relative to reinvestment needs. Assess Build-Versus-Buy for Scale Compare internal leasing and redevelopment opportunities with property, portfolio and corporate routes to expanding earnings. What changes the answer: This route gains relevance when external assets offer stronger tenant quality or growth economics than internal deployment.

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    SECTION 04

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    Section 04 of 06 — Buyers Have Used Assets, Portfolios and Public Combinations to Add Scale. The transaction record supports several routes to growth and capital deployment. 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 Have Used Assets, Portfolios and Public Combinations to Add Scale The transaction record supports several routes to growth and capital deployment. 04 of 06 Retail REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Precedent Transactions Show Several Routes to Property and Platform Scale

    Precedent Transactions Show Several Routes to Property and Platform Scale.

    Precedent Transactions Show Several Routes to Property and Platform Scale 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. 92 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 44 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 Precedent Transactions Show Several Routes to Property and Platform Scale 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. 92 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 44 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. Retail REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Apr-2021 $22.0B Realty Income Corporation acquires VEREIT Operating Partnership, L.P. EV / LTM revenue 19.1x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The combination suggests a scale-led approach to broadening net lease cash flows and tenant exposure. That fit is consistent with a buyer focused on long-duration property income. HOW THE TARGET WAS VALUED The disclosed value was $22.0B and the disclosed EV / revenue multiple was 19.1x. The revenue multiple is a cross-check to the public forward EV / EBITDA lens. Aug-2023 $1.8B Kimco Realty Corporation Kimco Realty Corporation (KIM) combined with RPT Realty (RPT) in a public retail property transaction. EV / LTM revenue 8.7x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a route to expanding a retail property portfolio through a corporate combination. The fit centers on overlapping exposure to retail real estate and operating capabilities. HOW THE TARGET WAS VALUED The disclosed value was $1.8B and the disclosed EV / revenue multiple was 8.7x. That measure provides a transaction cross-check rather than a direct forward EV / EBITDA comparison. Feb-2024 $42M InvenTrust Properties Corp. InvenTrust Properties Corp. (IVT) acquired The Plant through a property-level transaction. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a property-specific route to adding retail exposure. Direct ownership also places leasing, tenant demand and required property capital at the center of underwriting. HOW THE TARGET WAS VALUED The disclosed value was $42M. The case benchmarks a property acquisition rather than a public-company earnings valuation.

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    SECTION 05

    05

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    Section 05 of 06 — A Stronger Position Starts with Durable Rent Growth and Disciplined Capital Allocation. Leasing, tenant mix and reinvestment choices shape the quality of the earnings story. 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 A Stronger Position Starts with Durable Rent Growth and Disciplined Capital Allocation Leasing, tenant mix and reinvestment choices shape the quality of the earnings story. 05 of 06 Retail REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Durable Rent Growth and Disciplined Reinvestment Are Associated with Stronger Market Standing

    Durable Rent Growth and Disciplined Reinvestment Are Associated with Stronger Market Standing.

    Durable Rent Growth and Disciplined Reinvestment Are Associated with Stronger Market Standing 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 Durable Rent Growth and Disciplined Reinvestment Are Associated with Stronger Market Standing 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. Retail REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Tie Growth to Property-Level Durability A credible value story connects same-property NOI to leasing spreads, tenant retention, rollover and the capital required to secure that growth. FOR OPERATORS Use Tenant Mix to Protect Cash Flow Necessity-based demand, unit relevance and tenant credit can support occupancy while reducing exposure to store closures and costly releasing. FOR CAPITAL ALLOCATORS Match Capital to the Highest-Quality Route Mature asset sales, redevelopment, outparcel investment, debt reduction and external acquisitions should be compared on earnings durability and capital burden.

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    SECTION 06

    06

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    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 Retail REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    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 (14.4x); amber marks below · 12 rated companies; 18 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 12 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 (14.4x); amber marks below · 12 rated companies; 18 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 12 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. Retail 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 — ≥16.3x · median 17.8x · 3 companies Curbline Properties Corp. CURB Retail REITs $3.9B 18.0x 12% 64% 88 The Macerich Company MAC Retail REITs $10.8B 17.8x 7% 58% 65 Regency Centers Corporation REG Retail REITs $19.3B 17.1x 4% 64% 68 CORE — 14.1x–16.3x · median 14.4x · 5 companies Federal Realty Investment Trust FRT Retail REITs $14.7B 16.1x 5% 64% 69 Tanger Inc. SKT Retail REITs $5.8B 15.5x 0% 58% 62 FrontView REIT, Inc. FVR Adjacent: diversified property REITs $790M 14.4x 12% 66% 79 InvenTrust Properties Corp. IVT Retail REITs $3.3B 14.4x 7% 62% 72 Phillips Edison & Co. PECO Retail REITs $7.5B 14.2x 5% 65% 71 DISCOUNT — <14.1x · median 13.7x · 4 companies Kite Realty Group Trust KRG Retail REITs $8.1B 14.1x 3% 69% 74 Kimco Realty Corporation KIM Retail REITs $23.5B 14.0x 4% 74% 77 Brixmor Property Group Inc. BRX Retail REITs $13.8B 13.4x 4% 71% 73 Urban Edge Properties UE Retail REITs $2.6B 9.6x 1% 56% 57

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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 (58 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. 92 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 44 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 (58 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. 92 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 44 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. Retail REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2026 Undisclosed buyer → Net Lease 1 Investment $300M n/a n/a The completed transaction adds a recent investment-level reference to a set spanning assets and corporate platforms. Oct-2025 Rexel S.A. → Lantana Place – Retail n/a n/a 9.2x The announced retail property transaction provides an asset-level reference alongside larger combinations. Feb-2024 InvenTrust Properties Corp. → The Plant $42M n/a n/a The completed purchase illustrates direct deployment into a retail property rather than a broader platform. Oct-2023 REALTY INCOME CORPORATION → Spirit Realty Capital, Inc. $9.0B n/a n/a The pending public-company combination shows the corporate route to expanding a real estate portfolio. Aug-2023 Kimco Realty Corporation → RPT Realty $1.8B 8.7x n/a The completed combination adds a public retail property precedent with disclosed revenue valuation. May-2023 Global Net Lease, Inc. → The Necessity Retail REIT, Inc. $3.7B n/a n/a The announced transaction illustrates corporate consolidation across net lease and necessity-oriented real estate. Mar-2022 Wheeler Real Estate Investment Trust, Inc. → Cedar Realty Trust, Inc. $654M n/a n/a The announced transaction extends the corporate precedent set beyond the larger platform combinations. Mar-2022 Cedar Realty Trust, Inc. → DRA Advisors LLC; KPR Centers LLC n/a 11.2x 23.1x The announced transaction provides both revenue and EBITDA references for a multi-party property transaction. Apr-2021 Realty Income Corporation → VEREIT Operating Partnership, L.P. $22.0B 19.1x n/a The announced operating-partnership transaction illustrates a large corporate route to expanding net lease exposure.

  20. 20
    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 (58 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. 92 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 44 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 (58 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. 92 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 44 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. Retail REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jan-2018 Wheeler REIT, L.P. → JANAF $86M n/a n/a Value shown as recorded in the filing; financial target ev not meaningful. Dec-2017 Berkshire Partners LLC / Warburg Pincus LLC / Bon Secours Mercy Health → Retail Value Inc. n/a n/a 18.7x Oct-2014 EDENS → AmREIT, Inc. n/a 25.2x 27.1x Sep-2014 Washington Prime Group Inc. → Glimcher Realty Trust n/a 19.0x 18.6x Oct-2006 General Electric Capital Corporation → Trustreet Properties, Inc. n/a 0.7x 8.8x Value shown as recorded in the filing; deal value unit unresolved.

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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

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    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. Retail REITs Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (12 of 30 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 Retail REITs and it clears the coverage gate with 12 of 30 companies (40%). EV / Revenue, P / E are carried as a cross-check. The set earns: 12 of the 12 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 52 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 1092 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 (1091) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Premium Sits with Faster Growth and a Clearer Path to Durable Earnings.

    The Premium Sits with Faster Growth and a Clearer Path to Durable Earnings..

    Closing — The Premium Sits with Faster Growth and a Clearer Path to Durable Earnings. 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

    The Premium Sits with Faster Growth and a Clearer Path to Durable Earnings. NeuraCap AI — Retail REITs Coverage September 2026 · Prepared by NeuraCap AI · Confidential Retail REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

Sources and methodology

This report covers Retail REITs (Real Estate › Equity Real Estate Investment Trusts (REITs) › Retail REITs) with market data and consensus estimates as of September 28, 2026. The company universe is the 30 listed companies whose core business is Retail 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: Agree Realty Corporation (ADC), Saul Centers, Inc. (BFS), Brixmor Property Group Inc. (BRX), CBL & Associates Properties, Inc. (CBL), Cedar Realty Trust, Inc. (CDR-PB), Curbline Properties Corp. (CURB), Essential Properties Realty Trust, Inc. (EPRT), Four Corners Property Trust, Inc. (FCPT), Federal Realty Investment Trust (FRT), FrontView REIT, Inc. (FVR), Global Net Lease, Inc. (GNL), Getty Realty Corp. (GTY), IRSA Inversiones y Representaciones Sociedad Anónima (IRS), InvenTrust Properties Corp. (IVT), Kimco Realty Corporation (KIM), Kite Realty Group Trust (KRG), The Macerich Company (MAC), NNN REIT, Inc. (NNN), NETSTREIT Corp. (NTST), Realty Income Corporation (O), Phillips Edison & Co. (PECO), Alpine Income Property Trust, Inc. (PINE), Regency Centers Corporation (REG), Rithm Property Trust Inc. (RPT), SITE Centers Corp. (SITC), Tanger Inc. (SKT), Simon Property Group, Inc. (SPG), Seritage Growth Properties (SRG), Urban Edge Properties (UE), Wheeler Real Estate Investment Trust, Inc. (WHLRL). The market map groups them by business vertical — Retail REITs: 25 companies (SPG, O, KIM, REG, FRT, BRX, NNN, ADC, MAC, KRG, PECO, CDR-PB, SKT, CURB, FCPT, CBL, IVT, NTST, GTY, UE, BFS, PINE, SRG, SITC, WHLRL); Adjacent: diversified property REITs: 3 companies (EPRT, GNL, FVR); Adjacent models: 2 companies (IRS, RPT). 12 of the 30 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 Retail REITs (Real Estate › Equity Real Estate Investment Trusts (REITs) › Retail REITs) with market data and consensus estimates as of September 28, 2026. The company universe is the 30 listed companies whose core business is Retail 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: Agree Realty Corporation (ADC), Saul Centers, Inc. (BFS), Brixmor Property Group Inc. (BRX), CBL & Associates Properties, Inc. (CBL), Cedar Realty Trust, Inc. (CDR-PB), Curbline Properties Corp. (CURB), Essential Properties Realty Trust, Inc. (EPRT), Four Corners Property Trust, Inc. (FCPT), Federal Realty Investment Trust (FRT), FrontView REIT, Inc. (FVR), Global Net Lease, Inc. (GNL), Getty Realty Corp. (GTY), IRSA Inversiones y Representaciones Sociedad Anónima (IRS), InvenTrust Properties Corp. (IVT), Kimco Realty Corporation (KIM), Kite Realty Group Trust (KRG), The Macerich Company (MAC), NNN REIT, Inc. (NNN), NETSTREIT Corp. (NTST), Realty Income Corporation (O), Phillips Edison & Co. (PECO), Alpine Income Property Trust, Inc. (PINE), Regency Centers Corporation (REG), Rithm Property Trust Inc. (RPT), SITE Centers Corp. (SITC), Tanger Inc. (SKT), Simon Property Group, Inc. (SPG), Seritage Growth Properties (SRG), Urban Edge Properties (UE), Wheeler Real Estate Investment Trust, Inc. (WHLRL). The market map groups them by business vertical — Retail REITs: 25 companies (SPG, O, KIM, REG, FRT, BRX, NNN, ADC, MAC, KRG, PECO, CDR-PB, SKT, CURB, FCPT, CBL, IVT, NTST, GTY, UE, BFS, PINE, SRG, SITC, WHLRL); Adjacent: diversified property REITs: 3 companies (EPRT, GNL, FVR); Adjacent models: 2 companies (IRS, RPT). 12 of the 30 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

52 records failed a validation gate and never feed a statistic in this report (1 excluded from universe; 24 quarantined; 27 excluded from aggregate). Each exclusion, with its reason: AKR — The ticker AKR carries a preferred, warrant or unit suffix and the security name gives no sign of an operating company (effect: excluded from universe) · ADC — Implied EBITDA margin 94.8% outside the plausible band [-100%, 80%] (effect: quarantined) · ADC — Implied EBITDA margin 82.6% outside the plausible band [-100%, 80%] (effect: quarantined) · ADC — Implied EBITDA margin 87.5% outside the plausible band [-100%, 80%] (effect: quarantined) · CBL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CDR-PB — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CDR-PB — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CDR-PB — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CDR-PB — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · EPRT — Implied EBITDA margin 99.4% outside the plausible band [-100%, 80%] (effect: quarantined) · EPRT — Implied EBITDA margin 98.6% outside the plausible band [-100%, 80%] (effect: quarantined) · EPRT — Implied EBITDA margin 103.4% outside the plausible band [-100%, 80%] (effect: quarantined) · FCPT — Implied EBITDA margin 83.6% outside the plausible band [-100%, 80%] (effect: quarantined) · FVR — Implied EBITDA margin 141.7% outside the plausible band [-100%, 80%] (effect: quarantined) · FVR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · FVR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · FVR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · FVR — 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) · GNL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GTY — Implied EBITDA margin 86.2% outside the plausible band [-100%, 80%] (effect: quarantined) · GTY — Implied EBITDA margin 88.1% outside the plausible band [-100%, 80%] (effect: quarantined) · IVT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · further items are listed in the companion tables.

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (12 of 30 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 Retail REITs and it clears the coverage gate with 12 of 30 companies (40%). EV / Revenue, P / E are carried as a cross-check. The set earns: 12 of the 12 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: 12 of 30 companies; EV / rEVenue: 29 of 30 companies; P/E: 22 of 30 companies. 6 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 ≥16.3x, Core 14.1x–16.3x, Discount <14.1x — 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: 14.4x = median(ev_ebitda CY2027E) (12 rated companies) · 17.8x = median(ev_ebitda CY2027E) within Premium tier (n=3) · 14.4x = median(ev_ebitda CY2027E) within Core tier (n=5) · 13.7x = median(ev_ebitda CY2027E) within Discount tier (n=4) · 15.2x = median(ev_ebitda CY2027E) | growth ≥ 5% (n=6) · 14.0x = median(ev_ebitda CY2027E) | growth < 5% (n=6) · 14.2x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 64% (n=6) · 16.3x = median(ev_ebitda CY2027E) | EBITDA margin < 64% (n=6) · 70% = median Rule of 40 score (revenue growth + EBITDA margin) (n=12) · 14.4x = median(ev_ebitda CY2027E) within balanced quadrant (n=3) · 14.0x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=3) · 17.8x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=3) · 15.5x = median(ev_ebitda CY2027E) within neither quadrant (n=3)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Retail 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. 58 transactions were recorded for this industry; 14 are shown. 44 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: 42 × no evidence record; 38 × deal value unit unresolved; 3 × duplicate precedent id; 3 × self transaction; 3 × 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. 1096 source documents stand behind this report; by publisher domain: sec.gov (1091), 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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