# REIT - Industrial — company-by-company sector analysis

> REIT - Industrial: Lineage, Inc. owns the largest revenue base; Terreno Realty Corporation has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

REIT - Industrial has outperformed S&P 500 by 5.3% over 52 weeks and 7.4% over 13 weeks. 15 of 17 covered companies beat the S&P 500 on Mansfield relative strength, while 4 of 17 beat the sector itself. Lineage, Inc. leads with income of $5,360 million, based on 13 of 17 comparable companies through Mar 2026.

### Is the REIT - Industrial sector outperforming S&P 500?

REIT - Industrial has outperformed S&P 500 by 5.3% over 52 weeks and 7.4% over 13 weeks. 15 of 17 covered companies beat the S&P 500 on Mansfield relative strength, while 4 of 17 beat the sector itself.

### Which REIT - Industrial company is largest by income?

Lineage, Inc. leads with income of $5,360 million, based on 13 of 17 comparable companies through Mar 2026.

### Which REIT - Industrial company is growing fastest?

Terreno Realty Corporation has the fastest current income growth at 19.9%, across 13 of 17 comparable companies.

### Which REIT - Industrial company has the strongest 4-Factor Sector Score?

Terreno Realty Corporation ranks first at 60.2/100 with 76% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which REIT - Industrial company has the lowest comparable P/BV-to-ROE?

Innovative Industrial Properties, Inc. has the lowest comparable P/BV ÷ ROE at 0.44, among 11 of 17 companies that pass the metric’s comparability rules.

### How much history does this REIT - Industrial comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

REIT - Industrial has outperformed S&P 500 by 5.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 7.4%. 15 of 17 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Industrial Logistics Properties Trust is the strongest against the sector itself at +21.2%.

13-week sector return versus NIFTY 500: 7.4%
52-week sector return versus NIFTY 500: 5.3%
Stocks leading NIFTY: 15/17
Stocks leading sector: 4/17

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 17
Combined market value: ₹3.2 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Terreno Realty Corporation (TRNO): 60/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 26.4/35 | Capital efficiency 11.7/25 | Valuation 8.1/20 | Relative strength 14.0/20
   - Exact sum: 26.4 + 11.7 + 8.1 + 14 = 60.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. LXP Industrial Trust (LXP): 55/100 — Mixed-positive evidence; evidence 64%
   - Growth & earnings 20.0/35 | Capital efficiency 7.3/25 | Valuation 9.8/20 | Relative strength 17.7/20
   - Exact sum: 20 + 7.3 + 9.8 + 17.7 = 54.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Public Storage (PSA): 54/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 16.6/35 | Capital efficiency 18.4/25 | Valuation 6.8/20 | Relative strength 12.5/20
   - Exact sum: 16.6 + 18.4 + 6.8 + 12.5 = 54.3
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
4. First Industrial Realty Trust, Inc. (FR): 53/100 — Mixed-positive evidence; evidence 60%
   - Growth & earnings 18.8/35 | Capital efficiency 16.7/25 | Valuation 6.4/20 | Relative strength 10.6/20
   - Exact sum: 18.8 + 16.7 + 6.4 + 10.6 = 52.5
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
5. National Storage Affiliates Trust (NSA): 50/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 19.2/35 | Capital efficiency 13.9/25 | Valuation 3.1/20 | Relative strength 13.4/20
   - Exact sum: 19.2 + 13.9 + 3.1 + 13.4 = 49.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. EastGroup Properties, Inc. (EGP): 46/100 — Mixed-negative evidence; evidence 60%
   - Growth & earnings 18.2/35 | Capital efficiency 15.8/25 | Valuation 3.9/20 | Relative strength 8.0/20
   - Exact sum: 18.2 + 15.8 + 3.9 + 8 = 45.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Innovative Industrial Properties, Inc. (IIPR): 44/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 9.7/35 | Capital efficiency 13.9/25 | Valuation 8.6/20 | Relative strength 11.6/20
   - Exact sum: 9.7 + 13.9 + 8.6 + 11.6 = 43.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. CubeSmart (CUBE): 43/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 13.0/35 | Capital efficiency 17.5/25 | Valuation 6.6/20 | Relative strength 5.8/20
   - Exact sum: 13 + 17.5 + 6.6 + 5.8 = 42.9
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
9. Lineage, Inc. (LINE): 43/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 17.3/35 | Capital efficiency 5.4/25 | Valuation 9.8/20 | Relative strength 10.2/20
   - Exact sum: 17.3 + 5.4 + 9.8 + 10.2 = 42.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Prologis, Inc. (PLD): 41/100 — Mixed-negative evidence; evidence 60%
   - Growth & earnings 17.6/35 | Capital efficiency 12.1/25 | Valuation 4.6/20 | Relative strength 7.1/20
   - Exact sum: 17.6 + 12.1 + 4.6 + 7.1 = 41.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. SmartStop Self Storage REIT, Inc. (SMA): 41/100 — Mixed-negative evidence; evidence 67%
   - Growth & earnings 21.2/35 | Capital efficiency 7.7/25 | Valuation 5.7/20 | Relative strength 6.7/20
   - Exact sum: 21.2 + 7.7 + 5.7 + 6.7 = 41.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. STAG Industrial, Inc. (STAG): 40/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 17.0/35 | Capital efficiency 13.4/25 | Valuation 6.2/20 | Relative strength 3.5/20
   - Exact sum: 17 + 13.4 + 6.2 + 3.5 = 40.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Extra Space Storage Inc. (EXR): 39/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 15.0/35 | Capital efficiency 12.7/25 | Valuation 5.2/20 | Relative strength 5.8/20
   - Exact sum: 15 + 12.7 + 5.2 + 5.8 = 38.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Americold Realty Trust, Inc. (COLD): 39/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 12.6/35 | Capital efficiency 5.1/25 | Valuation 9.8/20 | Relative strength 11.1/20
   - Exact sum: 12.6 + 5.1 + 9.8 + 11.1 = 38.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. Modiv Industrial, Inc. (MDV): 38/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 8.6/35 | Capital efficiency 7.9/25 | Valuation 9.8/20 | Relative strength 11.4/20
   - Exact sum: 8.6 + 7.9 + 9.8 + 11.4 = 37.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16. Industrial Logistics Properties Trust (ILPT): 52/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 18.3/35 | Capital efficiency 6.8/25 | Valuation 9.8/20 | Relative strength 17.0/20
   - Exact sum: 18.3 + 6.8 + 9.8 + 17 = 51.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17. Rexford Industrial Realty, Inc. (REXR): 32/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 12.9/35 | Capital efficiency 5.0/25 | Valuation 9.8/20 | Relative strength 4.0/20
   - Exact sum: 12.9 + 5 + 9.8 + 4 = 31.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Income Scale & Growth Durability

What the numbers say: Lineage, Inc. is the scale leader at $5,360 million, 10.3% ahead of Public Storage. Terreno Realty Corporation's growth is 19.9% from a $489 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Lineage, Inc. is the scale benchmark; Terreno Realty Corporation is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Lineage, Inc.'s growth falls below Terreno Realty Corporation's for two consecutive comparable reports while operating margin also compresses.

Evidence: Lineage, Inc. · $5,360 million | 10.3% versus #2 · Public Storage | 5/8 recent comparable periods | 13/17 companies · 317 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. Lineage, Inc. (LINE): ₹5.4K Cr
2. Public Storage (PSA): ₹4.9K Cr
3. Extra Space Storage Inc. (EXR): ₹3.4K Cr
4. Americold Realty Trust, Inc. (COLD): ₹2.6K Cr
5. CubeSmart (CUBE): ₹1.1K Cr

### Income growth — fastest growers
1. Terreno Realty Corporation (TRNO): 20%
2. SmartStop Self Storage REIT, Inc. (SMA): 20%
3. STAG Industrial, Inc. (STAG): 9.9%
4. CubeSmart (CUBE): 5.0%
5. Extra Space Storage Inc. (EXR): 4.1%

### 20-quarter Income history
- PLD: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- PSA: Sep 2021 ₹895 Cr | Dec 2021 ₹924 Cr | Mar 2022 ₹973 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- EXR: Sep 2021 ₹412 Cr | Dec 2021 ₹427 Cr | Mar 2022 ₹444 Cr | Jun 2022 ₹475 Cr | Sep 2022 ₹499 Cr | Dec 2022 ₹507 Cr | Mar 2023 ₹503 Cr | Jun 2023 ₹511 Cr | Sep 2023 ₹748 Cr | Dec 2023 ₹798 Cr | Mar 2024 ₹800 Cr | Jun 2024 ₹811 Cr | Sep 2024 ₹825 Cr | Dec 2024 ₹822 Cr | Mar 2025 ₹820 Cr | Jun 2025 ₹842 Cr | Sep 2025 ₹858 Cr | Dec 2025 ₹857 Cr | Mar 2026 ₹856 Cr | Jun 2026 —
- EGP: Sep 2021 ₹105 Cr | Dec 2021 ₹107 Cr | Mar 2022 ₹113 Cr | Jun 2022 ₹119 Cr | Sep 2022 ₹126 Cr | Dec 2022 ₹130 Cr | Mar 2023 ₹135 Cr | Jun 2023 ₹140 Cr | Sep 2023 ₹147 Cr | Dec 2023 ₹149 Cr | Mar 2024 ₹154 Cr | Jun 2024 ₹159 Cr | Sep 2024 ₹163 Cr | Dec 2024 ₹164 Cr | Mar 2025 ₹174 Cr | Jun 2025 ₹177 Cr | Sep 2025 ₹182 Cr | Dec 2025 ₹187 Cr | Mar 2026 ₹190 Cr | Jun 2026 —
- LINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- CUBE: Sep 2021 ₹213 Cr | Dec 2021 ₹222 Cr | Mar 2022 ₹239 Cr | Jun 2022 ₹249 Cr | Sep 2022 ₹261 Cr | Dec 2022 ₹261 Cr | Mar 2023 ₹257 Cr | Jun 2023 ₹261 Cr | Sep 2023 ₹268 Cr | Dec 2023 ₹265 Cr | Mar 2024 ₹261 Cr | Jun 2024 ₹266 Cr | Sep 2024 ₹271 Cr | Dec 2024 ₹268 Cr | Mar 2025 ₹273 Cr | Jun 2025 ₹282 Cr | Sep 2025 ₹285 Cr | Dec 2025 ₹283 Cr | Mar 2026 ₹282 Cr | Jun 2026 —
- FR: Sep 2021 ₹121 Cr | Dec 2021 ₹122 Cr | Mar 2022 ₹126 Cr | Jun 2022 ₹130 Cr | Sep 2022 ₹140 Cr | Dec 2022 ₹145 Cr | Mar 2023 ₹149 Cr | Jun 2023 ₹152 Cr | Sep 2023 ₹155 Cr | Dec 2023 ₹157 Cr | Mar 2024 ₹162 Cr | Jun 2024 ₹164 Cr | Sep 2024 ₹168 Cr | Dec 2024 ₹176 Cr | Mar 2025 ₹177 Cr | Jun 2025 ₹180 Cr | Sep 2025 ₹181 Cr | Dec 2025 ₹188 Cr | Mar 2026 ₹195 Cr | Jun 2026 —
- REXR: Sep 2021 ₹115 Cr | Dec 2021 ₹133 Cr | Mar 2022 ₹141 Cr | Jun 2022 ₹149 Cr | Sep 2022 ₹163 Cr | Dec 2022 ₹179 Cr | Mar 2023 ₹185 Cr | Jun 2023 ₹194 Cr | Sep 2023 ₹204 Cr | Dec 2023 ₹208 Cr | Mar 2024 ₹211 Cr | Jun 2024 ₹233 Cr | Sep 2024 ₹239 Cr | Dec 2024 ₹240 Cr | Mar 2025 ₹249 Cr | Jun 2025 ₹242 Cr | Sep 2025 ₹247 Cr | Dec 2025 ₹243 Cr | Mar 2026 ₹242 Cr | Jun 2026 —
- STAG: Sep 2021 ₹142 Cr | Dec 2021 ₹148 Cr | Mar 2022 ₹159 Cr | Jun 2022 ₹162 Cr | Sep 2022 ₹166 Cr | Dec 2022 ₹170 Cr | Mar 2023 ₹174 Cr | Jun 2023 ₹172 Cr | Sep 2023 ₹179 Cr | Dec 2023 ₹183 Cr | Mar 2024 ₹188 Cr | Jun 2024 ₹190 Cr | Sep 2024 ₹191 Cr | Dec 2024 ₹199 Cr | Mar 2025 ₹206 Cr | Jun 2025 ₹208 Cr | Sep 2025 ₹211 Cr | Dec 2025 ₹221 Cr | Mar 2026 ₹224 Cr | Jun 2026 —
- TRNO: Sep 2021 ₹57 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹71 Cr | Dec 2022 ₹76 Cr | Mar 2023 ₹75 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹85 Cr | Jun 2024 ₹94 Cr | Sep 2024 ₹100 Cr | Dec 2024 ₹104 Cr | Mar 2025 ₹110 Cr | Jun 2025 ₹112 Cr | Sep 2025 ₹116 Cr | Dec 2025 ₹137 Cr | Mar 2026 ₹124 Cr | Jun 2026 —
- NSA: Sep 2021 ₹151 Cr | Dec 2021 ₹174 Cr | Mar 2022 ₹187 Cr | Jun 2022 ₹199 Cr | Sep 2022 ₹207 Cr | Dec 2022 ₹209 Cr | Mar 2023 ₹208 Cr | Jun 2023 ₹216 Cr | Sep 2023 ₹219 Cr | Dec 2023 ₹215 Cr | Mar 2024 ₹196 Cr | Jun 2024 ₹190 Cr | Sep 2024 ₹194 Cr | Dec 2024 ₹190 Cr | Mar 2025 ₹188 Cr | Jun 2025 ₹189 Cr | Sep 2025 ₹189 Cr | Dec 2025 ₹187 Cr | Mar 2026 ₹185 Cr | Jun 2026 —
- COLD: Sep 2021 ₹709 Cr | Dec 2021 ₹716 Cr | Mar 2022 ₹706 Cr | Jun 2022 ₹730 Cr | Sep 2022 ₹758 Cr | Dec 2022 ₹722 Cr | Mar 2023 ₹676 Cr | Jun 2023 ₹650 Cr | Sep 2023 ₹668 Cr | Dec 2023 ₹679 Cr | Mar 2024 ₹665 Cr | Jun 2024 ₹661 Cr | Sep 2024 ₹674 Cr | Dec 2024 ₹666 Cr | Mar 2025 ₹629 Cr | Jun 2025 ₹651 Cr | Sep 2025 ₹664 Cr | Dec 2025 ₹658 Cr | Mar 2026 ₹630 Cr | Jun 2026 —
- LXP: Sep 2021 ₹83 Cr | Dec 2021 ₹86 Cr | Mar 2022 ₹80 Cr | Jun 2022 ₹80 Cr | Sep 2022 ₹80 Cr | Dec 2022 ₹81 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹87 Cr | Sep 2023 ₹85 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹86 Cr | Jun 2024 ₹86 Cr | Sep 2024 ₹86 Cr | Dec 2024 ₹101 Cr | Mar 2025 ₹89 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹87 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹86 Cr | Jun 2026 —
- SMA: Sep 2021 ₹45 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹48 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹56 Cr | Dec 2022 ₹56 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹59 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹61 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹70 Cr | Dec 2025 ₹78 Cr | Mar 2026 ₹78 Cr | Jun 2026 —
- IIPR: Sep 2021 ₹54 Cr | Dec 2021 ₹59 Cr | Mar 2022 ₹65 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹71 Cr | Dec 2022 ₹70 Cr | Mar 2023 ₹76 Cr | Jun 2023 ₹76 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹75 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹77 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹69 Cr | Jun 2026 —
- ILPT: Sep 2021 ₹55 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹71 Cr | Jun 2022 ₹107 Cr | Sep 2022 ₹103 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹110 Cr | Jun 2023 ₹108 Cr | Sep 2023 ₹110 Cr | Dec 2023 ₹109 Cr | Mar 2024 ₹112 Cr | Jun 2024 ₹111 Cr | Sep 2024 ₹109 Cr | Dec 2024 ₹111 Cr | Mar 2025 ₹112 Cr | Jun 2025 ₹112 Cr | Sep 2025 ₹111 Cr | Dec 2025 ₹114 Cr | Mar 2026 ₹116 Cr | Jun 2026 —
- MDV: Sep 2021 ₹10 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹12 Cr | Jun 2026 —

### 20-quarter Income growth history
- PLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.8% | Sep 2022 48% | Dec 2022 37% | Mar 2023 45% | Jun 2023 96% | Sep 2023 9.4% | Dec 2023 7.8% | Mar 2024 11% | Jun 2024 -18% | Sep 2024 6.3% | Dec 2024 17% | Mar 2025 9.4% | Jun 2025 8.8% | Sep 2025 8.7% | Dec 2025 2.4% | Mar 2026 7.4% | Jun 2026 —
- PSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 22% | Dec 2022 18% | Mar 2023 12% | Jun 2023 8.5% | Sep 2023 5.2% | Dec 2023 6.5% | Mar 2024 5.8% | Jun 2024 4.7% | Sep 2024 3.9% | Dec 2024 1.5% | Mar 2025 2.3% | Jun 2025 2.4% | Sep 2025 3.0% | Dec 2025 3.3% | Mar 2026 3.0% | Jun 2026 —
- EXR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 21% | Dec 2022 19% | Mar 2023 13% | Jun 2023 7.6% | Sep 2023 50% | Dec 2023 57% | Mar 2024 59% | Jun 2024 59% | Sep 2024 10% | Dec 2024 3.0% | Mar 2025 2.5% | Jun 2025 3.8% | Sep 2025 4.0% | Dec 2025 4.3% | Mar 2026 4.4% | Jun 2026 —
- EGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 20% | Dec 2022 22% | Mar 2023 19% | Jun 2023 18% | Sep 2023 17% | Dec 2023 15% | Mar 2024 14% | Jun 2024 14% | Sep 2024 11% | Dec 2024 10% | Mar 2025 13% | Jun 2025 11% | Sep 2025 12% | Dec 2025 14% | Mar 2026 9.2% | Jun 2026 —
- LINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -0.4% | Jun 2024 -0.6% | Sep 2024 0.5% | Dec 2024 0.4% | Mar 2025 -2.7% | Jun 2025 0.9% | Sep 2025 3.2% | Dec 2025 -0.2% | Mar 2026 0.4% | Jun 2026 —
- CUBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 23% | Dec 2022 18% | Mar 2023 7.5% | Jun 2023 4.8% | Sep 2023 2.7% | Dec 2023 1.5% | Mar 2024 1.6% | Jun 2024 1.9% | Sep 2024 1.1% | Dec 2024 1.1% | Mar 2025 4.6% | Jun 2025 6.0% | Sep 2025 5.2% | Dec 2025 5.6% | Mar 2026 3.3% | Jun 2026 —
- FR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 16% | Dec 2022 19% | Mar 2023 18% | Jun 2023 17% | Sep 2023 11% | Dec 2023 8.3% | Mar 2024 8.7% | Jun 2024 7.9% | Sep 2024 8.4% | Dec 2024 12% | Mar 2025 9.3% | Jun 2025 9.8% | Sep 2025 7.7% | Dec 2025 6.8% | Mar 2026 10% | Jun 2026 —
- REXR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 43% | Sep 2022 42% | Dec 2022 35% | Mar 2023 31% | Jun 2023 30% | Sep 2023 25% | Dec 2023 16% | Mar 2024 14% | Jun 2024 20% | Sep 2024 17% | Dec 2024 15% | Mar 2025 18% | Jun 2025 3.9% | Sep 2025 3.4% | Dec 2025 1.3% | Mar 2026 -2.8% | Jun 2026 —
- STAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 17% | Dec 2022 15% | Mar 2023 9.4% | Jun 2023 6.2% | Sep 2023 7.8% | Dec 2023 7.7% | Mar 2024 8.1% | Jun 2024 10% | Sep 2024 6.7% | Dec 2024 8.7% | Mar 2025 9.6% | Jun 2025 9.5% | Sep 2025 10% | Dec 2025 11% | Mar 2026 8.7% | Jun 2026 —
- TRNO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 25% | Dec 2022 25% | Mar 2023 17% | Jun 2023 23% | Sep 2023 17% | Dec 2023 13% | Mar 2024 13% | Jun 2024 18% | Sep 2024 20% | Dec 2024 21% | Mar 2025 29% | Jun 2025 19% | Sep 2025 16% | Dec 2025 32% | Mar 2026 13% | Jun 2026 —
- NSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 37% | Dec 2022 20% | Mar 2023 11% | Jun 2023 8.5% | Sep 2023 5.8% | Dec 2023 2.9% | Mar 2024 -5.8% | Jun 2024 -12% | Sep 2024 -11% | Dec 2024 -12% | Mar 2025 -4.1% | Jun 2025 -0.5% | Sep 2025 -2.6% | Dec 2025 -1.6% | Mar 2026 -1.6% | Jun 2026 —
- COLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 6.9% | Dec 2022 0.8% | Mar 2023 -4.3% | Jun 2023 -11% | Sep 2023 -12% | Dec 2023 -6.0% | Mar 2024 -1.6% | Jun 2024 1.7% | Sep 2024 0.9% | Dec 2024 -1.9% | Mar 2025 -5.4% | Jun 2025 -1.5% | Sep 2025 -1.5% | Dec 2025 -1.2% | Mar 2026 0.2% | Jun 2026 —
- LXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.4% | Sep 2022 -3.6% | Dec 2022 -5.8% | Mar 2023 6.3% | Jun 2023 8.8% | Sep 2023 6.3% | Dec 2023 2.5% | Mar 2024 1.2% | Jun 2024 -1.2% | Sep 2024 1.2% | Dec 2024 22% | Mar 2025 3.5% | Jun 2025 2.3% | Sep 2025 1.2% | Dec 2025 -14% | Mar 2026 -3.4% | Jun 2026 —
- SMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 24% | Dec 2022 19% | Mar 2023 19% | Jun 2023 15% | Sep 2023 5.4% | Dec 2023 3.6% | Mar 2024 0.0% | Jun 2024 -1.7% | Sep 2024 1.7% | Dec 2024 5.2% | Mar 2025 14% | Jun 2025 14% | Sep 2025 17% | Dec 2025 28% | Mar 2026 20% | Jun 2026 —
- IIPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 31% | Dec 2022 19% | Mar 2023 17% | Jun 2023 7.0% | Sep 2023 9.9% | Dec 2023 13% | Mar 2024 -1.3% | Jun 2024 5.3% | Sep 2024 -1.3% | Dec 2024 -2.5% | Mar 2025 -4.0% | Jun 2025 -21% | Sep 2025 -16% | Dec 2025 -13% | Mar 2026 -4.2% | Jun 2026 —
- ILPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 98% | Sep 2022 87% | Dec 2022 89% | Mar 2023 55% | Jun 2023 0.9% | Sep 2023 6.8% | Dec 2023 2.8% | Mar 2024 1.8% | Jun 2024 2.8% | Sep 2024 -0.9% | Dec 2024 1.8% | Mar 2025 0.0% | Jun 2025 0.9% | Sep 2025 1.8% | Dec 2025 2.7% | Mar 2026 3.6% | Jun 2026 —
- MDV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 0.0% | Dec 2022 100% | Mar 2023 0.0% | Jun 2023 20% | Sep 2023 30% | Dec 2023 -25% | Mar 2024 20% | Jun 2024 -8.3% | Sep 2024 -7.7% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 9.1% | Sep 2025 0.0% | Dec 2025 -8.3% | Mar 2026 0.0% | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Public Storage leads with $1,915 million of TTM profit, 93.4% above Extra Space Storage Inc.. Terreno Realty Corporation shows ≥100% on the scoring scale (114.7% uncapped) growth from a $423 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Public Storage sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Public Storage · $1,915 million | 93.4% versus #2 · Extra Space Storage Inc. | 3/8 recent comparable periods | 13/17 companies · 317 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. Public Storage (PSA): ₹1.9K Cr
2. Extra Space Storage Inc. (EXR): ₹990 Cr
3. Terreno Realty Corporation (TRNO): ₹423 Cr
4. CubeSmart (CUBE): ₹325 Cr
5. STAG Industrial, Inc. (STAG): ₹249 Cr

### Profit growth — fastest growers
1. Terreno Realty Corporation (TRNO): 100%
2. LXP Industrial Trust (LXP): 60%
3. National Storage Affiliates Trust (NSA): 16%
4. Extra Space Storage Inc. (EXR): 3.0%
5. STAG Industrial, Inc. (STAG): 0.0%

### 20-quarter Net profit history
- PLD: Sep 2021 ₹798 Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹646 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹620 Cr | Mar 2023 ₹499 Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹799 Cr | Dec 2023 ₹676 Cr | Mar 2024 ₹631 Cr | Jun 2024 ₹912 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹640 Cr | Jun 2025 ₹622 Cr | Sep 2025 ₹821 Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- PSA: Sep 2021 ₹492 Cr | Dec 2021 ₹622 Cr | Mar 2022 ₹516 Cr | Jun 2022 ₹657 Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹415 Cr | Mar 2023 ₹520 Cr | Jun 2023 ₹581 Cr | Sep 2023 ₹617 Cr | Dec 2023 ₹442 Cr | Mar 2024 ₹512 Cr | Jun 2024 ₹521 Cr | Sep 2024 ₹433 Cr | Dec 2024 ₹618 Cr | Mar 2025 ₹411 Cr | Jun 2025 ₹361 Cr | Sep 2025 ₹515 Cr | Dec 2025 ₹510 Cr | Mar 2026 ₹529 Cr | Jun 2026 —
- EXR: Sep 2021 ₹200 Cr | Dec 2021 ₹284 Cr | Mar 2022 ₹218 Cr | Jun 2022 ₹248 Cr | Sep 2022 ₹236 Cr | Dec 2022 ₹219 Cr | Mar 2023 ₹209 Cr | Jun 2023 ₹215 Cr | Sep 2023 ₹199 Cr | Dec 2023 ₹227 Cr | Mar 2024 ₹224 Cr | Jun 2024 ₹195 Cr | Sep 2024 ₹203 Cr | Dec 2024 ₹278 Cr | Mar 2025 ₹285 Cr | Jun 2025 ₹263 Cr | Sep 2025 ₹174 Cr | Dec 2025 ₹301 Cr | Mar 2026 ₹252 Cr | Jun 2026 —
- EGP: Sep 2021 ₹31 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹46 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹95 Cr | Jun 2026 —
- LINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹19 Cr | Jun 2023 ₹-8 Cr | Sep 2023 ₹-50 Cr | Dec 2023 ₹-57 Cr | Mar 2024 ₹-48 Cr | Jun 2024 ₹-80 Cr | Sep 2024 ₹-543 Cr | Dec 2024 ₹-80 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹-112 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹-51 Cr | Jun 2026 —
- CUBE: Sep 2021 ₹91 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹59 Cr | Sep 2022 ₹113 Cr | Dec 2022 ₹82 Cr | Mar 2023 ₹98 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹103 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹95 Cr | Jun 2024 ₹94 Cr | Sep 2024 ₹101 Cr | Dec 2024 ₹102 Cr | Mar 2025 ₹89 Cr | Jun 2025 ₹82 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹78 Cr | Mar 2026 ₹83 Cr | Jun 2026 —
- FR: Sep 2021 ₹43 Cr | Dec 2021 ₹117 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹127 Cr | Dec 2022 ₹87 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹76 Cr | Dec 2023 ₹90 Cr | Mar 2024 ₹69 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹102 Cr | Dec 2024 ₹69 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹148 Cr | Jun 2026 —
- REXR: Sep 2021 ₹40 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹64 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹86 Cr | Sep 2024 ₹71 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹93 Cr | Dec 2025 ₹-68 Cr | Mar 2026 ₹95 Cr | Jun 2026 —
- STAG: Sep 2021 ₹50 Cr | Dec 2021 ₹88 Cr | Mar 2022 ₹54 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹65 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹85 Cr | Mar 2026 ₹63 Cr | Jun 2026 —
- TRNO: Sep 2021 ₹21 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹97 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹93 Cr | Sep 2025 ₹103 Cr | Dec 2025 ₹158 Cr | Mar 2026 ₹69 Cr | Jun 2026 —
- NSA: Sep 2021 ₹41 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹48 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹45 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹108 Cr | Mar 2024 ₹95 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹28 Cr | Jun 2026 —
- COLD: Sep 2021 ₹5 Cr | Dec 2021 ₹-8 Cr | Mar 2022 ₹-17 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹-105 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-227 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹-64 Cr | Sep 2024 ₹-4 Cr | Dec 2024 ₹-36 Cr | Mar 2025 ₹-16 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹-11 Cr | Dec 2025 ₹-89 Cr | Mar 2026 ₹-14 Cr | Jun 2026 —
- LXP: Sep 2021 ₹7 Cr | Dec 2021 ₹263 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹-8 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- SMA: Sep 2021 ₹1 Cr | Dec 2021 ₹-7 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- IIPR: Sep 2021 ₹30 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹41 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- ILPT: Sep 2021 ₹18 Cr | Dec 2021 ₹63 Cr | Mar 2022 ₹-10 Cr | Jun 2022 ₹-151 Cr | Sep 2022 ₹-84 Cr | Dec 2022 ₹-42 Cr | Mar 2023 ₹-36 Cr | Jun 2023 ₹-37 Cr | Sep 2023 ₹-36 Cr | Dec 2023 ₹-41 Cr | Mar 2024 ₹-34 Cr | Jun 2024 ₹-33 Cr | Sep 2024 ₹-35 Cr | Dec 2024 ₹-34 Cr | Mar 2025 ₹-31 Cr | Jun 2025 ₹-30 Cr | Sep 2025 ₹-30 Cr | Dec 2025 ₹-11 Cr | Mar 2026 ₹-18 Cr | Jun 2026 —
- MDV: Sep 2021 ₹4 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹-12 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter Profit growth history
- PLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.6% | Sep 2022 34% | Dec 2022 -52% | Mar 2023 -59% | Jun 2023 98% | Sep 2023 -25% | Dec 2023 9.0% | Mar 2024 26% | Jun 2024 -29% | Sep 2024 33% | Dec 2024 99% | Mar 2025 1.4% | Jun 2025 -32% | Sep 2025 -23% | Dec 2025 10% | Mar 2026 63% | Jun 2026 —
- PSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 59% | Sep 2022 465% | Dec 2022 -33% | Mar 2023 0.8% | Jun 2023 -12% | Sep 2023 -78% | Dec 2023 6.5% | Mar 2024 -1.5% | Jun 2024 -10% | Sep 2024 -30% | Dec 2024 40% | Mar 2025 -20% | Jun 2025 -31% | Sep 2025 19% | Dec 2025 -17% | Mar 2026 29% | Jun 2026 —
- EXR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 18% | Dec 2022 -23% | Mar 2023 -4.1% | Jun 2023 -13% | Sep 2023 -16% | Dec 2023 3.7% | Mar 2024 7.2% | Jun 2024 -9.3% | Sep 2024 2.0% | Dec 2024 22% | Mar 2025 27% | Jun 2025 35% | Sep 2025 -14% | Dec 2025 8.3% | Mar 2026 -12% | Jun 2026 —
- EGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 64% | Sep 2022 23% | Dec 2022 -46% | Mar 2023 -30% | Jun 2023 -6.5% | Sep 2023 29% | Dec 2023 62% | Mar 2024 31% | Jun 2024 28% | Sep 2024 12% | Dec 2024 -6.4% | Mar 2025 0.0% | Jun 2025 15% | Sep 2025 22% | Dec 2025 15% | Mar 2026 61% | Jun 2026 —
- LINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -353% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CUBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 24% | Dec 2022 74% | Mar 2023 158% | Jun 2023 66% | Sep 2023 -8.9% | Dec 2023 38% | Mar 2024 -3.1% | Jun 2024 -4.1% | Sep 2024 -1.9% | Dec 2024 -9.7% | Mar 2025 -6.3% | Jun 2025 -13% | Sep 2025 -19% | Dec 2025 -24% | Mar 2026 -6.7% | Jun 2026 —
- FR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -72% | Sep 2022 195% | Dec 2022 -26% | Mar 2023 -11% | Jun 2023 267% | Sep 2023 -40% | Dec 2023 3.5% | Mar 2024 109% | Jun 2024 -5.5% | Sep 2024 34% | Dec 2024 -23% | Mar 2025 -29% | Jun 2025 9.6% | Sep 2025 -34% | Dec 2025 -19% | Mar 2026 202% | Jun 2026 —
- REXR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 58% | Sep 2022 5.0% | Dec 2022 18% | Mar 2023 31% | Jun 2023 39% | Sep 2023 48% | Dec 2023 46% | Mar 2024 0.0% | Jun 2024 51% | Sep 2024 15% | Dec 2024 -3.0% | Mar 2025 16% | Jun 2025 40% | Sep 2025 31% | Dec 2025 -205% | Mar 2026 28% | Jun 2026 —
- STAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 30% | Dec 2022 -66% | Mar 2023 -5.6% | Jun 2023 61% | Sep 2023 -22% | Dec 2023 43% | Mar 2024 -27% | Jun 2024 15% | Sep 2024 -16% | Dec 2024 21% | Mar 2025 151% | Jun 2025 -16% | Sep 2025 16% | Dec 2025 63% | Mar 2026 -32% | Jun 2026 —
- TRNO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 471% | Sep 2022 4.8% | Dec 2022 84% | Mar 2023 15% | Jun 2023 -59% | Sep 2023 36% | Dec 2023 -1.7% | Mar 2024 57% | Jun 2024 -10% | Sep 2024 23% | Dec 2024 31% | Mar 2025 33% | Jun 2025 158% | Sep 2025 178% | Dec 2025 108% | Mar 2026 44% | Jun 2026 —
- NSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 -2.4% | Dec 2022 16% | Mar 2023 -11% | Jun 2023 -6.3% | Sep 2023 7.5% | Dec 2023 116% | Mar 2024 138% | Jun 2024 -29% | Sep 2024 -30% | Dec 2024 -76% | Mar 2025 -79% | Jun 2025 -3.1% | Sep 2025 -3.3% | Dec 2025 42% | Mar 2026 40% | Jun 2026 —
- COLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -280% | Dec 2022 — | Mar 2023 — | Jun 2023 -2,725% | Sep 2023 — | Dec 2023 -7,667% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -260% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -43% | Sep 2022 243% | Dec 2022 -85% | Mar 2023 0.0% | Jun 2023 -119% | Sep 2023 -46% | Dec 2023 -53% | Mar 2024 -109% | Jun 2024 — | Sep 2024 -54% | Dec 2024 74% | Mar 2025 — | Jun 2025 460% | Sep 2025 600% | Dec 2025 -12% | Mar 2026 -100% | Jun 2026 —
- SMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 100% | Dec 2022 — | Mar 2023 -33% | Jun 2023 -71% | Sep 2023 50% | Dec 2023 -167% | Mar 2024 -200% | Jun 2024 -125% | Sep 2024 -200% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IIPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 38% | Sep 2022 27% | Dec 2022 45% | Mar 2023 17% | Jun 2023 2.5% | Sep 2023 11% | Dec 2023 0.0% | Mar 2024 -4.9% | Jun 2024 2.4% | Sep 2024 -4.8% | Dec 2024 -4.8% | Mar 2025 -21% | Jun 2025 -38% | Sep 2025 -28% | Dec 2025 -20% | Mar 2026 6.5% | Jun 2026 —
- ILPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -895% | Sep 2022 -567% | Dec 2022 -167% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MDV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 — | Mar 2023 — | Jun 2023 150% | Sep 2023 -275% | Dec 2023 -300% | Mar 2024 — | Jun 2024 -80% | Sep 2024 — | Dec 2024 — | Mar 2025 -80% | Jun 2025 -400% | Sep 2025 — | Dec 2025 -50% | Mar 2026 -100% | Jun 2026 —

## Funding Base & Its Composition

What the numbers say: There is not enough comparable evidence to name a reliable deposits leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/17 companies · 0 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases

### Borrowings — largest borrowings
1. Prologis, Inc. (PLD): ₹36.4K Cr
2. Extra Space Storage Inc. (EXR): ₹13.9K Cr
3. Public Storage (PSA): ₹10.0K Cr
4. Lineage, Inc. (LINE): ₹8.1K Cr
5. Americold Realty Trust, Inc. (COLD): ₹4.6K Cr

### 20-quarter Deposits history

### 20-quarter Borrowings history
- PLD: Sep 2021 ₹17.1K Cr | Dec 2021 ₹17.7K Cr | Mar 2022 ₹18.4K Cr | Jun 2022 ₹18.0K Cr | Sep 2022 ₹18.1K Cr | Dec 2022 ₹23.9K Cr | Mar 2023 ₹25.2K Cr | Jun 2023 ₹28.1K Cr | Sep 2023 ₹27.6K Cr | Dec 2023 ₹29.0K Cr | Mar 2024 ₹29.6K Cr | Jun 2024 ₹29.9K Cr | Sep 2024 ₹32.3K Cr | Dec 2024 ₹30.9K Cr | Mar 2025 ₹32.3K Cr | Jun 2025 ₹34.7K Cr | Sep 2025 ₹35.3K Cr | Dec 2025 ₹35.0K Cr | Mar 2026 ₹34.7K Cr | Jun 2026 ₹36.4K Cr
- PSA: Sep 2021 ₹5.8K Cr | Dec 2021 ₹7.5K Cr | Mar 2022 ₹7.4K Cr | Jun 2022 ₹7.3K Cr | Sep 2022 ₹6.7K Cr | Dec 2022 ₹6.9K Cr | Mar 2023 ₹6.9K Cr | Jun 2023 ₹6.9K Cr | Sep 2023 ₹9.0K Cr | Dec 2023 ₹9.1K Cr | Mar 2024 ₹9.1K Cr | Jun 2024 ₹9.4K Cr | Sep 2024 ₹9.5K Cr | Dec 2024 ₹9.4K Cr | Mar 2025 ₹9.4K Cr | Jun 2025 ₹10.4K Cr | Sep 2025 ₹10.0K Cr | Dec 2025 ₹10.3K Cr | Mar 2026 ₹10.0K Cr | Jun 2026 —
- EXR: Sep 2021 ₹5.8K Cr | Dec 2021 ₹6.2K Cr | Mar 2022 ₹6.3K Cr | Jun 2022 ₹6.6K Cr | Sep 2022 ₹7.2K Cr | Dec 2022 ₹7.6K Cr | Mar 2023 ₹7.6K Cr | Jun 2023 ₹7.7K Cr | Sep 2023 ₹11.2K Cr | Dec 2023 ₹11.3K Cr | Mar 2024 ₹11.4K Cr | Jun 2024 ₹11.7K Cr | Sep 2024 ₹12.2K Cr | Dec 2024 ₹13.0K Cr | Mar 2025 ₹13.2K Cr | Jun 2025 ₹13.6K Cr | Sep 2025 ₹13.7K Cr | Dec 2025 ₹14.0K Cr | Mar 2026 ₹13.9K Cr | Jun 2026 —
- EGP: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 ₹1.6K Cr
- LINE: Sep 2021 ₹9.6K Cr | Dec 2021 ₹9.6K Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹10.7K Cr | Dec 2022 ₹10.7K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹11.0K Cr | Dec 2023 ₹11.0K Cr | Mar 2024 ₹11.2K Cr | Jun 2024 ₹11.3K Cr | Sep 2024 ₹6.9K Cr | Dec 2024 ₹6.8K Cr | Mar 2025 ₹7.0K Cr | Jun 2025 ₹7.6K Cr | Sep 2025 ₹7.8K Cr | Dec 2025 ₹7.9K Cr | Mar 2026 ₹8.1K Cr | Jun 2026 —
- CUBE: Sep 2021 ₹2.3K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 —
- FR: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹2.6K Cr
- REXR: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 ₹3.3K Cr
- STAG: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- TRNO: Sep 2021 ₹597 Cr | Dec 2021 ₹721 Cr | Mar 2022 ₹721 Cr | Jun 2022 ₹733 Cr | Sep 2022 ₹781 Cr | Dec 2022 ₹771 Cr | Mar 2023 ₹771 Cr | Jun 2023 ₹771 Cr | Sep 2023 ₹771 Cr | Dec 2023 ₹772 Cr | Mar 2024 ₹772 Cr | Jun 2024 ₹772 Cr | Sep 2024 ₹672 Cr | Dec 2024 ₹823 Cr | Mar 2025 ₹742 Cr | Jun 2025 ₹742 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹943 Cr | Mar 2026 ₹942 Cr | Jun 2026 —
- NSA: Sep 2021 ₹2.2K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 —
- COLD: Sep 2021 ₹3.3K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 —
- LXP: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- SMA: Sep 2021 ₹849 Cr | Dec 2021 ₹874 Cr | Mar 2022 ₹893 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹950 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- IIPR: Sep 2021 ₹432 Cr | Dec 2021 ₹326 Cr | Mar 2022 ₹304 Cr | Jun 2022 ₹301 Cr | Sep 2022 ₹301 Cr | Dec 2022 ₹301 Cr | Mar 2023 ₹300 Cr | Jun 2023 ₹300 Cr | Sep 2023 ₹301 Cr | Dec 2023 ₹301 Cr | Mar 2024 ₹297 Cr | Jun 2024 ₹297 Cr | Sep 2024 ₹298 Cr | Dec 2024 ₹298 Cr | Mar 2025 ₹289 Cr | Jun 2025 ₹290 Cr | Sep 2025 ₹340 Cr | Dec 2025 ₹393 Cr | Mar 2026 ₹366 Cr | Jun 2026 —
- ILPT: Sep 2021 ₹1.0K Cr | Dec 2021 ₹828 Cr | Mar 2022 ₹4.4K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹4.3K Cr | Sep 2023 ₹4.3K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 —
- MDV: Sep 2021 ₹362 Cr | Dec 2021 ₹356 Cr | Mar 2022 ₹209 Cr | Jun 2022 ₹245 Cr | Sep 2022 ₹245 Cr | Dec 2022 ₹195 Cr | Mar 2023 ₹212 Cr | Jun 2023 — | Sep 2023 ₹283 Cr | Dec 2023 ₹280 Cr | Mar 2024 ₹280 Cr | Jun 2024 ₹280 Cr | Sep 2024 ₹280 Cr | Dec 2024 ₹280 Cr | Mar 2025 ₹280 Cr | Jun 2025 ₹280 Cr | Sep 2025 ₹280 Cr | Dec 2025 ₹261 Cr | Mar 2026 ₹273 Cr | Jun 2026 —

## Return On Assets

What the numbers say: Public Storage leads roa at 2.8%; LXP Industrial Trust leads roa change at +0.3 percentage points.

Investor read: Public Storage sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: Public Storage · 2.8% | 64.7% versus #2 · CubeSmart | 2/8 recent comparable periods | 17/17 companies · 323 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. Public Storage (PSA): 2.8%
2. CubeSmart (CUBE): 1.7%
3. First Industrial Realty Trust, Inc. (FR): 1.6%
4. EastGroup Properties, Inc. (EGP): 1.5%
5. Innovative Industrial Properties, Inc. (IIPR): 1.4%

### ROA change — fastest improvers
1. LXP Industrial Trust (LXP): +0.3 pp
2. Lineage, Inc. (LINE): +0.2 pp
3. National Storage Affiliates Trust (NSA): +0.2 pp
4. EastGroup Properties, Inc. (EGP): +0.1 pp
5. First Industrial Realty Trust, Inc. (FR): +0.1 pp

### 20-quarter ROA history
- PLD: Sep 2021 0.7% | Dec 2021 0.8% | Mar 2022 0.7% | Jun 2022 0.7% | Sep 2022 1.4% | Dec 2022 0.8% | Mar 2023 0.7% | Jun 2023 1.5% | Sep 2023 0.8% | Dec 2023 0.7% | Mar 2024 0.7% | Jun 2024 0.8% | Sep 2024 0.8% | Dec 2024 0.9% | Mar 2025 0.8% | Jun 2025 0.9% | Sep 2025 0.9% | Dec 2025 0.8% | Mar 2026 0.8% | Jun 2026 0.9%
- PSA: Sep 2021 3.3% | Dec 2021 3.2% | Mar 2022 3.1% | Jun 2022 3.3% | Sep 2022 3.4% | Dec 2022 3.3% | Mar 2023 3.2% | Jun 2023 3.3% | Sep 2023 3.1% | Dec 2023 2.9% | Mar 2024 2.8% | Jun 2024 3.0% | Sep 2024 2.8% | Dec 2024 2.8% | Mar 2025 2.7% | Jun 2025 2.8% | Sep 2025 2.8% | Dec 2025 2.9% | Mar 2026 2.8% | Jun 2026 —
- EXR: Sep 2021 2.4% | Dec 2021 3.1% | Mar 2022 2.3% | Jun 2022 2.6% | Sep 2022 2.4% | Dec 2022 2.3% | Mar 2023 2.3% | Jun 2023 2.3% | Sep 2023 1.5% | Dec 2023 1.7% | Mar 2024 1.6% | Jun 2024 1.4% | Sep 2024 1.0% | Dec 2024 1.3% | Mar 2025 1.3% | Jun 2025 1.3% | Sep 2025 0.9% | Dec 2025 1.2% | Mar 2026 1.2% | Jun 2026 —
- EGP: Sep 2021 1.4% | Dec 2021 1.4% | Mar 2022 1.3% | Jun 2022 1.3% | Sep 2022 1.4% | Dec 2022 1.4% | Mar 2023 1.4% | Jun 2023 1.4% | Sep 2023 1.4% | Dec 2023 1.4% | Mar 2024 1.4% | Jun 2024 1.4% | Sep 2024 1.4% | Dec 2024 1.4% | Mar 2025 1.4% | Jun 2025 1.4% | Sep 2025 1.5% | Dec 2025 1.4% | Mar 2026 1.4% | Jun 2026 1.5%
- LINE: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 0.5% | Dec 2023 0.3% | Mar 2024 0.9% | Jun 2024 0.9% | Sep 2024 -2.5% | Dec 2024 -0.1% | Mar 2025 0.0% | Jun 2025 0.1% | Sep 2025 0.2% | Dec 2025 -0.3% | Mar 2026 0.2% | Jun 2026 —
- CUBE: Sep 2021 1.8% | Dec 2021 1.4% | Mar 2022 1.3% | Jun 2022 1.5% | Sep 2022 1.6% | Dec 2022 1.6% | Mar 2023 1.9% | Jun 2023 1.9% | Sep 2023 2.0% | Dec 2023 2.1% | Mar 2024 1.9% | Jun 2024 1.9% | Sep 2024 2.0% | Dec 2024 2.0% | Mar 2025 1.8% | Jun 2025 1.7% | Sep 2025 1.7% | Dec 2025 1.7% | Mar 2026 1.7% | Jun 2026 —
- FR: Sep 2021 1.2% | Dec 2021 1.1% | Mar 2022 1.2% | Jun 2022 0.5% | Sep 2022 1.3% | Dec 2022 1.3% | Mar 2023 1.0% | Jun 2023 1.2% | Sep 2023 1.2% | Dec 2023 1.3% | Mar 2024 1.2% | Jun 2024 1.3% | Sep 2024 1.3% | Dec 2024 1.4% | Mar 2025 1.2% | Jun 2025 1.5% | Sep 2025 1.5% | Dec 2025 1.2% | Mar 2026 1.2% | Jun 2026 1.6%
- REXR: Sep 2021 1.2% | Dec 2021 0.8% | Mar 2022 0.8% | Jun 2022 0.8% | Sep 2022 0.8% | Dec 2022 0.8% | Mar 2023 0.7% | Jun 2023 0.8% | Sep 2023 0.8% | Dec 2023 0.7% | Mar 2024 0.7% | Jun 2024 0.8% | Sep 2024 0.8% | Dec 2024 0.8% | Mar 2025 0.7% | Jun 2025 0.8% | Sep 2025 0.7% | Dec 2025 1.2% | Mar 2026 0.7% | Jun 2026 -4.2%
- STAG: Sep 2021 0.9% | Dec 2021 0.8% | Mar 2022 0.9% | Jun 2022 0.9% | Sep 2022 0.9% | Dec 2022 0.9% | Mar 2023 0.9% | Jun 2023 1.0% | Sep 2023 1.0% | Dec 2023 1.0% | Mar 2024 1.0% | Jun 2024 1.0% | Sep 2024 1.1% | Dec 2024 1.1% | Mar 2025 1.1% | Jun 2025 1.2% | Sep 2025 1.2% | Dec 2025 1.2% | Mar 2026 1.2% | Jun 2026 —
- TRNO: Sep 2021 1.0% | Dec 2021 0.9% | Mar 2022 1.0% | Jun 2022 1.0% | Sep 2022 1.0% | Dec 2022 1.0% | Mar 2023 0.9% | Jun 2023 1.0% | Sep 2023 1.0% | Dec 2023 1.0% | Mar 2024 0.8% | Jun 2024 0.9% | Sep 2024 0.9% | Dec 2024 0.9% | Mar 2025 0.9% | Jun 2025 0.9% | Sep 2025 1.0% | Dec 2025 1.1% | Mar 2026 1.0% | Jun 2026 —
- NSA: Sep 2021 1.5% | Dec 2021 1.4% | Mar 2022 1.4% | Jun 2022 1.5% | Sep 2022 1.3% | Dec 2022 1.4% | Mar 2023 1.3% | Jun 2023 1.4% | Sep 2023 1.4% | Dec 2023 1.5% | Mar 2024 1.3% | Jun 2024 1.2% | Sep 2024 1.3% | Dec 2024 1.2% | Mar 2025 1.2% | Jun 2025 1.3% | Sep 2025 1.3% | Dec 2025 1.3% | Mar 2026 1.4% | Jun 2026 —
- COLD: Sep 2021 0.5% | Dec 2021 0.0% | Mar 2022 0.1% | Jun 2022 -0.4% | Sep 2022 0.2% | Dec 2022 0.9% | Mar 2023 0.0% | Jun 2023 0.3% | Sep 2023 0.3% | Dec 2023 0.6% | Mar 2024 0.4% | Jun 2024 0.8% | Sep 2024 0.3% | Dec 2024 -0.1% | Mar 2025 0.3% | Jun 2025 0.2% | Sep 2025 0.1% | Dec 2025 -0.7% | Mar 2026 0.1% | Jun 2026 —
- LXP: Sep 2021 0.5% | Dec 2021 0.4% | Mar 2022 0.3% | Jun 2022 0.3% | Sep 2022 0.3% | Dec 2022 0.3% | Mar 2023 0.4% | Jun 2023 0.4% | Sep 2023 0.4% | Dec 2023 0.4% | Mar 2024 0.4% | Jun 2024 0.3% | Sep 2024 0.3% | Dec 2024 0.7% | Mar 2025 0.3% | Jun 2025 0.3% | Sep 2025 0.3% | Dec 2025 0.3% | Mar 2026 0.6% | Jun 2026 —
- SMA: Sep 2021 0.5% | Dec 2021 0.1% | Mar 2022 0.8% | Jun 2022 1.4% | Sep 2022 0.8% | Dec 2022 0.9% | Mar 2023 1.0% | Jun 2023 1.0% | Sep 2023 0.9% | Dec 2023 -3.3% | Mar 2024 1.9% | Jun 2024 1.3% | Sep 2024 0.7% | Dec 2024 1.2% | Mar 2025 0.7% | Jun 2025 0.5% | Sep 2025 0.6% | Dec 2025 0.9% | Mar 2026 0.7% | Jun 2026 —
- IIPR: Sep 2021 2.0% | Dec 2021 2.0% | Mar 2022 2.0% | Jun 2022 2.0% | Sep 2022 1.8% | Dec 2022 2.0% | Mar 2023 1.9% | Jun 2023 1.8% | Sep 2023 1.8% | Dec 2023 1.8% | Mar 2024 1.7% | Jun 2024 1.8% | Sep 2024 1.8% | Dec 2024 1.8% | Mar 2025 1.4% | Jun 2025 1.2% | Sep 2025 1.2% | Dec 2025 1.3% | Mar 2026 1.4% | Jun 2026 —
- ILPT: Sep 2021 1.1% | Dec 2021 1.4% | Mar 2022 0.7% | Jun 2022 -1.7% | Sep 2022 0.6% | Dec 2022 0.8% | Mar 2023 0.5% | Jun 2023 0.5% | Sep 2023 0.6% | Dec 2023 0.6% | Mar 2024 0.6% | Jun 2024 0.6% | Sep 2024 0.6% | Dec 2024 0.6% | Mar 2025 0.7% | Jun 2025 0.7% | Sep 2025 0.5% | Dec 2025 0.7% | Mar 2026 0.8% | Jun 2026 —
- MDV: Sep 2021 0.8% | Dec 2021 -0.6% | Mar 2022 -2.6% | Jun 2022 0.8% | Sep 2022 1.5% | Dec 2022 0.8% | Mar 2023 -0.2% | Jun 2023 1.8% | Sep 2023 -0.9% | Dec 2023 0.8% | Mar 2024 1.3% | Jun 2024 2.0% | Sep 2024 0.9% | Dec 2024 1.0% | Mar 2025 0.9% | Jun 2025 0.2% | Sep 2025 1.0% | Dec 2025 1.0% | Mar 2026 0.8% | Jun 2026 —

### 20-quarter ROA change history
- PLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 0.0 pp | Mar 2023 0.0 pp | Jun 2023 +0.8 pp | Sep 2023 −0.6 pp | Dec 2023 −0.1 pp | Mar 2024 0.0 pp | Jun 2024 −0.7 pp | Sep 2024 0.0 pp | Dec 2024 +0.2 pp | Mar 2025 +0.1 pp | Jun 2025 +0.1 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 0.0 pp | Jun 2026 0.0 pp
- PSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.1 pp | Mar 2023 +0.1 pp | Jun 2023 0.0 pp | Sep 2023 −0.3 pp | Dec 2023 −0.4 pp | Mar 2024 −0.4 pp | Jun 2024 −0.3 pp | Sep 2024 −0.3 pp | Dec 2024 −0.1 pp | Mar 2025 −0.1 pp | Jun 2025 −0.2 pp | Sep 2025 0.0 pp | Dec 2025 +0.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- EXR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.8 pp | Mar 2023 0.0 pp | Jun 2023 −0.3 pp | Sep 2023 −0.9 pp | Dec 2023 −0.6 pp | Mar 2024 −0.7 pp | Jun 2024 −0.9 pp | Sep 2024 −0.5 pp | Dec 2024 −0.4 pp | Mar 2025 −0.3 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 −0.1 pp | Mar 2026 −0.1 pp | Jun 2026 —
- EGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 +0.1 pp
- LINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +0.5 pp | Dec 2023 +0.3 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −3.0 pp | Dec 2024 −0.4 pp | Mar 2025 −0.9 pp | Jun 2025 −0.8 pp | Sep 2025 +2.7 pp | Dec 2025 −0.2 pp | Mar 2026 +0.2 pp | Jun 2026 —
- CUBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 +0.2 pp | Mar 2023 +0.6 pp | Jun 2023 +0.4 pp | Sep 2023 +0.4 pp | Dec 2023 +0.5 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 −0.1 pp | Mar 2025 −0.1 pp | Jun 2025 −0.2 pp | Sep 2025 −0.3 pp | Dec 2025 −0.3 pp | Mar 2026 −0.1 pp | Jun 2026 —
- FR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.2 pp | Mar 2023 −0.2 pp | Jun 2023 +0.7 pp | Sep 2023 −0.1 pp | Dec 2023 0.0 pp | Mar 2024 +0.2 pp | Jun 2024 +0.1 pp | Sep 2024 +0.1 pp | Dec 2024 +0.1 pp | Mar 2025 0.0 pp | Jun 2025 +0.2 pp | Sep 2025 +0.2 pp | Dec 2025 −0.2 pp | Mar 2026 0.0 pp | Jun 2026 +0.1 pp
- REXR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 0.0 pp | Mar 2023 −0.1 pp | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 −0.1 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +0.1 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 −0.1 pp | Dec 2025 +0.4 pp | Mar 2026 0.0 pp | Jun 2026 −5.0 pp
- STAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.1 pp | Mar 2023 0.0 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.1 pp | Mar 2024 +0.1 pp | Jun 2024 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 +0.1 pp | Mar 2025 +0.1 pp | Jun 2025 +0.2 pp | Sep 2025 +0.1 pp | Dec 2025 +0.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- TRNO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.1 pp | Mar 2023 −0.1 pp | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 −0.1 pp | Jun 2024 −0.1 pp | Sep 2024 −0.1 pp | Dec 2024 −0.1 pp | Mar 2025 +0.1 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 +0.2 pp | Mar 2026 +0.1 pp | Jun 2026 —
- NSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 0.0 pp | Mar 2023 −0.1 pp | Jun 2023 −0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.1 pp | Mar 2024 0.0 pp | Jun 2024 −0.2 pp | Sep 2024 −0.1 pp | Dec 2024 −0.3 pp | Mar 2025 −0.1 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 +0.1 pp | Mar 2026 +0.2 pp | Jun 2026 —
- COLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 +0.9 pp | Mar 2023 −0.1 pp | Jun 2023 +0.7 pp | Sep 2023 +0.1 pp | Dec 2023 −0.3 pp | Mar 2024 +0.4 pp | Jun 2024 +0.5 pp | Sep 2024 0.0 pp | Dec 2024 −0.7 pp | Mar 2025 −0.1 pp | Jun 2025 −0.6 pp | Sep 2025 −0.2 pp | Dec 2025 −0.6 pp | Mar 2026 −0.2 pp | Jun 2026 —
- LXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −0.1 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.1 pp | Mar 2024 0.0 pp | Jun 2024 −0.1 pp | Sep 2024 −0.1 pp | Dec 2024 +0.3 pp | Mar 2025 −0.1 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 −0.4 pp | Mar 2026 +0.3 pp | Jun 2026 —
- SMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.8 pp | Mar 2023 +0.2 pp | Jun 2023 −0.4 pp | Sep 2023 +0.1 pp | Dec 2023 −4.2 pp | Mar 2024 +0.9 pp | Jun 2024 +0.3 pp | Sep 2024 −0.2 pp | Dec 2024 +4.5 pp | Mar 2025 −1.2 pp | Jun 2025 −0.8 pp | Sep 2025 −0.1 pp | Dec 2025 −0.3 pp | Mar 2026 0.0 pp | Jun 2026 —
- IIPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 0.0 pp | Mar 2023 −0.1 pp | Jun 2023 −0.2 pp | Sep 2023 0.0 pp | Dec 2023 −0.2 pp | Mar 2024 −0.2 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −0.3 pp | Jun 2025 −0.6 pp | Sep 2025 −0.6 pp | Dec 2025 −0.5 pp | Mar 2026 0.0 pp | Jun 2026 —
- ILPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −0.6 pp | Mar 2023 −0.2 pp | Jun 2023 +2.2 pp | Sep 2023 0.0 pp | Dec 2023 −0.2 pp | Mar 2024 +0.1 pp | Jun 2024 +0.1 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +0.1 pp | Jun 2025 +0.1 pp | Sep 2025 −0.1 pp | Dec 2025 +0.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- MDV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 +1.4 pp | Mar 2023 +2.4 pp | Jun 2023 +1.0 pp | Sep 2023 −2.4 pp | Dec 2023 0.0 pp | Mar 2024 +1.5 pp | Jun 2024 +0.2 pp | Sep 2024 +1.8 pp | Dec 2024 +0.2 pp | Mar 2025 −0.4 pp | Jun 2025 −1.8 pp | Sep 2025 +0.1 pp | Dec 2025 0.0 pp | Mar 2026 −0.1 pp | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: Public Storage leads roe at 5.6%; SmartStop Self Storage REIT, Inc. leads roe change at +2.5 percentage points.

Investor read: Public Storage sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: Public Storage · 5.6% | 86.7% versus #2 · CubeSmart | 3/8 recent comparable periods | 17/17 companies · 323 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Public Storage (PSA): 5.6%
2. CubeSmart (CUBE): 3.0%
3. First Industrial Realty Trust, Inc. (FR): 2.8%
4. EastGroup Properties, Inc. (EGP): 2.2%
5. Prologis, Inc. (PLD): 1.9%

### ROE change — fastest improvers
1. SmartStop Self Storage REIT, Inc. (SMA): +2.5 pp
2. Public Storage (PSA): +1.4 pp
3. Industrial Logistics Properties Trust (ILPT): +1.3 pp
4. Prologis, Inc. (PLD): +0.8 pp
5. First Industrial Realty Trust, Inc. (FR): +0.7 pp

### 20-quarter ROE history
- PLD: Sep 2021 2.2% | Dec 2021 3.5% | Mar 2022 3.3% | Jun 2022 1.7% | Sep 2022 2.8% | Dec 2022 1.3% | Mar 2023 1.0% | Jun 2023 2.6% | Sep 2023 1.6% | Dec 2023 1.2% | Mar 2024 1.1% | Jun 2024 1.6% | Sep 2024 1.8% | Dec 2024 2.3% | Mar 2025 1.1% | Jun 2025 1.1% | Sep 2025 1.4% | Dec 2025 2.5% | Mar 2026 1.8% | Jun 2026 1.9%
- PSA: Sep 2021 5.6% | Dec 2021 6.9% | Mar 2022 5.6% | Jun 2022 7.0% | Sep 2022 29% | Dec 2022 4.2% | Mar 2023 5.2% | Jun 2023 5.8% | Sep 2023 6.1% | Dec 2023 4.4% | Mar 2024 5.1% | Jun 2024 5.2% | Sep 2024 4.4% | Dec 2024 6.2% | Mar 2025 4.2% | Jun 2025 3.7% | Sep 2025 5.4% | Dec 2025 5.3% | Mar 2026 5.6% | Jun 2026 —
- EXR: Sep 2021 6.5% | Dec 2021 8.4% | Mar 2022 6.1% | Jun 2022 6.8% | Sep 2022 6.3% | Dec 2022 5.6% | Mar 2023 5.3% | Jun 2023 5.4% | Sep 2023 2.0% | Dec 2023 2.3% | Mar 2024 2.3% | Jun 2024 2.0% | Sep 2024 1.3% | Dec 2024 1.8% | Mar 2025 1.9% | Jun 2025 1.8% | Sep 2025 1.2% | Dec 2025 2.1% | Mar 2026 1.7% | Jun 2026 —
- EGP: Sep 2021 2.3% | Dec 2021 5.1% | Mar 2022 4.3% | Jun 2022 2.7% | Sep 2022 2.2% | Dec 2022 2.2% | Mar 2023 2.4% | Jun 2023 2.1% | Sep 2023 2.2% | Dec 2023 2.8% | Mar 2024 2.5% | Jun 2024 2.2% | Sep 2024 2.1% | Dec 2024 2.0% | Mar 2025 2.0% | Jun 2025 2.1% | Sep 2025 2.1% | Dec 2025 2.0% | Mar 2026 2.7% | Jun 2026 2.2%
- LINE: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 -0.8% | Dec 2023 -0.9% | Mar 2024 -1.6% | Jun 2024 -2.8% | Sep 2024 -6.7% | Dec 2024 -1.0% | Mar 2025 0.0% | Jun 2025 -0.1% | Sep 2025 -1.1% | Dec 2025 0.1% | Mar 2026 -0.5% | Jun 2026 —
- CUBE: Sep 2021 4.4% | Dec 2021 1.8% | Mar 2022 1.5% | Jun 2022 2.3% | Sep 2022 4.4% | Dec 2022 2.8% | Mar 2023 3.4% | Jun 2023 3.4% | Sep 2023 3.6% | Dec 2023 3.9% | Mar 2024 3.3% | Jun 2024 3.3% | Sep 2024 3.5% | Dec 2024 3.5% | Mar 2025 3.1% | Jun 2025 2.9% | Sep 2025 2.9% | Dec 2025 2.7% | Mar 2026 3.0% | Jun 2026 —
- FR: Sep 2021 2.2% | Dec 2021 5.6% | Mar 2022 1.7% | Jun 2022 0.7% | Sep 2022 5.6% | Dec 2022 3.6% | Mar 2023 1.4% | Jun 2023 2.2% | Sep 2023 3.0% | Dec 2023 3.5% | Mar 2024 2.7% | Jun 2024 2.0% | Sep 2024 3.8% | Dec 2024 2.6% | Mar 2025 1.8% | Jun 2025 2.1% | Sep 2025 2.5% | Dec 2025 2.0% | Mar 2026 5.3% | Jun 2026 2.8%
- REXR: Sep 2021 1.8% | Dec 2021 0.9% | Mar 2022 1.1% | Jun 2022 0.8% | Sep 2022 0.8% | Dec 2022 0.8% | Mar 2023 1.0% | Jun 2023 0.8% | Sep 2023 0.9% | Dec 2023 0.9% | Mar 2024 0.8% | Jun 2024 1.1% | Sep 2024 0.9% | Dec 2024 0.8% | Mar 2025 0.8% | Jun 2025 1.4% | Sep 2025 1.1% | Dec 2025 -0.8% | Mar 2026 1.1% | Jun 2026 -6.1%
- STAG: Sep 2021 1.8% | Dec 2021 2.8% | Mar 2022 1.7% | Jun 2022 1.1% | Sep 2022 2.0% | Dec 2022 0.9% | Mar 2023 1.5% | Jun 2023 1.5% | Sep 2023 1.5% | Dec 2023 1.2% | Mar 2024 1.1% | Jun 2024 1.8% | Sep 2024 1.2% | Dec 2024 1.5% | Mar 2025 2.7% | Jun 2025 1.5% | Sep 2025 1.4% | Dec 2025 2.4% | Mar 2026 1.8% | Jun 2026 —
- TRNO: Sep 2021 1.3% | Dec 2021 1.8% | Mar 2022 1.1% | Jun 2022 5.1% | Sep 2022 1.1% | Dec 2022 2.7% | Mar 2023 1.0% | Jun 2023 1.7% | Sep 2023 1.2% | Dec 2023 2.2% | Mar 2024 1.2% | Jun 2024 1.2% | Sep 2024 1.2% | Dec 2024 2.3% | Mar 2025 1.3% | Jun 2025 2.5% | Sep 2025 2.7% | Dec 2025 4.1% | Mar 2026 1.7% | Jun 2026 —
- NSA: Sep 2021 2.3% | Dec 2021 2.2% | Mar 2022 2.2% | Jun 2022 2.3% | Sep 2022 1.7% | Dec 2022 2.1% | Mar 2023 1.6% | Jun 2023 1.9% | Sep 2023 1.9% | Dec 2023 4.8% | Mar 2024 4.4% | Jun 2024 1.5% | Sep 2024 1.5% | Dec 2024 1.3% | Mar 2025 1.1% | Jun 2025 1.8% | Sep 2025 1.7% | Dec 2025 2.2% | Mar 2026 1.7% | Jun 2026 —
- COLD: Sep 2021 0.2% | Dec 2021 -0.2% | Mar 2022 -0.5% | Jun 2022 0.1% | Sep 2022 -0.2% | Dec 2022 0.1% | Mar 2023 -0.1% | Jun 2023 -2.8% | Sep 2023 -0.1% | Dec 2023 -6.1% | Mar 2024 0.3% | Jun 2024 -1.8% | Sep 2024 -0.1% | Dec 2024 -1.0% | Mar 2025 -0.5% | Jun 2025 0.0% | Sep 2025 -0.4% | Dec 2025 -2.9% | Mar 2026 -0.5% | Jun 2026 —
- LXP: Sep 2021 0.4% | Dec 2021 12% | Mar 2022 0.5% | Jun 2022 1.9% | Sep 2022 1.1% | Dec 2022 1.7% | Mar 2023 0.5% | Jun 2023 -0.3% | Sep 2023 0.6% | Dec 2023 0.8% | Mar 2024 0.0% | Jun 2024 0.2% | Sep 2024 0.3% | Dec 2024 1.5% | Mar 2025 0.8% | Jun 2025 1.3% | Sep 2025 2.0% | Dec 2025 1.4% | Mar 2026 0.0% | Jun 2026 —
- SMA: Sep 2021 0.3% | Dec 2021 -2.2% | Mar 2022 0.8% | Jun 2022 2.7% | Sep 2022 0.4% | Dec 2022 0.7% | Mar 2023 0.4% | Jun 2023 0.8% | Sep 2023 0.5% | Dec 2023 -0.4% | Mar 2024 -0.3% | Jun 2024 -0.1% | Sep 2024 -0.7% | Dec 2024 0.0% | Mar 2025 -1.3% | Jun 2025 -0.5% | Sep 2025 0.6% | Dec 2025 0.4% | Mar 2026 1.2% | Jun 2026 —
- IIPR: Sep 2021 2.2% | Dec 2021 1.8% | Mar 2022 2.2% | Jun 2022 2.3% | Sep 2022 2.2% | Dec 2022 2.3% | Mar 2023 2.3% | Jun 2023 2.1% | Sep 2023 2.1% | Dec 2023 2.1% | Mar 2024 2.0% | Jun 2024 2.2% | Sep 2024 2.1% | Dec 2024 2.1% | Mar 2025 1.6% | Jun 2025 1.4% | Sep 2025 1.5% | Dec 2025 1.7% | Mar 2026 1.7% | Jun 2026 —
- ILPT: Sep 2021 1.5% | Dec 2021 4.9% | Mar 2022 -0.8% | Jun 2022 -12% | Sep 2022 -6.8% | Dec 2022 -3.4% | Mar 2023 -2.9% | Jun 2023 -3.2% | Sep 2023 -3.3% | Dec 2023 -3.8% | Mar 2024 -3.2% | Jun 2024 -3.2% | Sep 2024 -3.5% | Dec 2024 -3.5% | Mar 2025 -3.3% | Jun 2025 -3.3% | Sep 2025 -3.3% | Dec 2025 -1.2% | Mar 2026 -2.0% | Jun 2026 —
- MDV: Sep 2021 1.8% | Dec 2021 -1.1% | Mar 2022 -5.9% | Jun 2022 1.2% | Sep 2022 1.9% | Dec 2022 0.3% | Mar 2023 -1.9% | Jun 2023 3.9% | Sep 2023 -2.9% | Dec 2023 -0.8% | Mar 2024 2.0% | Jun 2024 1.1% | Sep 2024 -0.5% | Dec 2024 0.7% | Mar 2025 0.4% | Jun 2025 -1.2% | Sep 2025 0.5% | Dec 2025 0.6% | Mar 2026 -0.1% | Jun 2026 —

### 20-quarter ROE change history
- PLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 −2.2 pp | Mar 2023 −2.3 pp | Jun 2023 +0.9 pp | Sep 2023 −1.2 pp | Dec 2023 −0.1 pp | Mar 2024 +0.1 pp | Jun 2024 −1.0 pp | Sep 2024 +0.2 pp | Dec 2024 +1.1 pp | Mar 2025 0.0 pp | Jun 2025 −0.5 pp | Sep 2025 −0.4 pp | Dec 2025 +0.2 pp | Mar 2026 +0.7 pp | Jun 2026 +0.8 pp
- PSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +23.4 pp | Dec 2022 −2.7 pp | Mar 2023 −0.4 pp | Jun 2023 −1.2 pp | Sep 2023 −22.9 pp | Dec 2023 +0.2 pp | Mar 2024 −0.1 pp | Jun 2024 −0.6 pp | Sep 2024 −1.7 pp | Dec 2024 +1.8 pp | Mar 2025 −0.9 pp | Jun 2025 −1.5 pp | Sep 2025 +1.0 pp | Dec 2025 −0.9 pp | Mar 2026 +1.4 pp | Jun 2026 —
- EXR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −2.8 pp | Mar 2023 −0.8 pp | Jun 2023 −1.4 pp | Sep 2023 −4.3 pp | Dec 2023 −3.3 pp | Mar 2024 −3.0 pp | Jun 2024 −3.4 pp | Sep 2024 −0.7 pp | Dec 2024 −0.5 pp | Mar 2025 −0.4 pp | Jun 2025 −0.2 pp | Sep 2025 −0.1 pp | Dec 2025 +0.3 pp | Mar 2026 −0.2 pp | Jun 2026 —
- EGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −2.9 pp | Mar 2023 −1.9 pp | Jun 2023 −0.6 pp | Sep 2023 0.0 pp | Dec 2023 +0.6 pp | Mar 2024 +0.1 pp | Jun 2024 +0.1 pp | Sep 2024 −0.1 pp | Dec 2024 −0.8 pp | Mar 2025 −0.5 pp | Jun 2025 −0.1 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +0.7 pp | Jun 2026 +0.1 pp
- LINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 — | Jun 2023 — | Sep 2023 −0.8 pp | Dec 2023 −0.9 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −5.9 pp | Dec 2024 −0.1 pp | Mar 2025 +1.6 pp | Jun 2025 +2.7 pp | Sep 2025 +5.6 pp | Dec 2025 +1.1 pp | Mar 2026 −0.5 pp | Jun 2026 —
- CUBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +1.0 pp | Mar 2023 +1.9 pp | Jun 2023 +1.1 pp | Sep 2023 −0.8 pp | Dec 2023 +1.1 pp | Mar 2024 −0.1 pp | Jun 2024 −0.1 pp | Sep 2024 −0.1 pp | Dec 2024 −0.4 pp | Mar 2025 −0.2 pp | Jun 2025 −0.4 pp | Sep 2025 −0.6 pp | Dec 2025 −0.8 pp | Mar 2026 −0.1 pp | Jun 2026 —
- FR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.4 pp | Dec 2022 −2.0 pp | Mar 2023 −0.3 pp | Jun 2023 +1.5 pp | Sep 2023 −2.6 pp | Dec 2023 −0.1 pp | Mar 2024 +1.3 pp | Jun 2024 −0.2 pp | Sep 2024 +0.8 pp | Dec 2024 −0.9 pp | Mar 2025 −0.9 pp | Jun 2025 +0.1 pp | Sep 2025 −1.3 pp | Dec 2025 −0.6 pp | Mar 2026 +3.5 pp | Jun 2026 +0.7 pp
- REXR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 −0.1 pp | Mar 2023 −0.1 pp | Jun 2023 0.0 pp | Sep 2023 +0.1 pp | Dec 2023 +0.1 pp | Mar 2024 −0.2 pp | Jun 2024 +0.3 pp | Sep 2024 0.0 pp | Dec 2024 −0.1 pp | Mar 2025 0.0 pp | Jun 2025 +0.3 pp | Sep 2025 +0.2 pp | Dec 2025 −1.6 pp | Mar 2026 +0.3 pp | Jun 2026 −7.5 pp
- STAG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −1.9 pp | Mar 2023 −0.2 pp | Jun 2023 +0.4 pp | Sep 2023 −0.5 pp | Dec 2023 +0.3 pp | Mar 2024 −0.4 pp | Jun 2024 +0.3 pp | Sep 2024 −0.3 pp | Dec 2024 +0.3 pp | Mar 2025 +1.6 pp | Jun 2025 −0.3 pp | Sep 2025 +0.2 pp | Dec 2025 +0.9 pp | Mar 2026 −0.9 pp | Jun 2026 —
- TRNO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 +0.9 pp | Mar 2023 −0.1 pp | Jun 2023 −3.4 pp | Sep 2023 +0.1 pp | Dec 2023 −0.5 pp | Mar 2024 +0.2 pp | Jun 2024 −0.5 pp | Sep 2024 0.0 pp | Dec 2024 +0.1 pp | Mar 2025 +0.1 pp | Jun 2025 +1.3 pp | Sep 2025 +1.5 pp | Dec 2025 +1.8 pp | Mar 2026 +0.4 pp | Jun 2026 —
- NSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 −0.1 pp | Mar 2023 −0.6 pp | Jun 2023 −0.4 pp | Sep 2023 +0.2 pp | Dec 2023 +2.7 pp | Mar 2024 +2.8 pp | Jun 2024 −0.4 pp | Sep 2024 −0.4 pp | Dec 2024 −3.5 pp | Mar 2025 −3.3 pp | Jun 2025 +0.3 pp | Sep 2025 +0.2 pp | Dec 2025 +0.9 pp | Mar 2026 +0.6 pp | Jun 2026 —
- COLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 +0.3 pp | Mar 2023 +0.4 pp | Jun 2023 −2.9 pp | Sep 2023 +0.1 pp | Dec 2023 −6.2 pp | Mar 2024 +0.4 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 +5.1 pp | Mar 2025 −0.8 pp | Jun 2025 +1.8 pp | Sep 2025 −0.3 pp | Dec 2025 −1.9 pp | Mar 2026 0.0 pp | Jun 2026 —
- LXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 −10.5 pp | Mar 2023 0.0 pp | Jun 2023 −2.2 pp | Sep 2023 −0.5 pp | Dec 2023 −0.9 pp | Mar 2024 −0.5 pp | Jun 2024 +0.5 pp | Sep 2024 −0.3 pp | Dec 2024 +0.7 pp | Mar 2025 +0.8 pp | Jun 2025 +1.1 pp | Sep 2025 +1.7 pp | Dec 2025 −0.1 pp | Mar 2026 −0.8 pp | Jun 2026 —
- SMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +2.9 pp | Mar 2023 −0.4 pp | Jun 2023 −1.9 pp | Sep 2023 +0.1 pp | Dec 2023 −1.1 pp | Mar 2024 −0.7 pp | Jun 2024 −0.9 pp | Sep 2024 −1.2 pp | Dec 2024 +0.4 pp | Mar 2025 −1.0 pp | Jun 2025 −0.4 pp | Sep 2025 +1.3 pp | Dec 2025 +0.4 pp | Mar 2026 +2.5 pp | Jun 2026 —
- IIPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.5 pp | Mar 2023 +0.1 pp | Jun 2023 −0.2 pp | Sep 2023 −0.1 pp | Dec 2023 −0.2 pp | Mar 2024 −0.3 pp | Jun 2024 +0.1 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −0.4 pp | Jun 2025 −0.8 pp | Sep 2025 −0.6 pp | Dec 2025 −0.4 pp | Mar 2026 +0.1 pp | Jun 2026 —
- ILPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.3 pp | Dec 2022 −8.3 pp | Mar 2023 −2.1 pp | Jun 2023 +9.0 pp | Sep 2023 +3.5 pp | Dec 2023 −0.4 pp | Mar 2024 −0.3 pp | Jun 2024 0.0 pp | Sep 2024 −0.2 pp | Dec 2024 +0.3 pp | Mar 2025 −0.1 pp | Jun 2025 −0.1 pp | Sep 2025 +0.2 pp | Dec 2025 +2.3 pp | Mar 2026 +1.3 pp | Jun 2026 —
- MDV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +1.4 pp | Mar 2023 +4.0 pp | Jun 2023 +2.7 pp | Sep 2023 −4.8 pp | Dec 2023 −1.1 pp | Mar 2024 +3.9 pp | Jun 2024 −2.8 pp | Sep 2024 +2.4 pp | Dec 2024 +1.5 pp | Mar 2025 −1.6 pp | Jun 2025 −2.3 pp | Sep 2025 +1.0 pp | Dec 2025 −0.1 pp | Mar 2026 −0.5 pp | Jun 2026 —

## Gross NPA — Leaders & Improvers

What the numbers say: There is not enough comparable evidence to name a reliable gross npa leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/17 companies · 0 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest

### GNPA change — fastest improvers

### 20-quarter Gross NPA history

### 20-quarter GNPA change history

## Valuation Against Growth & Quality

What the numbers say: Innovative Industrial Properties, Inc. has the lowest comparable P/BV ÷ ROE at 0.44×, 50.6% below Terreno Realty Corporation. Only 11 of 17 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Innovative Industrial Properties, Inc. · 0.44× | 50.6% versus #2 · Terreno Realty Corporation | 0/8 recent comparable periods | 11/17 companies · 246 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. Innovative Industrial Properties, Inc. (IIPR): 0.4
2. Terreno Realty Corporation (TRNO): 0.9
3. Public Storage (PSA): 0.9
4. CubeSmart (CUBE): 1.0
5. First Industrial Realty Trust, Inc. (FR): 1.1

### P/BV — lowest P/BV
1. Innovative Industrial Properties, Inc. (IIPR): 0.8
2. Industrial Logistics Properties Trust (ILPT): 0.8
3. Lineage, Inc. (LINE): 0.9
4. Modiv Industrial, Inc. (MDV): 0.9
5. Rexford Industrial Realty, Inc. (REXR): 1.0

### 20-quarter P/BV ÷ ROE history
- PLD: Sep 2021 1.3 | Dec 2021 1.1 | Mar 2022 1.1 | Jun 2022 1.5 | Sep 2022 0.8 | Dec 2022 1.5 | Mar 2023 2.2 | Jun 2023 0.8 | Sep 2023 1.2 | Dec 2023 1.9 | Mar 2024 2.1 | Jun 2024 1.2 | Sep 2024 1.2 | Dec 2024 0.8 | Mar 2025 1.8 | Jun 2025 1.7 | Sep 2025 1.4 | Dec 2025 0.9 | Mar 2026 1.3 | Jun 2026 1.2
- PSA: Sep 2021 1.0 | Dec 2021 1.0 | Mar 2022 1.3 | Jun 2022 0.8 | Sep 2022 0.2 | Dec 2022 1.2 | Mar 2023 1.0 | Jun 2023 0.9 | Sep 2023 0.8 | Dec 2023 1.2 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 1.5 | Dec 2024 0.9 | Mar 2025 1.3 | Jun 2025 1.5 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 0.9 | Jun 2026 —
- EXR: Sep 2021 1.2 | Dec 2021 1.2 | Mar 2022 1.4 | Jun 2022 1.1 | Sep 2022 1.1 | Dec 2022 1.1 | Mar 2023 1.3 | Jun 2023 1.1 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 1.2 | Sep 2024 2.1 | Dec 2024 1.3 | Mar 2025 1.2 | Jun 2025 1.3 | Sep 2025 1.8 | Dec 2025 1.0 | Mar 2026 1.2 | Jun 2026 —
- EGP: Sep 2021 2.1 | Dec 2021 1.2 | Mar 2022 1.2 | Jun 2022 1.3 | Sep 2022 1.4 | Dec 2022 1.5 | Mar 2023 1.5 | Jun 2023 1.7 | Sep 2023 1.5 | Dec 2023 1.2 | Mar 2024 1.3 | Jun 2024 1.4 | Sep 2024 1.6 | Dec 2024 1.3 | Mar 2025 1.4 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 1.4 | Mar 2026 1.0 | Jun 2026 1.4
- LINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 9.6 | Mar 2026 — | Jun 2026 —
- CUBE: Sep 2021 1.2 | Dec 2021 2.5 | Mar 2022 2.7 | Jun 2022 1.5 | Sep 2022 0.7 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 1.1 | Jun 2024 1.1 | Sep 2024 1.3 | Dec 2024 1.0 | Mar 2025 1.1 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 1.1 | Mar 2026 1.0 | Jun 2026 —
- FR: Sep 2021 1.5 | Dec 2021 0.7 | Mar 2022 2.2 | Jun 2022 3.9 | Sep 2022 0.4 | Dec 2022 0.7 | Mar 2023 2.0 | Jun 2023 1.3 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 1.0 | Jun 2024 1.2 | Sep 2024 0.7 | Dec 2024 1.0 | Mar 2025 1.5 | Jun 2025 1.2 | Sep 2025 1.0 | Dec 2025 1.4 | Mar 2026 0.5 | Jun 2026 1.1
- REXR: Sep 2021 1.1 | Dec 2021 3.0 | Mar 2022 2.2 | Jun 2022 2.2 | Sep 2022 1.9 | Dec 2022 2.0 | Mar 2023 1.7 | Jun 2023 1.8 | Sep 2023 1.5 | Dec 2023 1.7 | Mar 2024 1.7 | Jun 2024 1.1 | Sep 2024 1.5 | Dec 2024 1.3 | Mar 2025 1.3 | Jun 2025 0.7 | Sep 2025 1.0 | Dec 2025 — | Mar 2026 0.8 | Jun 2026 —
- STAG: Sep 2021 1.3 | Dec 2021 0.9 | Mar 2022 1.3 | Jun 2022 1.5 | Sep 2022 0.7 | Dec 2022 1.9 | Mar 2023 1.2 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 1.8 | Mar 2024 1.9 | Jun 2024 1.1 | Sep 2024 1.8 | Dec 2024 1.2 | Mar 2025 0.7 | Jun 2025 1.3 | Sep 2025 1.4 | Dec 2025 0.8 | Mar 2026 1.1 | Jun 2026 —
- TRNO: Sep 2021 2.0 | Dec 2021 1.7 | Mar 2022 2.5 | Jun 2022 0.4 | Sep 2022 1.7 | Dec 2022 0.7 | Mar 2023 2.1 | Jun 2023 1.1 | Sep 2023 1.5 | Dec 2023 0.9 | Mar 2024 1.5 | Jun 2024 1.4 | Sep 2024 1.5 | Dec 2024 0.7 | Mar 2025 1.3 | Jun 2025 0.6 | Sep 2025 0.5 | Dec 2025 0.4 | Mar 2026 0.9 | Jun 2026 —
- NSA: Sep 2021 1.3 | Dec 2021 1.6 | Mar 2022 1.5 | Jun 2022 1.1 | Sep 2022 1.3 | Dec 2022 0.9 | Mar 2023 1.4 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 0.5 | Mar 2024 0.5 | Jun 2024 1.7 | Sep 2024 2.5 | Dec 2024 2.1 | Mar 2025 2.7 | Jun 2025 1.4 | Sep 2025 1.4 | Dec 2025 1.0 | Mar 2026 1.9 | Jun 2026 —
- COLD: Sep 2021 9.7 | Dec 2021 — | Mar 2022 — | Jun 2022 20.8 | Sep 2022 — | Dec 2022 20.2 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 6.6 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LXP: Sep 2021 4.4 | Dec 2021 0.2 | Mar 2022 4.0 | Jun 2022 0.7 | Sep 2022 1.1 | Dec 2022 0.7 | Mar 2023 2.6 | Jun 2023 — | Sep 2023 1.9 | Dec 2023 1.6 | Mar 2024 — | Jun 2024 6.3 | Sep 2024 4.7 | Dec 2024 0.8 | Mar 2025 1.5 | Jun 2025 0.9 | Sep 2025 0.7 | Dec 2025 1.0 | Mar 2026 — | Jun 2026 —
- SMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.9 | Dec 2025 3.6 | Mar 2026 1.2 | Jun 2026 —
- IIPR: Sep 2021 1.7 | Dec 2021 2.3 | Mar 2022 1.5 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 0.6 | Mar 2023 0.5 | Jun 2023 0.5 | Sep 2023 0.5 | Dec 2023 0.7 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 0.9 | Dec 2024 0.5 | Mar 2025 0.5 | Jun 2025 0.6 | Sep 2025 0.5 | Dec 2025 0.4 | Mar 2026 0.4 | Jun 2026 —
- ILPT: Sep 2021 0.9 | Dec 2021 0.3 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MDV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.7 | Sep 2022 0.3 | Dec 2022 1.7 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.4 | Jun 2024 0.7 | Sep 2024 — | Dec 2024 1.1 | Mar 2025 2.4 | Jun 2025 — | Sep 2025 1.8 | Dec 2025 1.5 | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- PLD: Sep 2021 2.9 | Dec 2021 3.7 | Mar 2022 3.5 | Jun 2022 2.5 | Sep 2022 2.1 | Dec 2022 2.0 | Mar 2023 2.2 | Jun 2023 2.1 | Sep 2023 1.9 | Dec 2023 2.3 | Mar 2024 2.3 | Jun 2024 2.0 | Sep 2024 2.2 | Dec 2024 1.8 | Mar 2025 1.9 | Jun 2025 1.9 | Sep 2025 2.0 | Dec 2025 2.2 | Mar 2026 2.3 | Jun 2026 2.4
- PSA: Sep 2021 5.8 | Dec 2021 7.0 | Mar 2022 7.1 | Jun 2022 5.5 | Sep 2022 5.1 | Dec 2022 4.9 | Mar 2023 5.3 | Jun 2023 5.1 | Sep 2023 4.6 | Dec 2023 5.4 | Mar 2024 5.1 | Jun 2024 5.2 | Sep 2024 6.6 | Dec 2024 5.4 | Mar 2025 5.5 | Jun 2025 5.5 | Sep 2025 5.4 | Dec 2025 4.9 | Mar 2026 5.2 | Jun 2026 —
- EXR: Sep 2021 7.5 | Dec 2021 9.7 | Mar 2022 8.6 | Jun 2022 7.1 | Sep 2022 7.1 | Dec 2022 6.1 | Mar 2023 6.8 | Jun 2023 6.2 | Sep 2023 1.8 | Dec 2023 2.4 | Mar 2024 2.2 | Jun 2024 2.3 | Sep 2024 2.7 | Dec 2024 2.3 | Mar 2025 2.3 | Jun 2025 2.3 | Sep 2025 2.2 | Dec 2025 2.1 | Mar 2026 2.1 | Jun 2026 —
- EGP: Sep 2021 4.8 | Dec 2021 6.0 | Mar 2022 5.1 | Jun 2022 3.4 | Sep 2022 3.2 | Dec 2022 3.3 | Mar 2023 3.6 | Jun 2023 3.6 | Sep 2023 3.2 | Dec 2023 3.4 | Mar 2024 3.3 | Jun 2024 3.0 | Sep 2024 3.3 | Dec 2024 2.5 | Mar 2025 2.8 | Jun 2025 2.6 | Sep 2025 2.6 | Dec 2025 2.7 | Mar 2026 2.8 | Jun 2026 3.1
- LINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.0 | Dec 2024 1.6 | Mar 2025 1.6 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.0 | Mar 2026 0.9 | Jun 2026 —
- CUBE: Sep 2021 5.1 | Dec 2021 4.4 | Mar 2022 4.1 | Jun 2022 3.4 | Sep 2022 3.2 | Dec 2022 3.2 | Mar 2023 3.7 | Jun 2023 3.6 | Sep 2023 3.1 | Dec 2023 3.7 | Mar 2024 3.7 | Jun 2024 3.7 | Sep 2024 4.4 | Dec 2024 3.4 | Mar 2025 3.4 | Jun 2025 3.4 | Sep 2025 3.3 | Dec 2025 3.0 | Mar 2026 3.1 | Jun 2026 —
- FR: Sep 2021 3.4 | Dec 2021 4.0 | Mar 2022 3.7 | Jun 2022 2.7 | Sep 2022 2.5 | Dec 2022 2.6 | Mar 2023 2.9 | Jun 2023 2.8 | Sep 2023 2.5 | Dec 2023 2.7 | Mar 2024 2.7 | Jun 2024 2.4 | Sep 2024 2.8 | Dec 2024 2.5 | Mar 2025 2.7 | Jun 2025 2.4 | Sep 2025 2.6 | Dec 2025 2.8 | Mar 2026 2.8 | Jun 2026 2.9
- REXR: Sep 2021 2.0 | Dec 2021 2.7 | Mar 2022 2.4 | Jun 2022 1.8 | Sep 2022 1.5 | Dec 2022 1.6 | Mar 2023 1.7 | Jun 2023 1.5 | Sep 2023 1.4 | Dec 2023 1.5 | Mar 2024 1.4 | Jun 2024 1.2 | Sep 2024 1.4 | Dec 2024 1.1 | Mar 2025 1.1 | Jun 2025 1.0 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 0.9 | Jun 2026 1.0
- STAG: Sep 2021 2.3 | Dec 2021 2.6 | Mar 2022 2.2 | Jun 2022 1.6 | Sep 2022 1.5 | Dec 2022 1.7 | Mar 2023 1.8 | Jun 2023 1.9 | Sep 2023 1.8 | Dec 2023 2.1 | Mar 2024 2.1 | Jun 2024 2.0 | Sep 2024 2.2 | Dec 2024 1.8 | Mar 2025 1.9 | Jun 2025 2.0 | Sep 2025 1.9 | Dec 2025 2.0 | Mar 2026 1.9 | Jun 2026 —
- TRNO: Sep 2021 2.6 | Dec 2021 3.1 | Mar 2022 2.7 | Jun 2022 2.0 | Sep 2022 1.9 | Dec 2022 2.0 | Mar 2023 2.1 | Jun 2023 1.9 | Sep 2023 1.8 | Dec 2023 1.9 | Mar 2024 1.9 | Jun 2024 1.7 | Sep 2024 1.8 | Dec 2024 1.6 | Mar 2025 1.7 | Jun 2025 1.5 | Sep 2025 1.5 | Dec 2025 1.5 | Mar 2026 1.5 | Jun 2026 —
- NSA: Sep 2021 2.9 | Dec 2021 3.6 | Mar 2022 3.3 | Jun 2022 2.6 | Sep 2022 2.2 | Dec 2022 2.0 | Mar 2023 2.3 | Jun 2023 1.9 | Sep 2023 1.9 | Dec 2023 2.4 | Mar 2024 2.4 | Jun 2024 2.6 | Sep 2024 3.7 | Dec 2024 2.7 | Mar 2025 2.9 | Jun 2025 2.4 | Sep 2025 2.4 | Dec 2025 2.3 | Mar 2026 3.2 | Jun 2026 —
- COLD: Sep 2021 1.9 | Dec 2021 2.2 | Mar 2022 1.9 | Jun 2022 2.1 | Sep 2022 1.7 | Dec 2022 2.0 | Mar 2023 2.1 | Jun 2023 2.4 | Sep 2023 2.2 | Dec 2023 2.4 | Mar 2024 2.0 | Jun 2024 2.1 | Sep 2024 2.4 | Dec 2024 1.9 | Mar 2025 1.9 | Jun 2025 1.5 | Sep 2025 1.2 | Dec 2025 1.3 | Mar 2026 1.2 | Jun 2026 —
- LXP: Sep 2021 1.8 | Dec 2021 1.9 | Mar 2022 2.0 | Jun 2022 1.4 | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 1.3 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 1.2 | Jun 2024 1.3 | Sep 2024 1.4 | Dec 2024 1.1 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.3 | Dec 2025 1.4 | Mar 2026 1.4 | Jun 2026 —
- SMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.7 | Sep 2025 1.7 | Dec 2025 1.5 | Mar 2026 1.4 | Jun 2026 —
- IIPR: Sep 2021 3.7 | Dec 2021 4.2 | Mar 2022 3.3 | Jun 2022 1.6 | Sep 2022 1.3 | Dec 2022 1.5 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 1.1 | Dec 2023 1.5 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 2.0 | Dec 2024 1.0 | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 0.8 | Dec 2025 0.7 | Mar 2026 0.8 | Jun 2026 —
- ILPT: Sep 2021 1.3 | Dec 2021 1.2 | Mar 2022 1.1 | Jun 2022 0.8 | Sep 2022 0.3 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.3 | Mar 2024 0.3 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.3 | Sep 2025 0.5 | Dec 2025 0.4 | Mar 2026 0.8 | Jun 2026 —
- MDV: Sep 2021 — | Dec 2021 — | Mar 2022 0.8 | Jun 2022 0.8 | Sep 2022 0.6 | Dec 2022 0.5 | Mar 2023 0.5 | Jun 2023 — | Sep 2023 0.8 | Dec 2023 0.7 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.9 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 0.9 | Jun 2026 —

## Market action

Industrial Logistics Properties Trust has the strongest one-year price move in REIT - Industrial at +68.5%. It also leads on Mansfield relative strength against the S&P 500 at +29.1%. 15 of 17 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Industrial Logistics Properties Trust (ILPT): 69%
2. LXP Industrial Trust (LXP): 57%
3. Prologis, Inc. (PLD): 40%
4. First Industrial Realty Trust, Inc. (FR): 38%
5. National Storage Affiliates Trust (NSA): 38%

### Strongest relative strength versus NIFTY 500
1. Industrial Logistics Properties Trust (ILPT): 29%
2. National Storage Affiliates Trust (NSA): 15%
3. LXP Industrial Trust (LXP): 15%
4. Terreno Realty Corporation (TRNO): 8.5%
5. First Industrial Realty Trust, Inc. (FR): 5.6%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

## Every company
- Prologis, Inc. (PLD) — market value ₹1.4 L Cr; latest fundamentals Jun 2026
- Public Storage (PSA) — market value ₹58.2K Cr; latest fundamentals Mar 2026
- Extra Space Storage Inc. (EXR) — market value ₹33.6K Cr; latest fundamentals Mar 2026
- EastGroup Properties, Inc. (EGP) — market value ₹11.3K Cr; latest fundamentals Jun 2026
- Lineage, Inc. (LINE) — market value ₹10.8K Cr; latest fundamentals Mar 2026
- CubeSmart (CUBE) — market value ₹9.7K Cr; latest fundamentals Mar 2026
- First Industrial Realty Trust, Inc. (FR) — market value ₹9.1K Cr; latest fundamentals Jun 2026
- Rexford Industrial Realty, Inc. (REXR) — market value ₹9.0K Cr; latest fundamentals Jun 2026
- STAG Industrial, Inc. (STAG) — market value ₹7.8K Cr; latest fundamentals Mar 2026
- Terreno Realty Corporation (TRNO) — market value ₹7.8K Cr; latest fundamentals Mar 2026
- National Storage Affiliates Trust (NSA) — market value ₹5.6K Cr; latest fundamentals Mar 2026
- Americold Realty Trust, Inc. (COLD) — market value ₹4.2K Cr; latest fundamentals Mar 2026
- LXP Industrial Trust (LXP) — market value ₹3.6K Cr; latest fundamentals Mar 2026
- SmartStop Self Storage REIT, Inc. (SMA) — market value ₹2.0K Cr; latest fundamentals Mar 2026
- Innovative Industrial Properties, Inc. (IIPR) — market value ₹1.8K Cr; latest fundamentals Mar 2026
- Industrial Logistics Properties Trust (ILPT) — market value ₹603 Cr; latest fundamentals Mar 2026
- Modiv Industrial, Inc. (MDV) — market value ₹210 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which REIT - Industrial company is the biggest?

Lineage, Inc. is the largest, with trailing-twelve-month income of $5,360 million, ahead of Public Storage at $4,859 million. That covers 13 of 17 companies with comparable reporting through Mar 2026.

### Which REIT - Industrial company is growing fastest?

Terreno Realty Corporation has the fastest income growth at 19.9% year on year, across 13 of 17 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which REIT - Industrial company makes the most profit?

Public Storage earns the most, at $1,915 million of trailing-twelve-month net profit, from 13 of 17 comparable companies. Terreno Realty Corporation has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which REIT - Industrial company earns the highest return on capital?

Public Storage leads on return on assets at 2.8%, across 17 of 17 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which REIT - Industrial stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Innovative Industrial Properties, Inc. screens cheapest at 0.44×. Only 11 of 17 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the REIT - Industrial sector beating the market?

REIT - Industrial has outperformed S&P 500 by 5.3% over the last 52 weeks and 7.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 15 of 17 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which REIT - Industrial stock has the strongest price momentum?

Industrial Logistics Properties Trust has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which REIT - Industrial company scores highest for research priority?

Terreno Realty Corporation scores 60.2 out of 100 with 76% evidence confidence, from 26.4 points on growth and earnings, 11.7 on capital efficiency, 8.1 on valuation and 14 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many REIT - Industrial companies does this comparison cover, and over what period?

It compares 17 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the REIT - Industrial sector?

The 17 REIT - Industrial companies on this page carry $315,204 million of combined market value. Prologis, Inc. is the largest at $140,216 million, about 44% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the REIT - Industrial sector's P/B ratio?

The median price-to-book ratio across the 17 REIT - Industrial companies on this page is 1.5×, measured on the 17 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the REIT - Industrial sector performing?

15 of the 17 covered REIT - Industrial companies are beating S&P 500 on Mansfield relative strength. The sector itself is 5.3% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many REIT - Industrial stocks are listed in the US?

This comparison covers 17 listed REIT - Industrial companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/reit-industrial