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

> REIT - Retail: Simon Property Group, Inc. owns the largest revenue base; Curbline Properties Corp. has the fastest current growth.

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

## Bottom line

REIT - Retail has outperformed S&P 500 by 5.4% over 52 weeks and 5.2% over 13 weeks. 22 of 26 covered companies beat the S&P 500 on Mansfield relative strength, while 13 of 26 beat the sector itself. Simon Property Group, Inc. leads with income of $6,648 million, based on 21 of 26 comparable companies through Mar 2026.

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

REIT - Retail has outperformed S&P 500 by 5.4% over 52 weeks and 5.2% over 13 weeks. 22 of 26 covered companies beat the S&P 500 on Mansfield relative strength, while 13 of 26 beat the sector itself.

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

Simon Property Group, Inc. leads with income of $6,648 million, based on 21 of 26 comparable companies through Mar 2026.

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

Curbline Properties Corp. has the fastest current income growth at 53%, across 21 of 26 comparable companies.

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

CBL & Associates Properties, Inc. ranks first at 67.6/100 with 70% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Acadia Realty Trust has the lowest comparable P/BV ÷ ROE at 0.22, among 25 of 26 companies that pass the metric’s comparability rules.

### How much history does this REIT - Retail 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 - Retail has outperformed S&P 500 by 5.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 5.2%. 22 of 26 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. CBL & Associates Properties, Inc. is the strongest against the sector itself at +36.2%.

13-week sector return versus NIFTY 500: 5.2%
52-week sector return versus NIFTY 500: 5.4%
Stocks leading NIFTY: 22/26
Stocks leading sector: 13/26

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

Companies: 26
Combined market value: ₹2.8 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. CBL & Associates Properties, Inc. (CBL): 68/100 — Favorable setup; evidence 70%
   - Growth & earnings 21.5/35 | Capital efficiency 18.6/25 | Valuation 10.5/20 | Relative strength 17.0/20
   - Exact sum: 21.5 + 18.6 + 10.5 + 17 = 67.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Simon Property Group, Inc. (SPG): 64/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 21.4/35 | Capital efficiency 18.9/25 | Valuation 5.9/20 | Relative strength 17.9/20
   - Exact sum: 21.4 + 18.9 + 5.9 + 17.9 = 64.1
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
3. Tanger Inc. (SKT): 61/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 22.8/35 | Capital efficiency 15.9/25 | Valuation 5.0/20 | Relative strength 17.7/20
   - Exact sum: 22.8 + 15.9 + 5 + 17.7 = 61.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Federal Realty Investment Trust (FRT): 58/100 — Mixed-positive evidence; evidence 63%
   - Growth & earnings 20.6/35 | Capital efficiency 15.8/25 | Valuation 7.6/20 | Relative strength 13.7/20
   - Exact sum: 20.6 + 15.8 + 7.6 + 13.7 = 57.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Alpine Income Property Trust, Inc. (PINE): 52/100 — Thin evidence · provisional; evidence 54%
   - Growth & earnings 21.5/35 | Capital efficiency 10.1/25 | Valuation 7.8/20 | Relative strength 12.3/20
   - Exact sum: 21.5 + 10.1 + 7.8 + 12.3 = 51.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Brixmor Property Group Inc. (BRX): 51/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 20.3/35 | Capital efficiency 15.6/25 | Valuation 7.7/20 | Relative strength 7.7/20
   - Exact sum: 20.3 + 15.6 + 7.7 + 7.7 = 51.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Acadia Realty Trust (AKR): 51/100 — Mixed-positive evidence; evidence 67%
   - Growth & earnings 23.2/35 | Capital efficiency 16.3/25 | Valuation 8.6/20 | Relative strength 2.6/20
   - Exact sum: 23.2 + 16.3 + 8.6 + 2.6 = 50.7
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -5.7% and the one-year return is 19.7%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
8. Whitestone REIT (WSR): 51/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 18.7/35 | Capital efficiency 10.4/25 | Valuation 5.2/20 | Relative strength 16.3/20
   - Exact sum: 18.7 + 10.4 + 5.2 + 16.3 = 50.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Getty Realty Corp. (GTY): 50/100 — Mixed-positive evidence; evidence 60%
   - Growth & earnings 19.5/35 | Capital efficiency 13.9/25 | Valuation 7.0/20 | Relative strength 10.0/20
   - Exact sum: 19.5 + 13.9 + 7 + 10 = 50.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Curbline Properties Corp. (CURB): 48/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 21.5/35 | Capital efficiency 5.5/25 | Valuation 3.8/20 | Relative strength 17.6/20
   - Exact sum: 21.5 + 5.5 + 3.8 + 17.6 = 48.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. The Macerich Company (MAC): 48/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 14.5/35 | Capital efficiency 4.3/25 | Valuation 9.6/20 | Relative strength 19.6/20
   - Exact sum: 14.5 + 4.3 + 9.6 + 19.6 = 48
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Urban Edge Properties (UE): 47/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 22.7/35 | Capital efficiency 11.6/25 | Valuation 6.0/20 | Relative strength 7.0/20
   - Exact sum: 22.7 + 11.6 + 6 + 7 = 47.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. NNN REIT, Inc. (NNN): 47/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 11.2/35 | Capital efficiency 15.5/25 | Valuation 7.2/20 | Relative strength 13.3/20
   - Exact sum: 11.2 + 15.5 + 7.2 + 13.3 = 47.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 5.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
14. Phillips Edison & Company, Inc. (PECO): 46/100 — Mixed-negative evidence; evidence 60%
   - Growth & earnings 19.8/35 | Capital efficiency 10.0/25 | Valuation 5.6/20 | Relative strength 10.1/20
   - Exact sum: 19.8 + 10 + 5.6 + 10.1 = 45.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Kimco Realty Corporation (KIM): 45/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 14.2/35 | Capital efficiency 9.4/25 | Valuation 6.8/20 | Relative strength 14.8/20
   - Exact sum: 14.2 + 9.4 + 6.8 + 14.8 = 45.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 8.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
16. InvenTrust Properties Corp. (IVT): 44/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 19.8/35 | Capital efficiency 5.7/25 | Valuation 4.0/20 | Relative strength 14.7/20
   - Exact sum: 19.8 + 5.7 + 4 + 14.7 = 44.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Four Corners Property Trust, Inc. (FCPT): 43/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 16.9/35 | Capital efficiency 14.4/25 | Valuation 7.6/20 | Relative strength 4.4/20
   - Exact sum: 16.9 + 14.4 + 7.6 + 4.4 = 43.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. Agree Realty Corporation (ADC): 42/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 20.1/35 | Capital efficiency 9.9/25 | Valuation 5.4/20 | Relative strength 6.9/20
   - Exact sum: 20.1 + 9.9 + 5.4 + 6.9 = 42.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. Regency Centers Corporation (REG): 41/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 18.4/35 | Capital efficiency 12.5/25 | Valuation 6.3/20 | Relative strength 4.2/20
   - Exact sum: 18.4 + 12.5 + 6.3 + 4.2 = 41.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. Kite Realty Group Trust (KRG): 41/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 16.1/35 | Capital efficiency 6.4/25 | Valuation 4.2/20 | Relative strength 14.3/20
   - Exact sum: 16.1 + 6.4 + 4.2 + 14.3 = 41
   - Decision use: Price leads the evidence: RS versus the benchmark is 9.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
21. Essential Properties Realty Trust, Inc. (EPRT): 40/100 — Mixed-negative evidence; evidence 60%
   - Growth & earnings 15.6/35 | Capital efficiency 13.3/25 | Valuation 7.4/20 | Relative strength 3.3/20
   - Exact sum: 15.6 + 13.3 + 7.4 + 3.3 = 39.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22. NETSTREIT Corp. (NTST): 39/100 — Mixed-negative evidence; evidence 60%
   - Growth & earnings 18.0/35 | Capital efficiency 6.8/25 | Valuation 4.8/20 | Relative strength 9.8/20
   - Exact sum: 18 + 6.8 + 4.8 + 9.8 = 39.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23. Saul Centers, Inc. (BFS): 39/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 13.5/35 | Capital efficiency 14.9/25 | Valuation 5.9/20 | Relative strength 4.9/20
   - Exact sum: 13.5 + 14.9 + 5.9 + 4.9 = 39.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24. Realty Income Corporation (O): 36/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 18.5/35 | Capital efficiency 8.7/25 | Valuation 5.0/20 | Relative strength 3.5/20
   - Exact sum: 18.5 + 8.7 + 5 + 3.5 = 35.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25. Alexander's, Inc. (ALX): 30/100 — Adverse evidence; evidence 70%
   - Growth & earnings 5.7/35 | Capital efficiency 12.6/25 | Valuation 3.8/20 | Relative strength 8.2/20
   - Exact sum: 5.7 + 12.6 + 3.8 + 8.2 = 30.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
26. SITE Centers Corp. (SITC): 19/100 — Adverse evidence; evidence 70%
   - Growth & earnings 6.3/35 | Capital efficiency 5.0/25 | Valuation 4.4/20 | Relative strength 3.0/20
   - Exact sum: 6.3 + 5 + 4.4 + 3 = 18.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Income Scale & Growth Durability

What the numbers say: Simon Property Group, Inc. is the scale leader at $6,648 million, 12.3% ahead of Realty Income Corporation. Curbline Properties Corp.'s growth is 53% from a $202 million base, with 10 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Simon Property Group, Inc. is the scale benchmark; Curbline Properties Corp. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Simon Property Group, Inc.'s growth falls below Curbline Properties Corp.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Simon Property Group, Inc. · $6,648 million | 12.3% versus #2 · Realty Income Corporation | 8/8 recent comparable periods | 21/26 companies · 483 observations

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

### Income — largest
1. Simon Property Group, Inc. (SPG): ₹6.6K Cr
2. Realty Income Corporation (O): ₹5.9K Cr
3. Kimco Realty Corporation (KIM): ₹2.2K Cr
4. Regency Centers Corporation (REG): ₹1.6K Cr
5. Brixmor Property Group Inc. (BRX): ₹1.4K Cr

### Income growth — fastest growers
1. Curbline Properties Corp. (CURB): 53%
2. Agree Realty Corporation (ADC): 18%
3. Simon Property Group, Inc. (SPG): 11%
4. Tanger Inc. (SKT): 11%
5. Four Corners Property Trust, Inc. (FCPT): 11%

### 20-quarter Income history
- SPG: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- O: Sep 2021 ₹490 Cr | Dec 2021 ₹685 Cr | Mar 2022 ₹807 Cr | Jun 2022 ₹810 Cr | Sep 2022 ₹837 Cr | Dec 2022 ₹889 Cr | Mar 2023 ₹944 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- KIM: Sep 2021 ₹369 Cr | Dec 2021 ₹425 Cr | Mar 2022 ₹427 Cr | Jun 2022 ₹427 Cr | Sep 2022 ₹433 Cr | Dec 2022 ₹440 Cr | Mar 2023 ₹443 Cr | Jun 2023 ₹443 Cr | Sep 2023 ₹446 Cr | Dec 2023 ₹452 Cr | Mar 2024 ₹504 Cr | Jun 2024 ₹500 Cr | Sep 2024 ₹508 Cr | Dec 2024 ₹525 Cr | Mar 2025 ₹537 Cr | Jun 2025 ₹525 Cr | Sep 2025 ₹536 Cr | Dec 2025 ₹542 Cr | Mar 2026 ₹558 Cr | Jun 2026 —
- REG: Sep 2021 ₹307 Cr | Dec 2021 ₹297 Cr | Mar 2022 ₹303 Cr | Jun 2022 ₹302 Cr | Sep 2022 ₹304 Cr | Dec 2022 ₹315 Cr | Mar 2023 ₹318 Cr | Jun 2023 ₹314 Cr | Sep 2023 ₹331 Cr | Dec 2023 ₹360 Cr | Mar 2024 ₹364 Cr | Jun 2024 ₹357 Cr | Sep 2024 ₹360 Cr | Dec 2024 ₹373 Cr | Mar 2025 ₹381 Cr | Jun 2025 ₹381 Cr | Sep 2025 ₹388 Cr | Dec 2025 ₹404 Cr | Mar 2026 ₹412 Cr | Jun 2026 —
- FRT: Sep 2021 ₹247 Cr | Dec 2021 ₹254 Cr | Mar 2022 ₹257 Cr | Jun 2022 ₹264 Cr | Sep 2022 ₹273 Cr | Dec 2022 ₹280 Cr | Mar 2023 ₹273 Cr | Jun 2023 ₹281 Cr | Sep 2023 ₹287 Cr | Dec 2023 ₹292 Cr | Mar 2024 ₹291 Cr | Jun 2024 ₹296 Cr | Sep 2024 ₹304 Cr | Dec 2024 ₹311 Cr | Mar 2025 ₹309 Cr | Jun 2025 ₹312 Cr | Sep 2025 ₹322 Cr | Dec 2025 ₹336 Cr | Mar 2026 — | Jun 2026 —
- BRX: Sep 2021 ₹290 Cr | Dec 2021 ₹295 Cr | Mar 2022 ₹299 Cr | Jun 2022 ₹306 Cr | Sep 2022 ₹305 Cr | Dec 2022 ₹309 Cr | Mar 2023 ₹311 Cr | Jun 2023 ₹310 Cr | Sep 2023 ₹307 Cr | Dec 2023 ₹316 Cr | Mar 2024 ₹320 Cr | Jun 2024 ₹316 Cr | Sep 2024 ₹321 Cr | Dec 2024 ₹328 Cr | Mar 2025 ₹338 Cr | Jun 2025 ₹339 Cr | Sep 2025 ₹341 Cr | Dec 2025 ₹354 Cr | Mar 2026 ₹355 Cr | Jun 2026 —
- ADC: Sep 2021 ₹88 Cr | Dec 2021 ₹91 Cr | Mar 2022 ₹98 Cr | Jun 2022 ₹105 Cr | Sep 2022 ₹110 Cr | Dec 2022 ₹117 Cr | Mar 2023 ₹127 Cr | Jun 2023 ₹130 Cr | Sep 2023 ₹137 Cr | Dec 2023 ₹144 Cr | Mar 2024 ₹149 Cr | Jun 2024 ₹153 Cr | Sep 2024 ₹154 Cr | Dec 2024 ₹161 Cr | Mar 2025 ₹169 Cr | Jun 2025 ₹176 Cr | Sep 2025 ₹183 Cr | Dec 2025 ₹190 Cr | Mar 2026 ₹201 Cr | Jun 2026 —
- NNN: Sep 2021 ₹180 Cr | Dec 2021 ₹187 Cr | Mar 2022 ₹190 Cr | Jun 2022 ₹191 Cr | Sep 2022 ₹193 Cr | Dec 2022 ₹199 Cr | Mar 2023 ₹204 Cr | Jun 2023 ₹203 Cr | Sep 2023 ₹205 Cr | Dec 2023 ₹216 Cr | Mar 2024 ₹215 Cr | Jun 2024 ₹217 Cr | Sep 2024 ₹219 Cr | Dec 2024 ₹218 Cr | Mar 2025 ₹231 Cr | Jun 2025 ₹227 Cr | Sep 2025 ₹230 Cr | Dec 2025 ₹238 Cr | Mar 2026 ₹240 Cr | Jun 2026 —
- MAC: Sep 2021 ₹212 Cr | Dec 2021 ₹229 Cr | Mar 2022 ₹216 Cr | Jun 2022 ₹204 Cr | Sep 2022 ₹211 Cr | Dec 2022 ₹228 Cr | Mar 2023 ₹215 Cr | Jun 2023 ₹212 Cr | Sep 2023 ₹218 Cr | Dec 2023 ₹239 Cr | Mar 2024 ₹209 Cr | Jun 2024 ₹216 Cr | Sep 2024 ₹220 Cr | Dec 2024 ₹274 Cr | Mar 2025 ₹249 Cr | Jun 2025 ₹250 Cr | Sep 2025 ₹253 Cr | Dec 2025 ₹262 Cr | Mar 2026 ₹242 Cr | Jun 2026 —
- EPRT: Sep 2021 ₹60 Cr | Dec 2021 ₹65 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹71 Cr | Dec 2022 ₹74 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹87 Cr | Sep 2023 ₹92 Cr | Dec 2023 ₹98 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹109 Cr | Sep 2024 ₹117 Cr | Dec 2024 ₹120 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹137 Cr | Sep 2025 ₹145 Cr | Dec 2025 ₹150 Cr | Mar 2026 ₹159 Cr | Jun 2026 —
- KRG: Sep 2021 ₹71 Cr | Dec 2021 ₹163 Cr | Mar 2022 ₹194 Cr | Jun 2022 ₹203 Cr | Sep 2022 ₹200 Cr | Dec 2022 ₹205 Cr | Mar 2023 ₹207 Cr | Jun 2023 ₹209 Cr | Sep 2023 ₹207 Cr | Dec 2023 ₹199 Cr | Mar 2024 ₹207 Cr | Jun 2024 ₹212 Cr | Sep 2024 ₹207 Cr | Dec 2024 ₹212 Cr | Mar 2025 ₹221 Cr | Jun 2025 ₹213 Cr | Sep 2025 ₹205 Cr | Dec 2025 ₹204 Cr | Mar 2026 ₹201 Cr | Jun 2026 —
- PECO: Sep 2021 ₹132 Cr | Dec 2021 ₹137 Cr | Mar 2022 ₹142 Cr | Jun 2022 ₹143 Cr | Sep 2022 ₹146 Cr | Dec 2022 ₹145 Cr | Mar 2023 ₹151 Cr | Jun 2023 ₹152 Cr | Sep 2023 ₹152 Cr | Dec 2023 ₹154 Cr | Mar 2024 ₹161 Cr | Jun 2024 ₹162 Cr | Sep 2024 ₹166 Cr | Dec 2024 ₹173 Cr | Mar 2025 ₹178 Cr | Jun 2025 ₹178 Cr | Sep 2025 ₹183 Cr | Dec 2025 ₹188 Cr | Mar 2026 ₹191 Cr | Jun 2026 —
- SKT: Sep 2021 ₹112 Cr | Dec 2021 ₹112 Cr | Mar 2022 ₹109 Cr | Jun 2022 ₹106 Cr | Sep 2022 ₹111 Cr | Dec 2022 ₹116 Cr | Mar 2023 ₹109 Cr | Jun 2023 ₹111 Cr | Sep 2023 ₹117 Cr | Dec 2023 ₹127 Cr | Mar 2024 ₹123 Cr | Jun 2024 ₹129 Cr | Sep 2024 ₹133 Cr | Dec 2024 ₹141 Cr | Mar 2025 ₹135 Cr | Jun 2025 ₹141 Cr | Sep 2025 ₹145 Cr | Dec 2025 ₹160 Cr | Mar 2026 ₹150 Cr | Jun 2026 —
- CURB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹25 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹58 Cr | Jun 2026 —
- AKR: Sep 2021 ₹72 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹84 Cr | Sep 2022 ₹80 Cr | Dec 2022 ₹81 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹90 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹87 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹104 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹101 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹103 Cr | Jun 2026 —
- UE: Sep 2021 ₹107 Cr | Dec 2021 ₹129 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹98 Cr | Sep 2022 ₹98 Cr | Dec 2022 ₹102 Cr | Mar 2023 ₹99 Cr | Jun 2023 ₹99 Cr | Sep 2023 ₹102 Cr | Dec 2023 ₹117 Cr | Mar 2024 ₹110 Cr | Jun 2024 ₹107 Cr | Sep 2024 ₹112 Cr | Dec 2024 ₹116 Cr | Mar 2025 ₹118 Cr | Jun 2025 ₹114 Cr | Sep 2025 ₹120 Cr | Dec 2025 ₹120 Cr | Mar 2026 ₹133 Cr | Jun 2026 —
- FCPT: Sep 2021 ₹51 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹54 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹56 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹66 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹68 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹78 Cr | Jun 2026 —
- IVT: Sep 2021 ₹55 Cr | Dec 2021 ₹54 Cr | Mar 2022 ₹59 Cr | Jun 2022 ₹60 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹65 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹67 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹69 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹74 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹83 Cr | Jun 2026 —
- NTST: Sep 2021 ₹16 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹57 Cr | Jun 2026 —
- GTY: Sep 2021 ₹40 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹39 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹45 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹61 Cr | Mar 2026 ₹58 Cr | Jun 2026 —
- CBL: Sep 2021 ₹150 Cr | Dec 2021 — | Mar 2022 ₹140 Cr | Jun 2022 ₹137 Cr | Sep 2022 ₹136 Cr | Dec 2022 ₹150 Cr | Mar 2023 ₹136 Cr | Jun 2023 ₹130 Cr | Sep 2023 ₹129 Cr | Dec 2023 ₹140 Cr | Mar 2024 ₹129 Cr | Jun 2024 ₹130 Cr | Sep 2024 ₹125 Cr | Dec 2024 ₹132 Cr | Mar 2025 ₹142 Cr | Jun 2025 ₹141 Cr | Sep 2025 ₹139 Cr | Dec 2025 ₹156 Cr | Mar 2026 ₹146 Cr | Jun 2026 —
- ALX: Sep 2021 ₹49 Cr | Dec 2021 ₹50 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹53 Cr | Mar 2023 ₹53 Cr | Jun 2023 ₹54 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- BFS: Sep 2021 ₹60 Cr | Dec 2021 ₹60 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹60 Cr | Sep 2022 ₹61 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹67 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹68 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹78 Cr | Jun 2026 —
- WSR: Sep 2021 ₹32 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹41 Cr | Jun 2026 —
- PINE: Sep 2021 ₹8 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- SITC: Sep 2021 ₹134 Cr | Dec 2021 ₹135 Cr | Mar 2022 ₹134 Cr | Jun 2022 ₹141 Cr | Sep 2022 ₹139 Cr | Dec 2022 ₹139 Cr | Mar 2023 ₹139 Cr | Jun 2023 ₹138 Cr | Sep 2023 ₹145 Cr | Dec 2023 ₹125 Cr | Mar 2024 ₹94 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹-51 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹13 Cr | Jun 2026 —

### 20-quarter Income growth history
- SPG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.1% | Sep 2022 1.5% | Dec 2022 5.6% | Mar 2023 4.2% | Jun 2023 7.0% | Sep 2023 7.2% | Dec 2023 9.1% | Mar 2024 6.8% | Jun 2024 6.4% | Sep 2024 5.0% | Dec 2024 3.6% | Mar 2025 2.1% | Jun 2025 2.7% | Sep 2025 8.2% | Dec 2025 13% | Mar 2026 19% | Jun 2026 —
- O: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 75% | Sep 2022 71% | Dec 2022 30% | Mar 2023 17% | Jun 2023 26% | Sep 2023 24% | Dec 2023 21% | Mar 2024 33% | Jun 2024 31% | Sep 2024 28% | Dec 2024 25% | Mar 2025 9.6% | Jun 2025 5.3% | Sep 2025 11% | Dec 2025 11% | Mar 2026 12% | Jun 2026 —
- KIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 48% | Sep 2022 17% | Dec 2022 3.5% | Mar 2023 3.8% | Jun 2023 3.8% | Sep 2023 3.0% | Dec 2023 2.7% | Mar 2024 14% | Jun 2024 13% | Sep 2024 14% | Dec 2024 16% | Mar 2025 6.6% | Jun 2025 5.0% | Sep 2025 5.5% | Dec 2025 3.2% | Mar 2026 3.9% | Jun 2026 —
- REG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.2% | Sep 2022 -1.0% | Dec 2022 6.1% | Mar 2023 5.0% | Jun 2023 4.0% | Sep 2023 8.9% | Dec 2023 14% | Mar 2024 14% | Jun 2024 14% | Sep 2024 8.8% | Dec 2024 3.6% | Mar 2025 4.7% | Jun 2025 6.7% | Sep 2025 7.8% | Dec 2025 8.3% | Mar 2026 8.1% | Jun 2026 —
- FRT: Sep 2021 — | Dec 2021 — | Mar 2022 18% | Jun 2022 14% | Sep 2022 11% | Dec 2022 10% | Mar 2023 6.2% | Jun 2023 6.4% | Sep 2023 5.1% | Dec 2023 4.3% | Mar 2024 6.6% | Jun 2024 5.3% | Sep 2024 5.9% | Dec 2024 6.5% | Mar 2025 6.2% | Jun 2025 5.4% | Sep 2025 5.9% | Dec 2025 8.0% | Mar 2026 — | Jun 2026 —
- BRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.6% | Sep 2022 5.2% | Dec 2022 4.8% | Mar 2023 4.0% | Jun 2023 1.3% | Sep 2023 0.7% | Dec 2023 2.3% | Mar 2024 2.9% | Jun 2024 1.9% | Sep 2024 4.6% | Dec 2024 3.8% | Mar 2025 5.6% | Jun 2025 7.3% | Sep 2025 6.2% | Dec 2025 7.9% | Mar 2026 5.0% | Jun 2026 —
- ADC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 25% | Dec 2022 29% | Mar 2023 30% | Jun 2023 24% | Sep 2023 25% | Dec 2023 23% | Mar 2024 17% | Jun 2024 18% | Sep 2024 12% | Dec 2024 12% | Mar 2025 13% | Jun 2025 15% | Sep 2025 19% | Dec 2025 18% | Mar 2026 19% | Jun 2026 —
- NNN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.7% | Sep 2022 7.2% | Dec 2022 6.4% | Mar 2023 7.4% | Jun 2023 6.3% | Sep 2023 6.2% | Dec 2023 8.5% | Mar 2024 5.4% | Jun 2024 6.9% | Sep 2024 6.8% | Dec 2024 0.9% | Mar 2025 7.4% | Jun 2025 4.6% | Sep 2025 5.0% | Dec 2025 9.2% | Mar 2026 3.9% | Jun 2026 —
- MAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -5.1% | Sep 2022 -0.5% | Dec 2022 -0.4% | Mar 2023 -0.5% | Jun 2023 3.9% | Sep 2023 3.3% | Dec 2023 4.8% | Mar 2024 -2.8% | Jun 2024 1.9% | Sep 2024 0.9% | Dec 2024 15% | Mar 2025 19% | Jun 2025 16% | Sep 2025 15% | Dec 2025 -4.4% | Mar 2026 -2.8% | Jun 2026 —
- EPRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 18% | Dec 2022 14% | Mar 2023 20% | Jun 2023 23% | Sep 2023 30% | Dec 2023 32% | Mar 2024 24% | Jun 2024 25% | Sep 2024 27% | Dec 2024 22% | Mar 2025 24% | Jun 2025 26% | Sep 2025 24% | Dec 2025 25% | Mar 2026 23% | Jun 2026 —
- KRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 190% | Sep 2022 182% | Dec 2022 26% | Mar 2023 6.7% | Jun 2023 3.0% | Sep 2023 3.5% | Dec 2023 -2.9% | Mar 2024 0.0% | Jun 2024 1.4% | Sep 2024 0.0% | Dec 2024 6.5% | Mar 2025 6.8% | Jun 2025 0.5% | Sep 2025 -1.0% | Dec 2025 -3.8% | Mar 2026 -9.1% | Jun 2026 —
- PECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.5% | Sep 2022 11% | Dec 2022 5.8% | Mar 2023 6.3% | Jun 2023 6.3% | Sep 2023 4.1% | Dec 2023 6.2% | Mar 2024 6.6% | Jun 2024 6.6% | Sep 2024 9.2% | Dec 2024 12% | Mar 2025 11% | Jun 2025 9.9% | Sep 2025 10% | Dec 2025 8.7% | Mar 2026 7.3% | Jun 2026 —
- SKT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.0% | Sep 2022 -0.9% | Dec 2022 3.6% | Mar 2023 0.0% | Jun 2023 4.7% | Sep 2023 5.4% | Dec 2023 9.5% | Mar 2024 13% | Jun 2024 16% | Sep 2024 14% | Dec 2024 11% | Mar 2025 9.8% | Jun 2025 9.3% | Sep 2025 9.0% | Dec 2025 13% | Mar 2026 11% | Jun 2026 —
- CURB: 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 40% | Mar 2025 39% | Jun 2025 46% | Sep 2025 63% | Dec 2025 54% | Mar 2026 49% | Jun 2026 —
- AKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 11% | Dec 2022 2.5% | Mar 2023 0.0% | Jun 2023 7.1% | Sep 2023 1.3% | Dec 2023 6.2% | Mar 2024 11% | Jun 2024 -3.3% | Sep 2024 8.6% | Dec 2024 8.1% | Mar 2025 14% | Jun 2025 16% | Sep 2025 15% | Dec 2025 13% | Mar 2026 -1.0% | Jun 2026 —
- UE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.3% | Sep 2022 -8.4% | Dec 2022 -21% | Mar 2023 -1.0% | Jun 2023 1.0% | Sep 2023 4.1% | Dec 2023 15% | Mar 2024 11% | Jun 2024 8.1% | Sep 2024 9.8% | Dec 2024 -0.9% | Mar 2025 7.3% | Jun 2025 6.5% | Sep 2025 7.1% | Dec 2025 3.5% | Mar 2026 13% | Jun 2026 —
- FCPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 9.8% | Dec 2022 7.6% | Mar 2023 11% | Jun 2023 11% | Sep 2023 16% | Dec 2023 14% | Mar 2024 10% | Jun 2024 8.2% | Sep 2024 3.1% | Dec 2024 4.6% | Mar 2025 7.6% | Jun 2025 11% | Sep 2025 10% | Dec 2025 12% | Mar 2026 9.9% | Jun 2026 —
- IVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 7.3% | Dec 2022 9.3% | Mar 2023 10% | Jun 2023 8.3% | Sep 2023 8.5% | Dec 2023 10% | Mar 2024 3.1% | Jun 2024 3.1% | Sep 2024 7.8% | Dec 2024 9.2% | Mar 2025 10% | Jun 2025 10% | Sep 2025 7.3% | Dec 2025 8.5% | Mar 2026 12% | Jun 2026 —
- NTST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 64% | Sep 2022 56% | Dec 2022 50% | Mar 2023 38% | Jun 2023 39% | Sep 2023 36% | Dec 2023 37% | Mar 2024 31% | Jun 2024 25% | Sep 2024 21% | Dec 2024 19% | Mar 2025 21% | Jun 2025 20% | Sep 2025 17% | Dec 2025 20% | Mar 2026 24% | Jun 2026 —
- GTY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.1% | Sep 2022 5.0% | Dec 2022 10% | Mar 2023 10% | Jun 2023 9.8% | Sep 2023 19% | Dec 2023 12% | Mar 2024 14% | Jun 2024 11% | Sep 2024 2.0% | Dec 2024 10% | Mar 2025 6.1% | Jun 2025 6.0% | Sep 2025 9.8% | Dec 2025 15% | Mar 2026 12% | Jun 2026 —
- CBL: Sep 2021 — | Dec 2021 — | Mar 2022 5.3% | Jun 2022 0.0% | Sep 2022 -9.3% | Dec 2022 — | Mar 2023 -2.9% | Jun 2023 -5.1% | Sep 2023 -5.2% | Dec 2023 -6.7% | Mar 2024 -5.2% | Jun 2024 0.0% | Sep 2024 -3.1% | Dec 2024 -5.7% | Mar 2025 10% | Jun 2025 8.5% | Sep 2025 11% | Dec 2025 18% | Mar 2026 2.8% | Jun 2026 —
- ALX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.0% | Sep 2022 10% | Dec 2022 6.0% | Mar 2023 8.2% | Jun 2023 8.0% | Sep 2023 1.9% | Dec 2023 19% | Mar 2024 15% | Jun 2024 -1.9% | Sep 2024 1.8% | Dec 2024 -11% | Mar 2025 -9.8% | Jun 2025 -1.9% | Sep 2025 -5.4% | Dec 2025 -5.4% | Mar 2026 -3.6% | Jun 2026 —
- BFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 1.7% | Dec 2022 3.3% | Mar 2023 1.6% | Jun 2023 6.7% | Sep 2023 4.9% | Dec 2023 8.1% | Mar 2024 6.4% | Jun 2024 4.7% | Sep 2024 4.7% | Dec 2024 1.5% | Mar 2025 7.5% | Jun 2025 6.0% | Sep 2025 7.5% | Dec 2025 10% | Mar 2026 8.3% | Jun 2026 —
- WSR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 9.4% | Dec 2022 6.1% | Mar 2023 5.9% | Jun 2023 2.9% | Sep 2023 5.7% | Dec 2023 8.6% | Mar 2024 2.8% | Jun 2024 5.6% | Sep 2024 5.4% | Dec 2024 7.9% | Mar 2025 2.7% | Jun 2025 0.0% | Sep 2025 5.1% | Dec 2025 7.3% | Mar 2026 7.9% | Jun 2026 —
- PINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 57% | Sep 2022 50% | Dec 2022 33% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 9.1% | Jun 2024 9.1% | Sep 2024 8.3% | Dec 2024 17% | Mar 2025 17% | Jun 2025 25% | Sep 2025 15% | Dec 2025 21% | Mar 2026 29% | Jun 2026 —
- SITC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.4% | Sep 2022 3.7% | Dec 2022 3.0% | Mar 2023 3.7% | Jun 2023 -2.1% | Sep 2023 4.3% | Dec 2023 -10% | Mar 2024 -32% | Jun 2024 -36% | Sep 2024 -58% | Dec 2024 -141% | Mar 2025 -54% | Jun 2025 -63% | Sep 2025 -56% | Dec 2025 — | Mar 2026 -70% | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Simon Property Group, Inc. leads with $5,456 million of TTM profit, 378.6% above Realty Income Corporation. CBL & Associates Properties, Inc. shows ≥100% on the scoring scale (160.6% uncapped) growth from a $172 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Simon Property Group, Inc. 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: Simon Property Group, Inc. · $5,456 million | 378.6% versus #2 · Realty Income Corporation | 5/8 recent comparable periods | 21/26 companies · 483 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. Simon Property Group, Inc. (SPG): ₹5.5K Cr
2. Realty Income Corporation (O): ₹1.1K Cr
3. Kimco Realty Corporation (KIM): ₹624 Cr
4. Regency Centers Corporation (REG): ₹562 Cr
5. Brixmor Property Group Inc. (BRX): ₹444 Cr

### Profit growth — fastest growers
1. CBL & Associates Properties, Inc. (CBL): 100%
2. Curbline Properties Corp. (CURB): 100%
3. InvenTrust Properties Corp. (IVT): 100%
4. Kite Realty Group Trust (KRG): 100%
5. Simon Property Group, Inc. (SPG): 100%

### 20-quarter Net profit history
- SPG: Sep 2021 ₹779 Cr | Dec 2021 ₹574 Cr | Mar 2022 ₹488 Cr | Jun 2022 ₹569 Cr | Sep 2022 ₹622 Cr | Dec 2022 ₹773 Cr | Mar 2023 ₹519 Cr | Jun 2023 ₹558 Cr | Sep 2023 ₹681 Cr | Dec 2023 ₹859 Cr | Mar 2024 ₹841 Cr | Jun 2024 ₹569 Cr | Sep 2024 ₹547 Cr | Dec 2024 ₹772 Cr | Mar 2025 ₹478 Cr | Jun 2025 ₹644 Cr | Sep 2025 ₹703 Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹569 Cr | Jun 2026 —
- O: Sep 2021 ₹135 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹200 Cr | Jun 2022 ₹224 Cr | Sep 2022 ₹220 Cr | Dec 2022 ₹228 Cr | Mar 2023 ₹226 Cr | Jun 2023 ₹197 Cr | Sep 2023 ₹234 Cr | Dec 2023 ₹220 Cr | Mar 2024 ₹134 Cr | Jun 2024 ₹261 Cr | Sep 2024 ₹271 Cr | Dec 2024 ₹201 Cr | Mar 2025 ₹251 Cr | Jun 2025 ₹199 Cr | Sep 2025 ₹318 Cr | Dec 2025 ₹302 Cr | Mar 2026 ₹321 Cr | Jun 2026 —
- KIM: Sep 2021 ₹509 Cr | Dec 2021 ₹82 Cr | Mar 2022 ₹236 Cr | Jun 2022 ₹-131 Cr | Sep 2022 ₹56 Cr | Dec 2022 ₹-47 Cr | Mar 2023 ₹294 Cr | Jun 2023 ₹109 Cr | Sep 2023 ₹121 Cr | Dec 2023 ₹142 Cr | Mar 2024 ₹-9 Cr | Jun 2024 ₹122 Cr | Sep 2024 ₹138 Cr | Dec 2024 ₹168 Cr | Mar 2025 ₹135 Cr | Jun 2025 ₹165 Cr | Sep 2025 ₹140 Cr | Dec 2025 ₹153 Cr | Mar 2026 ₹166 Cr | Jun 2026 —
- REG: Sep 2021 ₹119 Cr | Dec 2021 ₹69 Cr | Mar 2022 ₹197 Cr | Jun 2022 ₹106 Cr | Sep 2022 ₹89 Cr | Dec 2022 ₹96 Cr | Mar 2023 ₹98 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹92 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹113 Cr | Jun 2024 ₹105 Cr | Sep 2024 ₹104 Cr | Dec 2024 ₹89 Cr | Mar 2025 ₹112 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹113 Cr | Dec 2025 ₹208 Cr | Mar 2026 ₹133 Cr | Jun 2026 —
- FRT: Sep 2021 ₹55 Cr | Dec 2021 ₹117 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹64 Cr | Sep 2022 ₹159 Cr | Dec 2022 ₹118 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹115 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹68 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹160 Cr | Sep 2025 ₹64 Cr | Dec 2025 ₹133 Cr | Mar 2026 — | Jun 2026 —
- BRX: Sep 2021 ₹46 Cr | Dec 2021 ₹81 Cr | Mar 2022 ₹80 Cr | Jun 2022 ₹88 Cr | Sep 2022 ₹80 Cr | Dec 2022 ₹107 Cr | Mar 2023 ₹112 Cr | Jun 2023 ₹56 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹89 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹83 Cr | Mar 2025 ₹70 Cr | Jun 2025 ₹85 Cr | Sep 2025 ₹94 Cr | Dec 2025 ₹137 Cr | Mar 2026 ₹128 Cr | Jun 2026 —
- ADC: Sep 2021 ₹37 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹41 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹41 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹49 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹62 Cr | Jun 2026 —
- NNN: Sep 2021 ₹83 Cr | Dec 2021 ₹78 Cr | Mar 2022 ₹81 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹88 Cr | Dec 2022 ₹91 Cr | Mar 2023 ₹90 Cr | Jun 2023 ₹99 Cr | Sep 2023 ₹107 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹94 Cr | Jun 2024 ₹107 Cr | Sep 2024 ₹98 Cr | Dec 2024 ₹98 Cr | Mar 2025 ₹96 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹97 Cr | Dec 2025 ₹96 Cr | Mar 2026 ₹94 Cr | Jun 2026 —
- MAC: Sep 2021 ₹113 Cr | Dec 2021 ₹-25 Cr | Mar 2022 ₹-37 Cr | Jun 2022 ₹-18 Cr | Sep 2022 ₹-14 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹-58 Cr | Jun 2023 ₹-14 Cr | Sep 2023 ₹-272 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹-131 Cr | Jun 2024 ₹265 Cr | Sep 2024 ₹-112 Cr | Dec 2024 ₹-220 Cr | Mar 2025 ₹-51 Cr | Jun 2025 ₹-42 Cr | Sep 2025 ₹-90 Cr | Dec 2025 ₹-18 Cr | Mar 2026 ₹-37 Cr | Jun 2026 —
- EPRT: Sep 2021 ₹28 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹60 Cr | Jun 2026 —
- KRG: Sep 2021 ₹-7 Cr | Dec 2021 ₹-100 Cr | Mar 2022 ₹-17 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹-8 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹-49 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹113 Cr | Sep 2025 ₹-16 Cr | Dec 2025 ₹185 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- PECO: Sep 2021 ₹17 Cr | Dec 2021 ₹-6 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- SKT: Sep 2021 ₹-11 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹29 Cr | Jun 2026 —
- CURB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹8 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹-15 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- AKR: Sep 2021 ₹31 Cr | Dec 2021 ₹-6 Cr | Mar 2022 ₹44 Cr | Jun 2022 ₹-16 Cr | Sep 2022 ₹-90 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹-16 Cr | Dec 2023 ₹-10 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-12 Cr | Jun 2025 ₹-21 Cr | Sep 2025 ₹-11 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹139 Cr | Jun 2026 —
- UE: Sep 2021 ₹30 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹-20 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹232 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- FCPT: Sep 2021 ₹21 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- IVT: Sep 2021 ₹4 Cr | Dec 2021 ₹-11 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹96 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- NTST: Sep 2021 ₹3 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- GTY: Sep 2021 ₹14 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- CBL: Sep 2021 ₹-43 Cr | Dec 2021 — | Mar 2022 ₹-43 Cr | Jun 2022 ₹-44 Cr | Sep 2022 ₹-17 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹-23 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹75 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹46 Cr | Jun 2026 —
- ALX: Sep 2021 ₹11 Cr | Dec 2021 ₹75 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- BFS: Sep 2021 ₹17 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- WSR: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- PINE: Sep 2021 ₹1 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- SITC: Sep 2021 ₹28 Cr | Dec 2021 ₹59 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹60 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹196 Cr | Mar 2024 ₹-33 Cr | Jun 2024 ₹230 Cr | Sep 2024 ₹335 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹134 Cr | Mar 2026 ₹1 Cr | Jun 2026 —

### 20-quarter Profit growth history
- SPG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -19% | Sep 2022 -20% | Dec 2022 35% | Mar 2023 6.4% | Jun 2023 -1.9% | Sep 2023 9.5% | Dec 2023 11% | Mar 2024 62% | Jun 2024 2.0% | Sep 2024 -20% | Dec 2024 -10% | Mar 2025 -43% | Jun 2025 13% | Sep 2025 29% | Dec 2025 359% | Mar 2026 19% | Jun 2026 —
- O: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 79% | Sep 2022 63% | Dec 2022 5,600% | Mar 2023 13% | Jun 2023 -12% | Sep 2023 6.4% | Dec 2023 -3.5% | Mar 2024 -41% | Jun 2024 32% | Sep 2024 16% | Dec 2024 -8.6% | Mar 2025 87% | Jun 2025 -24% | Sep 2025 17% | Dec 2025 50% | Mar 2026 28% | Jun 2026 —
- KIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -212% | Sep 2022 -89% | Dec 2022 -157% | Mar 2023 25% | Jun 2023 — | Sep 2023 116% | Dec 2023 — | Mar 2024 -103% | Jun 2024 12% | Sep 2024 14% | Dec 2024 18% | Mar 2025 — | Jun 2025 35% | Sep 2025 1.5% | Dec 2025 -8.9% | Mar 2026 23% | Jun 2026 —
- REG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.3% | Sep 2022 -25% | Dec 2022 39% | Mar 2023 -50% | Jun 2023 -17% | Sep 2023 3.4% | Dec 2023 -4.2% | Mar 2024 15% | Jun 2024 19% | Sep 2024 13% | Dec 2024 -3.3% | Mar 2025 -0.9% | Jun 2025 2.9% | Sep 2025 8.7% | Dec 2025 134% | Mar 2026 19% | Jun 2026 —
- FRT: Sep 2021 — | Dec 2021 — | Mar 2022 10% | Jun 2022 33% | Sep 2022 189% | Dec 2022 0.9% | Mar 2023 5.5% | Jun 2023 -1.6% | Sep 2023 -63% | Dec 2023 -43% | Mar 2024 0.0% | Jun 2024 83% | Sep 2024 6.8% | Dec 2024 1.5% | Mar 2025 16% | Jun 2025 39% | Sep 2025 1.6% | Dec 2025 96% | Mar 2026 — | Jun 2026 —
- BRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.2% | Sep 2022 74% | Dec 2022 32% | Mar 2023 40% | Jun 2023 -36% | Sep 2023 -20% | Dec 2023 -32% | Mar 2024 -21% | Jun 2024 25% | Sep 2024 52% | Dec 2024 14% | Mar 2025 -21% | Jun 2025 21% | Sep 2025 -3.1% | Dec 2025 65% | Mar 2026 83% | Jun 2026 —
- ADC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 64% | Sep 2022 8.1% | Dec 2022 24% | Mar 2023 17% | Jun 2023 14% | Sep 2023 5.0% | Dec 2023 12% | Mar 2024 7.1% | Jun 2024 34% | Sep 2024 7.1% | Dec 2024 -2.2% | Mar 2025 4.4% | Jun 2025 -11% | Sep 2025 16% | Dec 2025 24% | Mar 2026 32% | Jun 2026 —
- NNN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.4% | Sep 2022 6.0% | Dec 2022 17% | Mar 2023 11% | Jun 2023 34% | Sep 2023 22% | Dec 2023 6.6% | Mar 2024 4.4% | Jun 2024 8.1% | Sep 2024 -8.4% | Dec 2024 1.0% | Mar 2025 2.1% | Jun 2025 -5.6% | Sep 2025 -1.0% | Dec 2025 -2.0% | Mar 2026 -2.1% | Jun 2026 —
- MAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -112% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2,100% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -433% | Mar 2025 — | Jun 2025 -116% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EPRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 57% | Sep 2022 32% | Dec 2022 20% | Mar 2023 59% | Jun 2023 47% | Sep 2023 24% | Dec 2023 36% | Mar 2024 9.3% | Jun 2024 -1.9% | Sep 2024 6.5% | Dec 2024 14% | Mar 2025 19% | Jun 2025 21% | Sep 2025 35% | Dec 2025 21% | Mar 2026 7.1% | Jun 2026 —
- KRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 146% | Sep 2023 — | Dec 2023 — | Mar 2024 133% | Jun 2024 -253% | Sep 2024 750% | Dec 2024 175% | Mar 2025 71% | Jun 2025 — | Sep 2025 -194% | Dec 2025 741% | Mar 2026 -50% | Jun 2026 —
- PECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 150% | Sep 2022 -29% | Dec 2022 — | Mar 2023 73% | Jun 2023 6.7% | Sep 2023 17% | Dec 2023 -6.3% | Mar 2024 5.3% | Jun 2024 6.3% | Sep 2024 -7.1% | Dec 2024 33% | Mar 2025 45% | Jun 2025 -18% | Sep 2025 108% | Dec 2025 165% | Mar 2026 14% | Jun 2026 —
- SKT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 600% | Sep 2022 — | Dec 2022 36% | Mar 2023 19% | Jun 2023 19% | Sep 2023 21% | Dec 2023 32% | Mar 2024 -8.0% | Jun 2024 4.0% | Sep 2024 -10% | Dec 2024 12% | Mar 2025 -13% | Jun 2025 19% | Sep 2025 27% | Dec 2025 25% | Mar 2026 45% | Jun 2026 —
- CURB: 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 38% | Mar 2025 38% | Jun 2025 67% | Sep 2025 — | Dec 2025 -9.1% | Mar 2026 -64% | Jun 2026 —
- AKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -390% | Dec 2022 — | Mar 2023 -50% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -132% | Jun 2024 -33% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -1,150% | Sep 2025 -192% | Dec 2025 300% | Mar 2026 — | Jun 2026 —
- UE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -7.7% | Sep 2022 -63% | Dec 2022 -68% | Mar 2023 -300% | Jun 2023 -8.3% | Sep 2023 245% | Dec 2023 1,557% | Mar 2024 — | Jun 2024 191% | Sep 2024 -76% | Dec 2024 -86% | Mar 2025 300% | Jun 2025 91% | Sep 2025 78% | Dec 2025 -59% | Mar 2026 200% | Jun 2026 —
- FCPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 19% | Dec 2022 -4.2% | Mar 2023 4.6% | Jun 2023 -14% | Sep 2023 -4.0% | Dec 2023 4.4% | Mar 2024 4.4% | Jun 2024 4.2% | Sep 2024 8.3% | Dec 2024 8.3% | Mar 2025 8.3% | Jun 2025 12% | Sep 2025 12% | Dec 2025 12% | Mar 2026 15% | Jun 2026 —
- IVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4,100% | Sep 2022 -75% | Dec 2022 — | Mar 2023 -90% | Jun 2023 -95% | Sep 2023 -200% | Dec 2023 — | Mar 2024 200% | Jun 2024 -50% | Sep 2024 — | Dec 2024 233% | Mar 2025 133% | Jun 2025 9,500% | Sep 2025 — | Dec 2025 -70% | Mar 2026 -29% | Jun 2026 —
- NTST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -67% | Dec 2022 50% | Mar 2023 -50% | Jun 2023 -150% | Sep 2023 300% | Dec 2023 -33% | Mar 2024 0.0% | Jun 2024 — | Sep 2024 -225% | Dec 2024 -350% | Mar 2025 100% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 200% | Jun 2026 —
- GTY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 138% | Sep 2022 0.0% | Dec 2022 56% | Mar 2023 -21% | Jun 2023 -52% | Sep 2023 29% | Dec 2023 -32% | Mar 2024 20% | Jun 2024 20% | Sep 2024 -11% | Dec 2024 21% | Mar 2025 -17% | Jun 2025 -17% | Sep 2025 50% | Dec 2025 26% | Mar 2026 80% | Jun 2026 —
- CBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 140% | Mar 2024 -100% | Jun 2024 — | Sep 2024 23% | Dec 2024 217% | Mar 2025 — | Jun 2025 -50% | Sep 2025 369% | Dec 2025 29% | Mar 2026 475% | Jun 2026 —
- ALX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -42% | Sep 2022 36% | Dec 2022 -83% | Mar 2023 -27% | Jun 2023 327% | Sep 2023 -27% | Dec 2023 23% | Mar 2024 45% | Jun 2024 -9.4% | Sep 2024 -36% | Dec 2024 -25% | Mar 2025 294% | Jun 2025 0.0% | Sep 2025 -14% | Dec 2025 -67% | Mar 2026 -92% | Jun 2026 —
- BFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.3% | Sep 2022 -5.9% | Dec 2022 -6.3% | Mar 2023 5.9% | Jun 2023 0.0% | Sep 2023 6.3% | Dec 2023 13% | Mar 2024 0.0% | Jun 2024 12% | Sep 2024 18% | Dec 2024 -41% | Mar 2025 -28% | Jun 2025 -26% | Sep 2025 -30% | Dec 2025 -20% | Mar 2026 -7.7% | Jun 2026 —
- WSR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 33% | Dec 2022 567% | Mar 2023 -43% | Jun 2023 200% | Sep 2023 -25% | Dec 2023 -85% | Mar 2024 125% | Jun 2024 -75% | Sep 2024 167% | Dec 2024 500% | Mar 2025 -56% | Jun 2025 67% | Sep 2025 138% | Dec 2025 28% | Mar 2026 0.0% | Jun 2026 —
- PINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1,000% | Dec 2022 -40% | Mar 2023 300% | Jun 2023 -100% | Sep 2023 -109% | Dec 2023 -100% | Mar 2024 -100% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -133% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SITC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 173% | Sep 2022 136% | Dec 2022 -53% | Mar 2023 7.1% | Jun 2023 -92% | Sep 2023 -26% | Dec 2023 600% | Mar 2024 -320% | Jun 2024 4,500% | Sep 2024 584% | Dec 2024 -103% | Mar 2025 — | Jun 2025 -80% | Sep 2025 -102% | Dec 2025 — | Mar 2026 -67% | 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 | 0/26 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. Realty Income Corporation (O): ₹31.1K Cr
2. Simon Property Group, Inc. (SPG): ₹29.0K Cr
3. Kimco Realty Corporation (KIM): ₹8.3K Cr
4. Brixmor Property Group Inc. (BRX): ₹5.5K Cr
5. Regency Centers Corporation (REG): ₹5.2K Cr

### 20-quarter Deposits history

### 20-quarter Borrowings history
- SPG: Sep 2021 ₹26.1K Cr | Dec 2021 ₹25.8K Cr | Mar 2022 ₹25.7K Cr | Jun 2022 ₹25.4K Cr | Sep 2022 ₹25.1K Cr | Dec 2022 ₹25.5K Cr | Mar 2023 ₹26.1K Cr | Jun 2023 ₹25.5K Cr | Sep 2023 ₹25.4K Cr | Dec 2023 ₹26.5K Cr | Mar 2024 ₹26.0K Cr | Jun 2024 ₹25.8K Cr | Sep 2024 ₹25.9K Cr | Dec 2024 ₹24.8K Cr | Mar 2025 ₹25.3K Cr | Jun 2025 ₹25.9K Cr | Sep 2025 ₹26.3K Cr | Dec 2025 ₹29.2K Cr | Mar 2026 ₹29.0K Cr | Jun 2026 —
- O: Sep 2021 ₹9.6K Cr | Dec 2021 ₹16.8K Cr | Mar 2022 ₹17.3K Cr | Jun 2022 ₹17.3K Cr | Sep 2022 ₹17.7K Cr | Dec 2022 ₹19.5K Cr | Mar 2023 ₹20.3K Cr | Jun 2023 ₹21.1K Cr | Sep 2023 ₹21.9K Cr | Dec 2023 ₹22.9K Cr | Mar 2024 ₹27.1K Cr | Jun 2024 ₹27.2K Cr | Sep 2024 ₹27.8K Cr | Dec 2024 ₹27.9K Cr | Mar 2025 ₹28.6K Cr | Jun 2025 ₹29.9K Cr | Sep 2025 ₹29.9K Cr | Dec 2025 ₹30.3K Cr | Mar 2026 ₹31.1K Cr | Jun 2026 —
- KIM: Sep 2021 ₹7.6K Cr | Dec 2021 ₹7.6K Cr | Mar 2022 ₹7.6K Cr | Jun 2022 ₹7.5K Cr | Sep 2022 ₹7.3K Cr | Dec 2022 ₹7.3K Cr | Mar 2023 ₹7.3K Cr | Jun 2023 ₹7.2K Cr | Sep 2023 ₹7.2K Cr | Dec 2023 ₹7.7K Cr | Mar 2024 ₹7.7K Cr | Jun 2024 ₹7.8K Cr | Sep 2024 ₹8.4K Cr | Dec 2024 ₹8.6K Cr | Mar 2025 ₹8.1K Cr | Jun 2025 ₹8.3K Cr | Sep 2025 ₹8.3K Cr | Dec 2025 ₹8.3K Cr | Mar 2026 ₹8.3K Cr | Jun 2026 —
- REG: Sep 2021 ₹4.0K Cr | Dec 2021 ₹3.9K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹3.9K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 ₹4.0K Cr | Jun 2023 ₹4.0K Cr | Sep 2023 ₹4.3K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹4.7K Cr | Mar 2025 ₹4.9K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹5.0K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 —
- FRT: Sep 2021 ₹4.3K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.5K Cr | Jun 2023 ₹4.6K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹4.7K Cr | Mar 2024 ₹4.6K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹4.6K Cr | Mar 2025 ₹4.6K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹4.8K Cr | Dec 2025 ₹5.0K Cr | Mar 2026 — | Jun 2026 —
- BRX: Sep 2021 ₹5.2K Cr | Dec 2021 ₹5.2K Cr | Mar 2022 ₹5.0K Cr | Jun 2022 ₹5.1K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 ₹5.0K Cr | Mar 2023 ₹5.0K Cr | Jun 2023 ₹4.9K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹4.9K Cr | Mar 2024 ₹5.3K Cr | Jun 2024 ₹5.4K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹5.1K Cr | Jun 2025 ₹5.1K Cr | Sep 2025 ₹5.5K Cr | Dec 2025 ₹5.5K Cr | Mar 2026 ₹5.5K Cr | Jun 2026 —
- ADC: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- NNN: Sep 2021 ₹3.7K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹3.8K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 ₹4.0K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.2K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹4.5K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹4.9K Cr | Dec 2025 ₹4.8K Cr | Mar 2026 ₹4.9K Cr | Jun 2026 —
- MAC: Sep 2021 ₹4.6K Cr | Dec 2021 ₹4.6K Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 —
- EPRT: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹2.9K Cr
- KRG: Sep 2021 ₹1.3K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- PECO: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 ₹2.5K Cr
- SKT: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- CURB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹26 Cr | Dec 2023 ₹26 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹99 Cr | Jun 2025 ₹99 Cr | Sep 2025 ₹396 Cr | Dec 2025 ₹423 Cr | Mar 2026 ₹596 Cr | Jun 2026 —
- AKR: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- UE: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- FCPT: Sep 2021 ₹894 Cr | Dec 2021 ₹878 Cr | Mar 2022 ₹966 Cr | Jun 2022 ₹966 Cr | Sep 2022 ₹967 Cr | Dec 2022 ₹995 Cr | Mar 2023 ₹996 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K 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 —
- IVT: Sep 2021 ₹502 Cr | Dec 2021 ₹533 Cr | Mar 2022 ₹673 Cr | Jun 2022 ₹703 Cr | Sep 2022 ₹808 Cr | Dec 2022 ₹755 Cr | Mar 2023 ₹833 Cr | Jun 2023 ₹834 Cr | Sep 2023 ₹834 Cr | Dec 2023 ₹815 Cr | Mar 2024 ₹828 Cr | Jun 2024 ₹812 Cr | Sep 2024 ₹740 Cr | Dec 2024 ₹740 Cr | Mar 2025 ₹741 Cr | Jun 2025 ₹746 Cr | Sep 2025 ₹765 Cr | Dec 2025 ₹826 Cr | Mar 2026 ₹952 Cr | Jun 2026 —
- NTST: Sep 2021 ₹191 Cr | Dec 2021 ₹238 Cr | Mar 2022 ₹294 Cr | Jun 2022 ₹411 Cr | Sep 2022 ₹411 Cr | Dec 2022 ₹494 Cr | Mar 2023 ₹477 Cr | Jun 2023 ₹487 Cr | Sep 2023 ₹572 Cr | Dec 2023 ₹610 Cr | Mar 2024 ₹704 Cr | Jun 2024 ₹728 Cr | Sep 2024 ₹780 Cr | Dec 2024 ₹869 Cr | Mar 2025 ₹918 Cr | Jun 2025 ₹931 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.4K Cr
- GTY: Sep 2021 ₹592 Cr | Dec 2021 ₹609 Cr | Mar 2022 ₹648 Cr | Jun 2022 ₹647 Cr | Sep 2022 ₹646 Cr | Dec 2022 ₹715 Cr | Mar 2023 ₹694 Cr | Jun 2023 ₹691 Cr | Sep 2023 ₹766 Cr | Dec 2023 ₹773 Cr | Mar 2024 ₹812 Cr | Jun 2024 ₹855 Cr | Sep 2024 ₹849 Cr | Dec 2024 ₹919 Cr | Mar 2025 ₹919 Cr | Jun 2025 ₹936 Cr | Sep 2025 ₹951 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 ₹1.1K Cr
- CBL: Sep 2021 ₹1.0K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- ALX: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K 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 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹988 Cr | Dec 2024 ₹988 Cr | Mar 2025 ₹988 Cr | Jun 2025 ₹988 Cr | Sep 2025 ₹987 Cr | Dec 2025 ₹829 Cr | Mar 2026 ₹832 Cr | Jun 2026 —
- BFS: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- WSR: Sep 2021 ₹619 Cr | Dec 2021 ₹643 Cr | Mar 2022 ₹644 Cr | Jun 2022 ₹638 Cr | Sep 2022 ₹637 Cr | Dec 2022 ₹626 Cr | Mar 2023 ₹631 Cr | Jun 2023 ₹651 Cr | Sep 2023 ₹633 Cr | Dec 2023 ₹641 Cr | Mar 2024 ₹646 Cr | Jun 2024 ₹666 Cr | Sep 2024 ₹634 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹642 Cr | Jun 2025 ₹671 Cr | Sep 2025 ₹642 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- PINE: Sep 2021 ₹190 Cr | Dec 2021 ₹268 Cr | Mar 2022 ₹319 Cr | Jun 2022 ₹301 Cr | Sep 2022 ₹287 Cr | Dec 2022 ₹267 Cr | Mar 2023 ₹249 Cr | Jun 2023 ₹249 Cr | Sep 2023 ₹249 Cr | Dec 2023 ₹276 Cr | Mar 2024 ₹272 Cr | Jun 2024 ₹268 Cr | Sep 2024 ₹279 Cr | Dec 2024 ₹301 Cr | Mar 2025 ₹357 Cr | Jun 2025 ₹353 Cr | Sep 2025 ₹358 Cr | Dec 2025 ₹378 Cr | Mar 2026 ₹359 Cr | Jun 2026 ₹368 Cr
- SITC: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

## Return On Assets

What the numbers say: CBL & Associates Properties, Inc. leads roa at 9.8%; Acadia Realty Trust leads roa change at +3.1 percentage points.

Investor read: CBL & Associates Properties, Inc. 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: CBL & Associates Properties, Inc. · 9.8% | 188.2% versus #2 · Acadia Realty Trust | 6/8 recent comparable periods | 26/26 companies · 488 observations

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

### ROA — highest
1. CBL & Associates Properties, Inc. (CBL): 9.8%
2. Acadia Realty Trust (AKR): 3.4%
3. Simon Property Group, Inc. (SPG): 2.2%
4. Federal Realty Investment Trust (FRT): 2.0% — older report
5. NNN REIT, Inc. (NNN): 1.6%

### ROA change — fastest improvers
1. Acadia Realty Trust (AKR): +3.1 pp
2. Alpine Income Property Trust, Inc. (PINE): +0.9 pp
3. Federal Realty Investment Trust (FRT): +0.7 pp — older report
4. Urban Edge Properties (UE): +0.4 pp
5. Getty Realty Corp. (GTY): +0.2 pp

### 20-quarter ROA history
- SPG: Sep 2021 1.7% | Dec 2021 1.6% | Mar 2022 1.8% | Jun 2022 1.8% | Sep 2022 1.9% | Dec 2022 1.9% | Mar 2023 2.0% | Jun 2023 2.0% | Sep 2023 2.0% | Dec 2023 2.2% | Mar 2024 2.1% | Jun 2024 2.3% | Sep 2024 2.3% | Dec 2024 2.6% | Mar 2025 2.2% | Jun 2025 2.1% | Sep 2025 2.4% | Dec 2025 2.4% | Mar 2026 2.2% | Jun 2026 —
- O: Sep 2021 0.9% | Dec 2021 0.1% | Mar 2022 0.9% | Jun 2022 0.9% | Sep 2022 0.9% | Dec 2022 0.7% | Mar 2023 0.7% | Jun 2023 0.7% | Sep 2023 0.8% | Dec 2023 0.8% | Mar 2024 0.5% | Jun 2024 0.8% | Sep 2024 0.7% | Dec 2024 0.7% | Mar 2025 0.7% | Jun 2025 0.6% | Sep 2025 0.8% | Dec 2025 0.7% | Mar 2026 0.8% | Jun 2026 —
- KIM: Sep 2021 0.5% | Dec 2021 0.8% | Mar 2022 0.9% | Jun 2022 0.9% | Sep 2022 0.8% | Dec 2022 7.5% | Mar 2023 0.7% | Jun 2023 0.6% | Sep 2023 0.8% | Dec 2023 0.8% | Mar 2024 -0.5% | Jun 2024 0.9% | Sep 2024 0.9% | Dec 2024 1.3% | Mar 2025 0.9% | Jun 2025 0.8% | Sep 2025 0.9% | Dec 2025 0.9% | Mar 2026 1.0% | Jun 2026 —
- REG: Sep 2021 1.2% | Dec 2021 0.3% | Mar 2022 1.1% | Jun 2022 1.1% | Sep 2022 1.1% | Dec 2022 1.1% | Mar 2023 1.1% | Jun 2023 1.0% | Sep 2023 1.0% | Dec 2023 1.0% | Mar 2024 1.1% | Jun 2024 1.1% | Sep 2024 1.0% | Dec 2024 1.0% | Mar 2025 1.2% | Jun 2025 1.1% | Sep 2025 1.1% | Dec 2025 1.2% | Mar 2026 1.2% | Jun 2026 —
- FRT: Sep 2021 1.1% | Dec 2021 1.9% | Mar 2022 1.1% | Jun 2022 1.2% | Sep 2022 2.4% | Dec 2022 2.0% | Mar 2023 1.2% | Jun 2023 1.3% | Sep 2023 1.2% | Dec 2023 1.3% | Mar 2024 1.2% | Jun 2024 1.9% | Sep 2024 1.3% | Dec 2024 1.3% | Mar 2025 1.3% | Jun 2025 2.4% | Sep 2025 1.3% | Dec 2025 2.0% | Mar 2026 — | Jun 2026 —
- BRX: Sep 2021 1.3% | Dec 2021 1.3% | Mar 2022 1.3% | Jun 2022 1.4% | Sep 2022 1.3% | Dec 2022 1.3% | Mar 2023 1.4% | Jun 2023 1.1% | Sep 2023 1.2% | Dec 2023 1.4% | Mar 2024 1.4% | Jun 2024 1.4% | Sep 2024 1.3% | Dec 2024 1.3% | Mar 2025 1.4% | Jun 2025 1.4% | Sep 2025 1.2% | Dec 2025 1.4% | Mar 2026 1.5% | Jun 2026 —
- ADC: Sep 2021 1.1% | Dec 2021 1.0% | Mar 2022 1.0% | Jun 2022 1.0% | Sep 2022 0.9% | Dec 2022 0.9% | Mar 2023 0.9% | Jun 2023 0.9% | Sep 2023 0.9% | Dec 2023 0.9% | Mar 2024 0.9% | Jun 2024 1.0% | Sep 2024 0.9% | Dec 2024 0.9% | Mar 2025 0.9% | Jun 2025 0.9% | Sep 2025 1.0% | Dec 2025 1.0% | Mar 2026 1.0% | Jun 2026 —
- NNN: Sep 2021 1.5% | Dec 2021 1.5% | Mar 2022 1.5% | Jun 2022 1.4% | Sep 2022 1.6% | Dec 2022 1.6% | Mar 2023 1.6% | Jun 2023 1.7% | Sep 2023 1.8% | Dec 2023 1.7% | Mar 2024 1.6% | Jun 2024 1.8% | Sep 2024 1.6% | Dec 2024 1.6% | Mar 2025 1.6% | Jun 2025 1.7% | Sep 2025 1.6% | Dec 2025 1.6% | Mar 2026 1.6% | Jun 2026 —
- MAC: Sep 2021 0.4% | Dec 2021 0.4% | Mar 2022 0.5% | Jun 2022 0.4% | Sep 2022 0.4% | Dec 2022 0.6% | Mar 2023 0.4% | Jun 2023 0.5% | Sep 2023 0.5% | Dec 2023 0.8% | Mar 2024 0.4% | Jun 2024 0.5% | Sep 2024 0.5% | Dec 2024 0.8% | Mar 2025 0.4% | Jun 2025 0.5% | Sep 2025 0.6% | Dec 2025 0.6% | Mar 2026 0.3% | Jun 2026 —
- EPRT: Sep 2021 1.3% | Dec 2021 1.3% | Mar 2022 1.2% | Jun 2022 1.1% | Sep 2022 1.1% | Dec 2022 0.9% | Mar 2023 1.3% | Jun 2023 1.3% | Sep 2023 1.4% | Dec 2023 1.4% | Mar 2024 1.3% | Jun 2024 1.4% | Sep 2024 1.4% | Dec 2024 1.4% | Mar 2025 1.3% | Jun 2025 1.5% | Sep 2025 1.5% | Dec 2025 1.5% | Mar 2026 1.3% | Jun 2026 1.4%
- KRG: Sep 2021 0.2% | Dec 2021 -1.5% | Mar 2022 0.2% | Jun 2022 0.8% | Sep 2022 0.4% | Dec 2022 0.3% | Mar 2023 0.4% | Jun 2023 0.8% | Sep 2023 0.4% | Dec 2023 0.5% | Mar 2024 0.6% | Jun 2024 -0.3% | Sep 2024 0.6% | Dec 2024 0.7% | Mar 2025 0.8% | Jun 2025 0.7% | Sep 2025 0.1% | Dec 2025 0.5% | Mar 2026 0.7% | Jun 2026 —
- PECO: Sep 2021 0.6% | Dec 2021 0.5% | Mar 2022 0.7% | Jun 2022 0.7% | Sep 2022 0.7% | Dec 2022 0.7% | Mar 2023 0.8% | Jun 2023 0.8% | Sep 2023 0.8% | Dec 2023 0.8% | Mar 2024 0.9% | Jun 2024 0.9% | Sep 2024 0.8% | Dec 2024 1.0% | Mar 2025 1.0% | Jun 2025 0.8% | Sep 2025 1.0% | Dec 2025 1.0% | Mar 2026 1.1% | Jun 2026 1.0%
- SKT: Sep 2021 1.5% | Dec 2021 1.4% | Mar 2022 1.4% | Jun 2022 1.3% | Sep 2022 1.5% | Dec 2022 1.1% | Mar 2023 1.5% | Jun 2023 1.5% | Sep 2023 1.7% | Dec 2023 1.4% | Mar 2024 1.5% | Jun 2024 1.7% | Sep 2024 1.7% | Dec 2024 1.6% | Mar 2025 1.4% | Jun 2025 1.9% | Sep 2025 1.9% | Dec 2025 1.9% | Mar 2026 1.6% | Jun 2026 —
- CURB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 2.0% | Mar 2024 — | Jun 2024 — | Sep 2024 0.6% | Dec 2024 0.3% | Mar 2025 0.5% | Jun 2025 0.6% | Sep 2025 0.4% | Dec 2025 0.4% | Mar 2026 0.3% | Jun 2026 —
- AKR: Sep 2021 0.0% | Dec 2021 0.3% | Mar 2022 0.9% | Jun 2022 0.6% | Sep 2022 -0.3% | Dec 2022 0.4% | Mar 2023 0.3% | Jun 2023 0.5% | Sep 2023 0.2% | Dec 2023 0.2% | Mar 2024 0.3% | Jun 2024 0.5% | Sep 2024 0.4% | Dec 2024 0.3% | Mar 2025 0.3% | Jun 2025 0.0% | Sep 2025 0.3% | Dec 2025 0.5% | Mar 2026 3.4% | Jun 2026 —
- UE: Sep 2021 1.2% | Dec 2021 1.9% | Mar 2022 0.8% | Jun 2022 0.9% | Sep 2022 0.9% | Dec 2022 1.0% | Mar 2023 -0.2% | Jun 2023 1.0% | Sep 2023 0.7% | Dec 2023 1.2% | Mar 2024 0.5% | Jun 2024 0.6% | Sep 2024 0.9% | Dec 2024 0.8% | Mar 2025 0.8% | Jun 2025 0.9% | Sep 2025 1.0% | Dec 2025 1.0% | Mar 2026 1.2% | Jun 2026 —
- FCPT: Sep 2021 1.7% | Dec 2021 1.7% | Mar 2022 1.7% | Jun 2022 1.7% | Sep 2022 1.6% | Dec 2022 1.6% | Mar 2023 1.5% | Jun 2023 1.5% | Sep 2023 1.6% | Dec 2023 1.6% | Mar 2024 1.6% | Jun 2024 1.5% | Sep 2024 1.5% | Dec 2024 1.5% | Mar 2025 1.5% | Jun 2025 1.6% | Sep 2025 1.5% | Dec 2025 1.5% | Mar 2026 1.5% | Jun 2026 —
- IVT: Sep 2021 0.3% | Dec 2021 -0.5% | Mar 2022 0.5% | Jun 2022 0.4% | Sep 2022 0.3% | Dec 2022 0.3% | Mar 2023 0.4% | Jun 2023 0.4% | Sep 2023 0.2% | Dec 2023 0.4% | Mar 2024 0.5% | Jun 2024 0.4% | Sep 2024 0.5% | Dec 2024 0.5% | Mar 2025 0.6% | Jun 2025 0.5% | Sep 2025 0.5% | Dec 2025 0.4% | Mar 2026 0.5% | Jun 2026 —
- NTST: Sep 2021 0.2% | Dec 2021 0.2% | Mar 2022 0.3% | Jun 2022 0.1% | Sep 2022 0.3% | Dec 2022 0.3% | Mar 2023 0.4% | Jun 2023 0.3% | Sep 2023 0.4% | Dec 2023 0.4% | Mar 2024 0.4% | Jun 2024 0.4% | Sep 2024 0.1% | Dec 2024 0.1% | Mar 2025 0.5% | Jun 2025 0.6% | Sep 2025 0.5% | Dec 2025 0.6% | Mar 2026 0.8% | Jun 2026 0.7%
- GTY: Sep 2021 1.3% | Dec 2021 1.2% | Mar 2022 1.3% | Jun 2022 2.5% | Sep 2022 1.4% | Dec 2022 1.7% | Mar 2023 1.3% | Jun 2023 1.3% | Sep 2023 1.4% | Dec 2023 1.3% | Mar 2024 1.4% | Jun 2024 1.5% | Sep 2024 1.4% | Dec 2024 1.4% | Mar 2025 1.4% | Jun 2025 1.2% | Sep 2025 1.7% | Dec 2025 1.7% | Mar 2026 1.8% | Jun 2026 1.4%
- CBL: Sep 2021 7.3% | Dec 2021 0.0% | Mar 2022 7.7% | Jun 2022 7.6% | Sep 2022 7.4% | Dec 2022 9.8% | Mar 2023 9.7% | Jun 2023 9.2% | Sep 2023 8.9% | Dec 2023 9.5% | Mar 2024 9.5% | Jun 2024 9.4% | Sep 2024 9.3% | Dec 2024 8.7% | Mar 2025 11% | Jun 2025 10% | Sep 2025 10% | Dec 2025 9.6% | Mar 2026 9.8% | Jun 2026 —
- ALX: Sep 2021 1.3% | Dec 2021 1.3% | Mar 2022 1.3% | Jun 2022 1.3% | Sep 2022 1.5% | Dec 2022 1.5% | Mar 2023 1.4% | Jun 2023 1.3% | Sep 2023 1.4% | Dec 2023 1.9% | Mar 2024 1.8% | Jun 2024 4.6% | Sep 2024 1.4% | Dec 2024 1.4% | Mar 2025 5.2% | Jun 2025 4.8% | Sep 2025 1.2% | Dec 2025 1.2% | Mar 2026 1.1% | Jun 2026 —
- BFS: Sep 2021 1.6% | Dec 2021 1.6% | Mar 2022 1.6% | Jun 2022 1.6% | Sep 2022 1.5% | Dec 2022 1.5% | Mar 2023 1.6% | Jun 2023 1.6% | Sep 2023 1.5% | Dec 2023 1.6% | Mar 2024 1.6% | Jun 2024 1.6% | Sep 2024 1.6% | Dec 2024 1.3% | Mar 2025 1.4% | Jun 2025 1.5% | Sep 2025 1.5% | Dec 2025 1.3% | Mar 2026 1.5% | Jun 2026 —
- WSR: Sep 2021 0.8% | Dec 2021 0.8% | Mar 2022 1.2% | Jun 2022 1.0% | Sep 2022 1.0% | Dec 2022 1.1% | Mar 2023 1.1% | Jun 2023 1.0% | Sep 2023 1.0% | Dec 2023 1.1% | Mar 2024 1.0% | Jun 2024 1.0% | Sep 2024 1.1% | Dec 2024 1.3% | Mar 2025 1.0% | Jun 2025 1.1% | Sep 2025 1.2% | Dec 2025 1.2% | Mar 2026 1.1% | Jun 2026 —
- PINE: Sep 2021 0.5% | Dec 2021 0.5% | Mar 2022 0.6% | Jun 2022 0.6% | Sep 2022 0.5% | Dec 2022 0.5% | Mar 2023 0.3% | Jun 2023 0.3% | Sep 2023 -0.2% | Dec 2023 0.3% | Mar 2024 0.5% | Jun 2024 0.4% | Sep 2024 0.5% | Dec 2024 0.5% | Mar 2025 0.2% | Jun 2025 0.3% | Sep 2025 0.4% | Dec 2025 0.9% | Mar 2026 0.9% | Jun 2026 1.2%
- SITC: Sep 2021 1.0% | Dec 2021 0.9% | Mar 2022 0.7% | Jun 2022 0.8% | Sep 2022 0.8% | Dec 2022 0.8% | Mar 2023 0.7% | Jun 2023 0.5% | Sep 2023 0.9% | Dec 2023 1.0% | Mar 2024 -1.2% | Jun 2024 0.4% | Sep 2024 0.0% | Dec 2024 -1.2% | Mar 2025 0.3% | Jun 2025 0.0% | Sep 2025 -6.0% | Dec 2025 -2.5% | Mar 2026 -4.3% | Jun 2026 —

### 20-quarter ROA change history
- SPG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.3 pp | Mar 2023 +0.2 pp | Jun 2023 +0.2 pp | Sep 2023 +0.1 pp | Dec 2023 +0.3 pp | Mar 2024 +0.1 pp | Jun 2024 +0.3 pp | Sep 2024 +0.3 pp | Dec 2024 +0.4 pp | Mar 2025 +0.1 pp | Jun 2025 −0.2 pp | Sep 2025 +0.1 pp | Dec 2025 −0.2 pp | Mar 2026 0.0 pp | Jun 2026 —
- O: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.6 pp | Mar 2023 −0.2 pp | Jun 2023 −0.2 pp | Sep 2023 −0.1 pp | Dec 2023 +0.1 pp | Mar 2024 −0.2 pp | Jun 2024 +0.1 pp | Sep 2024 −0.1 pp | Dec 2024 −0.1 pp | Mar 2025 +0.2 pp | Jun 2025 −0.2 pp | Sep 2025 +0.1 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp | Jun 2026 —
- KIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +6.7 pp | Mar 2023 −0.2 pp | Jun 2023 −0.3 pp | Sep 2023 0.0 pp | Dec 2023 −6.7 pp | Mar 2024 −1.2 pp | Jun 2024 +0.3 pp | Sep 2024 +0.1 pp | Dec 2024 +0.5 pp | Mar 2025 +1.4 pp | Jun 2025 −0.1 pp | Sep 2025 0.0 pp | Dec 2025 −0.4 pp | Mar 2026 +0.1 pp | Jun 2026 —
- REG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +0.8 pp | Mar 2023 0.0 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 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +0.1 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 +0.2 pp | Mar 2026 0.0 pp | Jun 2026 —
- FRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 +0.1 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 pp | Sep 2023 −1.2 pp | Dec 2023 −0.7 pp | Mar 2024 0.0 pp | Jun 2024 +0.6 pp | Sep 2024 +0.1 pp | Dec 2024 0.0 pp | Mar 2025 +0.1 pp | Jun 2025 +0.5 pp | Sep 2025 0.0 pp | Dec 2025 +0.7 pp | Mar 2026 — | Jun 2026 —
- BRX: 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 −0.3 pp | Sep 2023 −0.1 pp | Dec 2023 +0.1 pp | Mar 2024 0.0 pp | Jun 2024 +0.3 pp | Sep 2024 +0.1 pp | Dec 2024 −0.1 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 −0.1 pp | Dec 2025 +0.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- ADC: 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 0.0 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 +0.1 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −0.1 pp | Sep 2025 +0.1 pp | Dec 2025 +0.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- NNN: 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 +0.3 pp | Sep 2023 +0.2 pp | Dec 2023 +0.1 pp | Mar 2024 0.0 pp | Jun 2024 +0.1 pp | Sep 2024 −0.2 pp | Dec 2024 −0.1 pp | Mar 2025 0.0 pp | Jun 2025 −0.1 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- MAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.2 pp | Mar 2023 −0.1 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.2 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 −0.2 pp | Mar 2026 −0.1 pp | Jun 2026 —
- EPRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −0.4 pp | Mar 2023 +0.1 pp | Jun 2023 +0.2 pp | Sep 2023 +0.3 pp | Dec 2023 +0.5 pp | Mar 2024 0.0 pp | Jun 2024 +0.1 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +0.1 pp | Sep 2025 +0.1 pp | Dec 2025 +0.1 pp | Mar 2026 0.0 pp | Jun 2026 −0.1 pp
- KRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +1.8 pp | Mar 2023 +0.2 pp | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 +0.2 pp | Mar 2024 +0.2 pp | Jun 2024 −1.1 pp | Sep 2024 +0.2 pp | Dec 2024 +0.2 pp | Mar 2025 +0.2 pp | Jun 2025 +1.0 pp | Sep 2025 −0.5 pp | Dec 2025 −0.2 pp | Mar 2026 −0.1 pp | Jun 2026 —
- PECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.2 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.1 pp | Mar 2024 +0.1 pp | Jun 2024 +0.1 pp | Sep 2024 0.0 pp | Dec 2024 +0.2 pp | Mar 2025 +0.1 pp | Jun 2025 −0.1 pp | Sep 2025 +0.2 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp | Jun 2026 +0.2 pp
- SKT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.3 pp | Mar 2023 +0.1 pp | Jun 2023 +0.2 pp | Sep 2023 +0.2 pp | Dec 2023 +0.3 pp | Mar 2024 0.0 pp | Jun 2024 +0.2 pp | Sep 2024 0.0 pp | Dec 2024 +0.2 pp | Mar 2025 −0.1 pp | Jun 2025 +0.2 pp | Sep 2025 +0.2 pp | Dec 2025 +0.3 pp | Mar 2026 +0.2 pp | Jun 2026 —
- CURB: 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 +0.6 pp | Dec 2024 −1.7 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −0.2 pp | Dec 2025 +0.1 pp | Mar 2026 −0.2 pp | Jun 2026 —
- AKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 +0.1 pp | Mar 2023 −0.6 pp | Jun 2023 −0.1 pp | Sep 2023 +0.5 pp | Dec 2023 −0.2 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 +0.2 pp | Dec 2024 +0.1 pp | Mar 2025 0.0 pp | Jun 2025 −0.5 pp | Sep 2025 −0.1 pp | Dec 2025 +0.2 pp | Mar 2026 +3.1 pp | Jun 2026 —
- UE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −0.9 pp | Mar 2023 −1.0 pp | Jun 2023 +0.1 pp | Sep 2023 −0.2 pp | Dec 2023 +0.2 pp | Mar 2024 +0.7 pp | Jun 2024 −0.4 pp | Sep 2024 +0.2 pp | Dec 2024 −0.4 pp | Mar 2025 +0.3 pp | Jun 2025 +0.3 pp | Sep 2025 +0.1 pp | Dec 2025 +0.2 pp | Mar 2026 +0.4 pp | Jun 2026 —
- FCPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.1 pp | Mar 2023 −0.2 pp | Jun 2023 −0.2 pp | Sep 2023 0.0 pp | Dec 2023 0.0 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 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- IVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.8 pp | Mar 2023 −0.1 pp | Jun 2023 0.0 pp | Sep 2023 −0.1 pp | Dec 2023 +0.1 pp | Mar 2024 +0.1 pp | Jun 2024 0.0 pp | Sep 2024 +0.3 pp | Dec 2024 +0.1 pp | Mar 2025 +0.1 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 −0.1 pp | Mar 2026 −0.1 pp | Jun 2026 —
- NTST: 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 +0.2 pp | Sep 2023 +0.1 pp | Dec 2023 +0.1 pp | Mar 2024 0.0 pp | Jun 2024 +0.1 pp | Sep 2024 −0.3 pp | Dec 2024 −0.3 pp | Mar 2025 +0.1 pp | Jun 2025 +0.2 pp | Sep 2025 +0.4 pp | Dec 2025 +0.5 pp | Mar 2026 +0.3 pp | Jun 2026 +0.1 pp
- GTY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.5 pp | Mar 2023 0.0 pp | Jun 2023 −1.2 pp | Sep 2023 0.0 pp | Dec 2023 −0.4 pp | Mar 2024 +0.1 pp | Jun 2024 +0.2 pp | Sep 2024 0.0 pp | Dec 2024 +0.1 pp | Mar 2025 0.0 pp | Jun 2025 −0.3 pp | Sep 2025 +0.3 pp | Dec 2025 +0.3 pp | Mar 2026 +0.4 pp | Jun 2026 +0.2 pp
- CBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +9.8 pp | Mar 2023 +2.0 pp | Jun 2023 +1.6 pp | Sep 2023 +1.5 pp | Dec 2023 −0.3 pp | Mar 2024 −0.2 pp | Jun 2024 +0.2 pp | Sep 2024 +0.4 pp | Dec 2024 −0.8 pp | Mar 2025 +1.1 pp | Jun 2025 +0.6 pp | Sep 2025 +0.7 pp | Dec 2025 +0.9 pp | Mar 2026 −0.8 pp | Jun 2026 —
- ALX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.2 pp | Mar 2023 +0.1 pp | Jun 2023 0.0 pp | Sep 2023 −0.1 pp | Dec 2023 +0.4 pp | Mar 2024 +0.4 pp | Jun 2024 +3.3 pp | Sep 2024 0.0 pp | Dec 2024 −0.5 pp | Mar 2025 +3.4 pp | Jun 2025 +0.2 pp | Sep 2025 −0.2 pp | Dec 2025 −0.2 pp | Mar 2026 −4.1 pp | Jun 2026 —
- BFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.1 pp | Mar 2023 0.0 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 +0.1 pp | Dec 2024 −0.3 pp | Mar 2025 −0.2 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp | Jun 2026 —
- WSR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.3 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 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 +0.2 pp | Mar 2025 0.0 pp | Jun 2025 +0.1 pp | Sep 2025 +0.1 pp | Dec 2025 −0.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- PINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 −0.3 pp | Jun 2023 −0.3 pp | Sep 2023 −0.7 pp | Dec 2023 −0.2 pp | Mar 2024 +0.2 pp | Jun 2024 +0.1 pp | Sep 2024 +0.7 pp | Dec 2024 +0.2 pp | Mar 2025 −0.3 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 +0.4 pp | Mar 2026 +0.7 pp | Jun 2026 +0.9 pp
- SITC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −0.1 pp | Mar 2023 0.0 pp | Jun 2023 −0.3 pp | Sep 2023 +0.1 pp | Dec 2023 +0.2 pp | Mar 2024 −1.9 pp | Jun 2024 −0.1 pp | Sep 2024 −0.9 pp | Dec 2024 −2.2 pp | Mar 2025 +1.5 pp | Jun 2025 −0.4 pp | Sep 2025 −6.0 pp | Dec 2025 −1.3 pp | Mar 2026 −4.6 pp | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: CBL & Associates Properties, Inc. leads both roe at 13.8% and roe change at +11 percentage points.

Investor read: CBL & Associates Properties, Inc. 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: CBL & Associates Properties, Inc. · 13.8% | 16.9% versus #2 · Simon Property Group, Inc. | 7/8 recent comparable periods | 26/26 companies · 488 observations

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

### ROE — highest
1. CBL & Associates Properties, Inc. (CBL): 14%
2. Simon Property Group, Inc. (SPG): 12%
3. Acadia Realty Trust (AKR): 5.1%
4. Brixmor Property Group Inc. (BRX): 4.3%
5. Tanger Inc. (SKT): 4.3%

### ROE change — fastest improvers
1. CBL & Associates Properties, Inc. (CBL): +11.0 pp
2. Acadia Realty Trust (AKR): +5.6 pp
3. Alpine Income Property Trust, Inc. (PINE): +2.2 pp
4. Brixmor Property Group Inc. (BRX): +1.9 pp
5. Federal Realty Investment Trust (FRT): +1.7 pp — older report

### 20-quarter ROE history
- SPG: Sep 2021 24% | Dec 2021 14% | Mar 2022 12% | Jun 2022 14% | Sep 2022 15% | Dec 2022 19% | Mar 2023 13% | Jun 2023 15% | Sep 2023 18% | Dec 2023 23% | Mar 2024 23% | Jun 2024 16% | Sep 2024 16% | Dec 2024 21% | Mar 2025 14% | Jun 2025 19% | Sep 2025 22% | Dec 2025 69% | Mar 2026 12% | Jun 2026 —
- O: Sep 2021 1.1% | Dec 2021 0.0% | Mar 2022 1.1% | Jun 2022 1.2% | Sep 2022 1.1% | Dec 2022 0.8% | Mar 2023 0.8% | Jun 2023 0.7% | Sep 2023 0.8% | Dec 2023 0.7% | Mar 2024 0.4% | Jun 2024 0.7% | Sep 2024 0.8% | Dec 2024 0.6% | Mar 2025 0.6% | Jun 2025 0.5% | Sep 2025 0.8% | Dec 2025 0.8% | Mar 2026 0.8% | Jun 2026 —
- KIM: Sep 2021 6.5% | Dec 2021 1.0% | Mar 2022 3.0% | Jun 2022 -1.7% | Sep 2022 0.6% | Dec 2022 -0.5% | Mar 2023 2.9% | Jun 2023 1.1% | Sep 2023 1.2% | Dec 2023 1.5% | Mar 2024 -0.1% | Jun 2024 1.2% | Sep 2024 1.3% | Dec 2024 1.6% | Mar 2025 1.2% | Jun 2025 1.5% | Sep 2025 1.3% | Dec 2025 1.4% | Mar 2026 1.6% | Jun 2026 —
- REG: Sep 2021 1.9% | Dec 2021 1.1% | Mar 2022 3.2% | Jun 2022 1.7% | Sep 2022 1.4% | Dec 2022 1.6% | Mar 2023 1.6% | Jun 2023 1.4% | Sep 2023 1.4% | Dec 2023 1.4% | Mar 2024 1.7% | Jun 2024 1.6% | Sep 2024 1.5% | Dec 2024 1.3% | Mar 2025 1.6% | Jun 2025 1.6% | Sep 2025 1.6% | Dec 2025 3.0% | Mar 2026 1.9% | Jun 2026 —
- FRT: Sep 2021 2.0% | Dec 2021 4.2% | Mar 2022 1.9% | Jun 2022 2.2% | Sep 2022 5.4% | Dec 2022 3.9% | Mar 2023 1.9% | Jun 2023 2.0% | Sep 2023 1.9% | Dec 2023 2.1% | Mar 2024 1.8% | Jun 2024 3.6% | Sep 2024 2.0% | Dec 2024 2.1% | Mar 2025 2.0% | Jun 2025 4.7% | Sep 2025 1.9% | Dec 2025 3.8% | Mar 2026 — | Jun 2026 —
- BRX: Sep 2021 1.7% | Dec 2021 3.0% | Mar 2022 2.9% | Jun 2022 3.2% | Sep 2022 2.9% | Dec 2022 3.8% | Mar 2023 4.0% | Jun 2023 2.0% | Sep 2023 2.2% | Dec 2023 2.5% | Mar 2024 3.1% | Jun 2024 2.4% | Sep 2024 3.4% | Dec 2024 2.9% | Mar 2025 2.4% | Jun 2025 2.9% | Sep 2025 3.2% | Dec 2025 4.6% | Mar 2026 4.3% | Jun 2026 —
- ADC: Sep 2021 1.3% | Dec 2021 1.1% | Mar 2022 1.1% | Jun 2022 1.0% | Sep 2022 1.0% | Dec 2022 1.0% | Mar 2023 1.0% | Jun 2023 0.9% | Sep 2023 0.9% | Dec 2023 0.9% | Mar 2024 0.9% | Jun 2024 1.1% | Sep 2024 0.8% | Dec 2024 0.8% | Mar 2025 0.9% | Jun 2025 0.9% | Sep 2025 0.9% | Dec 2025 1.0% | Mar 2026 1.0% | Jun 2026 —
- NNN: Sep 2021 1.9% | Dec 2021 1.9% | Mar 2022 2.0% | Jun 2022 1.8% | Sep 2022 2.1% | Dec 2022 2.3% | Mar 2023 2.2% | Jun 2023 2.4% | Sep 2023 2.6% | Dec 2023 2.3% | Mar 2024 2.3% | Jun 2024 2.6% | Sep 2024 2.3% | Dec 2024 2.3% | Mar 2025 2.3% | Jun 2025 2.3% | Sep 2025 2.2% | Dec 2025 2.2% | Mar 2026 2.1% | Jun 2026 —
- MAC: Sep 2021 3.8% | Dec 2021 -0.9% | Mar 2022 -1.2% | Jun 2022 -0.6% | Sep 2022 -0.4% | Dec 2022 0.1% | Mar 2023 -2.0% | Jun 2023 -0.5% | Sep 2023 -9.9% | Dec 2023 2.4% | Mar 2024 -5.0% | Jun 2024 9.8% | Sep 2024 -4.4% | Dec 2024 -8.2% | Mar 2025 -2.0% | Jun 2025 -1.6% | Sep 2025 -3.5% | Dec 2025 -0.7% | Mar 2026 -1.4% | Jun 2026 —
- EPRT: Sep 2021 1.6% | Dec 2021 1.6% | Mar 2022 1.4% | Jun 2022 1.7% | Sep 2022 1.6% | Dec 2022 1.6% | Mar 2023 1.8% | Jun 2023 2.1% | Sep 2023 1.7% | Dec 2023 1.8% | Mar 2024 1.6% | Jun 2024 1.7% | Sep 2024 1.6% | Dec 2024 1.7% | Mar 2025 1.6% | Jun 2025 1.8% | Sep 2025 1.9% | Dec 2025 1.8% | Mar 2026 1.5% | Jun 2026 1.8%
- KRG: Sep 2021 -0.5% | Dec 2021 -3.8% | Mar 2022 -0.6% | Jun 2022 0.5% | Sep 2022 -0.3% | Dec 2022 0.0% | Mar 2023 0.1% | Jun 2023 0.8% | Sep 2023 0.1% | Dec 2023 0.2% | Mar 2024 0.4% | Jun 2024 -1.4% | Sep 2024 0.5% | Dec 2024 0.6% | Mar 2025 0.7% | Jun 2025 3.3% | Sep 2025 -0.5% | Dec 2025 5.6% | Mar 2026 0.4% | Jun 2026 —
- PECO: Sep 2021 0.7% | Dec 2021 -0.3% | Mar 2022 0.5% | Jun 2022 0.7% | Sep 2022 0.5% | Dec 2022 0.6% | Mar 2023 0.7% | Jun 2023 0.6% | Sep 2023 0.5% | Dec 2023 0.6% | Mar 2024 0.8% | Jun 2024 0.7% | Sep 2024 0.5% | Dec 2024 0.8% | Mar 2025 1.1% | Jun 2025 0.5% | Sep 2025 1.1% | Dec 2025 2.0% | Mar 2026 1.3% | Jun 2026 1.7%
- SKT: Sep 2021 -2.7% | Dec 2021 3.2% | Mar 2022 4.3% | Jun 2022 4.0% | Sep 2022 4.9% | Dec 2022 3.8% | Mar 2023 4.9% | Jun 2023 5.0% | Sep 2023 5.6% | Dec 2023 4.5% | Mar 2024 4.3% | Jun 2024 4.8% | Sep 2024 4.7% | Dec 2024 4.3% | Mar 2025 3.2% | Jun 2025 5.1% | Sep 2025 5.0% | Dec 2025 4.9% | Mar 2026 4.3% | Jun 2026 —
- CURB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 1.8% | Mar 2024 — | Jun 2024 — | Sep 2024 -1.1% | Dec 2024 0.8% | Mar 2025 1.1% | Jun 2025 1.1% | Sep 2025 0.5% | Dec 2025 0.5% | Mar 2026 0.2% | Jun 2026 —
- AKR: Sep 2021 1.5% | Dec 2021 -0.3% | Mar 2022 2.0% | Jun 2022 -0.7% | Sep 2022 -4.0% | Dec 2022 -0.2% | Mar 2023 1.0% | Jun 2023 0.1% | Sep 2023 -0.7% | Dec 2023 -0.5% | Mar 2024 -0.3% | Jun 2024 0.1% | Sep 2024 0.5% | Dec 2024 0.0% | Mar 2025 -0.5% | Jun 2025 -0.8% | Sep 2025 -0.4% | Dec 2025 0.1% | Mar 2026 5.1% | Jun 2026 —
- UE: Sep 2021 3.0% | Dec 2021 4.3% | Mar 2022 0.9% | Jun 2022 1.2% | Sep 2022 1.1% | Dec 2022 1.4% | Mar 2023 -2.0% | Jun 2023 1.0% | Sep 2023 3.7% | Dec 2023 21% | Mar 2024 0.2% | Jun 2024 2.8% | Sep 2024 0.8% | Dec 2024 2.4% | Mar 2025 0.7% | Jun 2025 4.6% | Sep 2025 1.1% | Dec 2025 0.9% | Mar 2026 1.7% | Jun 2026 —
- FCPT: Sep 2021 2.6% | Dec 2021 2.6% | Mar 2022 2.4% | Jun 2022 3.1% | Sep 2022 2.5% | Dec 2022 2.2% | Mar 2023 2.2% | Jun 2023 2.1% | Sep 2023 2.1% | Dec 2023 2.0% | Mar 2024 2.0% | Jun 2024 2.0% | Sep 2024 2.0% | Dec 2024 1.9% | Mar 2025 1.9% | Jun 2025 2.0% | Sep 2025 2.0% | Dec 2025 1.9% | Mar 2026 2.0% | Jun 2026 —
- IVT: Sep 2021 0.2% | Dec 2021 -0.6% | Mar 2022 0.6% | Jun 2022 2.5% | Sep 2022 0.1% | Dec 2022 0.0% | Mar 2023 0.1% | Jun 2023 0.1% | Sep 2023 -0.1% | Dec 2023 0.2% | Mar 2024 0.2% | Jun 2024 0.1% | Sep 2024 0.0% | Dec 2024 0.6% | Mar 2025 0.4% | Jun 2025 5.7% | Sep 2025 0.3% | Dec 2025 0.1% | Mar 2026 0.3% | Jun 2026 —
- NTST: Sep 2021 0.5% | Dec 2021 0.3% | Mar 2022 0.3% | Jun 2022 0.2% | Sep 2022 0.2% | Dec 2022 0.3% | Mar 2023 0.2% | Jun 2023 -0.1% | Sep 2023 0.4% | Dec 2023 0.2% | Mar 2024 0.1% | Jun 2024 -0.2% | Sep 2024 -0.4% | Dec 2024 -0.4% | Mar 2025 0.1% | Jun 2025 0.2% | Sep 2025 0.0% | Dec 2025 0.1% | Mar 2026 0.4% | Jun 2026 0.4%
- GTY: Sep 2021 2.2% | Dec 2021 2.6% | Mar 2022 2.6% | Jun 2022 4.3% | Sep 2022 1.8% | Dec 2022 3.6% | Mar 2023 1.8% | Jun 2023 1.7% | Sep 2023 1.9% | Dec 2023 1.9% | Mar 2024 1.9% | Jun 2024 1.8% | Sep 2024 1.6% | Dec 2024 2.3% | Mar 2025 1.5% | Jun 2025 1.4% | Sep 2025 2.4% | Dec 2025 2.8% | Mar 2026 2.6% | Jun 2026 2.1%
- CBL: Sep 2021 -8.0% | Dec 2021 0.0% | Mar 2022 -8.5% | Jun 2022 -9.1% | Sep 2022 -3.9% | Dec 2022 1.3% | Mar 2023 0.1% | Jun 2023 -5.8% | Sep 2023 3.4% | Dec 2023 3.6% | Mar 2024 -0.1% | Jun 2024 1.4% | Sep 2024 5.0% | Dec 2024 12% | Mar 2025 2.8% | Jun 2025 0.7% | Sep 2025 24% | Dec 2025 14% | Mar 2026 14% | Jun 2026 —
- ALX: Sep 2021 5.7% | Dec 2021 33% | Mar 2022 6.3% | Jun 2022 6.5% | Sep 2022 6.8% | Dec 2022 5.4% | Mar 2023 4.7% | Jun 2023 25% | Sep 2023 4.3% | Dec 2023 6.9% | Mar 2024 7.1% | Jun 2024 24% | Sep 2024 3.0% | Dec 2024 5.9% | Mar 2025 32% | Jun 2025 32% | Sep 2025 3.7% | Dec 2025 2.7% | Mar 2026 3.7% | Jun 2026 —
- BFS: Sep 2021 3.5% | Dec 2021 3.3% | Mar 2022 3.4% | Jun 2022 3.2% | Sep 2022 2.9% | Dec 2022 2.9% | Mar 2023 3.4% | Jun 2023 3.3% | Sep 2023 3.2% | Dec 2023 3.4% | Mar 2024 3.5% | Jun 2024 3.8% | Sep 2024 3.8% | Dec 2024 2.1% | Mar 2025 2.6% | Jun 2025 2.8% | Sep 2025 2.8% | Dec 2025 1.7% | Mar 2026 2.5% | Jun 2026 —
- WSR: Sep 2021 0.8% | Dec 2021 0.7% | Mar 2022 1.9% | Jun 2022 1.2% | Sep 2022 1.0% | Dec 2022 4.9% | Mar 2023 1.0% | Jun 2023 3.0% | Sep 2023 0.7% | Dec 2023 0.7% | Mar 2024 2.2% | Jun 2024 0.6% | Sep 2024 1.8% | Dec 2024 3.3% | Mar 2025 0.9% | Jun 2025 1.2% | Sep 2025 4.3% | Dec 2025 3.6% | Mar 2026 0.8% | Jun 2026 —
- PINE: Sep 2021 0.6% | Dec 2021 5.1% | Mar 2022 0.5% | Jun 2022 6.9% | Sep 2022 4.6% | Dec 2022 2.1% | Mar 2023 1.4% | Jun 2023 0.0% | Sep 2023 -0.3% | Dec 2023 0.1% | Mar 2024 -0.1% | Jun 2024 0.1% | Sep 2024 1.2% | Dec 2024 -0.4% | Mar 2025 -0.5% | Jun 2025 -0.7% | Sep 2025 -0.6% | Dec 2025 0.6% | Mar 2026 0.8% | Jun 2026 1.5%
- SITC: Sep 2021 1.4% | Dec 2021 3.0% | Mar 2022 0.7% | Jun 2022 2.9% | Sep 2022 3.2% | Dec 2022 1.4% | Mar 2023 0.7% | Jun 2023 0.3% | Sep 2023 2.3% | Dec 2023 9.2% | Mar 2024 -1.6% | Jun 2024 11% | Sep 2024 14% | Dec 2024 -0.4% | Mar 2025 0.2% | Jun 2025 3.3% | Sep 2025 -0.4% | Dec 2025 32% | Mar 2026 0.2% | Jun 2026 —

### 20-quarter ROE change history
- SPG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.8 pp | Dec 2022 +4.6 pp | Mar 2023 +1.3 pp | Jun 2023 +0.9 pp | Sep 2023 +3.1 pp | Dec 2023 +4.1 pp | Mar 2024 +9.6 pp | Jun 2024 +1.4 pp | Sep 2024 −2.0 pp | Dec 2024 −1.7 pp | Mar 2025 −9.0 pp | Jun 2025 +3.3 pp | Sep 2025 +6.5 pp | Dec 2025 +47.5 pp | Mar 2026 −1.8 pp | Jun 2026 —
- O: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.8 pp | Mar 2023 −0.3 pp | Jun 2023 −0.5 pp | Sep 2023 −0.3 pp | Dec 2023 −0.1 pp | Mar 2024 −0.4 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 −0.1 pp | Mar 2025 +0.2 pp | Jun 2025 −0.2 pp | Sep 2025 0.0 pp | Dec 2025 +0.2 pp | Mar 2026 +0.2 pp | Jun 2026 —
- KIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.9 pp | Dec 2022 −1.5 pp | Mar 2023 −0.1 pp | Jun 2023 +2.8 pp | Sep 2023 +0.6 pp | Dec 2023 +2.0 pp | Mar 2024 −3.0 pp | Jun 2024 +0.1 pp | Sep 2024 +0.1 pp | Dec 2024 +0.1 pp | Mar 2025 +1.3 pp | Jun 2025 +0.3 pp | Sep 2025 0.0 pp | Dec 2025 −0.2 pp | Mar 2026 +0.4 pp | Jun 2026 —
- REG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 +0.5 pp | Mar 2023 −1.6 pp | Jun 2023 −0.3 pp | Sep 2023 0.0 pp | Dec 2023 −0.2 pp | Mar 2024 +0.1 pp | Jun 2024 +0.2 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 +1.7 pp | Mar 2026 +0.3 pp | Jun 2026 —
- FRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.4 pp | Dec 2022 −0.3 pp | Mar 2023 0.0 pp | Jun 2023 −0.2 pp | Sep 2023 −3.5 pp | Dec 2023 −1.8 pp | Mar 2024 −0.1 pp | Jun 2024 +1.6 pp | Sep 2024 +0.1 pp | Dec 2024 0.0 pp | Mar 2025 +0.2 pp | Jun 2025 +1.1 pp | Sep 2025 −0.1 pp | Dec 2025 +1.7 pp | Mar 2026 — | Jun 2026 —
- BRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +0.8 pp | Mar 2023 +1.1 pp | Jun 2023 −1.2 pp | Sep 2023 −0.7 pp | Dec 2023 −1.3 pp | Mar 2024 −0.9 pp | Jun 2024 +0.4 pp | Sep 2024 +1.2 pp | Dec 2024 +0.4 pp | Mar 2025 −0.7 pp | Jun 2025 +0.5 pp | Sep 2025 −0.2 pp | Dec 2025 +1.7 pp | Mar 2026 +1.9 pp | Jun 2026 —
- ADC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 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 −0.1 pp | Jun 2024 +0.2 pp | Sep 2024 −0.1 pp | Dec 2024 −0.1 pp | Mar 2025 0.0 pp | Jun 2025 −0.2 pp | Sep 2025 +0.1 pp | Dec 2025 +0.2 pp | Mar 2026 +0.1 pp | Jun 2026 —
- NNN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.4 pp | Mar 2023 +0.2 pp | Jun 2023 +0.6 pp | Sep 2023 +0.5 pp | Dec 2023 0.0 pp | Mar 2024 +0.1 pp | Jun 2024 +0.2 pp | Sep 2024 −0.3 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −0.3 pp | Sep 2025 −0.1 pp | Dec 2025 −0.1 pp | Mar 2026 −0.2 pp | Jun 2026 —
- MAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.2 pp | Dec 2022 +1.0 pp | Mar 2023 −0.8 pp | Jun 2023 +0.1 pp | Sep 2023 −9.5 pp | Dec 2023 +2.3 pp | Mar 2024 −3.0 pp | Jun 2024 +10.3 pp | Sep 2024 +5.5 pp | Dec 2024 −10.6 pp | Mar 2025 +3.0 pp | Jun 2025 −11.4 pp | Sep 2025 +0.9 pp | Dec 2025 +7.5 pp | Mar 2026 +0.6 pp | Jun 2026 —
- EPRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 +0.4 pp | Jun 2023 +0.4 pp | Sep 2023 +0.1 pp | Dec 2023 +0.2 pp | Mar 2024 −0.2 pp | Jun 2024 −0.4 pp | Sep 2024 −0.1 pp | Dec 2024 −0.1 pp | Mar 2025 0.0 pp | Jun 2025 +0.1 pp | Sep 2025 +0.3 pp | Dec 2025 +0.1 pp | Mar 2026 −0.1 pp | Jun 2026 0.0 pp
- KRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +3.8 pp | Mar 2023 +0.7 pp | Jun 2023 +0.3 pp | Sep 2023 +0.4 pp | Dec 2023 +0.2 pp | Mar 2024 +0.3 pp | Jun 2024 −2.2 pp | Sep 2024 +0.4 pp | Dec 2024 +0.4 pp | Mar 2025 +0.3 pp | Jun 2025 +4.7 pp | Sep 2025 −1.0 pp | Dec 2025 +5.0 pp | Mar 2026 −0.3 pp | Jun 2026 —
- PECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 +0.9 pp | Mar 2023 +0.2 pp | Jun 2023 −0.1 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 +0.1 pp | Jun 2024 +0.1 pp | Sep 2024 0.0 pp | Dec 2024 +0.2 pp | Mar 2025 +0.3 pp | Jun 2025 −0.2 pp | Sep 2025 +0.6 pp | Dec 2025 +1.2 pp | Mar 2026 +0.2 pp | Jun 2026 +1.2 pp
- SKT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.6 pp | Dec 2022 +0.6 pp | Mar 2023 +0.6 pp | Jun 2023 +1.0 pp | Sep 2023 +0.7 pp | Dec 2023 +0.7 pp | Mar 2024 −0.6 pp | Jun 2024 −0.2 pp | Sep 2024 −0.9 pp | Dec 2024 −0.2 pp | Mar 2025 −1.1 pp | Jun 2025 +0.3 pp | Sep 2025 +0.3 pp | Dec 2025 +0.6 pp | Mar 2026 +1.1 pp | Jun 2026 —
- CURB: 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 −1.1 pp | Dec 2024 −1.0 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +1.6 pp | Dec 2025 −0.3 pp | Mar 2026 −0.9 pp | Jun 2026 —
- AKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.5 pp | Dec 2022 +0.1 pp | Mar 2023 −1.0 pp | Jun 2023 +0.8 pp | Sep 2023 +3.3 pp | Dec 2023 −0.3 pp | Mar 2024 −1.3 pp | Jun 2024 0.0 pp | Sep 2024 +1.2 pp | Dec 2024 +0.5 pp | Mar 2025 −0.2 pp | Jun 2025 −0.9 pp | Sep 2025 −0.9 pp | Dec 2025 +0.1 pp | Mar 2026 +5.6 pp | Jun 2026 —
- UE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 −2.9 pp | Mar 2023 −2.9 pp | Jun 2023 −0.2 pp | Sep 2023 +2.6 pp | Dec 2023 +19.2 pp | Mar 2024 +2.2 pp | Jun 2024 +1.8 pp | Sep 2024 −2.9 pp | Dec 2024 −18.2 pp | Mar 2025 +0.5 pp | Jun 2025 +1.8 pp | Sep 2025 +0.3 pp | Dec 2025 −1.5 pp | Mar 2026 +1.0 pp | Jun 2026 —
- FCPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.4 pp | Mar 2023 −0.2 pp | Jun 2023 −1.0 pp | Sep 2023 −0.4 pp | Dec 2023 −0.2 pp | Mar 2024 −0.2 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 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp | Jun 2026 —
- IVT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +0.6 pp | Mar 2023 −0.5 pp | Jun 2023 −2.4 pp | Sep 2023 −0.2 pp | Dec 2023 +0.2 pp | Mar 2024 +0.1 pp | Jun 2024 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 +0.4 pp | Mar 2025 +0.2 pp | Jun 2025 +5.6 pp | Sep 2025 +0.3 pp | Dec 2025 −0.5 pp | Mar 2026 −0.1 pp | Jun 2026 —
- NTST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 0.0 pp | Mar 2023 −0.1 pp | Jun 2023 −0.3 pp | Sep 2023 +0.2 pp | Dec 2023 −0.1 pp | Mar 2024 −0.1 pp | Jun 2024 −0.1 pp | Sep 2024 −0.8 pp | Dec 2024 −0.6 pp | Mar 2025 0.0 pp | Jun 2025 +0.4 pp | Sep 2025 +0.4 pp | Dec 2025 +0.5 pp | Mar 2026 +0.3 pp | Jun 2026 +0.2 pp
- GTY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 +1.0 pp | Mar 2023 −0.8 pp | Jun 2023 −2.6 pp | Sep 2023 +0.1 pp | Dec 2023 −1.7 pp | Mar 2024 +0.1 pp | Jun 2024 +0.1 pp | Sep 2024 −0.3 pp | Dec 2024 +0.4 pp | Mar 2025 −0.4 pp | Jun 2025 −0.4 pp | Sep 2025 +0.8 pp | Dec 2025 +0.5 pp | Mar 2026 +1.1 pp | Jun 2026 +0.7 pp
- CBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.1 pp | Dec 2022 +1.3 pp | Mar 2023 +8.6 pp | Jun 2023 +3.3 pp | Sep 2023 +7.3 pp | Dec 2023 +2.3 pp | Mar 2024 −0.2 pp | Jun 2024 +7.2 pp | Sep 2024 +1.6 pp | Dec 2024 +8.1 pp | Mar 2025 +2.9 pp | Jun 2025 −0.7 pp | Sep 2025 +18.5 pp | Dec 2025 +2.7 pp | Mar 2026 +11.0 pp | Jun 2026 —
- ALX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 −27.7 pp | Mar 2023 −1.6 pp | Jun 2023 +18.4 pp | Sep 2023 −2.5 pp | Dec 2023 +1.5 pp | Mar 2024 +2.4 pp | Jun 2024 −0.5 pp | Sep 2024 −1.3 pp | Dec 2024 −1.0 pp | Mar 2025 +25.2 pp | Jun 2025 +8.0 pp | Sep 2025 +0.7 pp | Dec 2025 −3.2 pp | Mar 2026 −28.6 pp | Jun 2026 —
- BFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 −0.4 pp | Mar 2023 0.0 pp | Jun 2023 +0.1 pp | Sep 2023 +0.3 pp | Dec 2023 +0.5 pp | Mar 2024 +0.1 pp | Jun 2024 +0.5 pp | Sep 2024 +0.6 pp | Dec 2024 −1.3 pp | Mar 2025 −0.9 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −0.4 pp | Mar 2026 −0.1 pp | Jun 2026 —
- WSR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +4.2 pp | Mar 2023 −0.9 pp | Jun 2023 +1.8 pp | Sep 2023 −0.3 pp | Dec 2023 −4.2 pp | Mar 2024 +1.2 pp | Jun 2024 −2.4 pp | Sep 2024 +1.1 pp | Dec 2024 +2.6 pp | Mar 2025 −1.3 pp | Jun 2025 +0.6 pp | Sep 2025 +2.5 pp | Dec 2025 +0.3 pp | Mar 2026 −0.1 pp | Jun 2026 —
- PINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.0 pp | Dec 2022 −3.0 pp | Mar 2023 +0.9 pp | Jun 2023 −6.9 pp | Sep 2023 −4.9 pp | Dec 2023 −2.0 pp | Mar 2024 −1.5 pp | Jun 2024 +0.1 pp | Sep 2024 +1.5 pp | Dec 2024 −0.5 pp | Mar 2025 −0.4 pp | Jun 2025 −0.8 pp | Sep 2025 −1.8 pp | Dec 2025 +1.0 pp | Mar 2026 +1.3 pp | Jun 2026 +2.2 pp
- SITC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 −1.6 pp | Mar 2023 0.0 pp | Jun 2023 −2.6 pp | Sep 2023 −0.9 pp | Dec 2023 +7.8 pp | Mar 2024 −2.3 pp | Jun 2024 +10.2 pp | Sep 2024 +11.9 pp | Dec 2024 −9.6 pp | Mar 2025 +1.8 pp | Jun 2025 −7.2 pp | Sep 2025 −14.6 pp | Dec 2025 +32.0 pp | Mar 2026 0.0 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 | 0/26 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: Acadia Realty Trust has the lowest comparable P/BV ÷ ROE at 0.22×, 0% below CBL & Associates Properties, Inc.. Only 25 of 26 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: Acadia Realty Trust · 0.22× | 0% versus #2 · CBL & Associates Properties, Inc. | 0/8 recent comparable periods | 25/26 companies · 419 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. Acadia Realty Trust (AKR): 0.2
2. CBL & Associates Properties, Inc. (CBL): 0.2
3. Brixmor Property Group Inc. (BRX): 0.7
4. Federal Realty Investment Trust (FRT): 0.7 — older report
5. Alpine Income Property Trust, Inc. (PINE): 0.7

### P/BV — lowest P/BV
1. SITE Centers Corp. (SITC): 0.8
2. Alpine Income Property Trust, Inc. (PINE): 1.1
3. Acadia Realty Trust (AKR): 1.1
4. Whitestone REIT (WSR): 1.3
5. InvenTrust Properties Corp. (IVT): 1.3

### 20-quarter P/BV ÷ ROE history
- SPG: Sep 2021 0.5 | Dec 2021 1.1 | Mar 2022 1.1 | Jun 2022 0.7 | Sep 2022 0.7 | Dec 2022 0.7 | Mar 2023 0.9 | Jun 2023 0.9 | Sep 2023 0.7 | Dec 2023 0.7 | Mar 2024 0.7 | Jun 2024 1.1 | Sep 2024 1.3 | Dec 2024 0.9 | Mar 2025 1.5 | Jun 2025 1.1 | Sep 2025 1.2 | Dec 2025 0.2 | Mar 2026 1.1 | Jun 2026 —
- O: Sep 2021 1.7 | Dec 2021 — | Mar 2022 1.5 | Jun 2022 1.3 | Sep 2022 1.3 | Dec 2022 1.8 | Mar 2023 1.8 | Jun 2023 1.9 | Sep 2023 1.4 | Dec 2023 1.9 | Mar 2024 3.0 | Jun 2024 1.7 | Sep 2024 1.8 | Dec 2024 2.1 | Mar 2025 2.2 | Jun 2025 2.7 | Sep 2025 1.8 | Dec 2025 1.7 | Mar 2026 1.8 | Jun 2026 —
- KIM: Sep 2021 0.2 | Dec 2021 1.5 | Mar 2022 0.5 | Jun 2022 — | Sep 2022 2.0 | Dec 2022 — | Mar 2023 0.4 | Jun 2023 1.2 | Sep 2023 1.0 | Dec 2023 0.9 | Mar 2024 — | Jun 2024 1.0 | Sep 2024 1.2 | Dec 2024 0.9 | Mar 2025 1.1 | Jun 2025 0.9 | Sep 2025 1.1 | Dec 2025 0.9 | Mar 2026 0.9 | Jun 2026 —
- REG: Sep 2021 1.0 | Dec 2021 1.9 | Mar 2022 0.6 | Jun 2022 1.0 | Sep 2022 1.1 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.2 | Sep 2023 1.1 | Dec 2023 1.3 | Mar 2024 0.9 | Jun 2024 1.0 | Sep 2024 1.3 | Dec 2024 1.5 | Mar 2025 1.3 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 0.6 | Mar 2026 1.1 | Jun 2026 —
- FRT: Sep 2021 1.9 | Dec 2021 1.0 | Mar 2022 1.9 | Jun 2022 1.3 | Sep 2022 0.5 | Dec 2022 0.7 | Mar 2023 1.5 | Jun 2023 1.4 | Sep 2023 1.4 | Dec 2023 1.4 | Mar 2024 1.6 | Jun 2024 0.8 | Sep 2024 1.6 | Dec 2024 1.4 | Mar 2025 1.3 | Jun 2025 0.5 | Sep 2025 1.4 | Dec 2025 0.7 | Mar 2026 — | Jun 2026 —
- BRX: Sep 2021 1.4 | Dec 2021 0.9 | Mar 2022 1.0 | Jun 2022 0.7 | Sep 2022 0.7 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 1.2 | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 0.8 | Jun 2024 1.0 | Sep 2024 0.9 | Dec 2024 1.0 | Mar 2025 1.2 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.6 | Mar 2026 0.7 | Jun 2026 —
- ADC: Sep 2021 1.1 | Dec 2021 1.4 | Mar 2022 1.2 | Jun 2022 1.5 | Sep 2022 1.3 | Dec 2022 1.4 | Mar 2023 1.3 | Jun 2023 1.4 | Sep 2023 1.2 | Dec 2023 1.4 | Mar 2024 1.2 | Jun 2024 1.1 | Sep 2024 1.8 | Dec 2024 1.7 | Mar 2025 1.7 | Jun 2025 1.6 | Sep 2025 1.5 | Dec 2025 1.4 | Mar 2026 1.5 | Jun 2026 —
- NNN: Sep 2021 0.9 | Dec 2021 1.1 | Mar 2022 1.0 | Jun 2022 1.1 | Sep 2022 0.9 | Dec 2022 0.9 | Mar 2023 0.9 | Jun 2023 0.8 | Sep 2023 0.6 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 0.8 | Dec 2025 0.8 | Mar 2026 0.9 | Jun 2026 —
- MAC: Sep 2021 0.3 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 8.5 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.6 | Mar 2024 — | Jun 2024 0.1 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EPRT: Sep 2021 1.1 | Dec 2021 1.1 | Mar 2022 1.1 | Jun 2022 0.7 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 0.6 | Sep 2023 0.7 | Dec 2023 0.8 | Mar 2024 0.9 | Jun 2024 0.9 | Sep 2024 1.2 | Dec 2024 1.0 | Mar 2025 1.1 | Jun 2025 0.9 | Sep 2025 0.8 | Dec 2025 0.8 | Mar 2026 1.0 | Jun 2026 0.8
- KRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.9 | Sep 2022 — | Dec 2022 — | Mar 2023 12.4 | Jun 2023 1.7 | Sep 2023 12.9 | Dec 2023 7.1 | Mar 2024 3.4 | Jun 2024 — | Sep 2024 3.5 | Dec 2024 2.8 | Mar 2025 2.1 | Jun 2025 0.5 | Sep 2025 — | Dec 2025 0.3 | Mar 2026 4.4 | Jun 2026 —
- PECO: Sep 2021 2.3 | Dec 2021 — | Mar 2022 3.6 | Jun 2022 2.5 | Sep 2022 2.9 | Dec 2022 2.8 | Mar 2023 2.5 | Jun 2023 3.0 | Sep 2023 3.6 | Dec 2023 3.2 | Mar 2024 2.4 | Jun 2024 2.5 | Sep 2024 4.1 | Dec 2024 2.5 | Mar 2025 1.8 | Jun 2025 3.8 | Sep 2025 1.7 | Dec 2025 1.0 | Mar 2026 1.6 | Jun 2026 1.3
- SKT: Sep 2021 — | Dec 2021 1.3 | Mar 2022 0.9 | Jun 2022 0.8 | Sep 2022 0.6 | Dec 2022 1.0 | Mar 2023 0.9 | Jun 2023 1.0 | Sep 2023 0.9 | Dec 2023 1.2 | Mar 2024 1.4 | Jun 2024 1.1 | Sep 2024 1.4 | Dec 2024 1.4 | Mar 2025 1.9 | Jun 2025 1.1 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 1.4 | Jun 2026 —
- CURB: 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 1.6 | Mar 2025 1.2 | Jun 2025 1.1 | Sep 2025 2.4 | Dec 2025 2.6 | Mar 2026 7.2 | Jun 2026 —
- AKR: Sep 2021 0.8 | Dec 2021 — | Mar 2022 0.6 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.8 | Jun 2023 8.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 10.6 | Sep 2024 2.8 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 12.1 | Mar 2026 0.2 | Jun 2026 —
- UE: Sep 2021 0.7 | Dec 2021 0.5 | Mar 2022 2.5 | Jun 2022 1.5 | Sep 2022 1.5 | Dec 2022 1.2 | Mar 2023 — | Jun 2023 2.0 | Sep 2023 0.5 | Dec 2023 0.1 | Mar 2024 9.0 | Jun 2024 0.7 | Sep 2024 2.7 | Dec 2024 0.9 | Mar 2025 2.7 | Jun 2025 0.4 | Sep 2025 1.8 | Dec 2025 2.1 | Mar 2026 1.2 | Jun 2026 —
- FCPT: Sep 2021 0.9 | Dec 2021 1.0 | Mar 2022 0.9 | Jun 2022 0.7 | Sep 2022 0.8 | Dec 2022 0.9 | Mar 2023 0.9 | Jun 2023 0.9 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 1.0 | Mar 2025 1.1 | Jun 2025 0.9 | Sep 2025 0.8 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 —
- IVT: Sep 2021 4.2 | Dec 2021 — | Mar 2022 2.2 | Jun 2022 0.4 | Sep 2022 8.9 | Dec 2022 — | Mar 2023 10.0 | Jun 2023 9.9 | Sep 2023 — | Dec 2023 5.6 | Mar 2024 5.7 | Jun 2024 11.0 | Sep 2024 — | Dec 2024 2.2 | Mar 2025 3.3 | Jun 2025 0.2 | Sep 2025 4.1 | Dec 2025 12.2 | Mar 2026 4.5 | Jun 2026 —
- NTST: Sep 2021 2.8 | Dec 2021 4.3 | Mar 2022 4.2 | Jun 2022 5.3 | Sep 2022 4.9 | Dec 2022 3.4 | Mar 2023 5.1 | Jun 2023 — | Sep 2023 2.2 | Dec 2023 5.2 | Mar 2024 10.7 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 9.9 | Jun 2025 5.4 | Sep 2025 — | Dec 2025 11.4 | Mar 2026 3.1 | Jun 2026 3.4
- GTY: Sep 2021 0.9 | Dec 2021 0.8 | Mar 2022 0.7 | Jun 2022 0.4 | Sep 2022 0.9 | Dec 2022 0.6 | Mar 2023 1.2 | Jun 2023 1.2 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 1.1 | Dec 2024 0.8 | Mar 2025 1.2 | Jun 2025 1.1 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.7 | Jun 2026 0.9
- CBL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.5 | Mar 2023 22.7 | Jun 2023 — | Sep 2023 0.6 | Dec 2023 0.6 | Mar 2024 — | Jun 2024 1.7 | Sep 2024 0.5 | Dec 2024 0.2 | Mar 2025 1.0 | Jun 2025 3.9 | Sep 2025 0.1 | Dec 2025 0.2 | Mar 2026 0.2 | Jun 2026 —
- ALX: Sep 2021 1.2 | Dec 2021 0.2 | Mar 2022 0.8 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 0.9 | Mar 2023 1.0 | Jun 2023 0.1 | Sep 2023 0.9 | Dec 2023 0.7 | Mar 2024 0.7 | Jun 2024 0.2 | Sep 2024 2.2 | Dec 2024 1.0 | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 2.5 | Dec 2025 3.8 | Mar 2026 3.6 | Jun 2026 —
- BFS: Sep 2021 0.7 | Dec 2021 0.9 | Mar 2022 0.9 | Jun 2022 0.9 | Sep 2022 0.8 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 0.7 | Sep 2023 0.7 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 0.8 | Dec 2024 1.3 | Mar 2025 1.0 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 1.5 | Mar 2026 1.1 | Jun 2026 —
- WSR: Sep 2021 1.5 | Dec 2021 1.8 | Mar 2022 0.9 | Jun 2022 1.1 | Sep 2022 1.0 | Dec 2022 0.2 | Mar 2023 1.1 | Jun 2023 0.4 | Sep 2023 1.6 | Dec 2023 2.1 | Mar 2024 0.7 | Jun 2024 2.7 | Sep 2024 0.9 | Dec 2024 0.3 | Mar 2025 1.9 | Jun 2025 1.2 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 1.6 | Jun 2026 —
- PINE: Sep 2021 1.9 | Dec 2021 0.2 | Mar 2022 2.1 | Jun 2022 0.1 | Sep 2022 0.2 | Dec 2022 0.5 | Mar 2023 0.6 | Jun 2023 — | Sep 2023 — | Dec 2023 9.2 | Mar 2024 — | Jun 2024 8.7 | Sep 2024 0.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.5 | Mar 2026 1.2 | Jun 2026 0.7
- SITC: Sep 2021 1.2 | Dec 2021 0.6 | Mar 2022 2.5 | Jun 2022 0.5 | Sep 2022 0.3 | Dec 2022 1.0 | Mar 2023 1.8 | Jun 2023 4.5 | Sep 2023 0.6 | Dec 2023 0.1 | Mar 2024 — | Jun 2024 0.1 | Sep 2024 0.0 | Dec 2024 — | Mar 2025 6.5 | Jun 2025 0.4 | Sep 2025 — | Dec 2025 0.0 | Mar 2026 4.2 | Jun 2026 —

### 20-quarter P/BV history
- SPG: Sep 2021 12.6 | Dec 2021 15.6 | Mar 2022 13.3 | Jun 2022 10.1 | Sep 2022 9.7 | Dec 2022 12.2 | Mar 2023 12.2 | Jun 2023 13.2 | Sep 2023 11.9 | Dec 2023 15.4 | Mar 2024 16.4 | Jun 2024 16.8 | Sep 2024 20.3 | Dec 2024 19.1 | Mar 2025 20.8 | Jun 2025 21.4 | Sep 2025 26.1 | Dec 2025 11.6 | Mar 2026 12.5 | Jun 2026 —
- O: Sep 2021 1.9 | Dec 2021 1.7 | Mar 2022 1.6 | Jun 2022 1.6 | Sep 2022 1.4 | Dec 2022 1.5 | Mar 2023 1.5 | Jun 2023 1.4 | Sep 2023 1.1 | Dec 2023 1.3 | Mar 2024 1.2 | Jun 2024 1.2 | Sep 2024 1.4 | Dec 2024 1.2 | Mar 2025 1.3 | Jun 2025 1.4 | Sep 2025 1.4 | Dec 2025 1.3 | Mar 2026 1.5 | Jun 2026 —
- KIM: Sep 2021 1.3 | Dec 2021 1.5 | Mar 2022 1.5 | Jun 2022 1.3 | Sep 2022 1.2 | Dec 2022 1.4 | Mar 2023 1.3 | Jun 2023 1.3 | Sep 2023 1.1 | Dec 2023 1.4 | Mar 2024 1.2 | Jun 2024 1.2 | Sep 2024 1.5 | Dec 2024 1.5 | Mar 2025 1.4 | Jun 2025 1.4 | Sep 2025 1.4 | Dec 2025 1.3 | Mar 2026 1.5 | Jun 2026 —
- REG: Sep 2021 1.9 | Dec 2021 2.1 | Mar 2022 2.0 | Jun 2022 1.7 | Sep 2022 1.5 | Dec 2022 1.8 | Mar 2023 1.7 | Jun 2023 1.7 | Sep 2023 1.6 | Dec 2023 1.8 | Mar 2024 1.6 | Jun 2024 1.7 | Sep 2024 1.9 | Dec 2024 2.0 | Mar 2025 2.0 | Jun 2025 1.9 | Sep 2025 2.0 | Dec 2025 1.8 | Mar 2026 2.0 | Jun 2026 —
- FRT: Sep 2021 3.7 | Dec 2021 4.2 | Mar 2022 3.7 | Jun 2022 2.8 | Sep 2022 2.5 | Dec 2022 2.8 | Mar 2023 2.8 | Jun 2023 2.7 | Sep 2023 2.6 | Dec 2023 2.9 | Mar 2024 2.9 | Jun 2024 2.8 | Sep 2024 3.1 | Dec 2024 3.0 | Mar 2025 2.6 | Jun 2025 2.5 | Sep 2025 2.7 | Dec 2025 2.7 | Mar 2026 — | Jun 2026 —
- BRX: Sep 2021 2.4 | Dec 2021 2.8 | Mar 2022 2.8 | Jun 2022 2.2 | Sep 2022 2.0 | Dec 2022 2.4 | Mar 2023 2.2 | Jun 2023 2.3 | Sep 2023 2.2 | Dec 2023 2.5 | Mar 2024 2.5 | Jun 2024 2.4 | Sep 2024 2.9 | Dec 2024 2.9 | Mar 2025 2.8 | Jun 2025 2.7 | Sep 2025 2.8 | Dec 2025 2.7 | Mar 2026 2.9 | Jun 2026 —
- ADC: Sep 2021 1.4 | Dec 2021 1.5 | Mar 2022 1.4 | Jun 2022 1.5 | Sep 2022 1.3 | Dec 2022 1.4 | Mar 2023 1.3 | Jun 2023 1.3 | Sep 2023 1.1 | Dec 2023 1.2 | Mar 2024 1.1 | Jun 2024 1.2 | Sep 2024 1.5 | Dec 2024 1.4 | Mar 2025 1.5 | Jun 2025 1.4 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 1.5 | Jun 2026 —
- NNN: Sep 2021 1.8 | Dec 2021 2.2 | Mar 2022 2.0 | Jun 2022 1.9 | Sep 2022 1.8 | Dec 2022 2.0 | Mar 2023 1.9 | Jun 2023 1.9 | Sep 2023 1.6 | Dec 2023 1.9 | Mar 2024 1.9 | Jun 2024 1.9 | Sep 2024 2.1 | Dec 2024 1.8 | Mar 2025 1.8 | Jun 2025 1.9 | Sep 2025 1.8 | Dec 2025 1.7 | Mar 2026 1.8 | Jun 2026 —
- MAC: Sep 2021 1.2 | Dec 2021 1.2 | Mar 2022 1.1 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 1.4 | Mar 2024 1.6 | Jun 2024 1.3 | Sep 2024 1.6 | Dec 2024 1.8 | Mar 2025 1.6 | Jun 2025 1.6 | Sep 2025 1.8 | Dec 2025 1.9 | Mar 2026 2.0 | Jun 2026 —
- EPRT: Sep 2021 1.8 | Dec 2021 1.8 | Mar 2022 1.5 | Jun 2022 1.3 | Sep 2022 1.1 | Dec 2022 1.3 | Mar 2023 1.4 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.5 | Sep 2024 1.9 | Dec 2024 1.7 | Mar 2025 1.7 | Jun 2025 1.7 | Sep 2025 1.5 | Dec 2025 1.5 | Mar 2026 1.5 | Jun 2026 1.5
- KRG: Sep 2021 1.4 | Dec 2021 1.2 | Mar 2022 1.3 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 1.3 | Sep 2023 1.3 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.4 | Sep 2024 1.7 | Dec 2024 1.7 | Mar 2025 1.5 | Jun 2025 1.5 | Sep 2025 1.5 | Dec 2025 1.6 | Mar 2026 1.7 | Jun 2026 —
- PECO: Sep 2021 1.6 | Dec 2021 1.7 | Mar 2022 1.8 | Jun 2022 1.7 | Sep 2022 1.5 | Dec 2022 1.7 | Mar 2023 1.7 | Jun 2023 1.8 | Sep 2023 1.8 | Dec 2023 1.9 | Mar 2024 1.9 | Jun 2024 1.8 | Sep 2024 2.1 | Dec 2024 2.0 | Mar 2025 2.0 | Jun 2025 1.9 | Sep 2025 1.9 | Dec 2025 2.0 | Mar 2026 2.1 | Jun 2026 2.2
- SKT: Sep 2021 3.7 | Dec 2021 4.2 | Mar 2022 3.7 | Jun 2022 3.0 | Sep 2022 2.9 | Dec 2022 3.8 | Mar 2023 4.3 | Jun 2023 4.8 | Sep 2023 4.9 | Dec 2023 5.3 | Mar 2024 5.8 | Jun 2024 5.4 | Sep 2024 6.4 | Dec 2024 5.9 | Mar 2025 6.0 | Jun 2025 5.5 | Sep 2025 5.5 | Dec 2025 5.4 | Mar 2026 5.8 | Jun 2026 —
- CURB: 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 1.3 | Dec 2024 1.3 | Mar 2025 1.3 | Jun 2025 1.3 | Sep 2025 1.2 | Dec 2025 1.3 | Mar 2026 1.4 | Jun 2026 —
- AKR: Sep 2021 1.2 | Dec 2021 1.3 | Mar 2022 1.2 | Jun 2022 0.9 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 1.1 | Sep 2024 1.4 | Dec 2024 1.4 | Mar 2025 1.2 | Jun 2025 1.1 | Sep 2025 1.2 | Dec 2025 1.2 | Mar 2026 1.1 | Jun 2026 —
- UE: Sep 2021 2.2 | Dec 2021 2.2 | Mar 2022 2.3 | Jun 2022 1.8 | Sep 2022 1.6 | Dec 2022 1.7 | Mar 2023 1.9 | Jun 2023 2.0 | Sep 2023 1.9 | Dec 2023 1.9 | Mar 2024 1.8 | Jun 2024 1.9 | Sep 2024 2.1 | Dec 2024 2.1 | Mar 2025 1.9 | Jun 2025 1.8 | Sep 2025 2.0 | Dec 2025 1.9 | Mar 2026 2.0 | Jun 2026 —
- FCPT: Sep 2021 2.4 | Dec 2021 2.5 | Mar 2022 2.2 | Jun 2022 2.2 | Sep 2022 1.9 | Dec 2022 2.0 | Mar 2023 2.0 | Jun 2023 1.8 | Sep 2023 1.6 | Dec 2023 1.8 | Mar 2024 1.8 | Jun 2024 1.8 | Sep 2024 2.1 | Dec 2024 1.9 | Mar 2025 2.0 | Jun 2025 1.9 | Sep 2025 1.7 | Dec 2025 1.5 | Mar 2026 1.6 | Jun 2026 —
- IVT: Sep 2021 0.8 | Dec 2021 1.2 | Mar 2022 1.3 | Jun 2022 1.1 | Sep 2022 0.9 | Dec 2022 1.0 | Mar 2023 1.0 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.1 | Sep 2024 1.3 | Dec 2024 1.3 | Mar 2025 1.3 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 1.2 | Mar 2026 1.3 | Jun 2026 —
- NTST: Sep 2021 1.4 | Dec 2021 1.3 | Mar 2022 1.3 | Jun 2022 1.1 | Sep 2022 1.0 | Dec 2022 1.0 | Mar 2023 1.0 | Jun 2023 1.0 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 1.1 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.2 | Dec 2025 1.1 | Mar 2026 1.2 | Jun 2026 1.4
- GTY: Sep 2021 1.9 | Dec 2021 2.0 | Mar 2022 1.8 | Jun 2022 1.6 | Sep 2022 1.7 | Dec 2022 2.1 | Mar 2023 2.1 | Jun 2023 2.0 | Sep 2023 1.6 | Dec 2023 1.7 | Mar 2024 1.6 | Jun 2024 1.5 | Sep 2024 1.8 | Dec 2024 1.7 | Mar 2025 1.8 | Jun 2025 1.6 | Sep 2025 1.5 | Dec 2025 1.5 | Mar 2026 1.8 | Jun 2026 1.8
- CBL: Sep 2021 — | Dec 2021 1.6 | Mar 2022 2.1 | Jun 2022 1.6 | Sep 2022 1.8 | Dec 2022 2.0 | Mar 2023 2.3 | Jun 2023 2.1 | Sep 2023 2.0 | Dec 2023 2.3 | Mar 2024 2.3 | Jun 2024 2.4 | Sep 2024 2.6 | Dec 2024 2.8 | Mar 2025 2.8 | Jun 2025 2.7 | Sep 2025 2.7 | Dec 2025 3.0 | Mar 2026 3.0 | Jun 2026 —
- ALX: Sep 2021 6.9 | Dec 2021 5.3 | Mar 2022 5.1 | Jun 2022 4.5 | Sep 2022 4.3 | Dec 2022 4.8 | Mar 2023 4.5 | Jun 2023 3.5 | Sep 2023 3.7 | Dec 2023 4.6 | Mar 2024 4.8 | Jun 2024 5.4 | Sep 2024 6.5 | Dec 2024 5.8 | Mar 2025 6.6 | Jun 2025 7.9 | Sep 2025 9.3 | Dec 2025 10.2 | Mar 2026 13.3 | Jun 2026 —
- BFS: Sep 2021 2.4 | Dec 2021 3.1 | Mar 2022 3.1 | Jun 2022 2.8 | Sep 2022 2.2 | Dec 2022 2.4 | Mar 2023 2.4 | Jun 2023 2.2 | Sep 2023 2.2 | Dec 2023 2.7 | Mar 2024 2.7 | Jun 2024 2.6 | Sep 2024 3.0 | Dec 2024 2.8 | Mar 2025 2.7 | Jun 2025 2.6 | Sep 2025 2.5 | Dec 2025 2.5 | Mar 2026 2.7 | Jun 2026 —
- WSR: Sep 2021 1.2 | Dec 2021 1.3 | Mar 2022 1.6 | Jun 2022 1.3 | Sep 2022 1.0 | Dec 2022 1.1 | 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 1.6 | Dec 2024 1.1 | Mar 2025 1.7 | Jun 2025 1.5 | Sep 2025 1.4 | Dec 2025 1.1 | Mar 2026 1.3 | Jun 2026 —
- PINE: Sep 2021 1.1 | Dec 2021 1.2 | Mar 2022 1.1 | Jun 2022 1.0 | Sep 2022 0.8 | Dec 2022 1.0 | Mar 2023 0.9 | Jun 2023 0.8 | Sep 2023 0.9 | Dec 2023 0.9 | Mar 2024 0.8 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 1.0 | Mar 2025 1.0 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 1.0 | Jun 2026 1.1
- SITC: Sep 2021 1.6 | Dec 2021 1.6 | Mar 2022 1.7 | Jun 2022 1.4 | Sep 2022 1.1 | Dec 2022 1.4 | Mar 2023 1.3 | Jun 2023 1.4 | Sep 2023 1.3 | Dec 2023 1.3 | Mar 2024 1.4 | Jun 2024 1.3 | Sep 2024 0.4 | Dec 2024 1.5 | Mar 2025 1.3 | Jun 2025 1.2 | Sep 2025 1.5 | Dec 2025 1.0 | Mar 2026 0.8 | Jun 2026 —

## Market action

CBL & Associates Properties, Inc. has the strongest one-year price move in REIT - Retail at +126.1%. It also leads on Mansfield relative strength against the S&P 500 at +44.3%. 22 of 26 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. CBL & Associates Properties, Inc. (CBL): 126%
2. The Macerich Company (MAC): 64%
3. Whitestone REIT (WSR): 53%
4. Simon Property Group, Inc. (SPG): 47%
5. Curbline Properties Corp. (CURB): 45%

### Strongest relative strength versus NIFTY 500
1. CBL & Associates Properties, Inc. (CBL): 44%
2. The Macerich Company (MAC): 24%
3. Whitestone REIT (WSR): 16%
4. Curbline Properties Corp. (CURB): 15%
5. Simon Property Group, Inc. (SPG): 14%

## 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.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 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
- Simon Property Group, Inc. (SPG) — market value ₹90.0K Cr; latest fundamentals Mar 2026
- Realty Income Corporation (O) — market value ₹61.5K Cr; latest fundamentals Mar 2026
- Kimco Realty Corporation (KIM) — market value ₹17.7K Cr; latest fundamentals Mar 2026
- Regency Centers Corporation (REG) — market value ₹15.1K Cr; latest fundamentals Mar 2026
- Federal Realty Investment Trust (FRT) — market value ₹11.0K Cr; latest fundamentals Dec 2025
- Brixmor Property Group Inc. (BRX) — market value ₹9.8K Cr; latest fundamentals Mar 2026
- Agree Realty Corporation (ADC) — market value ₹9.8K Cr; latest fundamentals Mar 2026
- NNN REIT, Inc. (NNN) — market value ₹9.4K Cr; latest fundamentals Mar 2026
- The Macerich Company (MAC) — market value ₹8.2K Cr; latest fundamentals Mar 2026
- Essential Properties Realty Trust, Inc. (EPRT) — market value ₹7.0K Cr; latest fundamentals Jun 2026
- Kite Realty Group Trust (KRG) — market value ₹6.1K Cr; latest fundamentals Mar 2026
- Phillips Edison & Company, Inc. (PECO) — market value ₹6.0K Cr; latest fundamentals Jun 2026
- Tanger Inc. (SKT) — market value ₹5.0K Cr; latest fundamentals Mar 2026
- Curbline Properties Corp. (CURB) — market value ₹3.6K Cr; latest fundamentals Mar 2026
- Acadia Realty Trust (AKR) — market value ₹3.1K Cr; latest fundamentals Mar 2026
- Urban Edge Properties (UE) — market value ₹3.1K Cr; latest fundamentals Mar 2026
- Four Corners Property Trust, Inc. (FCPT) — market value ₹2.9K Cr; latest fundamentals Mar 2026
- InvenTrust Properties Corp. (IVT) — market value ₹2.8K Cr; latest fundamentals Mar 2026
- NETSTREIT Corp. (NTST) — market value ₹2.2K Cr; latest fundamentals Jun 2026
- Getty Realty Corp. (GTY) — market value ₹2.2K Cr; latest fundamentals Jun 2026
- CBL & Associates Properties, Inc. (CBL) — market value ₹1.9K Cr; latest fundamentals Mar 2026
- Alexander's, Inc. (ALX) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- Saul Centers, Inc. (BFS) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- Whitestone REIT (WSR) — market value ₹988 Cr; latest fundamentals Mar 2026
- Alpine Income Property Trust, Inc. (PINE) — market value ₹385 Cr; latest fundamentals Jun 2026
- SITE Centers Corp. (SITC) — market value ₹235 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 - Retail company is the biggest?

Simon Property Group, Inc. is the largest, with trailing-twelve-month income of $6,648 million, ahead of Realty Income Corporation at $5,918 million. That covers 21 of 26 companies with comparable reporting through Mar 2026.

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

Curbline Properties Corp. has the fastest income growth at 53% year on year, across 21 of 26 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 - Retail company makes the most profit?

Simon Property Group, Inc. earns the most, at $5,456 million of trailing-twelve-month net profit, from 21 of 26 comparable companies. CBL & Associates Properties, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

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

CBL & Associates Properties, Inc. leads on return on assets at 9.8%, across 26 of 26 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 - Retail stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Acadia Realty Trust screens cheapest at 0.22×. Only 25 of 26 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 - Retail sector beating the market?

REIT - Retail has outperformed S&P 500 by 5.4% over the last 52 weeks and 5.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 22 of 26 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

CBL & Associates Properties, Inc. 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 - Retail company scores highest for research priority?

CBL & Associates Properties, Inc. scores 67.6 out of 100 with 70% evidence confidence, from 21.5 points on growth and earnings, 18.6 on capital efficiency, 10.5 on valuation and 17 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 - Retail companies does this comparison cover, and over what period?

It compares 26 listed companies over up to 20 reported quarters of fundamentals and 6 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 - Retail sector?

The 26 REIT - Retail companies on this page carry $282,430 million of combined market value. Simon Property Group, Inc. is the largest at $90,030 million, about 32% 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 - Retail sector's P/B ratio?

The median price-to-book ratio across the 26 REIT - Retail companies on this page is 1.8×, measured on the 26 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 - Retail sector performing?

22 of the 26 covered REIT - Retail companies are beating S&P 500 on Mansfield relative strength. The sector itself is 5.4% 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 - Retail stocks are listed in the US?

This comparison covers 26 listed REIT - Retail 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-retail