Just GREAT (Issue 138)

Research evidence excerpt

Just GREAT (Issue 138)

Global | Property & Real Estate EquityMayResearch12, 2026

Global Real Estate InsightsJust GREAT (Issue 138)

Our Global Real Estate Analytic Tables ('GREAT') report draws together

data from 153 stocks Jefferies RE analysts cover globally into a fortnightly

document. Jefferies' analysts raised 14 PTs and lowered 4 PTs.

.

PT changes Prev. New PT changes Prev. New Source: Shutterstock

Conti. Europe US

Cibus Nordic Real Estate AB 160 155 Public Storage 330 350

Fastighets AB Balder 70 62 SBA Communications Corporation 213 211

US Australia

CBRE Group Inc 169 170 BWP Trust 3.63 3.98

CubeSmart 37 42 Dexus 6.10 6.07

Easterly Government Properties, Inc. 23 24 Vicinity Centres 2.34 2.47

Equinix, Inc. 1,220 1,280 India

Extra Space Storage, Inc. 156 165 Godrej Properties Ltd 2,420 2,475

Iron Mountain Inc 123 148 Mindspace Business Parks REIT 527 545

National Storage Affiliates Trust 46 49 Oberoi Realty Ltd 1,680 1,735

. Sobha Ltd 1,385 1,450

Source: Jefferies

REIT Week: HALO & PACE Despite ongoing tensions in the Strait of Hormuz, the ceasefire remains in

place and the oil price fell 11% to $101/bbl, with REITs +1%. BBOX (+1%) trading update highlighted

+28% rental reversions & reiterated +50% earnings ambition by FY30, and THRL (+4%) trading

update saw NAV +1% with the qtr delivering TAR of 2.3%.

REITonomics Downgrade Feedback We summarise client feedback in the first week of marketing

our 2Q REITonomics downgrade note (link), along with our assessment of macro conditions, sector

structure and asset-level risks. REITs have performed poorly for 3+ years, but remain a leading

indicator to the £1tn direct market representing c. one third of UK GDP.

Thinking Outside the (Big) Box #7 The Jefferies EMEA Real Estate team publishes a quarterly report