5/13: CPI, SATS/Cell Towers, HIW sale, WD HUD, APLE/DRH/INN/PK/RHP/RLJ/SHO/XHR/STWD/BXP Est

Research evidence excerpt

5/13: CPI, SATS/Cell Towers, HIW sale, WD HUD, APLE/DRH/INN/PK/RHP/RLJ/SHO/XHR/STWD/BXP Est

REITs

Apartments - Market Weight

CRE Services - Market Weight

Lodging - Market Weight

Mortgage REIT - Market Weight

Net Lease - Market Weight

5/13: CPI, SATS/Cell Towers, HIW sale, WD HUD, APLE/ May 13, 2026

DRH/INN/PK/RHP/RLJ/SHO/XHR/STWD/BXP Est

The Wolfe Byte

The Wolfe Research daily or "Fresh" as we like to call it provides analysis on names in our sectors that we find

stock impacting, estimate updates, and earnings reports. We also include daily news on a real time basis that we

think moves stocks. Enjoy!

We highlight (1) CPI (2) NMRK/WD financing deals (3) CIGI NCIB (4) WPC YTD investment volume (5) HIW sale

(6) Demand for office around Penn station (7) 2026 tech gateway office market (8) US office market reports (9) FCC

approved EchoStar's spectrum sale (10) BXP/APLE/DRH/HST/INN/PK/RHP/RLJ/SHO/XHR/STWD estimates

We have gotten a bunch of last minute requests late Friday on BXDC research/valuation. See here for prior research

and let us know if we can help. Thanks

●The consumer price index increased 0.6% in April on a seasonally adjusted basis, or up 3.8% Y/Y. Rental inflation

showed a small uptick, similar to the recent trend in asking rents (Exhibit 2).

●HIW sold a Nashville office tower at a ~6.7% cap rate.

●WD arranged a record $130 million HUD construction loan in Denver, a positive sign for capital markets activity

and financing demand.

●The FCC required an escrow account for Echostar to cover unpaid vendors, a potential modest positive for cell

tower REITs, although the size of the escrow is limited.

●We update 9 hotel models (APLE/DRH/INN/PK/RHP/RLJ/SHO/XHR) with our estimates raised across the board,

with the biggest increases from RLJ/SHO.