Self Storage REITs: BofA’s 1Q26 Storage REIT Quarterly: Ests largely unchanged, tracking peak leasing

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Self Storage REITs: BofA’s 1Q26 Storage REIT Quarterly: Ests largely unchanged, tracking peak leasing

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Self Storage REITs

BofA’s 1Q26 Storage REIT Quarterly: Ests

largely unchanged, tracking peak leasing

Industry Overview

Cautious optimism as REITs hold guidance 19 May 2026

All three storage REITs maintained FY26 guidance despite an in-line to modestly better Equity

start to ’26 than budgeted, with EXR & PSA beating consensus FFO and CUBE reporting United States

in line. Management teams pointed to the early stage of the year, the upcoming peak REITs

leasing season and broader macro uncertainty as reasons to hold off on making Samir Khanal

adjustments. Sentiment from private operators at the Newmark Symposium in May Research Analyst

echoed a similar tone of cautious optimism, supported by improving rental trends in BofAS+1 646 855 1497

April/early May, with the continued lack of new supply flagged as a key positive given samir.khanal@bofa.com

longer entitlement timeline, higher construction costs and extended lease up periods. Jeffrey Spector

Research Analyst

BofAS

+1 646 855 1363Top-line trends improved through April and into May

jeff.spector@bofa.com

SS revenue growth turned flat to positive across the public REITs (EXR +1.7%, CUBE

Daniel Byun

+0.6%, PSA flat) as Y/Y occupancy gaps continued to narrow. Move-in rates were Research Analyst

positive Y/Y for EXR & CUBE (~+2% in April), while PSA improved sequentially. BofAS

+1 646 855 3195

Sequential gains in new customer rates and narrowing occ. gaps are finally beginning to daniel.byun@bofa.com

flow through to top-line growth for the REITs & we will monitor whether these trends REITs Team

are sustained and translate more meaningfully into SS revenue growth over the coming BofAS

quarters.