Fresh 5/20: Atlanta/SF RevPAR, LA Storage (+PSA-doesn't look like in 27 Cons), AMT Debt, HPP Est

Research evidence excerpt

Fresh 5/20: Atlanta/SF RevPAR, LA Storage (+PSA-doesn't look like in 27 Cons), AMT Debt, HPP Est

REITs

CRE Services - Market Weight

Storage - Market Weight

Technology - Market Underweight

Fresh 5/20: Atlanta/SF RevPAR, LA Storage (+PSA- May 20, 2026

doesn't look like in 27 Cons), AMT Debt, HPP 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) Tenant news (2) Our CCI downgrade and Non-traded April monitor (3) Atlanta and SF vs US RevPAR

growth (4) Office-to-resi in San Jose (5) IIPR term loan (6) O buys warehouse in Chicago (7) NAR pending home sales

report (8) LA county lifts price gouging restrictions (9) AMT senior notes (10) HPP estimates

●SF RevPAR continues to outperform, while Atlanta has lagged (Exhibit 1). To get a better understanding of current

market dynamics, Wolfe is hosting hotel/office property tours in Atlanta (June 15th) and San Francisco (August

11th) - let us know if you would like to join.

●LA County voted to lift price gouging restrictions, which is particularly positive for PSA. The company has

communicated the eventual revenue recapture associated with LA, which we built into our 27 estimates. We are

currently 3% ahead of the street in 27 (model available upon request and let us know if you would like a walk

through).

●AMT priced €750 million of 2033 senior notes at a 4.0% coupon, highlighting the benefit of accessing lower-cost

EUR debt markets. The refinancing rate was broadly in line with our expectations but above the AMT in place cost

of debt, a reminder of earnings headwinds.