U.S. Cold Storage REITs "Cold Blast - May 2026" Goldsmith

Research evidence excerpt

U.S. Cold Storage REITs "Cold Blast - May 2026" Goldsmith

Global Research

25 May 2026ab

U.S. Cold Storage REITs Equities

AmericasCold Blast - May 2026

Real Estate

Michael Goldsmith

Cold Storage macro indicators had mixed trends in April 2026 Analyst

As we see it, the key takeaways for the Cold Storage REITs from the most recent macro michael.goldsmith@ubs.com

indicator releases are: +1-212-713 2951

Ami Probandt 1. USDA inventory growth took another step forward in April 2026 with yr/yr

Analyst

increase of +1.2%, accelerating sequentially by +100 bps. We believe this reflects ami.probandt@ubs.com

stable trends benefitting from easier comparisons as the 2-year stack in April 2026 +1-212-713 2078

of -2.9% actually decelerated sequentially by -70 bps. We think tariffs may have

Justin Haasbeek

had an impact on April 2025 inventory levels.

Associate Analyst

2. Inventory levels for categories that are most impactful for COLD and LINE also justin.haasbeek@ubs.com

picked up. Our calculated inventory composite in April 2026 for LINE was up +1-212-713 2014

+1.0% yr/yr (sequential acceleration of 150 bps) and COLD was up Connor Mitchell

0.6% (sequential acceleration of 200 bps). Though, on a 2-year stack, Associate Analyst

LINE decelerated sequentially by -50 bps and COLD was flat. We think this reflects connor.mitchell@ubs.com

the benefit of easy comparisons.

Anna O'Neil

3. Cold Storage PPI growth in April 2026 was down -2.4%, a sequential deceleration Associate Analyst

of -360 bps which we think reflects constrained pricing power in high supply anna.oneil@ubs.com

backdrop. +1-212-713 4386

4. In contrast, CPI growth in April 2026 was 3.8%, above March of 3.3% & February

of 2.4% with food and energy being key drivers. Historically, Cold Storage has

been a CPI+ business.