Fresh 5/26: USDA (+COLD), AVB/EQR PEG, Starlink Scenarios, IIPR Debt, COLD/IIPR/SUI/WELL Est

Research evidence excerpt

Fresh 5/26: USDA (+COLD), AVB/EQR PEG, Starlink Scenarios, IIPR Debt, COLD/IIPR/SUI/WELL Est

REITs

CRE Services - Market Weight

Net Lease - Market Weight

Office - Market Weight

Technology - Market Underweight

Fresh 5/26: USDA (+COLD), AVB/EQR PEG, Starlink May 26, 2026

Scenarios, IIPR Debt, COLD/IIPR/SUI/WELL 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) USDA data (2) AVB/EQR PEG (3) Vach Polls (4) CRE services deals (5) Law firm expansion in Manhattan

(6) Office recovery (7) IIPR loan (8) Apartment merger article (9) US policy & politice note (10) Economics note (11) SUI/

COLD/IIPR/WELL estimates

●USDA April data came in positive y/y, inflecting from y/y volume declines since 2023 (Exhibit 1).

●Exhibit 2 shows pre and post merger PEG for the merged EQR/AVB relative to other residential REITs. Within

this subset where we find fundamentals challenging, we find the multiple to growth post the "self help" of EQR/

AVB attractive to peers, and find valuation pricing in less "self help" than other large caps with demand tied to

population growth. Please note our accretion does not account for debt mark to market.

●Our polls (Exhibits 3 through 5) show investor outlooks on (1) Starlink being a fourth carrier and (2) SUI repurchase

potential. We also provide detail on potential Starlink scenarios and SUI repurchase capacity in the report below.

●We update our SUI '26 and '27 estimates post Park Holidays sale and accounting for refis. We are ~1% above