Fresh 6/9: Apartment Occupancy, BKD Occupancy, BNL/Triboro, LXP Est

Research evidence excerpt

Fresh 6/9: Apartment Occupancy, BKD Occupancy, BNL/Triboro, LXP Est

REITs

Industrial - Market Weight

Manufactured Housing - Market Overweight

Net Lease - Market Weight

Retail - Market Weight

Senior Housing - Market Overweight

Fresh 6/9: Apartment Occupancy, BKD Occupancy, BNL/ June 9, 2026

Triboro, LXP 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) Multifamily occupancy (3) BKD occupancy (4) CRE services deals (5) TRNO lease

(6) Olyphant PA new business council meeting (7) CUZ lists Atlanta office complex for sale (8) AI implications on

Manhattan office (9) NY's Helmsley building listed for sale (10) UNFI 3Q (11) US policy & politics note (12) LXP

estimates

●In Exhibits 1 and 2 below we show the y/y and absolute occupancy of the apartment names using CoStar data

for market occupancy (overall not same-store) and market-exposures. We note that MAA is improving but still

a lot of non-same store vacancy to fill.

●Brookdale reported May occupancy that shows Y/Y stabilization to slight deceleration in occupancy gains (Exhibits

3-4)

●Tonight, the Olyphant Borough Council will meet on resolution approving stipulation and approval of Tri-Boro

lawsuit. At NAREIT, BNL noted the meeting will be another step in coming to a conclusion on zoning for their

potential development, Project Triboro. Itinerary and prior minutes available upon request.

●We raise our LXP estimates ~2% in 26 and ~1% in 27 on account of updates in the company's recent business

activity release. We are ~1% ahead of consensus in 26 and in-line in 27.