[Video] REIT Roundup: NAREIT Takeaways & Data Center Capacity Note

Research evidence excerpt

[Video] REIT Roundup: NAREIT Takeaways & Data Center Capacity Note

Jefferies Research Recap

All the Data Center Demand in the World, Still Not Enough Supply Tweets from NAREIT (June '26): Fundamentals Rising Faster than

Demand for data centers continues to outpace supply, with hyperscaler capex NAREIT Elevators

accelerating and chip volume forecasts implying GWs of capacity ahead of The tone was decidedly positive at this NAREIT. Limited new supply across

feasible data center delivery. Demand is not the issue, but the supply chain is. most subsectors, plus a resilient economy, is giving management confidence to

Our DC Capacity data pulls show only 8.9 GW was lit in '25, while data center upgrade their tone and expectations for the balance of 2026. Top picks coming

demand was nearly 21.1 GW, a ~12 GW deficit, highlighting a tight DC market, out of NAREIT: ADC, AHR, CDP, DLR, EQIX, EXR, EGP, FR, LXP, PSA, STAG,

and supporting a favorable backdrop for DC REITs and AI DC Developers. and VTR.

Source: Aterio, Data Center Hawk, Jefferies; Title: In 2025, Data Center Leases Signed

Exceeded Actual Delivered Capacity by Over

12 GWs

Takeaways From Our Long Island City Self Storage Tours With EXR & Assuming Coverage of Net Lease REITs w/ Positive Outlook; Buy on

CUBE ADC, NTST, & O

We toured two LIC self-storage assets with EXR (ex-LSI asset) and CUBE. We We assume coverage of the Retail Net Lease REITs with a positive outlook

came away with a reinforced view that EXR is a genuinely savvy operator, underpinned by our view that executing on investment pipelines will drive a rerating to

creating new rentable units from existing boxes without incremental land by historical valuation multiples. Across the REIT landscape, Net Lease

reclaiming office space, basements, and parking.