Fresh 6/11: GSE Vols, BHR Sales, Debt (IIPR/KIM Converts-could help debt costs), MAA Est

Research evidence excerpt

Fresh 6/11: GSE Vols, BHR Sales, Debt (IIPR/KIM Converts-could help debt costs), MAA Est

REITs

Apartments - Market Weight

Manufactured Housing - Market Overweight

Net Lease - Market Weight

Retail - Market Weight

Senior Housing - Market Overweight

Fresh 6/11: GSE Vols, BHR Sales, Debt (IIPR/KIM June 11, 2026

Converts-could help debt costs), MAA 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) AMC Equity Offering (2) GSE Volumes (3) PLD Yen Offering (4) EliseAI NYC Lease (5) IIPR/KIM

Notes (6) BHR Sales (7) MAA Estimate

●One GSE reported volumes which were down 32% y/y in May - a deceleration from April and 1Q y/y growth.

●Exchangeable offerings from IIPR and KIM came in at attractive rates, particularly for KIM as a key headwind to

earnings has been GAAP refinance costs associated with expiring Weingarten debt.

●PLD issued low rate Yen debt, but a reminder that even Japanese interest rates are no longer near zero.

●BHR (not covered) will sell The Ritz-Carlton Sarasota, the Hotel Yountville, and the Bardessono Hotel and Spa

for $437.5M.

●We update our MAA model after speaking to the management with estimates not changing much but with more

back-end loaded quarterly timing.

POLLS ARE CLOSING OUT! If you are a regular "Fresh" reader, we would be grateful for your support in the Extel

(formerly II) Survey with a 5-star rating in the REITs category—if we've earned your vote this year. If we haven’t,

we hope to do so next year. You can request a ballot here.

We will be hosting our weekly Vach-22 webcast on 6/12.