Fresh 6/23: Resi Same-Store vs. Earnings Growth, SHO SF Sale, PSA Acquires PS Canada

Research evidence excerpt

Fresh 6/23: Resi Same-Store vs. Earnings Growth, SHO SF Sale, PSA Acquires PS Canada

REITs

Apartments - Market Weight

Lodging - Market Weight

Office - Market Weight

Single Family Rental - Market Weight

Storage - Market Weight

Fresh 6/23: Resi Same-Store vs. Earnings Growth, SHO SF June 23, 2026

Sale, PSA Acquires PS Canada

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) Our AVB EQR merger review (2) Resi same store vs earnings guides (3) SHO to sell Hyatt Regency

SF (4) HPP 8K (5) AI leases in NYC (6) Morgan Stanley considering $1.3B office tower in Dallas (7) IQHQ lease (8)

PSA acquisition (9) Economics note (10) DOC estimates

●In Exhibit 1 below we compare Residential same-store NOI growth guides versus FFO growth guides for full-

year 2026. We note the following:

○For most Apartment and Manufactured Housing names earnings growth lag same-store which makes

sense given refinance costs that REITs face generally.

○Storage generally has higher earnings than same store growth. PSA can consistently do this given their

development pipeline, and EXR consistently grows its 3PM business.

○SFR has also been able to grow earnings more than same store, in part due to external growth, but also

material recycling activity.

●SHO to sell the 821-room Hyatt Regency San Francisco to funds affiliated with Blackstone Real Estate for $279M

(~$340K/key).

●PSA announced their acquisition of PS Canada. The acquisition is initially earnings Neutral, but the company

believes occupancy and operating upside allow for meaningful growth going forward.