Fresh 6/24: MH Transient Growth, PLD/SEGRO, PSA Est (Mid-Q Updates/Canada)

Research evidence excerpt

Fresh 6/24: MH Transient Growth, PLD/SEGRO, PSA Est (Mid-Q Updates/Canada)

REITs

Apartments - Market Weight

Industrial - Market Weight

Net Lease - Market Weight

Senior Housing - Market Overweight

Storage - Market Weight

Fresh 6/24: MH Transient Growth, PLD/SEGRO, PSA Est June 24, 2026

(Mid-Q Updates/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) Tenant news (2) SUI/ELS transient & seasonal revenue y/y growth (3) CRE services deals (4) TRNO

lease (5) Possible SEGRO PLD combination (6) NTST CEO share acquisition (7) Office to resi (8) Top 100 tech leases

of last year (9) Top-paid CEOs (10) Homebuilders note (11) PSA estimates

●Exhibit 1 shows seasonal and transient Y/Y revenue growth for ELS and SUI. We wonder if an easy comp is created

in 2027 and beyond for MH transient, since it has disappointed for so long.

●PLD highlighted it had sent a letter to Segro (see here) proposing a takeout offer. This follows PSA as a large cap

with an attractive cost of capital pursuing M&A.

●Our homebuilder team highlights Road to Housing components. We see the news as broadly pushing for higher

supply across product types (not great for incumbent landlords), although financing changes seem constructive

for manufactured homes.

●We raise our PSA estimates slightly in 26/27 to account for previously announced mid-quarter operating updates,

the company's acquisition of PS Canada, and improved NSA financing costs. We are ~1% ahead of consensus in

26 and ~3% ahead in 27.

We will be hosting our weekly Vach-22 webcast on 6/26.