Fresh 6/26: USDA (+COLD), Short Interest (NTST/HPP), CZR/Fertitta Map

Research evidence excerpt

Fresh 6/26: USDA (+COLD), Short Interest (NTST/HPP), CZR/Fertitta Map

REITs

Apartments - Market Weight

Industrial - Market Weight

Mortgage REIT - Market Weight

Net Lease - Market Weight

Office - Market Weight

Fresh 6/26: USDA (+COLD), Short Interest (NTST/HPP), June 26, 2026

CZR/Fertitta Map

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) USDA data (2) Short Interest (3) CZR & Ferititta asset map (4) CRE services deals (5) TRNO

execution of an early lease renewal (6) Alston & Bird relocation and expansion (7) STWD debt deal (8) MAA and PSA

debt (9) New York rent freeze (10) Technicals

●USDA showed a second month of y/y cold storage volume growth (Exhibit 1).

●Exhibits 2-5 show updated short interest. NTST and HPP saw the largest increase in short interest, while RLJ

had the largest decrease. Office and Lodging remain the two most shorted sectors in our coverage, which has

recently been a contrarian positive indicator of stock performance.

●Exhibits 6 and 7 show the locations of CZR and Golden Nugget casinos on a map given discussions about some

divestitures potentially being required.

We will be hosting our weekly Vach-22 webcast on 6/26. Please click here to register. PLEASE NOTE: NEW

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We are hosting In Person REITs & CRE Services Lunch Discussion on Thursday, July 9th 12:00-1:30pm ET at our

office in New York City.

We are hosting a Virtual REITs & CRE Services Lunch Discussion on Friday, July 10th 12:00-1:30pm ET. Let us know

if you would like to attend! Let us know if you would like to attend!