Last Week in REITs: PSA and PLD Ratchet Up Global Ambitions

Research evidence excerpt

Last Week in REITs: PSA and PLD Ratchet Up Global Ambitions

USA | REITs EquityJuneResearch29, 2026

Last Week in REITs: PSA and PLD Ratchet Up Weekly REIT Roundup Webinar on

Mondays at 9 am ET: Register here.Global Ambitions

The RMZ (+4.6%) outperformed the S&P 500 (-2.0%), as the 10-year tsy Exhibit 1 - Upcoming Jefferies/Industry Events

decreased -8 bps to 4.38%. Healthcare REITs (+9.3%) outperformed, while Jefferies Events Shaded

Analyst Marketing Wed

Paris July 1Towers (-0.2%) underperformed. HUT Virtual Fireside Wed

Virtual July 1

Analyst Marketing Thurs

Frankfurt July 2

Self-Storage Association Fall Conference Tue-FriNOTE: Watch this week's webinar here in place of our usual live format.On this REIT Roundup, we Las Vegas Sep 8-11

discuss PLD's potential takeover of Segro, examine PSA’s acquisition strategy in light of PS Canada, AustraliaIRM NDR in Australia SepTue-Thurs22-24

and break down the final housing bill - highlighting implications for SFR buying activity and build- AtlantaNAREIT Mon-ThursNov 16-19

Miami Dec 7-8to-rent development. . Jefferies Real Estate Conference Mon-Tues

Trump Cancels Housing Bill Signing; SFR Reprieve Likely Short-Lived: Trump canceled the

scheduled signing, but we view the reprieve as largely cosmetic given veto-proof margins (House

358-32, Senate 85-5). The bill caps institutional investors controlling 350+ homes from incremental

SFR purchases via direct deals, bulk acquisitions, M&A, and foreclosures, but stops short of

requiring divestiture and exempts newly built rentals. Removed from the bill was a requirement that

institutional owners sell BTR units to individual buyers within 7 years, with a right of first refusal held

by the renter. Restrictions run through a 15-year sunset. Read-through is incrementally negative