U.S. REITs: 2Q26 Self-storage REITs Preview

Research evidence excerpt

U.S. REITs: 2Q26 Self-storage REITs Preview

Equity Research

15 July 2026

U.S. REITs

2Q26 Self-storage REITs Preview

We see room for PSA, EXR and CUBE to raise 2026 guidance

with 2Q26 prints. YTD move-in trends are in-line to slightly

better than initial company outlooks. Additionally, price EXR OVERWEIGHT

U.S. REITs NEUTRAL

gauging restrictions in LA were lifted earlier than companies Price Target USD 172.00

assumed in guidance. Price (13-Jul-26) USD 145.32

Potential Upside/Downside +18.4%

Source: Bloomberg, Barclays Research

We recently increased our 2026 estimates for CUBE, EXR, and PSA in Self-storage: Upgrade

CUBE to OW, downgrade PSA to EW (July 10, 2026). Below we outline specific drivers that

PSA EQUAL WEIGHT

could lead to guidance increases with 2Q26 earnings.

CubeSmart (CUBE) Price Target USD 349.00

Price (13-Jul-26) USD 321.861.1. KPIs - Move-in rents and occupancy continue to trend in line with the mid-point of CUBE’s

Potential Upside/Downside +8.4% guidance. CUBE reported that move-in rates increased +2% y/y and occupancy was -30bp

lower y/y in April and May, compared to +0.9% and -40bp, respectively, in 1Q26. Per our

scraper, we estimate move-in rates increased +2.2% y/y in 2Q26. As a result, we think CUBE

CUBE OVERWEIGHT could raise the midpoint of its SSNOI and FFO guidance range.

2.2. Urban market exposure - Urban markets appear well positioned to outperform in the Price Target USD 46.00

current environment given customer characteristics (less moving-related demand, more Price (13-Jul-26) USD 40.61

demand due to families locked out of the housing market - and by extension locked-in living Potential Upside/Downside +13.3%

spaces that are too small for their possessions). Less new supply pressure is also Source: Bloomberg, Barclays Research

favorable.