Cold Storage REITs: BofA Cold Storage USDA Inventory Tracker

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Cold Storage REITs: BofA Cold Storage USDA Inventory Tracker

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Cold Storage REITs

BofA Cold Storage USDA Inventory Tracker

Industry Overview

USDA data provides a proxy for Cold Storage business 24 July 2026

In this report, we track United States Department of Agriculture (USDA) cold storage Equity

inventory levels. The USDA data reflects end-of-month stocks of meats, dairy products, United States

poultry products, fruits, nuts and vegetables in refrigerated warehouses across the US. REITs

We view this as an important proxy for COLD and LINE’s inventory levels and same store Samir Khanal

statistics given the correlation between the two. Research Analyst

BofAS

USDA inventory levels increased M/M in June +1samir.khanal@bofa.com646 855 1497

As shown in Exhibit 5, the latest USDA inventory levels increased 0.9% M/M (prior Jeffrey Spector

month: -1.4%) in June. While this was the first positive M/M increase since January, we ResearchBofAS Analyst

note that previous years have also historically seen a positive M/M increase for the +1 646 855 1363

jeff.spector@bofa.com

month of June given seasonal inventory trends.

Andrew Reale

Overlay USDA inventory levels w/ Cold storage exposures ResearchBofAS Analyst

+1 646 855 1272

To get a better understanding of the inventory level trends for COLD and LINE, we andrew.reale@bofa.com

overlay USDA inventory levels data with COLD’s and LINE’s commodity exposures REITs Team

(Exhibit 1 & Exhibit 2). More specifically, we multiply the individual cold storage REIT’s BofAS

commodity exposures (in %) and the respective USDA commodity inventory levels (in See Team Page for List of Analysts

pounds) to calculate COLD and LINE weighted inventory levels.

COLD-wtd inventory increased 1.6% M/M vs.