U.S. Cold Storage REITs "Cold Blast - July 2026" Goldsmith

Research evidence excerpt

U.S. Cold Storage REITs "Cold Blast - July 2026" Goldsmith

Global Research

24 July 2026ab

U.S. Cold Storage REITs Equities

AmericasCold Blast - July 2026

Real Estate

Michael Goldsmith

Our take: Cold Storage macro indicators were mixed in June 2026 with Analyst

inventory levels improving on very easy comparisons and Cold Storage michael.goldsmith@ubs.com

PPI declining +1-212-713 2951

As we see it, the key takeaways for the Cold Storage REITs from the most recent macro Ami Probandt

indicator releases are: Analyst

ami.probandt@ubs.com

1. USDA cold storage inventories in June 2026 grew yr/yr by +2.3%, accelerating +1-212-713 2078

sequentially by +60 bps. We believe the positive inflection in trends is due in part

Justin Haasbeek

to easier comparisons. The 2-year stack in June 2026 of -2.5% actually

Associate Analyst

decelerated sequentially by -50 bps. From here, comparisons become more justin.haasbeek@ubs.com

challenging in July and August before easing later in the year. +1-212-713 2014

2. Inventory levels for categories that are most impactful for COLD and LINE showed Connor Mitchell

improvement. Our calculated inventory composite in June 2026 for LINE was up Associate Analyst

+1.1% yr/yr (sequential acceleration of 110 bps) and COLD was up connor.mitchell@ubs.com

+1-212-649 8246 0.9% (sequential acceleration of 100 bps). We think easy comparisons were a

factor with the 2-yr stack remaining negative for both companies. Anna O'Neil

3. However, Cold Storage PPI growth in June 2026 was down -2.2%, a sequential anna.oneil@ubs.com

deceleration of -90 bps. It remains soft on absolute terms, which we think reflects +1-212-713 4386

constrained pricing power in a high supply backdrop.

4. CPI growth in June 2026 was 3.5%, below May of 4.2% & April of 3.8% with