Leasing Headwinds Persist

Research evidence excerpt

Leasing Headwinds Persist

expressed

in this research report.

Registration of non-US analysts: Stephanie Dossmann is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as a

research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to the

FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.

Registration of non-US analysts: Pierre-Emmanuel Clouard, CFA is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/

qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not

be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research

analyst.

Registration of non-US analysts: Stephane Afonso is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as a

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based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulations

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as appropriate in the analyst's judgement.

Investment Recommendation Record

(Article 3(1)e and Article 7 of MAR)

Recommendation Published July 6, 2026 3:24 A.M.