Fresh 5/11: Short Int vs Stock Perf (MPT/PK/DEI), Jobs, Polls (DOC/COLD/HPP), AMH/CWK/DOC/WD Est

研报英文原文证据摘录

Fresh 5/11: Short Int vs Stock Perf (MPT/PK/DEI), Jobs, Polls (DOC/COLD/HPP), AMH/CWK/DOC/WD Est

REITs

Apartments - Market Weight

CRE Services - Market Weight

Net Lease - Market Weight

Single Family Rental - Market Weight

Fresh 5/11: Short Int vs Stock Perf (MPT/PK/DEI), Jobs, May 11, 2026

Polls (DOC/COLD/HPP), AMH/CWK/DOC/WD Est

The Wolfe Byte

The Wolfe Research daily or "Fresh" as we like to call it provides analysis on names in our sectors that we find

stock impacting, estimate updates, and earnings reports. We also include daily news on a real time basis that we

think moves stocks. Enjoy!

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We highlight (1) Vach Polls (2) Share price vs guide-to-cons (3) Jobs report (4) Short interest vs stock performance in

last 1 month (5) STWD debt (6) AI to add 330M SF CRE demand over next decade says report (7) Economics note (8)

Media and Telecom note (9) AMH/CWK/DOC estimates

●Polls in Exhibits 1 and 2 show respondents mixed on which recent "hockey sticks" do or do not remain attractive.

●Exhibit 3 shows guidance vs consensus against share price performance since beginning of earnings. Notably, the

huge COLD move last week occurred despite a guide near consensus. CRE Services remain an outlier with strong

guides without accompanying share price moves-even after the major improvement in credit markets yesterday.

●Jobs increased by 115K in April trending at TTM y/y 0.6% (see Exhibit 4) with hourly wages coming in at

roughly 3.6% y/y in April (Exhibit 5). Interestingly, the reaction from employment-sensitive sectors was mixed (for

example, apartments underperformed).